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Division of Investment Management
Analytics Office
Registered Fund Statistics
Form N-PORT and Form N-CEN Data, period ending September 2025
This is a report of the Staff of the Division of Investment Management’s Analytics Office of the U.S.
Securities and Exchange Commission. The Commission has expressed no view regarding the analysis,
findings, or conclusions contained herein.
Information presented in this report reflects staff’s compilation and analysis of data reported to
the Commission on Form N-PORT, certain other filings (e.g., Form N-CEN), and supplemental
third-party data. The presented information does not reflect any filings or amended filings
submitted after January 29, 2026.
September 2025
Analytics Office
Introduction
This report provides statistics and trends for SEC-registered investment companies that file
reports of portfolio holdings on Form N-PORT each month, reflecting data collected from Form
N-PORT and Form N-CEN filings received through January 29, 2026, for reporting periods from
October 2024 through September 2025. A downloadable Excel file published alongside this report
provides the most recently updated historical data beginning with the March 2019 reporting period
for Large Entities, and beginning with the March 2020 reporting period for non-Large Entities.1 The
table below provides information on investment companies which are required to file on Form
N-PORT and are captured in this report.
Fund Type
Mutual Funds registered on Form N-1A (excluding money market funds)
Exchange-Traded Funds (ETFs) registered on
Form N-1A, or as a unit investment trust on
Form N-8B-2
Closed-End Funds registered on Form N-2 as a
management investment company (including interval funds and non-traded funds registered on
Form N-2)
Seperate accounts offering variable annuity contracts on Form N-3
Business Development Companies (BDCs)
Money Market Funds regulated under rule 2a-7
Small business investment companies registered
on Form N-5
Unit Investment Trusts registered on Form N-4
or N-6
Unit Investment Trusts registered on Forms S-6
and N-8B-2 (excluding ETFs)
Required to File Form N-PORT?
Yes
No
X
X
X
X
X
X
X
X
X
For information and statistics relating to investment companies and advisers that are not
presented in this report, please see SEC.gov for additional reports of the Division of Investment
Management’s Analytics Office.
1
Please see the Appendix to this report for definitions of capitalized terms and other technical descriptions including
explanation of consensus categories, prevalent asset classes, and techniques used to minimize the effects of outliers.
1
September 2025
Analytics Office
Funds must file reports on Form N-PORT with the Commission for each month in the fiscal
quarter not later than 60 days after the end of that fiscal quarter. As a result, a complete picture of
registered fund exposures for a given calendar quarter is therefore not available to Commission Staff
until approximately four months following the end of that period. Many funds must file Form
N-CEN within 75 days after the end of their respective fiscal years. As funds have different fiscal
years, information filed on Form N-CEN may be asynchronous across funds.
Additionally, Funds may file amendments to previously filed reports on Form N-CEN and Form
N-PORT at any time, including amendments to correct mistakes or errors in previously filed reports
— for more details, see the Form N-CEN and Form N-PORT General Instructions. This report
utilizes the most recently reported data for each fund for a given report period, based on Form
N-PORT filings received through January 29, 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
(September 2025), please contact: Tim Dulaney, PhD, Juan Carlos Forero Penaranda, or
Trevor Tatum with subject line “Registered Fund Statistics (September 2025)”.
2
September 2025
Analytics Office
Contents
1 Number of Funds
4
2 Total Fund Assets
5
3 Flows and Returns
9
4 Fund Portfolio Investments by Category
12
5 Fund Portfolio Investments by Currency
24
6 Fund Portfolio Investments by Country
25
7 Fund Derivative Investments
27
8 Liquidity Classifications
31
9 Fair Value Levels
35
10 Interest Rate Risk
41
11 Securities Lending
43
12 Borrowing
47
13 Appendices
48
3
September 2025
1
Analytics Office
Number of Funds2
Table 1.1: Number of Funds, by Fund Type and Prevalent Asset Class
This table includes fund of funds. “Fund of fund” is defined in the appendix.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Prevalent Asset Class
US Equity
Multi-Asset
Taxable Bond
Global Equity
Municipal Bond
Subtotal
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
Taxable Bond
Multi-Asset
Municipal Bond
US Equity
Global Equity
Subtotal
Total
Oct
2024
2,889
2,014
1,712
1,322
534
8,471
1,614
827
691
389
104
3,625
207
196
118
89
48
658
12,754
Nov
2024
2,905
2,023
1,721
1,319
534
8,502
1,636
826
694
397
110
3,663
207
196
117
89
47
656
12,821
Dec
2024
2,894
2,021
1,722
1,316
534
8,487
1,668
843
703
431
109
3,754
207
198
118
87
48
658
12,899
Jan
2025
2,895
2,015
1,720
1,306
534
8,470
1,693
852
700
449
111
3,805
210
199
117
91
47
664
12,939
Feb
2025
2,889
1,996
1,713
1,296
532
8,426
1,710
867
708
462
112
3,859
213
200
117
91
46
667
12,952
Mar
2025
2,883
1,989
1,709
1,295
533
8,409
1,728
891
709
483
117
3,928
212
203
118
92
45
670
13,007
Apr
2025
2,870
1,979
1,706
1,282
528
8,365
1,756
893
707
499
122
3,977
216
200
118
93
48
675
13,017
May
2025
2,868
1,972
1,702
1,275
524
8,341
1,778
897
710
508
125
4,018
219
201
117
94
48
679
13,038
Jun
2025
2,864
1,968
1,707
1,275
523
8,337
1,810
934
719
525
124
4,112
222
201
117
92
49
681
13,130
Jul
2025
2,855
1,957
1,698
1,270
521
8,301
1,847
933
714
553
126
4,173
224
204
117
94
47
686
13,160
Aug
2025
2,842
1,961
1,694
1,267
519
8,283
1,866
956
711
566
133
4,232
224
211
111
94
47
687
13,202
Sep
2025
2,829
1,945
1,694
1,268
520
8,256
1,909
949
721
591
136
4,306
226
209
111
96
47
689
13,251
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
Oct
2024
3,422
2,377
2,230
1,446
709
10,184
1,170
615
516
222
47
2,570
12,754
Nov
2024
3,438
2,381
2,226
1,447
714
10,206
1,192
613
528
235
47
2,615
12,821
Dec
2024
3,452
2,417
2,246
1,453
716
10,284
1,197
614
526
233
45
2,615
12,899
Jan
2025
3,479
2,430
2,255
1,442
715
10,321
1,200
611
527
233
47
2,618
12,939
Feb
2025
3,496
2,427
2,265
1,438
714
10,340
1,194
612
528
231
47
2,612
12,952
Mar
2025
3,512
2,446
2,277
1,438
720
10,393
1,191
611
535
229
48
2,614
13,007
Apr
2025
3,533
2,444
2,278
1,433
719
10,407
1,186
604
537
234
49
2,610
13,017
May
2025
3,554
2,454
2,279
1,431
716
10,434
1,186
602
539
227
50
2,604
13,038
Jun
2025
3,584
2,462
2,321
1,445
714
10,526
1,182
598
542
232
50
2,604
13,130
Jul
2025
3,612
2,473
2,314
1,437
714
10,550
1,184
594
541
241
50
2,610
13,160
Aug
2025
3,626
2,495
2,336
1,433
713
10,603
1,176
592
538
243
50
2,599
13,202
Sep
2025
3,657
2,504
2,329
1,441
717
10,648
1,177
595
540
241
50
2,603
13,251
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
September 2025
2
Analytics Office
Total Fund Assets3
Table 2.1: Aggregate Total Assets ($Billions), by Fund Type and
Prevalent Asset Class
This table excludes fund of funds and removes any observations with non-positive total assets (Form
N-PORT, Item B.1.a). Because funds can invest a limited amount in other funds without being
considered a fund of fund, there is some limited amount of double-counting of assets.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
US Equity
Taxable Bond
Global Equity
Municipal Bond
Multi-Asset
Subtotal
Taxable Bond
Multi-Asset
US Equity
Municipal Bond
Global Equity
Subtotal
Total
Oct
2024
11,759
4,504
3,458
1,466
814
22,000
6,499
1,717
1,453
137
88
9,894
157
115
93
86
26
477
32,371
Nov
2024
12,444
4,524
3,471
1,507
826
22,772
7,047
1,764
1,447
143
96
10,497
159
117
98
87
26
487
33,756
Dec
2024
11,884
4,429
3,343
1,461
809
21,926
6,874
1,723
1,398
140
119
10,254
163
116
93
85
25
481
32,661
Jan
2025
12,253
4,514
3,453
1,503
820
22,543
7,124
1,787
1,446
144
108
10,609
167
120
99
85
24
494
33,646
Feb
2025
11,948
4,611
3,478
1,512
830
22,379
7,045
1,850
1,483
149
109
10,635
170
122
97
85
23
498
33,512
Mar
2025
11,221
4,624
3,431
1,472
819
21,567
6,678
1,862
1,501
145
108
10,294
173
125
94
84
23
498
32,359
Apr
2025
11,124
4,599
3,499
1,465
800
21,488
6,636
1,889
1,550
147
111
10,333
176
123
92
83
24
497
32,318
May
2025
11,775
4,607
3,658
1,500
805
22,345
7,054
1,909
1,649
149
138
10,899
180
128
96
82
25
511
33,755
Jun
2025
12,304
4,679
3,791
1,505
814
23,094
7,428
1,959
1,722
154
138
11,400
184
134
99
82
27
525
35,019
Jul
2025
12,173
4,677
3,741
1,539
815
22,945
7,611
1,975
1,727
155
138
11,607
185
138
99
81
27
530
35,082
Aug
2025
12,367
4,766
3,860
1,559
818
23,370
7,839
2,034
1,813
161
152
12,000
186
143
101
81
27
538
35,909
Sep
2025
12,647
4,854
3,985
1,600
843
23,928
8,167
2,086
1,907
167
159
12,486
190
151
104
82
28
556
36,970
Table 2.2: Aggregate Index Fund and Non-Index Fund Total Assets
($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
Oct
2024
11,121
2,580
2,174
145
118
16,138
7,230
3,798
2,762
1,524
918
16,233
32,371
Nov
2024
11,942
2,620
2,170
159
123
17,015
7,647
3,827
2,773
1,561
933
16,741
33,756
Dec
2024
11,588
2,583
2,105
172
120
16,568
7,263
3,732
2,661
1,523
914
16,093
32,661
Jan
2025
11,966
2,621
2,172
164
122
17,045
7,509
3,847
2,751
1,568
926
16,601
33,646
Feb
2025
11,785
2,691
2,218
159
124
16,976
7,306
3,939
2,766
1,585
940
16,536
33,512
Mar
2025
11,137
2,691
2,230
154
120
16,332
6,856
3,968
2,724
1,552
928
16,027
32,359
Apr
2025
11,071
2,701
2,294
156
121
16,344
6,779
3,963
2,779
1,543
910
15,975
32,318
May
2025
11,750
2,709
2,420
170
121
17,169
7,176
3,988
2,912
1,596
915
16,586
33,755
Jun
2025
12,315
2,768
2,519
183
125
17,909
7,516
4,054
3,021
1,593
926
17,110
35,019
Jul
2025
12,295
2,777
2,507
182
125
17,886
7,589
4,061
2,988
1,633
926
17,196
35,082
Aug
2025
12,593
2,833
2,622
184
127
18,359
7,714
4,154
3,079
1,670
932
17,550
35,909
Sep
2025
13,020
2,888
2,738
199
131
18,976
7,898
4,241
3,182
1,710
962
17,993
36,970
As of September 2025, there are 13 N-3 funds reporting an aggregate $283 billion in net assets (roughly 1.01% of
aggregate mutual fund net assets). Additionally, there are 145 Interval Funds registered on Form N-2 reporting an
aggregate $124.75 billion in net assets (roughly 25.74% of aggregate closed-end fund net assets). Finally, there are
4 ETFs organized as Unit Investment Trusts reporting an aggregate $1,121.49 billion in net assets (roughly 9.15% of
aggregate ETF net assets).
3
5
September 2025
Analytics Office
Table 2.3: Aggregate Net Assets ($Billions), by Fund Type and
Prevalent Asset Class
This table excludes fund of funds and removes any observations with non-positive net assets (Form
N-PORT, Item B.1.c). Because funds can invest a limited amount in other funds without being
considered a fund of fund, there is some limited amount of double-counting of assets.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
US Equity
Taxable Bond
Global Equity
Municipal Bond
Multi-Asset
Subtotal
Multi-Asset
Taxable Bond
US Equity
Municipal Bond
Global Equity
Subtotal
Total
Oct
2024
11,677
4,118
3,418
1,383
791
21,387
6,414
1,620
1,423
136
81
9,674
100
111
80
57
23
371
31,432
Nov
2024
12,361
4,164
3,433
1,420
806
22,183
6,959
1,655
1,420
141
88
10,263
103
113
84
57
23
379
32,825
Dec
2024
11,818
4,123
3,309
1,382
792
21,424
6,787
1,632
1,372
140
90
10,021
101
113
80
55
22
371
31,816
Jan
2025
12,177
4,163
3,415
1,408
799
21,962
7,042
1,679
1,422
142
103
10,388
106
117
85
55
21
383
32,734
Feb
2025
11,877
4,246
3,428
1,411
809
21,771
6,966
1,740
1,455
147
98
10,406
108
119
84
56
20
386
32,563
Mar
2025
11,141
4,227
3,370
1,369
797
20,903
6,591
1,757
1,472
144
97
10,062
108
119
80
54
20
382
31,347
Apr
2025
11,045
4,195
3,435
1,356
781
20,812
6,551
1,768
1,521
146
103
10,088
107
122
78
53
21
382
31,283
May
2025
11,691
4,207
3,593
1,394
784
21,669
6,967
1,794
1,613
148
114
10,636
112
126
82
52
22
394
32,699
Jun
2025
12,206
4,295
3,722
1,415
791
22,430
7,320
1,848
1,684
152
122
11,126
116
128
84
52
23
404
33,960
Jul
2025
12,091
4,309
3,683
1,429
791
22,304
7,517
1,862
1,694
154
124
11,351
120
130
85
51
23
409
34,064
Aug
2025
12,289
4,377
3,801
1,447
798
22,711
7,742
1,917
1,779
160
126
11,724
125
131
86
51
24
417
34,852
Sep
2025
12,558
4,434
3,917
1,471
821
23,200
8,044
1,966
1,869
166
136
12,181
132
132
89
53
25
430
35,810
Table 2.4: Aggregate Index Fund and Non-Index Fund Net Assets
($Billions)
This table excludes fund of funds and removes any observations with non-positive net assets (Form
N-PORT, Item B.1.c). Index fund indication drawn from Form N-CEN, Item C.3. Because funds can invest
a limited amount in other funds without being considered a fund of fund, there is some limited
amount of double-counting of assets.
Fund Type
Index
Non-Index
Total
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Subtotal
Total
Oct
2024
11,041
2,490
2,141
137
118
15,927
7,130
3,359
2,723
1,426
867
15,505
31,432
Nov
2024
11,860
2,531
2,140
149
122
16,801
7,543
3,401
2,735
1,462
883
16,024
32,825
Dec
2024
11,509
2,498
2,075
144
120
16,345
7,174
3,370
2,629
1,430
868
15,471
31,816
Jan
2025
11,886
2,531
2,145
156
121
16,840
7,417
3,428
2,712
1,461
875
15,893
32,734
6
Feb
2025
11,708
2,602
2,188
151
123
16,772
7,219
3,503
2,715
1,466
889
15,791
32,563
Mar
2025
11,049
2,606
2,196
144
119
16,115
6,763
3,497
2,666
1,430
876
15,232
31,347
Apr
2025
10,985
2,599
2,261
147
120
16,112
6,689
3,485
2,716
1,420
860
15,170
31,283
May
2025
11,664
2,614
2,381
157
121
16,936
7,077
3,514
2,847
1,463
863
15,764
32,699
Jun
2025
12,214
2,670
2,478
167
123
17,653
7,396
3,601
2,952
1,486
872
16,307
33,960
Jul
2025
12,204
2,686
2,472
167
124
17,652
7,490
3,616
2,929
1,506
872
16,412
34,064
Aug
2025
12,504
2,738
2,585
168
126
18,122
7,613
3,687
3,019
1,530
882
16,730
34,852
Sep
2025
12,919
2,793
2,695
177
130
18,714
7,771
3,738
3,115
1,562
909
17,096
35,810
September 2025
Analytics Office
Table 2.5: Aggregate Net Assets ($Billions), by Fund Type and Bucketed
by Net Assets
This table excludes fund of funds and removes any observations with non-positive net assets (Form
N-PORT, Item B.1.c). See the appendix for a review of interval notation used here.
Fund Size
$10 billion or more
[$500 million,$10 billion)
[$50 million,$500 million)
($0,$50 million)
Total
Fund Type
Mutual Fund
ETF
Closed-End Fund
Subtotal
Mutual Fund
ETF
Closed-End Fund
Subtotal
Mutual Fund
ETF
Closed-End Fund
Subtotal
ETF
Mutual Fund
Closed-End Fund
Subtotal
Total
Oct
2024
14,600
***
***
22,152
6,188
1,909
252
8,349
577
232
79
887
20
23
1
44
31,432
Nov
2024
15,220
***
***
23,283
6,375
1,981
260
8,616
566
236
78
880
21
23
1
45
32,825
Dec
2024
14,688
7,798
40
22,527
6,139
1,966
253
8,358
573
234
76
883
23
23
2
48
31,816
Jan
2025
15,133
***
***
23,283
6,235
2,018
262
8,516
572
239
77
888
22
23
2
47
32,734
Feb
2025
14,971
***
***
23,151
6,207
2,002
265
8,475
571
243
77
891
23
22
2
47
32,563
Mar
2025
14,257
7,778
44
22,078
6,059
2,017
261
8,337
565
243
76
884
23
23
2
48
31,347
Apr
2025
14,230
***
***
22,100
5,996
1,991
259
8,246
564
247
77
889
24
22
2
48
31,283
May
2025
14,956
***
***
23,307
6,127
2,051
267
8,445
565
254
79
898
25
22
1
49
32,699
Jun
2025
15,576
8,734
46
24,356
6,271
2,106
279
8,656
561
260
77
899
26
22
2
49
33,960
Jul
2025
15,448
***
***
24,422
6,274
2,148
271
8,693
560
261
80
902
25
21
2
48
34,064
Aug
2025
15,811
***
***
25,079
6,322
2,221
279
8,822
557
267
79
903
26
21
2
48
34,852
Sep
2025
16,256
9,574
59
25,889
6,372
2,310
290
8,972
551
272
80
902
25
21
2
48
35,810
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,$50 million)
Total
Fund Type
Mutual Fund
ETF
Closed-End Fund
Subtotal
Mutual Fund
ETF
Closed-End Fund
Subtotal
Mutual Fund
ETF
Closed-End Fund
Subtotal
ETF
Mutual Fund
Closed-End Fund
Subtotal
Total
Oct
2024
354
***
***
522
2,803
802
183
3,788
2,658
1,240
339
4,237
1,232
1,061
52
2,345
10,892
Nov
2024
359
***
***
532
2,861
823
187
3,871
2,624
1,253
334
4,211
1,225
1,065
51
2,341
10,955
Dec
2024
353
166
2
521
2,791
826
186
3,803
2,654
1,258
330
4,242
1,307
1,094
59
2,460
11,026
Jan
2025
358
***
***
531
2,804
841
189
3,834
2,651
1,288
334
4,273
1,298
1,065
55
2,418
11,056
7
Feb
2025
354
***
***
530
2,790
844
192
3,826
2,653
1,313
332
4,298
1,316
1,062
56
2,434
11,088
Mar
2025
346
169
2
517
2,764
848
192
3,804
2,653
1,321
333
4,307
1,377
1,083
58
2,518
11,146
Apr
2025
346
***
***
520
2,744
847
190
3,781
2,632
1,329
344
4,305
1,414
1,087
55
2,556
11,162
May
2025
354
***
***
535
2,768
864
191
3,823
2,612
1,339
351
4,302
1,418
1,055
52
2,525
11,185
Jun
2025
359
185
2
546
2,798
885
199
3,882
2,589
1,372
343
4,304
1,445
1,047
56
2,548
11,280
Jul
2025
360
***
***
550
2,790
908
197
3,895
2,585
1,405
351
4,341
1,437
1,027
53
2,517
11,303
Aug
2025
368
***
***
560
2,809
930
202
3,941
2,568
1,433
340
4,341
1,442
995
55
2,492
11,334
Sep
2025
375
192
3
570
2,826
957
206
3,989
2,546
1,468
343
4,357
1,439
975
57
2,471
11,387
September 2025
Analytics Office
Table 2.7: Distribution of Net Assets, by Fund Type ($Billions)
This exhibit includes fund of funds and removes any observations with non-positive net assets (Form
N-PORT, Item B.1.c).
