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Division of Investment Management
Analytics Office
Registered Fund Statistics
Form N-PORT and Form N-CEN Data, period ending March 2026
This is a report of the Staff of the Division of Investment Management’s Analytics Office of the U.S.
Securities and Exchange Commission. The Commission has expressed no view regarding the analysis,
findings, or conclusions contained herein.
Information presented in this report reflects staff’s compilation and analysis of data reported to
the Commission on Form N-PORT, certain other filings (e.g., Form N-CEN), and supplemental
third-party data. The presented information does not reflect any filings or amended filings
submitted after August 06, 2026.
March 2026
Analytics Office
Introduction
This report provides statistics and trends for SEC-registered investment companies that file
reports of portfolio holdings on Form N-PORT each month, reflecting data collected from Form
N-PORT and Form N-CEN filings received through August 06, 2026, for reporting periods from
April 2025 through March 2026. A downloadable Excel file published alongside this report provides
the most recently updated historical data beginning with the March 2019 reporting period for Large
Entities, and beginning with the March 2020 reporting period for non-Large Entities.1 The table
below provides information on investment companies which are required to file on Form N-PORT
and are captured in this report.
Fund Type
Mutual Funds registered on Form N-1A (excluding money market funds)
Exchange-Traded Funds (ETFs) registered on
Form N-1A, or as a unit investment trust on
Form N-8B-2
Closed-End Funds registered on Form N-2 as a
management investment company (including interval funds and non-traded funds registered on
Form N-2)
Seperate accounts offering variable annuity contracts on Form N-3
Business Development Companies (BDCs)
Money Market Funds regulated under rule 2a-7
Small business investment companies registered
on Form N-5
Unit Investment Trusts registered on Form N-4
or N-6
Unit Investment Trusts registered on Forms S-6
and N-8B-2 (excluding ETFs)
Required to File Form N-PORT?
Yes
No
X
X
X
X
X
X
X
X
X
For information and statistics relating to investment companies and advisers that are not
presented in this report, please see SEC.gov for additional reports of the Division of Investment
Management’s Analytics Office.
1
Please see the Appendix to this report for definitions of capitalized terms and other technical descriptions including
explanation of consensus categories, prevalent asset classes, and techniques used to minimize the effects of outliers.
1
March 2026
Analytics Office
Funds must file reports on Form N-PORT with the Commission for each month in the fiscal
quarter not later than 60 days after the end of that fiscal quarter. As a result, a complete picture of
registered fund exposures for a given calendar quarter is therefore not available to Commission Staff
until approximately four months following the end of that period. Many funds must file Form
N-CEN within 75 days after the end of their respective fiscal years. As funds have different fiscal
years, information filed on Form N-CEN may be asynchronous across funds.
Additionally, Funds may file amendments to previously filed reports on Form N-CEN and Form
N-PORT at any time, including amendments to correct mistakes or errors in previously filed reports
— for more details, see the Form N-CEN and Form N-PORT General Instructions. This report
utilizes the most recently reported data for each fund for a given report period, based on Form
N-PORT filings received through August 06, 2026.
As noted on Form N-PORT, the Commission does not intend to make public information
reported on Form N-PORT for the first and second month of each fund’s fiscal quarter and certain
other information that is identifiable to any particular fund or adviser. Statistics involving
non-public Form N-PORT data provided in this report are anonymized, and are aggregated,
rounded, and/or masked. Masked data in this report is denoted by “***”.
Commission Staff works with the reported information and with filers to identify and correct filing errors and employs certain methodologies and assumptions in aggregating the
data. Commission Staff updates reported statistics from time to time to reflect corrected
and amended filings and any adjustments to methodologies and assumptions, which may
result in changes to previously reported statistics. Where appropriate, Commission Staff
may remove filings that appear to be erroneous to ensure the accuracy of information
presented. A downloadable Excel file published alongside this report provides the most
recently updated historical data and includes methodological notes and assumptions.
If you have any questions or comments about Registered Fund Statistics (March
2026), please contact: Tim Dulaney, PhD, Juan Carlos Forero Penaranda, or Trevor Tatum with
subject line “Registered Fund Statistics (March 2026)”.
2
March 2026
Analytics Office
Contents
1 Number of Funds
4
2 Total Fund Assets
5
3 Flows and Returns
9
4 Fund Portfolio Investments by Category
12
5 Fund Portfolio Investments by Currency
24
6 Fund Portfolio Investments by Country
25
7 Fund Derivative Investments
27
8 Liquidity Classifications
31
9 Fair Value Levels
35
10 Interest Rate Risk
41
11 Securities Lending
43
12 Borrowing
47
13 Appendices
48
3
March 2026
1
Analytics Office
Number of Funds2
Table 1.1: Number of Funds, by Fund Type and Prevalent Asset Class
This table includes fund of funds. “Fund of fund” is defined in the appendix.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Prevalent Asset Class
US Equity
Multi-Asset
Taxable Bond
Global Equity
Municipal Bond
Subtotal
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
Taxable Bond
Multi-Asset
Municipal Bond
US Equity
Global Equity
Subtotal
Total
Apr
2025
2,871
1,980
1,696
1,275
528
8,350
1,754
903
715
498
122
3,992
216
200
118
93
48
675
13,017
May
2025
2,869
1,972
1,694
1,268
524
8,327
1,776
905
718
508
125
4,032
219
201
117
94
48
679
13,038
Jun
2025
2,864
1,970
1,699
1,268
523
8,324
1,809
942
727
523
124
4,125
222
201
117
92
49
681
13,130
Jul
2025
2,854
1,949
1,689
1,261
521
8,274
1,846
942
725
561
126
4,200
224
204
117
94
47
686
13,160
Aug
2025
2,843
1,951
1,685
1,258
519
8,256
1,863
965
722
576
133
4,259
224
211
111
94
47
687
13,202
Sep
2025
2,830
1,935
1,685
1,257
520
8,227
1,906
958
734
601
136
4,335
226
209
111
96
47
689
13,251
Oct
2025
2,828
1,929
1,682
1,256
513
8,208
1,939
970
741
644
145
4,439
244
209
110
99
45
707
13,354
Nov
2025
2,802
1,938
1,679
1,256
504
8,179
1,960
1,002
746
673
154
4,535
245
210
110
98
45
708
13,422
Dec
2025
2,795
1,937
1,676
1,248
502
8,158
2,013
1,017
765
685
154
4,634
243
217
111
95
46
712
13,504
Jan
2026
2,777
1,951
1,665
1,242
500
8,135
2,044
1,022
764
705
158
4,693
246
219
109
96
46
716
13,544
Feb
2026
2,762
1,953
1,661
1,242
500
8,118
2,055
1,038
774
737
158
4,762
246
218
95
94
48
701
13,581
Mar
2026
2,764
1,957
1,659
1,240
497
8,117
2,064
1,065
780
760
160
4,829
244
226
93
91
48
702
13,648
Table 1.2: Number of Index and Non-Index Funds, by Prevalent Asset
Class
This table includes fund of funds. “Fund of fund” is defined in the appendix. Index fund
indication drawn from Form N-CEN, Item C.3.
Fund Type
Non-Index
Index
Total
Prevalent Asset Class
US Equity
Multi-Asset
Taxable Bond
Global Equity
Municipal Bond
Subtotal
US Equity
Global Equity
Taxable Bond
Multi-Asset
Municipal Bond
Subtotal
Total
Apr
2025
3,473
2,407
2,252
1,433
720
10,285
1,245
605
563
271
48
2,732
13,017
May
2025
3,489
2,413
2,254
1,431
716
10,303
1,250
603
564
268
50
2,735
13,038
Jun
2025
3,506
2,422
2,284
1,445
714
10,371
1,259
599
579
272
50
2,759
13,130
Jul
2025
3,513
2,429
2,275
1,435
714
10,366
1,281
598
580
285
50
2,794
13,160
Aug
2025
3,519
2,443
2,288
1,431
710
10,391
1,281
596
586
295
53
2,811
13,202
Sep
2025
3,524
2,446
2,281
1,436
714
10,401
1,308
602
588
299
53
2,850
13,251
Oct
2025
3,545
2,458
2,311
1,439
715
10,468
1,321
603
585
324
53
2,886
13,354
Nov
2025
3,536
2,471
2,330
1,441
716
10,494
1,324
606
596
350
52
2,928
13,422
Dec
2025
3,571
2,484
2,339
1,449
717
10,560
1,332
610
597
355
50
2,944
13,504
Jan
2026
3,580
2,499
2,341
1,441
717
10,578
1,337
611
592
376
50
2,966
13,544
Feb
2026
3,583
2,515
2,351
1,454
703
10,606
1,328
610
594
393
50
2,975
13,581
Mar
2026
3,595
2,544
2,371
1,462
700
10,672
1,324
606
597
399
50
2,976
13,648
2
“Mutual Funds” exclude ETFs. “Closed-End Funds” include interval funds and non-traded funds registered on Form
N-2. Please see Appendix 13.5 for definitions of other capitalized terms used in this report.
4
March 2026
2
Analytics Office
Total Fund Assets3
Table 2.1: Aggregate Total Assets ($Billions), by Fund Type and
Prevalent Asset Class
This table excludes fund of funds and removes any observations with non-positive total assets (Form
N-PORT, Item B.1.a). Because funds can invest a limited amount in other funds without being
considered a fund of fund, there is some limited amount of double-counting of assets.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
US Equity
Taxable Bond
Global Equity
Municipal Bond
Multi-Asset
Subtotal
Taxable Bond
Multi-Asset
US Equity
Municipal Bond
Global Equity
Subtotal
Total
Apr
2025
11,122
4,574
3,499
1,451
800
21,448
6,634
1,883
1,550
147
109
10,324
176
123
92
83
24
498
32,269
May
2025
11,773
4,582
3,658
1,485
805
22,303
7,053
1,908
1,649
149
137
10,896
180
128
96
82
25
512
33,711
Jun
2025
12,303
4,653
3,792
1,490
814
23,052
7,427
1,958
1,722
154
137
11,397
184
134
99
82
27
526
34,975
Jul
2025
12,171
4,652
3,742
1,524
815
22,904
7,611
1,974
1,727
155
138
11,605
185
138
99
81
27
530
35,039
Aug
2025
12,367
4,740
3,861
1,543
818
23,329
7,837
2,033
1,813
161
152
11,996
187
144
101
81
27
539
35,864
Sep
2025
12,647
4,828
3,986
1,584
843
23,887
8,165
2,086
1,907
167
159
12,484
190
151
104
82
28
556
36,927
Oct
2025
12,755
4,840
4,025
1,591
848
24,060
8,375
2,140
1,961
179
172
12,827
194
154
104
83
29
564
37,451
Nov
2025
12,703
4,853
4,060
1,601
852
24,069
8,473
2,179
1,985
185
158
12,980
197
158
104
83
29
571
37,620
Dec
2025
12,983
4,855
4,094
1,581
849
24,362
8,176
2,183
2,050
189
147
12,745
194
165
101
82
31
574
37,681
Jan
2026
13,116
4,970
4,288
1,645
864
24,883
8,382
2,255
2,242
201
152
13,233
196
168
103
83
32
583
38,700
Feb
2026
13,038
5,025
4,456
1,618
885
25,022
8,458
2,322
2,426
205
152
13,563
194
173
106
84
35
591
39,176
Mar
2026
12,324
4,981
4,068
1,560
867
23,800
8,075
2,331
2,225
204
140
12,975
193
175
103
82
32
585
37,360
Table 2.2: Aggregate Index Fund and Non-Index Fund Total Assets
($Billions), by Prevalent Asset Class
This table excludes fund of funds and removes any observations with non-positive total assets (Form
N-PORT, Item B.1.a). Index fund indication drawn from Form N-CEN, Item C.3. Because funds can invest
a limited amount in other funds without being considered a fund of fund, there is some limited
amount of double-counting of assets.
Fund Type
Index
Non-Index
Total
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
Total
Apr
2025
11,076
2,697
2,294
159
121
16,347
6,773
3,936
2,779
1,524
910
15,922
32,269
May
2025
11,752
2,711
2,420
188
121
17,192
7,170
3,960
2,912
1,562
915
16,519
33,711
Jun
2025
12,332
2,774
2,519
186
124
17,935
7,496
4,022
3,021
1,574
926
17,040
34,975
Jul
2025
12,301
2,783
2,507
186
125
17,903
7,581
4,028
2,988
1,613
926
17,137
35,039
Aug
2025
12,600
2,845
2,622
201
127
18,394
7,705
4,115
3,079
1,638
932
17,470
35,864
Sep
2025
13,047
2,896
2,738
207
131
19,019
7,869
4,207
3,182
1,688
962
17,908
36,927
Oct
2025
13,303
2,940
2,800
218
135
19,396
7,931
4,234
3,215
1,699
975
18,055
37,451
Nov
2025
13,387
2,982
2,821
210
137
19,537
7,893
4,247
3,253
1,707
983
18,083
37,620
Dec
2025
13,046
2,992
2,904
190
138
19,270
8,214
4,240
3,272
1,704
982
18,411
37,681
Jan
2026
13,284
3,062
3,122
215
144
19,827
8,318
4,359
3,441
1,750
1,004
18,873
38,700
Feb
2026
13,323
3,147
3,328
219
145
20,162
8,279
4,395
3,589
1,724
1,028
19,014
39,176
Mar
2026
12,688
3,108
3,042
199
144
19,181
7,814
4,396
3,284
1,675
1,009
18,179
37,360
As of March 2026, there are 13 N-3 funds reporting an aggregate $268.69 billion in net assets (roughly 0.96% of
aggregate mutual fund net assets). Additionally, there are 152 Interval Funds registered on Form N-2 reporting an
aggregate $134.26 billion in net assets (roughly 26.30% of aggregate closed-end fund net assets). Finally, there are
3 ETFs organized as Unit Investment Trusts reporting an aggregate $717.57 billion in net assets (roughly 5.62% of
aggregate ETF net assets).
3
5
March 2026
Analytics Office
Table 2.3: Aggregate Net Assets ($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
Multi-Asset
Taxable Bond
US Equity
Municipal Bond
Global Equity
Subtotal
Total
Apr
2025
11,044
4,170
3,435
1,342
781
20,772
6,549
1,768
1,521
146
101
10,086
108
123
78
53
21
383
31,240
May
2025
11,689
4,182
3,594
1,379
784
21,628
6,966
1,794
1,613
148
113
10,634
112
126
82
52
22
394
32,656
Jun
2025
12,205
4,269
3,723
1,400
791
22,388
7,319
1,848
1,684
152
121
11,124
116
128
84
52
23
404
33,916
Jul
2025
12,090
4,283
3,684
1,414
791
22,262
7,516
1,862
1,694
154
123
11,349
120
130
85
51
23
410
34,021
Aug
2025
12,288
4,351
3,802
1,431
798
22,669
7,740
1,917
1,779
159
126
11,721
126
132
86
51
24
418
34,809
Sep
2025
12,557
4,407
3,918
1,455
821
23,159
8,042
1,966
1,869
166
136
12,179
133
132
89
53
25
430
35,767
Oct
2025
12,673
4,448
3,957
1,465
827
23,371
8,277
2,014
1,924
177
145
12,537
135
135
89
53
25
438
36,345
Nov
2025
12,622
4,474
3,993
1,478
829
23,396
8,377
2,053
1,957
183
137
12,707
139
136
90
53
25
443
36,546
Dec
2025
12,904
4,475
4,030
1,468
831
23,708
8,065
2,067
2,019
187
138
12,476
146
132
87
53
27
445
36,629
Jan
2026
13,030
4,522
4,212
1,517
842
24,123
8,281
2,121
2,208
199
140
12,949
150
134
89
53
29
454
37,526
Feb
2026
12,948
4,610
4,375
1,523
862
24,317
8,360
2,189
2,389
203
135
13,276
154
135
90
54
31
464
38,057
Mar
2026
12,230
4,517
3,989
1,452
845
23,033
7,964
2,197
2,192
202
129
12,684
156
131
86
52
28
453
36,170
Table 2.4: Aggregate Index Fund and Non-Index Fund Net Assets
($Billions)
This table excludes fund of funds and removes any observations with non-positive net assets (Form
N-PORT, Item B.1.c). Index fund indication drawn from Form N-CEN, Item C.3. Because funds can invest
a limited amount in other funds without being considered a fund of fund, there is some limited
amount of double-counting of assets.
Fund Type
Index
Non-Index
Total
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
Total
Apr
2025
10,978
2,602
2,261
150
120
16,111
6,694
3,458
2,716
1,401
860
15,129
31,240
May
2025
11,655
2,617
2,381
162
120
16,935
7,083
3,486
2,848
1,442
863
15,721
32,656
Jun
2025
12,206
2,677
2,478
170
123
17,654
7,402
3,569
2,952
1,468
872
16,262
33,916
Jul
2025
12,196
2,693
2,472
171
124
17,656
7,495
3,583
2,929
1,487
872
16,365
34,021
6
Aug
2025
12,497
2,745
2,586
173
126
18,128
7,617
3,654
3,019
1,509
882
16,681
34,809
Sep
2025
12,914
2,801
2,696
183
130
18,724
7,774
3,704
3,115
1,541
909
17,043
35,767
Oct
2025
13,200
2,855
2,758
191
134
19,137
7,840
3,742
3,147
1,554
924
17,208
36,345
Nov
2025
13,284
2,887
2,791
184
136
19,282
7,804
3,777
3,184
1,570
930
17,264
36,546
Dec
2025
12,933
2,899
2,869
182
138
19,021
8,123
3,775
3,206
1,570
934
17,608
36,629
Jan
2026
13,176
2,955
3,086
202
142
19,563
8,224
3,822
3,362
1,604
951
17,964
37,526
Feb
2026
13,219
3,035
3,290
199
143
19,887
8,179
3,898
3,505
1,614
975
18,170
38,057
Mar
2026
12,566
3,011
3,006
188
143
18,915
7,713
3,834
3,203
1,549
956
17,255
36,170
March 2026
Analytics Office
Table 2.5: Aggregate Net Assets ($Billions), by Fund Type and Bucketed
by Net Assets
This table excludes fund of funds and removes any observations with non-positive net assets (Form
N-PORT, Item B.1.c). See the appendix for a review of interval notation used here.
Fund Size
$10 billion or more
[$500 million,$10 billion)
[$50 million,$500 million)
($0,$50 million)
Total
Fund Type
Mutual Fund
ETF
Closed-End Fund
Subtotal
Mutual Fund
ETF
Closed-End Fund
Subtotal
Mutual Fund
ETF
Closed-End Fund
Subtotal
ETF
Mutual Fund
Closed-End Fund
Subtotal
Total
Apr
2025
14,201
***
***
22,071
5,986
1,989
259
8,233
563
247
78
887
25
22
2
49
31,240
May
2025
14,926
***
***
23,277
6,116
2,050
267
8,433
564
253
80
897
25
22
2
49
32,656
Jun
2025
15,547
8,734
46
24,327
6,260
2,105
279
8,643
560
260
77
897
26
22
2
49
33,916
Jul
2025
15,418
***
***
24,392
6,264
2,145
271
8,680
559
261
81
901
25
21
2
48
34,021
Aug
2025
15,781
***
***
25,049
6,311
2,218
279
8,809
557
266
79
902
26
21
2
48
34,809
Sep
2025
16,226
9,574
59
25,858
6,362
2,306
290
8,959
550
273
80
903
26
20
2
48
35,767
Oct
2025
16,424
***
***
26,382
6,377
2,335
296
9,008
549
277
81
906
27
20
2
49
36,345
Nov
2025
16,440
***
***
26,530
6,385
2,368
302
9,055
551
281
79
911
27
20
2
49
36,546
Dec
2025
16,757
9,801
58
26,616
6,381
2,364
304
9,050
550
283
80
913
29
20
2
50
36,629
Jan
2026
17,105
***
***
27,329
6,454
2,462
312
9,227
546
294
82
921
29
19
2
49
37,526
Feb
2026
17,316
***
***
27,838
6,436
2,491
323
9,250
546
294
79
919
29
19
2
50
38,057
Mar
2026
16,236
9,924
57
26,218
6,231
2,437
316
8,984
546
293
78
917
30
19
2
51
36,170
Table 2.6: Number of Funds, by Fund Type and Bucketed by Net Assets
This table excludes fund of funds and removes any observations with non-positive net assets (Form
N-PORT, Item B.1.c). See the appendix for a review of interval notation used here.
