Division of Investment Management

Division of Investment Management

Analytics Office

Registered Fund Statistics

Form N-PORT and Form N-CEN Data, period ending June 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 November 17, 2025.

June 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 November 17, 2025, for reporting periods from

July 2024 through June 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

June 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 November 17, 2025.

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 (June

2025), please contact: Tim Dulaney, PhD, Juan Carlos Forero Penaranda, or Trevor Tatum with

subject line “Registered Fund Statistics (June 2025)”.

2

June 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

June 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

Jul

2024

2,922

2,026

1,769

1,350

537

8,604

1,519

756

683

389

98

3,445

206

200

117

91

48

662

12,711

Aug

2024

2,912

2,024

1,767

1,343

535

8,581

1,544

761

677

401

101

3,484

206

202

117

91

48

664

12,729

Sep

2024

2,911

2,032

1,730

1,334

535

8,542

1,585

816

687

392

107

3,587

203

200

117

88

47

655

12,784

Oct

2024

2,888

2,014

1,712

1,322

534

8,470

1,615

826

691

390

104

3,626

207

196

118

89

48

658

12,754

Nov

2024

2,904

2,023

1,721

1,319

534

8,501

1,637

825

694

398

110

3,664

207

196

117

89

47

656

12,821

Dec

2024

2,893

2,021

1,722

1,316

534

8,486

1,668

842

704

432

109

3,755

207

198

118

87

48

658

12,899

Jan

2025

2,893

2,014

1,720

1,306

534

8,467

1,694

851

700

451

111

3,807

210

199

117

91

47

664

12,938

Feb

2025

2,887

1,995

1,713

1,296

532

8,423

1,712

866

708

464

112

3,862

213

200

117

91

46

667

12,952

Mar

2025

2,881

1,988

1,709

1,295

533

8,406

1,730

891

709

484

117

3,931

212

203

118

92

45

670

13,007

Apr

2025

2,868

1,976

1,706

1,281

528

8,359

1,758

893

707

500

122

3,980

216

200

118

93

48

675

13,014

May

2025

2,866

1,969

1,702

1,274

524

8,335

1,780

897

710

509

125

4,021

219

201

117

94

48

679

13,035

Jun

2025

2,861

1,965

1,707

1,274

523

8,330

1,812

934

719

526

124

4,115

222

201

117

92

49

681

13,126

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

Jul

2024

3,357

2,381

2,211

1,458

706

10,113

1,175

623

520

234

46

2,598

12,711

Aug

2024

3,371

2,389

2,216

1,447

707

10,130

1,176

621

518

238

46

2,599

12,729

Sep

2024

3,394

2,392

2,224

1,443

712

10,165

1,190

625

525

232

47

2,619

12,784

Oct

2024

3,423

2,378

2,229

1,447

709

10,186

1,169

614

516

222

47

2,568

12,754

Nov

2024

3,439

2,386

2,225

1,448

714

10,212

1,191

612

528

231

47

2,609

12,821

Dec

2024

3,453

2,424

2,245

1,455

716

10,293

1,195

613

526

227

45

2,606

12,899

Jan

2025

3,478

2,437

2,253

1,444

715

10,327

1,200

609

528

227

47

2,611

12,938

Feb

2025

3,496

2,434

2,263

1,439

714

10,346

1,194

611

529

225

47

2,606

12,952

Mar

2025

3,512

2,452

2,282

1,439

721

10,406

1,191

610

530

223

47

2,601

13,007

Apr

2025

3,533

2,448

2,283

1,433

720

10,417

1,186

603

532

228

48

2,597

13,014

May

2025

3,554

2,458

2,284

1,431

718

10,445

1,186

601

534

221

48

2,590

13,035

Jun

2025

3,583

2,466

2,326

1,446

716

10,537

1,182

596

537

226

48

2,589

13,126

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

June 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

Jul

2024

11,540

4,389

3,489

1,483

795

21,695

6,202

1,618

1,422

131

89

9,462

148

107

94

87

26

462

31,618

Aug

2024

11,746

4,453

3,566

1,491

806

22,062

6,362

1,669

1,455

134

88

9,708

152

111

94

87

26

469

32,240

Sep

2024

11,929

4,513

3,628

1,495

821

22,386

6,512

1,720

1,506

137

93

9,968

156

114

96

88

26

480

32,834

Oct

2024

11,758

4,504

3,458

1,466

814

22,000

6,499

1,717

1,453

137

88

9,895

157

115

93

86

26

477

32,371

Nov

2024

12,444

4,525

3,471

1,507

826

22,773

7,048

1,764

1,447

143

96

10,497

159

117

98

87

26

487

33,756

Dec

2024

11,884

4,430

3,343

1,461

809

21,926

6,874

1,723

1,398

140

119

10,254

163

116

93

85

25

481

32,662

Jan

2025

12,252

4,514

3,453

1,503

820

22,542

7,124

1,787

1,446

144

108

10,609

167

120

99

85

24

494

33,645

Feb

2025

11,948

4,611

3,478

1,512

830

22,379

7,045

1,849

1,483

149

109

10,635

170

122

97

85

23

498

33,512

Mar

2025

11,221

4,624

3,431

1,471

819

21,566

6,678

1,862

1,501

145

108

10,294

173

125

94

84

23

498

32,358

Apr

2025

11,123

4,600

3,499

1,465

800

21,487

6,636

1,889

1,550

147

110

10,332

176

123

92

83

24

498

32,317

May

2025

11,775

4,607

3,658

1,499

805

22,344

7,054

1,908

1,649

149

138

10,898

180

128

96

82

25

512

33,754

Jun

2025

12,304

4,679

3,791

1,504

814

23,093

7,428

1,958

1,722

154

137

11,399

184

134

99

82

27

526

35,018

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

Jul

2024

10,734

2,501

2,152

146

114

15,647

7,102

3,654

2,784

1,533

899

15,972

31,618

Aug

2024

10,978

2,553

2,204

146

116

15,998

7,224

3,721

2,842

1,544

911

16,242

32,240

Sep

2024

11,210

2,607

2,269

150

118

16,354

7,327

3,782

2,891

1,553

927

16,480

32,834

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

2,171

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

3,733

2,661

1,523

914

16,094

32,662

Jan

2025

11,966

2,621

2,172

164

122

17,045

7,510

3,847

2,750

1,567

926

16,601

33,645

Feb

2025

11,784

2,691

2,218

159

124

16,976

7,306

3,939

2,766

1,585

940

16,535

33,512

Mar

2025

11,137

2,691

2,230

154

120

16,331

6,856

3,968

2,724

1,551

928

16,027

32,358

Apr

2025

11,071

2,701

2,294

156

121

16,343

6,780

3,963

2,779

1,542

910

15,974

32,317

May

2025

11,749

2,709

2,420

170

121

17,168

7,176

3,987

2,911

1,595

915

16,585

33,754

Jun

2025

12,314

2,767

2,519

183

125

17,909

7,517

4,053

3,021

1,592

926

17,109

35,018

As of June 2025, there are 13 N-3 funds reporting an aggregate $271.30 billion in net assets (roughly 1.00% of aggregate

