Division of Investment Management

Division of Investment Management

Analytics Ofce

Registered Fund Statistics

Form N-PORT Data, period ending September 2023

April 18, 2024

This is a report of the Staf of the Division of Investment Management’s Analytics Ofce of the U.S.

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

fndings, or conclusions contained herein.

Information presented in this report refects staf’s compilation and analysis of data reported to

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

third-party data. The presented information does not refect any flings or amended flings

submitted after April 18, 2024.

April 18, 2024

Analytics Ofce

Introduction

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

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

N-CEN and Form N-PORT flings received through April 18, 2024 for reporting periods from March

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

are required to fle 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 ofering variable annuity contracts on Form N-3

Business Development Companies (BDCs)

Money Market Funds regulated under rule 2a-7

Small business investment companies registered

on Form N-5

Unit Investment Trusts registered on Form N-4

or N-6

Unit Investment Trusts registered on Forms S-6

and N-8B-2 (excluding ETFs)

Required to File Form N-PORT?

Yes

No

X

X

X

X

X

X

X

X

X

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

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

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

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

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

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

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

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

used to minimize the efects of outliers.

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

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

Form N-PORT flings received through April 18, 2024.

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April 18, 2024

Analytics Ofce

Funds must fle reports on Form N-PORT with the Commission for each month in the fscal

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

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

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

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

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

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

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

report is denoted by “***”.

Commission Staf works with the reported information and with flers to identify and

correct fling errors and employs certain methodologies and assumptions in aggregating

the data. Commission Staf updates reported statistics from time to time to refect

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

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

Excel fle published alongside this report provides the most recently updated

historical data and includes methodological notes and assumptions, including a

description of signifcant changes.

If you have any questions or comments about Registered Fund Statistics

(September 2023), please contact: Tim Dulaney, PhD, Juan Carlos Forero Penaranda,

or Trevor Tatum with subject line “Registered Fund Statistics (September 2023)”.

2

April 18, 2024

Analytics Ofce

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 Classifcations

31

9 Fair Value Levels

35

10 Interest Rate Risk

41

11 Securities Lending

43

12 Borrowing

47

13 Appendices

48

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April 18, 2024

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Number of Funds1

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

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

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

Prevalent Asset Class

US Equity

Multi-Asset

Taxable Bond

Global Equity

Municipal Bond

Subtotal

US Equity

Global Equity

Taxable Bond

Multi-Asset

Municipal Bond

Subtotal

Taxable Bond

Multi-Asset

Municipal Bond

US Equity

Global Equity

Subtotal

Total

Oct

2022

3,005

2,260

1,819

1,407

558

9,049

1,220

675

551

337

67

2,850

197

189

120

89

54

649

12,548

Nov

2022

3,004

2,257

1,826

1,406

556

9,049

1,230

683

558

342

66

2,879

197

191

119

90

54

651

12,579

Dec

2022

3,005

2,240

1,835

1,406

556

9,042

1,240

688

565

342

66

2,901

197

190

119

90

54

650

12,593

Jan

2023

3,015

2,220

1,843

1,405

551

9,034

1,244

685

573

353

66

2,921

199

191

119

89

54

652

12,607

Feb

2023

3,011

2,214

1,838

1,403

555

9,021

1,255

684

569

352

68

2,928

200

190

119

89

54

652

12,601

Mar

2023

3,011

2,209

1,834

1,401

555

9,010

1,264

686

576

356

70

2,952

201

189

118

92

52

652

12,614

Apr

2023

3,003

2,198

1,827

1,402

557

8,987

1,266

683

582

353

70

2,954

202

187

117

89

52

647

12,588

May

2023

2,990

2,217

1,831

1,402

555

8,995

1,269

686

591

352

72

2,970

204

184

117

92

52

649

12,614

Jun

2023

2,989

2,180

1,827

1,405

554

8,955

1,278

688

602

346

72

2,986

209

184

117

93

51

654

12,595

Jul

2023

2,990

2,188

1,811

1,404

553

8,946

1,280

687

612

351

75

3,005

206

182

116

93

51

648

12,599

Aug

2023

2,985

2,170

1,807

1,405

550

8,917

1,303

689

618

347

76

3,033

202

182

118

92

51

645

12,595

Sep

2023

2,995

2,159

1,802

1,406

546

8,908

1,323

694

642

351

78

3,088

201

192

118

88

52

651

12,647

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

Class

This table includes fund of funds. “Fund of fund” is defned 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

2022

3,209

2,534

2,087

1,481

704

10,015

1,105

655

480

252

***

2,533

12,548

Nov

2022

3,218

2,537

2,102

1,483

701

10,041

1,106

660

479

253

40

2,538

12,579

Dec

2022

3,227

2,524

2,116

1,489

702

10,058

1,108

659

481

248

***

2,535

12,593

Jan

2023

3,239

2,509

2,128

1,489

697

10,062

1,109

655

487

255

***

2,545

12,607

Feb

2023

3,243

2,503

2,125

1,488

702

10,061

1,112

653

482

253

40

2,540

12,601

Mar

2023

3,255

2,497

2,130

1,487

701

10,070

1,112

652

481

257

42

2,544

12,614

Apr

2023

3,249

2,488

2,133

1,489

702

10,061

1,109

648

478

250

42

2,527

12,588

May

2023

3,244

2,505

2,146

1,492

701

10,088

1,107

648

480

248

43

2,526

12,614

Jun

2023

3,250

2,465

2,156

1,498

700

10,069

1,110

646

482

245

43

2,526

12,595

Jul

2023

3,251

2,476

2,147

1,500

701

10,075

1,112

642

482

245

43

2,524

12,599

Aug

2023

3,263

2,459

2,145

1,500

701

10,068

1,117

645

482

240

43

2,527

12,595

Sep

2023

3,278

2,470

2,154

1,506

699

10,107

1,128

646

491

232

43

2,540

12,647

1

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

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

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Total Fund Assets2

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

Prevalent Asset Class

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

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

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

Fund Type

Mutual Fund

ETF

Closed-End Fund

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Municipal Bond

Multi-Asset

Subtotal

Taxable Bond

Multi-Asset

US Equity

Municipal Bond

Global Equity

Subtotal

Total

Oct

2022

8,857

4,007

2,676

1,516

757

17,813

4,016

1,214

980

94

68

6,372

141

89

80

86

25

421

24,606

Nov

2022

9,271

4,112

2,958

1,602

777

18,720

4,247

1,251

1,118

103

71

6,790

143

90

86

87

27

433

25,942

Dec

2022

8,699

4,004

2,819

1,514

758

17,794

4,009

1,251

1,092

106

67

6,524

142

87

81

87

26

423

24,740

Jan

2023

9,275

4,112

3,030

1,584

787

18,789

4,273

1,307

1,204

109

72

6,965

144

90

87

89

27

438

26,192

Feb

2023

9,025

4,035

2,923

1,527

769

18,280

4,161

1,289

1,160

105

79

6,794

143

87

84

87

26

427

25,501

Mar

2023

9,179

4,165

3,010

1,567

778

18,700

4,218

1,343

1,191

107

71

6,931

144

87

86

87

27

431

26,061

Apr

2023

9,244

4,113

3,040

1,567

780

18,744

4,256

1,370

1,208

108

66

7,008

144

87

85

87

26

429

26,180

May

2023

9,199

4,090

2,954

1,536

771

18,549

4,257

1,368

1,173

108

70

6,976

143

86

85

86

26

426

25,951

Jun

2023

9,760

4,072

3,088

1,568

776

19,263

4,572

1,370

1,220

109

77

7,348

145

88

88

86

27

435

27,046

Jul

2023

10,056

4,087

3,181

1,602

779

19,705

4,776

1,380

1,278

111

83

7,627

146

89

91

86

27

440

27,771

Aug

2023

9,808

4,082

3,067

1,556

768

19,280

4,674

1,370

1,222

111

83

7,460

147

91

86

85

26

436

27,177

Sep

2023

9,319

4,027

2,947

1,497

743

18,533

4,475

1,356

1,182

109

71

7,192

149

91

82

82

25

429

26,155

Table 2.2: Aggregate Index Fund and Non-Index Fund Total Assets

($Billions), by Prevalent Asset Class

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

N-PORT, Item B.1.a). Index fund indication drawn from Form N-CEN, Item C.3. Because funds can invest

a limited amount in other funds without being considered a fund of fund, there is some limited

amount of double-counting of assets.