Fund Size
$10 billion or more
[$500 million,$10 billion)
[$50 million,$500 million)
($0,$50 million)
Total
Fund Type
Mutual Fund
ETF
Closed-End Fund
Subtotal
Mutual Fund
ETF
Closed-End Fund
Subtotal
Mutual Fund
ETF
Closed-End Fund
Subtotal
ETF
Mutual Fund
Closed-End Fund
Subtotal
Total
Apr
2025
344
***
***
518
2,739
845
190
3,774
2,625
1,323
346
4,294
1,435
1,068
59
2,562
11,148
May
2025
352
***
***
533
2,762
863
191
3,816
2,606
1,334
352
4,292
1,441
1,037
56
2,534
11,175
Jun
2025
357
185
2
544
2,792
884
199
3,875
2,587
1,368
344
4,299
1,470
1,025
60
2,555
11,273
Jul
2025
358
***
***
548
2,784
907
197
3,888
2,580
1,405
352
4,337
1,481
1,005
58
2,544
11,317
7
Aug
2025
366
***
***
558
2,802
930
202
3,934
2,564
1,434
342
4,340
1,484
973
58
2,515
11,347
Sep
2025
373
192
3
568
2,820
956
206
3,982
2,542
1,473
344
4,359
1,485
950
60
2,495
11,404
Oct
2025
374
***
***
575
2,806
977
209
3,992
2,529
1,508
347
4,384
1,513
959
72
2,544
11,495
Nov
2025
372
***
***
573
2,793
981
214
3,988
2,525
1,528
343
4,396
1,581
949
72
2,602
11,559
Dec
2025
370
202
3
575
2,785
987
214
3,986
2,521
1,537
348
4,406
1,646
942
71
2,659
11,626
Jan
2026
377
***
***
587
2,802
1,008
216
4,026
2,493
1,573
349
4,415
1,639
923
70
2,632
11,660
Feb
2026
387
***
***
604
2,807
1,031
217
4,055
2,476
1,570
337
4,383
1,668
905
68
2,641
11,683
Mar
2026
370
210
3
583
2,761
1,030
215
4,006
2,509
1,566
339
4,414
1,734
928
69
2,731
11,734
March 2026
Analytics Office
Table 2.7: Distribution of Net Assets, by Fund Type ($Billions)
This exhibit includes fund of funds and removes any observations with non-positive net assets (Form
N-PORT, Item B.1.c).
Fund Type
Mutual Fund
ETF
Closed-End Fund
Percentile
10th
25th
50th
75th
90th
10th
25th
50th
75th
90th
10th
25th
50th
75th
90th
Apr
2025
0.025
0.098
0.397
1.403
4.634
0.005
0.021
0.103
0.567
2.900
0.045
0.116
0.272
0.621
1.544
May
2025
0.026
0.103
0.410
1.453
4.785
0.006
0.022
0.106
0.585
3.046
0.048
0.118
0.275
0.637
1.595
Jun
2025
0.026
0.106
0.417
1.492
4.927
0.006
0.022
0.105
0.576
3.060
0.048
0.122
0.282
0.651
1.616
Jul
2025
0.028
0.108
0.423
1.520
5.012
0.006
0.023
0.105
0.574
3.066
0.050
0.125
0.282
0.645
1.624
Aug
2025
0.029
0.110
0.431
1.551
5.137
0.006
0.023
0.109
0.598
3.098
0.050
0.129
0.295
0.667
1.621
Sep
2025
0.030
0.113
0.440
1.591
5.236
0.006
0.024
0.113
0.609
3.190
0.048
0.127
0.304
0.689
1.638
Oct
2025
0.029
0.112
0.440
1.592
5.262
0.006
0.024
0.112
0.606
3.110
0.042
0.121
0.303
0.675
1.633
Nov
2025
0.029
0.113
0.441
1.611
5.264
0.006
0.023
0.108
0.588
3.035
0.043
0.119
0.305
0.679
1.576
Dec
2025
0.029
0.114
0.441
1.603
5.290
0.005
0.023
0.104
0.578
2.967
0.042
0.117
0.305
0.677
1.603
Jan
2026
0.029
0.117
0.454
1.656
5.387
0.005
0.023
0.108
0.585
3.023
0.043
0.120
0.308
0.692
1.630
Feb
2026
0.030
0.119
0.460
1.672
5.430
0.005
0.022
0.108
0.599
3.086
0.045
0.121
0.314
0.711
1.700
Mar
2026
0.029
0.114
0.439
1.590
5.142
0.005
0.021
0.103
0.563
2.903
0.043
0.118
0.302
0.692
1.650
Table 2.8: Percent of Aggregate Net Assets Reported, by Fund Type and
Cumulative Percentile
This exhibit includes fund of funds and removes any observations with non-positive net assets (Form
N-PORT, Item B.1.c).
Fund Type
All Funds
Mutual Fund
ETF
Closed-End Fund
Percentile
Top 2%
Top 5%
Top 10%
Top 25%
Top 2%
Top 5%
Top 10%
Top 25%
Top 2%
Top 5%
Top 10%
Top 25%
Top 2%
Top 5%
Top 10%
Top 25%
Apr
2025
56.77
71.67
82.16
93.27
51.72
67.23
78.58
91.31
63.69
79.59
89.33
96.92
24.53
37.67
52.07
74.07
May
2025
56.98
71.86
82.29
93.32
51.89
67.43
78.73
91.36
63.86
79.62
89.35
96.92
24.65
37.81
52.25
74.34
Jun
2025
57.27
72.09
82.48
93.42
52.11
67.63
78.89
91.44
64.21
79.87
89.49
96.97
24.58
38.23
52.49
74.48
Jul
2025
57.16
72.03
82.44
93.42
51.68
67.37
78.70
91.36
64.60
80.03
89.56
96.98
24.66
38.35
52.51
74.36
Aug
2025
57.15
72.04
82.46
93.42
51.69
67.35
78.68
91.34
64.63
79.99
89.54
96.97
24.77
38.50
52.60
74.33
8
Sep
2025
57.31
72.18
82.56
93.48
51.74
67.43
78.75
91.37
64.73
80.06
89.60
96.97
24.66
38.56
52.49
74.50
Oct
2025
57.66
72.39
82.77
93.57
51.91
67.55
78.84
91.43
65.12
80.26
89.79
97.00
25.29
38.96
52.92
74.82
Nov
2025
57.78
72.53
82.88
93.63
51.87
67.58
78.85
91.43
65.48
80.57
90.04
97.09
25.51
39.28
53.11
74.98
Dec
2025
57.94
72.67
82.99
93.69
52.51
68.02
79.15
91.54
64.89
80.25
89.94
97.07
25.40
39.16
53.26
74.99
Jan
2026
57.81
72.59
82.96
93.67
52.49
67.94
79.10
91.49
64.64
79.99
89.81
97.03
25.35
39.14
53.22
74.93
Feb
2026
57.64
72.53
82.94
93.65
52.23
67.80
79.02
91.43
64.58
80.04
89.82
97.03
25.42
39.34
53.18
75.30
Mar
2026
57.63
72.51
82.93
93.64
52.25
67.81
79.05
91.44
64.51
79.98
89.67
96.99
25.56
39.45
53.19
75.25
March 2026
Analytics Office
3
Flows and Returns
3.1
Fund Flows
Table 3.1: Aggregate Inflows, Outflows, and Net Flows of Index and NonIndex Funds ($Billions)
This table excludes flows from fund of funds (Form N-PORT, Item B.6), index fund indication drawn
from Form N-CEN, Item C.3. Since both ETFs and Mutual Funds can be index funds, both contribute to
the rows in this table.
Fund Type
All
Index
Non-Index
Flow Type
Inflow
Net
Outflow
Inflow
Net
Outflow
Inflow
Net
Outflow
Apr
2025
990
-37
-1,027
598
30
-567
393
-68
-460
May
2025
761
45
-716
424
49
-375
337
-3
-341
Jun
2025
820
28
-792
508
56
-452
312
-28
-340
Jul
2025
828
-239
-1,067
453
-231
-684
374
-9
-383
Aug
2025
789
51
-737
438
58
-379
351
-7
-358
Sep
2025
1,059
76
-984
678
72
-607
381
4
-377
Oct
2025
957
69
-888
562
101
-462
395
-31
-426
Nov
2025
898
84
-813
548
106
-442
350
-22
-372
Dec
2025
1,288
80
-1,209
838
162
-676
451
-82
-533
Jan
2026
1,048
107
-941
589
113
-476
459
-6
-465
Feb
2026
978
140
-839
540
128
-412
438
11
-427
Mar
2026
1,300
59
-1,241
840
101
-740
460
-42
-501
Table 3.2: Aggregate Inflows, Outflows, and Net Flows of Index and NonIndex Funds (Percent of Net Assets)
This table excludes flows from fund of funds (Form N-PORT, Item B.6), index fund indication drawn
from Form N-CEN, Item C.3. Since both ETFs and Mutual Funds can be index funds, both contribute to
the rows in this table. Percentages are calculated using lagged net assets (Form N-PORT, Item
B.1.c.).
Fund Type
All
Index
Non-Index
Flow Type
Inflow
Net
Outflow
Inflow
Net
Outflow
Inflow
Net
Outflow
Apr
2025
3.20
-0.12
-3.32
3.71
0.19
-3.52
2.65
-0.46
-3.11
May
2025
2.47
0.15
-2.32
2.63
0.30
-2.33
2.29
-0.02
-2.31
Jun
2025
2.54
0.09
-2.46
3.00
0.33
-2.67
2.04
-0.18
-2.22
Jul
2025
2.47
-0.71
-3.19
2.57
-1.31
-3.87
2.36
-0.05
-2.42
Aug
2025
2.35
0.15
-2.19
2.48
0.33
-2.15
2.20
-0.04
-2.24
9
Sep
2025
3.08
0.22
-2.86
3.74
0.39
-3.35
2.34
0.02
-2.32
Oct
2025
2.71
0.20
-2.51
3.00
0.54
-2.47
2.38
-0.19
-2.57
Nov
2025
2.50
0.23
-2.27
2.86
0.55
-2.31
2.09
-0.13
-2.22
Dec
2025
3.61
0.22
-3.39
4.44
0.86
-3.58
2.68
-0.49
-3.17
Jan
2026
2.90
0.30
-2.60
3.10
0.59
-2.50
2.68
-0.03
-2.71
Feb
2026
2.64
0.38
-2.26
2.76
0.66
-2.10
2.50
0.06
-2.44
Mar
2026
3.46
0.16
-3.30
4.23
0.51
-3.72
2.60
-0.23
-2.83
March 2026
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
Taxable Bond
US Equity
Global Equity
Multi-Asset
Municipal Bond
Subtotal
Municipal Bond
Multi-Asset
Taxable Bond
Global Equity
US Equity
Subtotal
Total
Apr
2025
12
28
7
7
3
57
-9
-7
-41
-19
-18
-94
-37
May
2025
37
26
20
-1
2
83
4
-6
20
-15
-42
-38
45
Jun
2025
28
32
26
-1
3
88
3
-7
18
-11
-63
-60
28
Jul
2025
22
50
22
-1
2
96
4
-6
30
-7
-356
-335
-239
Aug
2025
44
49
12
-3
5
108
1
-5
19
-10
-61
-57
51
Sep
2025
37
71
21
-4
3
127
5
-6
22
-11
-62
-52
76
Oct
2025
48
74
28
0
7
156
5
-6
17
-14
-89
-87
69
Nov
2025
40
78
23
4
4
149
2
-5
8
-8
-62
-65
84
Dec
2025
38
121
45
-1
6
210
1
-11
7
-30
-97
-130
80
Jan
2026
49
42
61
-6
6
153
10
-4
31
-20
-62
-45
107
Feb
2026
50
60
57
1
2
171
10
-4
31
-19
-50
-31
140
Mar
2026
63
35
24
9
4
134
0
-6
-16
-17
-36
-75
59
Table 3.4: Aggregate Net Flows, by Prevalent Asset Class and Fund Type
(Percent)
This table excludes flows from fund of funds (Form N-PORT, Item B.6). Closed-End Funds generally do
not report flows and are therefore excluded. Percentages are calculated using lagged net assets
(Form N-PORT, Item B.1.c.).
Fund Type
ETF
Mutual Fund
Total
Prevalent Asset Class
Multi-Asset
Taxable Bond
Municipal Bond
Global Equity
US Equity
Subtotal
Municipal Bond
US Equity
Taxable Bond
Global Equity
Multi-Asset
Subtotal
Total
Apr
2025
7.55
0.66
1.97
0.51
0.42
0.57
-1.14
-0.16
-0.97
-0.55
-0.55
-0.45
-0.12
May
2025
-0.95
2.07
1.67
1.29
0.39
0.83
0.56
-0.38
0.49
-0.45
-0.44
-0.18
0.15
Jun
2025
-1.02
1.56
2.37
1.59
0.45
0.82
0.38
-0.54
0.43
-0.30
-0.49
-0.28
0.09
Jul
2025
-1.03
1.17
1.62
1.33
0.69
0.86
0.50
-2.92
0.71
-0.20
-0.41
-1.50
-0.71
10
Aug
2025
-2.58
2.38
3.27
0.73
0.66
0.95
0.10
-0.51
0.44
-0.27
-0.34
-0.25
0.15
Sep
2025
-3.01
1.91
1.99
1.16
0.91
1.09
0.66
-0.51
0.51
-0.30
-0.39
-0.23
0.22
Oct
2025
0.08
2.42
4.16
1.50
0.92
1.28
0.58
-0.71
0.38
-0.36
-0.39
-0.38
0.20
Nov
2025
2.54
1.99
2.16
1.21
0.94
1.19
0.30
-0.49
0.19
-0.20
-0.37
-0.28
0.23
Dec
2025
-0.61
1.88
3.05
2.32
1.52
1.71
0.16
-0.77
0.15
-0.76
-0.76
-0.56
0.22
Jan
2026
-4.53
2.39
3.23
3.03
0.52
1.22
1.15
-0.48
0.69
-0.49
-0.29
-0.19
0.30
Feb
2026
0.99
2.38
0.87
2.56
0.73
1.32
1.16
-0.38
0.70
-0.45
-0.24
-0.13
0.38
Mar
2026
6.33
2.89
1.90
0.99
0.42
1.01
0.04
-0.28
-0.34
-0.39
-0.42
-0.31
0.16
March 2026
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
US Equity
Global Equity
Taxable Bond
Municipal Bond
US Equity
Global Equity
Multi-Asset
Taxable Bond
Municipal Bond
Multi-Asset
US Equity
Global Equity
Apr
2025
0.27
-0.66
-0.14
-1.06
2.58
0.33
***
-1.36
3.15
-0.88
0.26
-0.68
-0.10
-0.98
2.43
May
2025
0.24
-0.24
2.78
5.31
4.84
-0.26
***
5.71
4.59
8.19
0.34
-0.25
2.49
5.09
4.94
Jun
2025
1.54
0.67
3.03
4.23
3.78
1.38
***
4.49
3.73
5.26
1.58
0.67
2.90
4.14
3.81
Jul
2025
0.16
-0.47
0.69
1.48
-0.54
0.03
***
1.72
-0.16
1.54
0.19
-0.51
0.64
1.38
-0.61
Aug
2025
1.14
0.84
1.72
2.36
3.42
1.08
***
2.77
4.06
1.89
1.15
0.84
1.71
2.24
3.15
Sep
2025
0.76
2.56
2.07
1.78
2.86
0.55
2.09
2.28
2.74
2.72
0.80
2.61
2.02
1.67
2.90
Oct
2025
0.44
1.18
0.95
0.74
0.88
0.38
***
0.84
1.01
0.60
0.46
1.19
0.96
0.73
0.82
Nov
2025
0.54
0.28
0.47
0.87
0.57
0.49
***
0.81
0.66
-0.82
0.55
0.29
0.52
0.88
0.46
Dec
2025
0.26
0.16
0.28
0.04
2.23
0.13
***
-0.01
2.50
-0.61
0.28
0.15
0.35
0.08
2.12
Jan
2026
0.39
0.73
1.50
2.19
5.35
0.24
***
2.57
5.57
1.50
0.42
0.73
1.51
2.10
5.28
Feb
2026
0.79
1.31
0.80
0.76
4.66
1.05
***
0.85
4.79
-2.21
0.75
1.33
0.99
0.68
4.57
Mar
2026
-1.44
-2.06
-3.88
-5.09
-8.62
-1.41
***
-5.01
-8.54
***
-1.46
-2.05
-3.51
-5.13
-8.65
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
US Equity
Global Equity
Taxable Bond
Municipal Bond
US Equity
Global Equity
Multi-Asset
Taxable Bond
Municipal Bond
Multi-Asset
US Equity
Global Equity
Apr
2025
0.32
-0.75
-0.36
-0.79
2.51
0.43
***
-0.90
3.01
-2.99
0.24
-0.77
-0.09
-0.62
2.10
May
2025
-0.11
-0.18
3.91
6.14
4.96
-0.45
***
6.13
4.65
11.62
0.16
-0.19
3.09
6.17
5.22
Jun
2025
1.39
0.70
4.03
5.02
3.94
1.30
***
4.96
3.81
9.75
1.47
0.70
3.39
5.12
4.06
Jul
2025
0.03
-0.42
0.97
1.98
-0.74
-0.10
***
2.09
-0.87
2.89
0.12
-0.46
0.74
1.79
-0.63
11
Aug
2025
1.08
0.83
1.92
2.24
3.66
0.96
***
2.33
4.21
3.28
1.16
0.84
1.77
2.10
3.20
Sep
2025
0.92
2.39
2.84
3.03
3.55
0.94
2.09
3.32
3.80
10.24
0.91
2.43
1.99
2.56
3.33
Oct
2025
0.59
1.04
1.47
1.82
1.41
0.60
***
1.96
1.50
5.30
0.58
1.05
1.02
1.57
1.34
Nov
2025
0.49
0.27
0.47
0.36
0.51
0.46
***
0.25
0.42
-4.08
0.52
0.28
1.03
0.54
0.59
Dec
2025
-0.02
0.12
0.32
0.06
2.26
-0.22
***
-0.00
2.60
-0.57
0.13
0.11
0.42
0.17
1.97
Jan
2026
0.42
0.76
2.22
1.88
5.47
0.26
***
1.91
5.90
4.53
0.54
0.77
1.96
1.82
5.09
Feb
2026
1.20
1.29
0.95
0.01
4.61
1.39
***
-0.00
5.36
-2.26
1.06
1.31
1.35
0.03
3.92
Mar
2026
-1.44
-1.93
-4.36
-5.10
-8.56
-1.58
***
-4.95
-8.87
***
-1.33
-1.91
-3.74
-5.34
-8.27
March 2026
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
Other Asset-Backed Security
Loan
Collateralized Obligation
Equity Derivative
Preferred Equity
Private Fund
Repurchase Agreement
Cash
Rate Derivative
Other Debt
Structured Note
FX Derivative
Other Types
Commodity
Commodity Derivative
Credit Derivative
Asset-Backed CP
Other Derivative
Total
Apr
2025
24,066
2,727
2,434
2,113
1,703
1,054
856
446
221
245
221
129
111
97
137
101
83
40
28
42
19
***
6
5
***
0
36,899
May
2025
25,465
2,835
2,461
2,110
1,649
1,059
855
445
221
252
226
178
114
101
159
104
77
38
29
25
18
***
4
6
***
0
38,446
Jun
2025
26,652
2,930
2,503
2,172
1,650
1,076
855
466
226
257
232
193
117
103
147
104
86
38
31
32
19
***
4
6
***
0
39,913
Jul
2025
26,706
2,940
2,497
2,182
1,667
1,075
843
459
228
261
238
196
120
106
140
98
77
39
30
33
19
***
4
6
***
0
39,977
Aug
2025
27,370
2,999
2,520
2,251
1,722
1,085
856
473
233
264
245
202
125
106
167
109
75
40
31
22
19
***
4
6
***
0
40,938
12
Sep
2025
28,197
3,065
2,584
2,291
1,736
1,116
878
480
236
267
251
225
129
112
147
112
73
39
32
17
19
***
5
6
***
0
42,033
Oct
2025
28,686
3,097
2,594
2,320
1,753
1,135
885
495
240
269
249
229
130
117
149
113
77
40
33
27
19
***
5
6
***
1
42,685
Nov
2025
28,812
3,105
2,620
2,356
1,771
1,143
867
508
248
269
249
205
130
119
162
121
72
40
33
22
21
***
5
6
***
1
42,900
Dec
2025
29,018
3,112
2,616
2,372
1,781
1,144
841
519
239
271
251
189
139
122
139
108
73
39
33
22
21
***
5
6
***
0
43,078
Jan
2026
29,686
3,182
2,664
2,401
1,834
1,165
891
549
241
271
258
207
149
131
136
119
75
40
35
28
21
***
8
7
***
0
44,115
Feb
2026
29,999
3,277
2,705
2,472
1,787
1,190
986
564
287
264
252
165
156
135
141
122
74
40
37
25
21
***
8
7
***
0
44,733
Mar
2026
28,156
3,105
2,674
2,482
1,762
1,171
945
545
286
257
249
159
151
136
134
114
85
40
36
31
22
***
9
6
***
1
42,572
March 2026
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
Other Asset-Backed Security
Loan
Collateralized Obligation
Equity Derivative
Preferred Equity
Private Fund
Repurchase Agreement
Cash
Rate Derivative
Other Debt
Structured Note
FX Derivative
Other Types
Commodity
Commodity Derivative
Credit Derivative
Asset-Backed CP
Other Derivative
Total
Apr
2025
7,102
2,301
2,199
1,871
1,266
809
2,108
437
572
444
491
873
207
368
533
670
135
126
27
94
39
***
61
***
***
***
13,017
May
2025
7,121
2,319
2,210
1,861
1,266
807
2,036
434
567
450
494
881
207
370
526
648
119
124
28
74
38
***
38
***
***
8
13,038
Jun
2025
7,147
2,319
2,201
1,864
1,262
804
2,021
442
581
450
502
922
208
361
544
680
126
125
28
47
***
11
36
***
***
***
13,130
Jul
2025
7,139
2,340
2,211
1,827
1,256
803
2,034
439
578
445
505
919
206
375
518
700
112
120
26
67
45
***
38
***
***
***
13,160
Aug
2025
7,144
2,359
2,198
1,875
1,252
802
1,993
451
583
447
518
966
210
370
538
696
116
113
26
51
42
***
32
***
***
9
13,202
13
Sep
2025
7,157
2,351
2,208
1,874
1,255
803
2,032
458
582
438
513
994
207
370
511
761
110
118
26
40
***
11
48
***
***
***
13,251
Oct
2025
7,172
2,373
2,194
1,880
1,264
824
2,108
462
578
442
495
1,101
221
374
513
800
111
132
27
51
46
***
53
***
***
***
13,354
Nov
2025
7,157
2,397
2,192
1,892
1,257
824
2,075
463
596
430
489
1,150
214
373
532
832
107
128
27
49
48
***
38
12
***
7
13,422
Dec
2025
7,215
2,414
2,198
1,892
1,270
821
1,999
473
592
429
510
1,033
219
367
544
864
107
138
30
34
***
11
48
***
***
***
13,504
Jan
2026
7,218
2,412
2,188
1,890
1,270
820
2,179
484
599
424
516
1,150
227
389
512
885
110
121
32
73
48
***
83
12
***
***
13,544
Feb
2026
7,209
2,514
2,189
1,914
1,243
806
2,233
485
661
423
514
1,209
236
386
540
917
116
120
33
64
45
***
63
12
***
9
13,581
Mar
2026
7,238
2,511
2,225
1,952
1,248
802
2,234
484
664
427
521
1,220
239
387
536
963
144
136
29
53
48
7
70
***
***
***
13,648
March 2026
4.2
Analytics Office
Mutual Funds4
Table 4.3: Aggregate Gross Value of Mutual Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Common Equity
Registered Fund
Corporate Debt
US Treasury Debt
Mortgage-Backed Security
Municipal Debt
STIV
Non US Sovereign Debt
Other Asset-Backed Security
Other Types
Collateralized Obligation
Loan
Repurchase Agreement
Preferred Equity
Cash
Equity Derivative
Total
Apr
2025
15,965
2,642
1,776
1,322
1,456
828
650
342
197
197
170
144
113
62
74
24
25,961
May
2025
16,849
2,748
1,785
1,320
1,402
832
647
338
197
177
173
148
122
64
73
64
26,940
Jun
2025
17,597
2,838
1,808
1,359
1,395
844
638
353
200
191
176
151
122
66
69
67
27,875
Jul
2025
17,452
2,847
1,800
1,386
1,403
843
619
348
201
184
179
153
114
67
66
66
27,728
Aug
2025
17,814
2,902
1,804
1,416
1,449
848
624
358
205
172
183
153
124
71
75
71
28,270
Sep
2025
18,253
2,966
1,849
1,438
1,458
871
636
363
207
170
186
153
119
73
70
71
28,883
Oct
2025
18,450
2,993
1,845
1,463
1,468
877
651
374
211
183
184
152
117
75
76
71
29,190
Nov
2025
18,438
2,999
1,858
1,463
1,483
880
635
382
217
174
182
149
122
78
82
72
29,215
Dec
2025
18,790
3,004
1,846
1,480
1,491
879
605
391
209
172
186
148
111
86
72
68
29,538
Jan
2026
19,145
3,070
1,876
1,509
1,528
888
641
415
210
188
189
148
103
94
84
78
30,165
Feb
2026
19,207
3,144
1,895
1,547
1,484
909
727
426
247
187
182
144
107
99
87
38
30,430
Mar
2026
17,971
2,969
1,880
1,531
1,462
893
681
412
245
196
178
139
105
98
78
33
28,871
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
US Treasury Debt
Mortgage-Backed Security
Municipal Debt
STIV
Non US Sovereign Debt
Other Asset-Backed Security
Other Types
Collateralized Obligation
Loan
Repurchase Agreement
Preferred Equity
Cash
Equity Derivative
Total
Apr
2025
4,733
1,856
1,565
1,272
1,011
564
1,336
338
434
387
344
251
347
86
313
128
8,350
May
2025
4,724
1,866
1,573
1,267
1,007
558
1,288
333
429
344
349
253
326
85
299
126
8,327
Jun
2025
4,718
1,863
1,554
1,240
1,000
555
1,261
339
441
333
356
253
346
84
273
125
8,324
Jul
2025
4,678
1,841
1,555
1,252
995
552
1,271
338
442
329
359
247
325
83
270
117
8,274
Aug
2025
4,675
1,850
1,541
1,262
992
551
1,195
344
447
308
364
247
331
83
266
129
8,256
Sep
2025
4,654
1,833
1,543
1,255
988
552
1,193
349
441
320
357
242
306
84
292
104
8,227
Oct
2025
4,639
1,846
1,532
1,235
993
546
1,256
351
438
319
340
243
299
88
302
131
8,208
Nov
2025
4,609
1,862
1,527
1,228
984
537
1,187
351
449
325
334
230
320
85
287
136
8,179
Dec
2025
4,602
1,855
1,523
1,221
986
535
1,147
360
441
320
348
228
329
86
292
96
8,158
Jan
2026
4,589
1,851
1,509
1,216
978
532
1,260
368
444
348
349
221
302
96
302
112
8,135
Feb
2026
4,557
1,896
1,510
1,225
963
532
1,267
367
486
333
344
219
330
101
324
132
8,118
Mar
2026
4,557
1,876
1,519
1,242
966
528
1,281
369
482
363
340
218
326
100
346
137
8,117
4
“Mutual Funds” exclude ETFs. Please see Appendix 13.5 for a more detailed definition and definitions of other
capitalized terms used in this report.
