Division of Investment Management

Division of Investment Management

Analytics Office

Registered Fund Statistics

Form N-PORT Data, period ending December 2023

May 17, 2024

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

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

findings, or conclusions contained herein.

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

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

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

submitted after May 16, 2024.

May 17, 2024

Analytics Office

Introduction

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

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

N-CEN and Form N-PORT filings received through May 16, 2024 for reporting periods from March

2019 through December 2023. The table below provides information on investment companies which

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

Fund Type

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

Exchange-Traded Funds (ETFs) registered on

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

Form N-8B-2

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

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

Form N-2)

Seperate accounts offering variable annuity contracts on Form N-3

Business Development Companies (BDCs)

Money Market Funds regulated under rule 2a-7

Small business investment companies registered

on Form N-5

Unit Investment Trusts registered on Form N-4

or N-6

Unit Investment Trusts registered on Forms S-6

and N-8B-2 (excluding ETFs)

Required to File Form N-PORT?

Yes

No

X

X

X

X

X

X

X

X

X

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

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

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

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

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

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

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

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

used to minimize the effects of outliers.

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

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

Form N-PORT filings received through May 16, 2024.

1

May 17, 2024

Analytics Office

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

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

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

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

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

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

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

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

report is denoted by “***”.

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

correct filing errors and employs certain methodologies and assumptions in aggregating

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

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

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

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

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

changes.

If you have any questions or comments about Registered Fund Statistics

(December 2023), please contact: Tim Dulaney, PhD, Juan Carlos Forero Penaranda, or Trevor

Tatum with subject line “Registered Fund Statistics (December 2023)”.