Fund Type

Non-Index

Index

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

Total

Oct

2022

5,619

3,437

2,141

1,564

850

13,611

7,334

1,925

1,541

109

***

10,995

24,606

Nov

2022

5,880

3,508

2,353

1,649

872

14,261

7,724

1,997

1,750

115

95

11,681

25,942

Dec

2022

5,509

3,403

2,238

1,560

853

13,563

7,281

1,994

1,698

107

***

11,178

24,740

Jan

2023

5,862

3,489

2,407

1,630

885

14,271

7,774

2,075

1,855

117

***

11,921

26,192

Feb

2023

5,702

3,427

2,326

1,567

864

13,886

7,567

2,041

1,784

126

97

11,616

25,501

Mar

2023

5,776

3,532

2,393

1,606

873

14,179

7,708

2,121

1,835

119

99

11,882

26,061

Apr

2023

5,807

3,470

2,416

1,606

875

14,173

7,779

2,156

1,860

114

99

12,007

26,180

May

2023

5,774

3,457

2,343

1,575

865

14,014

7,767

2,144

1,811

116

99

11,936

25,951

Jun

2023

6,114

3,438

2,449

1,607

871

14,479

8,307

2,149

1,885

126

100

12,567

27,046

Jul

2023

6,297

3,448

2,519

1,643

875

14,783

8,625

2,164

1,966

131

102

12,988

27,771

Aug

2023

6,135

3,446

2,429

1,598

864

14,471

8,433

2,154

1,886

131

101

12,706

27,177

Sep

2023

5,829

3,420

2,329

1,543

835

13,956

8,046

2,112

1,826

116

99

12,199

26,155

2

As of September 2023, there are 13 N-3 funds reporting an aggregate $221.22 billion in net assets (roughly 1.03%

of aggregate mutual fund net assets). Additionally, there are 84 Interval funds registered on Form N-2 reporting an

aggregate $71.70 billion in net assets (roughly 20.57% of aggregate closed-end fund net assets).

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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

Oct

2022

8,742

3,615

2,632

1,415

733

17,137

3,939

1,141

952

93

57

6,181

95

76

69

52

21

313

23,632

Nov

2022

9,171

3,693

2,910

1,495

754

18,023

4,179

1,183

1,090

102

63

6,617

97

77

73

56

23

326

24,966

Dec

2022

8,610

3,634

2,779

1,433

737

17,193

3,935

1,182

1,066

105

57

6,346

96

75

69

55

22

317

23,856

Jan

2023

9,173

3,753

2,991

1,499

765

18,181

4,200

1,237

1,175

108

62

6,782

99

78

73

58

24

332

25,295

Feb

2023

8,925

3,705

2,881

1,449

750

17,711

4,086

1,218

1,132

104

59

6,599

99

76

71

56

22

324

24,633

Mar

2023

9,078

3,750

2,955

1,464

759

18,007

4,148

1,263

1,160

107

63

6,741

98

75

72

56

23

325

25,073

Apr

2023

9,141

3,766

2,989

1,474

758

18,129

4,189

1,282

1,180

107

62

6,819

99

76

73

56

23

327

25,275

May

2023

9,097

3,736

2,910

1,439

751

17,934

4,190

1,280

1,144

107

64

6,785

99

75

72

56

22

323

25,042

Jun

2023

9,653

3,745

3,046

1,480

756

18,680

4,500

1,290

1,192

108

71

7,162

101

76

75

56

23

331

26,173

Jul

2023

9,954

3,772

3,144

1,504

758

19,132

4,702

1,302

1,248

110

76

7,439

103

77

77

56

24

337

26,907

Aug

2023

9,716

3,759

3,027

1,463

748

18,714

4,606

1,297

1,193

110

77

7,282

103

78

73

55

23

332

26,328

Sep

2023

9,226

3,677

2,903

1,406

723

17,934

4,400

1,280

1,152

108

66

7,006

103

78

69

52

22

324

25,265

Table 2.4: Aggregate Index Fund and Non-Index Fund Net Assets

($Billions)

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

N-PORT, Item B.1.c). Index fund indication drawn from Form N-CEN, Item C.3. Because funds can invest

a limited amount in other funds without being considered a fund of fund, there is some limited

amount of double-counting of assets.

Fund Type

Non-Index

Index

Total

Prevalent Asset Class

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

US Equity

Taxable Bond

Global Equity

Multi-Asset

Municipal Bond

Subtotal

Total

Oct

2022

5,523

2,999

2,100

1,450

792

12,863

7,227

1,852

1,506

98

***

10,769

23,632

Nov

2022

5,791

3,050

2,310

1,528

818

13,497

7,632

1,923

1,714

107

94

11,469

24,966

Dec

2022

5,429

2,997

2,202

1,467

801

12,895

7,186

1,915

1,665

98

***

10,961

23,856

Jan

2023

5,771

3,093

2,372

1,532

831

13,598

7,675

1,997

1,818

107

***

11,697

25,295

6

Feb

2023

5,614

3,058

2,288

1,478

814

13,252

7,468

1,964

1,747

106

96

11,381

24,633

Mar

2023

5,686

3,077

2,347

1,491

824

13,426

7,612

2,034

1,792

112

98

11,647

25,073

Apr

2023

5,715

3,085

2,370

1,503

823

13,496

7,688

2,062

1,822

109

99

11,778

25,275

May

2023

5,685

3,059

2,303

1,467

815

13,329

7,675

2,056

1,773

111

98

11,713

25,042

Jun

2023

6,020

3,067

2,412

1,508

821

13,828

8,207

2,069

1,849

120

100

12,345

26,173

Jul

2023

6,204

3,090

2,486

1,533

824

14,137

8,529

2,087

1,930

125

101

12,770

26,907

Aug

2023

6,051

3,081

2,394

1,493

813

13,832

8,344

2,078

1,849

125

100

12,496

26,328

Sep

2023

5,745

3,021

2,290

1,439

785

13,280

7,950

2,038

1,786

111

98

11,984

25,265

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

by Net Assets

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

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

Fund Size

$10 billion or more

[$500 million,$10 billion)

[$50 million,$500 million)

($0,$50 million)

Total

Fund Type

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Total

Oct

2022

10,472

***

***

14,974

6,016

1,500

219

7,735

620

174

81

875

29

18

1

47

23,632

Nov

2022

11,204

***

***

16,069

6,178

1,573

232

7,984

613

173

80

866

28

18

1

47

24,966

Dec

2022

10,589

4,609

23

15,222

5,959

1,542

213

7,714

617

176

80

873

29

18

1

48

23,856

Jan

2023

11,315

***

***

16,349

6,229

1,575

229

8,033

610

179

78

866

28

18

1

47

25,295

Feb

2023

10,979

***

***

15,814

6,087

1,587

218

7,891

617

182

81

880

28

18

1

48

24,633

Mar

2023

11,243

4,952

25

16,220

6,127

1,590

221

7,938

608

181

78

868

28

18

1

48

25,073

Apr

2023

11,364

***

***

16,423

6,132

1,584

222

7,938

606

183

79

868

27

18

1

46

25,275

May

2023

11,248

***

***

16,286

6,047

1,570

217

7,834

611

184

80

876

28

18

1

48

25,042

Jun

2023

11,876

5,329

26

17,231

6,174

1,625

225

8,025

603

188

79

870

27

19

1

47

26,173

Jul

2023

12,249

***

***

17,837

6,259

1,669

232

8,159

598

190

77

866

26

18

1

45

26,907

Aug

2023

11,969

***

***

17,410

6,112

1,658

225

7,995

606

192

79

878

26

18

1

46

26,328

Sep

2023

11,370

5,188

28

16,586

5,928

1,609

215

7,751

610

190

80

880

27

19

1

47

25,265

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

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

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

Fund Size

$10 billion or more

[$500 million,$10 billion)