14
March 2026
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
Non US Sovereign Debt
Registered Fund
Equity Derivative
Other Types
Collateralized Obligation
Preferred Equity
Other Asset-Backed Security
Loan
Repurchase Agreement
Total
Apr
2025
7,957
786
595
221
191
144
100
75
102
61
40
38
18
20
11
10,357
May
2025
8,465
786
611
219
193
146
102
77
111
59
41
38
18
21
23
10,912
Jun
2025
8,898
810
631
226
200
151
108
81
124
64
44
39
20
21
11
11,428
Jul
2025
9,097
792
632
235
207
152
106
82
126
64
47
40
20
22
13
11,634
Aug
2025
9,396
831
651
242
213
157
110
86
128
64
50
41
21
22
29
12,041
Sep
2025
9,781
849
668
249
223
163
113
88
150
70
52
42
22
22
14
12,506
Oct
2025
10,070
853
683
255
218
175
116
93
153
69
53
42
23
21
17
12,841
Nov
2025
10,207
889
695
256
214
180
121
95
129
71
54
38
24
21
25
13,021
Dec
2025
10,062
889
703
259
221
184
123
96
117
66
53
38
24
21
13
12,868
Jan
2026
10,370
889
722
274
233
195
129
100
125
72
56
41
25
22
18
13,271
Feb
2026
10,617
921
743
272
241
198
132
122
123
73
58
42
33
20
18
13,611
Mar
2026
10,019
948
728
269
245
197
127
124
122
77
59
38
34
19
13
13,020
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
Non US Sovereign Debt
Registered Fund
Equity Derivative
Other Types
Collateralized Obligation
Preferred Equity
Other Asset-Backed Security
Loan
Repurchase Agreement
Total
Apr
2025
2,184
567
427
165
618
125
59
388
727
506
69
58
88
36
126
3,992
May
2025
2,210
564
428
169
614
129
60
395
736
503
69
58
86
36
141
4,032
Jun
2025
2,244
598
439
170
612
129
63
401
779
555
70
59
90
36
139
4,125
Jul
2025
2,272
547
445
169
611
131
60
438
783
592
70
58
88
36
133
4,200
Aug
2025
2,279
587
447
169
650
138
66
445
816
588
76
58
88
37
147
4,259
15
Sep
2025
2,310
593
454
175
678
139
67
457
870
617
79
56
89
35
143
4,335
Oct
2025
2,341
619
456
178
684
149
70
470
945
654
83
56
90
34
136
4,439
Nov
2025
2,356
636
460
179
721
158
72
475
992
676
83
54
96
36
135
4,535
Dec
2025
2,425
647
468
187
702
158
73
496
915
711
86
55
99
35
136
4,634
Jan
2026
2,438
649
468
192
761
162
75
499
1,016
736
89
57
104
35
134
4,693
Feb
2026
2,458
668
475
192
799
162
77
559
1,054
751
91
58
118
38
135
4,762
Mar
2026
2,483
682
499
194
787
164
75
566
1,060
771
97
62
124
38
137
4,829
March 2026
4.4
Analytics Office
Closed-End Funds5
Table 4.7: Aggregate Gross Value of Closed-End Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Common Equity
Other Types
Loan
Municipal Debt
Corporate Debt
Mortgage-Backed Security
STIV
Repurchase Agreement
Preferred Equity
Collateralized Obligation
Registered Fund
Other Asset-Backed Security
Non US Sovereign Debt
US Treasury Debt
Equity Derivative
Total
Apr
2025
144
103
81
82
63
27
16
13
11
12
10
6
5
4
3
581
May
2025
150
107
83
81
64
28
15
14
12
12
10
6
5
4
3
594
Jun
2025
156
112
84
81
64
29
16
14
13
12
11
6
5
4
3
610
Jul
2025
157
113
86
80
65
29
17
14
13
12
11
6
5
4
3
615
Aug
2025
159
116
89
80
65
32
18
13
13
12
11
7
5
4
3
627
Sep
2025
164
121
92
82
67
30
19
14
14
12
11
7
5
4
4
644
Oct
2025
166
126
97
82
67
30
16
14
13
12
11
7
5
4
4
655
Nov
2025
166
129
99
82
66
31
18
15
13
12
11
7
5
4
4
664
Dec
2025
166
136
102
82
67
32
15
15
14
13
12
6
5
4
4
672
Jan
2026
171
137
101
82
67
33
16
15
14
13
12
6
6
4
4
680
Feb
2026
175
140
100
83
67
31
19
16
14
12
11
7
6
4
4
691
Mar
2026
166
144
99
81
66
31
19
16
14
12
12
7
6
4
4
681
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
Loan
Municipal Debt
Corporate Debt
Mortgage-Backed Security
STIV
Repurchase Agreement
Preferred Equity
Collateralized Obligation
Registered Fund
Other Asset-Backed Security
Non US Sovereign Debt
US Treasury Debt
Equity Derivative
Total
Apr
2025
238
223
157
121
216
92
155
60
63
78
57
50
42
41
***
675
May
2025
240
213
161
121
218
92
135
59
64
76
58
52
43
39
19
679
Jun
2025
239
219
161
121
217
94
148
59
65
76
***
50
42
35
***
681
Jul
2025
242
223
162
121
220
94
152
60
65
76
61
48
43
37
***
686
Aug
2025
243
229
163
114
219
93
148
60
69
78
64
48
43
35
21
687
Sep
2025
246
224
161
113
220
94
161
62
67
77
61
52
44
35
***
689
Oct
2025
246
247
165
130
215
95
169
78
77
72
57
50
43
35
***
707
Nov
2025
245
247
164
130
214
96
167
77
75
72
60
51
42
37
22
708
Dec
2025
242
253
166
129
216
99
150
79
78
76
***
52
42
33
***
712
Jan
2026
245
254
168
127
220
102
160
76
74
78
62
51
43
34
***
716
Feb
2026
247
260
166
113
213
90
168
75
77
79
59
57
43
30
23
701
Mar
2026
251
257
171
111
216
90
167
73
77
84
69
58
42
***
***
702
5
“Closed-End Funds” include interval funds and non-traded funds registered on Form N-2. Please see Appendix 13.5
for definitions of other capitalized terms used in this report.
16
March 2026
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
Other Asset-Backed Security
Non US Sovereign Debt
Loan
Collateralized Obligation
Equity Derivative
Repurchase Agreement
Preferred Equity
Total
Apr
2025
10,859
2,592
1,690
1,395
926
833
630
371
218
190
239
219
86
125
72
20,446
May
2025
11,457
2,694
1,707
1,342
930
831
626
357
218
191
245
224
130
134
75
21,162
Jun
2025
11,974
2,784
1,730
1,338
943
853
611
374
223
203
250
230
139
134
78
21,864
Jul
2025
12,055
2,794
1,727
1,350
942
876
598
366
225
203
254
235
141
126
80
21,972
Aug
2025
12,312
2,848
1,733
1,401
950
896
613
366
230
207
257
242
147
136
84
22,422
Sep
2025
12,618
2,911
1,779
1,406
977
908
619
367
233
210
260
248
154
132
86
22,911
Oct
2025
12,757
2,939
1,779
1,422
992
928
628
392
238
222
264
247
158
134
88
23,186
Nov
2025
12,761
2,946
1,796
1,440
998
927
617
390
245
227
263
246
160
135
91
23,243
Dec
2025
13,141
2,952
1,788
1,451
997
940
580
391
236
235
264
249
156
126
99
23,607
Jan
2026
13,422
3,019
1,822
1,490
1,013
962
616
416
238
256
264
255
169
121
106
24,170
Feb
2026
13,500
3,096
1,839
1,444
1,037
985
713
422
284
264
258
250
127
122
112
24,452
Mar
2026
12,600
2,930
1,832
1,424
1,018
980
669
430
283
255
251
246
124
123
111
23,275
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
Other Asset-Backed Security
Non US Sovereign Debt
Loan
Collateralized Obligation
Equity Derivative
Repurchase Agreement
Preferred Equity
Total
Apr
2025
5,233
2,124
1,972
1,204
760
1,547
1,698
1,008
570
398
442
490
604
285
171
10,285
May
2025
5,250
2,135
1,981
1,204
756
1,541
1,624
952
566
394
448
493
597
271
171
10,303
Jun
2025
5,278
2,136
1,969
1,200
753
1,526
1,611
947
580
402
448
501
615
295
172
10,371
Jul
2025
5,260
2,146
1,978
1,194
752
1,549
1,641
956
577
399
443
504
601
273
171
10,366
Aug
2025
5,272
2,167
1,967
1,191
748
1,577
1,577
929
582
411
445
517
632
287
175
10,391
17
Sep
2025
5,276
2,156
1,973
1,192
749
1,552
1,607
945
581
417
436
512
639
267
173
10,401
Oct
2025
5,286
2,177
1,960
1,201
770
1,559
1,683
986
577
420
440
494
704
276
187
10,468
Nov
2025
5,269
2,196
1,961
1,195
771
1,568
1,627
991
594
421
429
488
701
292
181
10,494
Dec
2025
5,326
2,216
1,966
1,205
770
1,566
1,547
998
590
430
428
509
682
303
186
10,560
Jan
2026
5,327
2,212
1,957
1,205
769
1,580
1,680
1,051
597
440
423
515
716
281
194
10,578
Feb
2026
5,322
2,273
1,958
1,178
755
1,594
1,723
1,056
657
440
422
513
724
306
202
10,606
Mar
2026
5,355
2,273
1,993
1,184
751
1,616
1,758
1,101
660
441
426
520
743
303
203
10,672
March 2026
4.6
Analytics Office
Index Funds
Table 4.11: Aggregate Gross Value of Index Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Index fund indication drawn from Form N-CEN, Item C.3.
Investment Type
Common Equity
US Treasury Debt
Corporate Debt
Mortgage-Backed Security
Non US Sovereign Debt
STIV
Registered Fund
Municipal Debt
Other Types
Preferred Equity
Equity Derivative
Repurchase Agreement
Loan
Other Asset-Backed Security
Collateralized Obligation
Total
Apr
2025
13,207
1,280
744
309
256
226
135
128
64
39
43
12
***
3
***
16,453
May
2025
14,008
1,279
754
307
254
230
141
129
59
39
49
25
***
3
***
17,284
Jun
2025
14,678
1,319
774
312
264
244
146
132
63
40
55
13
***
3
***
18,049
Jul
2025
14,651
1,306
770
317
255
245
146
133
60
40
55
14
***
3
***
18,005
Aug
2025
15,058
1,355
787
321
267
243
151
135
61
41
55
31
***
3
***
18,515
Sep
2025
15,579
1,383
805
330
270
259
154
139
63
42
71
15
***
3
***
19,121
Oct
2025
15,929
1,392
815
332
273
257
159
143
61
43
70
14
***
3
***
19,499
Nov
2025
16,051
1,429
823
330
281
250
159
145
65
39
45
26
***
3
***
19,656
Dec
2025
15,877
1,433
828
330
284
262
159
147
55
39
33
14
***
3
***
19,471
Jan
2026
16,265
1,439
842
344
293
275
163
152
65
43
38
15
***
3
***
19,946
Feb
2026
16,499
1,487
867
343
300
273
182
153
65
45
38
19
***
3
***
20,281
Mar
2026
15,556
1,503
842
338
290
276
176
152
66
39
35
12
***
3
***
19,297
Table 4.12: Number of Index Funds Reporting Gross Value of Each
Investment Category, With an Aggregate Gross Value Exceeding
Five Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Index fund indication drawn from Form N-CEN, Item C.3. The “Total” row below indicates the number
of Index Funds, and not the sum of the preceding rows.