mutual fund net assets). Additionally, there are 136 Interval Funds registered on Form N-2 reporting an aggregate $114.44

billion in net assets (roughly 25.10% of aggregate closed-end fund net assets). Finally, there are 4 ETFs organized as Unit

Investment Trusts reporting an aggregate $1,050.59 billion in net assets (roughly 9.39% of aggregate ETF net assets).

3

5

June 2025

Analytics Office

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

Prevalent Asset Class

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

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

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

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Municipal Bond

Multi-Asset

Subtotal

Taxable Bond

Multi-Asset

US Equity

Municipal Bond

Global Equity

Subtotal

Total

Jul

2024

11,461

4,047

3,448

1,387

774

21,118

6,122

1,538

1,393

130

82

9,265

107

93

80

58

23

361

30,743

Aug

2024

11,668

4,100

3,523

1,404

785

21,480

6,279

1,580

1,424

132

81

9,496

108

97

80

58

23

365

31,341

Sep

2024

11,844

4,162

3,576

1,416

797

21,795

6,419

1,624

1,473

135

83

9,734

110

99

81

58

23

372

31,901

Oct

2024

11,677

4,119

3,418

1,383

791

21,387

6,414

1,620

1,423

136

81

9,674

111

100

80

57

23

371

31,433

Nov

2024

12,361

4,164

3,433

1,420

806

22,184

6,959

1,655

1,420

141

88

10,263

113

103

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

113

101

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

117

106

85

55

21

383

32,733

Feb

2025

11,877

4,246

3,427

1,411

809

21,771

6,966

1,739

1,455

147

98

10,405

119

108

84

56

20

386

32,562

Mar

2025

11,141

4,227

3,370

1,368

797

20,903

6,592

1,757

1,472

144

97

10,061

119

108

80

54

20

382

31,346

Apr

2025

11,045

4,195

3,435

1,355

781

20,812

6,551

1,767

1,521

146

103

10,087

122

108

78

53

21

383

31,282

May

2025

11,691

4,207

3,593

1,393

784

21,669

6,967

1,794

1,613

148

113

10,635

126

112

82

52

22

394

32,698

Jun

2025

12,206

4,295

3,722

1,415

791

22,430

7,320

1,847

1,684

152

122

11,125

128

116

84

52

23

404

33,959

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

Jul

2024

10,650

2,422

2,116

140

113

15,440

7,013

3,270

2,748

1,424

848

15,303

30,743

Aug

2024

10,894

2,468

2,164

139

115

15,780

7,133

3,320

2,805

1,443

860

15,561

31,341

Sep

2024

11,114

2,516

2,228

141

117

16,117

7,230

3,380

2,844

1,457

874

15,785

31,901

Oct

2024

11,041

2,490

2,141

137

118

15,927

7,130

3,359

2,723

1,427

867

15,506

31,433

6

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

7,175

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

1,460

875

15,893

32,733

Feb

2025

11,708

2,602

2,188

151

123

16,772

7,219

3,503

2,715

1,465

889

15,790

32,562

Mar

2025

11,049

2,606

2,196

144

119

16,114

6,764

3,498

2,666

1,429

876

15,232

31,346

Apr

2025

10,984

2,599

2,261

147

120

16,112

6,689

3,485

2,716

1,419

860

15,170

31,282

May

2025

11,663

2,614

2,381

157

121

16,935

7,077

3,514

2,847

1,462

863

15,763

32,698

Jun

2025

12,214

2,670

2,478

167

123

17,653

7,397

3,601

2,952

1,486

872

16,306

33,959

June 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

Jul

2024

14,294

***

***

21,494

6,222

1,857

246

8,325

578

226

76

880

20

23

1

44

30,743

Aug

2024

14,634

***

***

22,051

6,247

1,869

249

8,364

577

228

78

882

20

23

1

44

31,341

Sep

2024

14,915

7,583

38

22,536

6,282

1,900

256

8,437

576

232

77

885

20

22

1

44

31,901

Oct

2024

14,600

***

***

22,152

6,188

1,909

252

8,349

577

232

79

887

20

23

1

44

31,433

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

22

23

2

47

31,816

Jan

2025

15,133

***

***

23,283

6,235

2,018

262

8,515

572

239

77

888

22

22

2

46

32,733

Feb

2025

14,971

***

***

23,151

6,206

2,002

265

8,474

571

243

77

891

23

22

2

47

32,562

Mar

2025

14,257

7,778

44

22,078

6,058

2,017

261

8,336

565

243

76

884

23

22

2

48

31,346

Apr

2025

14,230

***

***

22,100

5,995

1,991

259

8,245

564

247

77

889

24

22

2

48

31,282

May

2025

14,956

***

***

23,307

6,126

2,051

267

8,445

565

254

80

898

25

22

1

48

32,698

Jun

