U.S. Bond Mutual Funds Hold a Small Share of Outstanding Corporate Bonds*
Trillions of dollars; year-end, 1994–2013
Held by U.S. bond mutual funds
Held by other investors
11.6
10.1
4.9
4.6
4.3
5.7
6.4
7.2
8.1
11.2
12.1
11.7 11.8
12.8
13.4
8.9
8.4
3.7
7.7
3.4
6.8
6.1
2.7 3.1
5.4
4.7
4.3
4.0
2.6 2.9 3.2 3.5
9.6
11.0
10.6
10.8 10.8 11.0
11.5 11.9
0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.6 0.5 0.8 1.0 1.1 1.4 1.4
’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13
U.S. bond mutual fund share of total:
3.7% 3.2% 5.9% 5.4% 7.0% 6.5% 6.1% 5.3% 4.7% 5.6% 4.9% 4.5% 5.0% 5.2% 4.5% 6.8% 8.5% 9.1% 10.9% 10.4%
*Includes foreign bonds held by U.S. residents. Source: Investment Company Institute and Federal Reserve Board