Investment Type
Common Equity
US Treasury Debt
Corporate Debt
Mortgage-Backed Security
Non US Sovereign Debt
STIV
Registered Fund
Municipal Debt
Other Types
Preferred Equity
Equity Derivative
Repurchase Agreement
Loan
Other Asset-Backed Security
Collateralized Obligation
Total
Apr
2025
1,869
324
227
62
39
410
177
49
369
36
269
248
***
***
***
2,732
May
2025
1,871
320
229
62
40
412
184
51
360
36
284
255
***
***
***
2,735
Jun
2025
1,869
338
232
62
40
410
183
51
393
36
307
***
***
1
1
2,759
Jul
2025
1,879
278
233
62
40
393
194
51
427
35
318
245
***
***
***
2,794
Aug
2025
1,872
298
231
61
40
416
192
54
423
35
334
251
***
***
***
2,811
18
Sep
2025
1,881
322
235
63
41
425
195
54
457
34
355
***
***
1
1
2,850
Oct
2025
1,886
321
234
63
42
425
196
54
490
34
397
237
***
***
***
2,886
Nov
2025
1,888
324
231
62
42
448
201
53
500
33
449
240
1
***
***
2,928
Dec
2025
1,889
326
232
65
43
452
198
51
532
33
351
***
***
***
1
2,944
Jan
2026
1,891
310
231
65
44
499
200
51
543
33
434
231
***
***
***
2,966
Feb
2026
1,887
320
231
65
45
510
241
51
566
34
485
234
1
***
***
2,975
Mar
2026
1,883
336
232
64
43
476
238
51
573
36
477
***
***
***
1
2,976
March 2026
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
Preferred Equity
Other Types
Registered Fund
US Treasury Debt
Repurchase Agreement
Corporate Debt
Municipal Debt
Total
Apr
2025
18,150
249
98
55
56
22
11
***
6
***
18,663
May
2025
19,246
244
103
56
54
23
8
***
6
***
19,760
Jun
2025
20,174
239
111
56
60
21
19
19
6
0
20,707
Jul
2025
20,308
236
114
58
58
35
7
***
7
***
20,843
Aug
2025
20,745
235
113
60
58
35
8
***
7
***
21,279
Sep
2025
21,341
244
123
63
67
38
23
17
7
0
21,922
Oct
2025
21,705
256
123
63
62
38
8
***
7
***
22,278
Nov
2025
21,749
234
116
65
64
38
9
***
6
***
22,298
Dec
2025
21,734
222
111
72
62
36
22
16
6
0
22,282
Jan
2026
22,081
244
116
76
63
37
6
***
6
***
22,645
Feb
2026
22,074
254
116
78
70
47
5
***
6
***
22,666
Mar
2026
20,909
258
112
76
67
47
19
13
6
0
21,509
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
Preferred Equity
Other Types
Registered Fund
US Treasury Debt
Repurchase Agreement
Corporate Debt
Municipal Debt
Total
Apr
2025
4,292
395
478
55
334
82
64
104
40
0
4,718
May
2025
4,308
384
483
56
303
94
59
98
41
0
4,739
Jun
2025
4,318
362
497
53
313
94
79
111
39
0
4,765
Jul
2025
4,326
369
506
52
326
92
49
100
42
0
4,794
Aug
2025
4,322
352
516
50
312
95
56
89
40
0
4,800
19
Sep
2025
4,320
373
550
49
337
92
81
92
39
0
4,832
Oct
2025
4,336
384
585
48
376
94
63
86
36
0
4,866
Nov
2025
4,319
334
590
51
357
99
60
97
33
0
4,860
Dec
2025
4,354
345
578
53
365
98
78
***
31
0
4,903
Jan
2026
4,352
377
605
55
375
97
46
93
31
0
4,917
Feb
2026
4,330
399
620
55
381
138
50
99
35
0
4,911
Mar
2026
4,341
386
606
54
382
147
65
85
39
0
4,919
March 2026
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
Other Asset-Backed Security
Loan
Collateralized Obligation
Repurchase Agreement
Total
Apr
2025
2,168
1,927
1,538
427
311
280
201
224
197
103
7,376
May
2025
2,192
1,923
1,495
427
316
308
201
231
201
108
7,403
Jun
2025
2,230
1,972
1,514
447
316
322
207
234
207
109
7,557
Jul
2025
2,220
1,981
1,531
440
328
274
209
238
212
103
7,536
Aug
2025
2,244
2,036
1,578
454
337
274
213
240
220
120
7,717
Sep
2025
2,301
2,068
1,595
461
341
258
217
242
225
112
7,821
Oct
2025
2,312
2,107
1,611
476
341
283
221
243
224
114
7,932
Nov
2025
2,336
2,133
1,624
488
333
280
227
244
224
119
8,009
Dec
2025
2,334
2,140
1,638
499
333
270
218
244
227
106
8,011
Jan
2026
2,376
2,187
1,689
528
338
294
221
244
233
104
8,213
Feb
2026
2,414
2,261
1,648
543
362
303
264
238
229
104
8,366
Mar
2026
2,384
2,249
1,621
525
343
303
263
232
225
106
8,252
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
Other Asset-Backed Security
Loan
Collateralized Obligation
Repurchase Agreement
Total
Apr
2025
1,791
1,433
1,079
396
798
824
557
393
464
317
2,815
May
2025
1,802
1,434
1,081
391
794
815
551
400
466
324
2,818
Jun
2025
1,805
1,421
1,087
400
817
836
562
398
476
318
2,863
Jul
2025
1,807
1,393
1,084
397
838
833
562
396
479
310
2,855
Aug
2025
1,800
1,428
1,079
411
821
834
563
394
492
324
2,874
20
Sep
2025
1,815
1,412
1,082
415
814
832
567
386
488
305
2,869
Oct
2025
1,805
1,403
1,086
419
854
876
563
388
471
307
2,896
Nov
2025
1,806
1,410
1,081
419
834
896
578
380
465
314
2,926
Dec
2025
1,807
1,404
1,097
427
792
875
573
380
484
322
2,936
Jan
2026
1,808
1,409
1,095
438
848
916
577
380
491
313
2,933
Feb
2026
1,806
1,411
1,072
439
884
944
631
379
488
323
2,945
Mar
2026
1,839
1,420
1,073
438
869
977
633
382
490
320
2,968
March 2026
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
Other Types
Corporate Debt
US Treasury Debt
STIV
Mortgage-Backed Security
Equity Derivative
Collateralized Obligation
Municipal Debt
Total
Apr
2025
2,668
1,072
228
253
163
149
157
21
24
20
4,756
May
2025
2,770
1,124
243
255
167
143
146
26
25
20
4,918
Jun
2025
2,866
1,176
238
261
168
143
129
28
24
21
5,054
Jul
2025
2,862
1,121
239
263
180
139
127
72
24
20
5,048
Aug
2025
2,917
1,144
256
262
193
143
135
77
24
21
5,173
Sep
2025
2,980
1,174
255
268
185
144
132
91
24
21
5,274
Oct
2025
3,012
1,195
265
267
189
143
131
94
24
22
5,340
Nov
2025
3,019
1,210
274
269
198
149
137
78
23
22
5,378
Dec
2025
3,028
1,219
271
268
194
141
133
68
23
22
5,367
Jan
2026
3,092
1,263
281
274
194
152
135
79
23
22
5,515
Feb
2026
3,166
1,262
288
276
189
153
128
35
23
23
5,544
Mar
2026
3,000
1,178
287
275
195
153
130
36
23
22
5,297
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
Other Types
Corporate Debt
US Treasury Debt
STIV
Mortgage-Backed Security
Equity Derivative
Collateralized Obligation
Municipal Debt
Total
Apr
2025
2,056
691
590
347
357
639
175
194
27
9
2,678
May
2025
2,050
695
575
346
349
605
173
198
28
***
2,681
Jun
2025
2,055
699
596
336
348
591
164
205
***
***
2,694
Jul
2025
2,074
691
603
341
359
599
162
215
26
***
2,714
Aug
2025
2,085
699
617
339
365
609
165
237
26
***
2,738
21
Sep
2025
2,082
701
629
335
356
600
163
237
***
***
2,745
Oct
2025
2,096
698
652
333
386
629
169
270
23
***
2,782
Nov
2025
2,102
692
691
336
394
661
168
307
23
***
2,821
Dec
2025
2,119
698
704
344
382
623
163
255
***
***
2,839
Jan
2026
2,121
709
728
332
405
688
165
300
24
***
2,875
Feb
2026
2,149
707
747
333
415
676
161
329
25
***
2,908
Mar
2026
2,161
718
756
332
424
692
164
341
***
***
2,943
March 2026
4.10
Analytics Office
Global Equity Funds
Table 4.19: Aggregate Gross Value of Global Equity Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Common Equity
STIV
Other Types
Preferred Equity
Registered Fund
Total
Apr
2025
4,820
136
70
26
17
5,068
May
2025
5,069
139
71
27
17
5,323
Jun
2025
5,278
144
71
28
17
5,539
Jul
2025
5,255
126
67
28
17
5,492
Aug
2025
5,458
127
69
30
17
5,701
Sep
2025
5,660
135
72
31
19
5,917
Oct
2025
5,761
130
76
32
18
6,018
Nov
2025
5,827
136
79
28
18
6,088
Dec
2025
6,039
129
74
29
17
6,288
Jan
2026
6,316
134
79
35
19
6,582
Feb
2026
6,636
194
84
39
20
6,974
Mar
2026
6,044
172
83
35
20
6,353
Table 4.20: Number of Global Equity Funds Reporting Gross Value of Each
Investment Category, With an Aggregate Gross Value Exceeding
Five Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The
“Total” row below indicates the number of Global Equity Funds, and not the sum of the preceding
rows.
Investment Type
Common Equity
STIV
Other Types
Preferred Equity
Registered Fund
Total
Apr
2025
2,030
233
137
43
53
2,038
May
2025
2,030
210
139
40
45
2,034
Jun
2025
2,039
203
147
42
41
2,044
Jul
2025
2,024
168
136
41
37
2,033
Aug
2025
2,021
171
139
43
42
2,027
22
Sep
2025
2,032
200
143
40
40
2,038
Oct
2025
2,035
193
139
44
36
2,042
Nov
2025
2,042
192
131
39
37
2,047
Dec
2025
2,055
194
144
38
37
2,059
Jan
2026
2,046
197
132
47
35
2,052
Feb
2026
2,060
203
138
52
44
2,064
Mar
2026
2,064
222
167
54
47
2,068
March 2026
4.11
Analytics Office
Municipal Bond Funds
Table 4.21: Aggregate Gross Value of Municipal Bond Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Municipal Debt
STIV
Other Types
Registered Fund
Corporate Debt
Total
Apr
2025
1,012
12
9
2
2
1,037
May
2025
1,017
13
9
2
2
1,041
Jun
2025
1,033
12
8
2
2
1,057
Jul
2025
1,032
14
9
2
2
1,059
Aug
2025
1,042
13
9
2
2
1,067
Sep
2025
1,072
14
9
2
2
1,099
Oct
2025
1,089
15
9
2
2
1,117
Nov
2025
1,097
15
9
2
2
1,126
Dec
2025
1,099
16
10
2
2
1,130
Jan
2026
1,120
23
12
2
2
1,159
Feb
2026
1,144
23
13
2
2
1,184
Mar
2026
1,126
19
12
2
2
1,161
Table 4.22: Number of Municipal Bond Funds Reporting Gross Value of Each
Investment Category, With an Aggregate Gross Value Exceeding
Five Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The
“Total” row below indicates the number of Municipal Bond Funds, and not the sum of the preceding
rows.
Investment Type
Municipal Debt
STIV
Other Types
Registered Fund
Corporate Debt
Total
Apr
2025
768
43
47
13
12
768
May
2025
766
43
46
***
***
766
Jun
2025
763
48
35
***
***
764
Jul
2025
764
60
53
12
12
764
Aug
2025
763
40
41
***
***
763
23
Sep
2025
767
45
43
***
***
767
Oct
2025
768
48
36
15
13
768
Nov
2025
768
54
35
***
***
768
Dec
2025
767
***
41
***
***
767
Jan
2026
767
69
44
17
11
767
Feb
2026
753
71
53
***
***
753
Mar
2026
750
65
50
***
***
750
March 2026
5
Analytics Office
Fund Portfolio Investments by Currency6
Table 5.1: Aggregate Gross Value of Fund Investments, by Fund Type and
Currency ($Billions)
This table includes holdings reported by fund of funds and relies upon value reported (Form N-PORT,
Item C.2.c) by currency code (Form N-PORT, Item C.2.b). This table does not reflect the notional
value of derivatives but uses the value reported in Item C.2.c. Reported currency codes with a value
of “N/A” are aggregated with the “Other” category. Currency codes are reported pursuant to the
International Organization for Standardization (ISO) 4217 standard. Currency code mappings presented
below are derived from ISO 4217 mappings as of January 1, 2024.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Currency
USD - US Dollar
EUR - Euro
JPY - Yen
GBP - Pound Sterling
CAD - Canadian Dollar
TWD - New Taiwan Dollar
HKD - Hong Kong Dollar
CHF - Swiss Franc
INR - Indian Rupee
AUD - Australian Dollar
Other
Subtotal
USD - US Dollar
EUR - Euro
JPY - Yen
GBP - Pound Sterling
HKD - Hong Kong Dollar
TWD - New Taiwan Dollar
CAD - Canadian Dollar
CHF - Swiss Franc
AUD - Australian Dollar
INR - Indian Rupee
Other
Subtotal
USD - US Dollar
EUR - Euro
GBP - Pound Sterling
CAD - Canadian Dollar
JPY - Yen
AUD - Australian Dollar
TWD - New Taiwan Dollar
HKD - Hong Kong Dollar
INR - Indian Rupee
CHF - Swiss Franc
Other
Subtotal
Total
Apr
2025
22,563
1,006
410
447
205
139
180
176
153
88
519
25,887
8,848
352
240
139
111
67
81
80
71
89
258
10,336
522
29
9
3
2
1
1
1
2
1
5
575
36,798
May
2025
23,407
1,037
431
465
216
157
189
179
156
93
536
26,867
9,318
372
251
147
117
76
86
83
75
91
271
10,887
532
30
9
3
2
1
1
1
2
1
5
588
38,343
Jun
2025
24,206
1,079
445
471
227
176
199
179
161
97
566
27,806
9,755
389
256
151
125
84
90
85
78
96
289
11,398
545
33
10
3
2
1
1
1
2
1
6
604
39,809
Jul
2025
24,118
1,049
439
467
223
184
210
172
150
97
553
27,662
9,959
385
254
152
134
87
91
83
78
92
292
11,608
551
32
9
3
2
1
1
1
1
1
5
609
39,879
Aug
2025
24,540
1,074
465
479
234
182
223
181
146
101
570
28,195
10,287
400
274
159
142
88
97
88
84
90
304
12,013
562
32
10
3
2
1
1
1
1
1
5
621
40,828
Sep
2025
25,051
1,098
476
482
243
204
236
180
146
102
593
28,813
10,670
413
281
163
155
97
104
88
86
91
322
12,471
576
33
10
3
2
1
1
2
1
1
5
637
41,921
Oct
2025
25,257
1,101
492
483
237
225
229
179
154
101
655
29,114
10,952
423
292
167
152
105
108
90
87
96
340
12,810
586
35
10
3
2
1
1
1
1
1
6
648
42,572
Nov
2025
25,293
1,102
489
487
248
213
227
187
155
101
629
29,133
11,099
432
298
170
152
103
113
94
86
97
344
12,989
593
36
10
3
2
2
1
1
1
1
6
657
42,779
Dec
2025
25,543
1,123
489
498
255
223
220
195
152
103
665
29,465
10,799
447
299
177
174
131
120
99
89
117
389
12,840
598
38
11
4
2
2
1
1
1
1
6
665
42,970
Jan
2026
25,956
1,156
516
514
261
248
232
199
139
110
749
30,081
11,120
474
322
189
164
125
127
103
97
96
426
13,243
604
38
11
4
2
2
1
1
1
1
7
673
43,996
Feb
2026
26,034
1,169
545
527
283
274
218
206
140
114
832
30,343
11,299
496
359
201
159
143
141
111
105
100
469
13,584
612
38
11
4
3
2
1
1
1
1
8
684
44,611
Mar
2026
24,884
1,080
490
488
264
248
206
184
121
105
723
28,793
10,894
464
325
187
150
132
132
101
96
85
425
12,991
605
37
12
4
2
2
1
1
1
1
8
674
42,458
6
Per N-PORT General Instruction G, N-PORT filers must report applicable three-letter alphabetic currency codes
pursuant to the International Organization for Standardization (ISO) 4217 standard. Please refer to the ISO for additional
information on currency code definitions and mappings.
24
March 2026
6
Analytics Office
Fund Portfolio Investments by Country7
Table 6.1: Aggregate Gross Value of Fund Investments, by Fund Type and
Country of Investment ($Billions)
This table includes holdings reported by fund of funds, relies upon value reported (Form N-PORT,
Item C.2.c) and aggregates by country of investment (Form N-PORT, Item C.5.a), adjusted for
consensus — see the appendix for more details. Reported country codes with a value of “N/A” are
aggregated with the “Other” category.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Country
United States of America
United Kingdom
Japan
Canada
France
Ireland
Switzerland
Netherlands
Germany
Cayman Islands
Other
Subtotal
United States of America
Japan
United Kingdom
Canada
Ireland
France
Switzerland
Germany
Netherlands
Cayman Islands
Other
Subtotal
United States of America
Cayman Islands
United Kingdom
Canada
France
Germany
Netherlands
Ireland
Japan
Switzerland
Other
Subtotal
Total
Apr
2025
21,163
578
434
382
329
261
253
220
254
198
1,815
25,887
8,420
252
170
133
109
106
102
99
68
76
801
10,336
462
24
13
10
7
4
3
3
3
2
43
575
36,798
May
2025
21,955
597
455
398
334
277
260
231
265
202
1,893
26,867
8,867
264
178
145
114
110
107
105
73
78
846
10,887
471
25
13
11
8
4
3
3
3
2
45
588
38,343
Jun
2025
22,715
606
470
414
341
284
259
241
272
207
1,996
27,806
9,282
270
185
152
118
114
109
108
79
83
900
11,398
481
26
14
11
8
5
3
3
3
2
48
604
39,809
Jul
2025
22,641
601
466
412
345
281
247
216
264
215
1,975
27,662
9,476
268
186
157
119
114
107
107
77
87
910
11,608
488
26
14
11
8
4
3
3
3
2
47
609
39,879
Aug
2025
23,030
617
493
431
350
284
257
223
264
226
2,018
28,195
9,785
288
194
169
121
116
113
110
81
94
943
12,013
498
26
15
11
8
4
3
3
3
2
47
621
40,828
Sep
2025
23,509
621
505
446
356
285
257
242
260
239
2,094
28,813
10,144
296
201
181
124
120
114
110
88
104
988
12,471
510
27
15
12
8
4
4
3
3
2
49
637
41,921
Oct
2025
23,729
623
519
439
359
282
252
243
252
232
2,181
29,114
10,419
307
206
187
124
122
115
109
91
102
1,027
12,810
520
27
15
12
8
4
3
3
3
2
50
648
42,572
Nov
2025
23,772
631
516
453
359
286
261
239
250
229
2,138
29,133
10,557
313
211
197
126
125
120
111
90
100
1,040
12,989
527
27
15
13
8
4
3
3
3
2
52
657
42,779
Dec
2025
24,010
638
515
464
357
291
271
244
257
226
2,193
29,465
10,255
315
215
201
127
127
126
115
90
113
1,155
12,840
532
27
16
13
8
4
3
3
3
2
54
665
42,970
Jan
2026
24,384
656
544
465
360
298
277
270
261
229
2,336
30,081
10,544
338
229
212
135
133
131
120
102
102
1,197
13,243
537
27
16
13
8
4
4
3
3
2
55
673
43,996
Feb
2026
24,433
680
573
494
372
296
291
272
264
227
2,443
30,343
10,681
376
245
236
142
139
143
126
106
102
1,288
13,584
544
26
16
14
9
4
4
3
3
2
57
684
44,611
Mar
2026
23,367
634
516
463
342
274
264
252
239
215
2,226
28,793
10,314
341
228
217
137
130
130
116
98
97
1,183
12,991
540
26
16
13
8
4
4
3
3
2
55
674
42,458
7
Per the N-PORT instructions to Item C.5.a. and C.5.b., filers must report country codes pursuant to the International
Organization for Standardization (ISO) standard. Please refer to the ISO for additional information on country code
definitions and mappings.
25
March 2026
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
Taiwan
Germany
China
Switzerland
India
Other
Subtotal
United States of America
Japan
Canada
United Kingdom
China
Taiwan
France
Germany
Switzerland
India
Other
Subtotal
United States of America
United Kingdom
Canada
France
Germany
Taiwan
Japan
Switzerland
China
India
Other
Subtotal
Total
Apr
2025
21,572
522
440
355
323
172
275
236
157
168
1,666
25,887
8,610
253
126
145
135
73
98
104
54
91
647
10,336
469
13
10
8
5
1
3
2
2
2
61
575
36,798
May
2025
22,379
539
461
372
329
196
288
241
162
171
1,729
26,867
9,065
265
138
152
141
82
102
111
57
94
681
10,887
478
13
10
8
5
2
3
2
2
2
64
588
38,343
Jun
2025
23,146
552
478
388
337
223
295
249
165
176
1,796
27,806
9,486
271
144
160
150
91
106
114
60
99
718
11,398
489
14
10
8
5
2
3
2
2
2
67
604
39,809
Jul
2025
23,058
549
474
386
331
234
286
261
163
165
1,755
27,662
9,680
269
150
161
160
95
108
113
61
95
715
11,608
495
14
10
8
5
2
3
2
2
2
66
609
39,879
26
Aug
2025
23,455
562
500
404
336
230
287
281
168
161
1,811
28,195
9,995
290
161
167
172
95
110
116
64
93
750
12,013
506
14
11
8
5
2
3
2
2
2
66
621
40,828
Sep
2025
23,928
562
512
416
343
263
282
303
169
160
1,875
28,813
10,354
297
173
172
188
106
114
116
66
95
790
12,471
518
14
12
8
5
2
3
2
3
2
68
637
41,921
Oct
2025
24,171
561
528
412
344
286
275
290
167
168
1,913
29,114
10,643
308
179
175
184
115
116
116
68
99
805
12,810
526
14
12
9
5
3
3
2
2
2
71
648
42,572
Nov
2025
24,231
563
524
422
345
268
272
282
166
168
1,893
29,133
10,758
314
187
185
179
114
122
117
85
101
826
12,989
533
14
12
9
5
2
3
2
2
2
72
657
42,779
Dec
2025
24,476
570
522
430
344
280
277
276
172
165
1,953
29,465
10,459
316
191
189
205
142
125
122
89
120
881
12,840
537
15
12
9
5
2
3
2
2
2
76
665
42,970
Jan
2026
24,870
578
551
430
348
309
281
284
172
151
2,106
30,081
10,763
339
202
199
191
138
131
127
92
99
962
13,243
543
15
12
9
5
3
3
2
2
2
77
673
43,996
Feb
2026
24,946
594
580
453
361
343
285
266
178
151
2,184
30,343
10,927
377
221
213
186
159
138
133
100
103
1,027
13,584
550
16
13
9
5
3
3
2
2
2
79
684
44,611
Mar
2026
23,855
544
523
430
334
309
260
251
161
129
1,996
28,793
10,544
342
206
196
174
147
131
123
94
87
948
12,991
545
16
12
8
5
3
3
2
2
1
77
674
42,458
March 2026
Analytics Office
Fund Derivative Investments8
7
Table 7.1: Aggregate Notional of Fund Investments in Derivatives, by
Fund Type and Derivative Type ($Billions)
Relies on Form N-PORT, Item C.4 and Item C.11.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Derivative Type
Interest Rate Future
Foreign Exchange Forward
Interest Rate Swap
Interest Rate Swaption
Equity Option
Credit Swap
Equity Future
Other
Foreign Exchange Option
Equity Swap
Commodity Future
Subtotal
Equity Option
Equity Swap
Foreign Exchange Forward
Interest Rate Future
Equity Future
Interest Rate Swap
Commodity Future
Other
Interest Rate Swaption
Credit Swap
Foreign Exchange Option
Subtotal
Interest Rate Swap
Equity Option
Foreign Exchange Forward
Interest Rate Future
Other
Foreign Exchange Option
Credit Swap
Equity Swap
Interest Rate Swaption
Equity Future
Commodity Future
Subtotal
Total
Apr
2025
1,148.7
1,044.9
872.8
155.1
211.5
179.3
157.7
136.0
77.7
61.8
47.2
4,092.8
270.4
203.9
166.5
57.5
25.9
15.3
14.9
12.8
***
3.5
***
775.4
40.9
37.3
33.1
8.6
1.9
***
2.2
1.9
***
1.4
***
131.9
5,000.2
May
2025
1,131.2
1,030.1
886.4
164.0
225.5
175.7
154.2
128.8
83.3
65.4
46.4
4,090.9
295.5
236.3
172.6
51.0
25.7
15.1
15.0
14.8
***
3.8
***
834.5
41.5
41.2
36.4
8.2
1.8
***
2.1
2.4
***
1.3
***
142.9
5,068.3
Jun
2025
1,200.1
945.4
919.7
176.6
220.9
182.5
159.5
134.5
47.5
67.4
44.7
4,098.7
297.9
260.4
167.0
56.2
26.0
16.2
15.7
17.5
***
3.9
***
866.8
41.0
49.6
39.0
7.9
2.0
***
1.8
***
***
***
***
153.0
5,118.5
Jul
2025
1,230.2
933.7
932.3
194.0
239.3
186.1
160.7
152.0
80.2
69.3
47.6
4,225.6
322.5
266.3
165.2
59.6
22.0
16.8
17.2
22.0
***
4.4
***
904.9
40.1
53.3
40.1
7.8
2.0
***
2.2
2.4
***
0.8
***
157.6
5,288.1
Aug
2025
1,245.9
985.0
931.2
168.4
232.0
179.8
165.2
159.3
75.3
70.5
47.8
4,260.3
321.8
262.8
181.9
65.5
26.4
17.7
17.2
24.1
***
5.3
***
928.9
40.0
56.8
39.8
7.6
2.0
5.0
2.2
2.4
***
0.8
***
160.2
5,349.4
Sep
2025
1,180.0
973.1
845.1
135.7
241.9
189.4
173.5
174.1
79.4
73.3
44.8
4,110.4
345.4
289.1
177.3
67.3
28.1
17.7
18.3
24.7
***
5.7
***
979.1
39.0
56.9
38.5
7.4
1.9
***
2.2
***
***
***
***
156.0
5,245.4
Oct
2025
1,215.3
1,003.6
864.1
160.9
248.7
181.2
163.1
189.4
74.8
76.2
48.5
4,225.8
343.1
305.4
180.1
68.0
27.2
21.3
17.6
25.3
***
6.1
***
999.5
39.1
60.4
39.4
7.5
3.8
***
2.3
2.2
***
0.8
***
162.7
5,388.0
Nov
2025
1,160.5
1,091.2
896.0
343.7
233.0
186.0
166.9
180.7
80.7
82.5
52.8
4,473.9
370.7
288.2
199.3
69.9
29.6
26.2
17.8
19.9
***
6.8
***
1,034.7
39.6
54.9
40.5
6.7
3.7
5.1
2.3
2.4
***
0.8
***
158.3
5,666.9
Dec
2025
1,161.2
951.1
923.3
336.5
231.7
187.2
174.9
139.3
73.1
79.2
47.9
4,305.5
354.0
278.5
212.1
71.7
26.2
33.7
17.0
20.9
***
8.0
***
1,030.0
40.4
44.4
32.1
6.7
2.0
***
2.7
***
***
***
***
136.7
5,472.2
Jan
2026
1,171.3
1,057.6
932.1
383.9
225.4
194.0
174.8
144.7
78.2
83.6
48.8
4,494.3
358.9
272.4
208.4
82.1
32.1
33.6
18.0
20.4
***
8.9
***
1,045.0
40.6
44.8
37.6
7.0
1.8
***
3.1
2.7
***
1.2
***
144.1
5,683.4
Feb
2026
1,143.5
1,128.8
932.9
419.5
231.7
200.3
183.0
139.0
86.8
86.8
53.0
4,605.4
365.7
267.6
229.5
84.5
33.8
34.2
20.0
17.6
***
9.3
***
1,072.5
43.1
45.1
41.9
7.1
1.7
***
3.4
3.0
***
1.4
***
151.6
5,829.5
Mar
2026
1,201.9
1,116.9
950.8
322.3
220.2
215.0
172.4
136.9
93.1
84.9
43.8
4,558.2
359.0
239.1
220.6
91.5
35.6
29.0
21.2
19.7
***
9.6
***
1,037.5
43.3
42.2
40.7
8.4
3.8
***
3.3
***
***
***
***
152.4
5,748.1
8
Non-USD-notional values are converted to USD using foreign-exchange rates sourced from Bloomberg. Notional
values are not delta or duration adjusted and include derivatives reported by fund of funds. The total notional value, as
a fraction of net assets, of each fund is winsorized at the 99th percentile across funds each month.