Fund Type
Mutual Fund
ETF
Closed-End Fund
Percentile
10th
25th
50th
75th
90th
10th
25th
50th
75th
90th
10th
25th
50th
75th
90th
Oct
2024
0.025
0.101
0.404
1.420
4.768
0.005
0.023
0.110
0.621
3.340
0.043
0.118
0.278
0.647
1.593
Nov
2024
0.026
0.103
0.413
1.458
4.892
0.006
0.024
0.116
0.639
3.455
0.043
0.124
0.283
0.652
1.652
Dec
2024
0.025
0.098
0.394
1.408
4.704
0.005
0.022
0.106
0.608
3.109
0.038
0.116
0.277
0.636
1.573
Jan
2025
0.025
0.101
0.403
1.454
4.829
0.006
0.023
0.109
0.601
3.259
0.041
0.119
0.280
0.643
1.643
Feb
2025
0.026
0.100
0.402
1.458
4.803
0.006
0.023
0.110
0.600
3.176
0.042
0.114
0.279
0.642
1.633
Mar
2025
0.025
0.097
0.393
1.399
4.659
0.006
0.022
0.106
0.573
3.084
0.044
0.114
0.274
0.633
1.571
Apr
2025
0.024
0.097
0.395
1.401
4.625
0.006
0.022
0.104
0.570
2.974
0.045
0.116
0.272
0.621
1.544
May
2025
0.025
0.102
0.408
1.451
4.772
0.006
0.023
0.107
0.588
3.062
0.048
0.118
0.275
0.637
1.595
Jun
2025
0.026
0.105
0.416
1.488
4.925
0.006
0.023
0.106
0.582
3.117
0.048
0.122
0.282
0.651
1.616
Jul
2025
0.026
0.106
0.421
1.511
4.980
0.006
0.024
0.107
0.582
3.085
0.050
0.125
0.282
0.645
1.624
Aug
2025
0.027
0.108
0.429
1.543
5.111
0.006
0.024
0.111
0.606
3.134
0.050
0.129
0.295
0.667
1.621
Sep
2025
0.028
0.110
0.437
1.575
5.212
0.006
0.025
0.115
0.619
3.211
0.048
0.127
0.304
0.689
1.638
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%
Oct
2024
56.11
71.09
81.78
93.02
51.48
67.03
78.46
91.20
62.51
78.76
88.98
96.78
23.01
35.63
50.21
73.26
Nov
2024
56.41
71.32
81.91
93.09
51.74
67.17
78.56
91.26
62.89
78.98
89.02
96.80
22.85
35.58
50.45
73.44
Dec
2024
56.71
71.60
82.12
93.21
51.93
67.35
78.72
91.37
63.65
79.41
89.28
96.89
23.58
36.16
50.75
73.69
Jan
2025
56.81
71.67
82.16
93.25
51.95
67.42
78.75
91.37
63.63
79.41
89.23
96.91
23.52
36.63
51.09
73.90
Feb
2025
56.82
71.69
82.19
93.26
51.83
67.39
78.72
91.36
63.64
79.40
89.28
96.90
23.58
36.74
51.13
73.84
8
Mar
2025
56.65
71.54
82.07
93.23
51.69
67.20
78.56
91.32
63.41
79.33
89.21
96.88
24.02
37.19
51.40
74.04
Apr
2025
56.77
71.67
82.16
93.27
51.73
67.27
78.62
91.33
63.68
79.50
89.26
96.90
24.53
37.67
52.07
74.07
May
2025
56.98
71.86
82.29
93.32
51.99
67.47
78.75
91.38
63.85
79.54
89.29
96.90
24.65
37.81
52.25
74.34
Jun
2025
57.27
72.09
82.48
93.42
52.21
67.67
78.91
91.46
64.21
79.78
89.45
96.95
24.58
38.23
52.49
74.48
Jul
2025
57.16
72.03
82.44
93.42
51.78
67.41
78.76
91.41
64.38
79.87
89.47
96.94
24.66
38.35
52.51
74.36
Aug
2025
57.15
72.04
82.46
93.42
51.79
67.39
78.74
91.38
64.42
79.91
89.47
96.93
24.77
38.50
52.60
74.33
Sep
2025
57.31
72.18
82.56
93.48
51.84
67.52
78.81
91.42
64.71
79.97
89.50
96.93
24.66
38.56
52.49
74.50
September 2025
Analytics Office
3
Flows and Returns
3.1
Fund Flows
Table 3.1: Aggregate Inflows, Outflows, and Net Flows of Index and NonIndex Funds ($Billions)
This table excludes flows from fund of funds (Form N-PORT, Item B.6), index fund indication drawn
from Form N-CEN, Item C.3. Since both ETFs and Mutual Funds can be index funds, both contribute to
the rows in this table.
Fund Type
All
Index
Non-Index
Flow Type
Inflow
Net
Outflow
Inflow
Net
Outflow
Inflow
Net
Outflow
Oct
2024
815
66
-750
464
86
-378
351
-20
-371
Nov
2024
886
94
-793
534
126
-407
353
-33
-386
Dec
2024
1,113
56
-1,056
734
121
-614
378
-64
-443
Jan
2025
839
46
-793
473
57
-415
366
-11
-377
Feb
2025
769
67
-702
412
71
-341
357
-4
-361
Mar
2025
990
-3
-994
619
45
-574
372
-48
-420
Apr
2025
991
-39
-1,030
594
29
-565
397
-67
-465
May
2025
762
45
-717
420
49
-372
342
-4
-346
Jun
2025
821
28
-793
500
55
-445
321
-27
-348
Jul
2025
828
-240
-1,068
449
-231
-680
380
-8
-388
Aug
2025
789
51
-738
432
56
-376
357
-5
-362
Sep
2025
1,059
75
-985
671
69
-602
388
6
-382
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
Oct
2024
2.59
0.21
-2.38
2.88
0.53
-2.35
2.28
-0.13
-2.41
Nov
2024
2.85
0.30
-2.55
3.35
0.79
-2.56
2.33
-0.22
-2.55
Dec
2024
3.43
0.17
-3.26
4.37
0.72
-3.65
2.42
-0.41
-2.84
Jan
2025
2.67
0.15
-2.52
2.89
0.35
-2.54
2.42
-0.08
-2.50
Feb
2025
2.38
0.21
-2.17
2.45
0.42
-2.03
2.30
-0.03
-2.33
9
Mar
2025
3.08
-0.01
-3.09
3.69
0.27
-3.42
2.42
-0.31
-2.73
Apr
2025
3.20
-0.12
-3.33
3.69
0.18
-3.51
2.68
-0.45
-3.13
May
2025
2.47
0.15
-2.32
2.61
0.30
-2.31
2.31
-0.03
-2.34
Jun
2025
2.54
0.09
-2.46
2.95
0.32
-2.63
2.09
-0.18
-2.27
Jul
2025
2.47
-0.71
-3.18
2.54
-1.31
-3.85
2.39
-0.05
-2.44
Aug
2025
2.35
0.15
-2.19
2.45
0.32
-2.13
2.23
-0.03
-2.26
Sep
2025
3.08
0.22
-2.86
3.70
0.38
-3.32
2.38
0.04
-2.35
September 2025
Analytics Office
Table 3.3: Aggregate Net Flows, by Prevalent Asset Class and Fund Type
($Billions)
This table excludes flows from fund of funds (Form N-PORT, Item B.6). Closed-End Funds generally do
not report flows and are therefore excluded.
Fund Type
ETF
Mutual Fund
Total
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Municipal Bond
Multi-Asset
Subtotal
Taxable Bond
Municipal Bond
Multi-Asset
Global Equity
US Equity
Subtotal
Total
Oct
2024
59
29
21
3
2
114
35
5
-7
-17
-63
-48
66
Nov
2024
123
25
-1
4
-1
151
6
3
-8
-2
-56
-57
94
Dec
2024
108
20
12
1
3
143
9
-2
-9
-18
-66
-87
56
Jan
2025
57
37
2
2
0
98
10
4
-7
-14
-46
-53
46
Feb
2025
51
41
13
2
0
107
18
4
-6
-20
-37
-40
67
Mar
2025
36
24
14
0
6
81
-11
-1
-8
-22
-42
-84
-3
Apr
2025
28
12
8
3
7
57
-42
-9
-7
-19
-18
-95
-39
May
2025
26
37
20
2
-1
83
21
4
-6
-15
-42
-38
45
Jun
2025
32
28
26
4
-1
88
18
3
-7
-11
-63
-60
28
Jul
2025
51
22
22
2
-1
96
31
4
-6
-8
-357
-336
-240
Aug
2025
50
44
13
5
-4
108
19
1
-5
-10
-62
-57
51
Sep
2025
71
37
21
3
-4
127
22
5
-6
-11
-63
-53
75
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
Municipal Bond
Taxable Bond
Global Equity
US Equity
Multi-Asset
Subtotal
Municipal Bond
Taxable Bond
Global Equity
Multi-Asset
US Equity
Subtotal
Total
Oct
2024
2.37
1.77
1.42
0.92
2.01
1.17
0.62
0.84
-0.48
-0.52
-0.54
-0.22
0.21
Nov
2024
2.60
1.54
-0.04
1.92
-0.69
1.56
0.42
0.14
-0.05
-0.58
-0.48
-0.27
0.30
Dec
2024
0.67
1.20
0.83
1.55
3.16
1.39
-0.31
0.22
-0.54
-0.67
-0.53
-0.39
0.17
Jan
2025
1.64
2.29
0.15
0.84
-0.07
0.98
0.52
0.24
-0.42
-0.48
-0.39
-0.25
0.15
10
Feb
2025
1.45
2.45
0.88
0.73
-0.45
1.03
0.55
0.44
-0.57
-0.41
-0.30
-0.18
0.21
Mar
2025
-0.20
1.40
0.97
0.52
6.56
0.78
-0.10
-0.26
-0.65
-0.59
-0.35
-0.39
-0.01
Apr
2025
2.01
0.66
0.51
0.42
7.41
0.57
-1.14
-1.00
-0.55
-0.54
-0.16
-0.46
-0.12
May
2025
1.67
2.07
1.30
0.39
-1.00
0.83
0.56
0.49
-0.45
-0.43
-0.38
-0.18
0.15
Jun
2025
2.40
1.56
1.59
0.45
-1.03
0.83
0.38
0.44
-0.30
-0.51
-0.54
-0.28
0.09
Jul
2025
1.62
1.17
1.33
0.70
-1.19
0.86
0.50
0.71
-0.21
-0.41
-2.92
-1.50
-0.71
Aug
2025
3.28
2.38
0.74
0.66
-2.88
0.95
0.10
0.44
-0.27
-0.34
-0.51
-0.26
0.15
Sep
2025
1.99
1.91
1.16
0.91
-3.25
1.08
0.66
0.51
-0.30
-0.41
-0.51
-0.23
0.22
September 2025
3.2
Analytics Office
Total Returns
Table 3.5: Median Total Return of Index and Non-Index Funds, by
Prevalent Asset Class (Percent)
This table relies on Form N-PORT Item B.5 and excludes fund of funds. Index fund indication is drawn
from Form N-CEN, Item C.3.
Fund Type
All
Index
Non-Index
Prevalent Asset Class
Global Equity
Municipal Bond
Multi-Asset
US Equity
Taxable Bond
Multi-Asset
Global Equity
Municipal Bond
US Equity
Taxable Bond
Global Equity
Municipal Bond
Multi-Asset
US Equity
Taxable Bond
Oct
2024
-4.23
-1.33
-1.40
-0.93
-1.07
-1.40
-4.66
***
-0.95
-1.34
-4.09
-1.33
-1.40
-0.91
-1.02
Nov
2024
0.00
1.52
2.86
6.36
1.01
4.28
-0.26
***
6.64
0.77
0.19
1.53
2.76
6.24
1.05
Dec
2024
-2.69
-1.25
-2.29
-5.32
-0.63
-3.80
-2.59
***
-5.92
-0.69
-2.74
-1.26
-2.23
-5.15
-0.60
Jan
2025
3.55
0.38
2.11
3.28
0.67
3.03
3.48
***
3.11
0.54
3.58
0.38
2.08
3.32
0.71
Feb
2025
1.00
1.05
0.09
-2.06
0.98
-1.45
1.04
***
-1.91
1.37
0.98
1.05
0.13
-2.10
0.92
Mar
2025
-0.05
-1.68
-2.00
-5.33
-0.03
-4.75
0.04
***
-5.63
0.24
-0.12
-1.68
-1.94
-5.16
-0.08
Apr
2025
2.58
-0.66
-0.16
-1.06
0.27
-2.11
3.17
***
-1.36
0.34
2.43
-0.68
-0.09
-0.98
0.25
May
2025
4.84
-0.24
2.78
5.31
0.24
5.56
4.59
***
5.70
-0.28
4.94
-0.25
2.57
5.11
0.34
Jun
2025
3.78
0.67
3.01
4.22
1.54
4.98
3.73
***
4.47
1.39
3.80
0.67
2.89
4.15
1.58
Jul
2025
-0.54
-0.47
0.68
1.48
0.16
1.31
-0.16
***
1.72
0.03
-0.61
-0.51
0.65
1.38
0.19
Aug
2025
3.41
0.84
1.74
2.36
1.14
2.61
4.08
***
2.89
1.09
3.14
0.84
1.71
2.23
1.14
Sep
2025
2.87
2.57
2.06
1.79
0.77
2.73
2.73
***
2.11
0.57
2.92
2.60
2.02
1.71
0.81
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
Global Equity
US Equity
Multi-Asset
Municipal Bond
Taxable Bond
Multi-Asset
Global Equity
US Equity
Municipal Bond
Taxable Bond
Global Equity
US Equity
Municipal Bond
Multi-Asset
Taxable Bond
Oct
2024
-4.04
-0.89
-1.44
-1.28
-1.70
-2.87
-4.58
-0.92
***
-1.99
-3.61
-0.84
-1.28
-1.30
-1.49
Nov
2024
0.33
6.42
3.40
1.51
1.10
8.31
-0.32
6.55
***
1.04
0.84
6.23
1.52
2.92
1.15
Dec
2024
-2.74
-3.50
-2.26
-1.22
-1.14
-3.57
-2.59
-3.43
***
-1.43
-2.85
-3.60
-1.23
-2.13
-0.92
Jan
2025
3.73
3.29
2.54
0.39
0.72
3.11
3.59
3.01
***
0.58
3.84
3.75
0.41
2.49
0.83
11
Feb
2025
1.22
-1.96
-0.15
1.06
1.60
-4.27
1.69
-1.76
***
1.87
0.86
-2.29
1.07
0.30
1.40
Mar
2025
-0.58
-5.67
-2.77
-1.52
-0.07
-9.47
0.29
-5.64
***
-0.04
-1.28
-5.71
-1.51
-2.08
-0.09
Apr
2025
2.51
-0.79
-0.37
-0.75
0.32
-3.45
3.01
-0.89
***
0.44
2.10
-0.62
-0.77
-0.06
0.23
May
2025
4.96
6.14
3.89
-0.18
-0.10
11.19
4.65
6.13
***
-0.46
5.22
6.17
-0.19
3.14
0.17
Jun
2025
3.94
5.02
4.02
0.70
1.39
9.93
3.80
4.95
***
1.30
4.06
5.14
0.70
3.38
1.47
Jul
2025
-0.74
1.98
0.95
-0.42
0.03
2.06
-0.87
2.08
***
-0.11
-0.63
1.80
-0.46
0.82
0.13
Aug
2025
3.66
2.24
1.94
0.83
1.08
3.08
4.21
2.34
***
0.98
3.20
2.09
0.84
1.81
1.15
Sep
2025
3.55
3.03
2.82
2.39
0.92
10.43
3.80
3.31
***
0.93
3.33
2.57
2.43
1.99
0.91
September 2025
Analytics Office
4
Fund Portfolio Investments by Category
4.1
All Funds
Table 4.1: Aggregate Gross Value of Fund Investments by Investment
Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Common Equity
Registered Fund
Corporate Debt
US Treasury Debt
Mortgage-Backed Security
Municipal Debt
STIV
Non US Sovereign Debt
Loan
Collateralized Obligation
Other Asset-Backed Security
Equity Derivative
Repurchase Agreement
Preferred Equity
Cash
Private Fund
Rate Derivative
Other Debt
Structured Note
Other Types
FX Derivative
Commodity
Credit Derivative
Commodity Derivative
Asset-Backed CP
Other Derivative
Total
Oct
2024
24,492
2,745
2,401
2,021
1,580
1,060
772
411
230
203
218
128
126
104
89
92
93
40
27
18
38
***
4
5
***
1
36,914
Nov
2024
25,765
2,835
2,422
2,065
1,606
1,078
788
420
237
213
218
153
129
106
97
96
78
39
28
19
39
***
6
4
***
1
38,454
Dec
2024
24,876
2,755
2,373
2,038
1,559
1,061
723
416
241
214
215
127
111
107
93
93
83
38
28
18
35
***
5
4
***
1
37,225
Jan
2025
25,691
2,815
2,414
2,045
1,602
1,072
772
429
248
218
217
131
127
110
97
94
80
38
28
19
24
***
5
5
***
1
38,294
Feb
2025
25,343
2,822
2,461
2,106
1,649
1,088
780
440
256
228
221
131
130
110
100
94
78
39
30
19
34
***
5
5
***
1
38,183
12
Mar
2025
24,120
2,741
2,466
2,124
1,659
1,070
805
441
255
229
225
123
121
111
95
96
76
39
30
19
28
***
5
5
***
1
36,898
Apr
2025
24,066
2,727
2,434
2,113
1,705
1,054
863
446
245
222
219
129
137
111
101
97
83
40
28
19
42
***
5
6
***
0
36,906
May
2025
25,465
2,835
2,461
2,110
1,651
1,059
856
445
252
227
219
178
159
114
104
101
77
38
29
18
25
***
6
4
***
0
38,447
Jun
2025
26,652
2,930
2,504
2,172
1,653
1,076
856
466
257
232
224
193
147
118
104
103
86
38
31
19
32
***
6
4
***
0
39,914
Jul
2025
26,706
2,940
2,497
2,182
1,669
1,075
844
458
261
238
225
196
140
120
98
106
77
39
30
19
33
***
6
4
***
0
39,978
Aug
2025
27,370
2,999
2,520
2,251
1,725
1,085
857
473
264
245
230
202
167
125
109
106
75
40
31
19
22
***
6
4
***
0
40,939
Sep
2025
28,197
3,065
2,584
2,291
1,739
1,116
878
480
267
251
233
225
147
129
112
112
73
39
32
19
17
***
6
5
***
0
42,033
September 2025
Analytics Office
Table 4.2: Number of Funds Reporting Gross Value of Each Investment
Category, With an Aggregate Gross Value Exceeding Five
Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The
“Total” row below indicates the number of Funds, and not the sum of the preceding rows.
