Key Takeaways
- According to SEC Form N-CEN filings, 37% of US registered fund series lent securities during their latest fiscal year, and 66% are authorized to.
- Funds that lent reported $280 billion on loan on average and $2.8 billion in net securities lending income, according to SEC data.
- Among third-party lending agents, State Street lends for the most series, 942, ahead of BNY with 904.
- 25% of lending series use only an agent affiliated with the fund or its adviser, most often BlackRock, according to Form N-CEN.
37% of US registered fund series lent securities during their latest fiscal year, and together they had $280 billion on loan on average, according to SEC Form N-CEN filings. Among lending agents that are not affiliated with the fund, State Street lends for the most series, 942, ahead of BNY with 904 and J.P. Morgan. According to the same filings, 25% of lending series use only an agent affiliated with the fund, most often BlackRock.
Every fund registered with the SEC files Form N-CEN once a year. It says whether the fund may lend its securities, whether it did during the year, the average value it had on loan and the net income it earned, and which agents lent for it. This count covers 13,702 fund series at their latest report, filed October 3, 2024 to September 29, 2026.
securities lending agents US registered funds name most on SEC Form N-CEN, led by State Street with 942 series">
The third-party lending agents US funds use
Counted by the fund series that lent during the year and name each company as lending agent, leaving out agents affiliated with the fund or its adviser. A series that names two companies counts for both. Value on loan is credited only where a series names one agent company, because a series with two cannot say how its loans split.
| Rank | Lending agent | Lending fund series | Share of series with a third-party agent | Of which ETFs | Average on loan, funds using only this agent | Source |
|---|---|---|---|---|---|---|
| 1 | State Street | 942 | 24.5% | 194 | $22.9 billion | SEC |
| 2 | BNY | 904 | 23.5% | 442 | $9.7 billion | SEC |
| 3 | J.P. Morgan | 602 | 15.6% | 103 | $22.2 billion | SEC |
| 4 | Citi | 473 | 12.3% | 134 | $24.2 billion | SEC |
| 5 | U.S. Bank | 370 | 9.6% | 171 | $6.7 billion | SEC |
| 6 | Goldman Sachs | 330 | 8.6% | 44 | $9.5 billion | SEC |
| 7 | MUFG | 111 | 2.9% | 22 | $360 million | SEC |
| 8 | Brown Brothers Harriman | 110 | 2.9% | 54 | $108 million | SEC |
| 9 | eSecLending | 110 | 2.9% | 4 | $500 million | SEC |
| 10 | Fidelity (National Financial Services) | 103 | 2.7% | 17 | $1.3 billion | SEC |
| 11 | Northern Trust | 26 | 0.7% | 0 | $1.5 billion | SEC |
| 12 | BNP Paribas | 11 | 0.3% | 0 | $3.0 billion | SEC |
Download this table (CSV), free, with every filed name grouped under each company. The full dataset, every fund series with its lending status, value on loan, income and agents, is one email away.
How many funds lend
- 66% of fund series, 9,019, are authorized to lend securities, and 5,126 lent during the year, according to Form N-CEN. 3,893 were authorized and did not lend.
- According to SEC data, funds that lent hold 58% of fund assets, more than their 37% share of series, so lending funds are larger on average.
- 40% of ETFs and 40% of mutual funds lent, according to SEC filings.
- Lending funds reported $2.8 billion in net income from lending, according to SEC data.
- 96% of lending series name an agent that indemnifies the fund, according to Form N-CEN.
In-house lending
1,267 lending series, 25%, name only an agent affiliated with the fund or its adviser, according to SEC filings. The largest in-house lending agents:
| Rank | In-house lending agent | Lending fund series | Average net assets of those series | Source |
|---|---|---|---|---|
| 1 | BlackRock | 513 | $3.78 trillion | SEC |
| 2 | Fidelity (National Financial Services) | 363 | $3.82 trillion | SEC |
| 3 | Invesco | 246 | $509 billion | SEC |
| 4 | State Street | 146 | $884 billion | SEC |
| 5 | Vanguard | 107 | $7.26 trillion | SEC |
| 6 | BNY | 59 | $59.9 billion | SEC |
| 7 | Northern Trust | 28 | $45.0 billion | SEC |
| 8 | Goldman Sachs | 23 | $89.1 billion | SEC |
| 9 | eSecLending | 18 | $16.3 billion | SEC |
| 10 | Deutsche Bank | 17 | $8.1 billion | SEC |
What this means for technology buyers
A lending program adds loans, collateral and recalls to the books of every fund that lends. These guides compare the systems involved:
- Securities lending platforms for asset managers: running a program, or overseeing an agent's.