27
March 2026
Analytics Office
Table 7.2: Number of Funds with Investments in Derivatives With a
Notional Value Exceeding Five Percent of Net Assets, by Fund
Type and Derivative Type
Relies on Form N-PORT, Item C.4 and Item C.11.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Derivative Type
Interest Rate Future
Foreign Exchange Forward
Interest Rate Swap
Interest Rate Swaption
Equity Option
Credit Swap
Equity Future
Other
Foreign Exchange Option
Equity Swap
Commodity Future
Subtotal
Equity Option
Equity Swap
Foreign Exchange Forward
Interest Rate Future
Equity Future
Interest Rate Swap
Commodity Future
Other
Interest Rate Swaption
Credit Swap
Foreign Exchange Option
Subtotal
Interest Rate Swap
Equity Option
Foreign Exchange Forward
Interest Rate Future
Other
Foreign Exchange Option
Credit Swap
Equity Swap
Interest Rate Swaption
Equity Future
Commodity Future
Subtotal
Total
Apr
2025
1,016
658
412
108
180
252
459
195
63
252
114
1,965
606
326
76
152
68
38
67
66
***
21
***
1,226
55
62
94
62
14
***
28
8
***
10
***
223
3,413
May
2025
1,002
657
405
104
189
244
422
182
78
259
112
1,932
617
333
80
147
67
38
68
67
***
17
***
1,239
57
65
96
59
15
***
28
8
***
10
***
225
3,395
Jun
2025
1,012
651
408
104
176
244
427
193
58
262
110
1,938
635
363
83
159
70
40
68
68
***
20
***
1,301
57
66
95
60
15
***
27
***
***
***
***
223
3,461
Jul
2025
1,009
643
402
110
189
250
408
220
78
260
112
1,929
648
396
94
163
71
38
70
73
***
18
***
1,369
53
71
97
61
16
***
23
9
***
9
***
225
3,522
28
Aug
2025
995
653
402
103
194
251
398
213
73
260
119
1,921
678
418
98
170
77
40
72
73
***
19
***
1,418
52
74
95
60
18
6
25
9
***
8
***
224
3,562
Sep
2025
987
649
400
110
192
252
402
207
72
263
120
1,921
703
450
93
167
79
43
72
81
***
19
***
1,478
52
71
98
60
16
***
20
***
***
***
***
226
3,624
Oct
2025
1,003
652
402
120
193
253
399
219
68
264
117
1,916
733
480
92
165
76
45
73
83
***
22
***
1,541
53
68
94
59
20
***
22
9
***
7
***
220
3,676
Nov
2025
1,029
648
394
120
175
249
407
198
57
270
119
1,912
760
514
99
177
79
47
77
81
***
22
***
1,616
52
64
96
58
18
5
21
9
***
8
***
214
3,741
Dec
2025
1,002
633
398
120
174
251
428
197
57
271
116
1,938
770
537
104
181
86
49
79
83
***
26
***
1,664
53
61
94
54
16
***
21
***
***
***
***
207
3,808
Jan
2026
976
641
395
133
180
248
415
196
64
270
118
1,900
783
554
104
186
87
47
76
80
***
25
***
1,695
53
65
93
54
14
***
23
10
***
10
***
214
3,808
Feb
2026
974
647
400
135
174
250
427
187
64
277
118
1,900
790
574
108
185
84
50
77
76
***
31
***
1,721
54
67
97
53
13
***
25
10
***
9
***
213
3,833
Mar
2026
1,011
654
411
131
170
276
418
192
64
280
115
1,918
801
573
108
192
85
56
76
75
***
36
***
1,744
55
65
97
57
16
***
27
***
***
***
***
215
3,876
March 2026
Analytics Office
Table 7.3: Percent of Aggregate Derivative Notional Reported, by
Cumulative Percentile
Relies on Form N-PORT, Item C.11. and B.1.a. This figure excludes fund of funds and removes any
observations without derivative exposure or non-positive total assets.
Fund Type
All Funds
Mutual Fund
ETF
Closed-End Fund
Percentile
Top 2%
Top 5%
Top 10%
Top 25%
Top 2%
Top 5%
Top 10%
Top 25%
Top 2%
Top 5%
Top 10%
Top 25%
Top 2%
Top 5%
Top 10%
Top 25%
Apr
2025
57.91
74.27
85.15
95.67
57.25
74.51
85.86
95.97
52.20
69.02
81.54
94.67
41.83
55.01
68.93
87.07
May
2025
57.82
74.45
85.34
95.73
56.44
74.14
85.91
96.08
54.13
70.06
82.02
94.72
45.30
59.50
71.74
88.30
Jun
2025
59.13
75.19
85.72
95.78
58.48
75.17
86.34
96.12
54.84
70.86
82.39
94.92
48.26
60.67
72.89
88.59
Jul
2025
59.56
75.92
86.17
95.99
59.31
76.17
86.86
96.32
54.47
70.77
82.49
94.96
48.85
62.85
74.59
89.42
Aug
2025
58.76
75.26
85.86
95.81
58.03
75.12
86.39
96.21
54.40
70.53
81.98
94.53
48.66
63.82
75.20
89.69
Sep
2025
57.84
74.32
85.17
95.59
56.48
74.18
85.79
96.00
54.27
70.12
81.69
94.46
48.86
62.88
74.52
89.25
Oct
2025
57.92
74.45
85.25
95.68
56.56
74.31
85.88
96.09
53.79
70.14
81.56
94.37
49.23
63.59
75.57
89.88
Nov
2025
60.06
75.92
86.34
96.03
58.84
75.80
86.91
96.47
54.23
70.53
82.03
94.57
50.22
65.00
75.93
90.59
Dec
2025
60.24
75.99
86.33
96.10
58.81
75.42
86.66
96.44
54.97
71.11
82.45
94.78
49.27
64.00
75.32
90.97
Jan
2026
60.27
75.83
86.18
96.05
58.84
75.69
86.76
96.46
53.31
69.92
81.79
94.43
47.69
62.54
74.81
90.70
Feb
2026
60.82
76.08
86.42
96.11
59.12
75.90
86.84
96.52
54.64
70.58
82.53
94.51
47.85
61.83
74.06
90.19
Mar
2026
59.57
75.52
86.10
95.98
57.60
75.58
86.60
96.39
52.90
69.37
81.67
94.26
45.61
60.41
73.03
90.85
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
Apr
2025
9.7
51.5
129.0
63.8
202.2
295.8
19.1
46.8
88.1
May
2025
9.4
52.0
133.5
64.3
200.8
287.2
19.6
49.1
83.6
Jun
2025
8.7
52.4
130.8
66.4
195.8
281.3
21.2
48.7
***
Jul
2025
8.6
53.7
134.1
79.7
198.2
284.3
19.9
50.5
93.1
Aug
2025
9.0
52.8
137.2
84.1
197.3
280.6
19.0
50.5
93.3
29
Sep
2025
9.3
52.6
132.7
94.0
195.7
277.9
17.6
50.3
***
Oct
2025
8.7
54.1
134.3
90.1
192.9
275.2
17.3
50.7
97.9
Nov
2025
8.6
55.5
135.7
93.2
195.1
281.3
15.8
47.7
103.8
Dec
2025
8.4
52.4
132.7
94.3
197.7
283.4
9.0
42.2
86.8
Jan
2026
8.2
53.2
134.0
93.0
198.7
281.7
8.5
43.4
86.9
Feb
2026
8.3
52.9
128.1
93.9
198.5
282.8
11.4
45.5
95.1
Mar
2026
8.3
55.0
132.8
90.7
195.8
290.6
11.6
47.3
***
March 2026
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 BOARD OF TRADE
CHICAGO MERCANTILE EXCHANGE...
LCH LTD
BANK OF AMERICA NA
CBOE GLOBAL MARKETS INC
CME GROUP INC
OPTIONS CLEARING CORP
INTERCONTINENTAL EXCHANGE INC
CITIBANK NA
JPMORGAN CHASE BANK NA
SOCIETE GENERALE
GOLDMAN SACHS CO LLC
MORGAN STANLEY CO LLC
BNP PARIBAS
STATE STREET BANK
GOLDMAN SACHS INTL
DEUTSCHE BANK AG
BARCLAYS BANK PLC
LCH GROUP HOLDINGS LTD
TORONTODOMINION BANK
GOLDMAN SACHS BANK USA
HSBC UK BANK PLC
EUREX CLEARING AG
MORGAN STANLEY CO INTL PLC
STANDARD CHARTERED BANK
UBS AG
CITIGROUP GLOBAL MARKETS INC
JPMORGAN CHASE CO
WELLS FARGO BANK NA
ROYAL BANK OF CANADA
MORGAN STANLEY CAPITAL...
WELLS FARGO COMPANY
HSBC BANK PLC
JP MORGAN SECURITIES LLC
CREDIT AGRICOLE CORPORATE AND...
EUREX FRANKFURT AG
ICE FUTURES EUROPE
SAPPORO LTD
ICE FUTURES US INC
BARCLAYS CAPITAL INC
BANK OF NEW YORK MELLON
CANADIAN IMPERIAL BANK OF...
ASX CLEAR FUTURES PTY LTD
BANK OF AMERICA CORP
COMMONWEALTH BANK OF AUSTRALIA
BANCO SANTANDER SA
UBS SECURITIES LLC
AUSTRALIA AND NEW ZEALAND...
MERRILL LYNCH PIERCE FENNER...
UBS ASSET MANAGEMENT AMERICAS...
Other Counterparties
Invalid LEI
Total
Apr
2025
451.2
540.1
424.0
137.5
197.9
158.9
218.7
161.1
154.0
106.7
38.3
104.6
108.1
135.8
128.9
88.2
63.2
109.7
48.3
64.5
40.6
43.9
41.2
69.5
50.0
39.5
33.1
49.1
44.9
56.9
47.7
0.5
38.3
74.5
2.7
22.0
15.2
35.3
28.5
10.5
20.8
12.2
11.2
7.4
13.4
12.6
12.7
8.0
15.2
10.2
318.9
291.6
4,917.7
May
2025
464.2
545.3
422.3
135.7
201.7
166.6
214.7
164.2
154.3
105.1
39.6
104.7
108.2
138.4
127.6
93.1
62.9
111.9
49.2
64.2
42.1
43.9
40.2
69.0
50.4
39.3
42.0
49.1
44.9
57.0
48.3
0.2
37.4
72.5
2.7
21.3
15.8
35.1
29.3
10.1
23.7
12.8
11.1
7.3
13.4
12.6
12.5
7.9
15.3
14.9
324.1
308.0
4,988.1
Jun
2025
513.0
578.7
448.1
121.9
209.6
158.7
214.2
167.2
126.3
108.5
44.4
109.7
127.4
98.3
123.9
68.6
66.4
125.1
91.8
60.5
33.3
44.1
38.4
73.1
52.4
40.8
39.6
30.1
17.9
57.8
45.7
25.4
37.1
73.6
1.8
26.1
14.6
30.9
26.1
4.7
23.9
12.9
10.8
21.1
13.6
2.9
11.5
46.3
10.6
14.9
342.0
283.9
5,070.2
Jul
2025
515.3
582.6
447.1
125.1
233.6
175.8
227.8
190.7
129.5
114.6
69.9
112.7
124.4
101.0
111.4
72.8
70.3
108.3
103.3
73.7
32.4
35.4
39.3
77.8
32.2
46.4
39.0
30.5
19.9
40.5
44.0
25.8
39.2
73.5
1.6
26.1
14.2
24.1
26.3
4.9
30.6
21.9
11.5
21.1
6.3
2.9
13.9
47.5
10.7
14.9
351.6
288.0
5,184.1
30
Aug
2025
516.8
601.7
446.6
127.1
246.1
178.3
231.4
192.5
132.3
129.5
71.5
113.9
135.1
102.5
111.9
70.8
71.4
110.8
104.4
74.2
32.4
35.4
40.8
76.4
32.1
46.4
35.0
30.5
19.9
33.7
43.5
25.8
40.5
76.0
1.6
25.6
14.5
24.3
27.1
5.6
32.0
21.3
11.5
21.1
6.3
2.9
13.8
47.5
10.6
12.6
351.9
283.7
5,251.0
Sep
2025
536.9
587.6
406.4
142.8
240.7
180.7
244.3
186.4
132.8
156.6
97.2
111.0
145.0
98.5
92.9
77.9
56.7
130.4
73.7
76.0
41.0
35.0
43.1
57.3
41.5
40.1
35.5
29.0
22.0
35.8
40.1
46.1
25.6
74.7
3.3
22.1
16.0
22.8
26.9
6.7
32.2
22.0
13.2
6.7
6.3
11.8
14.9
19.4
14.0
12.6
356.0
310.1
5,257.7
Oct
2025
533.0
577.0
408.2
146.7
229.7
180.2
236.4
185.9
140.1
159.9
98.0
112.2
148.1
84.0
96.2
83.2
66.2
132.7
70.5
75.1
42.7
41.9
43.8
50.5
49.0
40.1
34.7
28.7
32.6
37.9
40.7
45.8
25.1
62.1
11.5
22.1
15.6
21.7
26.6
7.2
31.5
23.8
10.3
7.0
9.9
11.8
15.5
19.3
14.1
12.6
355.9
309.8
5,265.4
Nov
2025
553.9
551.7
407.0
147.2
239.3
183.8
241.4
183.3
143.4
147.2
99.1
111.2
135.9
84.3
95.2
87.6
66.9
134.4
74.1
74.7
44.6
41.9
44.3
52.2
49.3
40.3
34.5
29.1
32.7
45.7
42.5
45.8
25.2
55.2
11.5
22.5
16.4
21.6
27.2
6.3
30.8
23.9
10.7
7.0
9.9
11.8
15.8
19.3
13.7
17.5
364.9
321.7
5,297.2
Dec
2025
579.7
509.0
423.6
308.0
254.1
185.1
240.6
174.1
141.6
134.0
92.0
109.4
115.3
88.2
100.1
131.8
75.8
101.3
101.4
73.8
46.4
41.9
51.9
41.5
46.2
40.7
42.2
23.5
33.2
40.5
41.0
12.1
35.7
35.4
9.1
23.7
15.4
23.2
24.7
7.9
31.0
24.1
13.2
12.5
9.9
10.0
15.8
2.8
15.1
17.5
382.3
343.4
5,452.6
Jan
2026
587.3
514.3
434.3
306.6
260.8
186.1
236.8
167.5
133.2
129.1
89.0
118.9
117.0
98.9
105.2
138.3
82.9
99.8
106.5
68.4
48.0
52.5
55.8
38.9
36.9
39.3
41.6
24.4
36.0
38.9
45.6
12.7
35.1
30.1
21.0
23.9
16.9
23.9
24.8
8.6
22.5
24.0
15.1
12.5
19.0
10.0
16.2
6.4
14.9
17.5
391.6
349.6
5,535.0
Feb
2026
571.1
504.5
435.4
304.8
252.7
185.6
234.4
170.4
127.7
126.7
88.2
119.2
124.6
96.6
106.9
134.9
83.0
97.8
107.3
68.2
46.4
52.5
57.1
41.5
36.9
39.6
40.2
24.5
35.9
33.8
41.6
12.8
34.3
29.0
21.0
24.5
17.9
23.7
24.5
20.1
24.6
24.1
15.1
12.6
19.0
10.0
15.8
6.3
15.0
15.3
383.9
363.6
5,503.2
Mar
2026
578.0
511.6
443.3
249.5
246.7
222.4
212.9
206.3
164.6
135.3
130.5
127.8
122.6
119.6
109.5
99.3
97.0
95.1
79.9
68.7
62.3
52.6
51.7
50.5
44.8
43.6
43.4
35.7
35.5
35.2
29.5
29.4
28.9
28.7
28.5
27.9
27.6
27.3
26.6
26.6
25.9
24.0
22.5
19.8
18.8
18.3
18.0
17.7
16.1
15.3
393.4
378.2
5,724.8
March 2026
Analytics Office
8
Liquidity Classifications
8.1
Mutual Funds
Table 8.1: Aggregate Gross Value of Mutual Fund Investments by
Liquidity Classification ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) and
liquidity classifications (Form N-PORT, Item C.7).
Prevalent Asset Class
US Equity
Taxable Bond
Multi-Asset
Global Equity
Municipal Bond
Total
Classification
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Total
Apr
2025
11,772
16
20
47
11,855
5,009
67
134
38
5,249
4,313
32
18
17
4,379
3,006
293
23
18
3,340
787
4
4
11
806
25,629
May
2025
12,457
27
6
38
12,528
5,027
50
136
39
5,253
4,456
28
18
15
4,517
3,403
64
7
19
3,493
791
4
3
12
810
26,601
Jun
2025
13,017
21
7
42
13,086
5,120
53
137
43
5,353
4,587
22
19
17
4,644
3,511
87
7
18
3,624
801
3
4
12
820
27,528
Jul
2025
12,971
23
5
41
13,040
5,072
62
139
41
5,315
4,572
26
18
16
4,632
3,521
28
6
18
3,574
802
4
4
12
822
27,382
31
Aug
2025
13,184
21
5
44
13,253
5,180
55
138
47
5,420
4,661
26
17
16
4,721
3,639
28
7
19
3,692
803
4
4
13
824
27,910
Sep
2025
13,485
18
5
44
13,553
5,250
59
139
46
5,494
4,756
26
19
15
4,816
3,638
116
23
34
3,810
827
5
4
13
848
28,521
Oct
2025
13,633
23
5
45
13,706
5,299
61
138
44
5,542
4,804
25
18
16
4,863
3,696
129
5
21
3,851
830
6
4
14
854
28,815
Nov
2025
13,561
17
5
47
13,630
5,313
66
139
45
5,563
4,837
27
17
17
4,899
3,830
33
5
20
3,889
833
6
4
13
857
28,838
Dec
2025
13,827
27
8
58
13,920
5,314
68
139
49
5,570
4,815
45
18
17
4,895
3,530
357
20
23
3,930
835
5
4
13
856
29,172
Jan
2026
13,991
15
7
61
14,074
5,436
67
137
50
5,689
4,971
25
17
18
5,031
4,057
29
7
20
4,114
850
5
5
12
872
29,780
Feb
2026
13,921
18
8
67
14,014
5,511
71
134
52
5,768
4,988
24
17
20
5,049
4,234
56
7
22
4,318
871
5
5
12
893
30,042
Mar
2026
13,160
14
12
67
13,253
5,407
73
137
48
5,666
4,744
24
16
20
4,804
3,675
112
97
30
3,914
850
5
4
14
874
28,511
March 2026
Analytics Office
Table 8.2: Aggregate Net Assets of Mutual Funds Reporting Illiquid
Gross Positions, by Prevalent Asset Class and Binned by
Fraction of Net Assets Classified as Illiquid ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and liquidity classifications (Form N-PORT, Item C.7). See
the appendix for a review of interval notation used here.