Investment Type
Common Equity
Registered Fund
Corporate Debt
US Treasury Debt
Mortgage-Backed Security
Municipal Debt
STIV
Non US Sovereign Debt
Loan
Collateralized Obligation
Other Asset-Backed Security
Equity Derivative
Repurchase Agreement
Preferred Equity
Cash
Private Fund
Rate Derivative
Other Debt
Structured Note
Other Types
FX Derivative
Commodity
Credit Derivative
Commodity Derivative
Asset-Backed CP
Other Derivative
Total
Oct
2024
7,066
2,258
2,209
1,843
1,237
797
1,912
436
406
497
576
702
462
194
524
360
162
121
26
33
99
***
***
47
***
***
12,754
Nov
2024
7,117
2,276
2,208
1,853
1,238
801
1,897
445
419
507
572
759
496
194
543
373
147
129
26
34
101
***
***
36
8
10
12,821
Dec
2024
7,128
2,287
2,219
1,872
1,250
805
1,869
442
431
516
570
713
493
198
574
350
151
127
26
***
85
10
***
49
4
***
12,899
Jan
2025
7,137
2,275
2,220
1,879
1,262
803
1,930
453
437
507
575
742
499
198
616
361
136
119
27
35
72
***
***
41
***
***
12,939
Feb
2025
7,127
2,290
2,208
1,884
1,265
804
1,993
445
447
511
576
773
510
198
587
359
130
124
27
35
83
***
***
49
***
10
12,952
13
Mar
2025
7,111
2,296
2,213
1,904
1,272
808
2,042
442
451
503
578
808
522
202
615
359
134
131
27
***
64
10
5
46
***
***
13,007
Apr
2025
7,103
2,302
2,198
1,871
1,269
809
2,108
437
444
488
565
873
533
207
670
368
135
126
27
39
94
***
***
61
***
***
13,017
May
2025
7,122
2,320
2,209
1,861
1,269
807
2,037
434
450
491
563
881
526
207
648
370
119
124
28
38
74
***
***
38
***
8
13,038
Jun
2025
7,148
2,319
2,200
1,864
1,264
804
2,020
442
450
500
574
922
544
208
680
361
126
125
28
***
47
11
***
36
***
***
13,130
Jul
2025
7,140
2,339
2,208
1,827
1,259
803
2,032
439
445
503
569
919
518
206
700
373
112
120
26
45
67
***
***
38
***
***
13,160
Aug
2025
7,145
2,359
2,196
1,875
1,257
802
2,000
451
447
516
576
966
538
210
696
366
116
113
26
42
51
***
***
32
***
9
13,202
Sep
2025
7,158
2,350
2,206
1,874
1,256
803
2,031
460
438
511
576
994
511
206
761
366
110
119
26
***
40
11
***
48
***
***
13,251
September 2025
4.2
Analytics Office
Mutual Funds4
Table 4.3: Aggregate Gross Value of Mutual Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Common Equity
Registered Fund
Corporate Debt
Mortgage-Backed Security
US Treasury Debt
Municipal Debt
STIV
Non US Sovereign Debt
Other Asset-Backed Security
Collateralized Obligation
Other Types
Loan
Repurchase Agreement
Preferred Equity
Equity Derivative
Cash
Total
Oct
2024
16,629
2,668
1,774
1,372
1,309
840
581
314
198
165
207
143
102
54
22
69
26,448
Nov
2024
17,369
2,753
1,783
1,388
1,336
852
596
320
197
170
192
144
101
56
29
72
27,359
Dec
2024
16,691
2,675
1,743
1,341
1,320
838
542
319
195
169
190
144
91
58
25
66
26,405
Jan
2025
17,192
2,731
1,767
1,375
1,321
847
577
330
195
168
180
146
104
60
25
69
27,087
Feb
2025
16,888
2,734
1,799
1,413
1,354
857
584
338
199
174
181
151
103
60
27
74
26,937
Mar
2025
16,022
2,654
1,797
1,419
1,353
845
603
339
201
176
179
152
99
62
22
67
25,989
Apr
2025
15,963
2,642
1,776
1,458
1,322
828
650
342
195
170
197
144
113
62
24
74
25,960
May
2025
16,848
2,748
1,785
1,404
1,320
831
648
338
195
173
177
148
122
64
65
73
26,939
Jun
2025
17,596
2,838
1,808
1,398
1,359
844
639
353
198
176
192
151
122
66
67
69
27,874
Jul
2025
17,450
2,847
1,800
1,406
1,386
843
619
348
199
179
184
153
114
67
66
66
27,726
Aug
2025
17,811
2,902
1,804
1,452
1,416
847
625
358
203
183
172
153
124
71
71
75
28,267
Sep
2025
18,249
2,965
1,848
1,461
1,438
871
637
362
205
186
170
153
119
74
71
69
28,880
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 Asset-Backed Security
Collateralized Obligation
Other Types
Loan
Repurchase Agreement
Preferred Equity
Equity Derivative
Cash
Total
Oct
2024
4,829
1,859
1,610
1,011
1,289
569
1,262
343
453
365
415
233
286
81
116
290
8,471
Nov
2024
4,863
1,867
1,609
1,013
1,308
569
1,232
350
452
371
398
241
319
83
152
275
8,502
Dec
2024
4,843
1,858
1,609
1,013
1,310
572
1,209
345
442
373
380
249
320
83
121
283
8,487
Jan
2025
4,822
1,846
1,605
1,020
1,300
569
1,258
355
442
362
377
253
332
82
113
306
8,470
Feb
2025
4,793
1,849
1,591
1,015
1,300
567
1,267
347
443
363
362
261
327
82
126
309
8,426
Mar
2025
4,764
1,856
1,586
1,021
1,301
568
1,321
344
440
357
352
260
339
84
125
293
8,409
Apr
2025
4,745
1,857
1,565
1,014
1,267
564
1,344
338
427
341
387
251
347
86
135
311
8,365
May
2025
4,736
1,867
1,572
1,010
1,265
558
1,300
333
425
346
344
253
326
84
134
294
8,341
Jun
2025
4,730
1,861
1,554
1,002
1,238
555
1,272
339
434
354
334
253
346
83
132
269
8,337
Jul
2025
4,693
1,850
1,554
998
1,250
552
1,282
338
434
357
328
247
325
83
125
264
8,301
Aug
2025
4,690
1,859
1,540
995
1,259
551
1,213
344
440
362
304
247
331
83
135
263
8,283
Sep
2025
4,671
1,841
1,542
988
1,252
552
1,203
351
435
355
318
242
306
82
111
289
8,256
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
September 2025
4.3
Analytics Office
ETFs
Table 4.5: Aggregate Gross Value of ETF Investments by Investment
Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Common Equity
US Treasury Debt
Corporate Debt
Mortgage-Backed Security
STIV
Municipal Debt
Equity Derivative
Non US Sovereign Debt
Registered Fund
Other Types
Collateralized Obligation
Preferred Equity
Other Asset-Backed Security
Loan
Repurchase Agreement
Total
Oct
2024
7,718
708
562
185
173
135
103
94
68
51
27
40
15
20
11
9,908
Nov
2024
8,245
724
574
194
177
140
121
96
72
58
31
40
15
23
16
10,525
Dec
2024
8,041
714
569
193
168
139
99
94
71
58
33
38
15
24
8
10,261
Jan
2025
8,349
720
583
201
180
141
103
95
74
58
38
39
16
27
11
10,635
Feb
2025
8,306
748
599
209
180
146
102
98
78
58
41
39
16
27
15
10,663
Mar
2025
7,953
768
605
213
187
142
100
98
76
60
42
38
18
23
9
10,332
Apr
2025
7,959
786
595
221
197
144
102
100
75
61
40
38
18
20
11
10,365
May
2025
8,466
786
611
219
193
146
111
102
77
59
42
38
18
21
23
10,913
Jun
2025
8,900
810
631
226
201
151
123
108
81
64
44
39
19
21
11
11,430
Jul
2025
9,099
792
632
235
208
152
126
106
82
64
47
40
20
22
13
11,637
Aug
2025
9,399
831
651
242
214
157
128
110
86
64
50
41
21
22
29
12,044
Sep
2025
9,784
849
668
249
223
163
150
113
88
70
52
42
22
22
14
12,509
Table 4.6: Number of ETFs Reporting Gross Value of Each Investment
Category, With an Aggregate Gross Value Exceeding Five
Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The
“Total” row below indicates the number of ETFs, and not the sum of the preceding rows.
Investment Type
Common Equity
US Treasury Debt
Corporate Debt
Mortgage-Backed Security
STIV
Municipal Debt
Equity Derivative
Non US Sovereign Debt
Registered Fund
Other Types
Collateralized Obligation
Preferred Equity
Other Asset-Backed Security
Loan
Repurchase Agreement
Total
Oct
2024
2,061
531
391
144
495
108
577
57
346
388
58
52
78
25
120
3,625
Nov
2024
2,078
524
389
144
512
113
596
59
356
426
61
52
76
30
120
3,663
Dec
2024
2,112
540
401
155
522
113
583
63
374
441
67
53
83
31
115
3,754
Jan
2025
2,135
555
406
158
524
114
616
61
376
460
69
54
87
31
111
3,805
Feb
2025
2,154
557
412
163
563
117
634
59
389
439
73
55
88
31
126
3,859
15
Mar
2025
2,165
576
420
165
568
121
670
58
382
474
71
58
89
34
127
3,928
Apr
2025
2,173
572
426
165
610
125
720
59
388
507
69
58
88
36
126
3,977
May
2025
2,199
566
428
169
603
129
728
60
395
508
69
59
86
36
141
4,018
Jun
2025
2,233
600
438
170
600
129
772
63
403
558
70
60
90
36
139
4,112
Jul
2025
2,258
549
444
169
598
131
775
60
428
597
70
58
87
36
133
4,173
Aug
2025
2,265
590
446
171
639
138
810
66
436
590
76
58
88
37
147
4,232
Sep
2025
2,294
596
453
176
667
139
863
67
448
619
79
57
89
35
143
4,306
September 2025
4.4
Analytics Office
Closed-End Funds5
Table 4.7: Aggregate Gross Value of Closed-End Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Common Equity
Other Types
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
Oct
2024
145
93
68
85
65
24
17
13
10
11
9
5
4
4
3
558
Nov
2024
151
97
70
86
65
24
16
13
11
12
10
6
4
4
3
570
Dec
2024
144
97
73
84
62
25
13
13
11
12
10
6
4
4
2
559
Jan
2025
150
98
75
84
64
26
15
12
11
12
10
6
4
4
3
572
Feb
2025
149
104
78
85
63
26
16
12
11
12
10
6
5
4
2
583
Mar
2025
145
101
79
83
63
27
15
13
11
12
10
6
5
4
2
577
Apr
2025
144
103
81
82
63
27
16
13
11
12
10
6
5
4
3
581
May
2025
150
106
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
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
Oct
2024
230
203
148
121
217
84
155
56
61
74
53
45
38
32
***
658
Nov
2024
230
203
148
120
219
83
153
57
59
75
53
44
38
30
***
656
Dec
2024
226
204
151
121
218
84
138
58
62
76
***
45
36
***
***
658
Jan
2025
233
206
153
121
218
86
148
56
62
76
53
46
39
33
***
664
Feb
2025
233
206
155
121
214
89
163
57
61
75
52
45
41
36
***
667
Mar
2025
235
208
157
120
216
88
154
56
60
75
***
49
42
36
***
670
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
219
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
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
September 2025
4.5
Analytics Office
Non-Index Funds
Table 4.9: Aggregate Gross Value of Non-Index Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Index fund indication drawn from Form N-CEN, Item C.3.
Investment Type
Common Equity
Registered Fund
Corporate Debt
Mortgage-Backed Security
Municipal Debt
US Treasury Debt
STIV
Other Types
Loan
Collateralized Obligation
Other Asset-Backed Security
Non US Sovereign Debt
Equity Derivative
Repurchase Agreement
Preferred Equity
Total
Oct
2024
11,345
2,615
1,670
1,283
934
829
567
370
223
200
215
172
99
115
63
20,700
Nov
2024
11,811
2,696
1,676
1,303
947
854
579
363
228
210
215
175
114
117
66
21,354
Dec
2024
11,323
2,620
1,640
1,257
932
841
514
359
232
211
212
172
98
101
68
20,580
Jan
2025
11,681
2,676
1,670
1,297
942
838
559
358
238
216
214
182
100
114
70
21,154
Feb
2025
11,471
2,683
1,701
1,336
956
854
574
367
247
225
218
188
101
117
70
21,109
Mar
2025
10,900
2,606
1,702
1,347
942
857
580
356
247
227
222
188
94
111
73
20,452
Apr
2025
10,847
2,592
1,689
1,397
926
835
631
376
239
219
216
190
99
125
72
20,454
May
2025
11,443
2,694
1,707
1,344
929
834
627
363
245
224
216
191
144
147
75
21,184
Jun
2025
11,959
2,783
1,730
1,341
943
868
613
381
250
230
221
203
154
135
78
21,888
Jul
2025
12,040
2,793
1,726
1,353
942
880
599
375
254
235
222
204
158
126
80
21,988
Aug
2025
12,298
2,848
1,733
1,404
949
918
615
376
257
242
227
207
164
153
84
22,474
Sep
2025
12,603
2,911
1,778
1,409
977
929
620
378
260
248
231
211
174
134
87
22,951
Table 4.10: Number of Non-Index Funds Reporting Gross Value of Each
Investment Category, With an Aggregate Gross Value Exceeding
Five Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Index fund indication drawn from Form N-CEN, Item C.3. The “Total” row below indicates the number
of Non-Index Funds, and not the sum of the preceding rows.
Investment Type
Common Equity
Registered Fund
Corporate Debt
Mortgage-Backed Security
Municipal Debt
US Treasury Debt
STIV
Other Types
Loan
Collateralized Obligation
Other Asset-Backed Security
Non US Sovereign Debt
Equity Derivative
Repurchase Agreement
Preferred Equity
Total
Oct
2024
5,239
2,083
1,983
1,175
749
1,525
1,576
1,009
404
496
573
396
509
251
159
10,184
Nov
2024
5,262
2,096
1,985
1,175
753
1,539
1,576
993
417
506
569
405
548
259
159
10,206
Dec
2024
5,270
2,105
1,997
1,187
759
1,556
1,557
991
429
515
567
402
550
263
163
10,284
Jan
2025
5,279
2,093
1,998
1,199
755
1,562
1,606
974
435
506
572
413
570
271
163
10,321
Feb
2025
5,274
2,110
1,985
1,202
756
1,574
1,666
1,007
445
510
574
405
589
268
164
10,340
17
Mar
2025
5,264
2,123
1,987
1,209
759
1,580
1,694
1,006
449
502
576
403
632
281
165
10,393
Apr
2025
5,264
2,127
1,971
1,206
759
1,552
1,749
1,086
442
487
563
398
681
285
171
10,407
May
2025
5,282
2,139
1,980
1,206
756
1,548
1,683
1,032
448
490
562
394
684
275
171
10,434
Jun
2025
5,312
2,139
1,969
1,201
753
1,555
1,674
1,045
448
499
573
402
716
296
172
10,526
Jul
2025
5,306
2,148
1,976
1,196
752
1,558
1,712
1,065
443
502
568
399
717
273
171
10,550
Aug
2025
5,319
2,174
1,966
1,195
751
1,605
1,664
1,047
445
515
575
411
761
291
175
10,603
Sep
2025
5,331
2,162
1,973
1,192
752
1,597
1,689
1,087
436
510
575
420
800
268
172
10,648
September 2025
4.6
Analytics Office
Index Funds
Table 4.11: Aggregate Gross Value of Index Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Index fund indication drawn from Form N-CEN, Item C.3.
Investment Type
Common Equity
US Treasury Debt
Corporate Debt
Mortgage-Backed Security
Non US Sovereign Debt
STIV
Registered Fund
Municipal Debt
Other Types
Equity Derivative
Preferred Equity
Repurchase Agreement
Loan
Other Asset-Backed Security
Collateralized Obligation
Total
Oct
2024
13,148
1,192
731
297
239
205
130
127
50
29
41
11
***
3
***
16,214
Nov
2024
13,955
1,211
746
303
245
209
139
131
56
40
40
12
***
3
***
17,100
Dec
2024
13,553
1,197
734
302
244
209
135
128
51
29
38
10
***
3
***
16,645
Jan
2025
14,010
1,208
744
305
247
213
139
130
47
30
40
13
***
3
***
17,140
Feb
2025
13,872
1,251
761
313
252
206
139
132
50
30
40
13
***
3
***
17,074
Mar
2025
13,220
1,267
763
312
254
224
135
128
52
30
39
10
***
3
***
16,447
Apr
2025
13,219
1,278
745
309
256
232
135
128
59
30
39
13
***
3
***
16,452
May
2025
14,022
1,276
754
307
254
228
141
129
53
35
39
12
***
3
***
17,262
Jun
2025
14,693
1,304
774
312
263
243
146
132
56
39
40
12
***
3
***
18,026
Jul
2025
14,667
1,302
771
317
255
245
147
133
51
38
40
14
***
3
***
17,990
Aug
2025
15,072
1,333
787
321
266
243
151
135
51
38
41
13
***
3
***
18,465
Sep
2025
15,594
1,362
805
330
270
258
154
139
52
51
42
13
***
3
***
19,082
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
Equity Derivative
Preferred Equity
Repurchase Agreement
Loan
Other Asset-Backed Security
Collateralized Obligation
Total
Oct
2024
1,827
318
226
62
40
336
175
48
239
193
35
211
***
***
***
2,570
Nov
2024
1,855
314
223
63
40
321
180
48
267
211
35
237
***
***
***
2,615
Dec
2024
1,858
316
222
63
40
312
182
46
281
***
35
***
***
***
1
2,615
Jan
2025
1,858
317
222
63
40
324
182
48
320
***
35
228
***
***
***
2,618
Feb
2025
1,853
310
223
63
40
327
180
48
269
184
34
242
***
***
***
2,612
18
Mar
2025
1,847
324
226
63
39
348
173
49
279
***
37
***
***
***
1
2,614
Apr
2025
1,839
319
227
63
39
359
175
50
291
192
36
248
***
***
***
2,610
May
2025
1,840
313
229
63
40
354
181
51
280
197
36
251
***
***
***
2,604
Jun
2025
1,836
309
231
63
40
346
180
51
295
206
36
***
***
1
1
2,604
Jul
2025
1,834
269
232
63
40
320
191
51
316
202
35
245
***
***
***
2,610
Aug
2025
1,826
270
230
62
40
336
185
51
301
205
35
247
***
***
***
2,599
Sep
2025
1,827
277
233
64
40
342
188
51
312
***
34
***
***
1
1
2,603
September 2025
4.7
Analytics Office
US Equity Funds
Table 4.13: Aggregate Gross Value of US Equity Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Common Equity
STIV
Equity Derivative
Other Types
Preferred Equity
Registered Fund
US Treasury Debt
Repurchase Agreement
Corporate Debt
Municipal Debt
Total
Oct
2024
18,662
223
97
73
51
18
12
***
11
***
19,164
Nov
2024
19,886
232
114
77
53
21
13
***
12
***
20,426
Dec
2024
19,186
213
97
60
54
21
14
15
***
***
19,667
Jan
2025
19,810
227
101
60
55
21
8
***
6
***
20,305
Feb
2025
19,424
221
97
61
56
21
9
***
6
***
19,912
Mar
2025
18,298
239
90
58
55
23
11
14
6
0
18,795
Apr
2025
18,150
249
98
56
55
22
11
***
6
***
18,663
May
2025
19,246
244
103
54
56
23
8
***
6
***
19,761
Jun
2025
20,175
240
111
60
56
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
58
60
35
8
***
7
***
21,279
Sep
2025
21,341
244
123
67
63
38
23
17
7
0
21,922
Table 4.14: Number of US Equity Funds Reporting Gross Value of Each
Investment Category, With an Aggregate Gross Value Exceeding
Five Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The
“Total” row below indicates the number of US Equity Funds, and not the sum of the preceding rows.