2025

15,576

8,734

46

24,356

6,270

2,106

279

8,655

561

260

77

898

26

22

2

49

33,959

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

Jul

2024

348

***

***

511

2,822

776

185

3,783

2,674

1,198

340

4,212

1,130

1,155

47

2,332

10,838

Aug

2024

355

***

***

521

2,825

782

185

3,792

2,669

1,205

341

4,215

1,153

1,132

48

2,333

10,861

Sep

2024

360

167

2

529

2,834

793

188

3,815

2,666

1,224

332

4,222

1,225

1,072

50

2,347

10,913

Oct

2024

354

***

***

522

2,803

802

183

3,788

2,658

1,241

339

4,238

1,232

1,061

52

2,345

10,893

7

Nov

2024

359

***

***

532

2,861

823

187

3,871

2,624

1,254

334

4,212

1,225

1,064

51

2,340

10,955

Dec

2024

353

166

2

521

2,791

826

186

3,803

2,655

1,258

330

4,243

1,298

1,093

59

2,450

11,017

Jan

2025

358

***

***

531

2,803

841

189

3,833

2,650

1,284

335

4,269

1,293

1,062

55

2,410

11,043

Feb

2025

354

***

***

530

2,789

844

192

3,825

2,652

1,310

333

4,295

1,309

1,058

56

2,423

11,073

Mar

2025

346

169

2

517

2,763

848

192

3,803

2,651

1,319

334

4,304

1,370

1,075

58

2,503

11,127

Apr

2025

346

***

***

520

2,743

847

190

3,780

2,631

1,327

345

4,303

1,407

1,079

55

2,541

11,144

May

2025

354

***

***

535

2,767

864

191

3,822

2,611

1,337

352

4,300

1,410

1,046

52

2,508

11,165

Jun

2025

359

185

2

546

2,797

885

199

3,881

2,587

1,368

344

4,299

1,439

1,040

56

2,535

11,261

June 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

Jul

2024

0.023

0.095

0.389

1.390

4.677

0.006

0.025

0.120

0.631

3.510

0.045

0.116

0.272

0.635

1.557

Aug

2024

0.023

0.096

0.393

1.406

4.751

0.006

0.024

0.118

0.636

3.559

0.041

0.117

0.273

0.639

1.565

Sep

2024

0.025

0.100

0.408

1.433

4.846

0.005

0.022

0.112

0.614

3.467

0.044

0.120

0.282

0.646

1.600

Oct

2024

0.025

0.101

0.404

1.420

4.769

0.005

0.023

0.110

0.620

3.334

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

0.115

0.639

3.452

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

1.455

4.829

0.006

0.023

0.109

0.600

3.257

0.041

0.119

0.280

0.643

1.643

Feb

2025

0.026

0.101

0.402

1.458

4.807

0.006

0.023

0.110

0.597

3.168

0.042

0.114

0.279

0.642

1.633

Mar

2025

0.025

0.097

0.393

1.399

4.660

0.006

0.022

0.106

0.572

3.083

0.044

0.114

0.274

0.633

1.571

Apr

2025

0.024

0.097

0.395

1.402

4.630

0.006

0.022

0.104

0.570

2.973

0.045

0.116

0.272

0.621

1.544

May

2025

0.026

0.102

0.410

1.451

4.773

0.006

0.023

0.107

0.588

3.060

0.048

0.118

0.275

0.637

1.595

Jun

2025

0.026

0.106

0.416

1.488

4.926

0.006

0.023

0.106

0.580

3.098

0.048

0.122

0.282

0.651

1.616

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%

Jul

2024

55.71

70.81

81.58

92.94

51.37

66.92

78.42

91.22

61.49

78.13

88.58

96.63

22.30

35.39

50.04

73.06

Aug

2024

55.88

70.98

81.71

93.00

51.53

67.04

78.53

91.27

61.86

78.39

88.73

96.68

22.35

35.46

50.09

73.01

Sep

2024

56.01

71.06

81.77

93.03

51.55

67.03

78.48

91.23

62.24

78.74

88.98

96.79

22.63

35.26

49.94

72.96

Oct

2024

56.11

71.09

81.78

93.02

51.48

66.99

78.44

91.19

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

8

Dec

2024

56.71

71.60

82.12

93.21

51.93

67.35

78.72

91.36

63.65

79.40

89.27

96.89

23.58

36.16

50.75

73.69

Jan

2025

56.81

71.67

82.16

93.25

51.95

67.38

78.73

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

67.40

78.72

91.36

63.64

79.48

89.31

96.90

23.58

36.74

51.13

73.84

Mar

2025

56.65

71.54

82.07

93.23

51.69

67.20

78.56

91.31

63.41

79.33

89.24

96.88

24.02

37.19

51.40

74.04

Apr

2025

56.77

71.67

82.16

93.26

51.73

67.27

78.60

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

79.61

89.31

96.91

24.65

37.81

52.25

74.34

Jun

2025

57.27

72.09

82.47

93.42

52.21

67.67

78.91

91.46

64.21

79.78

89.45

96.95

24.58

38.23

52.50

74.48

June 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

Jul

2024

747

58

-688

436

87

-350

311

-28

-339

Aug

2024

723

11

-712

400

46

-354

323

-35

-358

Sep

2024

815

49

-766

496

59

-436

319

-11

-329

Oct

2024

815

66

-750

464

86

-378

351

-20

-371

Nov

2024

886

94

-793

533

126

-407