[$50 million,$500 million)

($0,$50 million)

Total

Fund Type

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Mutual Fund

ETF

Closed-End Fund

Subtotal

Total

Oct

2022

279

***

***

398

2,765

620

169

3,554

2,877

917

359

4,153

1,441

1,053

48

2,542

10,647

Nov

2022

294

***

***

419

2,826

644

179

3,649

2,838

918

349

4,105

1,404

1,049

50

2,503

10,676

Dec

2022

283

121

2

406

2,768

634

172

3,574

2,861

929

353

4,143

1,454

1,074

53

2,581

10,704

Jan

2023

294

***

***

427

2,844

649

185

3,678

2,820

938

346

4,104

1,408

1,060

49

2,517

10,726

7

Feb

2023

289

***

***

417

2,796

649

175

3,620

2,840

947

356

4,143

1,428

1,068

49

2,545

10,725

Mar

2023

291

128

2

421

2,806

657

179

3,642

2,822

949

350

4,121

1,424

1,079

51

2,554

10,738

Apr

2023

292

***

***

424

2,806

659

178

3,643

2,822

957

351

4,130

1,394

1,064

45

2,503

10,700

May

2023

289

***

***

420

2,769

653

173

3,595

2,824

972

357

4,153

1,429

1,070

46

2,545

10,713

Jun

2023

301

132

2

435

2,817

667

180

3,664

2,793

987

353

4,133

1,363

1,054

48

2,465

10,697

Jul

2023

307

***

***

445

2,846

684

183

3,713

2,779

1,007

346

4,132

1,330

1,031

45

2,406

10,696

Aug

2023

304

***

***

439

2,796

680

177

3,653

2,808

1,020

352

4,180

1,334

1,053

43

2,430

10,702

Sep

2023

294

132

2

428

2,740

676

170

3,586

2,826

1,012

358

4,196

1,369

1,116

49

2,534

10,744

April 18, 2024

Analytics Ofce

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

2022

0.017

0.073

0.321

1.161

3.859

0.005

0.021

0.103

0.564

3.083

0.045

0.111

0.254

0.545

1.204

Nov

2022

0.017

0.078

0.340

1.222

4.034

0.005

0.021

0.106

0.591

3.287

0.047

0.115

0.263

0.569

1.253

Dec

2022

0.017

0.074

0.326

1.156

3.848

0.005

0.021

0.102

0.566

3.159

0.047

0.113

0.256

0.564

1.212

Jan

2023

0.018

0.080

0.344

1.232

4.097

0.005

0.022

0.109

0.598

3.301

0.049

0.117

0.267

0.579

1.273

Feb

2023

0.017

0.078

0.336

1.203

3.960

0.005

0.022

0.110

0.586

3.224

0.049

0.116

0.257

0.571

1.276

Mar

2023

0.017

0.078

0.338

1.207

4.040

0.005

0.022

0.111

0.584

3.278

0.047

0.115

0.259

0.570

1.293

Apr

2023

0.018

0.079

0.341

1.221

4.064

0.005

0.022

0.114

0.593

3.308

0.051

0.119

0.256

0.575

1.301

May

2023

0.016

0.076

0.331

1.192

4.045

0.005

0.022

0.111

0.575

3.231

0.050

0.114

0.254

0.566

1.290

Jun

2023

0.017

0.080

0.344

1.242

4.202

0.006

0.024

0.114

0.596

3.370

0.043

0.113

0.256

0.575

1.330

Jul

2023

0.018

0.082

0.349

1.273

4.307

0.006

0.025

0.119

0.618

3.511

0.044

0.114

0.263

0.586

1.363

Aug

2023

0.018

0.081

0.342

1.244

4.188

0.006

0.024

0.112

0.602

3.345

0.051

0.117

0.259

0.577

1.367

Sep

2023

0.017

0.077

0.330

1.195

4.047

0.005

0.022

0.107

0.565

3.147

0.047

0.108

0.246

0.565

1.310

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

2022

52.92

68.01

79.60

92.13

49.33

64.56

76.75

90.62

***

75.82

87.21

96.38

20.49

33.27

47.43

70.62

Nov

2022

53.12

68.18

79.71

92.17

49.52

64.75

76.84

90.63

***

75.74

87.21

96.44

20.93

32.98

47.49

70.43

Dec

2022

53.08

68.21

79.73

92.16

49.55

64.81

76.88

90.63

***

75.78

87.22

96.41

***

33.05

47.39

70.38

Jan

2023

53.15

68.25

79.76

92.18

49.61

64.86

76.88

90.64

***

75.66

87.22

96.42

21.03

32.80

47.27

70.52

Feb

2023

53.14

68.24

79.75

92.16

49.55

64.88

76.93

90.64

***

75.40

87.00

96.33

21.14

32.88

47.35

70.57

8

Mar

2023

53.49

68.55

80.00

92.29

49.89

65.22

77.17

90.76

***

75.76

87.27

96.39

***

33.23

47.71

70.77

Apr

2023

53.56

68.68

80.07

92.31

50.05

65.31

77.24

90.80

***

75.85

87.30

96.37

20.67

33.40

47.57

70.70

May

2023

53.84

68.92

80.27

92.41

50.26

65.55

77.45

90.91

***

76.12

87.46

96.42

20.67

33.43

47.66

70.91

Jun

2023

53.97

69.07

80.38

92.44

50.33

65.65

77.50

90.90

***

76.33

87.56

96.43

***

33.35

48.09

71.15

Jul

2023

54.09

69.18

80.46

92.48

50.48

65.75

77.60

90.94

***

76.26

87.52

96.41

20.63

33.43

47.80

71.33

Aug

2023

54.13

69.25

80.50

92.49

50.46

65.83

77.64

90.95

***

76.34

87.59

96.42

20.65

33.47

47.88

71.26

Sep

2023

54.15

69.30

80.53

92.52

50.44

65.79

77.62

90.94

***

76.55

87.71

96.47

***

33.81

48.42

71.60

April 18, 2024

Analytics Ofce

3

Flows and Returns

3.1

Fund Flows

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

This table excludes fows 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

Infow

Net

Outfow

Infow

Net

Outfow

Infow

Net

Outfow

Oct

2022

660

-19

-679

375

83

-293

285

-102

-386

Nov

2022

688

-18

-706

381

73

-307

307

-91

-398

Dec

2022

716

-119

-834

384

34

-350

332

-152

-484

Jan

2023

628

17

-610

321

42

-279

307

-25

-332

Feb

2023

559

-1

-560

271

0

-271

288

-1

-288

Mar

2023

705

-28

-733

428

32

-396

276

-60

-336

Apr

2023

502

-8

-510

268

32

-236

234

-40

-274

May

2023

566

-24

-590

306

26

-280

260

-50

-309

Jun

2023

699

25

-674

426

60

-366

273

-35

-308

Jul

2023

619

26

-593

373

55

-319

246

-29

-275

Aug

2023

571

-33

-605

307

9

-299

264

-42

-306

Sep

2023

580

-20

-600

346

31

-315

234

-51

-285

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

This table excludes fows 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

Infow

Net

Outfow

Infow

Net

Outfow

Infow

Net

Outfow

Oct

2022

2.97

-0.09

-3.06

3.72

0.82

-2.90

2.35

-0.84

-3.19

Nov

2022

2.95

-0.08

-3.03

3.54

0.68

-2.86

2.45

-0.73

-3.17

Dec

2022

2.91

-0.48

-3.39

3.35

0.29

-3.05

2.52

-1.16

-3.68

Jan

2023

2.67

0.07

-2.59

2.93

0.38

-2.54

2.44

-0.20

-2.64

Feb

2023

2.24

-0.00

-2.24

2.32

-0.00

-2.32

2.17

-0.00

-2.18

9

Mar

2023

2.90

-0.11

-3.01

3.76

0.28

-3.48

2.14

-0.46

-2.60

Apr

2023

2.03

-0.03

-2.06

2.30

0.28

-2.02

1.79

-0.31

-2.09

May

2023

2.27

-0.10

-2.36

2.60

0.22

-2.38

1.97

-0.38

-2.35

Jun

2023

2.83

0.10

-2.73

3.64

0.51

-3.12

2.10

-0.27

-2.37

Jul

2023

2.40

0.10

-2.30

3.02

0.44

-2.58

1.82

-0.22

-2.04

Aug

2023

2.15

-0.13

-2.28

2.41

0.07

-2.34

1.91

-0.30

-2.22

Sep

2023

2.23

-0.08

-2.31

2.77

0.25

-2.52

1.73

-0.38

-2.11

April 18, 2024

Analytics Ofce

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

($Billions)

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

not report fows and are therefore excluded.