Investment Type
Common Equity
STIV
Equity Derivative
Other Types
Preferred Equity
Registered Fund
US Treasury Debt
Repurchase Agreement
Corporate Debt
Municipal Debt
Total
Oct
2024
4,238
353
388
288
47
88
57
79
36
0
4,592
Nov
2024
4,269
353
416
305
48
90
58
86
38
0
4,630
Dec
2024
4,272
324
406
295
52
84
68
86
39
***
4,649
Jan
2025
4,294
338
425
299
50
82
61
80
40
***
4,679
Feb
2025
4,296
383
431
302
50
81
65
85
41
0
4,690
19
Mar
2025
4,295
409
446
301
55
90
81
93
41
0
4,703
Apr
2025
4,293
396
478
334
55
83
64
104
40
0
4,719
May
2025
4,309
386
483
303
56
95
59
98
41
0
4,740
Jun
2025
4,319
363
497
313
53
94
79
111
39
0
4,766
Jul
2025
4,328
370
506
326
52
92
49
100
42
0
4,796
Aug
2025
4,324
358
516
312
50
95
56
89
40
0
4,802
Sep
2025
4,322
374
550
337
49
92
81
92
39
0
4,834
September 2025
4.8
Analytics Office
Taxable Bond Funds
Table 4.15: Aggregate Gross Value of Taxable Bond Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Corporate Debt
US Treasury Debt
Mortgage-Backed Security
Non US Sovereign Debt
STIV
Other Types
Loan
Collateralized Obligation
Other Asset-Backed Security
Repurchase Agreement
Total
Oct
2024
2,119
1,846
1,435
392
304
279
211
180
197
93
7,056
Nov
2024
2,138
1,880
1,459
401
306
274
218
189
198
93
7,154
Dec
2024
2,105
1,844
1,419
398
275
265
222
190
196
81
6,996
Jan
2025
2,135
1,860
1,457
411
298
259
228
194
198
94
7,135
Feb
2025
2,181
1,920
1,499
422
299
262
235
203
201
90
7,312
Mar
2025
2,187
1,932
1,507
423
286
255
233
204
205
91
7,323
Apr
2025
2,168
1,927
1,540
427
318
280
224
197
199
103
7,383
May
2025
2,192
1,923
1,496
426
317
309
231
201
199
108
7,403
Jun
2025
2,230
1,972
1,515
447
316
322
234
208
205
109
7,557
Jul
2025
2,220
1,981
1,532
440
329
274
238
213
206
103
7,537
Aug
2025
2,243
2,036
1,580
454
338
274
240
220
211
120
7,718
Sep
2025
2,301
2,068
1,597
461
341
259
242
226
215
112
7,821
Table 4.16: Number of Taxable Bond Funds Reporting Gross Value of Each
Investment Category, With an Aggregate Gross Value Exceeding
Five Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The
“Total” row below indicates the number of Taxable Bond Funds, and not the sum of the preceding
rows.
Investment Type
Corporate Debt
US Treasury Debt
Mortgage-Backed Security
Non US Sovereign Debt
STIV
Other Types
Loan
Collateralized Obligation
Other Asset-Backed Security
Repurchase Agreement
Total
Oct
2024
1,791
1,424
1,059
395
798
820
364
471
559
283
2,746
Nov
2024
1,785
1,419
1,060
402
793
824
376
483
556
299
2,754
Dec
2024
1,793
1,413
1,072
401
748
798
382
493
554
304
2,772
Jan
2025
1,799
1,436
1,085
412
782
804
385
483
560
309
2,782
Feb
2025
1,791
1,429
1,085
405
777
790
394
485
559
306
2,793
20
Mar
2025
1,795
1,433
1,083
402
755
787
398
478
563
320
2,812
Apr
2025
1,790
1,433
1,082
396
799
824
393
462
550
317
2,815
May
2025
1,801
1,434
1,083
391
794
815
400
464
546
324
2,818
Jun
2025
1,804
1,421
1,088
400
815
836
398
474
557
318
2,863
Jul
2025
1,804
1,393
1,086
397
836
833
396
478
555
310
2,855
Aug
2025
1,798
1,428
1,083
411
822
834
394
490
558
324
2,874
Sep
2025
1,813
1,412
1,082
417
813
833
386
487
561
305
2,869
September 2025
4.9
Analytics Office
Multi-Asset Funds
Table 4.17: Aggregate Gross Value of Multi-Asset Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Registered Fund
Common Equity
Corporate Debt
Other Types
US Treasury Debt
STIV
Mortgage-Backed Security
Equity Derivative
Collateralized Obligation
Municipal Debt
Total
Oct
2024
2,695
1,102
261
219
153
126
121
22
21
20
4,739
Nov
2024
2,780
1,144
258
219
162
127
127
28
22
20
4,887
Dec
2024
2,698
1,110
254
219
171
118
131
20
23
20
4,765
Jan
2025
2,758
1,154
265
219
166
128
136
20
24
21
4,891
Feb
2025
2,764
1,125
267
233
165
139
142
23
24
22
4,903
Mar
2025
2,680
1,080
265
225
169
136
144
23
24
20
4,767
Apr
2025
2,668
1,072
253
228
163
149
158
21
24
20
4,756
May
2025
2,770
1,124
255
242
167
143
147
26
25
20
4,918
Jun
2025
2,866
1,176
261
238
168
143
130
28
24
21
5,054
Jul
2025
2,862
1,121
263
239
180
138
128
72
24
20
5,047
Aug
2025
2,917
1,144
262
255
193
143
136
77
24
21
5,173
Sep
2025
2,980
1,174
268
255
185
143
133
91
24
21
5,274
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
Equity Derivative
Collateralized Obligation
Municipal Debt
Total
Oct
2024
2,031
677
365
524
344
537
172
134
25
9
2,599
Nov
2024
2,042
689
367
522
354
522
172
143
23
***
2,616
Dec
2024
2,060
698
369
547
373
564
172
132
***
***
2,650
Jan
2025
2,049
699
364
552
356
552
169
143
24
8
2,663
Feb
2025
2,057
693
359
555
361
572
170
152
26
***
2,658
21
Mar
2025
2,054
696
358
564
366
600
177
173
***
***
2,675
Apr
2025
2,056
692
347
590
357
638
175
194
26
9
2,678
May
2025
2,050
696
346
575
349
605
174
198
27
***
2,681
Jun
2025
2,055
700
336
594
348
591
165
205
***
***
2,694
Jul
2025
2,074
692
341
599
359
598
163
215
25
***
2,714
Aug
2025
2,085
700
339
611
365
609
166
237
26
***
2,738
Sep
2025
2,081
702
335
625
356
600
163
237
***
***
2,745
September 2025
4.10
Analytics Office
Global Equity Funds
Table 4.19: Aggregate Gross Value of Global Equity Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Common Equity
STIV
Other Types
Preferred Equity
Registered Fund
Total
Oct
2024
4,703
108
65
26
12
4,913
Nov
2024
4,707
111
71
25
12
4,926
Dec
2024
4,553
106
60
23
14
4,757
Jan
2025
4,704
104
61
25
14
4,907
Feb
2025
4,771
107
65
24
15
4,983
Mar
2025
4,721
131
66
25
16
4,959
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
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
Oct
2024
2,049
173
127
41
25
2,061
Nov
2024
2,051
179
135
41
27
2,060
Dec
2024
2,052
183
129
39
34
2,067
Jan
2025
2,044
186
132
39
35
2,053
Feb
2025
2,041
196
157
38
44
2,050
22
Mar
2025
2,037
232
139
42
45
2,049
Apr
2025
2,029
232
137
43
53
2,037
May
2025
2,029
209
139
40
45
2,033
Jun
2025
2,038
202
147
42
41
2,043
Jul
2025
2,022
167
136
41
37
2,031
Aug
2025
2,019
170
139
43
42
2,025
Sep
2025
2,030
199
143
40
40
2,036
September 2025
4.11
Analytics Office
Municipal Bond Funds
Table 4.21: Aggregate Gross Value of Municipal Bond Fund Investments by
Investment Category ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f).
Investment Type
Municipal Debt
STIV
Other Types
Registered Fund
Corporate Debt
Total
Oct
2024
1,018
11
8
2
2
1,041
Nov
2024
1,035
13
9
2
2
1,061
Dec
2024
1,017
11
9
2
2
1,040
Jan
2025
1,028
14
10
2
2
1,056
Feb
2025
1,044
14
10
2
2
1,072
Mar
2025
1,028
13
9
2
2
1,054
Apr
2025
1,012
12
9
2
2
1,037
May
2025
1,016
13
9
2
2
1,041
Jun
2025
1,033
12
8
2
2
1,057
Jul
2025
1,032
14
9
2
2
1,059
Aug
2025
1,042
13
9
2
2
1,067
Sep
2025
1,072
15
9
2
2
1,099
Table 4.22: Number of Municipal Bond Funds Reporting Gross Value of Each
Investment Category, With an Aggregate Gross Value Exceeding
Five Percent of Net Assets
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) by asset
type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b), adjusted for consensus —
see the appendix for more details. Includes cash and cash equivalents (Form N-PORT, Item B.2.f). The
“Total” row below indicates the number of Municipal Bond Funds, and not the sum of the preceding
rows.
Investment Type
Municipal Debt
STIV
Other Types
Registered Fund
Corporate Debt
Total
Oct
2024
756
51
28
13
9
756
Nov
2024
761
50
32
***
***
761
Dec
2024
761
50
32
***
***
761
Jan
2025
761
72
45
12
9
762
Feb
2025
761
65
51
***
***
761
23
Mar
2025
768
46
46
***
***
768
Apr
2025
768
43
47
13
12
768
May
2025
766
43
46
***
***
766
Jun
2025
763
49
35
***
***
764
Jul
2025
764
61
53
11
12
764
Aug
2025
763
41
41
***
***
763
Sep
2025
767
45
43
***
***
767
September 2025
5
Analytics Office
Fund Portfolio Investments by Currency6
Table 5.1: Aggregate Gross Value of Fund Investments, by Fund Type and
Currency ($Billions)
This table includes holdings reported by fund of funds and relies upon value reported (Form N-PORT,
Item C.2.c) by currency code (Form N-PORT, Item C.2.b). This table does not reflect the notional
value of derivatives but uses the value reported in Item C.2.c. Reported currency codes with a value
of “N/A” are aggregated with the “Other” category. Currency codes are reported pursuant to the
International Organization for Standardization (ISO) 4217 standard. Currency code mappings presented
below are derived from ISO 4217 mappings as of January 1, 2024.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Currency
USD - US Dollar
EUR - Euro
GBP - Pound Sterling
JPY - Yen
CAD - Canadian Dollar
HKD - Hong Kong Dollar
TWD - New Taiwan 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
CAD - Canadian Dollar
TWD - New Taiwan Dollar
INR - Indian Rupee
CHF - Swiss Franc
AUD - Australian Dollar
Other
Subtotal
USD - US Dollar
EUR - Euro
GBP - Pound Sterling
CAD - Canadian Dollar
JPY - Yen
HKD - Hong Kong Dollar
INR - Indian Rupee
AUD - Australian Dollar
CHF - Swiss Franc
TWD - New Taiwan Dollar
Other
Subtotal
Total
Oct
2024
23,165
915
416
390
204
175
157
163
163
90
540
26,379
8,506
296
219
126
107
74
75
91
71
70
256
9,892
503
27
8
3
2
1
2
1
2
1
5
554
36,825
Nov
2024
24,092
898
419
400
212
169
155
161
161
93
528
27,287
9,127
290
224
127
100
78
74
91
70
72
249
10,505
512
27
9
3
2
1
2
1
2
1
5
565
38,356
Dec
2024
23,225
890
402
390
201
171
162
154
156
86
504
26,340
8,901
287
220
122
101
74
74
88
67
67
238
10,239
503
26
8
2
2
1
2
1
2
1
5
553
37,132
Jan
2025
23,813
936
420
399
201
168
164
166
145
89
518
27,018
9,228
305
226
128
102
76
75
83
72
70
246
10,612
518
26
8
3
2
1
1
1
1
1
5
567
38,197
Feb
2025
23,606
965
437
398
201
186
154
173
134
86
524
26,863
9,223
321
228
133
115
76
73
77
76
69
250
10,641
522
30
9
3
2
1
1
1
2
1
6
579
38,083
Mar
2025
22,681
976
434
390
199
191
139
170
145
84
513
25,922
8,875
333
227
133
118
77
67
84
76
67
252
10,309
520
28
9
3
2
1
1
1
1
1
5
572
36,803
Apr
2025
22,562
1,006
447
410
205
180
139
176
153
88
519
25,886
8,856
352
240
139
111
81
67
88
80
71
258
10,344
522
29
9
3
2
1
2
1
1
1
5
575
36,804
May
2025
23,406
1,037
465
431
216
189
157
179
156
93
536
26,866
9,319
372
251
147
117
86
76
91
83
75
271
10,889
532
30
9
3
2
1
2
1
1
1
5
588
38,343
Jun
2025
24,205
1,079
471
445
227
199
176
179
161
97
566
27,805
9,757
389
256
151
125
90
84
96
85
78
289
11,400
545
33
10
3
2
1
2
1
1
1
6
604
39,810
Jul
2025
24,116
1,049
467
439
223
210
184
172
150
97
553
27,661
9,961
385
255
152
134
91
87
92
83
78
292
11,611
551
32
9
3
2
1
1
1
1
1
5
609
39,880
Aug
2025
24,538
1,074
479
465
234
223
182
181
146
101
570
28,193
10,290
400
274
159
142
97
88
90
88
84
304
12,017
562
32
10
3
2
1
1
1
1
1
5
621
40,830
Sep
2025
25,048
1,098
482
476
243
236
204
180
146
102
593
28,810
10,673
413
281
163
155
104
97
91
88
86
322
12,474
576
33
10
3
2
2
1
1
1
1
5
637
41,921
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
September 2025
6
Analytics Office
Fund Portfolio Investments by Country7
Table 6.1: Aggregate Gross Value of Fund Investments, by Fund Type and
Country of Investment ($Billions)
This table includes holdings reported by fund of funds, relies upon value reported (Form N-PORT,
Item C.2.c) and aggregates by country of investment (Form N-PORT, Item C.5.a), adjusted for
consensus — see the appendix for more details. Reported country codes with a value of “N/A” are
aggregated with the “Other” category.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Country
United States of America
United Kingdom
Japan
Canada
France
Ireland
Germany
Switzerland
Netherlands
Cayman Islands
Other
Subtotal
United States of America
Japan
United Kingdom
Canada
Ireland
France
Switzerland
Germany
Cayman Islands
Netherlands
Other
Subtotal
United States of America
Cayman Islands
United Kingdom
Canada
France
Germany
Netherlands
Ireland
Japan
Switzerland
Other
Subtotal
Total
Oct
2024
21,733
540
413
383
316
271
220
247
231
196
1,828
26,379
8,101
229
152
124
102
94
93
77
66
66
787
9,892
448
23
12
9
7
4
3
2
2
2
40
554
36,825
Nov
2024
22,620
548
424
402
307
281
220
245
230
197
1,813
27,287
8,702
236
155
129
109
91
93
77
65
66
782
10,505
457
24
12
10
7
4
3
2
2
3
41
565
38,356
Dec
2024
21,835
514
413
380
299
258
218
234
224
197
1,767
26,340
8,487
231
151
124
104
90
90
76
65
66
756
10,239
448
24
12
9
7
3
3
2
2
2
40
553
37,132
Jan
2025
22,372
537
423
388
321
267
235
247
229
200
1,799
27,018
8,796
238
158
128
111
96
95
82
69
68
770
10,612
458
25
12
10
7
4
3
2
2
2
42
567
38,197
Feb
2025
22,157
559
422
388
327
268
243
254
230
211
1,803
26,863
8,787
240
164
129
111
100
100
87
75
69
780
10,641
466
25
13
10
7
4
3
2
3
3
43
579
38,083
Mar
2025
21,260
566
414
382
326
254
243
251
222
212
1,792
25,922
8,442
239
164
132
106
102
99
92
76
67
788
10,309
460
24
13
10
7
4
3
3
3
2
43
572
36,803
Apr
2025
21,168
578
434
382
329
254
255
253
220
197
1,816
25,886
8,434
252
170
133
106
106
102
99
72
68
802
10,344
462
24
13
10
7
4
3
3
3
2
43
575
36,804
May
2025
21,959
597
455
398
334
271
266
260
231
201
1,895
26,866
8,874
264
178
145
112
110
107
105
74
73
846
10,889
471
25
13
11
8
4
3
3
3
2
45
588
38,343
Jun
2025
22,718
606
470
414
341
278
273
259
241
206
1,998
27,805
9,290
270
185
151
115
114
109
108
78
79
901
11,400
481
26
14
11
8
5
3
3
3
2
48
604
39,810
Jul
2025
22,644
601
466
412
345
275
265
247
216
214
1,977
27,661
9,485
268
186
157
116
114
107
107
82
77
911
11,611
488
26
14
11
8
4
3
3
3
2
47
609
39,880
Aug
2025
23,034
617
492
431
350
277
265
257
223
225
2,020
28,193
9,795
288
194
169
118
116
113
110
89
81
944
12,017
498
26
15
11
8
4
3
3
3
2
47
621
40,830
Sep
2025
23,513
621
505
446
356
277
261
257
242
237
2,097
28,810
10,153
296
201
181
121
120
114
110
99
89
990
12,474
510
27
15
12
8
4
4
3
3
2
49
637
41,921
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
September 2025
Analytics Office
Table 6.2: Aggregate Gross Value of Fund Investments, by Fund Type and
Country of Risk ($Billions)
This table includes holdings reported by fund of funds, relies upon value reported (Form N-PORT,
Item C.2.c) and aggregates by country of risk (Form N-PORT, Item C.5.b), adjusted for consensus —
see the appendix for more details. Reported country codes with a value of “N/A” are aggregated
with the “Other” category.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Country
United States of America
United Kingdom
Japan
Canada
France
China
Germany
Taiwan
Switzerland
India
Other
Subtotal
United States of America
Japan
China
Canada
United Kingdom
Germany
France
Taiwan
India
Switzerland
Other
Subtotal
United States of America
United Kingdom
Canada
France
Germany
Japan
China
Taiwan
Switzerland
India
Other
Subtotal
Total
Oct
2024
22,150
482
419
357
311
247
239
198
170
177
1,628
26,379
8,279
231
143
117
126
82
85
81
94
57
596
9,892
455
11
9
7
4
2
2
2
2
2
57
554
36,825
Nov
2024
23,050
490
429
376
303
237
240
194
170
176
1,622
27,287
8,890
237
133
122
130
83
82
80
94
58
595
10,505
464
12
9
7
4
2
2
2
2
2
58
565
38,356
Dec
2024
22,219
472
419
357
296
239
238
204
160
170
1,565
26,340
8,663
233
133
118
127
81
82
80
91
57
575
10,239
454
11
9
7
4
2
2
2
2
2
58
553
37,132
Jan
2025
22,785
492
429
361
317
239
255
208
157
160
1,616
27,018
8,990
239
135
122
132
88
88
81
86
51
600
10,612
465
12
9
7
4
2
2
2
2
2
60
567
38,197
26
Feb
2025
22,578
512
427
361
322
263
263
192
160
148
1,637
26,863
8,984
241
150
122
138
93
91
79
79
53
612
10,641
473
12
10
7
4
3
3
2
2
2
62
579
38,083
Mar
2025
21,679
508
420
352
322
269
264
173
154
160
1,621