353

-33

-386

Dec

2024

1,113

56

-1,056

734

121

-614

379

-64

-443

Jan

2025

838

46

-793

472

57

-415

366

-11

-377

Feb

2025

769

67

-702

412

71

-341

357

-4

-361

Mar

2025

990

-3

-994

618

45

-574

372

-48

-420

Apr

2025

991

-39

-1,030

594

29

-565

397

-67

-465

May

2025

762

45

-717

420

49

-371

342

-4

-346

Jun

2025

821

28

-793

500

55

-445

321

-27

-348

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

Jul

2024

2.51

0.20

-2.32

2.90

0.58

-2.33

2.11

-0.19

-2.31

Aug

2024

2.38

0.04

-2.34

2.59

0.30

-2.29

2.16

-0.23

-2.39

Sep

2024

2.63

0.16

-2.47

3.14

0.38

-2.77

2.10

-0.07

-2.17

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

9

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

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

-2.26

June 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

Jul

2024

77

35

-1

3

2

117

12

2

-9

-13

-50

-59

58

Aug

2024

39

30

-2

2

1

70

-8

3

-8

-10

-36

-59

11

Sep

2024

41

29

14

2

2

87

11

6

-9

-12

-34

-39

49

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

36

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

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

Global Equity

Taxable Bond

US Equity

Multi-Asset

Subtotal

Taxable Bond

Municipal Bond

Global Equity

Multi-Asset

US Equity

Subtotal

Total

Jul

2024

2.71

-0.08

2.37

1.31

3.06

1.31

0.30

0.32

-0.40

-0.66

-0.45

-0.28

0.20

Aug

2024

1.40

-0.11

1.96

0.64

0.84

0.76

-0.20

0.36

-0.29

-0.56

-0.31

-0.28

0.04

Sep

2024

1.27

0.98

1.82

0.66

2.08

0.92

0.27

0.70

-0.34

-0.67

-0.29

-0.18

0.16

Oct

2024

2.37

1.42

1.77

0.92

2.01

1.17

0.84

0.62

-0.48

-0.52

-0.54

-0.22

0.21

10

Nov

2024

2.60

-0.04

1.54

1.92

-0.69

1.56

0.14

0.42

-0.05

-0.58

-0.48

-0.27

0.30

Dec

2024

0.67

0.83

1.20

1.55

3.17

1.39

0.22

-0.31

-0.54

-0.67

-0.53

-0.39

0.17

Jan

2025

1.64

0.15

2.28

0.84

0.05

0.98

0.24

0.52

-0.42

-0.48

-0.39

-0.25

0.15

Feb

2025

1.45

0.88

2.45

0.73

-0.45

1.03

0.44

0.55

-0.57

-0.41

-0.30

-0.18

0.21

Mar

2025

-0.20

0.97

1.40

0.52

6.46

0.78

-0.26

-0.10

-0.65

-0.59

-0.35

-0.39

-0.01

Apr

2025

2.01

0.51

0.66

0.42

7.37

0.56

-1.00

-1.14

-0.55

-0.54

-0.16

-0.46

-0.12

May

2025

1.67

1.30

2.06

0.39

-1.00

0.83

0.49

0.56

-0.45

-0.44

-0.38

-0.18

0.15

Jun

2025

2.40

1.59

1.56

0.46

-1.03

0.83

0.44

0.38

-0.30

-0.51

-0.54

-0.28

0.09

June 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

US Equity

Global Equity

Multi-Asset

Taxable Bond

Municipal Bond

Multi-Asset

US Equity

Global Equity

Taxable Bond

Municipal Bond

US Equity

Global Equity

Multi-Asset

Taxable Bond

Municipal Bond

Jul

2024

3.15

2.45

1.81

1.76

0.85

2.01

3.88

2.45

1.88

***

3.01

2.45

1.78

1.73

0.85

Aug

2024

1.90

2.48

1.59

1.31

0.76

0.00

2.05

2.17

1.33

***

1.84

2.54

1.68

1.31

0.76

Sep

2024

1.52

1.91

1.47

1.28

1.03

1.45

1.95

2.27

1.25

***

1.42

1.80

1.48

1.29

1.04

Oct

2024

-0.93

-4.23

-1.40

-1.08

-1.33

-1.40

-0.96

-4.66

-1.34

***

-0.91

-4.09

-1.40

-1.02

-1.33

Nov

2024

6.36

0.00

2.86

1.01

1.52

4.28

6.64

-0.25

0.77

***

6.24

0.18

2.76

1.05

1.53

Dec

2024

-5.32

-2.69

-2.30

-0.64

-1.25

-3.77

-5.93

-2.59

-0.69

***

-5.15

-2.74

-2.25

-0.60

-1.26

Jan

2025

3.28

3.55

2.11

0.67

0.38

3.11

3.11

3.47

0.54

***

3.32

3.59

2.08

0.71

0.38

Feb

2025

-2.05

1.00

0.10

0.98

1.05

-1.08

-1.91

1.04

1.38

***

-2.10

0.97

0.14

0.93

1.05

Mar

2025

-5.33

-0.05

-2.00

-0.03

-1.68

-4.52

-5.63

0.04

0.22

***

-5.16

-0.12

-1.94

-0.08

-1.68

Apr

2025

-1.06

2.58

-0.16

0.27

-0.66

-2.11

-1.36

3.16

0.34

***

-0.98

2.43

-0.09

0.25

-0.68

May

2025

5.31

4.84

2.77

0.24

-0.24

***

5.70

4.58

-0.28

***

5.11

4.94

2.57

0.34

-0.25

Jun

2025

4.24

3.79

3.00

1.55

0.67

***

4.47

3.73

1.38

***

4.17

3.82

2.86

1.58

0.67

Table 3.6: Weighted-Average Total Return of Index and Non-Index Funds,

by Prevalent Asset Class (Percent)

This table relies on Form N-PORT Item B.5 and excludes fund of funds, index fund indication drawn

from Form N-CEN, Item C.3. Total returns are weighted by lagged fund net assets from Form N-PORT,

Item B.1.c.