2

May 17, 2024

Analytics Office

Contents

1 Number of Funds

4

2 Total Fund Assets

5

3 Flows and Returns

9

4 Fund Portfolio Investments by Category

12

5 Fund Portfolio Investments by Currency

24

6 Fund Portfolio Investments by Country

25

7 Fund Derivative Investments

27

8 Liquidity Classifications

31

9 Fair Value Levels

35

10 Interest Rate Risk

41

11 Securities Lending

43

12 Borrowing

47

13 Appendices

48

3

May 17, 2024

1

Analytics Office

Number of Funds1

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

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

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

Prevalent Asset Class

US Equity

Multi-Asset

Taxable Bond

Global Equity

Municipal Bond

Subtotal

US Equity

Global Equity

Taxable Bond

Multi-Asset

Municipal Bond

Subtotal

Taxable Bond

Multi-Asset

Municipal Bond

US Equity

Global Equity

Subtotal

Total

Jan

2023

3,015

2,221

1,842

1,405

551

9,034

1,244

685

573

353

66

2,921

199

191

119

89

54

652

12,607

Feb

2023

3,011

2,214

1,838

1,403

555

9,021

1,255

684

569

352

68

2,928

200

190

119

89

54

652

12,601

Mar

2023

3,011

2,209

1,834

1,401

555

9,010

1,264

686

576

356

70

2,952

201

189

118

92

52

652

12,614

Apr

2023

3,003

2,198

1,827

1,402

557

8,987

1,266

683

582

353

70

2,954

202

187

117

89

52

647

12,588

May

2023

2,990

2,217

1,831

1,402

555

8,995

1,269

686

591

352

72

2,970

204

184

117

92

52

649

12,614

Jun

2023

2,989

2,180

1,827

1,405

554

8,955

1,278

688

602

346

72

2,986

209

184

117

93

51

654

12,595

Jul

2023

2,990

2,188

1,811

1,404

553

8,946

1,280

687

612

351

75

3,005

206

182

116

93

51

648

12,599

Aug

2023

2,985

2,170

1,807

1,405

550

8,917

1,303

689

618

347

76

3,033

202

182

118

92

51

645

12,595

Sep

2023

2,995

2,159

1,802

1,406

546

8,908

1,323

694

642

351

78

3,088

201

192

118

88

52

651

12,647

Oct

2023

2,959

2,137

1,790

1,403

545

8,834

1,330

686

660

366

79

3,121

201

189

115

89

52

646

12,601

Nov

2023

2,940

2,110

1,785

1,402

545

8,782

1,360

688

674

363

80

3,165

199

189

115

89

52

644

12,591

Dec

2023

2,936

2,100

1,773

1,398

543

8,750

1,380

698

682

359

82

3,201

197

192

115

89

52

645

12,596

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

Class

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

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

Fund Type

Non-Index

Index

Total

Prevalent Asset Class

US Equity

Multi-Asset

Taxable Bond

Global Equity

Municipal Bond

Subtotal

US Equity

Global Equity

Taxable Bond

Multi-Asset

Municipal Bond

Subtotal

Total

Jan

2023

3,239

2,511

2,124

1,489

697

10,060

1,109

655

490

254

39

2,547

12,607

Feb

2023

3,243

2,504

2,122

1,488

702

10,059

1,112

653

485

252

40

2,542

12,601

Mar

2023

3,255

2,498

2,127

1,487

701

10,068

1,112

652

484

256

42

2,546

12,614

Apr

2023

3,249

2,489

2,127

1,489

702

10,056

1,109

648

484

249

42

2,532

12,588

May

2023

3,244

2,506

2,139

1,492

701

10,082

1,107

648

487

247

43

2,532

12,614

Jun

2023

3,250

2,466

2,149

1,498

700

10,063

1,110

646

489

244

43

2,532

12,595

Jul

2023

3,251

2,477

2,140

1,500

701

10,069

1,112

642

489

244

43

2,530

12,599

Aug

2023

3,263

2,460

2,138

1,500

701

10,062

1,117

645

489

239

43

2,533

12,595

Sep

2023

3,278

2,471

2,147

1,506

699

10,101

1,128

646

498

231

43

2,546

12,647

Oct

2023

3,255

2,456

2,153

1,504

696

10,064

1,123

637

498

236

43

2,537

12,601

Nov

2023

3,275

2,431

2,161

1,508

698

10,073

1,114

634

497

231

42

2,518

12,591

Dec

2023

3,301

2,424

2,161

1,516

699

10,101

1,104

632

491

227

41

2,495

12,596

1

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

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

4

May 17, 2024

2

Analytics Office

Total Fund Assets2

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

Prevalent Asset Class

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

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

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

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Municipal Bond

Multi-Asset

Subtotal

Taxable Bond

Multi-Asset

Municipal Bond

US Equity

Global Equity

Subtotal

Total

Jan

2023

9,275

4,112

3,030

1,584

787

18,789

4,273

1,307

1,204

109

72

6,965

144

90

89

87

27

438

26,192

Feb

2023

9,025

4,035

2,923

1,527

769

18,280

4,161

1,289

1,160

105

79

6,794

143

87

87

84

26

427

25,501

Mar

2023

9,179

4,165

3,010

1,567

778

18,700

4,218

1,343

1,191

107

71

6,931

144

87

87

86

27

431

26,061

Apr

2023

9,244

4,113

3,040

1,567

780

18,744

4,256

1,370

1,208

108

66

7,008

144

87

87

85

26

429

26,180

May

2023

9,199

4,090

2,954

1,536

771

18,549

4,257

1,368

1,173

108

70

6,976

143

86

86

85

26

426

25,951

Jun

2023

9,760

4,072

3,088

1,568

776

19,263

4,572

1,370

1,220

109

77

7,348

145

88

86

88

27

435

27,046

Jul

2023

10,056

4,087

3,181

1,602

779

19,705

4,776

1,380

1,278

111

83

7,627

146

89

86

91

27

440

27,771

Aug

2023

9,808

4,082

3,067

1,556

768

19,280

4,674

1,370

1,222

111

83

7,460

147

91

85

86

26

436

27,177

Sep

2023

9,319

4,027

2,947

1,497

743

18,533

4,475

1,356

1,182

109

71

7,193

149

91

82

82

25

429

26,155

Oct

2023

9,021

3,950

2,833

1,469

725

17,998

4,369

1,350

1,135

111

56

7,021

147

90

80

80

24

421

25,441

Nov

2023

9,800

4,095

3,066

1,542

756

19,260

4,846

1,414

1,235

121

62

7,678

151

94

85

86

26

441

27,379

Dec

2023

10,275

4,170

3,191

1,578

769

19,983

5,187

1,458

1,293

124

68

8,130

155

99

86

85

26

452

28,566

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

Non-Index

Index

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

Total

Jan

2023

5,862

3,487

2,407

1,630

885

14,269

7,774

2,077

1,855

117

100

11,923

26,192

Feb

2023

5,702

3,425

2,326

1,567

864

13,884

7,567

2,043

1,784

126

97

11,617

25,501

Mar

2023

5,776

3,529

2,393

1,606

873

14,176

7,708

2,123

1,835

119

99

11,884

26,061

Apr

2023

5,807

3,468

2,416

1,606

875

14,171

7,779

2,158

1,860

114

99

12,009

26,180

May

2023

5,774

3,454

2,343

1,575

865

14,012

7,767

2,146

1,811

116

99

11,939

25,951

Jun

2023

6,114

3,435

2,449

1,607

871

14,476

8,307

2,152

1,885

126

100

12,570

27,046

Jul

2023

6,297

3,446

2,519

1,643

875

14,780

8,625

2,167

1,966

131

102

12,991

27,771

Aug

2023

6,135

3,443

2,429

1,598

864

14,468

8,433

2,157

1,886

131

101

12,709

27,177

Sep

2023

5,829

3,418

2,329

1,543

835

13,953

8,046

2,114

1,826

116

99

12,201

26,155

Oct

2023

5,633

3,360

2,239

1,514

815

13,562

7,836

2,088

1,754

101

101

11,879

25,441

Nov

2023

6,124

3,473

2,424

1,586

852

14,459

8,608

2,188

1,903

111

109

12,920

27,379

Dec

2023

6,404

3,523

2,519

1,625

868

14,939

9,143

2,260

1,992

119

112

13,627

28,566

2

As of December 2023, there are 13 N-3 funds reporting an aggregate $241.91 billion in net assets (roughly 1.04%

of aggregate mutual fund net assets). Additionally, there are 85 Interval funds registered on Form N-2 reporting an

aggregate $75.12 billion in net assets (roughly 20.22% of aggregate closed-end fund net assets).

5

May 17, 2024

Analytics Office

Table 2.3: Aggregate Net Assets ($Billions), by Fund Type and

Prevalent Asset Class

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

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

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

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Municipal Bond

Multi-Asset

Subtotal

Taxable Bond

Multi-Asset

US Equity

Municipal Bond

Global Equity

Subtotal

Total

Jan

2023

9,173

3,753

2,991

1,499

765

18,181

4,200

1,237

1,175

108

62

6,782

99

78

73

58

24

332

25,295

Feb

2023

8,925

3,705

2,881

1,449

750

17,711

4,086

1,218

1,132

104

59

6,599

99

76

71

56

22

324

24,633

Mar

2023

9,078

3,750

2,955

1,464

759

18,007

4,148

1,263

1,160

107

63

6,741

98

75

72

56

23

325

25,073

Apr

2023

9,141

3,766

2,989

1,474

758

18,129

4,189

1,282

1,180

107

62

6,819

99

76

73

56

23

327

25,275

May

2023

9,097

3,736

2,910

1,439

751

17,934

4,190

1,280

1,144

107

64

6,785

99

75

72

56

22

323

25,042

Jun

2023

9,653

3,745

3,046

1,480

756

18,680

4,500

1,290

1,192

108

71

7,162

101

76

75

56

23

331

26,173

Jul

2023

9,954

3,772

3,144

1,504

758

19,132

4,702

1,302

1,248

110

76

7,439

103

77

77

56

24

337

26,907

Aug

2023

9,716

3,759

3,027

1,463

748

18,714

4,606

1,297

1,193

110

77

7,282

103

78

73

55

23

332

26,328

Sep

2023

9,226

3,677

2,903

1,406

723

17,934

4,400

1,280

1,152

108

66

7,006

103

78

69

52

22

324

25,265

Oct

2023

8,931

3,610

2,796

1,372

703

17,412

4,302

1,277

1,108

110

52

6,848

102

78

67

50

21

318

24,578

Nov

2023

9,704

3,738

3,027

1,447

738

18,654

4,768

1,338

1,207

120

59

7,491

105

82

72

56

22

337

26,483

Dec

2023

10,181

3,844

3,156

1,498

753

19,432

5,110

1,385

1,266

124

63

7,949

109

86

72

58

23

347

27,727

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

Non-Index

Index

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

Total

Jan

2023

5,771

3,091

2,372

1,532

831

13,597

7,675

1,999

1,818

107

99

11,698

25,295

Feb

2023

5,614

3,057

2,288

1,478

814

13,251

7,468

1,965

1,747

106

96

11,383

24,633

Mar

2023

5,686

3,075

2,347

1,491

824

13,424

7,612

2,036

1,792

112

98

11,649

25,073

Apr

2023

5,715

3,083

2,370

1,503

823

13,494

7,688

2,064

1,822

109

99

11,780

25,275

6

May

2023

5,685

3,056

2,303

1,468

815

13,327

7,675

2,059

1,773

111

98

11,715

25,042

Jun

2023

6,020

3,065

2,412

1,508

821

13,825

8,207

2,071

1,849

120

100

12,348

26,173

Jul

2023

6,204

3,088

2,486

1,533

824

14,134

8,529

2,089

1,930

125

101

12,773

26,907

Aug

2023

6,051

3,078

2,394

1,493

813

13,830

8,344

2,080

1,849

125

100

12,499

26,328

Sep

2023

5,745

3,019

2,290

1,439

785

13,278

7,950

2,041

1,786

111

98

11,987

25,265

Oct

2023

5,553

2,970

2,206

1,405

764

12,898

7,747

2,018

1,719

97

100

11,680

24,578

Nov

2023

6,033

3,070

2,389

1,480

805

13,776

8,512

2,111

1,868

107

109

12,707

26,483

Dec

2023

6,317

3,147

2,488

1,533

823

14,308

9,046

2,191

1,957

114

111

13,419

27,727

May 17, 2024

Analytics Office

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

by Net Assets

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

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

Fund Size

$10 billion or more

[$500 million,$10 billion)

[$50 million,$500 million)

($0,$50 million)

Total

Fund Type

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Total

Jan

2023

11,315

***

***

16,349

6,229

1,575

229

8,033

610

179

78

866

28

18

1

47

25,295

Feb

2023

10,979

***

***

15,814

6,087

1,587

218

7,891

617

182

81

880

28

18

1

48

24,633

Mar

2023

11,243

4,952

25

16,220

6,127

1,590

221

7,938

608

181

78

868

28

18

1

48

25,073

Apr

2023

11,364

***

***

16,423

6,132

1,584

222

7,938

606

183

79

868

27

18

1

46

25,275

May

2023

11,248

***

***

16,286

6,047

1,570

217

7,834

611

184

80

876

28

18

1

48

25,042

Jun

2023

11,876

5,329

26

17,231

6,174

1,625

225

8,025

603

188

79

870

27

19

1

47

26,173

Jul

2023

12,249

***

***

17,837

6,259

1,669

232

8,159

598

190

77

866

26

18

1

45

26,907

Aug

2023

11,969

***

***

17,410

6,112

1,658

225

7,995

606

192

79

878

26

18

1

46

26,328

Sep

2023

11,370

5,188

28

16,586

5,928

1,609

215

7,751

610

190

80

880

27

19

1

47

25,265

Oct

2023

10,975

***

***

16,053

5,798

1,584

210

7,592

613

194

78

885

27

20

1

47

24,578

Nov

2023

12,023

***

***

17,647

6,002

1,685

228

7,914

604

192

79

875

26

20

1

47

26,483

Dec

2023

12,678

5,998

30

18,706

6,129

1,729

239

8,097

600

201

77

878

25

20

1

46

27,727

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

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

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

Fund Size

$10 billion or more

[$500 million,$10 billion)

[$50 million,$500 million)

($0,$50 million)

