Funds / Credit facilities
SEC Form N-CEN Item C.7 identifies a fund's lines of credit, the institutions providing them, whether each facility is committed, and whether it was used. Syndicated lines repeat once for every lender, so this page separates two grains: 109,373 fund-reported facilities for size and commitment measures, and 358,842 distinct filed fund-lender relationships for the provider table.
Data as of April 30, 2026 reporting period (2026 is partial; comparisons stop at 2025)
SEC structured N-CEN data sets exclude schema 3.1 filings, so recent-year coverage is incomplete.
In 2025, funds reported 12,207 facilities with a summed fund-reported size of $8.88T. 5,681 were committed and 6,526 were uncommitted. Counts can look quite different at the provider-row grain because committed facilities tend to carry larger syndicates; this table counts each (fund, line sequence) once.
| Reporting year | Facilities | Committed | Committed size | Uncommitted | Uncommitted size | Sum of fund-reported facility sizes |
|---|---|---|---|---|---|---|
| 2018 | 10,434 | 8,342 | $4.2T | 2,092 | $792.0B | $5.0T |
| 2019 | 18,046 | 11,064 | $6.2T | 6,982 | $2.9T | $9.2T |
| 2020 | 12,628 | 6,151 | $5.7T | 6,477 | $2.7T | $8.4T |
| 2021 | 12,866 | 6,195 | $6.0T | 6,671 | $2.8T | $8.8T |
| 2022 | 13,527 | 6,682 | $6.3T | 6,845 | $2.9T | $9.3T |
| 2023 | 13,507 | 6,294 | $6.2T | 7,213 | $3.0T | $9.3T |
| 2024 | 13,770 | 6,080 | $6.1T | 7,690 | $3.3T | $9.4T |
| 2025 | 12,207 | 5,681 | $6.1T | 6,526 | $2.8T | $8.9T |
Reporting year comes from the parsed N-CEN period end. The partial 2026 observations are excluded from this comparison.
The 2025 filings contain 43,747 fund-lender relationships. The table ranks the leading provider strings exactly as funds filed them, after removing only surrounding whitespace and mapping the one null institution name to ‘Not reported’. No aliases are consolidated, so the same banking group can appear under several spellings and the displayed shares are not concentration estimates.
| Rank | Lender, as filed | Fund relationships | Share of relationships |
|---|---|---|---|
| 1 | State Street Bank and Trust Company | 3,418 | 7.81% |
| 2 | The Bank of New York Mellon | 2,289 | 5.23% |
| 3 | Citibank, N.A. | 2,050 | 4.69% |
| 4 | JPMorgan Chase Bank, N.A. | 1,760 | 4.02% |
| 5 | Royal Bank of Canada | 1,534 | 3.51% |
| 6 | Goldman Sachs Bank USA | 1,412 | 3.23% |
| 7 | Bank of America, N.A. | 1,364 | 3.12% |
| 8 | BNP Paribas | 1,321 | 3.02% |
| 9 | Morgan Stanley Bank, N.A. | 1,177 | 2.69% |
| 10 | Wells Fargo Bank, National Association | 1,073 | 2.45% |
| 11 | U.S. Bank National Association | 1,045 | 2.39% |
| 12 | BANK OF AMERICA, N.A. | 976 | 2.23% |
| 13 | Barclays Bank PLC | 948 | 2.17% |
| 14 | The Toronto-Dominion Bank, New York Branch | 875 | 2.00% |
| 15 | Deutsche Bank AG New York Branch | 757 | 1.73% |
These 2025 measures count distinct reported relationships. No asset amounts are present in the service-provider table, so the shares and HHI are relationship-weighted. Provider labels are names as filed, with no corporate-parent assignment.
159,442 relationships across 13,606 fund IDs, 99.8% role coverage
23,209 relationships across 13,594 fund IDs, 99.7% role coverage
17,468 relationships across 13,275 fund IDs, 97.4% role coverage
53,054 relationships across 13,344 fund IDs, 97.9% role coverage
15,160 relationships across 13,473 fund IDs, 98.9% role coverage
7,548 relationships across 6,989 fund IDs, 51.3% role coverage
Public accountants and principal underwriters are registrant-level relationships with blank fund IDs. A filing may report more than one, so they are deduplicated by accession, role, name and LEI and never expanded across the filing's funds.