- Counterparty credit risk platforms for asset managers: exposure to borrowers.
- Corporate actions processing platforms: events on securities that are out on loan.
Mapping the business? The Asset Management Capability Model sets out where lending sits among a manager's capabilities.
More from Finantrix Atlas
- Largest mutual fund and ETF custodians
- ETF issuers ranked by fund assets
- Largest mutual fund and ETF administrators
How this was counted
The SEC publishes Form N-CEN filings quarterly. Each fund series is taken from its most recent filing in the last 4 quarterly files. Because a quarterly file can miss filings, the four files before those are read too, and 507 series are taken from an older record because they still file Form N-PORT (2026q3). A series counts as lending when its filing says it lent during the reporting period; 1,818 series name a lending agent but did not lend and are not counted. Every agent a lending series names is grouped by company, and the filing says whether each is affiliated.
Value on loan is the sum of each fund's average over its own fiscal year, not one date. According to Form N-CEN, 496 series name more than one agent company; their $38.6 billion on loan is counted in the total and credited to no single agent. 149 lending series report no usable value on loan, including 10 that report more on loan than their own net assets; they are counted as lenders and left out of the sums.
Limits
- Averages over each fund's fiscal year. Value on loan and income are N-CEN's figures for the year each filing covers, so they are not a single-date snapshot.
- Counts of series, not loans. A fund that lends a little counts the same as one that lends a lot; value on loan is shown so the difference is visible.
- Affiliation is as filed. Each fund answers whether its agent is an affiliated person.
- Grouping is a judgment. The filed names under each company are in the free table.
- Registered funds only. Pension plans, insurers and other lenders are not in these filings.
Cite this
Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.
37% of US registered fund series lent securities during their latest fiscal year, with $280 billion on loan on average, according to a Finantrix Atlas analysis of SEC Form N-CEN filings.
Suggested citation: Finantrix Atlas, "Securities Lending Agents for US Funds," from SEC Form N-CEN filings, October 3, 2024 to September 29, 2026. https://www.finantrix.com/articles/securities-lending-agents
Embed the chart:
<a href="https://www.finantrix.com/articles/securities-lending-agents"><img src="https://www.finantrix.com/atlas/securities-lending-agents.png" alt="Securities lending agents by number of US fund series, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/securities-lending-agents">Finantrix Atlas</a>, from SEC Form N-CEN data.</p>
Frequently asked questions
Q: Which securities lending agent lends for the most US funds? A: Among agents not affiliated with the fund, State Street, named by 942 lending fund series on SEC Form N-CEN. Counting in-house agents, BlackRock lends for 513 series in its own group.
Q: How many mutual funds and ETFs lend securities? A: According to SEC Form N-CEN filings, 5,126 fund series, 37%, lent during their latest fiscal year, and 66% are authorized to.
Q: How much do funds earn from securities lending? A: Lending funds reported $2.8 billion in net securities lending income for their latest fiscal year, on $280 billion on loan on average, according to SEC Form N-CEN data.
Download the data
The 12 rows on this page (CSV), free. The full dataset has all 13,702 rows, as of September 29, 2026; we email you a link.
Frequently Asked Questions
Which securities lending agent lends for the most US funds?
Among agents not affiliated with the fund, State Street, named by 942 lending fund series on SEC Form N-CEN. Counting in-house agents, BlackRock lends for 513 series in its own group.
How many mutual funds and ETFs lend securities?
According to SEC Form N-CEN filings, 5,126 fund series, 37%, lent during their latest fiscal year, and 66% are authorized to.
How much do funds earn from securities lending?
Lending funds reported $2.8 billion in net securities lending income for their latest fiscal year, on $280 billion on loan on average, according to SEC Form N-CEN data.