Total

Fund Type

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Total

Jan

2023

294

***

***

427

2,844

649

185

3,678

2,820

938

346

4,104

1,408

1,060

49

2,517

10,726

Feb

2023

289

***

***

417

2,796

649

175

3,620

2,840

947

356

4,143

1,428

1,068

49

2,545

10,725

Mar

2023

291

128

2

421

2,806

657

179

3,642

2,822

949

350

4,121

1,424

1,079

51

2,554

10,738

Apr

2023

292

***

***

424

2,806

659

178

3,643

2,822

957

351

4,130

1,394

1,066

45

2,505

10,702

7

May

2023

289

***

***

420

2,769

653

173

3,595

2,824

972

357

4,153

1,429

1,072

46

2,547

10,715

Jun

2023

301

132

2

435

2,817

667

180

3,664

2,793

987

353

4,133

1,363

1,056

48

2,467

10,699

Jul

2023

307

***

***

445

2,846

684

183

3,713

2,779

1,007

346

4,132

1,330

1,033

45

2,408

10,698

Aug

2023

304

***

***

439

2,796

680

177

3,653

2,808

1,020

352

4,180

1,334

1,055

43

2,432

10,704

Sep

2023

294

132

2

428

2,740

676

170

3,586

2,826

1,012

358

4,196

1,369

1,118

49

2,536

10,746

Oct

2023

284

***

***

415

2,696

664

169

3,529

2,852

1,031

356

4,239

1,332

1,132

46

2,510

10,693

Nov

2023

304

***

***

442

2,758

701

176

3,635

2,806

1,045

350

4,201

1,258

1,112

43

2,413

10,691

Dec

2023

317

143

2

462

2,788

708

185

3,681

2,782

1,068

345

4,195

1,212

1,110

42

2,364

10,702

May 17, 2024

Analytics Office

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

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

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

Fund Type

Mutual Fund

ETF

Closed-End Fund

Percentile

10th

25th

50th

75th

90th

10th

25th

50th

75th

90th

10th

25th

50th

75th

90th

Jan

2023

0.018

0.080

0.344

1.232

4.097

0.005

0.022

0.109

0.598

3.301

0.049

0.117

0.267

0.579

1.273

Feb

2023

0.017

0.078

0.336

1.203

3.960

0.005

0.022

0.110

0.586

3.224

0.049

0.116

0.257

0.571

1.276

Mar

2023

0.017

0.078

0.338

1.207

4.040

0.005

0.022

0.111

0.584

3.278

0.047

0.115

0.259

0.570

1.293

Apr

2023

0.018

0.079

0.341

1.221

4.064

0.005

0.022

0.114

0.593

3.308

0.051

0.119

0.256

0.575

1.301

May

2023

0.016

0.076

0.331

1.192

4.045

0.005

0.022

0.111

0.575

3.231

0.050

0.114

0.254

0.566

1.290

Jun

2023

0.017

0.080

0.344

1.242

4.202

0.006

0.024

0.114

0.596

3.370

0.043

0.113

0.256

0.575

1.330

Jul

2023

0.018

0.082

0.349

1.273

4.307

0.006

0.025

0.119

0.618

3.511

0.044

0.114

0.263

0.586

1.363

Aug

2023

0.018

0.081

0.342

1.244

4.188

0.006

0.024

0.112

0.602

3.345

0.051

0.117

0.259

0.577

1.367

Sep

2023

0.017

0.077

0.330

1.195

4.047

0.005

0.022

0.107

0.565

3.147

0.047

0.108

0.246

0.565

1.310

Oct

2023

0.018

0.078

0.326

1.167

3.935

0.005

0.021

0.104

0.531

2.981

0.046

0.110

0.243

0.551

1.286

Nov

2023

0.020

0.085

0.348

1.245

4.167

0.005

0.023

0.107

0.580

3.268

0.048

0.117

0.259

0.596

1.357

Dec

2023

0.021

0.089

0.363

1.308

4.357

0.006

0.024

0.109

0.606

3.472

0.050

0.118

0.267

0.613

1.389

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

Cumulative Percentile

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

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

Fund Type

All Funds

Mutual Fund

ETF

Closed-End Fund

Percentile

Top 2%

Top 5%

Top 10%

Top 25%

Top 2%

Top 5%

Top 10%

Top 25%

Top 2%

Top 5%

Top 10%

Top 25%

Top 2%

Top 5%

Top 10%

Top 25%

Jan

2023

53.15

68.25

79.76

92.18

49.61

64.86

76.88

90.64

***

75.66

87.22

96.42

21.03

32.80

47.27

70.52

Feb

2023

53.14

68.24

79.75

92.16

49.55

64.88

76.93

90.64

***

75.40

87.00

96.33

21.14

32.88

47.35

70.57

Mar

2023

53.49

68.55

80.00

92.29

49.89

65.22

77.17

90.76

57.87

75.76

87.27

96.39

***

33.23

47.71

70.77

Apr

2023

53.56

68.68

80.07

92.31

50.05

65.31

77.24

90.80

57.86

75.85

87.30

96.37

20.67

33.40

47.57

70.70

May

2023

53.84

68.92

80.27

92.41

50.26

65.55

77.45

90.91

58.22

76.12

87.46

96.42

20.67

33.43

47.66

70.91

8

Jun

2023

53.97

69.07

80.38

92.44

50.33

65.65

77.50

90.90

***

76.33

87.56

96.43

***

33.35

48.09

71.15

Jul

2023

54.09

69.18

80.46

92.48

50.48

65.75

77.60

90.94

58.73

76.26

87.52

96.41

20.63

33.43

47.80

71.33

Aug

2023

54.13

69.25

80.50

92.49

50.46

65.83

77.64

90.95

58.69

76.34

87.59

96.42

20.65

33.47

47.88

71.26

Sep

2023

54.15

69.30

80.53

92.52

50.44

65.79

77.62

90.94

***

76.55

87.71

96.47

***

33.81

48.42

71.60

Oct

2023

54.30

69.40

80.59

92.51

50.51

65.85

77.63

90.89

59.35

76.85

87.91

96.50

21.38

34.22

48.32

71.67

Nov

2023

54.49

69.61

80.74

92.60

50.66

66.01

77.77

90.94

59.79

76.99

88.02

96.57

20.85

33.90

48.34

71.58

Dec

2023

54.64

69.72

80.85

92.65

50.71

66.05

77.80

90.97

60.14

77.10

88.14

96.60

***

33.58

48.07

71.57

May 17, 2024

Analytics Office

3

Flows and Returns

3.1

Fund Flows

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

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

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

the rows in this table.

Fund Type

All

Index

Non-Index

Flow Type

Inflow

Net

Outflow

Inflow

Net

Outflow

Inflow

Net

Outflow

Jan

2023

628

17

-610

321

42

-279

307

-25

-332

Feb

2023

559

-1

-560

271

-1

-272

288

0

-288

Mar

2023

705

-28

-733

429

32

-396

276

-60

-336

Apr

2023

502

-8

-510

268

32

-236

234

-40

-274

May

2023

566

-24

-590

306

26

-280

260

-50

-309

Jun

2023

699

25

-674

426

61

-366

272

-36

-308

Jul

2023

619

26

-593

373

55

-319

246

-29

-275

Aug

2023

571

-33

-605

307

9

-299

264

-42

-306

Sep

2023

581

-20

-600

346

31

-315

234

-51

-285

Oct

2023

621

-47

-667

346

18

-328

275

-65

-340

Nov

2023

701

44

-656

401

90

-310

300

-46

-346

Dec

2023

861

33

-828

544

115

-429

317

-81

-399

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

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

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

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

B.1.c.).