Fund Type

ETF

Mutual Fund

Total

Prevalent Asset Class

US Equity

Taxable Bond

Municipal Bond

Multi-Asset

Global Equity

Subtotal

Municipal Bond

Global Equity

Taxable Bond

Multi-Asset

US Equity

Subtotal

Total

Oct

2022

53

25

6

1

10

94

-18

-17

-41

-9

-28

-113

-19

Nov

2022

27

19

6

-1

15

66

-10

-24

-23

-5

-21

-84

-18

Dec

2022

12

14

4

2

11

43

-16

-45

-40

-15

-46

-162

-119

Jan

2023

1

28

0

-3

21

46

8

-15

16

-2

-35

-29

17

Feb

2023

-7

3

-1

0

8

3

2

-3

22

-2

-22

-4

-1

Mar

2023

3

26

0

1

0

31

-3

-5

-20

-8

-24

-59

-28

Apr

2023

11

16

1

0

3

31

-1

-11

-2

-7

-17

-39

-8

May

2023

16

14

1

-1

5

34

-2

-6

1

-9

-41

-58

-24

Jun

2023

43

16

1

1

11

72

0

-6

8

-6

-44

-47

25

Jul

2023

38

14

1

-1

7

59

1

-7

16

-7

-36

-33

26

Aug

2023

3

7

1

2

1

15

-2

-4

4

-10

-37

-48

-33

Sep

2023

27

10

1

1

1

39

-6

-6

-8

-9

-31

-59

-20

Table 3.4: Aggregate Net Flows, by Prevalent Asset Class and Fund Type

(Percent)

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

not report fows 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

Multi-Asset

Taxable Bond

US Equity

Global Equity

Subtotal

Global Equity

Taxable Bond

US Equity

Multi-Asset

Municipal Bond

Subtotal

Total

Oct

2022

6.93

1.89

2.20

1.48

1.04

1.64

-0.66

-1.12

-0.35

-0.68

-2.32

-0.69

-0.09

Nov

2022

6.12

-2.07

1.67

0.69

1.57

1.07

-0.92

-0.64

-0.24

-0.36

-1.36

-0.49

-0.08

Dec

2022

3.77

2.74

1.19

0.30

1.03

0.66

-1.54

-1.08

-0.50

-1.02

-2.17

-0.90

-0.48

Jan

2023

-0.09

-5.67

2.35

0.02

1.98

0.73

-0.55

0.45

-0.41

-0.16

1.03

-0.17

0.07

10

Feb

2023

-0.75

0.43

0.20

-0.18

0.70

0.04

-0.10

0.57

-0.24

-0.16

0.24

-0.02

-0.00

Mar

2023

0.46

1.82

2.16

0.08

-0.00

0.47

-0.16

-0.54

-0.27

-0.56

-0.34

-0.33

-0.11

Apr

2023

0.62

-0.45

1.29

0.26

0.30

0.46

-0.37

-0.06

-0.19

-0.49

-0.11

-0.22

-0.03

May

2023

0.50

-2.05

1.07

0.38

0.46

0.50

-0.22

0.02

-0.45

-0.64

-0.20

-0.32

-0.10

Jun

2023

1.11

1.69

1.23

1.02

1.00

1.06

-0.19

0.22

-0.48

-0.41

0.02

-0.26

0.10

Jul

2023

1.16

-1.13

1.06

0.84

0.57

0.82

-0.22

0.43

-0.38

-0.48

0.12

-0.18

0.10

Aug

2023

0.93

3.15

0.52

0.07

0.11

0.20

-0.13

0.11

-0.37

-0.64

-0.24

-0.25

-0.13

Sep

2023

1.03

0.85

0.76

0.58

0.05

0.53

-0.19

-0.20

-0.32

-0.61

-0.74

-0.31

-0.08

April 18, 2024

3.2

Analytics Ofce

Total Returns

Table 3.5: Median Total Return of Index and Non-Index Funds, by

Prevalent Asset Class (Percent)

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

from Form N-CEN, Item C.3.

Fund Type

All

Index

Non-Index

Prevalent Asset Class

Taxable Bond

Municipal Bond

Multi-Asset

Global Equity

US Equity

Taxable Bond

Municipal Bond

Global Equity

US Equity

Multi-Asset

Taxable Bond

Municipal Bond

Multi-Asset

Global Equity

US Equity

Oct

2022

-0.18

-0.91

3.36

4.48

8.26

-0.47

***

3.87

8.84

4.66

-0.11

-0.93

3.24

4.60

8.12

Nov

2022

2.44

4.66

4.54

11.60

5.32

2.04

***

11.56

5.56

5.45

2.54

4.67

4.48

11.63

5.20

Dec

2022

-0.28

-0.02

-2.74

-2.40

-5.40

-0.30

***

-1.91

-5.80

-6.02

-0.28

-0.02

-2.62

-2.61

-5.23

Jan

2023

3.02

2.86

4.67

8.32

7.23

2.50

***

8.21

7.35

9.27

3.11

2.89

4.45

8.36

7.20

Feb

2023

-1.61

-2.28

-2.46

-3.48

-2.33

-1.57

***

-3.57

-2.44

-3.15

-1.62

-2.28

-2.38

-3.47

-2.26

Mar

2023

1.23

1.81

1.39

2.44

0.29

1.90

***

2.33

0.53

1.82

1.13

1.80

1.38

2.49

0.24

Apr

2023

0.58

-0.07

0.80

1.26

0.52

0.57

-0.21

1.54

0.45

0.30

0.58

-0.06

0.83

1.17

0.55

May

2023

-0.86

-0.76

-1.00

-3.32

-1.47

-0.95

***

-3.83

-1.76

-1.44

-0.84

-0.76

-0.96

-3.15

-1.40

Jun

2023

0.32

0.79

3.38

4.45

6.68

-0.19

***

4.47

6.79

6.40

0.39

0.79

3.23

4.44

6.61

Jul

2023

0.56

0.23

2.05

3.43

3.36

0.31

0.21

4.07

3.58

4.23

0.62

0.23

1.94

3.19

3.23

Aug

2023

-0.24

-1.16

-1.61

-3.92

-2.27

-0.02

-1.01

-4.05

-2.55

-3.33

-0.30

-1.17

-1.51

-3.80

-2.20

Sep

2023

-1.42

-2.78

-3.36

-3.85

-4.81

-1.30

-2.57

-3.45

-4.97

-5.18

-1.44

-2.79

-3.22

-4.03

-4.74

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

by Prevalent Asset Class (Percent)

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

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

Item B.1.c.