25,922
8,636
240
153
124
137
98
94
72
87
51
615
10,309
467
12
10
8
4
3
3
1
2
2
62
572
36,803
Apr
2025
21,576
524
440
355
322
236
275
172
157
168
1,661
25,886
8,624
253
135
126
145
104
98
73
91
54
640
10,344
469
13
10
8
5
3
2
1
2
2
61
575
36,804
May
2025
22,381
541
461
372
328
241
288
196
162
172
1,724
26,866
9,072
265
141
138
152
111
102
82
94
57
675
10,889
478
13
10
8
5
3
2
2
2
2
64
588
38,343
Jun
2025
23,149
555
477
389
336
249
295
223
165
176
1,791
27,805
9,493
271
150
144
160
114
106
91
99
60
712
11,400
489
14
10
8
5
3
2
2
2
2
67
604
39,810
Jul
2025
23,059
551
474
386
329
261
286
234
163
165
1,751
27,661
9,689
270
160
149
161
113
108
95
95
61
709
11,611
495
14
10
8
5
3
2
2
2
2
66
609
39,880
Aug
2025
23,458
564
500
404
335
281
287
230
168
161
1,806
28,193
10,005
290
172
161
167
116
110
95
93
64
744
12,017
506
14
11
8
5
3
2
2
2
2
66
621
40,830
Sep
2025
23,931
564
512
416
342
303
282
263
169
160
1,869
28,810
10,363
298
188
172
172
116
114
106
95
66
784
12,474
518
14
11
8
5
3
3
2
2
2
68
637
41,921
September 2025
Analytics Office
Fund Derivative Investments8
7
Table 7.1: Aggregate Notional of Fund Investments in Derivatives, by
Fund Type and Derivative Type ($Billions)
Relies on Form N-PORT, Item C.4 and Item C.11.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Derivative Type
Interest Rate Future
Foreign Exchange Forward
Interest Rate Swap
Equity Option
Credit Swap
Other
Equity Future
Interest Rate Swaption
Foreign Exchange Option
Equity Swap
Commodity Future
Subtotal
Equity Option
Equity Swap
Foreign Exchange Forward
Interest Rate Future
Equity Future
Other
Commodity Future
Interest Rate Swap
Credit Swap
Interest Rate Swaption
Foreign Exchange Option
Subtotal
Equity Option
Interest Rate Swap
Foreign Exchange Forward
Interest Rate Future
Foreign Exchange Option
Credit Swap
Equity Swap
Other
Interest Rate Swaption
Equity Future
Commodity Future
Subtotal
Total
Oct
2024
1,109.8
948.8
988.3
231.5
159.0
140.7
153.2
86.1
71.9
58.3
41.3
3,989.0
220.1
223.1
141.0
40.4
23.4
11.7
13.1
10.9
2.2
***
***
688.1
46.7
36.3
26.8
8.9
***
1.8
1.8
2.0
***
0.9
***
134.5
4,811.5
Nov
2024
1,052.4
955.0
975.2
215.7
167.6
128.5
165.2
108.4
45.6
63.2
41.9
3,918.7
237.2
243.1
162.9
39.6
27.0
15.3
14.7
11.2
2.1
***
***
755.6
44.5
36.2
27.9
8.5
***
1.8
1.8
1.7
***
0.9
***
128.5
4,802.8
Dec
2024
1,019.5
805.6
962.3
223.1
160.8
106.8
168.8
118.3
47.8
65.6
43.9
3,722.5
242.2
232.5
155.1
39.9
19.9
16.6
13.8
11.8
2.2
***
***
737.7
38.2
34.9
19.8
8.6
***
1.8
***
1.6
***
***
***
112.8
4,572.9
Jan
2025
1,029.4
931.4
860.3
225.5
161.1
119.3
165.3
116.7
59.3
64.5
46.8
3,779.5
252.7
238.3
155.3
46.1
24.5
17.2
14.6
12.0
2.6
***
***
767.2
38.7
34.8
30.0
9.1
***
1.8
1.9
1.7
***
1.0
***
123.7
4,670.4
Feb
2025
959.8
1,053.8
866.9
228.9
169.0
129.9
170.0
153.1
55.7
63.8
47.3
3,898.3
250.0
212.0
172.4
46.3
25.0
14.8
15.0
13.4
3.2
***
***
755.5
38.4
34.5
32.7
8.5
***
2.2
1.9
1.6
***
1.3
***
125.7
4,779.6
Mar
2025
1,075.8
1,058.5
879.6
216.5
182.9
144.0
159.9
148.5
76.7
62.4
49.2
4,054.0
278.7
194.0
165.1
52.7
25.1
12.9
14.6
14.5
3.6
***
***
765.4
39.2
36.5
33.4
8.3
***
2.2
***
1.9
***
***
***
129.2
4,948.5
Apr
2025
1,148.7
1,044.9
872.8
211.4
179.3
137.9
157.7
155.1
77.7
62.7
47.2
4,095.4
270.5
203.1
166.5
57.5
25.9
12.8
14.9
15.3
3.5
***
***
774.7
37.3
40.9
33.1
8.6
***
2.2
1.9
1.9
***
1.4
***
131.9
5,002.0
May
2025
1,131.2
1,030.1
886.4
225.3
175.7
131.3
154.2
164.0
83.3
66.4
46.4
4,094.3
295.7
235.3
172.6
51.0
25.7
14.8
15.0
15.1
3.8
***
***
833.7
41.2
41.5
36.4
8.2
***
2.1
2.4
1.8
***
1.3
***
142.9
5,070.9
Jun
2025
1,200.1
945.4
919.7
220.5
182.5
134.7
159.5
176.6
47.5
68.4
44.7
4,099.5
298.3
259.4
167.0
56.2
26.0
17.5
15.7
16.2
3.9
***
***
866.2
49.6
41.0
39.0
7.9
***
1.8
***
2.0
***
***
***
153.0
5,118.8
Jul
2025
1,230.2
933.7
932.3
239.0
186.1
155.4
160.7
194.0
80.2
70.5
47.6
4,229.9
322.8
265.1
165.2
59.6
22.0
22.0
17.2
16.8
4.4
***
***
904.0
53.3
40.1
40.1
7.8
***
2.2
2.4
2.0
***
0.8
***
157.6
5,291.5
Aug
2025
1,245.9
985.1
931.2
231.7
179.8
162.7
165.2
168.4
75.3
71.8
47.8
4,264.8
322.1
261.5
181.9
65.5
26.4
24.1
17.2
17.7
5.3
***
***
927.9
56.8
40.0
39.8
7.6
***
2.2
2.4
2.0
***
0.8
***
160.2
5,352.9
Sep
2025
1,180.0
973.1
845.1
241.6
189.4
177.1
173.5
135.7
79.4
74.7
44.8
4,114.5
345.7
287.7
177.3
67.3
28.1
24.7
18.3
17.7
5.7
***
***
978.0
56.9
39.0
38.5
7.4
***
2.2
***
1.9
***
***
***
156.0
5,248.4
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
September 2025
Analytics Office
Table 7.2: Number of Funds with Investments in Derivatives With a
Notional Value Exceeding Five Percent of Net Assets, by Fund
Type and Derivative Type
Relies on Form N-PORT, Item C.4 and Item C.11.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Derivative Type
Interest Rate Future
Foreign Exchange Forward
Interest Rate Swap
Equity Option
Credit Swap
Other
Equity Future
Interest Rate Swaption
Foreign Exchange Option
Equity Swap
Commodity Future
Subtotal
Equity Option
Equity Swap
Foreign Exchange Forward
Interest Rate Future
Equity Future
Other
Commodity Future
Interest Rate Swap
Credit Swap
Interest Rate Swaption
Foreign Exchange Option
Subtotal
Equity Option
Interest Rate Swap
Foreign Exchange Forward
Interest Rate Future
Foreign Exchange Option
Credit Swap
Equity Swap
Other
Interest Rate Swaption
Equity Future
Commodity Future
Subtotal
Total
Oct
2024
1,057
661
399
196
217
217
396
95
66
223
112
1,928
497
261
66
124
62
57
58
37
17
***
***
1,034
61
51
90
60
***
25
6
15
***
8
***
211
3,172
Nov
2024
1,006
655
402
191
223
201
415
102
65
263
111
1,935
511
264
66
128
63
59
54
39
17
***
***
1,044
60
51
88
60
***
23
6
10
***
8
***
211
3,189
Dec
2024
1,012
644
412
183
232
189
410
101
62
267
112
1,941
523
271
66
134
62
45
62
39
16
***
***
1,074
61
53
93
60
***
25
***
10
***
***
***
215
3,229
Jan
2025
1,016
656
403
184
229
197
408
106
74
264
111
1,926
547
280
72
139
62
56
64
38
16
***
***
1,109
59
53
96
68
***
27
7
11
***
10
***
225
3,259
28
Feb
2025
1,004
659
401
186
239
190
424
106
69
262
114
1,940
559
282
75
140
66
56
63
39
19
***
***
1,125
60
54
96
65
***
26
7
12
***
11
***
219
3,283
Mar
2025
1,023
669
414
179
258
192
421
110
76
265
111
1,961
587
304
80
145
69
63
66
39
24
***
***
1,184
59
54
98
58
***
25
***
12
***
***
***
214
3,358
Apr
2025
1,016
658
412
179
252
200
459
108
63
262
114
1,976
607
316
76
151
68
64
67
38
21
***
***
1,214
62
55
94
62
***
28
8
14
***
10
***
223
3,412
May
2025
1,002
657
405
188
244
183
422
104
78
273
112
1,943
618
319
80
146
67
69
68
38
17
***
***
1,227
65
57
96
59
***
28
8
15
***
10
***
225
3,394
Jun
2025
1,012
651
408
174
244
195
427
104
58
276
110
1,951
637
349
83
159
70
67
68
40
20
***
***
1,288
66
57
95
60
***
27
***
15
***
***
***
223
3,461
Jul
2025
1,009
651
402
198
250
220
408
110
78
273
112
1,960
639
383
86
163
71
73
70
38
18
***
***
1,338
71
53
97
61
***
23
9
16
***
9
***
225
3,522
Aug
2025
995
661
402
203
251
213
398
103
73
273
119
1,952
669
405
90
170
77
73
72
40
19
***
***
1,387
74
52
95
60
***
25
9
18
***
8
***
224
3,562
Sep
2025
987
649
400
201
252
216
402
110
72
276
120
1,953
694
437
93
167
79
72
72
43
19
***
***
1,446
71
52
98
60
***
20
***
16
***
***
***
226
3,624
September 2025
Analytics Office
Table 7.3: Percent of Aggregate Derivative Notional Reported, by
Cumulative Percentile
Relies on Form N-PORT, Item C.11. and B.1.a. This figure excludes fund of funds and removes any
observations without derivative exposure or non-positive total assets.
Fund Type
All Funds
Mutual Fund
ETF
Closed-End Fund
Percentile
Top 2%
Top 5%
Top 10%
Top 25%
Top 2%
Top 5%
Top 10%
Top 25%
Top 2%
Top 5%
Top 10%
Top 25%
Top 2%
Top 5%
Top 10%
Top 25%
Oct
2024
60.20
75.22
85.60
95.75
59.71
75.80
86.21
96.11
54.18
69.91
81.85
94.59
47.43
59.42
72.11
88.52
Nov
2024
59.34
74.66
85.40
95.67
58.72
75.00
86.00
96.10
55.11
70.65
82.12
94.53
46.35
57.50
70.53
87.68
Dec
2024
59.03
74.61
85.39
95.73
58.69
75.01
86.03
96.14
54.89
70.52
82.26
94.78
41.92
55.49
69.30
86.74
Jan
2025
57.78
73.79
84.95
95.66
57.38
74.18
85.54
96.03
54.16
69.98
81.87
94.78
43.60
57.31
70.79
87.70
Feb
2025
57.29
73.34
84.51
95.44
56.88
73.62
85.29
95.91
52.25
68.43
80.60
94.22
44.53
56.92
70.74
88.03
Mar
2025
58.96
74.74
85.45
95.76
58.15
75.39
86.47
96.23
51.91
68.44
80.96
94.43
42.89
55.90
69.96
87.54
Apr
2025
58.05
74.21
85.11
95.65
57.19
74.56
85.85
95.98
51.79
68.85
81.38
94.58
41.91
55.11
69.05
87.22
May
2025
57.79
74.37
85.30
95.71
56.39
74.18
85.90
96.10
54.15
69.90
81.96
94.61
45.30
59.50
71.74
88.30
Jun
2025
59.09
75.15
85.65
95.76
58.43
75.24
86.39
96.13
54.84
70.68
82.30
94.79
48.26
60.67
72.89
88.59
Jul
2025
59.49
75.80
86.06
95.95
59.20
76.16
86.88
96.35
54.53
70.48
82.23
94.78
48.85
62.85
74.59
89.42
Aug
2025
58.70
75.14
85.76
95.78
57.92
75.22
86.42
96.24
54.48
70.29
81.76
94.38
48.71
63.87
75.27
89.78
Sep
2025
57.77
74.26
85.09
95.56
56.68
74.15
85.81
96.04
54.37
69.91
81.49
94.31
48.86
62.89
74.52
89.05
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
Oct
2024
8.9
50.6
136.5
58.1
199.8
287.6
22.1
46.9
85.3
Nov
2024
8.8
50.3
128.1
59.2
196.3
281.1
20.5
44.4
80.4
Dec
2024
8.5
50.2
129.6
54.7
200.3
287.0
20.5
45.2
***
Jan
2025
8.1
51.5
128.2
61.7
201.0
284.8
18.4
42.2
76.2
Feb
2025
9.1
51.8
135.6
65.4
207.1
289.9
17.9
38.5
78.3
29
Mar
2025
8.8
50.6
132.6
62.5
205.2
298.1
19.6
46.3
***
Apr
2025
9.8
52.5
131.6
62.8
202.8
295.6
19.1
47.2
88.6
May
2025
9.5
52.7
135.9
63.9
201.0
287.3
19.6
49.1
83.6
Jun
2025
8.9
53.5
131.1
65.7
196.7
281.3
21.2
48.7
***
Jul
2025
8.8
55.1
139.2
73.1
198.2
284.0
19.8
50.6
93.2
Aug
2025
9.2
54.9
143.1
76.9
198.1
280.7
18.4
51.0
93.6
Sep
2025
9.5
54.3
135.9
89.3
196.3
278.1
17.6
50.6
***
September 2025
Analytics Office
Table 7.5: Aggregate Derivative Notional, by Counterparty ($Billions)
This table relies only on publicly-available information on Form N-PORT, Item C.11 corresponding to
the third month of the fiscal quarter of each fund and presents counterparty information (including
central counterparties) by legal identity. This table includes fund of funds and, for derivatives
reported with multiple counterparties, the notional value is divided equally among the
counterparties. Valid LEIs are mapped to their legal name using reference information sourced from
GLEIF. Each legal name in the table below is hyperlinked to the GLEIF website.
Counterparty
CHICAGO MERCANTILE EXCHANGE...
CHICAGO BOARD OF TRADE
LCH LTD
OPTIONS CLEARING CORP
CBOE GLOBAL MARKETS INC
INTERCONTINENTAL EXCHANGE INC
CME GROUP INC
JPMORGAN CHASE BANK NA
MORGAN STANLEY CO LLC
BANK OF AMERICA NA
CITIBANK NA
BARCLAYS BANK PLC
GOLDMAN SACHS CO LLC
BNP PARIBAS
SOCIETE GENERALE
STATE STREET BANK
GOLDMAN SACHS INTL
TORONTODOMINION BANK
JP MORGAN SECURITIES LLC
LCH GROUP HOLDINGS LTD
MORGAN STANLEY CO INTL PLC
DEUTSCHE BANK AG
WELLS FARGO COMPANY
EUREX CLEARING AG
STANDARD CHARTERED BANK
GOLDMAN SACHS BANK USA
UBS AG
MORGAN STANLEY CAPITAL...
ROYAL BANK OF CANADA
CITIGROUP GLOBAL MARKETS INC
HSBC UK BANK PLC
BANK OF NEW YORK MELLON
JPMORGAN CHASE CO
ICE FUTURES US INC
HSBC BANK PLC
UK CLEARING HOUSE LTD
EUREX FRANKFURT AG
WELLS FARGO BANK NA
CANADIAN IMPERIAL BANK OF...
AUSTRALIA AND NEW ZEALAND...
BOFA SECURITIES INC
SG AMERICAS SECURITIES LLC
ICE FUTURES EUROPE
NOMURA GLOBAL FINANCIAL...
UBS SECURITIES LLC
MERRILL LYNCH PIERCE FENNER...
ICE CLEAR US INC
HSBC BANK USA NA
ASX CLEAR FUTURES PTY LTD
UBS ASSET MANAGEMENT AMERICAS...
Other Counterparties
Invalid LEI
Total
Oct
2024
680.5
461.7
428.8
216.1
77.3
116.8
178.7
130.8
111.3
164.5
117.1
100.3
111.9
109.4
51.1
107.3
72.2
48.6
52.5
44.2
53.9
49.6
0.0
34.1
50.5
39.9
62.1
23.9
47.2
31.9
33.6
19.7
1.3
21.7
44.5
30.7
19.8
48.6
27.7
2.2
16.4
12.9
15.0
6.2
11.4
13.0
9.1
11.6
7.7
9.8
246.9
453.4
4,837.3
Nov
2024
660.2
463.6
429.5
215.8
81.4
118.9
179.2
132.2
117.9
155.9
122.5
103.7
111.5
109.2
50.9
106.4
72.3
48.8
51.0
43.0
53.9
50.6
0.0
34.3
50.4
39.4
61.6
25.1
51.2
28.1
33.6
20.1
1.4
22.0
47.5
31.0
20.9
48.6
27.4
2.0
17.1
12.9
15.5
10.9
11.8
9.1
9.5
11.4
7.7
8.5
247.8
450.3
4,835.4
Dec
2024
552.3
444.4
416.6
206.2
95.9
126.0
150.0
97.7
120.6
140.6
129.4
100.9
111.7
90.2
51.7
81.5
72.2
46.5
49.7
44.1
37.4
57.9
0.1
35.5
41.6
31.4
71.9
31.2
42.8
26.8
33.4
20.3
15.6
26.7
39.6
32.1
19.7
14.6
28.7
1.6
20.1
12.8
16.9
11.5
11.8
9.9
9.7
16.7
7.5
8.5
246.0
466.6
4,574.9
Jan
2025
542.4
446.2
423.7
203.3
181.3
144.8
153.2
95.6
117.3
105.3
124.0
104.4
113.9
104.3
33.3
100.4
73.7
87.3
53.1
44.5
35.9
53.0
0.1
32.9
39.8
32.6
56.3
32.5
48.5
26.4
56.9
13.3
15.6
27.3
38.0
33.5
19.8
20.6
17.7
1.9
20.3
13.6
16.4
12.2
13.1
9.8
9.7
17.3
8.0
8.5
224.8
397.6
4,605.7
30
Feb
2025
518.6
446.8
425.4
204.5
196.4
145.0
150.5
96.2
107.6
108.1
116.7
99.2
112.9
102.9
33.2
101.0
71.8
87.2
54.7
44.6
33.4
52.4
0.3
34.1
39.8
32.4
56.5
36.0
47.6
26.5
56.9
14.5
15.5
27.0
36.2
34.4
20.4
20.6
17.5
2.0
19.7
14.7
16.4
11.6
13.1
10.4
9.6
17.4
8.1
10.2
228.1
379.4
4,566.1
Mar
2025
540.6
452.7
430.8
214.2
187.1
162.7
157.9
103.5
108.5
138.1
148.4
96.7
112.2
151.2
32.7
125.8
86.1
88.3
57.9
46.3
66.0
61.0
0.4
39.4
29.6
40.2
45.5
45.3
53.8
30.6
57.0
14.7
48.7
27.9
37.4
33.6
22.1
43.8
17.1
7.7
17.1
15.0
14.9
10.9
15.4
14.9
10.2
11.9
9.6
10.2
264.3
294.5
4,852.4
Apr
2025
540.1
451.3
424.0
218.7
197.9
161.1
158.9
106.7
108.1
137.5
154.0
109.7
104.6
135.8
38.3
128.9
88.2
64.5
74.5
48.3
69.5
63.2
0.5
41.2
50.0
40.6
39.5
47.7
56.9
33.2
43.9
20.8
49.1
28.5
38.3
35.3
22.0
44.9
12.2
8.0
17.1
15.8
15.2
10.2
12.7
15.3
11.4
12.0
11.2
10.2
286.0
293.1
4,906.3
May
2025
545.3
464.2
422.3
214.7
201.7
164.2
166.6
105.1
108.2
135.7
154.3
111.9
104.7
138.4
39.6
127.6
93.1
64.2
72.5
49.2
69.0
62.9
0.2
40.2
50.4
42.1
39.3
48.3
57.0
42.0
43.9
23.7
49.1
29.3
37.4
35.1
21.3
44.9
12.8
7.9
17.1
15.7
15.8
10.7
12.5
15.3
11.3
11.6
11.1
14.9
291.4
309.8
4,977.5
Jun
2025
578.7
513.0
448.1
214.2
209.6
167.2
158.7
108.5
127.5
121.9
126.3
125.1
109.8
98.3
44.4
123.9
68.6
60.5
73.6
91.8
73.1
66.4
25.4
38.4
52.4
33.3
40.8
45.7
57.8
39.6
44.1
23.9
30.1
26.1
37.1
30.9
26.1
17.9
12.9
46.3
16.2
15.6
14.6
11.4
11.5
10.6
10.7
12.2
10.8
14.9
308.7
285.1
5,060.2
Jul
2025
582.6
515.3
447.1
227.8
233.6
190.7
175.8
114.6
124.4
125.1
129.5
108.3
112.7
101.0
69.9
111.4
72.8
73.7
73.5
103.3
77.8
70.3
25.8
39.3
32.2
32.4
46.4
44.0
40.5
39.0
35.4
30.6
30.5
26.3
39.2
24.1
26.1
19.9
21.9
47.5
16.4
15.4
14.2
13.2
13.9
10.7
11.6
11.6
11.5
14.9
308.9
289.2
5,174.0
Aug
2025
601.7
516.8
446.6
231.4
246.1
192.5
178.3
129.5
135.1
127.1
132.3
110.8
113.9
102.5
71.5
111.9
70.8
74.2
76.0
104.4
76.4
71.4
25.8
40.8
32.1
32.4
46.4
43.5
33.7
35.0
35.4
32.0
30.5
27.1
40.5
24.3
25.6
19.9
21.3
47.5
16.2
16.2
14.5
14.1
13.8
10.6
11.6
11.5
11.5
12.6
308.2
286.2
5,242.0
Sep
2025
587.6
536.9
406.4
244.3
240.7
186.4
180.7
156.6
145.0
142.8
132.8
130.4
111.0
98.5
97.2
92.9
77.9
76.0
74.7
73.7
57.3
56.7
46.1
43.1
41.5
41.0
40.1
40.1
35.8
35.5
35.0
32.2
29.0
26.9
25.6
22.8
22.1
22.0
22.0
19.4
19.4
16.4
16.0
14.9
14.9
14.0
13.8
13.7
13.2
12.6
297.9
313.0
5,246.2
September 2025
Analytics Office
8
Liquidity Classifications
8.1
Mutual Funds
Table 8.1: Aggregate Gross Value of Mutual Fund Investments by
Liquidity Classification ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) and
liquidity classifications (Form N-PORT, Item C.7).