Fund Type

All

Index

Non-Index

Flow Type

Inflow

Net

Outflow

Inflow

Net

Outflow

Inflow

Net

Outflow

Jan

2023

2.67

0.07

-2.59

2.93

0.39

-2.54

2.44

-0.20

-2.64

Feb

2023

2.24

-0.00

-2.24

2.32

-0.00

-2.32

2.17

-0.00

-2.17

Mar

2023

2.90

-0.11

-3.01

3.77

0.28

-3.48

2.14

-0.47

-2.60

Apr

2023

2.03

-0.03

-2.06

2.30

0.28

-2.02

1.79

-0.31

-2.09

May

2023

2.27

-0.10

-2.36

2.60

0.22

-2.38

1.97

-0.38

-2.35

9

Jun

2023

2.83

0.10

-2.73

3.64

0.52

-3.12

2.10

-0.27

-2.37

Jul

2023

2.40

0.10

-2.30

3.02

0.44

-2.58

1.82

-0.22

-2.04

Aug

2023

2.15

-0.13

-2.28

2.41

0.07

-2.34

1.91

-0.30

-2.22

Sep

2023

2.23

-0.08

-2.31

2.77

0.25

-2.52

1.74

-0.38

-2.11

Oct

2023

2.49

-0.19

-2.68

2.88

0.15

-2.73

2.12

-0.50

-2.62

Nov

2023

2.89

0.18

-2.71

3.43

0.77

-2.66

2.38

-0.37

-2.75

Dec

2023

3.29

0.13

-3.17

4.28

0.90

-3.38

2.36

-0.61

-2.97

May 17, 2024

Analytics Office

Table 3.3: Aggregate Net Flows, by Prevalent Asset Class and Fund Type

($Billions)

This table excludes flows from fund of funds (Form N-PORT, Item B.6). Closed-End Funds generally do

not report flows and are therefore excluded.