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Apr
2025
4,448
1,086
113
2,789
349
310
2,315
82
50
1,623
238
78
436
184
45
May
2025
5,060
686
114
2,741
603
137
2,501
91
54
1,774
166
59
439
180
53
Jun
2025
5,856
766
93
2,710
412
331
2,554
123
14
1,497
239
61
452
160
66
Jul
2025
5,539
796
75
2,762
591
131
2,525
84
14
1,473
168
57
447
173
52
Aug
2025
6,062
793
121
2,708
457
353
2,652
119
15
1,540
195
58
459
155
72
Sep
2025
5,882
805
119
2,819
424
325
2,209
649
75
1,583
169
59
473
159
72
Oct
2025
7,299
878
35
2,924
617
121
2,822
132
16
1,617
174
58
472
172
70
Nov
2025
6,629
887
49
2,781
703
151
2,768
122
17
1,647
173
61
498
159
64
Dec
2025
6,271
536
412
2,774
738
164
2,692
197
15
1,552
208
64
494
145
64
Jan
2026
6,109
381
558
2,841
734
188
2,988
180
18
1,847
210
62
506
128
67
Feb
2026
5,704
403
567
2,846
758
200
2,996
114
14
1,807
228
136
557
110
51
Mar
2026
5,405
407
572
2,807
741
176
2,825
133
23
1,808
149
131
416
205
78
Table 8.3: Number of Mutual Funds Reporting Illiquid Gross Positions,
by Prevalent Asset Class and Binned by Fraction of Net
Assets Classified as Illiquid
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and liquidity classifications (Form N-PORT, Item C.7). See
the appendix for a review of interval notation used here.
Prevalent Asset Class
Taxable Bond
US Equity
Global Equity
Multi-Asset
Municipal Bond
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Apr
2025
751
99
33
543
83
21
440
37
13
274
46
31
179
67
16
May
2025
741
96
39
535
78
21
472
33
13
293
39
29
188
65
23
Jun
2025
716
105
38
538
82
15
444
26
13
277
40
28
186
56
22
32
Jul
2025
724
100
41
564
79
15
417
29
13
284
39
26
183
55
22
Aug
2025
716
101
44
581
89
26
460
34
13
286
38
35
193
53
25
Sep
2025
718
93
40
597
79
19
484
62
40
282
40
30
187
44
30
Oct
2025
734
91
38
605
82
12
465
48
13
286
43
28
188
49
26
Nov
2025
701
115
39
611
83
20
469
45
12
307
41
43
195
40
23
Dec
2025
706
121
41
588
78
27
434
47
13
288
49
32
183
40
26
Jan
2026
695
127
46
586
70
34
471
43
11
289
52
28
177
37
28
Feb
2026
690
120
48
601
70
35
441
43
10
297
54
33
188
31
23
Mar
2026
695
109
49
566
77
38
461
36
11
284
54
38
180
39
26
March 2026
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
Apr
2025
4,824
1
0
1
4,826
1,651
17
20
1
1,689
1,227
133
8
6
1,375
132
0
0
0
132
137
0
0
0
138
8,160
May
2025
5,122
0
0
0
5,123
1,665
19
21
1
1,707
1,440
12
1
6
1,459
134
0
0
0
134
157
1
0
0
158
8,581
Jun
2025
5,395
0
0
1
5,397
1,714
19
22
2
1,757
1,475
46
0
6
1,528
140
0
0
0
141
153
3
0
0
156
8,978
Jul
2025
5,524
0
0
1
5,524
1,726
20
22
2
1,770
1,519
2
0
7
1,528
142
0
0
0
142
155
0
0
0
155
9,120
Aug
2025
5,697
1
0
1
5,698
1,791
20
22
2
1,834
1,589
2
0
6
1,598
147
0
0
0
148
180
0
0
0
181
9,459
Sep
2025
5,944
1
0
0
5,945
1,824
21
22
2
1,870
1,569
80
4
18
1,671
153
0
0
0
153
175
1
0
0
177
9,815
Oct
2025
6,071
0
0
3
6,074
1,872
22
21
2
1,916
1,627
81
0
8
1,717
165
0
0
0
165
190
0
0
0
191
10,064
Nov
2025
6,158
0
0
3
6,161
1,912
26
21
2
1,961
1,727
6
0
7
1,740
170
0
0
0
171
189
0
0
0
189
10,222
Dec
2025
6,242
1
1
1
6,244
1,914
25
22
2
1,963
1,762
118
1
8
1,889
173
0
0
0
174
170
1
0
0
172
10,442
Jan
2026
6,394
1
0
1
6,395
1,984
26
23
3
2,035
1,947
7
1
9
1,963
185
1
0
0
187
179
1
0
0
180
10,760
Feb
2026
6,459
0
0
1
6,460
2,053
28
22
3
2,105
2,082
18
1
10
2,111
188
1
0
0
190
185
1
0
0
186
11,052
Mar
2026
6,165
0
0
2
6,168
2,043
27
20
3
2,093
1,830
31
73
9
1,942
187
1
0
0
189
183
1
0
0
184
10,577
Table 8.5: Aggregate Net Assets of ETFs Reporting Illiquid Gross
Positions, by Prevalent Asset Class and Binned by Fraction
of Net Assets Classified as Illiquid ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and liquidity classifications (Form N-PORT, Item C.7). See
the appendix for a review of interval notation used here.
Prevalent Asset Class
US Equity
Global Equity
Taxable Bond
Municipal Bond
Multi-Asset
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Apr
2025
2,087
***
***
1,054
***
***
584
13
***
89
***
***
7
***
***
May
2025
2,212
***
***
1,102
***
***
596
8
***
90
***
***
4
***
***
Jun
2025
2,957
***
***
1,149
***
***
638
5
***
96
***
***
8
***
***
Jul
2025
2,792
***
***
1,135
***
***
664
***
***
96
***
***
9
***
***
33
Aug
2025
2,903
***
***
1,259
***
***
663
***
***
100
***
***
10
***
***
Sep
2025
2,677
***
***
1,096
194
***
814
30
***
100
***
***
10
***
***
Oct
2025
3,983
***
***
1,324
***
***
826
***
***
106
***
***
9
***
***
Nov
2025
3,408
***
***
1,316
***
***
873
20
***
118
***
***
***
***
***
Dec
2025
3,248
***
***
1,369
***
***
876
30
***
111
***
***
***
***
***
Jan
2026
3,330
***
***
1,481
***
***
878
32
***
116
***
***
***
***
***
Feb
2026
2,760
***
***
1,600
***
***
902
46
***
123
***
***
5
***
***
Mar
2026
3,075
***
***
1,510
***
***
904
45
***
121
***
***
4
***
***
March 2026
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
Municipal Bond
Multi-Asset
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Apr
2025
174
***
***
141
9
***
124
***
***
20
***
***
10
***
***
May
2025
183
***
***
145
8
***
115
***
***
21
***
***
12
***
***
Jun
2025
171
***
***
149
8
***
145
***
***
25
***
***
11
***
***
34
Jul
2025
166
***
***
153
***
***
134
***
***
23
***
***
9
***
***
Aug
2025
179
***
***
147
***
***
130
***
***
23
***
***
11
***
***
Sep
2025
180
10
***
153
12
***
121
***
***
21
***
***
11
***
***
Oct
2025
187
***
***
156
***
***
147
***
***
25
***
***
10
***
***
Nov
2025
180
***
***
153
13
***
131
***
***
28
***
***
***
***
***
Dec
2025
186
***
***
159
15
***
127
***
***
27
***
***
***
***
***
Jan
2026
181
***
***
163
16
***
127
***
***
28
***
***
***
***
***
Feb
2026
177
***
***
157
16
***
120
***
***
33
***
***
11
***
***
Mar
2026
186
***
***
161
15
***
126
***
***
34
***
***
11
***
***
March 2026
Analytics Office
9
Fair Value Levels9
9.1
Mutual Funds
Table 9.1: Aggregate Gross Value of Mutual Fund Investments, by
Prevalent Asset Class and Fair Value Level ($Billions)
This table includes fund of funds, relies upon value reported (Form N-PORT, Item C.2.c) and
aggregates by fair value level (Form N-PORT, Item C.8).
Prevalent Asset Class
US Equity
Taxable Bond
Multi-Asset
Global Equity
Municipal Bond
Total
9
Fair Value Level
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Total
Apr
2025
11,698
180
31
8
11,917
248
4,984
36
1
5,270
3,305
831
7
260
4,404
1,316
2,164
4
6
3,490
11
794
***
***
806
25,887
May
2025
12,418
137
31
9
12,595
257
4,974
40
2
5,274
3,472
788
8
270
4,539
1,885
1,756
4
6
3,650
12
798
***
***
810
26,867
Jun
2025
12,998
119
31
8
13,157
267
5,068
39
1
5,374
3,598
783
7
278
4,667
2,015
1,763
4
6
3,787
11
809
***
***
820
27,806
Jul
2025
12,882
191
33
7
13,113
261
5,036
38
1
5,336
3,483
885
8
279
4,655
1,379
2,350
4
5
3,737
12
809
***
***
822
27,662
Aug
2025
13,107
178
35
7
13,327
268
5,129
42
1
5,441
3,551
899
8
285
4,744
1,548
2,302
4
5
3,859
11
812
***
***
824
28,195
Sep
2025
13,454
131
38
7
13,629
271
5,192
50
2
5,515
3,682
857
8
293
4,839
1,972
2,000
4
6
3,982
12
835
***
***
848
28,813
Oct
2025
13,560
180
39
7
13,785
277
5,242
42
2
5,563
3,688
893
9
296
4,886
1,810
2,205
5
5
4,025
13
840
***
***
854
29,114
Nov
2025
13,545
117
41
6
13,708
269
5,268
46
1
5,584
3,745
872
9
295
4,922
2,187
1,865
4
6
4,062
13
843
***
***
857
29,133
Dec
2025
13,746
192
53
7
13,997
265
5,278
47
2
5,592
3,737
875
10
296
4,917
1,572
2,521
4
6
4,103
13
842
***
***
856
29,465
Jan
2026
13,974
114
57
6
14,151
269
5,393
47
1
5,711
3,892
847
10
304
5,054
2,305
1,977
4
7
4,293
19
852
***
***
872
30,081
Feb
2026
13,875
141
65
9
14,089
271
5,466
51
2
5,790
3,944
807
10
311
5,072
2,368
2,120
4
8
4,500
19
873
***
***
893
30,343
Mar
2026
13,013
235
65
10
13,323
256
5,378
52
1
5,688
3,639
882
11
294
4,825
1,348
2,724
4
7
4,083
15
858
***
***
874
28,793
See U.S. Generally Accepted Accounting Principles (ASC 820, Fair Value Measurement) for more information.
35
March 2026
Analytics Office
Table 9.2: Aggregate Net Assets of Mutual Funds Reporting Gross Level
Three Positions, by Prevalent Asset Class and Binned by
Fraction of Net Assets Classified as Level Three
($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the
appendix for a review of interval notation used here.
Prevalent Asset Class
US Equity
Global Equity
Taxable Bond
Multi-Asset
Municipal Bond
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Apr
2025
4,437
601
73
2,350
10
4
1,493
201
375
1,443
48
25
229
***
***
May
2025
4,730
641
76
2,422
9
***
1,509
183
415
1,430
113
26
233
***
***
Jun
2025
4,877
644
***
2,514
***
***
1,556
192
394
1,236
110
27
239
***
***
Jul
2025
4,905
737
49
2,475
***
***
1,679
196
400
1,310
100
26
231
***
***
Aug
2025
5,018
729
57
2,595
11
***
1,689
222
414
1,215
97
26
238
***
***
Sep
2025
5,336
757
***
2,652
***
***
1,631
225
429
1,225
***
27
247
6
***
Oct
2025
5,211
792
48
2,673
25
***
1,760
173
437
1,233
119
27
251
***
***
Nov
2025
5,169
842
38
2,660
14
8
1,562
312
434
1,254
122
29
222
***
***
Dec
2025
5,094
614
***
2,664
***
***
1,686
274
435
1,182
***
30
236
0
***
Jan
2026
5,215
469
431
2,838
***
***
1,726
300
451
1,456
78
101
274
***
***
Feb
2026
5,042
322
570
2,923
17
***
1,785
263
521
1,448
83
99
280
***
***
Mar
2026
4,716
340
***
2,658
***
***
1,756
236
523
1,453
***
94
325
***
***
Table 9.3: Number of Mutual Funds Reporting Gross Level Three
Positions, by Prevalent Asset Class and Binned by Fraction
of Net Assets Classified as Level Three
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the
appendix for a review of interval notation used here.
Prevalent Asset Class
Taxable Bond
US Equity
Global Equity
Multi-Asset
Municipal Bond
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Apr
2025
498
54
34
393
61
16
324
6
5
194
16
11
82
***
***
May
2025
503
61
39
401
59
15
324
6
***
198
14
12
83
***
***
Jun
2025
516
54
29
396
59
***
317
***
***
196
16
13
85
***
***
36
Jul
2025
518
55
28
425
62
9
313
***
***
202
13
13
83
***
***
Aug
2025
517
48
31
433
62
13
324
10
***
195
12
12
84
***
***
Sep
2025
508
57
34
437
62
***
339
***
***
199
***
13
87
1
***
Oct
2025
509
57
34
427
62
12
343
14
***
192
17
13
78
***
***
Nov
2025
497
68
34
431
62
14
333
11
5
201
16
17
81
***
***
Dec
2025
510
64
32
440
57
***
320
***
***
201
***
17
81
1
***
Jan
2026
504
65
37
438
56
26
329
***
***
207
13
18
98
***
***
Feb
2026
498
72
44
426
52
31
322
9
***
210
14
17
100
***
***
Mar
2026
511
58
43
412
64
***
321
***
***
202
***
16
101
***
***
March 2026
9.2
Analytics Office
ETFs
Table 9.4: Aggregate Gross Value of ETF Investments, by Prevalent Asset
Class and Fair Value Level ($Billions)
This table includes fund of funds, relies upon value reported (Form N-PORT, Item C.2.c) and
aggregates by fair value level (Form N-PORT, Item C.8).
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Total
Fair Value Level
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Total
Apr
2025
6,503
125
0
1
6,629
82
1,767
1
0
1,850
531
1,007
0
1
1,539
134
39
0
0
173
1
144
***
***
145
10,336
May
2025
6,913
129
0
2
7,045
87
1,779
2
0
1,868
569
1,062
0
1
1,632
141
56
0
0
196
1
146
***
***
147
10,887
Jun
2025
7,270
148
0
1
7,419
84
1,836
1
0
1,922
599
1,109
0
0
1,708
150
48
0
0
198
2
150
***
***
152
11,398
Jul
2025
7,460
143
0
2
7,605
88
1,847
1
0
1,937
595
1,118
0
0
1,715
153
46
0
0
199
2
151
***
***
153
11,608
37
Aug
2025
7,682
142
0
1
7,825
95
1,905
1
0
2,002
639
1,162
0
0
1,801
155
71
0
0
227
2
157
***
***
159
12,013
Sep
2025
7,985
166
0
1
8,152
88
1,949
2
0
2,039
683
1,207
0
1
1,891
160
62
0
0
223
2
163
***
***
165
12,471
Oct
2025
8,208
150
0
1
8,359
88
1,997
2
0
2,088
703
1,244
1
1
1,949
168
68
0
0
237
2
175
***
***
177
12,810
Nov
2025
8,307
145
0
2
8,454
86
2,046
2
0
2,134
721
1,259
0
2
1,982
172
64
0
0
236
2
180
***
***
183
12,989
Dec
2025
7,994
159
0
1
8,155
92
2,043
2
0
2,137
740
1,399
0
2
2,140
178
43
0
0
221
2
184
***
***
186
12,840
Jan
2026
8,212
149
0
2
8,363
100
2,109
3
0
2,211
830
1,408
0
2
2,241
185
44
0
0
229
3
196
***
***
199
13,243
Feb
2026
8,287
149
1
2
8,438
105
2,172
5
0
2,283
908
1,513
0
2
2,423
193
41
3
0
237
3
199
***
***
202
13,584
Mar
2026
7,893
160
0
1
8,054
103
2,174
3
0
2,281
813
1,405
0
3
2,221
194
40
0
0
235
3
198
***
***
201
12,991
March 2026
Analytics Office
Table 9.5: Aggregate Net Assets of ETFs Reporting Gross Level Three
Positions, by Prevalent Asset Class and Binned by Fraction
of Net Assets Classified as Level Three ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the
appendix for a review of interval notation used here.
Prevalent Asset Class
US Equity
Global Equity
Taxable Bond
Municipal Bond
Multi-Asset
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Apr
2025
2,034
0
0
1,149
0
0
217
20
1
2
***
***
1
0
0
May
2025
2,171
0
0
1,221
0
***
218
18
4
2
***
***
8
0
0
Jun
2025
2,276
0
***
1,266
***
***
255
26
2
3
***
***
8
0
0
Jul
2025
2,444
0
0
1,263
***
***
219
24
3
3
***
***
7
0
0
Aug
2025
2,517
0
0
1,341
0
***
232
19
3
7
***
***
9
0
0
Sep
2025
2,618
0
***
1,411
***
***
248
23
15
7
0
***
9
***
0
Oct
2025
2,690
1
0
1,427
0
***
251
13
20
7
***
***
7
0
1
Nov
2025
2,861
0
0
1,452
0
0
246
28
20
17
***
***
9
0
0
Dec
2025
2,875
0
***
1,507
***
***
262
25
21
13
0
***
8
***
0
Jan
2026
2,946
0
2
1,630
***
***
253
30
23
18
***
***
9
0
0
Feb
2026
2,685
0
1
1,731
0
***
330
33
26
13
***
***
9
0
1
Mar
2026
2,628
0
***
1,589
***
***
248
36
25
60
***
***
9
***
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
Municipal Bond
Multi-Asset
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Apr
2025
146
2
0
99
1
2
66
10
3
2
***
***
5
0
1
May
2025
160
1
***
99
1
0
76
10
7
2
***
***
6
0
1
Jun
2025
152
***
***
101
1
***
76
9
4
3
***
***
7
1
0
38
Jul
2025
148
***
***
106
0
1
79
7
3
3
***
***
5
0
2
Aug
2025
161
2
***
110
1
1
78
5
5
4
***
***
8
0
1
Sep
2025
171
***
***
114
2
***
81
5
8
5
0
***
7
***
4
Oct
2025
173
1
***
112
4
1
85
5
11
3
***
***
6
0
5
Nov
2025
168
3
2
116
1
2
85
9
8
8
***
***
7
0
5
Dec
2025
168
***
***
117
1
***
91
9
7
8
0
***
6
***
5
Jan
2026
169
***
***
116
2
4
92
7
9
13
***
***
8
0
5
Feb
2026
164
2
***
106
2
7
91
8
13
10
***
***
7
0
9
Mar
2026
154
***
***
111
2
***
92
13
8
17
***
***
7
***
6
March 2026
9.3
Analytics Office
Closed-End Funds
Table 9.7: Aggregate Gross Value of Closed-End Fund Investments, by
Prevalent Asset Class and Fair Value Level ($Billions)
This table includes fund of funds, relies upon value reported (Form N-PORT, Item C.2.c) and
aggregates by fair value level (Form N-PORT, Item C.8).
Prevalent Asset Class
Taxable Bond
Multi-Asset
US Equity
Municipal Bond
Global Equity
Total
Fair Value Level
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Total
Apr
2025
9
116
85
10
219
30
18
40
67
155
84
5
5
1
94
1
82
***
***
83
14
9
1
0
24
575
May
2025
8
119
87
10
224
30
18
42
69
159
89
5
5
1
99
1
80
***
***
82
15
8
1
0
24
588
Jun
2025
8
121
88
10
228
32
19
44
71
166
91
5
5
1
102
1
81
***
***
82
17
9
0
1
26
604
Jul
2025
9
121
90
10
231
33
18
46
72
169
91
5
5
1
102
1
79
***
***
81
16
9
0
1
26
609
39
Aug
2025
9
120
95
10
234
34
19
48
74
175
92
5
5
1
103
1
80
***
***
81
17
8
0
1
27
621
Sep
2025
9
121
95
10
236
36
18
50
80
183
96
5
5
1
107
1
82
***
***
83
18
9
0
1
28
637
Oct
2025
9
125
98
10
242
35
18
53
81
187
96
6
5
1
108
1
82
***
***
84
18
9
0
1
28
648
Nov
2025
8
127
100
11
246
36
18
54
83
191
96
5
5
1
108
1
82
***
***
83
19
8
0
1
29
657
Dec
2025
8
130
102
8
249
34
17
56
91
198
92
5
5
1
103
2
82
***
***
84
20
9
0
1
31
665
Jan
2026
9
129
102
8
248
35
17
57
93
202
95
6
5
0
106
2
82
***
***
84
21
9
0
1
32
673
Feb
2026
10
130
101
8
249
35
18
59
95
207
98
6
5
0
109
2
83
***
***
85
23
10
0
1
34
684
Mar
2026
9
128
100
8
245
34
18
60
97
210
93
5
5
0
104
2
81
***
***
83
20
10
0
2
31
674
March 2026
Analytics Office
Table 9.8: Aggregate Net Assets of Closed-End Funds Reporting Gross
Level Three Positions, by Prevalent Asset Class and Binned
by Fraction of Net Assets Classified as Level Three
($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the
appendix for a review of interval notation used here.