Fund Type

All

Index

Non-Index

Prevalent Asset Class

Taxable Bond

Municipal Bond

Multi-Asset

Global Equity

US Equity

Taxable Bond

Municipal Bond

Global Equity

US Equity

Multi-Asset

Taxable Bond

Municipal Bond

Multi-Asset

Global Equity

US Equity

Oct

2022

-0.47

-0.99

4.30

3.90

8.08

-0.84

***

3.24

8.45

6.24

-0.25

-1.03

4.19

4.38

7.60

Nov

2022

2.78

4.51

5.35

12.09

5.40

2.86

***

13.16

5.42

8.54

2.72

4.55

5.13

11.32

5.38

Dec

2022

-0.49

-0.11

-2.92

-2.64

-5.50

-0.65

***

-2.08

-5.73

-9.21

-0.39

-0.12

-2.48

-3.06

-5.20

Jan

2023

2.79

2.87

4.76

8.32

6.84

2.65

***

8.38

6.85

12.09

2.87

2.90

4.27

8.26

6.83

11

Feb

2023

-1.85

-2.24

-2.79

-3.86

-2.46

-2.04

***

-4.26

-2.44

-3.51

-1.73

-2.26

-2.74

-3.55

-2.48

Mar

2023

1.69

1.73

1.89

2.68

1.91

2.23

***

2.71

2.10

5.59

1.35

1.69

1.62

2.66

1.66

Apr

2023

0.52

-0.04

1.11

1.36

0.83

0.50

-0.20

1.55

0.87

-0.64

0.53

-0.02

1.24

1.22

0.78

May

2023

-0.91

-0.72

-1.11

-3.00

-0.08

-0.98

***

-3.44

-0.11

4.53

-0.87

-0.72

-1.52

-2.66

-0.04

Jun

2023

0.07

0.77

3.56

4.62

6.62

-0.26

***

4.45

6.81

8.85

0.30

0.77

3.17

4.75

6.36

Jul

2023

0.33

0.21

2.29

3.59

3.51

-0.01

0.19

3.98

3.58

5.62

0.56

0.22

2.02

3.29

3.41

Aug

2023

-0.40

-1.15

-1.80

-4.08

-2.06

-0.46

-0.95

-4.42

-2.07

-4.70

-0.37

-1.18

-1.56

-3.82

-2.03

Sep

2023

-1.80

-2.70

-3.48

-3.79

-4.72

-2.05

-2.44

-3.33

-4.81

-7.75

-1.63

-2.74

-3.12

-4.14

-4.60

April 18, 2024

Analytics Ofce

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

Repurchase Agreement

Rate Derivative

Preferred Equity

Cash

Private Fund

Equity Derivative

Other Debt

FX Derivative

Structured Note

Other Types

Commodity Derivative

Commodity

Credit Derivative

Asset-Backed CP

Other Derivative

Total

Oct

2022

17,536

2,210

2,102

1,657

1,192

952

856

334

212

159

153

117

131

110

95

79

75

57

28

20

16

6

***

5

***

3

28,116

Nov

2022

18,728

2,345

2,181

1,692

1,240

987

838

356

207

160

153

114

97

111

88

75

76

57

40

22

16

7

***

5

***

3

29,606

Dec

2022

17,736

2,249

2,138

1,684

1,229

974

772

346

198

159

150

116

101

105

89

74

67

57

30

20

16

7

***

4

***

2

28,334

Jan

2023

18,981

2,386

2,230

1,741

1,243

1,005

806

362

198

157

152

109

90

113

89

76

72

58

26

22

16

8

***

5

***

2

29,956

Feb

2023

18,407

2,310

2,169

1,740

1,199

982

803

349

194

157

154

123

94

108

88

77

63

55

31

22

16

6

***

4

***

2

29,161

12

Mar

2023

18,748

2,360

2,183

1,805

1,293

993

798

362

186

156

155

126

92

104

87

77

71

60

24

20

16

6

***

4

***

2

29,739

Apr

2023

18,911

2,389

2,198

1,797

1,272

995

832

367

186

156

156

122

87

103

88

78

68

65

24

20

16

7

***

4

***

2

29,951

May

2023

18,729

2,355

2,182

1,770

1,303

986

797

358

179

157

157

109

84

101

87

76

70

62

36

20

16

8

***

4

***

1

29,656

Jun

2023

19,862

2,441

2,195

1,777

1,301

994

775

368

182

159

158

120

90

103

84

78

77

58

25

21

16

6

***

5

***

1

30,904

Jul

2023

20,567

2,491

2,209

1,788

1,309

999

786

372

185

161

159

114

92

104

79

79

86

58

21

21

17

7

***

5

***

1

31,721

Aug

2023

20,002

2,440

2,192

1,791

1,316

985

770

365

185

162

163

106

85

100

74

79

74

56

25

21

17

6

***

4

***

1

31,031

Sep

2023

19,063

2,341

2,141

1,765

1,302

952

777

353

190

166

165

103

97

96

86

79

68

56

25

22

17

10

***

3

***

1

29,886

April 18, 2024

Analytics Ofce

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

Repurchase Agreement

Rate Derivative

Preferred Equity

Cash

Private Fund

Equity Derivative

Other Debt

FX Derivative

Structured Note

Other Types

Commodity Derivative

Commodity

Credit Derivative

Asset-Backed CP

Other Derivative

Total

Oct

2022

7,095

2,381

2,261

1,697

1,186

823

2,338

472

382

481

490

556

336

264

758

446

621

161

96

25

24

36

***

10

***

13

12,548

Nov

2022

7,111

2,379

2,253

1,689

1,208

826

2,183

477

370

481

479

519

256

244

722

423

612

159

132

26

21

37

***

***

***

16

12,579

Dec

2022

7,115

2,344

2,255

1,742

1,197

823

2,169

473

374

486

478

520

270

245

702

435

569

167

95

26

***

41

12

***

***

***

12,593

Jan

2023

7,130

2,358

2,263

1,767

1,196

811

2,128

467

371

474

473

508

227

244

709

433

594

159

83

***

22

46

***

***

***

14

12,607

Feb

2023

7,125

2,328

2,257

1,762

1,197

812

2,186

474

374

478

479

532

231

245

665

445

561

166

88

24

18

44

***

***

***

15

12,601

13

Mar

2023

7,119

2,354

2,241

1,776

1,205

813

2,161

472

372

473

482

529

225

234

645

437

594

188

65

24

***

41

10

***

***

***

12,614

Apr

2023

7,096

2,353

2,232

1,780

1,194

806

2,126

459

373

467

487

508

211

231

617

445

576

200

80

23

17

47

***

***

***

12

12,588

May

2023

7,094

2,328

2,243

1,762

1,211

807

2,060

455

373

477

488

490

192

230

644

415

570

174

88

23

19

62

***

***

***

13

12,614

Jun

2023

7,100

2,314

2,246

1,761

1,209

801

2,020

452

378

478

486

491

192

225

591

416

558

173

72

24

***

47

10

***

***

***

12,595

Jul

2023

7,102

2,312

2,241

1,775

1,214

801

1,945

457

376

484

495

462

190

219

589

422

619

170

76

25

27

55

***

***

***

15

12,599

Aug

2023

7,107

2,294

2,242

1,801

1,220

799

1,891

452

381

493

499

473

177

232

557

422

580

160

79

25

22

39

***

10

***

13

12,595

Sep

2023

7,119

2,317

2,236

1,839

1,221

797

2,036

441

379

504

513

479

218

213

596

426

594

169

62

***

***

48

10

***

***

***

12,647

April 18, 2024

4.2

Analytics Ofce

Mutual Funds3

Table 4.3: Aggregate Gross Value of Mutual Fund Investments by

Investment Category ($Billions)