Fund Type

ETF

Mutual Fund

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Municipal Bond

Multi-Asset

Subtotal

Municipal Bond

Multi-Asset

Taxable Bond

Global Equity

US Equity

Subtotal

Total

Jan

2023

1

28

21

0

-3

46

8

-2

16

-15

-35

-29

17

Feb

2023

-7

3

8

-1

0

3

2

-2

22

-3

-22

-4

-1

Mar

2023

3

26

0

0

1

31

-3

-8

-20

-5

-24

-59

-28

Apr

2023

11

16

3

1

0

31

-1

-7

-2

-11

-17

-39

-8

May

2023

16

14

5

1

-1

34

-2

-9

1

-6

-41

-58

-24

Jun

2023

43

16

11

1

1

72

0

-6

8

-6

-44

-47

25

Jul

2023

38

14

7

1

-1

59

1

-7

16

-7

-36

-33

26

Aug

2023

3

7

1

1

2

15

-2

-10

4

-4

-37

-48

-33

Sep

2023

27

10

1

1

1

39

-6

-9

-8

-6

-31

-59

-20

Oct

2023

22

13

-3

3

1

36

-10

-12

-17

-11

-33

-83

-47

Nov

2023

73

26

6

5

0

110

-4

-7

-7

-11

-37

-65

44

Dec

2023

88

21

19

2

-1

129

-2

-10

-13

-20

-52

-96

33

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

US Equity

Taxable Bond

Global Equity

Municipal Bond

Multi-Asset

Subtotal

Municipal Bond

Taxable Bond

US Equity

Global Equity

Multi-Asset

Subtotal

Total

Jan

2023

0.02

2.35

1.98

-0.09

-5.67

0.73

1.03

0.45

-0.41

-0.55

-0.16

-0.17

0.07

Feb

2023

-0.18

0.20

0.70

-0.75

0.43

0.04

0.24

0.57

-0.24

-0.10

-0.16

-0.02

-0.00

Mar

2023

0.08

2.16

-0.00

0.46

1.82

0.47

-0.34

-0.54

-0.27

-0.16

-0.56

-0.33

-0.11

Apr

2023

0.26

1.29

0.30

0.62

-0.45

0.46

-0.11

-0.06

-0.19

-0.37

-0.49

-0.22

-0.03

10

May

2023

0.38

1.07

0.46

0.50

-2.04

0.50

-0.20

0.02

-0.45

-0.22

-0.64

-0.32

-0.10

Jun

2023

1.02

1.23

1.00

1.11

1.72

1.06

0.02

0.22

-0.48

-0.19

-0.41

-0.26

0.10

Jul

2023

0.84

1.06

0.57

1.16

-1.11

0.82

0.12

0.43

-0.38

-0.22

-0.48

-0.18

0.10

Aug

2023

0.07

0.52

0.11

0.93

3.15

0.20

-0.24

0.11

-0.37

-0.13

-0.64

-0.25

-0.13

Sep

2023

0.58

0.76

0.05

1.03

0.85

0.53

-0.74

-0.20

-0.32

-0.19

-0.61

-0.31

-0.08

Oct

2023

0.50

0.99

-0.24

2.70

1.11

0.51

-1.44

-0.45

-0.36

-0.38

-0.82

-0.46

-0.19

Nov

2023

1.69

2.06

0.56

4.35

-0.38

1.60

-0.56

-0.19

-0.41

-0.38

-0.49

-0.37

0.18

Dec

2023

1.84

1.59

1.58

1.44

-1.06

1.73

-0.23

-0.34

-0.54

-0.65

-0.67

-0.52

0.13

May 17, 2024

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

US Equity

Global Equity

Multi-Asset

Taxable Bond

Municipal Bond

US Equity

Multi-Asset

Global Equity

Taxable Bond

Municipal Bond

US Equity

Global Equity

Multi-Asset

Taxable Bond

Municipal Bond

Jan

2023

7.23

8.32

4.67

3.02

2.86

7.35

***

8.21

2.56

***

7.20

8.36

4.45

3.11

2.89

Feb

2023

-2.33

-3.48

-2.46

-1.61

-2.28

-2.44

-3.15

-3.57

-1.58

***

-2.26

-3.47

-2.38

-1.62

-2.28

Mar

2023

0.29

2.44

1.39

1.23

1.81

0.53

1.82

2.33

1.90

***

0.24

2.49

1.38

1.13

1.80

Apr

2023

0.52

1.26

0.79

0.58

-0.07

0.45

0.30

1.54

0.57

***

0.55

1.17

0.83

0.58

-0.06

May

2023

-1.47

-3.32

-1.00

-0.86

-0.76

-1.76

-1.44

-3.83

-0.95

***

-1.40

-3.15

-0.96

-0.84

-0.76

Jun

2023

6.68

4.45

3.38

0.32

0.79

6.79

6.40

4.47

-0.19

***

6.61

4.44

3.23

0.39

0.79

Jul

2023

3.36

3.43

2.05

0.56

0.23

3.58

4.23

4.07

0.31

***

3.23

3.19

1.94

0.62

0.23

Aug

2023

-2.27

-3.92

-1.62

-0.24

-1.16

-2.55

-3.33

-4.05

-0.02

***

-2.20

-3.79

-1.51

-0.30

-1.17

Sep

2023

-4.80

-3.84

-3.35

-1.41

-2.77

-4.97

-5.15

-3.44

-1.30

***

-4.72

-4.01

-3.21

-1.43

-2.78

Oct

2023

-3.24

-3.68

-2.08

-1.07

-1.45

-3.60

-4.02

-3.74

-0.85

***

-3.11

-3.64

-1.98

-1.13

-1.49

Nov

2023

8.67

8.42

6.02

3.96

6.14

9.11

***

8.44

3.40

***

8.45

8.41

5.85

4.03

6.20

Dec

2023

5.59

4.96

3.88

3.22

2.42

6.16

5.78

5.26

2.80

***

5.49

4.86

3.77

3.26

2.43

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

US Equity

Global Equity

Multi-Asset

Taxable Bond

Municipal Bond

Multi-Asset

US Equity

Global Equity

Taxable Bond

Municipal Bond

US Equity

Global Equity

Multi-Asset

Taxable Bond

Municipal Bond

Jan

2023

6.84

8.32

4.76

2.79

2.87

***

6.85

8.38

2.65

***

6.83

8.26

4.27

2.87

2.90

Feb

2023

-2.46

-3.86

-2.79

-1.85

-2.24

-3.51

-2.44

-4.26

-2.05

***

-2.48

-3.55

-2.74

-1.73

-2.26

Mar

2023

1.91

2.68

1.89

1.69

1.73

5.59

2.10

2.71

2.23

***

1.66

2.66

1.62

1.35

1.69

Apr

2023

0.83

1.36

1.11

0.52

-0.04

-0.64

0.87

1.55

0.50

***

0.78

1.22

1.24

0.53

-0.02

11

May

2023

-0.08

-3.00

-1.11

-0.91

-0.72

4.53

-0.11

-3.44

-0.98

***

-0.04

-2.66

-1.52

-0.87

-0.72

Jun

2023

6.62

4.62

3.56

0.07

0.77

8.85

6.81

4.45

-0.26

***

6.36

4.75

3.17

0.30

0.77

Jul

2023

3.51

3.59

2.29

0.33

0.21

5.62

3.58

3.98

-0.01

***

3.41

3.29

2.02

0.56

0.22

Aug

2023

-2.05

-4.08

-1.80

-0.41

-1.15

-4.70

-2.07

-4.42

-0.46

***

-2.03

-3.81

-1.56

-0.37

-1.18

Sep

2023

-4.72

-3.79

-3.48

-1.80

-2.70

-7.75

-4.81

-3.33

-2.05

***

-4.60

-4.14

-3.12

-1.63

-2.74

Oct

2023

-2.88

-3.44

-2.16

-1.14

-1.36

-5.16

-2.83

-3.57

-1.13

***

-2.94

-3.34

-1.92

-1.15

-1.41

Nov

2023

9.11

8.37

6.54

3.68

5.90

***

9.26

8.37

3.82

***

8.91

8.37

6.15

3.58

5.96

Dec

2023

5.61

5.02

4.43

3.13

2.39

8.37

5.62

4.98

3.33

***

5.58

5.06

4.15

2.98

2.42

May 17, 2024

Analytics Office

4

Fund Portfolio Investments by Category

4.1

All Funds

Table 4.1: Aggregate Gross Value of Fund Investments by Investment

Category ($Billions)

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

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

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

Investment Type

Common Equity

Registered Fund

Corporate Debt

US Treasury Debt

Mortgage-Backed Security

Municipal Debt

STIV

Non US Sovereign Debt

Loan

Other Asset-Backed Security

Collateralized Obligation

Repurchase Agreement

Preferred Equity

Rate Derivative

Private Fund

Equity Derivative

Cash

Other Debt

FX Derivative

Structured Note

Other Types

Commodity

Commodity Derivative

Credit Derivative

Asset-Backed CP

Other Derivative

Total

Jan

2023

18,981

2,386

2,230

1,741

1,243

1,005

806

362

198

152

157

109

113

90

76

72

89

58

26

22

16

***

8

5

***

2

29,956

Feb

2023

18,407

2,313

2,168

1,740

1,199

982

800

349

194

154

157

123

108

94

77

63

88

55

31

22

16

***

6

4

***

2

29,161

Mar

2023

18,748

2,360

2,183

1,805

1,293

993

798

362

186

155

156

126

104

92

77

71

87

60

24

20

16

***

6

4

***

2

29,739

Apr

2023

18,911

2,389

2,198

1,797

1,272

995

832

367

186

156

156

122

103

87

78

68

88

65

24

20

16

***

7

4

***

2

29,951

May

2023

18,729

2,355

2,182

1,770

1,303

986

797

358

179

157

157

109

101

84

76

70

87

62

36

20

16

***

8

4

***

1

29,656

12

Jun

2023

19,862

2,443

2,195

1,777

1,301

994

773

368

182

158

159

120

103

90

78

77

84

58

25

21

16

***

6

5

***

1

30,904

Jul

2023

20,567

2,492

2,209

1,788

1,309

999

784

372

185

159

161

114

104

92

79

86

79

58

21

21

17

***

7

5

***

1

31,721

Aug

2023

20,002

2,441

2,192

1,791

1,316

985

768

365

185

163

162

106

100

85

79

74

74

56

25

21

17

***

6

4

***

1

31,031

Sep

2023

19,063

2,343

2,141

1,765

1,302

952

775

353

190

165

166

103

96

97

79

68

86

56

25

22

17

***

10

3

***

1

29,886

Oct

2023

18,475

2,270

2,096

1,742

1,307

931

746

347

186

171

165

97

92

105

79

70

84

50

19

21

16

***

5

3

***

1

29,090

Nov

2023

20,137

2,438

2,208

1,783

1,395

980

750

368

188

173

169

104

98

81

81

76

82

50

27

22

18

***

9

4

***

1

31,254

Dec

2023

21,241

2,545

2,263

1,840

1,425

1,002

733

379

191

173

172

104

102

97

82

82

81

50

25

22

17

***

6

5

***

1

32,650

May 17, 2024

Analytics Office

Table 4.2: Number of Funds Reporting Gross Value of Each Investment

Category, With an Aggregate Gross Value Exceeding Five

Percent of Net Assets

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

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

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

“Total” row below indicates the number of Funds, and not the sum of the preceding rows.

Investment Type

Common Equity

Registered Fund

Corporate Debt

US Treasury Debt

Mortgage-Backed Security

Municipal Debt

STIV

Non US Sovereign Debt

Loan

Other Asset-Backed Security

Collateralized Obligation

Repurchase Agreement

Preferred Equity

Rate Derivative

Private Fund

Equity Derivative

Cash

Other Debt

FX Derivative

Structured Note

Other Types

Commodity

Commodity Derivative

Credit Derivative

Asset-Backed CP

Other Derivative

Total

Jan

2023

7,130

2,358

2,263

1,767

1,196

811

2,128

467

371

473

473

508

244

227

433

594

709

159

83

***

22

***

46

***

***

14

12,607

Feb

2023

7,125

2,337

2,257

1,762

1,197

812

2,174

474

374

479

478

532

245

231

445

561

665

166

88

24

18

***

44

***

***

15

12,601

Mar

2023

7,119

2,354

2,241

1,776

1,205

813

2,162

472

372

482

473

529

234

225

437

594

645

188

65

24

***

10

41

***

***

***

12,614

Apr

2023

7,096

2,353

2,232

1,780

1,194

806

2,126

459

373

487

467

508

231

211

445

576

617

200

80

23

17

***

47

***

***

12

12,588

May

2023

7,094

2,328

2,243

1,762

1,211

807

2,060

455

373

489

478

490

230

192

415

570

644

174

88

23

19

***

62

***

***

13

12,614

13

Jun

2023

7,100

2,327

2,246

1,761

1,209

801

2,009

452

378

489

479

491

225

192

416

558

591

173

72

24

***

10

47

***

***

***

12,595

Jul

2023

7,102

2,319

2,241

1,775

1,214

801

1,947

457

376

496

485

462

219

190

422

619

589

170

76

25

27

***

55

***

***

15

12,599

Aug

2023

7,107

2,301

2,242

1,801

1,220

799

1,883

452

381

499

493

473

232

177

422

580

557

160

79

25

22

***

39

10

***

13

12,595

Sep

2023

7,119

2,327

2,236

1,839

1,221

797

2,025

441

379

513

504

479

213

218

426

594

596

169

62

***

***

10

48

***

***

***

12,647

Oct

2023

7,084

2,283

2,237

1,810

1,230

793

2,035

431

379

521

506

482

212

228

434

587

565

147

74

23

23

***

34

***

***

14

12,601

Nov

2023

7,108

2,281

2,223

1,769

1,231

792

1,957

427

367

519

495

484

208

172

431

565

535

148

74

23

21

***

41

***

***

12

12,591

Dec

2023

7,120

2,252

2,222

1,787

1,229

791

1,800

422

364

500

493

471

206

203

392

535

539

165

77

***

***

11

47

***

***

***

12,596

May 17, 2024

4.2

Analytics Office

Mutual Funds3

Table 4.3: Aggregate Gross Value of Mutual Fund Investments by

Investment Category ($Billions)