Prevalent Asset Class
US Equity
Taxable Bond
Multi-Asset
Global Equity
Municipal Bond
Total
Classification
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Total
Oct
2024
12,414
34
5
33
12,485
4,871
72
138
38
5,119
4,353
26
17
13
4,410
3,033
207
15
25
3,279
794
8
5
11
817
26,110
Nov
2024
13,132
19
5
31
13,187
4,910
74
139
37
5,160
4,485
27
15
12
4,540
3,117
140
8
23
3,288
807
8
5
10
830
27,005
Dec
2024
12,545
20
9
35
12,609
4,798
73
145
35
5,051
4,357
30
22
13
4,421
2,840
118
195
19
3,173
793
7
4
10
814
26,069
Jan
2025
12,932
20
5
36
12,993
4,872
70
141
36
5,119
4,464
37
16
15
4,532
3,086
114
55
19
3,274
803
7
5
11
826
26,744
31
Feb
2025
12,618
16
5
47
12,685
4,982
67
146
35
5,230
4,470
25
17
14
4,526
3,261
29
5
20
3,314
814
7
4
12
837
26,593
Mar
2025
11,880
10
5
47
11,941
4,988
59
141
41
5,229
4,337
23
17
15
4,391
3,194
44
11
29
3,278
805
4
3
11
824
25,663
Apr
2025
11,772
16
20
47
11,855
5,010
67
134
38
5,249
4,313
32
18
17
4,379
3,006
293
23
18
3,341
787
4
4
11
806
25,630
May
2025
12,457
27
6
38
12,529
5,027
50
136
39
5,253
4,457
28
18
15
4,517
3,403
64
7
19
3,493
791
4
3
12
810
26,602
Jun
2025
13,018
21
7
42
13,088
5,120
53
137
43
5,354
4,587
22
19
17
4,644
3,512
87
7
18
3,624
801
3
4
12
820
27,530
Jul
2025
12,972
23
5
41
13,042
5,072
62
139
41
5,315
4,573
26
18
16
4,633
3,521
28
6
18
3,574
802
4
4
12
822
27,384
Aug
2025
13,185
21
5
44
13,255
5,181
55
138
47
5,420
4,661
26
17
16
4,721
3,639
28
7
19
3,692
803
4
4
13
824
27,913
Sep
2025
13,486
18
5
44
13,554
5,250
59
139
46
5,494
4,757
26
19
15
4,817
3,638
116
23
34
3,810
827
5
4
13
848
28,524
September 2025
Analytics Office
Table 8.2: Aggregate Net Assets of Mutual Funds Reporting Illiquid
Gross Positions, by Prevalent Asset Class and Binned by
Fraction of Net Assets Classified as Illiquid ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and liquidity classifications (Form N-PORT, Item C.7). See
the appendix for a review of interval notation used here.
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Oct
2024
5,982
649
75
2,691
285
295
1,747
597
17
1,699
150
65
480
154
40
Nov
2024
5,465
660
69
2,760
529
94
2,016
481
19
1,774
153
58
491
165
35
Dec
2024
5,395
689
88
2,709
469
130
2,152
130
16
1,658
172
56
479
166
37
Jan
2025
7,554
724
76
2,773
479
131
2,288
133
15
1,760
180
68
482
156
52
Feb
2025
5,661
1,059
74
2,906
387
152
2,214
124
15
1,779
162
51
458
181
55
Mar
2025
4,626
994
77
2,747
552
134
1,745
636
15
1,721
175
57
455
168
55
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
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
Oct
2024
764
102
39
565
70
22
443
47
15
288
39
27
195
63
17
Nov
2024
750
115
36
563
59
21
480
38
13
301
42
23
195
67
13
Dec
2024
763
105
37
543
69
24
447
42
17
295
42
25
196
68
19
32
Jan
2025
764
118
34
717
71
19
462
45
19
325
43
25
194
68
23
Feb
2025
769
91
40
559
76
17
426
38
12
304
33
21
187
69
26
Mar
2025
748
104
40
530
83
22
442
75
21
300
42
25
183
62
23
Apr
2025
751
99
33
544
83
21
439
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
539
82
15
443
26
13
277
40
28
186
56
22
Jul
2025
724
100
41
565
79
15
415
29
13
284
39
26
183
55
22
Aug
2025
716
101
44
582
89
26
459
34
13
286
38
35
193
53
25
Sep
2025
718
93
40
597
79
19
485
62
39
282
40
30
187
44
30
September 2025
8.2
Analytics Office
ETFs
Table 8.4: Aggregate Gross Value of ETF Investments by Liquidity
Classification ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) and
liquidity classifications (Form N-PORT, Item C.7). This table does not generally cover in-kind ETFs
as defined in Rule 22e-4 under the Investment Company Act of 1940 (17 CFR 270.22e-4).
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Total
Classification
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Highly Liquid
Moderately Liquid
Less Liquid
Illiquid
Subtotal
Total
Oct
2024
4,683
5
0
1
4,689
1,519
12
20
1
1,552
1,192
81
3
9
1,285
110
1
0
0
111
124
0
0
0
124
7,761
Nov
2024
5,083
0
0
1
5,084
1,560
15
24
1
1,601
1,245
28
1
8
1,283
118
1
0
0
119
128
0
0
0
129
8,216
Dec
2024
4,956
0
0
0
4,957
1,514
15
25
1
1,556
1,131
38
69
7
1,245
121
2
0
0
123
125
0
0
0
125
8,006
Jan
2025
5,148
0
0
1
5,149
1,563
18
28
1
1,610
1,212
27
39
7
1,285
132
0
0
0
132
128
0
0
0
128
8,305
Feb
2025
5,074
0
0
1
5,075
1,617
21
28
1
1,666
1,304
5
0
8
1,317
142
0
0
0
142
132
0
0
0
133
8,334
Mar
2025
4,847
0
0
1
4,848
1,630
20
24
2
1,676
1,305
11
2
14
1,332
143
2
0
0
145
129
0
0
0
130
8,130
Apr
2025
4,826
1
0
1
4,828
1,664
17
20
1
1,702
1,227
132
8
6
1,374
142
0
0
0
142
132
0
0
0
132
8,179
May
2025
5,124
0
0
0
5,125
1,674
19
21
1
1,715
1,440
12
1
6
1,458
162
1
0
0
163
134
0
0
0
134
8,596
Jun
2025
5,397
0
0
1
5,399
1,724
19
22
2
1,766
1,475
46
0
6
1,527
159
3
0
0
163
140
0
0
0
141
8,996
Jul
2025
5,528
0
0
1
5,529
1,737
20
22
2
1,780
1,519
2
0
7
1,528
162
0
0
0
162
142
0
0
0
142
9,141
Aug
2025
5,704
1
0
1
5,705
1,801
20
22
2
1,845
1,588
2
0
6
1,597
188
0
0
0
188
147
0
0
0
148
9,483
Sep
2025
5,951
1
0
0
5,952
1,834
21
22
2
1,880
1,569
80
4
18
1,670
181
1
0
0
183
153
0
0
0
153
9,839
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
Oct
2024
2,341
***
***
892
***
***
522
6
***
89
***
***
***
***
***
Nov
2024
2,370
***
***
890
***
***
646
***
***
92
***
***
***
***
***
Dec
2024
2,258
***
***
927
***
***
534
15
***
91
***
***
35
***
***
Jan
2025
3,388
***
***
963
***
***
573
6
***
92
***
***
8
***
***
33
Feb
2025
2,578
***
***
988
***
***
592
5
***
94
***
***
3
***
***
Mar
2025
2,093
***
***
841
212
***
617
***
***
90
***
***
4
***
***
Apr
2025
2,087
***
***
1,053
***
***
584
13
***
89
***
***
7
***
***
May
2025
2,212
***
***
1,101
***
***
596
8
***
90
***
***
4
***
***
Jun
2025
2,957
***
***
1,148
***
***
638
5
***
96
***
***
8
***
***
Jul
2025
2,792
***
***
1,134
***
***
664
***
***
96
***
***
8
***
***
Aug
2025
2,903
***
***
1,258
***
***
664
***
***
100
***
***
9
***
***
Sep
2025
2,677
***
***
1,096
***
***
814
30
***
100
***
***
9
***
***
September 2025
Analytics Office
Table 8.6: Number of ETFs Reporting Illiquid Gross Positions, by
Prevalent Asset Class and Binned by Fraction of Net Assets
Classified as Illiquid
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and liquidity classifications (Form N-PORT, Item C.7). See
the appendix for a review of interval notation used here.
Prevalent Asset Class
Global Equity
Taxable Bond
US Equity
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
Oct
2024
165
***
***
136
12
***
123
***
***
20
***
***
***
***
***
Nov
2024
164
***
***
149
***
***
129
***
***
16
***
***
***
***
***
Dec
2024
157
***
***
140
10
***
120
***
***
17
***
***
18
***
***
34
Jan
2025
164
***
***
135
10
***
171
***
***
19
***
***
12
***
***
Feb
2025
172
***
***
147
9
***
128
***
***
20
***
***
10
***
***
Mar
2025
148
22
***
143
***
***
123
***
***
19
***
***
14
***
***
Apr
2025
173
***
***
141
9
***
125
***
***
20
***
***
10
***
***
May
2025
181
***
***
145
8
***
116
***
***
21
***
***
12
***
***
Jun
2025
169
***
***
149
8
***
146
***
***
25
***
***
11
***
***
Jul
2025
164
***
***
152
***
***
134
***
***
23
***
***
8
***
***
Aug
2025
177
***
***
147
***
***
129
***
***
23
***
***
10
***
***
Sep
2025
180
***
***
153
12
***
122
***
***
21
***
***
11
***
***
September 2025
Analytics Office
9
Fair Value Levels9
9.1
Mutual Funds
Table 9.1: Aggregate Gross Value of Mutual Fund Investments, by
Prevalent Asset Class and Fair Value Level ($Billions)
This table includes fund of funds, relies upon value reported (Form N-PORT, Item C.2.c) and
aggregates by fair value level (Form N-PORT, Item C.8).
Prevalent Asset Class
US Equity
Taxable Bond
Multi-Asset
Global Equity
Municipal Bond
Total
9
Fair Value Level
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Total
Oct
2024
12,310
209
26
8
12,553
269
4,834
34
2
5,139
3,361
800
6
265
4,432
1,301
2,129
4
4
3,437
10
806
***
***
817
26,379
Nov
2024
13,027
197
27
7
13,258
263
4,881
34
2
5,180
3,474
812
6
273
4,566
1,512
1,933
4
3
3,452
11
817
***
***
830
27,287
Dec
2024
12,474
169
31
6
12,680
245
4,792
32
1
5,071
3,365
810
7
262
4,444
1,347
1,977
3
4
3,331
10
803
***
***
814
26,340
Jan
2025
12,839
176
41
8
13,064
254
4,852
32
2
5,139
3,439
838
10
268
4,554
1,255
2,145
31
4
3,435
13
812
***
***
826
27,018
Feb
2025
12,525
190
32
8
12,754
249
4,968
32
2
5,250
3,428
846
7
268
4,548
1,255
2,210
4
5
3,474
13
823
***
***
837
26,863
Mar
2025
11,788
177
31
8
12,005
234
4,979
35
1
5,249
3,307
839
7
261
4,413
1,232
2,188
4
6
3,431
12
812
***
***
824
25,922
Apr
2025
11,697
180
31
8
11,916
249
4,984
36
1
5,270
3,305
831
7
260
4,404
1,316
2,164
4
6
3,490
11
794
***
***
806
25,886
May
2025
12,417
137
31
9
12,594
258
4,974
40
2
5,274
3,472
788
8
270
4,539
1,885
1,756
4
6
3,650
12
798
***
***
810
26,866
Jun
2025
12,998
119
31
8
13,157
267
5,068
39
1
5,375
3,597
783
7
278
4,667
2,014
1,763
4
6
3,787
11
809
***
***
820
27,805
Jul
2025
12,881
192
33
7
13,112
261
5,036
38
1
5,336
3,482
885
8
279
4,654
1,378
2,350
4
5
3,736
12
809
***
***
822
27,661
Aug
2025
13,105
178
35
7
13,326
268
5,129
42
1
5,441
3,551
899
8
285
4,743
1,547
2,302
4
5
3,858
11
812
***
***
824
28,193
Sep
2025
13,452
131
38
7
13,627
271
5,192
50
2
5,515
3,682
857
8
293
4,839
1,971
2,000
4
6
3,981
12
835
***
***
848
28,810
See U.S. Generally Accepted Accounting Principles (ASC 820, Fair Value Measurement) for more information.
35
September 2025
Analytics Office
Table 9.2: Aggregate Net Assets of Mutual Funds Reporting Gross Level
Three Positions, by Prevalent Asset Class and Binned by
Fraction of Net Assets Classified as Level Three
($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the
appendix for a review of interval notation used here.
Prevalent Asset Class
US Equity
Global Equity
Taxable Bond
Multi-Asset
Municipal Bond
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Oct
2024
4,853
616
41
2,348
***
5
1,816
411
145
1,482
25
25
303
***
***
Nov
2024
5,163
641
27
2,387
5
5
2,156
461
114
1,519
26
28
248
***
***
Dec
2024
4,956
***
***
2,277
***
***
1,588
464
101
1,485
***
26
245
17
***
Jan
2025
7,304
688
47
1,690
476
229
1,492
464
101
1,573
45
25
254
***
***
Feb
2025
4,691
674
67
2,239
11
***
1,783
395
157
1,534
45
25
257
***
***
Mar
2025
4,295
612
***
2,196
***
***
1,548
182
374
1,474
***
24
247
***
***
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
***
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
Oct
2024
519
67
28
439
52
12
334
***
4
201
12
10
103
***
***
Nov
2024
523
66
27
440
48
16
349
6
4
208
13
11
98
***
***
Dec
2024
530
66
22
419
***
***
332
***
***
200
***
12
96
2
***
36
Jan
2025
523
62
21
552
54
13
323
14
13
235
12
9
97
***
***
Feb
2025
530
53
26
402
58
15
303
7
***
212
12
10
92
***
***
Mar
2025
524
51
28
372
65
***
299
***
***
212
***
10
90
***
***
Apr
2025
498
54
34
393
61
16
324
6
5
194
16
11
82
***
***
May
2025
503
61
39
401
59
15
323
6
***
198
14
12
83
***
***
Jun
2025
516
54
29
396
59
***
317
***
***
196
16
13
85
***
***
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
***
September 2025
9.2
Analytics Office
ETFs
Table 9.4: Aggregate Gross Value of ETF Investments, by Prevalent Asset
Class and Fair Value Level ($Billions)
This table includes fund of funds, relies upon value reported (Form N-PORT, Item C.2.c) and
aggregates by fair value level (Form N-PORT, Item C.8).
Prevalent Asset Class
US Equity
Taxable Bond
Global Equity
Multi-Asset
Municipal Bond
Total
Fair Value Level
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Total
Oct
2024
6,374
112
5
5
6,496
77
1,607
1
0
1,685
494
942
0
1
1,438
102
36
0
0
138
1
135
***
***
135
9,892
Nov
2024
6,905
132
0
7
7,044
79
1,657
1
0
1,737
515
918
1
1
1,435
109
39
0
0
149
1
140
***
***
141
10,505
Dec
2024
6,738
123
0
5
6,867
75
1,617
1
0
1,692
484
904
0
1
1,389
116
36
0
0
152
1
138
***
***
138
10,239
Jan
2025
6,987
124
0
5
7,116
79
1,673
1
0
1,753
500
935
0
2
1,438
129
34
0
0
163
2
140
***
***
142
10,612
37
Feb
2025
6,906
121
0
5
7,033
82
1,731
1
0
1,815
509
961
0
2
1,473
134
40
0
0
174
1
145
***
***
147
10,641
Mar
2025
6,546
118
0
5
6,670
76
1,749
1
0
1,827
523
967
0
2
1,492
134
43
0
0
177
1
142
***
***
143
10,309
Apr
2025
6,503
125
0
1
6,630
88
1,767
1
0
1,856
531
1,007
0
1
1,539
135
39
0
0
173
1
144
***
***
145
10,344
May
2025
6,914
129
0
2
7,045
87
1,779
2
0
1,868
569
1,062
0
1
1,632
141
55
0
0
196
1
146
***
***
147
10,889
Jun
2025
7,271
148
0
1
7,420
84
1,836
1
0
1,922
599
1,109
0
0
1,708
151
48
0
0
198
2
150
***
***
152
11,400
Jul
2025
7,461
143
0
2
7,606
89
1,847
1
0
1,937
596
1,118
0
0
1,715
153
46
0
0
199
2
151
***
***
153
11,611
Aug
2025
7,683
142
0
1
7,826
96
1,905
1
0
2,003
639
1,162
0
0
1,801
156
71
0
0
227
2
157
***
***
159
12,017
Sep
2025
7,987
166
0
1
8,154
88
1,949
2
0
2,040
684
1,207
0
1
1,892
160
62
0
0
223
2
163
***
***
165
12,474
September 2025
Analytics Office
Table 9.5: Aggregate Net Assets of ETFs Reporting Gross Level Three
Positions, by Prevalent Asset Class and Binned by Fraction
of Net Assets Classified as Level Three ($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the
appendix for a review of interval notation used here.
Prevalent Asset Class
US Equity
Global Equity
Taxable Bond
Multi-Asset
Municipal Bond
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Oct
2024
2,073
0
4
1,075
***
0
275
9
0
1
0
0
0
***
***
Nov
2024
2,253
0
0
1,082
0
0
392
10
0
2
0
0
0
***
***
Dec
2024
2,213
***
***
1,040
***
***
184
9
0
1
***
0
0
0
***
Jan
2025
2,660
0
0
1,069
3
1
167
12
0
2
0
0
1
***
***
Feb
2025
2,219
0
0
1,104
0
***
324
13
0
2
0
0
2
***
***
Mar
2025
2,019
0
***
1,110
***
***
228
18
0
2
***
0
2
***
***
Apr
2025
2,034
0
0
1,149
0
0
217
20
1
1
0
0
2
***
***
May
2025
2,171
0
0
1,221
0
***
218
18
4
8
0
0
2
***
***
Jun
2025
2,276
0
***
1,266
***
***
255
26
2
8
0
0
3
***
***
Jul
2025
2,444
0
0
1,263
***
***
219
24
3
7
0
0
3
***
***
Aug
2025
2,517
0
0
1,341
0
***
232
19
3
9
0
0
7
***
***
Sep
2025
2,618
0
***
1,411
***
***
248
23
15
9
***
0
7
0
***
Table 9.6: Number of ETFs Reporting Gross Level Three Positions, by
Prevalent Asset Class and Binned by Fraction of Net Assets
Classified as Level Three
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the
appendix for a review of interval notation used here.