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

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

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

Investment Type

Common Equity

Registered Fund

Corporate Debt

US Treasury Debt

Mortgage-Backed Security

Municipal Debt

STIV

Non US Sovereign Debt

Other Types

Other Asset-Backed Security

Collateralized Obligation

Loan

Repurchase Agreement

Cash

Preferred Equity

Private Fund

Total

Oct

2022

12,579

2,165

1,632

1,147

1,063

776

695

259

272

146

145

153

93

73

63

25

21,285

Nov

2022

13,391

2,297

1,687

1,171

1,107

798

681

277

253

147

145

149

90

67

63

23

22,346

Dec

2022

12,666

2,202

1,648

1,163

1,095

783

611

269

237

144

144

144

96

67

59

23

21,350

Jan

2023

13,530

2,338

1,712

1,206

1,101

808

636

279

230

145

142

143

86

72

62

23

22,513

Feb

2023

13,119

2,264

1,672

1,207

1,059

791

638

270

227

146

141

138

101

71

60

23

21,928

Mar

2023

13,368

2,313

1,687

1,236

1,146

800

628

281

227

147

140

131

103

65

58

22

22,354

Apr

2023

13,476

2,342

1,691

1,224

1,126

801

656

284

225

148

139

130

99

67

56

24

22,487

May

2023

13,331

2,308

1,679

1,197

1,155

793

624

277

231

148

140

125

88

66

55

23

22,240

Jun

2023

14,100

2,391

1,686

1,194

1,150

799

613

283

222

149

142

126

99

65

56

24

23,099

Jul

2023

14,545

2,439

1,694

1,206

1,157

801

619

286

226

149

143

128

93

62

56

24

23,626

Aug

2023

14,138

2,388

1,683

1,206

1,164

791

603

281

212

152

143

128

84

57

54

23

23,107

Sep

2023

13,454

2,292

1,646

1,174

1,151

762

612

272

222

154

145

130

81

66

51

23

22,235

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

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

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

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

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

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

Investment Type

Common Equity

Registered Fund

Corporate Debt

US Treasury Debt

Mortgage-Backed Security

Municipal Debt

STIV

Non US Sovereign Debt

Other Types

Other Asset-Backed Security

Collateralized Obligation

Loan

Repurchase Agreement

Cash

Preferred Equity

Private Fund

Total

Oct

2022

5,098

2,059

1,716

1,376

1,019

625

1,770

380

677

416

374

236

380

476

134

148

9,049

Nov

2022

5,089

2,053

1,714

1,355

1,036

628

1,641

386

646

405

372

226

354

460

128

140

9,049

Dec

2022

5,081

2,021

1,714

1,404

1,028

624

1,607

383

623

403

378

228

361

440

122

146

9,042

Jan

2023

5,091

2,027

1,715

1,422

1,022

613

1,595

376

583

397

366

224

336

443

122

137

9,034

Feb

2023

5,074

2,003

1,714

1,420

1,025

614

1,620

382

575

401

369

227

358

414

122

138

9,021

Mar

2023

5,078

2,025

1,709

1,439

1,033

614

1,573

382

616

403

362

224

363

388

114

128

9,010

Apr

2023

5,053

2,031

1,701

1,439

1,021

609

1,569

369

614

406

356

224

351

382

112

141

8,987

May

2023

5,048

2,007

1,706

1,411

1,035

608

1,493

365

576

406

364

224

339

388

109

130

8,995

Jun

2023

5,043

1,997

1,701

1,411

1,034

604

1,461

362

558

407

365

226

336

353

105

124

8,955

Jul

2023

5,041

1,993

1,697

1,414

1,034

600

1,403

363

595

411

365

223

316

338

102

137

8,946

Aug

2023

5,028

1,976

1,697

1,429

1,036

599

1,381

363

529

411

369

229

327

324

111

140

8,917

Sep

2023

5,019

1,992

1,685

1,441

1,034

595

1,464

355

582

424

377

226

334

342

102

135

8,908

3

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

capitalized terms used in this report.

14

April 18, 2024

4.3

Analytics Ofce

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

STIV

Mortgage-Backed Security

Municipal Debt

Non US Sovereign Debt

Other Types

Registered Fund

Preferred Equity

Cash

Loan

Collateralized Obligation

Other Asset-Backed Security

Repurchase Agreement

Total

Oct

2022

4,831

505

411

151

110

93

71

71

37

37

16

13

7

4

8

6,365

Nov

2022

5,204

515

434

147

115

101

75

68

40

38

16

13

7

4

8

6,786

Dec

2022

4,946

516

431

152

117

104

73

65

38

35

17

12

7

4

5

6,523

Jan

2023

5,318

530

456

161

123

107

79

67

39

39

13

13

7

4

8

6,966

Feb

2023

5,160

528

437

156

121

104

75

65

38

38

13

12

8

5

8

6,766

Mar

2023

5,251

565

438

162

126

106

77

67

38

36

17

11

8

5

8

6,918

Apr

2023

5,306

569

449

167

127

107

79

67

39

36

17

11

8

5

9

6,995

May

2023

5,272

569

445

164

129

107

77

68

39

36

17

10

8

6

7

6,953

Jun

2023

5,631

578

451

152

132

109

80

75

41

37

15

11

9

6

7

7,332

Jul

2023

5,887

577

457

158

133

111

82

82

43

38

13

11

9

7

7

7,615

Aug

2023

5,733

581

451

157

133

110

80

76

43

36

12

11

10

7

7

7,448

Sep

2023

5,483

585

437

156

131

108

77

77

41

35

16

12

11

8

6

7,182

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

STIV

Mortgage-Backed Security

Municipal Debt

Non US Sovereign Debt

Other Types

Registered Fund

Preferred Equity

Cash

Loan

Collateralized Obligation

Other Asset-Backed Security

Repurchase Agreement

Total

Oct

2022

1,814

281

326

445

95

73

55

600

274

53

215

24

41

41

113

2,850

Nov

2022

1,838

292

323

417

98

72

57

575

277

49

201

25

40

42

***

2,879

Dec

2022

1,851

295

326

447

98

72

56

566

276

52

208

25

39

44

***

2,901

Jan

2023

1,857

302

333

424

101

71

58

585

283

53

204

24

37

45

110

2,921

Feb

2023

1,871

300

329

435

102

72

59

593

280

54

191

24

37

45

112

2,928

15

Mar

2023

1,868

296

322

462

101

74

58

586

281

53

203

24

39

45

***

2,952

Apr

2023

1,872

305

322

435

103

74

58

581

276

52

185

24

40

46

102

2,954

May

2023

1,873

312

325

444

105

76

57

586

274

52

200

24

42

46

***

2,970

Jun

2023

1,886

317

330

437

105

75

56

580

273

56

194

24

41

44

***

2,986

Jul

2023

1,887

332

332

415

109

79

60

611

272

54

185

23

48

48

***

3,005

Aug

2023

1,899

338

335

404

113

78

57

607

273

55

179

22

51

53

***

3,033

Sep

2023

1,918

360

342

444

115

80

54

619

280

51

201

22

53

55

***

3,088

April 18, 2024

4.4

Analytics Ofce

Closed-End Funds4

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

Investment Category ($Billions)