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

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

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

Investment Type

Common Equity

Registered Fund

Corporate Debt

Mortgage-Backed Security

US Treasury Debt

Municipal Debt

STIV

Non US Sovereign Debt

Other Types

Other Asset-Backed Security

Collateralized Obligation

Loan

Repurchase Agreement

Cash

Preferred Equity

Private Fund

Total

Jan

2023

13,530

2,338

1,712

1,101

1,206

808

636

279

230

145

142

143

86

72

62

23

22,513

Feb

2023

13,119

2,267

1,672

1,059

1,207

791

636

270

227

146

141

138

101

71

60

23

21,928

Mar

2023

13,368

2,313

1,687

1,146

1,236

800

628

281

227

147

140

131

103

65

58

22

22,354

Apr

2023

13,476

2,342

1,691

1,126

1,224

801

656

284

225

148

140

130

99

67

56

24

22,487

May

2023

13,331

2,308

1,679

1,155

1,197

793

624

277

231

148

140

125

88

66

55

23

22,240

Jun

2023

14,100

2,393

1,686

1,150

1,194

799

611

284

222

149

142

126

99

65

56

24

23,099

Jul

2023

14,545

2,440

1,693

1,157

1,206

802

617

286

226

149

143

128

93

62

56

24

23,626

Aug

2023

14,138

2,390

1,683

1,164

1,206

791

602

281

212

152

143

128

84

57

54

23

23,107

Sep

2023

13,454

2,294

1,646

1,151

1,174

762

610

272

222

154

145

130

81

66

51

23

22,235

Oct

2023

13,023

2,221

1,616

1,155

1,145

743

585

268

220

159

144

126

75

67

49

23

21,619

Nov

2023

14,124

2,383

1,690

1,233

1,171

777

589

281

205

160

147

126

85

63

52

23

23,108

Dec

2023

14,823

2,486

1,717

1,253

1,214

793

577

290

222

161

149

126

87

62

54

23

24,037

Table 4.4: Number of Mutual Funds Reporting Gross Value of Each

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

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

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

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

“Total” row below indicates the number of Mutual Funds, and not the sum of the preceding rows.

Investment Type

Common Equity

Registered Fund

Corporate Debt

Mortgage-Backed Security

US Treasury Debt

Municipal Debt

STIV

Non US Sovereign Debt

Other Types

Other Asset-Backed Security

Collateralized Obligation

Loan

Repurchase Agreement

Cash

Preferred Equity

Private Fund

Total

Jan

2023

5,091

2,027

1,715

1,022

1,422

613

1,595

376

583

397

365

224

336

443

122

137

9,034

Feb

2023

5,074

2,010

1,714

1,025

1,420

614

1,610

382

575

401

369

227

358

414

122

138

9,021

Mar

2023

5,078

2,025

1,709

1,033

1,439

614

1,574

382

616

403

362

224

363

388

114

128

9,010

Apr

2023

5,053

2,031

1,701

1,021

1,439

609

1,569

369

614

406

356

224

351

382

112

141

8,987

May

2023

5,048

2,007

1,706

1,035

1,411

608

1,493

365

576

407

365

224

339

388

109

130

8,995

Jun

2023

5,043

2,008

1,701

1,034

1,411

604

1,452

362

558

410

366

226

336

353

105

124

8,955

Jul

2023

5,041

1,998

1,697

1,034

1,414

600

1,407

363

595

412

366

223

316

338

102

137

8,946

Aug

2023

5,028

1,981

1,697

1,036

1,429

599

1,375

363

529

411

369

229

327

324

111

140

8,917

Sep

2023

5,019

2,000

1,685

1,034

1,441

595

1,455

355

582

424

377

226

334

342

102

135

8,908

Oct

2023

5,003

1,941

1,684

1,040

1,386

593

1,449

346

522

426

382

225

329

306

98

135

8,834

Nov

2023

4,991

1,923

1,671

1,036

1,346

591

1,385

340

471

424

367

216

331

286

100

139

8,782

Dec

2023

4,979

1,896

1,663

1,029

1,363

589

1,260

337

519

406

364

212

332

276

97

112

8,750

3

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

capitalized terms used in this report.

14

May 17, 2024

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

Other Types

Registered Fund

Preferred Equity

Loan

Cash

Collateralized Obligation

Other Asset-Backed Security

Repurchase Agreement

Total

Jan

2023

5,318

530

456

123

161

107

79

67

39

39

13

13

7

5

8

6,966

Feb

2023

5,160

528

437

121

156

104

75

65

38

38

12

13

8

5

8

6,766

Mar

2023

5,251

565

438

126

162

106

77

67

38

36

11

17

8

5

8

6,918

Apr

2023

5,306

569

449

127

167

107

79

67

39

36

11

17

8

5

9

6,995

May

2023

5,272

569

445

129

164

107

77

68

39

36

10

17

8

6

7

6,953

Jun

2023

5,631

578

451

132

152

109

80

75

41

37

11

15

9

6

7

7,332

Jul

2023

5,887

577

457

133

158

111

82

82

43

38

11

13

9

7

7

7,615

Aug

2023

5,733

581

451

133

157

110

80

76

43

36

11

12

10

7

7

7,448

Sep

2023

5,483

585

437

131

156

108

77

77

41

35

12

16

11

8

6

7,182

Oct

2023

5,331

592

423

132

149

109

76

72

41

34

12

14

11

8

8

7,011

Nov

2023

5,883

607

459

142

150

120

83

84

46

37

12

15

12

9

6

7,665

Dec

2023

6,284

621

484

151

145

123

86

84

50

38

14

14

13

9

4

8,121

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

Other Types

Registered Fund

Preferred Equity

Loan

Cash

Collateralized Obligation

Other Asset-Backed Security

Repurchase Agreement

Total

Jan

2023

1,857

302

333

101

424

71

58

585

283

53

24

204

37

45

110

2,921

Feb

2023

1,871

300

329

102

434

72

59

593

281

54

24

191

37

45

112

2,928

Mar

2023

1,868

296

322

101

462

74

58

586

281

53

24

203

39

45

***

2,952

Apr

2023

1,872

305

322

103

435

74

58

581

276

52

24

185

40

46

102

2,954

May

2023

1,873

312

325

105

444

76

57

586

274

52

24

200

42

46

***

2,970

15

Jun

2023

1,886

317

330

105

436

75

56

580

274

56

24

194

41

44

***

2,986

Jul

2023

1,887

332

332

109

414

79

60

611

273

54

23

185

48

48

***

3,005

Aug

2023

1,899

338

335

113

403

78

57

607

274

55

22

179

51

53

***

3,033

Sep

2023

1,918

360

342

115

443

80

54

619

281

51

22

201

53

55

***

3,088

Oct

2023

1,903

385

346

119

441

81

55

663

296

53

21

211

51

60

***

3,121

Nov

2023

1,934

385

348

124

439

82

57

642

311

54

20

195

54

60

***

3,165

Dec

2023

1,956

390

352

128

421

83

57

609

308

54

20

210

53

59

***

3,201

May 17, 2024

4.4

Analytics Office

Closed-End Funds4

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

Investment Category ($Billions)