Prevalent Asset Class
Taxable Bond
Multi-Asset
US Equity
Municipal Bond
Global Equity
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Apr
2025
28
6
93
11
13
71
13
4
12
21
***
***
4
1
2
May
2025
26
9
95
10
14
74
14
3
12
21
***
***
5
0
***
Jun
2025
31
6
95
10
15
79
14
3
***
13
***
***
5
***
***
Jul
2025
33
4
97
13
16
80
14
3
12
12
***
***
5
***
***
Aug
2025
30
6
100
12
16
86
15
3
12
12
***
***
5
1
***
Sep
2025
32
4
103
17
***
90
15
3
***
13
1
***
5
***
***
Oct
2025
27
8
106
14
14
93
15
3
14
13
***
***
5
1
***
Nov
2025
29
8
104
13
16
94
15
4
13
16
***
***
5
1
2
Dec
2025
31
6
105
13
***
99
15
4
***
15
0
***
5
***
***
Jan
2026
29
8
107
19
11
100
15
4
13
29
***
***
5
***
***
Feb
2026
29
7
108
19
11
104
16
4
14
30
***
***
4
2
***
Mar
2026
29
6
105
19
***
111
15
6
***
29
***
***
5
***
***
Table 9.9: Number of Closed-End Funds Reporting Gross Level Three
Positions, by Prevalent Asset Class and Binned by Fraction
of Net Assets Classified as Level Three
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the
appendix for a review of interval notation used here.
Prevalent Asset Class
Taxable Bond
Multi-Asset
Municipal Bond
US Equity
Global Equity
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Apr
2025
55
13
101
20
12
69
23
***
***
10
3
14
11
4
3
May
2025
55
18
101
16
12
74
27
***
***
11
2
15
13
3
***
Jun
2025
59
17
99
15
12
79
25
***
***
11
2
***
14
***
***
40
Jul
2025
65
12
100
17
13
80
21
***
***
10
3
15
13
***
***
Aug
2025
60
13
107
17
12
83
17
***
***
11
3
15
13
2
***
Sep
2025
62
13
108
20
***
82
17
1
***
10
2
***
14
***
***
Oct
2025
59
20
114
21
8
86
19
***
***
10
2
18
13
1
***
Nov
2025
60
17
112
20
12
82
21
***
***
10
4
17
14
1
2
Dec
2025
61
18
117
20
***
90
18
2
***
10
3
***
12
***
***
Jan
2026
57
22
120
22
8
91
46
***
***
10
3
16
11
***
***
Feb
2026
59
20
120
22
8
90
34
***
***
11
3
16
9
3
***
Mar
2026
63
18
118
22
***
98
34
***
***
10
5
***
11
***
***
March 2026
10
Analytics Office
Interest Rate Risk10
Table 10.1: Aggregate Interest Rate Risk, by Prevalent Asset Class and
Fund Type ($Billions)
This table includes fund of funds, relies upon DV100 reported (Form N-PORT, Item B.3.b). The
aggregates are comprised of gross values trimmed at the 99th percentile relative to net assets.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Prevalent Asset Class
Taxable Bond
Municipal Bond
Multi-Asset
Global Equity
US Equity
Subtotal
Taxable Bond
Municipal Bond
Multi-Asset
US Equity
Global Equity
Subtotal
Taxable Bond
Municipal Bond
Multi-Asset
US Equity
Global Equity
Subtotal
Total
Apr
2025
208.8
51.5
33.8
1.3
0.6
295.9
88.2
8.9
0.7
***
***
97.8
3.5
2.2
0.5
***
***
6.4
400.1
May
2025
206.4
51.4
33.8
1.4
0.6
293.6
88.6
9.1
0.8
***
***
98.6
3.6
1.9
0.6
***
***
6.2
398.4
Jun
2025
212.4
53.5
33.4
***
***
301.3
91.4
9.5
0.7
0.1
0.0
101.6
3.4
1.8
0.6
***
***
5.8
408.8
Jul
2025
214.5
52.3
33.7
1.5
0.6
302.7
91.1
9.5
0.8
***
***
101.4
3.6
1.7
0.6
***
***
6.0
410.0
Aug
2025
215.7
53.7
33.7
1.5
0.6
305.2
93.2
10.0
0.7
***
***
104.0
3.7
1.7
0.5
***
***
6.1
415.3
Sep
2025
219.9
54.1
33.8
***
***
310.1
96.1
9.9
0.8
***
***
106.8
3.5
2.0
0.6
***
***
6.2
423.1
Oct
2025
221.1
53.7
34.0
1.4
0.7
310.9
98.3
10.5
0.7
***
***
109.5
3.9
2.3
0.6
***
***
6.9
427.3
Nov
2025
223.8
54.3
35.0
1.4
0.8
315.4
100.2
10.5
0.7
***
***
111.4
3.8
2.2
0.6
***
***
6.7
433.5
Dec
2025
223.8
54.4
35.7
***
***
316.1
100.7
11.1
0.7
0.1
0.0
112.5
3.9
1.9
0.6
***
***
6.5
435.0
Jan
2026
226.7
54.7
33.4
1.5
0.7
316.9
102.5
11.8
0.7
***
***
115.0
3.9
2.1
0.5
***
***
6.6
438.5
Feb
2026
231.3
54.9
35.9
0.5
0.9
323.5
106.1
11.8
0.6
***
***
118.7
4.0
2.3
0.5
***
***
6.9
449.0
Mar
2026
232.3
55.1
36.8
***
***
327.4
104.4
12.2
0.6
***
***
117.4
3.9
2.1
0.6
***
***
6.6
451.3
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
Mutual Fund
Closed-End Fund
ETF
Prevalent Asset Class
Municipal Bond
Taxable Bond
Multi-Asset
US Equity
Global Equity
Municipal Bond
Taxable Bond
Multi-Asset
US Equity
Global Equity
Municipal Bond
Taxable Bond
Multi-Asset
Global Equity
US Equity
Apr
2025
6.44
4.91
2.15
0.87
1.01
9.82
2.73
1.54
***
***
5.98
4.37
3.07
***
***
May
2025
6.49
4.84
2.10
0.85
1.02
9.64
2.69
1.48
***
***
6.07
4.35
3.53
***
***
Jun
2025
6.61
4.89
2.01
***
***
9.43
2.52
1.43
***
***
6.12
4.27
2.88
3.73
0.66
Jul
2025
6.53
4.91
2.01
0.87
1.11
9.19
2.64
1.41
***
***
6.09
4.33
3.05
***
***
Aug
2025
6.57
4.86
1.99
0.83
1.08
9.40
2.69
1.73
***
***
6.15
4.31
2.86
***
***
Sep
2025
6.44
4.89
1.98
***
***
9.52
2.53
1.69
***
***
5.87
4.35
3.03
***
***
Oct
2025
6.34
4.87
1.98
1.33
0.96
9.61
2.71
1.38
***
***
5.81
4.35
2.67
***
***
Nov
2025
6.40
4.90
2.08
1.04
0.97
9.50
2.65
1.43
***
***
5.74
4.36
2.68
***
***
Dec
2025
6.40
4.88
2.08
***
***
9.19
2.67
1.39
***
***
5.82
4.36
2.50
1.79
0.63
Jan
2026
6.34
4.89
2.03
0.99
0.99
9.15
2.67
1.36
***
***
5.84
4.20
2.40
***
***
Feb
2026
6.22
4.90
2.10
1.37
2.05
9.08
2.69
1.32
***
***
5.76
4.36
2.36
***
***
Mar
2026
6.38
5.02
2.23
***
***
9.29
2.66
1.79
***
***
5.95
4.16
2.41
***
***
10
When not presenting individual maturities we aggregate DV100 values across all maturities reported. Aggregate NAV
used as denominator in percentage calculations only includes funds reporting DV100 in the given categories.
41
March 2026
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
GBP
JPY
AUD
Other
Total
Maturity
3M
1Y
5Y
10Y
30Y
Subtotal
3M
1Y
5Y
10Y
30Y
Subtotal
3M
1Y
5Y
10Y
30Y
Subtotal
3M
1Y
5Y
10Y
30Y
Subtotal
3M
1Y
5Y
10Y
30Y
Subtotal
3M
1Y
5Y
10Y
30Y
Subtotal
Total
Apr
2025
5.1
40.8
119.9
123.6
73.1
362.6
0.9
1.6
5.2
5.5
3.1
16.3
0.2
0.5
1.2
2.5
0.8
5.2
0.1
0.4
1.4
2.2
1.9
6.1
0.1
0.2
0.7
0.8
0.1
1.8
0.1
0.9
3.1
2.6
1.4
8.2
400.1
May
2025
5.1
40.4
120.2
123.8
71.4
361.0
0.5
1.6
5.2
5.5
3.0
15.9
0.2
0.6
1.3
2.5
0.8
5.4
0.1
0.4
1.3
2.2
1.8
5.8
0.1
0.2
0.7
0.9
0.1
1.9
0.1
1.0
3.2
2.7
1.4
8.4
398.4
Jun
2025
5.4
41.7
121.1
127.4
74.1
369.7
0.6
1.7
5.5
5.8
3.1
16.6
0.2
0.6
1.4
2.5
0.8
5.5
0.1
0.4
1.3
2.2
1.9
6.0
0.2
0.2
0.8
0.8
0.1
2.0
0.2
1.1
3.4
2.9
1.4
8.9
408.8
Jul
2025
5.5
42.0
122.4
129.2
73.4
372.5
0.5
1.6
5.4
5.5
2.9
15.8
0.3
0.5
1.4
2.3
0.8
5.2
0.1
0.4
1.2
2.2
1.7
5.6
0.1
0.2
0.8
0.8
0.1
2.0
0.2
1.1
3.3
2.9
1.4
8.8
410.0
Aug
2025
5.4
43.0
123.0
130.6
74.7
376.7
0.5
1.7
5.5
5.3
2.5
15.7
0.3
0.5
1.5
2.6
0.8
5.7
0.1
0.5
1.3
2.3
1.7
5.9
0.2
0.2
0.8
1.0
0.1
2.2
0.1
1.1
3.5
3.0
1.4
9.1
415.3
42
Sep
2025
5.5
44.6
124.9
132.4
76.6
384.1
0.7
1.7
5.4
5.2
2.6
15.7
0.3
0.4
1.7
2.5
0.7
5.6
0.2
0.4
1.2
2.2
1.7
5.8
0.1
0.2
0.9
1.1
0.1
2.3
0.2
1.1
3.7
3.1
1.5
9.6
423.1
Oct
2025
5.2
44.4
126.7
134.3
77.4
387.9
0.6
1.7
5.4
5.4
2.7
15.9
0.3
0.5
1.6
2.5
0.7
5.6
0.2
0.4
1.2
2.1
1.7
5.7
0.1
0.2
0.9
1.0
0.1
2.3
0.3
1.2
3.7
3.1
1.5
9.8
427.3
Nov
2025
5.2
45.2
129.3
135.6
78.0
393.4
0.5
1.8
5.6
5.6
2.8
16.3
0.2
0.6
1.4
2.7
0.9
5.7
0.2
0.4
1.2
2.1
1.5
5.4
0.1
0.2
0.9
1.0
0.1
2.4
0.3
1.3
3.9
3.3
1.6
10.4
433.5
Dec
2025
5.0
45.6
130.3
136.5
77.7
395.0
0.6
1.9
5.6
5.6
2.7
16.5
0.2
0.6
1.3
2.3
0.9
5.3
0.1
0.5
1.1
1.9
1.6
5.2
0.1
0.2
1.0
1.1
0.1
2.5
0.2
1.3
4.1
3.3
1.5
10.5
435.0
Jan
2026
5.3
45.5
131.6
136.9
77.7
397.0
0.6
1.8
5.9
5.8
2.8
17.0
0.2
0.5
1.4
2.5
0.9
5.4
0.1
0.5
1.2
2.0
1.6
5.5
0.1
0.2
1.1
1.2
0.1
2.8
0.2
1.4
4.2
3.5
1.6
10.9
438.5
Feb
2026
5.1
46.2
133.7
140.8
79.6
405.5
0.8
1.9
6.0
6.0
3.0
17.7
0.3
0.6
1.4
2.8
0.9
6.0
0.1
0.5
1.2
2.2
1.8
5.7
0.2
0.3
1.2
1.3
0.1
3.0
0.2
1.3
4.3
3.6
1.7
11.2
449.0
Mar
2026
5.1
47.0
135.8
142.4
78.6
408.9
0.8
2.0
5.9
5.7
2.8
17.2
0.3
0.7
1.5
2.8
0.9
6.1
0.1
0.5
1.2
2.1
1.7
5.6
0.2
0.3
1.1
1.3
0.1
3.0
0.3
1.3
4.2
3.4
1.5
10.6
451.3
March 2026
11
Analytics Office
Securities Lending
Table 11.1: Aggregate Gross Value of Securities on Loan by Funds, by
Fund Type and Investment Category of Security on Loan
($Billions)
This table reports the gross value of securities on loan (Form N-PORT, Item C.12.c). Investment
category from asset type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b),
adjusted for consensus — see the appendix for more details.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Investment Category
Common Equity
Corporate Debt
US Treasury Debt
Other
Subtotal
Common Equity
Corporate Debt
US Treasury Debt
Other
Subtotal
Common Equity
Corporate Debt
US Treasury Debt
Other
Subtotal
Total
Apr
2025
102
15
3
12
132
92
27
8
5
131
3
***
0
***
4
268
May
2025
114
15
4
12
145
100
28
5
4
137
4
1
***
***
5
287
Jun
2025
125
15
3
10
153
103
26
8
4
140
4
***
0
***
5
298
Jul
2025
99
16
7
11
132
103
27
7
5
142
4
***
0
***
5
279
Aug
2025
107
15
8
11
141
108
27
8
5
146
3
1
0
0
5
292
Sep
2025
129
16
4
10
159
115
27
6
4
152
4
***
0
***
5
316
Oct
2025
113
16
5
12
146
109
25
6
5
145
4
1
***
***
5
296
Nov
2025
117
16
7
13
153
111
25
4
4
144
4
1
0
0
5
301
Dec
2025
116
14
6
12
147
104
23
10
4
141
4
***
0
***
5
294
Jan
2026
113
17
10
12
151
117
26
4
6
154
4
***
0
***
5
311
Feb
2026
130
18
7
14
169
127
29
3
6
166
4
1
0
0
5
339
Mar
2026
141
17
9
13
181
121
26
9
5
161
3
***
0
***
5
346
Table 11.2: Number of Funds with Securities on Loan, by Fund Type and
Investment Category of Security on Loan
This table reports the number of funds with securities on loan (Form N-PORT, Item C.12.c).
Investment category from asset type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item
C.4.b), adjusted for consensus — see the appendix for more details.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Investment Category
Common Equity
Corporate Debt
US Treasury Debt
Other
Subtotal
Common Equity
Corporate Debt
US Treasury Debt
Other
Subtotal
Common Equity
Corporate Debt
US Treasury Debt
Other
Subtotal
Total
Apr
2025
1,877
485
79
650
2,521
1,102
189
29
237
1,405
40
***
0
***
46
3,927
May
2025
1,936
496
104
643
2,612
1,144
197
34
239
1,447
39
19
***
***
45
4,056
Jun
2025
1,971
496
76
641
2,635
1,140
203
28
216
1,440
35
***
0
***
41
4,065
Jul
2025
1,861
502
89
652
2,525
1,130
205
22
242
1,438
35
***
0
***
42
3,957
43
Aug
2025
1,890
503
83
656
2,560
1,145
208
30
241
1,451
36
18
0
13
44
4,008
Sep
2025
1,921
520
98
656
2,604
1,175
205
32
251
1,482
38
***
0
***
47
4,086
Oct
2025
1,962
523
91
692
2,649
1,156
202
36
248
1,468
40
19
***
***
48
4,117
Nov
2025
1,932
528
94
713
2,639
1,200
205
29
248
1,511
42
18
0
11
48
4,150
Dec
2025
1,914
512
108
692
2,601
1,182
201
33
233
1,480
37
***
0
***
44
4,078
Jan
2026
1,891
513
125
694
2,590
1,182
203
38
250
1,492
41
***
0
***
48
4,085
Feb
2026
1,898
520
73
715
2,588
1,191
204
29
279
1,507
37
18
0
14
44
4,093
Mar
2026
1,923
514
139
720
2,626
1,212
207
45
273
1,524
39
***
0
***
44
4,146
March 2026
Analytics Office
Table 11.3: Distribution of the Ratio of Aggregate Loaned Value to Fund
Total Assets (Percent)
Funds which do not report securities on loan or report non-positive total assets are excluded (Form
N-PORT, Item B.1.a. and C.12.c).
Fund Type
Mutual Fund
ETF
Closed-End Fund
Percentile
10th
25th
50th
75th
90th
95th
10th
25th
50th
75th
90th
95th
10th
25th
50th
75th
90th
95th
Apr
2025
0.09
0.40
1.26
3.38
7.48
11.10
0.16
0.66
2.68
6.92
14.53
19.70
***
***
***
***
***
***
May
2025
0.09
0.42
1.26
3.43
7.50
11.51
0.16
0.71
2.46
6.72
13.57
17.93
***
0.65
3.42
***
***
***
Jun
2025
0.09
0.40
1.26
3.42
7.18
11.35
0.17
0.67
2.64
6.88
12.95
17.71
***
***
***
***
***
22.90
Jul
2025
0.07
0.35
1.19
3.39
7.38
11.96
0.14
0.63
2.34
6.83
12.70
17.42
***
***
3.72
9.65
***
***
Aug
2025
0.09
0.39
1.26
3.49
7.12
10.79
0.15
0.66
2.44
6.65
12.69
17.16
***
0.77
3.70
***
***
***
44
Sep
2025
0.10
0.41
1.29
3.65
7.85
11.35
0.13
0.61
2.50
6.55
12.26
16.35
0.11
***
***
***
***
23.68
Oct
2025
0.08
0.39
1.27
3.74
7.87
11.49
0.14
0.59
2.41
6.51
13.16
17.54
***
0.37
***
***
***
***
Nov
2025
0.09
0.38
1.32
3.84
8.43
12.26
0.14
0.57
2.44
6.13
12.43
17.29
***
0.30
3.08
***
***
***
Dec
2025
0.09
0.39
1.27
3.60
7.75
11.75
0.16
0.57
2.32
6.12
11.60
16.09
0.12
***
***
***
***
24.68
Jan
2026
0.09
0.39
1.24
3.71
7.94
11.94
0.16
0.56
2.32
6.67
13.22
17.83
***
0.55
***
***
***
***
Feb
2026
0.09
0.40
1.38
3.77
7.98
11.79
0.13
0.58
2.40
6.87
13.19
17.52
***
0.98
4.33
***
***
***
Mar
2026
0.10
0.43
1.38
3.71
7.94
11.78
0.15
0.60
2.33
6.58
12.80
18.13
0.22
***
***
***
***
23.93
March 2026
Analytics Office
Table 11.4: Aggregate Borrowing of Securities from Funds, by
Counterparty ($Billions)
Relies only on publicly-available information reported on Form N-PORT, Item B.4 corresponding to the
third month of the fiscal quarter of each fund and presents counterparty information by legal
identity. Valid LEIs are mapped to their legal name using reference information sourced from GLEIF.
Each legal name in the table below is hyperlinked to the GLEIF website.
Counterparty
JP MORGAN SECURITIES LLC
MORGAN STANLEY CO LLC
BARCLAYS BANK PLC
GOLDMAN SACHS CO LLC
CITIGROUP GLOBAL MARKETS INC
BOFA SECURITIES INC
BARCLAYS CAPITAL INC
BNP PARIBAS PRIME BROKERAGE...
JP MORGAN SECURITIES PLC
STATE STREET BANK
GOLDMAN SACHS INTL
MORGAN STANLEY CO INTL PLC
WELLS FARGO SECURITIES LLC
NATIONAL FINANCIAL SERVICES...
BNP PARIBAS SECURITIES CORP
UBS AG
NOMURA SECURITIES INTL INC
HSBC BANK PLC
TD SECURITIES USA LLC
SCOTIA CAPITAL USA INC
JEFFERIES LLC
RBC CAPITAL MARKETS LLC
BMO CAPITAL MARKETS CORP
BNP PARIBAS
UBS SECURITIES LLC
WELLS FARGO BANK NA
PERSHING LLC
DEUTSCHE BANK SECURITIES INC
CITIGROUP GLOBAL MARKETS LTD
BANK OF NOVA SCOTIA
BARCLAYS CAPITAL SECURITIES...