Fund Type

All

Index

Non-Index

Prevalent Asset Class

US Equity

Multi-Asset

Global Equity

Taxable Bond

Municipal Bond

Multi-Asset

US Equity

Global Equity

Taxable Bond

Municipal Bond

US Equity

Global Equity

Multi-Asset

Taxable Bond

Municipal Bond

Jul

2024

2.02

2.18

2.38

1.92

0.88

2.32

2.14

2.67

2.09

***

1.85

2.16

2.17

1.80

0.89

Aug

2024

2.06

1.71

2.48

1.25

0.79

1.06

2.03

2.43

1.26

***

2.11

2.52

1.77

1.24

0.79

Sep

2024

1.86

1.76

2.18

1.31

1.01

3.31

1.98

2.53

1.32

***

1.68

1.91

1.61

1.31

1.02

Oct

2024

-0.89

-1.44

-4.04

-1.70

-1.28

-2.87

-0.92

-4.58

-1.99

***

-0.84

-3.61

-1.30

-1.49

-1.28

11

Nov

2024

6.42

3.40

0.33

1.10

1.51

8.31

6.55

-0.32

1.04

***

6.23

0.84

2.92

1.15

1.52

Dec

2024

-3.50

-2.26

-2.74

-1.14

-1.22

-3.57

-3.43

-2.59

-1.43

***

-3.60

-2.85

-2.13

-0.92

-1.23

Jan

2025

3.29

2.54

3.73

0.72

0.39

3.11

3.01

3.59

0.58

***

3.75

3.84

2.49

0.83

0.41

Feb

2025

-1.96

-0.14

1.22

1.60

1.06

-4.27

-1.76

1.69

1.87

***

-2.29

0.86

0.30

1.40

1.07

Mar

2025

-5.67

-2.77

-0.58

-0.07

-1.52

-9.47

-5.64

0.29

-0.04

***

-5.71

-1.28

-2.08

-0.09

-1.51

Apr

2025

-0.79

-0.37

2.51

0.32

-0.75

-3.45

-0.89

3.01

0.44

***

-0.62

2.10

-0.06

0.23

-0.77

May

2025

6.14

3.89

4.96

-0.10

-0.18

***

6.13

4.65

-0.46

***

6.17

5.22

3.14

0.17

-0.19

Jun

2025

5.02

4.02

3.94

1.39

0.70

***

4.95

3.80

1.30

***

5.14

4.06

3.38

1.47

0.70

June 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

FX Derivative

Structured Note

Other Types

Commodity

Credit Derivative

Commodity Derivative

Asset-Backed CP

Other Derivative

Total

Jul

2024

23,976

2,740

2,368

1,945

1,523

1,039

763

408

228

193

200

118

112

100

85

87

83

43

28

25

17

***

4

6

***

1

36,105

Aug

2024

24,483

2,775

2,398

2,011

1,568

1,051

745

416

225

195

202

124

118

103

94

88

76

43

42

27

18

***

5

5

***

1

36,822

Sep

2024

24,905

2,818

2,457

2,053

1,571

1,069

785

423

225

200

210

131

116

104

92

93

76

43

28

28

18

***

4

5

***

1

37,469

Oct

2024

24,491

2,746

2,401

2,021

1,580

1,060

772

411

230

203

218

128

126

105

89

93

93

40

38

27

18

***

4

5

***

1

36,914

Nov

2024

25,764

2,835

2,422

2,065

1,605

1,078

788

419

237

213

218

153

129

107

97

96

78

39

39

28

19

***

6

4

***

1

38,454

12

Dec

2024

24,875

2,755

2,373

2,038

1,558

1,061

723

416

241

214

215

127

111

108

93

93

83

38

35

28

18

***

5

4

***

1

37,225

Jan

2025

25,690

2,815

2,414

2,045

1,602

1,072

771

429

248

219

217

131

127

111

97

94

80

39

24

28

19

***

5

5

***

1

38,294

Feb

2025

25,342

2,822

2,462

2,106

1,648

1,088

780

440

256

229

221

131

130

111

100

95

78

39

34

30

19

***

5

5

***

1

38,183

Mar

2025

24,118

2,741

2,466

2,124

1,659

1,070

804

441

255

230

224

123

121

113

95

96

76

39

28

30

19

***

5

5

***

1

36,898

Apr

2025

24,065

2,727

2,434

2,113

1,705

1,054

863

446

245

222

218

129

137

112

101

98

83

40

42

28

19

***

5

6

***

0

36,906

May

2025

25,463

2,835

2,461

2,110

1,651

1,058

856

445

252

227

218

178

159

115

104

101

77

38

25

29

18

***

6

4

***

0

38,447

Jun

2025

26,650

2,930

2,504

2,172

1,652

1,076

856

465

257

233

223

193

147

119

104

103

86

38

32

31

19

***

6

4

***

0

39,914

June 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

FX Derivative

Structured Note

Other Types

Commodity

Credit Derivative

Commodity Derivative

Asset-Backed CP

Other Derivative

Total

Jul

2024

7,118

2,272

2,204

1,851

1,236

792

1,828

429

415

499

565

653

481

193

524

353

162

126

93

25

29

***

***

52

***

16

12,711

Aug

2024

7,093

2,245

2,199

1,859

1,233

794

1,796

425

406

501

567

655

486

189

518

358

135

123

106

26

25

***

13

44

***

14

12,729

Sep

2024

7,098

2,257

2,207

1,874

1,238

800

1,884

424

401

497

563

690

489

188

510

364

134

138

74

26

***

10

***

52

***

14

12,784

Oct

2024

7,066

2,259

2,209

1,843

1,236

797

1,909

437

406

497

575

702

462

194

524

364

162

121

99

26

33

***

***

47

***

***

12,754

Nov

2024

7,117

2,277

2,208

1,853

1,238

801

1,895

445

419

507

571

759

496

194

543

376

147

129

101

26

34

***

***

36

8

10

12,821

13

Dec

2024

7,128

2,287

2,219

1,872

1,250

805

1,867

442

430

516

569

713

493

198

574

354

151

127

85

26

***

10

***

49

4

***

12,899

Jan

2025

7,136

2,275

2,220

1,879

1,261

803

1,929

453

437

506

574

742

499

198

616

364

136

119

72

27

35

***

***

41

***

***

12,938

Feb

2025

7,127

2,290

2,208

1,885

1,263

804

1,990

446

447

512

576

773

510

198

587

364

130

123

83

27

35

***

***

49

***

10

12,952

Mar

2025

7,111

2,296

2,213

1,904

1,269

808

2,041

443

451

504

580

808

522

202

615

361

134

130

64

27

***

10

5

46

***

***

13,007

Apr

2025

7,100

2,299

2,198

1,871

1,268

809

2,105

438

444

493

565

873

533

207

670

370

135

125

94

27

39

***

***

61

***

***

13,014

May

2025

7,119

2,317

2,208

1,861

1,268

807

2,033

435

450

494

562

881

526

207

648

372

119

122

74

28

38

***

***

38

***

8

13,035

Jun

2025

7,144

2,316

2,199

1,864

1,262

804

2,018

443

450

504

574

922

544

208

680

362

126

123

47

28

***

11

***

36

***

***

13,126

June 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

Other Types

Collateralized Obligation

Loan

Repurchase Agreement

Cash

Preferred Equity

Equity Derivative

Total

Jul

2024

16,422

2,666

1,767

1,331

1,264

824

590

313

182

197

159

143

91

65

52

24

26,090

Aug

2024

16,747

2,699

1,785