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

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

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

Investment Type

Common Equity

Municipal Debt

Other Types

Corporate Debt

Loan

Mortgage-Backed Security

Repurchase Agreement

STIV

Preferred Equity

Collateralized Obligation

Registered Fund

US Treasury Debt

Cash

Non US Sovereign Debt

Other Asset-Backed Security

Total

Oct

2022

126

84

62

59

46

18

16

10

11

8

8

6

5

4

3

466

Nov

2022

133

88

62

60

44

18

16

9

11

8

9

6

5

4

3

475

Dec

2022

124

87

63

59

42

18

16

9

10

8

8

6

5

4

3

461

Jan

2023

133

90

64

61

42

19

15

9

11

8

9

5

4

4

2

477

Feb

2023

128

87

64

60

43

19

14

9

11

8

8

5

4

4

3

466

Mar

2023

129

87

65

58

43

20

15

9

10

8

8

5

4

4

3

467

Apr

2023

129

87

64

58

45

20

14

9

11

8

8

5

4

4

3

469

May

2023

126

86

65

58

43

19

14

9

10

8

8

5

4

4

3

463

Jun

2023

131

87

66

58

45

19

14

10

10

9

8

5

4

4

3

473

Jul

2023

135

86

66

59

46

19

14

10

10

9

8

5

4

4

3

480

Aug

2023

131

85

67

58

46

20

15

10

10

9

9

5

4

4

3

476

Sep

2023

125

81

68

58

48

20

16

10

10

9

8

5

4

4

3

469

Table 4.8: Number of Closed-End Funds Reporting Gross Value of Each

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

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

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

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

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

Investment Type

Common Equity

Municipal Debt

Other Types

Corporate Debt

Loan

Mortgage-Backed Security

Repurchase Agreement

STIV

Preferred Equity

Collateralized Obligation

Registered Fund

US Treasury Debt

Cash

Non US Sovereign Debt

Other Asset-Backed Security

Total

Oct

2022

237

126

168

228

122

74

63

123

77

66

48

49

67

39

33

649

Nov

2022

238

127

162

225

119

76

64

125

67

69

49

51

61

36

32

651

Dec

2022

236

128

165

224

121

73

67

116

71

69

47

52

54

36

***

650

Jan

2023

236

128

162

224

123

75

62

111

69

71

48

52

62

35

31

652

Feb

2023

233

127

161

223

123

72

62

131

69

72

45

51

60

35

33

652

Mar

2023

227

126

166

219

124

73

55

127

67

72

48

50

54

34

34

652

Apr

2023

224

124

166

218

125

72

55

123

67

71

46

45

51

34

35

647

May

2023

227

124

165

221

125

73

52

124

69

71

47

48

57

35

36

649

Jun

2023

225

123

167

224

128

72

59

125

64

72

44

42

44

36

35

654

Jul

2023

228

123

164

221

130

73

56

128

63

71

47

38

66

36

36

648

Aug

2023

233

123

165

219

130

73

56

107

66

73

45

43

54

34

35

645

Sep

2023

235

123

172

218

131

74

55

128

60

74

***

47

53

34

34

651

4

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

for defnitions of other capitalized terms used in this report.

16

April 18, 2024

4.5

Analytics Ofce

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

Repurchase Agreement

Cash

Preferred Equity

Total

Oct

2022

8,841

2,120

1,534

965

862

752

669

365

209

157

151

146

105

78

71

17,026

Nov

2022

9,423

2,248

1,578

1,003

888

765

658

341

203

158

152

158

101

71

71

17,818

Dec

2022

8,916

2,157

1,542

990

873

758

588

330

194

157

149

155

108

68

67

17,052

Jan

2023

9,517

2,289

1,603

992

901

786

604

326

194

155

151

162

97

77

71

17,923

Feb

2023

9,223

2,217

1,567

951

881

785

609

323

190

155

152

158

112

75

69

17,466

Mar

2023

9,374

2,264

1,570

1,036

890

801

599

327

182

154

153

160

115

67

66

17,758

Apr

2023

9,436

2,292

1,575

1,015

891

789

629

327

183

153

154

161

109

68

64

17,845

May

2023

9,314

2,259

1,565

1,048

883

763

602

333

176

154

155

155

97

68

63

17,633

Jun

2023

9,831

2,338

1,570

1,044

889

762

589

328

178

157

156

159

108

67

63

18,240

Jul

2023

10,135

2,385

1,576

1,048

893

770

591

340

181

158

157

161

102

65

63

18,625

Aug

2023

9,839

2,336

1,567

1,057

880

771

579

323

181

159

161

158

94

62

61

18,227

Sep

2023

9,359

2,244

1,536

1,049

849

752

587

336

185

163

163

152

94

68

58

17,594

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

Repurchase Agreement

Cash

Preferred Equity

Total

Oct

2022

5,266

2,197

2,027

1,122

781

1,460

1,967

1,164

379

481

487

425

327

636

222

10,015

Nov

2022

5,264

2,194

2,026

1,144

785

1,461

1,846

1,098

367

481

476

429

302

603

207

10,041

Dec

2022

5,270

2,158

2,029

1,133

783

1,512

1,797

1,106

371

486

475

426

315

587

206

10,058

Jan

2023

5,280

2,175

2,037

1,132

771

1,536

1,754

1,080

368

474

470

420

290

590

205

10,062

Feb

2023

5,270

2,150

2,032

1,132

771

1,533

1,831

1,080

371

478

476

427

316

549

205

10,061

17

Mar

2023

5,272

2,176

2,020

1,140

770

1,548

1,793

1,091

369

473

479

426

301

515

194

10,070

Apr

2023

5,252

2,177

2,011

1,129

763

1,550

1,770

1,129

370

467

484

413

291

505

193

10,061

May

2023

5,254

2,151

2,021

1,146

763

1,540

1,710

1,092

370

477

486

410

275

532

192

10,088

Jun

2023

5,259

2,138

2,023

1,144

757

1,536

1,672

1,061

375

478

484

409

277

471

184

10,069

Jul

2023

5,262

2,138

2,018

1,149

758

1,549

1,633

1,118

373

484

494

412

258

478

179

10,075

Aug

2023

5,266

2,124

2,019

1,155

755

1,568

1,573

1,072

379

493

496

407

261

446

192

10,068

Sep

2023

5,274

2,148

2,014

1,156

753

1,592

1,693

1,125

377

504

510

400

272

479

177

10,107

April 18, 2024

4.6

Analytics Ofce

Index Funds

Table 4.11: Aggregate Gross Value of Index Fund Investments by

Investment Category ($Billions)

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

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

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

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

Investment Type

Common Equity

US Treasury Debt

Corporate Debt

Mortgage-Backed Security

Non US Sovereign Debt

STIV

Municipal Debt

Registered Fund

Other Types

Preferred Equity

Cash

Repurchase Agreement

Loan

Collateralized Obligation

Other Asset-Backed Security

Total

Oct

2022

8,695

905

567

226

188

187

90

90

66

39

17

12

***

***

1

11,090

Nov

2022

9,305

926

603

237

199

180

98

97

66

40

17

13

***

***

2

11,788

Dec

2022

8,820

927

597

240

191

184

101

92

58

38

21

8

***

***

1

11,282

Jan

2023

9,464

955

627

252

200

202

104

97

58

42

12

12

***

***

2

12,033

Feb

2023

9,185

954

602

247

191

194

101

94

56

40

13

11

***

***

2

11,695

Mar

2023

9,375

1,005

612

257

202

200

103

96

55

38

20

10

***

***

2

11,981

Apr

2023

9,475

1,009

623

257

206

203

104

97

52

39

20

13

***

***

2

12,106

May

2023

9,415

1,007

617

255

202

195

103

96

54

38

20

12

3

2

2

12,023

Jun

2023

10,030

1,015

625

257

209

186

105

102

58

40

18

11

***

***

2

12,664

Jul

2023

10,431

1,018

633

262

212

195

106

105

58

41

14

12

***

***

2

13,096

Aug

2023

10,163

1,021

626

260

208

191

105

103

56

39

12

12

***

***

2

12,803

Sep

2023

9,703

1,013

605

253

201

190

103

97

53

38

18

9

***

***

2

12,292

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

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

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

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

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

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

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

Investment Type

Common Equity

US Treasury Debt

Corporate Debt

Mortgage-Backed Security

Non US Sovereign Debt

STIV

Municipal Debt

Registered Fund

Other Types

Preferred Equity

Cash

Repurchase Agreement

Loan

Collateralized Obligation

Other Asset-Backed Security

Total

Oct

2022

1,829

237

234

64

47

371

***

184

413

42

122

229

***

0

***

2,533

Nov

2022

1,847

228

227

64

48

337

41

185

407

37

119

217

***

0

***

2,538

Dec

2022

1,845

230

226

64

47

372

***

186

379

39

115

***

***

0

***

2,535

Jan

2023

1,850

231

226

64

47

374

***

183

375

39

119

218

***

0

***

2,545

Feb

2023

1,855

229

225

65

47

355

41

178

373

40

116

216

***

0

***

2,540

18

Mar

2023

1,847

228

221

65

46

368

43

178

392

40

130

***

***

0

***

2,544

Apr

2023

1,844

230

221

65

46

356

43

176

361

38

112

217

***

0

***

2,527

May

2023

1,840

222

222

65

45

350

44

177

351

38

112

215

***

0

***

2,526

Jun

2023

1,841

225

223

65

43

348

44

176

356

41

120

***

***

0

***

2,526

Jul

2023

1,840

226

223

65

45

312

43

174

375

40

111

204

***

0

***

2,524

Aug

2023

1,841

233

223

65

45

318

44

170

355

40

111

212

***

0

***

2,527

Sep

2023

1,845

247

222

65

41

343

44

169

368

36

117

***

***

0

***

2,540

April 18, 2024

4.7

Analytics Ofce

US Equity Funds

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

Investment Category ($Billions)