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

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

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

Investment Type

Common Equity

Municipal Debt

Other Types

Corporate Debt

Loan

Mortgage-Backed Security

Repurchase Agreement

STIV

Preferred Equity

Collateralized Obligation

Registered Fund

US Treasury Debt

Cash

Other Asset-Backed Security

Non US Sovereign Debt

Total

Jan

2023

133

90

64

61

42

19

15

9

11

8

9

5

4

2

4

477

Feb

2023

128

87

64

60

43

19

14

9

11

8

8

5

4

3

4

466

Mar

2023

129

87

65

58

43

20

15

9

10

8

8

5

4

3

4

467

Apr

2023

129

87

64

58

45

20

14

9

11

8

8

5

4

3

4

469

May

2023

126

86

65

58

43

19

14

9

10

8

8

5

4

3

4

463

Jun

2023

131

87

66

58

45

19

14

9

10

9

8

5

4

3

4

473

Jul

2023

135

86

66

59

46

19

14

10

10

9

8

5

4

3

4

480

Aug

2023

131

85

67

58

46

20

15

10

10

9

9

5

4

3

4

476

Sep

2023

125

81

68

58

48

20

16

10

10

9

8

5

4

3

4

469

Oct

2023

121

79

67

57

48

20

14

12

9

9

8

5

4

3

4

459

Nov

2023

130

84

69

59

50

20

13

11

10

10

9

5

4

3

4

481

Dec

2023

133

86

70

62

51

21

13

11

10

10

9

5

5

3

3

493

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

Municipal Debt

Other Types

Corporate Debt

Loan

Mortgage-Backed Security

Repurchase Agreement

STIV

Preferred Equity

Collateralized Obligation

Registered Fund

US Treasury Debt

Cash

Other Asset-Backed Security

Non US Sovereign Debt

Total

Jan

2023

236

128

162

224

123

75

62

111

69

71

48

52

62

31

35

652

Feb

2023

233

127

161

223

123

72

62

130

69

72

46

51

60

33

35

652

Mar

2023

227

126

166

219

124

73

55

127

67

72

48

50

54

34

34

652

Apr

2023

224

124

166

218

125

72

55

123

67

71

46

45

51

35

34

647

May

2023

227

124

165

221

125

73

52

124

69

71

47

48

57

36

35

649

Jun

2023

225

123

167

224

128

72

59

124

64

72

45

42

44

35

36

654

Jul

2023

228

123

164

221

130

73

56

127

63

71

48

38

66

36

36

648

Aug

2023

233

123

165

219

130

73

56

106

66

73

46

43

54

35

34

645

Sep

2023

235

123

172

218

131

74

55

127

60

74

***

47

53

34

34

651

Oct

2023

232

120

171

216

133

73

56

147

61

73

46

48

48

35

32

646

Nov

2023

237

120

165

213

131

73

53

134

54

74

47

47

55

35

32

644

Dec

2023

238

120

163

216

132

74

53

120

55

76

***

43

53

35

30

645

4

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

for definitions of other capitalized terms used in this report.

16

May 17, 2024

4.5

Analytics Office

Non-Index Funds

Table 4.9: Aggregate Gross Value of Non-Index Fund Investments by

Investment Category ($Billions)

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

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

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

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

Investment Type

Common Equity

Registered Fund

Corporate Debt

Mortgage-Backed Security

Municipal Debt

US Treasury Debt

STIV

Other Types

Loan

Other Asset-Backed Security

Collateralized Obligation

Non US Sovereign Debt

Repurchase Agreement

Cash

Preferred Equity

Total

Jan

2023

9,517

2,296

1,602

991

901

786

604

326

194

151

155

162

97

77

71

17,928

Feb

2023

9,223

2,226

1,566

951

881

785

607

323

190

152

155

158

112

75

69

17,472

Mar

2023

9,374

2,272

1,570

1,036

890

800

599

327

182

153

154

160

115

67

66

17,764

Apr

2023

9,436

2,299

1,574

1,015

891

788

628

327

183

154

154

161

109

68

64

17,850

May

2023

9,314

2,266

1,565

1,047

883

762

602

333

176

155

154

155

97

68

63

17,638

Jun

2023

9,831

2,348

1,569

1,043

889

761

586

328

178

156

157

159

108

67

63

18,244

Jul

2023

10,135

2,395

1,575

1,047

893

769

589

340

181

157

158

161

102

65

63

18,630

Aug

2023

9,839

2,346

1,566

1,056

880

770

577

323

181

161

159

158

94

62

61

18,232

Sep

2023

9,359

2,254

1,535

1,048

849

751

585

336

185

163

163

152

94

68

58

17,599

Oct

2023

9,049

2,183

1,510

1,057

827

731

566

333

181

169

162

146

85

71

56

17,126

Nov

2023

9,810

2,342

1,575

1,131

867

741

570

327

183

171

166

152

93

64

59

18,250

Dec

2023

10,285

2,442

1,598

1,149

886

768

555

345

185

171

169

157

97

63

61

18,931

Table 4.10: Number of Non-Index Funds Reporting Gross Value of Each

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

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

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

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

Index fund indication drawn from Form N-CEN, Item C.3. The “Total” row below indicates the number

of Non-Index Funds, and not the sum of the preceding rows.

Investment Type

Common Equity

Registered Fund

Corporate Debt

Mortgage-Backed Security

Municipal Debt

US Treasury Debt

STIV

Other Types

Loan

Other Asset-Backed Security

Collateralized Obligation

Non US Sovereign Debt

Repurchase Agreement

Cash

Preferred Equity

Total

Jan

2023

5,280

2,176

2,034

1,131

771

1,535

1,753

1,080

368

470

473

420

290

590

205

10,060

Feb

2023

5,270

2,160

2,029

1,131

771

1,532

1,818

1,080

371

476

478

427

316

549

205

10,059

Mar

2023

5,272

2,177

2,017

1,139

770

1,547

1,793

1,091

369

479

473

426

301

515

194

10,068

Apr

2023

5,252

2,178

2,008

1,128

763

1,546

1,769

1,129

370

484

467

413

291

505

193

10,056

May

2023

5,254

2,152

2,018

1,145

763

1,535

1,709

1,092

370

487

478

410

275

532

192

10,082

17

Jun

2023

5,259

2,151

2,020

1,143

757

1,531

1,660

1,061

375

487

479

409

277

471

184

10,063

Jul

2023

5,262

2,146

2,015

1,148

758

1,544

1,634

1,118

373

495

485

412

258

478

179

10,069

Aug

2023

5,266

2,132

2,016

1,154

755

1,563

1,564

1,072

379

496

493

407

261

446

192

10,062

Sep

2023

5,274

2,159

2,011

1,155

753

1,587

1,681

1,125

377

510

504

400

272

479

177

10,101

Oct

2023

5,256

2,112

2,012

1,165

749

1,556

1,689

1,095

377

518

506

389

264

450

177

10,064

Nov

2023

5,295

2,106

2,004

1,167

750

1,530

1,618

1,044

365

517

495

386

269

425

171

10,073

Dec

2023

5,311

2,088

2,004

1,165

750

1,540

1,494

1,050

362

498

493

381

272

426

171

10,101

May 17, 2024

4.6

Analytics Office

Index Funds

Table 4.11: Aggregate Gross Value of Index Fund Investments by

Investment Category ($Billions)

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

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

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

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

Investment Type

Common Equity

US Treasury Debt

Corporate Debt

Mortgage-Backed Security

Non US Sovereign Debt

STIV

Municipal Debt

Registered Fund

Other Types

Preferred Equity

Cash

Repurchase Agreement

Loan

Collateralized Obligation

Other Asset-Backed Security

Total

Jan

2023

9,464

955

628

252

200

202

104

90

58

42

12

12

***

***

2

12,027

Feb

2023

9,185

955

602

248

191

194

101

87

56

40

13

11

***

***

2

11,689

Mar

2023

9,375

1,006

613

257

202

200

103

89

55

38

20

10

***

***

2

11,975

Apr

2023

9,475

1,009

624

258

206

203

104

90

52

39

20

13

***

***

2

12,101

May

2023

9,415

1,008

618

256

202

195

103

89

54

38

20

12

3

2

2

12,018

Jun

2023

10,030

1,016

626

258

209

186

105

95

58

40

18

11

***

***

2

12,659

Jul

2023

10,431

1,019

634

262

212

196

106

97

58

41

14

12

***

***

2

13,091

Aug

2023

10,163

1,022

626

260

208

191

105

96

56

39

12

12

***

***

2

12,799

Sep

2023

9,703

1,014

606

254

201

190

103

90

53

38

18

9

***

***

2

12,288

Oct

2023

9,426

1,011

587

250

201

179

104

87

49

36

14

11

***

***

2

11,964

Nov

2023

10,327

1,042

633

264

215

180

113

96

55

39

18

11

***

***

2

13,004

Dec

2023

10,956

1,072

665

276

222

179

116

103

54

41

17

8

***

***

2

13,720

Table 4.12: Number of Index Funds Reporting Gross Value of Each

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

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

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

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

Index fund indication drawn from Form N-CEN, Item C.3. The “Total” row below indicates the number

of Index Funds, and not the sum of the preceding rows.