1,367

1,302

833

567

318

184

197

161

141

95

72

53

26

26,548

Sep

2024

16,981

2,741

1,824

1,363

1,327

847

592

323

191

190

165

140

94

68

54

25

26,926

Oct

2024

16,628

2,668

1,774

1,372

1,309

840

581

313

198

207

165

143

102

69

55

22

26,447

Nov

2024

17,367

2,753

1,783

1,387

1,336

852

596

320

197

193

171

144

101

72

57

29

27,359

Dec

2024

16,690

2,675

1,743

1,340

1,320

838

542

319

195

190

169

144

91

66

59

25

26,405

Jan

2025

17,191

2,731

1,767

1,375

1,321

847

577

330

195

180

169

146

104

69

61

25

27,087

Feb

2025

16,887

2,734

1,799

1,413

1,354

857

584

337

198

181

175

151

103

74

61

27

26,937

Mar

2025

16,020

2,654

1,798

1,419

1,353

845

603

338

201

180

176

152

99

67

63

22

25,989

Apr

2025

15,962

2,642

1,776

1,457

1,322

828

650

342

194

197

171

144

113

74

63

24

25,960

May

2025

16,846

2,748

1,786

1,404

1,320

831

648

338

194

178

174

148

122

73

65

65

26,939

Jun

2025

17,595

2,838

1,808

1,397

1,359

844

639

353

197

192

177

151

122

69

67

67

27,874

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

Other Types

Collateralized Obligation

Loan

Repurchase Agreement

Cash

Preferred Equity

Equity Derivative

Total

Jul

2024

4,926

1,875

1,618

1,009

1,331

571

1,217

338

443

411

365

241

323

279

82

130

8,604

Aug

2024

4,893

1,856

1,609

1,007

1,344

570

1,195

333

447

390

372

235

321

282

77

125

8,581

Sep

2024

4,882

1,864

1,611

1,011

1,305

570

1,232

333

443

396

366

229

314

269

75

125

8,542

Oct

2024

4,828

1,859

1,610

1,011

1,289

569

1,262

344

452

415

365

233

286

290

81

116

8,470

Nov

2024

4,862

1,867

1,609

1,013

1,308

569

1,232

350

451

398

371

241

319

275

83

152

8,501

Dec

2024

4,842

1,858

1,609

1,013

1,310

572

1,209

345

441

380

373

249

320

283

83

121

8,486

Jan

2025

4,820

1,845

1,605

1,019

1,300

569

1,257

355

441

377

361

253

332

306

82

113

8,467

Feb

2025

4,791

1,848

1,591

1,013

1,301

567

1,266

348

443

361

364

261

327

309

82

126

8,423

Mar

2025

4,762

1,855

1,586

1,018

1,301

568

1,321

345

442

351

358

260

339

293

84

125

8,406

Apr

2025

4,740

1,853

1,565

1,013

1,267

564

1,342

339

427

386

346

251

347

311

86

135

8,359

May

2025

4,731

1,863

1,571

1,009

1,265

558

1,298

334

425

342

349

253

326

294

84

134

8,335

Jun

2025

4,724

1,857

1,553

1,000

1,238

555

1,270

340

434

332

358

253

346

269

83

132

8,330

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

June 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

Loan

Other Asset-Backed Security

Repurchase Agreement

Total

Jul

2024

7,409

677

536

170

158

129

92

92

64

48

23

38

20

12

8

9,478

Aug

2024

7,588

705

548

177

163

132

96

95

66

51

23

40

17

13

10

9,722

Sep

2024

7,776

722

566

184

176

135

103

97

67

52

24

41

18

13

8

9,982

Oct

2024

7,718

708

562

185

173

135

103

94

68

52

27

40

20

15

11

9,908

Nov

2024

8,245

724

574

194

177

140

121

96

72

58

31

40

23

15

16

10,525

Dec

2024

8,041

714

569

193

168

138

99

94

71

58

33

38

24

15

8

10,261

Jan

2025

8,349

720

583

201

180

141

103

95

74

58

38

39

27

16

11

10,635

Feb

2025

8,306

748

599

209

180

146

102

98

78

58

41

39

27

16

15

10,663

Mar

2025

7,953

768

605

213

187

142

100

98

76

60

42

38

23

18

9

10,332

Apr

2025

7,959

786

595

221

197

144

102

99

75

61

40

38

20

18

11

10,365

May

2025

8,466

786

612

219

193

146

111

102

77

59

42

38

21

18

23

10,913

Jun

2025

8,900

810

631

226

201

151

123

108

81

64

44

39

21

19

11

11,430

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

Loan

Other Asset-Backed Security

Repurchase Agreement

Total

Jul

2024

2,012

486

378

146

464

101

514

58

338

373

56

50

25

74

104

3,445

Aug

2024

2,018

486

381

145

458

104

522

60

335

371

54

53

25

74

***

3,484

Sep

2024

2,041

538

392

145

506

111

557

59

342

382

57

54

26

74

***

3,587

Oct

2024

2,062

531

391

143

492

108

577

57

347

390

58

52

25

78

120

3,626

Nov

2024

2,079

524

389

144

510

113

596

59

357

427

61

52

30

76

120

3,664

15

Dec

2024

2,113

540

401

155

520

113

583

63

374

443

67

53

31

83

115

3,755

Jan

2025

2,136

555

406

158

524

114

616

61

377

461

69

54

31

87

111

3,807

Feb

2025

2,156

557

412

163

561

117

634

59

390

442

73

55

31

88

126

3,862

Mar

2025

2,167

576

420

165

567

121

670

58

383

476

71

58

34

89

127

3,931

Apr

2025

2,175

572

426

165

609

125

720

59

389

509

69

58

36

88

126

3,980

May

2025

2,201

566

428

169

601

129

728

60

396

510

69

59

36

85

141

4,021

Jun

2025

2,235

600

438

170

600

129

772

63

404

559

70

60

36

90

139

4,115

June 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

Jul

2024

145

81

64

86

65

21

15

13

10

11

10

5

4

5

2

537

Aug

2024

148

90

66

86

65

24

15

13

10

11

9

5

4

4

2

552

Sep

2024

148

91

67

87

67

24

16

14

10

12

9

5

4

4

3

561

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

102

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

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

Jul

2024

234

214

149

121

217

83

147

54

61

78

59

48

35

43

***

662

Aug

2024

236

209

146

121

218

83

143

55

59

75

54

46

34

38

***

664

Sep

2024

228

213

146

120

213

84

146

55

59

74

***

46

34

40

***

655

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

150

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

***

***

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