2,676 relationships across 2,551 accessions
2,394 relationships across 2,180 accessions
HHI is shown on a 0–10,000 scale. An exact 20-character LEI combines only rows carrying that same LEI; without one, the exact as-filed name is the identity. Relationship shares use all deduplicated relationships within the role as the denominator.
Every share uses the stable series ID as its fund grain. The denominator is every nonblank series ID in the N-CEN registry across the shipped sample, and a series is in the numerator when at least one facility appears for it. The 6,054 records with a blank series ID are excluded from these denominators. The three groups are mutually exclusive: the most recent ETF flag comes first, the most recent money-market flag comes second, and all remaining series form the third group.
1,092 of 12,207 facilities in 2025 were marked used, a 8.9% share. Each of those facilities reports an average amount used. The plot below shows that distribution on its own dollar scale. It does not combine average draws with facility size, which is a different quantity.
Bars are scaled to the 90th percentile shown here. Quantiles use the 1,092 non-null average-use reports on facilities marked used.
The credit-line view has 358,885 rows, representing 358,842 distinct (fund ID, line sequence, lender) relationships after removing 43 duplicate rows. Collapsing it by fund ID and line sequence produces 109,373 facilities reported by 52,619 fund IDs. A syndicated facility can occupy at most 22 provider rows in the shipped data. Facility size and commitment status are constant inside that group, so the query uses any_value() for both. Summing size on the relationship rows would produce $648.85T. It is not called the market. All 358,885 credit rows match the fund registry, leaving 0 unmatched. The registry contributes 115,767 rows, one per fund ID, across 22,328 distinct accession numbers.
Commitment status is filed as the words "Committed" and "Uncommitted". Use is filed as "Y" or "N". The ETF and money-market fields use "Y" for true and an empty string otherwise, so every test is an explicit comparison with "Y" rather than a truth test on the string. Fund-type shares collapse the registry to one row per nonblank stable series ID and use the most recent filed flags. The 6,054 records with a blank series ID are excluded from share denominators. 4 series carry both fund-type flags in their most recent records; the mutually exclusive reliance display assigns them to ETFs because that test is applied first.
report_ending_period is text in DD-MON-YYYY form. Every query parses it with strptime(report_ending_period, '%d-%b-%Y') before sorting or extracting a year; filing_date is not used as the as-of date. The true period range is February 28, 2018 to April 30, 2026. Because 2026 is partial, annual comparisons and the provider league table stop at 2025.
There are 439 distinct institution strings in the full file. The provider table trims surrounding whitespace and maps the one null institution name to ‘Not reported’. It does not merge aliases, change case, remove punctuation or assign bank parents. Relationship shares therefore describe strings as filed, not normalized banking groups. average_credit_line_used is present for facilities marked used and is summarized only among those non-null observations. It is never added to, or plotted on the same scale as, line_of_credit_size.
The service-provider view covers the annual Form N-CEN census roles reported for funds and registrants. Annual coverage is measured from the fund registry: a year is eligible when its fund-row count is at least 90% of the largest annual count. The peak is 14,989 fund rows. 2025 has 13,629, so it is the latest eligible year; 2026 has only 1,919 and is excluded as incomplete.
Fund-keyed roles join the provider table to the fund registry on both accession number and fund ID, then deduplicate each (accession number, fund ID, role, name, LEI) relationship. Each role's share denominator is its resulting relationship count, not fund assets. HHI groups records only when they carry the same exact 20-character LEI; records without one remain grouped by exact as-filed name. Name variants are otherwise not merged, and subsidiaries are not assigned to corporate parents. Public accountants and principal underwriters have blank fund IDs, so they are deduplicated and counted at (accession number, role, name, LEI) grain without fund-level expansion. The SEC structured data excludes schema 3.1 filings, which contributes to incomplete recent coverage.
Fund flows, redemption pressure and N-PORT balance-sheet leverage are on the main funds page.