Investment Type

Common Equity

US Treasury Debt

Corporate Debt

Mortgage-Backed Security

Non US Sovereign Debt

STIV

Municipal Debt

Registered Fund

Other Types

Preferred Equity

Cash

Repurchase Agreement

Loan

Collateralized Obligation

Other Asset-Backed Security

Total

Jan

2023

1,850

232

229

65

47

375

***

182

375

39

119

218

***

0

***

2,547

Feb

2023

1,855

230

228

66

47

356

41

177

373

40

116

216

***

0

***

2,542

Mar

2023

1,847

229

224

66

46

369

43

177

392

40

130

***

***

0

***

2,546

Apr

2023

1,844

234

224

66

46

357

43

175

361

38

112

217

***

0

***

2,532

May

2023

1,840

227

225

66

45

351

44

176

351

38

112

215

***

0

***

2,532

18

Jun

2023

1,841

230

226

66

43

349

44

176

356

41

120

***

***

0

***

2,532

Jul

2023

1,840

231

226

66

45

313

43

173

375

40

111

204

***

0

***

2,530

Aug

2023

1,841

238

226

66

45

319

44

169

355

40

111

212

***

0

***

2,533

Sep

2023

1,845

252

225

66

41

344

44

168

368

36

117

***

***

0

***

2,546

Oct

2023

1,828

254

225

65

42

346

44

171

381

35

115

218

***

0

***

2,537

Nov

2023

1,813

239

219

64

41

339

42

175

358

37

110

215

***

0

***

2,518

Dec

2023

1,809

247

218

64

41

306

41

164

339

35

113

***

***

0

***

2,495

May 17, 2024

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

Other Types

Preferred Equity

Registered Fund

Cash

Repurchase Agreement

US Treasury Debt

Corporate Debt

Loan

Total

Jan

2023

13,912

262

65

50

27

18

***

8

6

***

14,366

Feb

2023

13,528

250

62

49

24

20

17

7

6

0

13,965

Mar

2023

13,770

251

66

48

24

21

16

7

***

***

14,208

Apr

2023

13,874

255

68

47

25

21

***

6

6

***

14,318

May

2023

13,831

241

71

46

24

20

***

6

6

***

14,260

Jun

2023

14,730

245

72

46

26

24

17

5

***

***

15,171

Jul

2023

15,258

245

79

46

24

19

***

5

6

***

15,698

Aug

2023

14,899

231

74

45

27

19

***

5

6

***

15,323

Sep

2023

14,179

238

72

43

24

23

14

6

***

***

14,606

Oct

2023

13,772

227

74

42

23

27

13

5

6

1

14,190

Nov

2023

15,047

235

79

44

24

21

15

6

6

1

15,480

Dec

2023

15,907

231

85

46

26

20

16

7

***

***

16,345

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

Other Types

Preferred Equity

Registered Fund

Cash

Repurchase Agreement

US Treasury Debt

Corporate Debt

Loan

Total

Jan

2023

4,131

480

434

58

96

147

87

71

31

***

4,348

Feb

2023

4,133

492

424

58

100

143

90

72

36

***

4,355

Mar

2023

4,135

478

455

59

109

141

95

78

35

3

4,367

Apr

2023

4,122

476

458

55

113

150

77

73

36

***

4,358

May

2023

4,124

488

436

56

98

140

85

72

41

***

4,351

19

Jun

2023

4,132

465

426

51

104

122

85

74

39

3

4,360

Jul

2023

4,132

411

449

47

97

121

68

71

38

***

4,363

Aug

2023

4,142

404

438

54

99

124

78

72

34

***

4,380

Sep

2023

4,158

439

462

50

121

136

77

78

34

3

4,406

Oct

2023

4,151

466

451

52

97

129

83

57

38

***

4,378

Nov

2023

4,160

420

433

50

89

120

81

47

33

***

4,389

Dec

2023

4,174

377

445

50

87

114

***

48

32

1

4,405

May 17, 2024

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

Other Types

STIV

Loan

Other Asset-Backed Security

Collateralized Obligation

Repurchase Agreement

Total

Jan

2023

1,960

1,564

1,133

341

287

289

182

138

142

78

6,114

Feb

2023

1,904

1,572

1,096

328

285

294

179

139

142

90

6,030

Mar

2023

1,917

1,635

1,181

342

277

274

170

140

142

94

6,172

Apr

2023

1,932

1,632

1,161

347

276

301

171

141

141

88

6,190

May

2023

1,918

1,612

1,192

339

280

295

163

142

142

79

6,161

Jun

2023

1,928

1,620

1,194

348

278

267

166

143

144

86

6,174

Jul

2023

1,940

1,629

1,201

352

278

278

169

144

145

84

6,220

Aug

2023

1,923

1,624

1,208

346

262

284

169

147

146

76

6,185

Sep

2023

1,881

1,597

1,192

335

281

281

173

149

149

76

6,113

Oct

2023

1,841

1,582

1,194

330

268

275

169

155

148

70

6,033

Nov

2023

1,937

1,625

1,270

350

264

268

172

157

152

76

6,270

Dec

2023

1,989

1,675

1,308

361

280

255

174

158

154

76

6,431

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

Other Types

STIV

Loan

Other Asset-Backed Security

Collateralized Obligation

Repurchase Agreement

Total

Jan

2023

1,825

1,281

1,016

410

817

761

328

455

448

296

2,614

Feb

2023

1,816

1,273

1,018

416

796

753

329

460

452

307

2,607

Mar

2023

1,806

1,270

1,021

410

806

726

331

463

447

302

2,611

Apr

2023

1,801

1,268

1,014

398

803

730

331

468

442

298

2,611

May

2023

1,813

1,263

1,028

395

806

695

332

472

452

277

2,626

20

Jun

2023

1,813

1,273

1,031

393

798

687

339

473

453

297

2,638

Jul

2023

1,811

1,281

1,034

396

812

710

332

482

458

292

2,629

Aug

2023

1,808

1,304

1,035

395

763

666

335

485

463

287

2,627

Sep

2023

1,805

1,332

1,039

385

811

696

333

495

471

296

2,645

Oct

2023

1,803

1,345

1,047

376

807

688

333

504

473

290

2,651

Nov

2023

1,798

1,333

1,050

374

783

722

324

503

463

296

2,658

Dec

2023

1,798

1,352

1,053

373

796

665

320

486

464

297

2,652

May 17, 2024

4.9

Analytics Office

Multi-Asset Funds

Table 4.17: Aggregate Gross Value of Multi-Asset Fund Investments by

Investment Category ($Billions)

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

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

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

Investment Type

Registered Fund

Common Equity

Corporate Debt

Other Types

US Treasury Debt

STIV

Mortgage-Backed Security

Loan

Non US Sovereign Debt

Preferred Equity

Total

Jan

2023

2,326

988

258

207

165

143

110

16

18

17

4,247

Feb

2023

2,258

957

253

201

158

136

102

15

17

16

4,114

Mar

2023

2,304

965

255

206

161

141

111

15

17

15

4,189

Apr

2023

2,330

973

255

198

156

145

111

15

16

14

4,214

May

2023

2,298

952

253

198

150

141

111

15

16

14

4,147

Jun

2023

2,384

996

257

203

149

138

106

15

16

13

4,277

Jul

2023

2,437

1,015

258

205

151

142

107

15

16

13

4,360

Aug

2023

2,382

983

256

201

158

134

108

15

16

13

4,266

Sep

2023

2,287

934

249

198

158

128

110

16

15

12

4,107

Oct

2023

2,216

897

243

197

151

128

112

16

14

12

3,984

Nov

2023

2,382

951

256

198

147

136

124

15

15

12

4,237

Dec

2023

2,487

996

261

203

153

137

117

16

15

12

4,397

Table 4.18: Number of Multi-Asset Funds Reporting Gross Value of Each

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

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

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

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

“Total” row below indicates the number of Multi-Asset Funds, and not the sum of the preceding

rows.

Investment Type

Registered Fund

Common Equity

Corporate Debt

Other Types

US Treasury Debt

STIV

Mortgage-Backed Security

Loan

Non US Sovereign Debt

Preferred Equity

Total

Jan

2023

2,105

782

387

686

387

622

176

40

50

57

2,765

Feb

2023

2,091

780

385

695

389

634

175

42

50

55

2,756

Mar

2023

2,087

777

382

687

409

637

178

38

54

50

2,754

Apr

2023

2,089

763

379

659

416

593

175

39

51

50

2,738

May

2023

2,084

750

371

676

404

593

178

38

50

49

2,753

21

Jun

2023

2,077

746

376

636

394

555

173

36

52

48

2,710

Jul

2023

2,084

748

376

635

394

546

176

41

54

48

2,721

Aug

2023

2,067

741

381