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

June 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

Jul

2024

11,242

2,612

1,654

1,231

917

793

564

345

219

191

197

167

90

102

60

20,385

Aug

2024

11,462

2,646

1,672

1,273

926

824

557

354

218

193

199

171

94

107

61

20,755

Sep

2024

11,597

2,687

1,715

1,270

942

842

575

351

219

198

207

177

97

107

62

21,045

Oct

2024

11,344

2,615

1,669

1,283

934

829

566

371

223

201

215

172

99

115

65

20,700

Nov

2024

11,809

2,696

1,676

1,302

947

854

579

364

228

211

215

174

114

117

67

21,354

Dec

2024

11,322

2,620

1,640

1,256

932

841

514

359

232

212

212

172

98

101

69

20,580

Jan

2025

11,680

2,676

1,670

1,296

942

838

558

358

238

216

214

182

100

114

71

21,154

Feb

2025

11,470

2,683

1,701

1,335

956

854

574

368

247

226

218

188

101

117

71

21,109

Mar

2025

10,899

2,606

1,702

1,347

942

857

580

356

247

228

222

188

94

111

74

20,452

Apr

2025

10,846

2,592

1,689

1,396

926

835

631

376

239

220

215

190

99

125

73

20,454

May

2025

11,442

2,694

1,707

1,344

929

834

627

363

245

225

216

191

144

147

76

21,185

Jun

2025

11,958

2,784

1,729

1,340

943

868

613

381

250

231

221

203

154

135

79

21,889

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

Jul

2024

5,265

2,094

1,976

1,171

745

1,543

1,509

989

413

499

562

389

468

257

161

10,113

Aug

2024

5,240

2,067

1,972

1,169

747

1,554

1,492

967

403

501

564

385

478

259

154

10,130

Sep

2024

5,235

2,079

1,980

1,175

752

1,553

1,546

973

398

496

560

384

500

260

153

10,165

Oct

2024

5,241

2,084

1,983

1,174

749

1,525

1,573

1,011

404

496

572

397

509

251

160

10,186

Nov

2024

5,264

2,101

1,985

1,175

753

1,539

1,575

994

417

506

568

405

548

259

160

10,212

17

Dec

2024

5,273

2,111

1,997

1,187

759

1,556

1,556

995

428

515

566

402

550

263

164

10,293

Jan

2025

5,280

2,099

1,997

1,198

755

1,562

1,606

977

435

505

571

413

570

271

164

10,327

Feb

2025

5,275

2,116

1,984

1,200

756

1,575

1,664

1,012

445

511

574

406

589

268

165

10,346

Mar

2025

5,265

2,129

1,988

1,206

760

1,584

1,695

1,010

449

503

578

404

632

281

166

10,406

Apr

2025

5,262

2,130

1,972

1,205

760

1,556

1,746

1,090

442

492

563

399

681

285

172

10,417

May

2025

5,280

2,142

1,980

1,205

758

1,552

1,682

1,034

448

493

561

395

684

275

172

10,445

Jun

2025

5,310

2,142

1,969

1,199

755

1,559

1,673

1,046

448

503

573

403

718

296

172

10,537

June 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

Preferred Equity

Equity Derivative

Repurchase Agreement

Loan

Other Asset-Backed Security

Collateralized Obligation

Total

Jul

2024

12,734

1,152

714

291

241

198

127

123

47

40

28

10

***

3

***

15,720

Aug

2024

13,020

1,187

726

295

245

188

129

125

56

42

30

12

***

3

***

16,067

Sep

2024

13,308

1,211

742

301

247

210

131

127

51

42

34

9

***

3

***

16,424

Oct

2024

13,147

1,192

732

297

239

205

131

127

50

41

29

11

***

3

***

16,214

Nov

2024

13,955

1,211

746

303

245

209

139

131

56

40

40

12

***

3

***

17,099

Dec

2024

13,553

1,197

734

302

244

209

135

128

51

38

29

10

***

3

***

16,645

Jan

2025

14,009

1,208

744

305

247

213

139

130

47

40

30

13

***

3

***

17,140

Feb

2025

13,872

1,251

761

313

252

206

139

132

50

40

30

13

***

3

***

17,074

Mar

2025

13,219

1,267

764

312

253

224

135

128

52

39

30

10

***

3

***

16,446

Apr

2025

13,219

1,277

745

309

256

232

135

128

59

39

30

13

***

3

***

16,452

May

2025

14,021

1,276

754

307

253

228

141

129

53

39

35

12

***

2

***

17,262

Jun

2025

14,692

1,304

774

312

263

243

146

132

56

40

39

12

***

3

***

18,025

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

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

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

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

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

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

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

Investment Type

Common Equity

US Treasury Debt

Corporate Debt

Mortgage-Backed Security

Non US Sovereign Debt

STIV

Registered Fund

Municipal Debt

Other Types

Preferred Equity

Equity Derivative

Repurchase Agreement

Loan

Other Asset-Backed Security

Collateralized Obligation

Total

Jul

2024

1,853

308

228

65

40

319

178

47

243

32

185

224

***

***

0

2,598

Aug

2024

1,853

305

227

64

40

304

178

47

242

35

177

227

***

***

0

2,599

Sep

2024

1,863

321

227

63

40

338

178

48

243

35

***

***

***

***

1

2,619

Oct

2024

1,825

318

226

62

40

336

175

48

239

34

193

211

***

***

***

2,568

Nov

2024

1,853

314

223

63

40

320

176

48

267

34

211

237

***

***

***

2,609

18

Dec

2024

1,855

316

222

63

40

311

176

46

279

34

***

***

***

***

1

2,606

Jan

2025

1,856

317

223

63

40

323

176

48

318

34

***

228

***

***

***

2,611

Feb

2025

1,852

310

224

63

40

326

174

48

267

33

184

242

***

***

***

2,606

Mar

2025

1,846

320

225

63

39

346

167

48

277

36

***

***

***

***

1

2,601

Apr

2025

1,838

315

226

63

39

359

169

49

289

35

192

248

***

***

***

2,597

May

2025

1,839

309

228

63

40

351

175

49

278

35

197

251

***

***

***

2,590

Jun

2025

1,834

305

230

63

40

345

174

49

293

36

***

***

***

1

1

2,589

June 2025

4.7

Analytics Office

US Equity Funds

Table 4.13: Aggregate Gross Value of US Equity Fund Investments by

Investment Category ($Billions)