Prevalent Asset Class
Global Equity
US Equity
Taxable Bond
Multi-Asset
Municipal Bond
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Oct
2024
151
***
1
102
0
1
63
8
2
4
0
0
0
***
***
Nov
2024
159
1
1
103
0
0
67
9
1
4
0
0
1
***
***
Dec
2024
146
***
***
103
***
***
72
4
3
2
***
0
2
0
***
38
Jan
2025
143
3
5
176
1
2
60
9
0
8
0
0
2
***
***
Feb
2025
156
3
***
102
1
0
72
10
2
5
0
0
2
***
***
Mar
2025
153
***
***
98
2
***
72
7
5
5
***
1
2
***
***
Apr
2025
146
2
0
99
1
2
66
10
3
5
0
1
2
***
***
May
2025
161
1
***
99
1
0
76
10
7
6
0
1
2
***
***
Jun
2025
152
***
***
101
1
***
76
9
4
7
1
0
3
***
***
Jul
2025
148
***
***
106
0
1
79
7
3
5
0
2
3
***
***
Aug
2025
161
2
***
110
1
1
78
5
5
8
0
1
4
***
***
Sep
2025
171
***
***
114
2
***
81
5
8
7
***
4
5
0
***
September 2025
9.3
Analytics Office
Closed-End Funds
Table 9.7: Aggregate Gross Value of Closed-End Fund Investments, by
Prevalent Asset Class and Fair Value Level ($Billions)
This table includes fund of funds, relies upon value reported (Form N-PORT, Item C.2.c) and
aggregates by fair value level (Form N-PORT, Item C.8).
Prevalent Asset Class
Taxable Bond
Multi-Asset
US Equity
Municipal Bond
Global Equity
Total
Fair Value Level
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Level One
Level Two
Level Three
No Level
Subtotal
Total
Oct
2024
10
113
69
6
198
36
17
35
60
149
86
5
4
1
96
2
85
***
***
87
15
9
1
0
25
554
Nov
2024
9
112
72
6
199
39
18
35
62
153
91
4
4
1
100
2
85
***
***
87
16
9
1
0
25
565
Dec
2024
9
112
75
7
202
33
17
36
60
148
85
4
4
1
94
1
83
***
***
85
15
8
1
0
24
553
Jan
2025
9
114
78
7
208
30
18
38
65
151
90
5
5
1
100
1
83
***
***
85
14
9
1
0
23
567
39
Feb
2025
9
116
80
7
212
37
18
39
65
160
89
5
5
1
99
1
84
***
***
85
13
9
1
0
23
579
Mar
2025
8
117
82
7
215
30
18
38
69
155
86
5
5
1
96
1
83
***
***
84
13
8
1
0
22
572
Apr
2025
9
116
85
10
219
30
18
40
67
155
84
5
5
1
94
1
82
***
***
83
14
9
1
0
24
575
May
2025
8
119
87
10
224
30
18
42
69
159
89
5
5
1
99
1
80
***
***
82
15
8
1
0
24
588
Jun
2025
8
121
88
10
228
32
19
44
71
166
91
5
5
1
102
1
81
***
***
82
17
9
0
1
26
604
Jul
2025
9
121
90
10
231
33
18
46
72
169
91
5
5
1
102
1
79
***
***
81
16
9
0
1
26
609
Aug
2025
9
120
95
10
234
34
19
48
74
175
92
5
5
1
103
1
80
***
***
81
17
8
0
1
27
621
Sep
2025
9
121
95
10
236
36
18
50
80
183
96
5
5
1
107
1
82
***
***
83
18
9
0
1
28
637
September 2025
Analytics Office
Table 9.8: Aggregate Net Assets of Closed-End Funds Reporting Gross
Level Three Positions, by Prevalent Asset Class and Binned
by Fraction of Net Assets Classified as Level Three
($Billions)
This table includes fund of funds and relies upon value reported (Form N-PORT, Item C.2.c) relative
to net assets (Form N-PORT, Item B.1.c) and fair value level (Form N-PORT, Item C.8). See the
appendix for a review of interval notation used here.
Prevalent Asset Class
Taxable Bond
Multi-Asset
US Equity
Municipal Bond
Global Equity
Fraction of Net Assets
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
(0,2%)
[2%,5%)
5% or more
Oct
2024
28
9
82
13
13
57
18
1
14
23
***
***
7
***
3
Nov
2024
26
12
82
13
10
62
18
1
14
24
***
***
6
0
3
Dec
2024
28
8
84
11
***
61
17
***
***
23
3
***
6
***
***
Jan
2025
30
7
86
10
11
67
15
1
16
23
***
***
6
0
2
Feb
2025
29
7
88
11
12
68
16
1
16
23
***
***
4
0
***
Mar
2025
28
6
91
11
***
68
13
4
***
22
***
***
4
***
***
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
***
***
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
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
Oct
2024
58
18
92
23
10
65
18
2
14
27
***
***
13
***
4
Nov
2024
51
26
90
24
7
68
16
2
14
29
***
***
12
1
5
Dec
2024
60
14
93
22
***
70
14
***
***
27
3
***
12
***
***
40
Jan
2025
58
17
92
19
9
71
13
2
15
26
***
***
12
2
3
Feb
2025
57
15
92
19
11
67
13
1
15
26
***
***
11
2
***
Mar
2025
58
12
98
20
***
67
10
4
***
26
***
***
11
***
***
Apr
2025
55
13
101
20
12
69
10
3
14
23
***
***
11
4
3
May
2025
55
18
101
16
12
74
11
2
15
27
***
***
13
3
***
Jun
2025
59
17
99
15
12
79
11
2
***
25
***
***
14
***
***
Jul
2025
65
12
100
17
13
80
10
3
15
21
***
***
13
***
***
Aug
2025
60
13
107
17
12
83
11
3
15
17
***
***
13
2
***
Sep
2025
62
13
108
20
***
82
10
2
***
17
1
***
14
***
***
September 2025
10
Analytics Office
Interest Rate Risk10
Table 10.1: Aggregate Interest Rate Risk, by Prevalent Asset Class and
Fund Type ($Billions)
This table includes fund of funds, relies upon DV100 reported (Form N-PORT, Item B.3.b). The
aggregates are comprised of gross values trimmed at the 99th percentile relative to net assets.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Prevalent Asset Class
Taxable Bond
Municipal Bond
Multi-Asset
Global Equity
US Equity
Subtotal
Taxable Bond
Municipal Bond
Multi-Asset
US Equity
Global Equity
Subtotal
Taxable Bond
Municipal Bond
Multi-Asset
US Equity
Global Equity
Subtotal
Total
Oct
2024
204.7
50.5
33.0
1.2
1.6
291.0
83.0
8.1
0.5
***
***
91.5
3.4
3.8
0.5
***
***
7.8
390.3
Nov
2024
206.9
50.1
33.3
1.2
2.1
293.5
84.9
8.2
0.5
***
***
93.6
3.3
3.9
0.5
***
***
7.9
395.0
Dec
2024
204.5
50.7
33.6
1.1
0.6
290.5
83.9
8.3
0.5
***
***
92.8
3.2
3.0
0.5
0.1
0.0
6.9
390.2
Jan
2025
205.5
51.1
34.0
1.1
0.6
292.3
85.0
8.5
0.5
***
***
94.0
3.4
3.0
0.5
***
***
7.0
393.2
Feb
2025
206.9
51.1
34.6
1.4
0.4
294.5
88.5
8.7
0.5
***
***
97.8
3.4
3.1
0.5
***
***
7.1
399.4
Mar
2025
209.0
51.9
34.4
***
***
297.2
88.6
8.7
0.6
***
***
98.0
3.4
2.4
0.6
***
***
6.4
401.6
Apr
2025
209.0
51.5
33.8
1.3
0.6
296.1
88.2
8.9
0.7
***
***
97.8
3.5
2.2
0.5
***
***
6.4
400.4
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
***
***
5.9
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
1.8
0.5
***
***
6.2
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
Table 10.2: Aggregate Interest Rate Risk, by Prevalent Asset Class and
Fund Type (Percent of Aggregate NAV)
This table includes fund of funds, relies upon DV100 reported (Form N-PORT, Item B.3.b). The
aggregates are comprised of gross values trimmed at the 99th percentile relative to net assets.
Fund Type
ETF
Closed-End Fund
Mutual Fund
Prevalent Asset Class
Municipal Bond
Taxable Bond
Multi-Asset
Global Equity
US Equity
Municipal Bond
Taxable Bond
US Equity
Multi-Asset
Global Equity
Municipal Bond
Taxable Bond
Multi-Asset
US Equity
Global Equity
Oct
2024
5.80
4.51
3.26
***
***
10.36
2.80
***
1.77
***
6.25
4.88
2.07
1.66
0.93
Nov
2024
5.69
4.51
3.22
***
***
10.20
2.72
***
1.71
***
6.09
4.90
2.05
2.09
0.92
Dec
2024
5.84
4.47
3.21
***
***
10.08
2.62
1.71
1.72
0.89
6.26
4.89
2.13
0.77
0.93
Jan
2025
5.85
4.40
3.21
***
***
9.98
2.68
***
1.97
***
6.26
4.87
2.09
0.82
0.91
Feb
2025
5.82
4.43
3.24
***
***
9.96
2.62
***
1.55
***
6.18
4.81
2.10
0.64
1.10
Mar
2025
5.96
4.41
2.99
***
***
9.84
2.62
***
1.60
***
6.37
4.90
2.15
***
***
Apr
2025
5.98
4.37
3.07
***
***
9.82
2.73
***
1.54
***
6.44
4.91
2.15
0.87
1.01
May
2025
6.07
4.35
3.53
***
***
9.64
2.69
***
1.48
***
6.49
4.84
2.10
0.85
1.02
Jun
2025
6.12
4.27
2.88
3.73
0.66
9.54
2.52
***
1.43
***
6.61
4.89
2.01
***
***
Jul
2025
6.09
4.32
3.05
***
***
9.19
2.64
***
1.41
***
6.53
4.91
2.01
0.87
1.11
Aug
2025
6.15
4.31
2.86
***
***
9.52
2.69
***
1.73
***
6.57
4.86
1.99
0.83
1.08
Sep
2025
5.87
4.35
3.03
***
***
9.52
2.53
***
1.69
***
6.44
4.89
1.98
***
***
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
September 2025
Analytics Office
Table 10.3: Aggregate Interest Rate Risk, by Currency and Maturity
($Billions)
This table includes fund of funds, relies upon DV100 reported (Form N-PORT, Item B.3.b). The
aggregates are comprised of gross values trimmed at the 99th percentile relative to net assets.
Currency
USD
EUR
JPY
GBP
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
Oct
2024
4.8
40.2
116.9
121.0
73.2
356.2
0.6
1.5
4.7
5.0
2.8
14.5
0.1
0.3
1.4
2.1
1.7
5.6
0.2
0.4
1.0
2.2
0.8
4.6
0.1
0.2
0.6
0.7
0.1
1.6
0.2
1.0
2.8
2.6
1.3
7.8
390.3
Nov
2024
4.5
40.9
118.7
122.2
73.9
360.2
0.4
1.5
4.6
5.2
3.1
14.7
0.1
0.3
1.3
2.1
1.8
5.6
0.2
0.5
1.0
2.4
0.8
4.9
0.1
0.2
0.6
0.7
0.1
1.6
0.1
1.0
2.8
2.7
1.3
7.9
395.0
Dec
2024
4.9
39.8
118.2
121.4
71.4
355.7
0.5
1.5
4.6
5.1
2.8
14.6
0.2
0.4
1.3
2.1
1.8
5.8
0.3
0.5
1.0
2.1
0.8
4.7
0.1
0.2
0.6
0.6
0.1
1.6
0.1
0.9
2.8
2.6
1.3
7.8
390.2
Jan
2025
4.9
40.2
119.0
122.2
71.8
358.1
0.7
1.4
4.7
5.1
2.7
14.7
0.2
0.4
1.3
2.2
1.8
5.9
0.2
0.5
1.1
2.3
0.8
4.8
0.1
0.2
0.6
0.6
0.1
1.5
0.2
0.9
3.0
2.8
1.3
8.2
393.2
Feb
2025
4.4
41.3
120.1
124.2
74.3
364.3
0.6
1.4
4.7
5.2
2.8
14.7
0.2
0.4
1.3
2.2
1.8
5.8
0.2
0.4
1.1
2.3
0.8
4.8
0.1
0.2
0.6
0.7
0.1
1.6
0.1
0.9
3.0
2.8
1.4
8.2
399.4
42
Mar
2025
5.0
41.0
119.8
125.3
74.7
365.8
0.9
1.5
5.0
5.1
2.9
15.4
0.1
0.4
1.2
2.2
1.8
5.7
0.2
0.4
1.0
2.4
0.8
4.9
0.1
0.2
0.6
0.7
0.1
1.7
0.2
1.0
3.0
2.7
1.3
8.1
401.6
Apr
2025
5.1
40.8
120.0
123.8
73.1
362.9
0.9
1.6
5.2
5.5
3.1
16.3
0.1
0.4
1.4
2.2
1.9
6.1
0.2
0.5
1.2
2.5
0.8
5.2
0.1
0.2
0.7
0.8
0.1
1.8
0.1
0.9
3.1
2.6
1.4
8.2
400.4
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
0.1
0.4
1.3
2.2
1.8
5.8
0.2
0.6
1.3
2.5
0.8
5.4
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
0.1
0.4
1.3
2.2
1.9
6.0
0.2
0.6
1.4
2.5
0.8
5.5
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
0.1
0.4
1.2
2.2
1.7
5.6
0.3
0.5
1.4
2.3
0.8
5.2
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
376.8
0.5
1.7
5.5
5.3
2.5
15.7
0.1
0.5
1.3
2.3
1.7
5.9
0.3
0.5
1.5
2.6
0.8
5.7
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
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
0.2
0.4
1.2
2.2
1.7
5.8
0.3
0.4
1.7
2.5
0.7
5.6
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
September 2025
11
Analytics Office
Securities Lending
Table 11.1: Aggregate Gross Value of Securities on Loan by Funds, by
Fund Type and Investment Category of Security on Loan
($Billions)
This table reports the gross value of securities on loan (Form N-PORT, Item C.12.c). Investment
category from asset type (Form N-PORT, Item C.4.a) and issuer type (Form N-PORT, Item C.4.b),
adjusted for consensus — see the appendix for more details.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Investment Category
Common Equity
Corporate Debt
US Treasury Debt
Other
Subtotal
Common Equity
Corporate Debt
US Treasury Debt
Other
Subtotal
Common Equity
Corporate Debt
US Treasury Debt
Other
Subtotal
Total
Oct
2024
81
14
9
13
116
77
26
9
4
115
3
1
0
0
4
236
Nov
2024
88
13
8
12
122
84
24
8
3
119
3
1
0
0
5
246
Dec
2024
84
12
5
13
115
80
23
8
4
115
3
***
0
***
4
235
Jan
2025
82
15
3
12
112
80
27
6
3
117
3
1
***
***
4
233
Feb
2025
92
15
3
12
122
86
27
8
4
124
3
1
0
0
5
251
Mar
2025
111
15
3
12
140
92
25
6
4
127
3
***
0
***
4
272
Apr
2025
102
15
3
12
132
92
27
8
8
135
3
***
0
***
4
272
May
2025
114
15
4
12
145
100
28
5
5
138
4
1
***
***
5
288
Jun
2025
124
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
18
160
3
1
0
0
5
305
Sep
2025
128
16
4
10
159
90
26
2
4
122
4
***
0
***
5
287
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
Oct
2024
1,887
519
154
638
2,579
1,053
181
39
191
1,331
35
22
0
14
48
3,913
Nov
2024
1,864
513
154
608
2,539
1,068
185
41
198
1,359
37
21
0
14
48
3,897
Dec
2024
1,837
509
118
654
2,536
1,090
186
38
218
1,393
35
***
0
***
44
3,928
Jan
2025
1,814
508
95
616
2,492
1,102
185
33
208
1,397
35
20
***
***
44
3,887
43
Feb
2025
1,854
492
80
624
2,512
1,123
184
31
209
1,420
36
20
0
15
44
3,929
Mar
2025
1,868
492
83
642
2,521
1,111
187
36
223
1,417
35
***
0
***
42
3,933
Apr
2025
1,876
485
79
648
2,520
1,103
189
29
237
1,406
40
***
0
***
46
3,927
May
2025
1,935
496
104
642
2,611
1,145
197
34
239
1,448
39
19
***
***
45
4,056
Jun
2025
1,970
496
76
640
2,634
1,141
203
28
216
1,441
35
***
0
***
41
4,065
Jul
2025
1,859
502
89
646
2,519
1,131
205
22
243
1,439
35
***
0
***
42
3,952
Aug
2025
1,888
503
83
652
2,555
1,146
208
30
242
1,452
36
18
0
13
44
4,004
Sep
2025
1,903
520
98
650
2,582
1,145
197
27
243
1,437
38
***
0
***
47
4,019
September 2025
Analytics Office
Table 11.3: Distribution of the Ratio of Aggregate Loaned Value to Fund
Total Assets (Percent)
Funds which do not report securities on loan or report non-positive total assets are excluded (Form
N-PORT, Item B.1.a. and C.12.c).
Fund Type
Mutual Fund
ETF
Closed-End Fund
Percentile
10th
25th
50th
75th
90th
95th
10th
25th
50th
75th
90th
95th
10th
25th
50th
75th
90th
95th
Oct
2024
0.06
0.31
1.13
3.10
7.61
11.56
0.11
0.50
1.99
6.64
13.45
17.75
***
0.43
2.68
***
13.02
***
Nov
2024
0.09
0.33
1.14
3.13
7.61
11.32
0.11
0.51
2.04
6.45
13.72
18.16
***
0.44
2.87
***
***
***
Dec
2024
0.08
0.33
1.07
3.31
7.47
10.86
0.15
0.60
2.19
6.06
12.57
16.73
0.12
***
***
***
***
25.36
Jan
2025
0.07
0.30
1.07
3.09
6.98
10.38
0.13
0.54
2.20
6.49
13.15
17.93
***
***
***
***
12.44
***
Feb
2025
0.08
0.34
1.11
3.12
7.12
10.83
0.14
0.57
2.25
6.50
13.47
17.74
***
0.49
2.81
***
***
***
44
Mar
2025
0.07
0.39
1.20
3.51
7.77
11.82
0.13
0.61
2.45
6.70
13.69
17.83
0.24
***
***
***
***
19.09
Apr
2025
0.09
0.40
1.25
3.38
7.46
11.10
0.16
0.66
2.68
6.96
14.57
19.88
***
***
***
***
***
***
May
2025
0.09
0.42
1.26
3.43
7.50
11.52
0.16
0.71
2.46
6.71
13.59
18.09
***
0.65
3.42
***
***
***
Jun
2025
0.09
0.40
1.26
3.42
7.18
11.35
0.17
0.67
2.65
6.87
12.93
17.81
***
***
***
***
***
22.90
Jul
2025
0.07
0.35
1.19
3.37
7.35
11.91
0.14
0.63
2.34
6.82
12.70
17.75
***
***
3.72
9.65
***
***
Aug
2025
0.09
0.39
1.26
3.45
7.05
10.62
0.15
0.66
2.44
6.63
12.72
17.45
***
0.77
3.70
***
***
***
Sep
2025
0.10
0.41
1.28
3.61
7.76
11.16
0.12
0.58
2.44
6.34
12.25
16.38
0.11
***
***
***
***
23.68
September 2025
Analytics Office
Table 11.4: Aggregate Borrowing of Securities from Funds, by
Counterparty ($Billions)
Relies only on publicly-available information reported on Form N-PORT, Item B.4 corresponding to the
third month of the fiscal quarter of each fund and presents counterparty information by legal
identity. Valid LEIs are mapped to their legal name using reference information sourced from GLEIF.
Each legal name in the table below is hyperlinked to the GLEIF website.