RBC DOMINION SECURITIES INC
MIZUHO SECURITIES USA LLC
MERRILL LYNCH INTL
BNP PARIBAS FINANCIAL MARKETS
BANK OF NEW YORK MELLON
BMO NESBITT BURNS INC
MACQUARIE BANK LTD
NATIXIS SECURITIES AMERICAS...
SG AMERICAS SECURITIES LLC
NATIONAL BANK FINANCIAL INC
NBC GLOBAL FINANCE LTD
SOCIETE GENERALE
UBS EUROPE SE
DAIWA CAPITAL MARKETS AMERICA...
CANADIAN IMPERIAL BANK OF...
CANADIAN IMPERIAL BANK OF...
JANNEY MONTGOMERY SCOTT LLC
CITADEL CLEARING LLC
ROYAL BANK OF CANADA
Other Borrowers
Invalid LEI
Total
Apr
2025
22.0
27.4
23.1
24.3
18.7
29.0
11.6
9.1
3.9
10.5
2.4
4.7
4.8
4.0
6.6
4.4
3.5
2.8
0.2
2.3
3.6
2.8
3.2
2.2
2.4
4.1
1.3
2.0
1.1
0.5
1.1
0.5
0.8
1.0
0.4
0.4
0.9
0.8
0.6
0.9
0.3
0.6
0.4
0.3
0.6
0.4
0.5
0.6
0.5
0.1
6.5
0.0
257.0
May
2025
21.3
27.3
23.0
24.3
18.8
31.4
12.4
9.3
3.8
11.9
3.0
5.1
5.0
4.0
7.2
4.3
3.4
2.8
0.3
2.4
3.7
3.0
3.3
2.2
2.7
4.0
1.5
1.7
1.2
0.5
1.2
0.6
0.8
1.3
0.4
0.5
0.9
0.9
0.5
0.8
0.4
0.6
0.4
0.3
0.6
0.5
0.5
0.6
0.5
0.1
6.6
0.0
264.2
Jun
2025
25.4
27.0
23.3
25.7
20.6
29.7
13.0
11.7
3.5
12.2
3.2
5.3
6.3
4.8
6.9
5.2
3.8
2.7
0.3
2.8
3.5
3.0
3.9
2.4
3.1
3.9
1.4
1.6
1.0
0.6
1.4
0.6
0.9
1.2
0.7
0.5
0.7
0.9
0.5
0.5
0.4
0.6
0.3
0.4
0.1
0.5
0.5
0.6
0.5
0.2
7.2
0.0
277.1
Jul
2025
25.1
29.1
24.5
26.1
21.3
24.7
13.0
11.0
4.5
12.1
3.3
5.6
6.4
5.6
6.9
5.7
3.8
3.1
0.3
3.1
3.2
3.0
3.5
2.4
3.2
3.7
1.5
1.6
0.9
1.1
1.0
0.7
1.0
1.1
0.7
0.4
0.6
0.9
0.6
0.5
0.4
0.8
0.5
0.5
0.1
0.6
0.5
0.6
0.4
0.2
7.7
0.0
279.3
45
Aug
2025
25.4
29.2
24.2
24.9
22.7
23.7
13.2
11.3
4.4
12.4
3.2
5.9
6.4
5.7
6.7
5.7
3.9
3.0
0.3
3.2
3.4
2.7
3.4
2.4
2.9
3.4
1.5
1.6
0.9
1.9
1.0
0.6
1.1
0.8
0.7
0.5
0.7
0.8
0.6
0.5
0.5
0.8
0.5
0.4
0.1
0.7
0.5
0.5
0.3
0.2
7.5
0.0
279.0
Sep
2025
29.2
30.8
24.8
24.5
22.4
26.4
13.9
13.3
5.1
11.6
3.6
6.2
6.1
7.5
7.0
5.8
3.3
2.8
0.4
3.5
4.0
2.9
2.8
2.5
3.1
3.3
1.6
1.7
1.0
1.9
1.1
0.7
1.0
0.8
0.7
0.6
0.8
0.9
1.2
0.5
0.4
0.9
0.5
0.4
0.2
0.6
0.5
0.5
0.4
0.2
7.4
0.0
293.3
Oct
2025
29.2
28.5
23.6
26.0
22.7
27.4
13.7
13.0
6.9
11.9
3.6
6.3
6.8
8.3
7.3
5.6
3.4
3.4
1.0
3.8
4.2
2.7
3.1
2.5
3.1
3.1
1.8
1.9
1.1
2.3
1.2
0.9
1.1
0.8
0.9
0.8
0.9
1.1
1.2
0.5
0.4
0.6
0.5
0.5
0.2
0.7
0.6
0.6
0.4
0.2
7.2
0.0
299.4
Nov
2025
30.2
29.2
23.2
26.0
22.2
26.3
13.0
12.7
6.9
10.5
4.0
6.2
7.0
8.5
7.3
5.8
3.3
3.5
1.6
3.8
4.1
2.5
3.0
2.5
3.0
3.1
1.9
2.3
1.1
1.6
1.2
1.0
1.0
0.9
0.9
0.9
0.9
1.0
1.2
0.5
0.5
0.6
0.6
0.6
0.2
0.7
0.5
0.6
0.5
0.2
7.2
0.0
298.0
Dec
2025
27.5
28.9
22.5
22.7
21.0
25.6
13.9
10.9
6.3
9.9
4.4
6.3
7.2
8.5
6.9
5.3
4.1
4.9
2.4
3.5
3.5
2.2
2.8
2.6
2.7
2.5
1.9
2.2
1.1
1.7
1.2
1.1
1.0
0.9
0.8
0.9
1.0
1.1
0.9
0.5
0.4
0.6
0.7
0.6
0.3
0.9
0.5
0.6
0.4
0.2
6.3
0.0
286.6
Jan
2026
28.1
31.4
23.7
23.7
20.9
25.1
14.0
10.8
8.2
9.7
4.3
7.7
7.2
8.4
7.0
5.7
4.1
4.9
3.1
3.1
3.2
2.3
2.4
2.6
2.5
2.4
1.9
2.1
1.0
1.3
1.3
1.4
1.0
1.1
1.0
0.9
1.1
1.0
0.8
0.5
0.5
0.7
0.7
0.7
0.3
0.8
0.6
0.5
0.4
0.3
6.4
0.0
294.9
Feb
2026
28.7
31.7
24.0
24.8
22.6
26.0
13.6
10.9
8.7
9.7
5.2
7.4
7.5
8.3
7.1
5.6
4.4
5.0
3.2
3.3
3.1
2.3
2.3
2.7
2.4
2.7
1.9
2.0
1.4
1.4
1.3
1.4
1.0
1.2
1.1
1.0
1.0
1.0
0.8
0.4
0.6
0.7
0.7
0.7
0.3
0.7
0.6
0.6
0.4
0.3
6.2
0.0
301.7
Mar
2026
30.3
29.4
28.4
26.8
24.4
24.2
13.7
12.8
10.5
9.6
8.6
8.0
7.9
7.6
6.8
6.1
4.7
4.3
3.6
3.3
3.2
3.0
2.9
2.8
2.7
2.5
1.9
1.8
1.7
1.4
1.4
1.4
1.4
1.2
1.2
1.2
1.0
1.0
0.9
0.9
0.7
0.7
0.7
0.7
0.7
0.6
0.6
0.5
0.4
0.4
6.8
0.0
319.6
March 2026
Analytics Office
Table 11.5: Aggregate Collateral Received from Borrowers for Securities
Lent by Funds ($Billions)
This table reports aggregate cash collateral (Form N-PORT, Item C.12.a) and non-cash collateral
(Form N-PORT, Item B.4.b.ii and Item C.12.b), by fund type.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Collateral Type
Cash
Non-Cash
Subtotal
Cash
Non-Cash
Subtotal
Cash
Non-Cash
Subtotal
Total
Apr
2025
116
22
138
122
16
137
4
0
4
279
May
2025
122
28
151
127
17
143
***
***
3
297
Jun
2025
126
31
158
128
18
146
***
***
3
308
Jul
2025
108
30
138
129
19
148
3
0
3
290
Aug
2025
110
38
148
133
21
154
***
***
3
305
Sep
2025
122
43
164
136
21
157
***
***
3
325
Oct
2025
114
37
151
129
22
151
3
0
4
306
Nov
2025
116
42
157
124
25
149
***
***
4
310
Dec
2025
115
38
153
126
22
148
***
***
4
305
Jan
2026
119
40
160
136
28
163
4
0
4
327
Feb
2026
131
45
176
142
31
172
***
***
4
352
Mar
2026
137
51
188
139
27
166
***
***
4
358
Table 11.6: Distribution of Total Collateral Provided by Borrowers of
Securities to Aggregate Gross Value of those Securities on
Loan by Funds
This table reports aggregate collateral (Form N-PORT, Items C.12.a, B.4.b.ii and C.12.b) as a
fraction of securities on loan (Form N-PORT, Item C.12.c), by fund type. Funds which do not report
securities on loan are excluded.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Percentile
25th
50th
75th
25th
50th
75th
25th
50th
75th
Apr
2025
102
103
105
102
103
105
***
***
105
May
2025
102
103
105
102
103
105
***
103
106
Jun
2025
102
103
104
102
103
105
***
***
***
Jul
2025
102
103
106
102
104
106
***
104
107
46
Aug
2025
102
103
105
102
103
105
***
***
***
Sep
2025
102
103
104
102
103
105
***
102
***
Oct
2025
102
103
105
102
103
105
***
103
***
Nov
2025
102
102
104
102
102
105
***
102
104
Dec
2025
102
103
105
103
104
105
***
***
***
Jan
2026
102
103
106
102
104
107
***
105
***
Feb
2026
102
103
105
102
103
105
***
***
106
Mar
2026
101
102
104
101
102
104
***
100
***
March 2026
12
Analytics Office
Borrowing
Table 12.1: Aggregate Fund Borrowings, by Fund Type ($Billions)
This table relies upon borrowings reported pursuant to Rule 6-04(13)(a) of Regulation S-X (Form
N-PORT, Item B.2.c) and includes borrowing from Funds of Funds.
Fund Type
Closed-End Fund
Mutual Fund
ETF
Total
Notes Payable
After One Year
Within One Year
Subtotal
Within One Year
After One Year
Subtotal
Within One Year
After One Year
Subtotal
Total
Apr
2025
28.0
28.7
56.6
39.1
5.2
44.3
1.6
0.1
1.7
102.6
May
2025
28.2
28.7
56.9
34.9
5.7
40.6
15.0
0.3
15.3
112.9
Jun
2025
29.7
28.7
58.4
36.7
5.8
42.5
***
***
3.9
104.9
Jul
2025
29.0
28.7
57.7
28.9
6.1
35.0
1.9
0.1
2.0
94.7
Aug
2025
29.5
28.4
57.9
31.6
6.2
37.8
19.4
0.1
19.6
115.3
Sep
2025
30.6
28.5
59.1
33.7
7.6
41.3
***
***
3.3
103.7
Oct
2025
31.4
28.0
59.5
39.9
6.5
46.4
***
***
2.3
108.2
Nov
2025
31.9
29.3
61.2
40.3
6.7
47.0
13.6
0.2
13.9
122.1
Dec
2025
32.5
30.9
63.3
41.9
6.9
48.8
***
***
4.8
116.9
Jan
2026
32.0
30.8
62.8
42.2
6.8
49.0
***
***
3.3
115.1
Feb
2026
30.9
31.4
62.3
42.0
6.6
48.6
7.6
0.4
8.0
119.0
Mar
2026
32.8
32.1
64.9
48.2
6.7
54.8
***
***
5.3
125.0
Table 12.2: Aggregate Payables for Investments Purchased by Funds, by
Fund Type and Basis of Purchase ($Billions)
This table relies upon aggregate payables for investments purchased (Form N-PORT, Item B.2.d).
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Basis of Purchase
Delayed Delivery
Standby Commitment
Subtotal
Delayed Delivery
Standby Commitment
Subtotal
Delayed Delivery
Standby Commitment
Subtotal
Total
Apr
2025
140.1
20.5
160.5
14.0
4.2
18.2
***
***
4.3
183.0
May
2025
127.0
16.8
143.8
12.0
5.5
17.5
3.9
0.2
4.2
165.5
Jun
2025
125.6
14.3
139.9
11.3
3.4
14.8
***
***
4.3
159.0
Jul
2025
133.3
16.7
150.0
11.9
3.5
15.4
***
***
4.7
170.1
Aug
2025
137.4
15.9
153.2
12.1
3.1
15.2
3.8
0.3
4.1
172.5
Sep
2025
153.5
16.8
170.3
12.6
3.0
15.5
***
***
4.8
190.6
Oct
2025
128.6
17.9
146.5
14.2
2.4
16.6
***
***
4.9
168.0
Nov
2025
137.8
18.6
156.4
13.9
2.5
16.4
***
***
4.8
177.5
Dec
2025
112.2
30.7
143.0
10.2
2.7
12.9
***
***
4.6
160.5
Jan
2026
155.4
41.4
196.8
18.7
3.6
22.4
***
***
5.8
225.0
Feb
2026
138.4
34.3
172.7
18.0
3.8
21.8
4.9
1.0
6.0
200.5
Mar
2026
146.5
43.5
190.0
14.8
5.1
19.9
***
***
6.9
216.7
Table 12.3: Distribution of Total Assets to Net Assets, by Fund Type
(Percent)
Relies on Form N-PORT, Item B.1.a. and B.1.c. and removes any observations with non-positive net
assets, or total assets less than net assets.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Percentile
10th
25th
50th
75th
90th
10th
25th
50th
75th
90th
10th
25th
50th
75th
90th
Apr
2025
100.0
100.1
100.4
102.2
109.8
100.0
100.1
100.9
104.6
114.0
100.3
102.0
115.4
148.9
167.8
May
2025
100.0
100.1
100.4
102.2
110.1
100.0
100.1
101.0
104.9
114.8
100.3
101.7
114.8
146.9
169.6
Jun
2025
100.0
100.1
100.5
102.4
109.6
100.0
100.1
101.1
104.8
114.2
100.3
102.1
114.7
148.6
168.9
Jul
2025
100.0
100.1
100.4
102.2
109.2
100.0
100.1
100.8
104.8
114.7
100.3
101.8
114.1
147.4
169.1
Aug
2025
100.0
100.1
100.4
102.0
109.2
100.0
100.1
100.9
105.0
115.8
100.3
101.6
111.5
146.2
168.1
47
Sep
2025
100.0
100.1
100.4
102.2
109.1
100.0
100.1
101.0
105.7
116.2
100.3
102.1
112.4
146.7
166.6
Oct
2025
100.0
100.1
100.4
102.3
109.1
100.0
100.1
101.0
106.2
118.4
100.4
101.9
113.0
145.5
166.6
Nov
2025
100.0
100.1
100.4
102.1
109.2
100.0
100.1
101.0
105.8
118.1
100.3
101.7
112.8
146.1
166.2
Dec
2025
100.0
100.1
100.4
102.0
108.6
100.0
100.1
100.9
105.1
116.8
100.4
101.9
114.7
147.0
166.2
Jan
2026
100.0
100.1
100.4
102.2
109.6
100.0
100.1
101.1
106.3
120.8
100.3
101.6
113.1
148.2
166.1
Feb
2026
100.0
100.1
100.4
102.3
109.6
100.0
100.1
101.0
105.8
119.3
100.3
101.5
110.6
144.6
162.1
Mar
2026
100.0
100.1
100.4
102.2
109.9
100.0
100.1
100.9
105.1
116.5
100.3
101.9
112.5
146.2
165.6
March 2026
13
Appendices
13.1
Interval Notation
Analytics Office
Interval notation (e.g., [a, b], [a, b), (a, b], and (a, b)) is a way to describe the range of values
specified by an ordered pair (in this case, a and b). In particular, [a, b] includes all values from a to b
including both a and b. [a, b) includes all values from a to b including a, but not b. (a, b] includes all
values from a to b including b, but not a. (a, b) includes all values from a to b excluding both a and b.
13.2
Mitigating the Effects of Outliers
Regulatory filing data occasionally contains inconsistent reporting or spurious outliers. While
Analytics Office staff actively engages in outreach to identify and correct such values, not all
aberrant values have been corrected as of this writing. To reduce the effect of these outliers on the
aggregate measures reported here, we have chosen to winsorize or trim some data sets.
Winsorization is a technique for reducing the effect of outliers by reducing the size of the largest
and smallest values in a distribution.11 For example, to calculate a 95%/5% winsorized data set, all
the values above the ninety-fifth percentile are set to the value of the ninety-fifth percentile, and all
the values below the fifth percentile are set to the value of the fifth percentile. Effectively, this
procedure makes the very largest values smaller (but still large), and all the smallest values larger
(but still small). This approach can be more effective than trimming (simply removing the largest
and/or smallest values) because it does not change the number of data points and does not change
the median or other percentile values within the 95%/5% range. All instances of winsorization or
trimming have been noted and include the affected percentiles.
13.3
Consensus Categories
For all positions with either an ISIN or CUSIP reported for the position, we collect the most
recently reported value for asset type (Item C.4.a), issuer type (Item C.4.b), country of investment
(Item C.5.a), and country of risk (Item C.5.b) for each fund. For any one of these categories, we
determine the consensus category (ignoring any funds that report “Other” or “N/A”) by requiring at
least 80% agreement with 95% confidence. We then apply the consensus categories to all reported
holdings of the same position by all funds over time.
For example, consider a particular CUSIP/ISIN that is currently reported by 25 funds. Assume
further that nineteen report the holding as “Debt” in Item C.4.a, five report the holding as “Other,”
while one reports the positions as “Equity.” We would drop from consideration the “Other”
reporting and find that 95% of funds currently report the position as “Debt.” Further, the margin of
11
Such techniques are known as ‘robust statistics’, reviewed for example in Wilcox (2012), Introduction to Robust
Estimation & Hypothesis Testing, 3rd Edition.
48
March 2026
Analytics Office
p
error in this measurement is 1.645 (0.8)(1 − 0.8)/20 = 14.7%. We find the consensus category for
this position is Debt and apply this category to all reported holdings of this CUSIP/ISIN over time.
13.4
Prevalent Asset Class
For each fund, and each reporting period, we collect the aggregate reported value for asset type
(Item C.4.a), and value (Item C.2.c) using the consensus categories for all positions. We then
aggregate the gross market value by three broad asset classes (Equity, Fixed Income, and
Multi-Asset) and calculate the respective allocations as a percent of the aggregate gross value
reported. We then compute the rolling average (12 months ending on the relevant reporting period).
If the largest fractional allocation is greater than 75%, we assign the fund’s prevalent asset class as
this broad asset class for the reporting period in question. For those cases where the 75% threshold
is not exceeded, we assign the prevalent asset class as “Multi-Asset”.
For the fund observations that have an Equity broad asset class, if the fraction of equity
holdings allocated to US-issued equities exceeds 67% then we define the fund’s prevalent asset class
as “US Equity” for that reporting period and “Global Equity” otherwise. For the fund observations
that have an Fixed-Income broad asset class, if the fraction of fixed-income holdings allocated to
municipal debt exceeds 67% then we define the fund’s prevalent asset class as “Municipal Bond” for
that reporting period and “Taxable Bond” otherwise.
49
March 2026
13.5
Analytics Office
Definitions
Included by reference are all definitions included in the General Instructions or question specific instructions of
Form N-CEN and Form N-PORT.
Closed-End Fund
Any Fund registered on Form N-2 as a closed-end management investment company. This includes, for example, any interval funds (Form
N-CEN, Item C.3.d) or non-traded fund registered on Form N-2.
DV100
Measure of interest rate risk that indicates the change in value of the
portfolio resulting from a 100 basis point change in interest rates.
ETF
Any Fund, or shareclass, that is part of an open-end management investment company registered on Form N-1A that is identified as an
exchange-traded fund on Form N-CEN, Item C.3 or as a unit investment trust on Form N-8B-2.
Fund(s)
Each separate series of an individual registrant reported on Form NCEN and Form N-PORT or, if an individual registrant does not offer a
separate series, the registrant.
Fund of Fund
Any Fund that is identified as a fund of fund or a feeder fund on Form
N-CEN, Item C.3. A fund that acquires securities issued by any other
investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)),
but does not include a fund that acquires securities issued by another investment company solely in reliance on rule 12d1-1 under the Act (CFR
270.12d1-1).
Index Fund
Any Fund that is identified as an index fund or that seeks to achieve a
multiple of an index on Form N-CEN, Item C.3 or is registered under the
Act on Form N-8B-2. Additionally, any fund that has the term“index”
in the fund name and has not yet reported on Form N-CEN.
Large Entity
Funds that together with other investment companies in the same group
of related investment companies have net assets of $1 billion or more as
of the end of the most recent fiscal year of the fund.
Mutual Fund
Any Fund that is part of an open-end management investment company
registered on Form N-1A or N-3, excluding ETFs registered on Form N1A as indicated on Form N-CEN, Item C.3. This includes, for example,
underlying funds of a variable annuity or variable life insurance contract
(Form N-CEN, Item C.3.i) that are registered on Form N-1A or separate
accounts offering variable annuity contracts registered on Form N-3.
Non-Index Fund
Any Fund that is not an Index Fund.
50
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.