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

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

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

Investment Type

Common Equity

STIV

Other Types

Preferred Equity

Cash

Registered Fund

Repurchase Agreement

Corporate Debt

US Treasury Debt

Loan

Total

Oct

2022

13,144

272

66

48

23

31

***

6

7

***

13,615

Nov

2022

13,847

268

64

49

21

29

16

6

7

0

14,308

Dec

2022

13,039

257

61

46

21

23

14

***

8

***

13,477

Jan

2023

13,912

262

65

50

18

27

***

6

8

***

14,366

Feb

2023

13,528

252

62

49

20

23

17

6

7

0

13,965

Mar

2023

13,770

251

66

48

21

24

16

***

7

***

14,208

Apr

2023

13,874

255

68

47

21

25

***

6

6

***

14,318

May

2023

13,831

241

71

46

20

24

***

6

6

***

14,260

Jun

2023

14,730

246

72

46

24

24

17

***

5

***

15,171

Jul

2023

15,258

245

79

46

19

23

***

6

5

***

15,698

Aug

2023

14,899

232

74

45

19

27

***

6

5

***

15,323

Sep

2023

14,179

239

72

43

23

23

14

***

6

***

14,606

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

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

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

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

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

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

Investment Type

Common Equity

STIV

Other Types

Preferred Equity

Cash

Registered Fund

Repurchase Agreement

Corporate Debt

US Treasury Debt

Loan

Total

Oct

2022

4,113

556

440

63

158

106

102

36

50

1

4,314

Nov

2022

4,118

493

419

60

158

104

92

34

61

***

4,324

Dec

2022

4,120

484

439

58

143

98

***

37

69

2

4,335

Jan

2023

4,131

480

434

58

147

96

87

31

71

***

4,348

Feb

2023

4,133

496

424

58

143

96

90

36

72

***

4,355

19

Mar

2023

4,135

478

455

59

141

109

95

35

78

3

4,367

Apr

2023

4,122

476

458

55

150

113

77

36

73

***

4,358

May

2023

4,124

488

436

56

140

98

85

41

72

***

4,351

Jun

2023

4,132

468

426

51

122

98

85

39

74

3

4,360

Jul

2023

4,132

406

449

47

121

96

68

38

71

***

4,363

Aug

2023

4,142

406

438

54

124

97

78

34

72

***

4,380

Sep

2023

4,158

442

462

50

136

118

77

34

78

3

4,406

April 18, 2024

4.8

Analytics Ofce

Taxable Bond Funds

Table 4.15: Aggregate Gross Value of Taxable Bond Fund Investments by

Investment Category ($Billions)

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

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

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

Investment Type

Corporate Debt

US Treasury Debt

Mortgage-Backed Security

Non US Sovereign Debt

STIV

Other Types

Loan

Other Asset-Backed Security

Collateralized Obligation

Repurchase Agreement

Total

Oct

2022

1,851

1,484

1,085

316

296

315

195

138

144

80

5,906

Nov

2022

1,920

1,516

1,128

338

288

298

191

138

145

79

6,041

Dec

2022

1,881

1,509

1,118

327

271

293

182

136

144

88

5,948

Jan

2023

1,960

1,564

1,133

341

289

287

182

138

143

78

6,114

Feb

2023

1,904

1,572

1,096

328

294

285

179

139

143

90

6,030

Mar

2023

1,917

1,635

1,181

342

274

277

170

140

142

94

6,172

Apr

2023

1,932

1,632

1,161

347

301

276

171

141

141

88

6,190

May

2023

1,918

1,612

1,192

338

295

280

163

142

142

79

6,161

Jun

2023

1,928

1,620

1,194

348

268

278

166

143

144

86

6,174

Jul

2023

1,940

1,629

1,201

352

279

278

169

144

145

84

6,220

Aug

2023

1,923

1,624

1,208

346

285

262

169

147

146

76

6,185

Sep

2023

1,881

1,597

1,192

335

281

280

173

149

149

76

6,113

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

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

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

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

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

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

rows.

Investment Type

Corporate Debt

US Treasury Debt

Mortgage-Backed Security

Non US Sovereign Debt

STIV

Other Types

Loan

Other Asset-Backed Security

Collateralized Obligation

Repurchase Agreement

Total

Oct

2022

1,804

1,247

1,001

412

731

847

338

468

455

305

2,567

Nov

2022

1,805

1,225

1,015

421

735

829

333

458

453

289

2,581

Dec

2022

1,806

1,259

1,010

414

763

825

332

458

459

294

2,597

Jan

2023

1,826

1,282

1,016

411

761

818

328

455

449

296

2,615

Feb

2023

1,816

1,273

1,018

416

758

792

329

460

452

307

2,607

20

Mar

2023

1,806

1,270

1,021

410

725

806

331

463

447

302

2,611

Apr

2023

1,801

1,268

1,014

398

730

803

331

468

442

298

2,611

May

2023

1,813

1,263

1,028

395

695

806

332

471

451

277

2,626

Jun

2023

1,813

1,273

1,031

393

692

794

339

470

452

297

2,638

Jul

2023

1,811

1,281

1,034

396

714

807

332

481

457

292

2,629

Aug

2023

1,808

1,304

1,035

395

670

760

335

485

463

287

2,627

Sep

2023

1,805

1,332

1,039

385

702

806

333

495

471

296

2,645

April 18, 2024

4.9

Analytics Ofce

Multi-Asset Funds

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

Investment Category ($Billions)

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

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

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

Investment Type

Registered Fund

Common Equity

Corporate Debt

Other Types

US Treasury Debt

STIV

Mortgage-Backed Security

Loan

Non US Sovereign Debt

Preferred Equity

Total

Oct

2022

2,147

916

239

223

163

159

106

17

15

17

4,000

Nov

2022

2,283

976

250

219

166

155

111

16

15

17

4,209

Dec

2022

2,196

932

246

208

165

134

111

16

16

16

4,039

Jan

2023

2,326

988

258

207

165

143

110

16

17

17

4,247

Feb

2023

2,258

957

253

201

158

136

102

15

17

16

4,114

Mar

2023

2,304

965

255

206

161

141

111

15

17

15

4,189

Apr

2023

2,330

973

255

198

156

145

111

15

16

14

4,214

May

2023

2,298

952

253

198

150

141

111

15

16

14

4,147

Jun

2023

2,384

996

257

203

149

139

106

15

16

13

4,277

Jul

2023

2,437

1,015

258

205

151

142

107

15

16

13

4,360

Aug

2023

2,382

983

256

201

158

134

108

15

16

13

4,266

Sep

2023

2,287

934

249

198

158

129

110

16

15

12

4,107

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

Investment Category, With an Aggregate Gross Value Exceeding

Five Percent of Net Assets

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

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

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

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

rows.

Investment Type

Registered Fund

Common Equity

Corporate Debt

Other Types

US Treasury Debt

STIV

Mortgage-Backed Security

Loan

Non US Sovereign Debt

Preferred Equity

Total

Oct

2022

2,128

767

398

739

380

691

179

42

51

58

2,786

Nov

2022

2,129

769

394

708

386

658

187

35

48

59

2,790

Dec

2022

2,111

770

391

703

397

656

181

40

50

59

2,772

Jan

2023

2,104

782

386

686

386

622

176

40

49

57

2,764

Feb

2023

2,091

780

385

695

389

636

175

42

50

55

2,756

21

Mar

2023

2,087

777

382

687

409

637

178

38

54

50

2,754

Apr

2023

2,089

763

379

659

416

593

175

39

51

50

2,738

May

2023

2,084

750

371