Counterparty
MORGAN STANLEY CO LLC
JP MORGAN SECURITIES LLC
BOFA SECURITIES INC
BARCLAYS BANK PLC
GOLDMAN SACHS CO LLC
CITIGROUP GLOBAL MARKETS INC
BARCLAYS CAPITAL INC
BNP PARIBAS PRIME BROKERAGE...
STATE STREET BANK
NATIONAL FINANCIAL SERVICES...
BNP PARIBAS SECURITIES CORP
MORGAN STANLEY CO INTL PLC
WELLS FARGO SECURITIES LLC
UBS AG
JP MORGAN SECURITIES PLC
JEFFERIES LLC
GOLDMAN SACHS INTL
SCOTIA CAPITAL USA INC
WELLS FARGO BANK NA
NOMURA SECURITIES INTL INC
UBS SECURITIES LLC
RBC CAPITAL MARKETS LLC
HSBC BANK PLC
BMO CAPITAL MARKETS CORP
BNP PARIBAS
BANK OF NOVA SCOTIA
TD PRIME SERVICES LLC
DEUTSCHE BANK SECURITIES INC
PERSHING LLC
NATIXIS SECURITIES AMERICAS...
BARCLAYS CAPITAL SECURITIES...
MIZUHO SECURITIES USA LLC
CITIGROUP GLOBAL MARKETS LTD
MACQUARIE BANK LTD
NBC GLOBAL FINANCE LTD
MERRILL LYNCH INTL
BMO NESBITT BURNS INC
BNP PARIBAS FINANCIAL MARKETS
RBC DOMINION SECURITIES INC
CANADIAN IMPERIAL BANK OF...
BANK OF NEW YORK MELLON
SG AMERICAS SECURITIES LLC
SOCIETE GENERALE
CANADIAN IMPERIAL BANK OF...
JANNEY MONTGOMERY SCOTT LLC
MUFG SECURITIES AMERICAS INC
UBS EUROPE SE
SCOTIA CAPITAL INC
TD SECURITIES USA LLC
NATIONAL BANK FINANCIAL INC
Other Borrowers
Invalid LEI
Total
Oct
2024
24.0
24.6
24.8
20.5
24.8
16.9
12.1
8.0
9.2
3.9
5.6
3.0
4.7
4.2
3.7
2.9
2.4
2.1
3.6
3.7
2.2
1.6
2.7
2.6
2.3
0.8
3.0
1.5
1.2
1.3
0.9
1.5
0.8
0.3
0.4
0.8
0.8
0.4
0.4
0.6
0.4
0.7
0.3
0.4
0.5
0.4
0.3
0.0
0.2
0.2
5.5
0.0
239.7
Nov
2024
24.3
26.2
26.0
20.7
25.5
17.0
12.6
7.8
8.9
4.2
5.5
3.0
4.8
4.1
3.7
2.9
2.4
2.3
3.8
3.4
2.3
1.6
2.7
2.4
2.3
0.8
3.1
1.8
1.2
1.3
0.8
1.4
0.7
0.4
0.4
0.8
0.8
0.4
0.4
0.3
0.5
0.7
0.4
0.4
0.5
0.3
0.3
0.0
0.2
0.2
5.6
0.0
244.3
Dec
2024
23.7
24.2
24.4
20.2
23.0
18.0
11.1
5.9
8.4
3.9
5.9
2.9
4.4
4.3
3.2
2.8
1.8
2.5
3.9
3.3
2.8
1.6
2.6
1.9
2.4
0.6
1.9
1.8
1.3
0.7
0.8
1.2
0.7
0.4
0.4
0.7
0.9
0.4
0.4
0.3
0.5
1.2
0.4
0.4
0.5
0.2
0.3
0.0
0.2
0.2
4.9
0.0
230.4
Jan
2025
24.5
23.9
23.0
21.0
23.3
18.1
11.0
5.9
9.1
4.0
6.6
3.1
4.3
4.4
3.4
2.5
2.1
2.6
4.5
3.3
2.8
2.1
1.8
1.8
2.4
1.0
2.0
1.9
1.4
0.7
0.8
0.6
0.7
0.2
0.7
0.9
0.8
0.3
0.5
0.2
0.4
1.3
0.7
0.3
0.6
0.2
0.3
0.1
0.2
0.2
4.9
0.0
232.9
45
Feb
2025
24.4
23.7
21.7
21.9
23.7
18.3
9.9
5.9
9.6
3.8
6.7
3.1
4.4
4.6
3.1
2.6
2.0
2.6
4.6
3.6
2.9
2.7
1.9
2.0
2.5
1.0
1.9
1.9
1.3
0.7
0.8
0.6
0.7
0.2
0.7
0.8
0.8
0.3
0.5
0.4
0.4
1.3
0.5
0.5
0.5
0.2
0.3
0.2
0.2
0.2
4.7
0.0
233.7
Mar
2025
25.8
21.7
23.7
23.1
24.1
18.5
10.6
6.8
10.2
3.9
6.6
3.3
4.5
4.5
3.6
3.0
2.0
2.4
4.4
3.6
2.5
2.6
2.4
2.5
2.2
1.0
1.8
2.0
1.3
0.6
0.8
0.7
0.9
0.3
0.7
0.8
0.8
0.4
0.6
0.4
0.4
1.0
0.6
0.4
0.6
0.3
0.3
0.6
0.2
0.3
5.2
0.0
241.4
Apr
2025
27.4
22.0
29.0
23.1
24.3
18.7
11.6
9.1
10.5
4.0
6.6
4.7
4.8
4.4
3.9
3.6
2.4
2.3
4.1
3.5
2.4
2.8
2.8
3.2
2.2
0.5
1.8
2.0
1.3
0.6
1.1
0.8
1.1
0.8
0.6
1.0
0.9
0.4
0.5
0.4
0.4
0.9
0.4
0.5
0.6
0.3
0.3
0.7
0.2
0.3
5.2
0.0
257.2
May
2025
27.3
21.3
31.4
23.0
24.3
18.8
12.4
9.3
11.9
4.0
7.2
5.1
5.0
4.3
3.8
3.7
3.0
2.4
4.0
3.4
2.7
3.0
2.8
3.3
2.2
0.5
1.8
1.7
1.5
0.5
1.2
0.8
1.2
0.9
0.6
1.3
0.9
0.4
0.6
0.5
0.5
0.8
0.4
0.5
0.6
0.4
0.3
0.7
0.3
0.4
5.2
0.0
264.5
Jun
2025
27.0
25.4
29.7
23.3
25.7
20.6
13.0
11.7
12.2
4.8
6.9
5.3
6.3
5.2
3.5
3.5
3.2
2.8
3.9
3.8
3.1
3.0
2.7
3.9
2.4
0.6
2.2
1.6
1.4
0.5
1.4
0.9
1.0
0.9
0.6
1.2
0.7
0.7
0.6
0.5
0.5
0.5
0.3
0.5
0.6
0.4
0.4
0.4
0.3
0.4
5.3
0.0
277.3
Jul
2025
29.1
25.1
24.7
24.5
26.1
21.4
13.0
11.0
12.1
5.6
6.9
5.6
6.4
5.7
4.5
3.2
3.3
3.1
3.7
3.8
3.2
3.0
3.1
3.5
2.4
1.1
2.2
1.6
1.5
0.6
1.0
1.0
0.9
0.9
0.8
1.1
0.6
0.7
0.7
0.6
0.4
0.5
0.5
0.5
0.6
0.4
0.5
0.5
0.3
0.4
5.7
0.0
279.6
Aug
2025
29.2
25.4
23.7
24.2
24.9
22.7
13.2
11.3
12.4
5.7
6.7
5.9
6.4
5.7
4.4
3.4
3.2
3.2
3.4
3.9
2.9
2.7
3.0
3.4
2.4
1.9
2.1
1.6
1.5
0.6
1.0
1.1
0.9
0.8
0.8
0.8
0.7
0.7
0.6
0.7
0.5
0.5
0.5
0.5
0.5
0.4
0.4
0.4
0.3
0.5
5.6
0.0
279.3
Sep
2025
30.8
29.2
26.4
24.8
24.5
22.4
13.9
13.3
11.6
7.5
7.0
6.2
6.0
5.8
5.1
4.0
3.6
3.5
3.3
3.3
3.1
2.9
2.8
2.8
2.5
1.9
1.7
1.7
1.6
1.2
1.1
1.0
1.0
0.9
0.9
0.8
0.8
0.7
0.7
0.6
0.6
0.5
0.5
0.5
0.5
0.4
0.4
0.4
0.4
0.4
5.7
0.0
293.5
September 2025
Analytics Office
Table 11.5: Aggregate Collateral Received from Borrowers for Securities
Lent by Funds ($Billions)
This table reports aggregate cash collateral (Form N-PORT, Item C.12.a) and non-cash collateral
(Form N-PORT, Item B.4.b.ii and Item C.12.b), by fund type.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Total
Collateral Type
Cash
Non-Cash
Subtotal
Cash
Non-Cash
Subtotal
Cash
Non-Cash
Subtotal
Total
Oct
2024
101
22
123
110
13
123
4
0
4
250
Nov
2024
106
24
130
111
13
125
***
***
4
258
Dec
2024
97
23
120
107
14
121
***
***
4
244
Jan
2025
96
21
117
109
13
121
4
0
4
242
Feb
2025
104
23
126
114
16
130
***
***
4
260
Mar
2025
121
27
148
119
16
135
***
***
4
287
Apr
2025
116
22
138
129
16
144
4
0
4
286
May
2025
122
28
151
127
17
144
***
***
3
298
Jun
2025
126
29
156
129
18
147
***
***
3
306
Jul
2025
108
28
136
130
19
149
3
0
3
289
Aug
2025
110
36
146
134
21
155
***
***
3
305
Sep
2025
121
41
162
136
21
157
***
***
3
323
Table 11.6: Distribution of Total Collateral Provided by Borrowers of
Securities to Aggregate Gross Value of those Securities on
Loan by Funds
This table reports aggregate collateral (Form N-PORT, Items C.12.a, B.4.b.ii and C.12.b) as a
fraction of securities on loan (Form N-PORT, Item C.12.c), by fund type. Funds which do not report
securities on loan are excluded.
Fund Type
Mutual Fund
ETF
Closed-End Fund
Percentile
25th
50th
75th
25th
50th
75th
25th
50th
75th
Oct
2024
102
103
106
103
104
106
***
***
106
Nov
2024
102
102
105
102
103
105
***
102
103
Dec
2024
102
103
105
102
104
106
***
***
***
Jan
2025
102
103
105
102
103
105
***
***
104
46
Feb
2025
102
103
105
102
103
106
101
102
***
Mar
2025
102
103
106
102
104
107
***
***
***
Apr
2025
102
103
105
102
103
105
***
***
105
May
2025
102
103
105
102
103
105
***
103
106
Jun
2025
102
103
104
102
103
105
***
***
***
Jul
2025
102
103
106
102
104
106
***
104
107
Aug
2025
102
103
105
102
103
105
***
***
***
Sep
2025
102
103
105
102
103
105
***
102
***
September 2025
12
Analytics Office
Borrowing
Table 12.1: Aggregate Fund Borrowings, by Fund Type ($Billions)
This table relies upon borrowings reported pursuant to Rule 6-04(13)(a) of Regulation S-X (Form
N-PORT, Item B.2.c) and includes borrowing from Funds of Funds.
Fund Type
Closed-End Fund
Mutual Fund
ETF
Total
Notes Payable
After One Year
Within One Year
Subtotal
Within One Year
After One Year
Subtotal
Within One Year
After One Year
Subtotal
Total
Oct
2024
24.3
27.2
51.5
36.0
4.4
40.4
1.4
0.0
1.4
93.3
Nov
2024
24.3
27.3
51.6
38.9
4.5
43.4
8.6
0.0
8.6
103.6
Dec
2024
27.5
27.6
55.2
35.4
4.6
40.0
***
***
3.2
98.4
Jan
2025
26.6
27.1
53.7
35.6
4.7
40.3
1.4
0.0
1.4
95.4
Feb
2025
25.4
28.3
53.7
33.2
4.7
37.9
***
***
9.0
100.6
Mar
2025
27.2
28.3
55.5
40.2
5.0
45.2
***
***
3.8
104.4
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
***
***
***
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
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
Oct
2024
136.8
23.5
160.2
9.6
5.5
15.1
***
***
3.3
178.6
Nov
2024
134.8
24.3
159.1
13.4
4.7
18.2
3.1
0.2
3.3
180.6
Dec
2024
112.2
18.1
130.3
10.3
4.1
14.4
***
***
3.4
148.1
Jan
2025
129.1
19.8
148.9
15.8
4.3
20.1
***
***
3.9
172.9
Feb
2025
119.5
20.4
139.8
12.9
4.2
17.1
***
***
3.5
160.5
Mar
2025
129.2
19.7
148.9
11.2
4.6
15.7
***
***
4.2
168.8
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
***
***
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
***
***
4.1
172.5
Sep
2025
153.5
16.8
170.3
12.6
3.0
15.5
***
***
4.8
190.6
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
Oct
2024
100.0
100.1
100.4
102.0
108.6
100.0
100.1
100.8
104.6
116.8
100.3
101.5
115.7
147.0
164.5
Nov
2024
100.0
100.1
100.4
102.0
109.5
100.0
100.1
100.8
104.9
116.4
100.4
102.0
116.3
147.4
163.0
Dec
2024
100.0
100.1
100.4
101.9
108.8
100.0
100.1
100.9
104.2
114.3
100.4
102.1
117.3
148.2
164.4
Jan
2025
100.0
100.1
100.4
102.1
108.9
100.0
100.1
100.8
104.3
114.3
100.3
101.9
115.4
148.7
165.5
Feb
2025
100.0
100.1
100.4
102.1
109.5
100.0
100.1
100.8
104.4
114.5
100.3
101.5
114.7
147.1
164.3
47
Mar
2025
100.0
100.1
100.4
102.2
110.0
100.0
100.1
100.8
104.3
114.3
100.3
101.9
116.6
149.8
168.0
Apr
2025
100.0
100.1
100.4
102.2
109.8
100.0
100.1
100.9
104.6
114.1
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
109.5
100.0
100.1
101.1
104.9
114.3
100.3
102.1
114.7
148.6
168.9
Jul
2025
100.0
100.1
100.4
102.1
109.1
100.0
100.1
100.9
104.8
114.8
100.3
101.8
114.1
147.4
169.1
Aug
2025
100.0
100.1
100.4
102.0
109.1
100.0
100.1
100.9
105.0
115.6
100.3
101.6
111.5
146.2
168.1
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
September 2025
13
Appendices
13.1
Interval Notation
Analytics Office
Interval notation (e.g., [a, b], [a, b), (a, b], and (a, b)) is a way to describe the range of values
specified by an ordered pair (in this case, a and b). In particular, [a, b] includes all values from a to b
including both a and b. [a, b) includes all values from a to b including a, but not b. (a, b] includes all
values from a to b including b, but not a. (a, b) includes all values from a to b excluding both a and b.
13.2
Mitigating the Effects of Outliers
Regulatory filing data occasionally contains inconsistent reporting or spurious outliers. While
Analytics Office staff actively engages in outreach to identify and correct such values, not all
aberrant values have been corrected as of this writing. To reduce the effect of these outliers on the
aggregate measures reported here, we have chosen to winsorize or trim some data sets.
Winsorization is a technique for reducing the effect of outliers by reducing the size of the largest
and smallest values in a distribution.11 For example, to calculate a 95%/5% winsorized data set, all
the values above the ninety-fifth percentile are set to the value of the ninety-fifth percentile, and all
the values below the fifth percentile are set to the value of the fifth percentile. Effectively, this
procedure makes the very largest values smaller (but still large), and all the smallest values larger
(but still small). This approach can be more effective than trimming (simply removing the largest
and/or smallest values) because it does not change the number of data points and does not change
the median or other percentile values within the 95%/5% range. All instances of winsorization or
trimming have been noted and include the affected percentiles.
13.3
Consensus Categories
For all positions with either an ISIN or CUSIP reported for the position, we collect the most
recently reported value for asset type (Item C.4.a), issuer type (Item C.4.b), country of investment
(Item C.5.a), and country of risk (Item C.5.b) for each fund. For any one of these categories, we
determine the consensus category (ignoring any funds that report “Other” or “N/A”) by requiring at
least 80% agreement with 95% confidence. We then apply the consensus categories to all reported
holdings of the same position by all funds over time.
For example, consider a particular CUSIP/ISIN that is currently reported by 25 funds. Assume
further that nineteen report the holding as “Debt” in Item C.4.a, five report the holding as “Other,”
while one reports the positions as “Equity.” We would drop from consideration the “Other”
reporting and find that 95% of funds currently report the position as “Debt.” Further, the margin of
11
Such techniques are known as ‘robust statistics’, reviewed for example in Wilcox (2012), Introduction to Robust
Estimation & Hypothesis Testing, 3rd Edition.
48
September 2025
Analytics Office
p
error in this measurement is 1.645 (0.8)(1 − 0.8)/20 = 14.7%. We find the consensus category for
this position is Debt and apply this category to all reported holdings of this CUSIP/ISIN over time.
13.4
Prevalent Asset Class
For each fund, and each reporting period, we collect the aggregate reported value for asset type
(Item C.4.a), and value (Item C.2.c) using the consensus categories for all positions. We then
aggregate the gross market value by three broad asset classes (Equity, Fixed Income, and
Multi-Asset) and calculate the respective allocations as a percent of the aggregate gross value
reported. We then compute the rolling average (12 months ending on the relevant reporting period).
If the largest fractional allocation is greater than 75%, we assign the fund’s prevalent asset class as
this broad asset class for the reporting period in question. For those cases where the 75% threshold
is not exceeded, we assign the prevalent asset class as “Multi-Asset”.
For the fund observations that have an Equity broad asset class, if the fraction of equity
holdings allocated to US-issued equities exceeds 67% then we define the fund’s prevalent asset class
as “US Equity” for that reporting period and “Global Equity” otherwise. For the fund observations
that have an Fixed-Income broad asset class, if the fraction of fixed-income holdings allocated to
municipal debt exceeds 67% then we define the fund’s prevalent asset class as “Municipal Bond” for
that reporting period and “Taxable Bond” otherwise.
49
September 2025
13.5
Analytics Office
Definitions
Included by reference are all definitions included in the General Instructions or question specific instructions of
Form N-CEN and Form N-PORT.
Closed-End Fund
Any Fund registered on Form N-2 as a closed-end management investment company. This includes, for example, any interval funds (Form
N-CEN, Item C.3.d) or non-traded fund registered on Form N-2.
DV100
Measure of interest rate risk that indicates the change in value of the
portfolio resulting from a 100 basis point change in interest rates.
ETF
Any Fund, or shareclass, that is part of an open-end management investment company registered on Form N-1A that is identified as an
exchange-traded fund on Form N-CEN, Item C.3 or as a unit investment trust on Form N-8B-2.
Fund(s)
Each separate series of an individual registrant reported on Form NCEN and Form N-PORT or, if an individual registrant does not offer a
separate series, the registrant.
Fund of Fund
Any Fund that is identified as a fund of fund or a feeder fund on Form
N-CEN, Item C.3. A fund that acquires securities issued by any other
investment company in excess of the amounts permitted under paragraph (A) of section 12(d)(1) of the Act (15 U.S.C. 80a-12(d)(1)(A)),
but does not include a fund that acquires securities issued by another investment company solely in reliance on rule 12d1-1 under the Act (CFR
270.12d1-1).
Index Fund
Any Fund that is identified as an index fund or that seeks to achieve a
multiple of an index on Form N-CEN, Item C.3 or is registered under the
Act on Form N-8B-2. Additionally, any fund that has the term“index”
in the fund name and has not yet reported on Form N-CEN.
Large Entity
Funds that together with other investment companies in the same group
of related investment companies have net assets of $1 billion or more as
of the end of the most recent fiscal year of the fund.
Mutual Fund
Any Fund that is part of an open-end management investment company
registered on Form N-1A or N-3, excluding ETFs registered on Form N1A as indicated on Form N-CEN, Item C.3. This includes, for example,
underlying funds of a variable annuity or variable life insurance contract
(Form N-CEN, Item C.3.i) that are registered on Form N-1A or separate
accounts offering variable annuity contracts registered on Form N-3.
Non-Index Fund
Any Fund that is not an Index Fund.
50
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.