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

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

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

Investment Type

Common Equity

STIV

Equity Derivative

Other Types

Preferred Equity

Registered Fund

Repurchase Agreement

US Treasury Debt

Corporate Debt

Municipal Debt

Total

Jul

2024

18,221

231

86

53

47

30

***

7

6

***

18,697

Aug

2024

18,541

224

90

53

48

18

***

7

6

***

19,005

Sep

2024

18,851

237

93

75

49

19

17

13

11

0

19,366

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

15

14

***

***

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

59

55

23

14

11

6

0

18,795

Apr

2025

18,150

249

98

56

55

22

***

11

6

***

18,663

May

2025

19,246

244

103

55

56

23

***

8

6

***

19,761

Jun

2025

20,174

240

111

61

56

21

19

19

6

0

20,707

Table 4.14: Number of US Equity Funds Reporting Gross Value of Each

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

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

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

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

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

Investment Type

Common Equity

STIV

Equity Derivative

Other Types

Preferred Equity

Registered Fund

Repurchase Agreement

US Treasury Debt

Corporate Debt

Municipal Debt

Total

Jul

2024

4,236

363

342

266

49

89

89

47

37

0

4,532

Aug

2024

4,243

338

352

253

46

80

86

49

36

0

4,547

Sep

2024

4,248

342

376

280

45

89

***

60

36

0

4,584

Oct

2024

4,238

353

388

288

47

88

79

57

36

0

4,592

Nov

2024

4,269

353

416

305

48

90

86

58

38

0

4,630

19

Dec

2024

4,271

324

406

295

52

84

86

68

39

***

4,648

Jan

2025

4,293

338

425

299

50

82

80

61

40

***

4,678

Feb

2025

4,296

383

431

302

50

81

85

65

41

0

4,690

Mar

2025

4,295

409

446

301

55

90

93

81

41

0

4,703

Apr

2025

4,293

396

478

334

55

83

104

64

40

0

4,719

May

2025

4,309

386

483

303

56

95

98

59

41

0

4,740

Jun

2025

4,318

363

497

313

53

94

111

79

39

0

4,765

June 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

Other Types

STIV

Loan

Collateralized Obligation

Other Asset-Backed Security

Repurchase Agreement

Total

Jul

2024

2,090

1,778

1,393

391

261

282

209

172

181

79

6,835

Aug

2024

2,114

1,839

1,439

398

270

278

206

174

183

85

6,986

Sep

2024

2,163

1,873

1,434

404

256

294

206

177

189

84

7,081

Oct

2024

2,119

1,846

1,435

392

280

303

211

180

197

93

7,056

Nov

2024

2,138

1,880

1,458

400

275

306

218

189

198

93

7,154

Dec

2024

2,106

1,844

1,419

398

265

275

222

190

195

81

6,996

Jan

2025

2,135

1,860

1,457

411

259

298

228

195

197

94

7,134

Feb

2025

2,181

1,920

1,499

421

263

299

235

203

201

90

7,312

Mar

2025

2,187

1,932

1,507

423

256

285

233

205

204

91

7,323

Apr

2025

2,168

1,927

1,539

427

280

318

224

198

198

103

7,383

May

2025

2,193

1,923

1,496

426

309

317

231

202

199

108

7,403

Jun

2025

2,230

1,972

1,515

446

322

316

234

208

204

109

7,557

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

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

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

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

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

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

rows.

Investment Type

Corporate Debt

US Treasury Debt

Mortgage-Backed Security

Non US Sovereign Debt

Other Types

STIV

Loan

Collateralized Obligation

Other Asset-Backed Security

Repurchase Agreement

Total

Jul

2024

1,780

1,424

1,059

388

787

740

370

471

548

288

2,731

Aug

2024

1,781

1,433

1,056

384

765

746

362

477

554

291

2,734

Sep

2024

1,790

1,437

1,058

383

782

746

357

470

549

300

2,749

Oct

2024

1,790

1,424

1,057

396

822

795

364

471

558

283

2,745

Nov

2024

1,784

1,419

1,059

402

825

791

376

483

555

299

2,753

20

Dec

2024

1,792

1,413

1,071

401

799

746

382

492

553

304

2,771

Jan

2025

1,798

1,436

1,084

412

805

780

385

482

559

309

2,781

Feb

2025

1,790

1,430

1,083

406

792

774

394

486

559

306

2,792

Mar

2025

1,795

1,433

1,080

403

789

753

398

479

564

320

2,812

Apr

2025

1,790

1,433

1,081

397

826

797

393

467

550

317

2,815

May

2025

1,800

1,434

1,082

392

816

793

400

467

545

324

2,818

Jun

2025

1,803

1,421

1,086

401

837

814

398

478

557

318

2,863

June 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

Jul

2024

2,677

1,025

264

207

150

132

121

22

20

20

4,639

Aug

2024

2,724

1,106

266

212

153

127

121

24

20

21

4,773

Sep

2024

2,765

1,119

269

216

156

125

118

27

21

21

4,835

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

25

22

4,903

Mar

2025

2,680

1,079

265

225

169

136

144

23

24

20

4,767

Apr

2025

2,668

1,072

253

228

163

149

157

21

24

20

4,756

May

2025

2,770

1,124

255

242

167

143

146

26

25

20

4,918

Jun

2025

2,866

1,176

261

238

168

143

130

28

24

21

5,054

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

Jul

2024

2,032

703

372

533

357

510

173

134

28

8

2,615

Aug

2024

2,029

696

367

529

355

507

173

128

24

***

2,627

Sep

2024

2,036

696

366

525

354

533

174

133

***

***

2,624

Oct

2024

2,032

677

366

524

344

537

173

134

25

9

2,600

Nov

2024

2,043

689

368

522

354

522

173

143

23

***

2,617

21

Dec

2024

2,060

698

370

547

373

565

173

132

***

***

2,651

Jan

2025

2,049

699

365

552

356

553

169

143

24

8

2,664

Feb

2025