Rank Fund Country Total assets Defined benefit Defined contribution
1. Government Pension Investment Japan $1,143,838 $1,143,838
2. Government Pension Fund Norway $884,031
3. National Pension South Korea $429,794 $429,794
4. Federal Retirement Thrift U.S. $422,200 $422,200
5. ABP Netherlands $418,745 $418,745
6. California Public Employees U.S. $296,744 $294,951 $1,793
7. National Social Security China $247,361
8. Canada Pension Canada $228,431 1 $228,431
9. PFZW Netherlands $215,006 1 $215,006
10. Central Provident Fund Singapore $207,872 $207,872
11. Local Government Officials Japan $194,696 $194,696
12. California State Teachers U.S. $186,954 $186,409 $545
13. Employees Provident Fund Malaysia $184,697 $184,697
14. New York State Common U.S. $178,252 $178,252
15. New York City Retirement U.S. $158,702 $158,702
16. Florida State Board U.S. $154,657 $145,819 $8,838
17. Ontario Teachers Canada $133,282 $133,282
18. Texas Teachers U.S. $128,933 $128,933
19. GEPF South Africa $123,204 2 $123,204
20. ATP Denmark $122,028 $122,028
21. Boeing U.S. $106,042 $60,686 $45,356
22. New York State Teachers U.S. $103,648 $103,648
23. IBM U.S. $101,855 $55,301 $46,554
24. Wisconsin Investment Board U.S. $100,214 $96,427 $3,787
25. Pension Fund Association Japan $98,094 1 $98,094
26. North Carolina U.S. $97,178 $88,464 $8,714
27. Ohio Public Employees U.S. $90,942 $89,988 $954
28. AT&T U.S. $89,248 $49,369 $39,879
29. Future Fund Australia $89,170
30. Alecta Sweden $88,271 $88,271
31. General Motors U.S. $85,598 $67,060 $18,538
32. Washington State Board U.S. $85,498 $71,284 $14,214
33. New Jersey U.S. $81,884 $78,512 $3,372
34. Employees' Provident India $80,741 2, 3 $80,741
35. National Wealth Fund Russia $75,344 4
36. Bayerische Versorgungskammer Germany $75,020 $75,020
37. General Electric U.S. $74,821 $48,455 $26,366
38. Royal Dutch Shell Netherlands $73,990 5 $73,990
39. Ohio State Teachers U.S. $73,380 $72,538 $842
40. California University U.S. $71,801 $52,107 $19,694
41. Oregon Public Employees U.S. $71,571 $69,964 $1,607
42. Metaal/tech. Bedrijven Netherlands $71,044 $71,044
43. AustralianSuper Australia $68,749
44. BT Group U.K. $67,975 1 $67,975
45. Virginia Retirement U.S. $67,866 $65,485 $2,381
46. National Public Service Japan $67,525 $67,525
47. Minnesota State Board U.S. $66,821 $59,450 $7,371
48. Michigan Retirement U.S. $66,663 $60,220 $6,443
49. Georgia Teachers U.S. $66,525 $66,525
50. Lockheed Martin U.S. $65,495 $34,229 $31,266
51. Bouwnijverheid Netherlands $64,914 $64,914
52. Universities Superannuation U.K. $64,825 2 $64,825
53. Labor Pension Fund Taiwan $64,784 $21,117 $43,667
54. PFA Pension Denmark $64,777 $64,777
55. Previ Brazil $62,856 $62,856
56. Ontario Municipal Employees Canada $62,204 $62,204
57. Massachusetts PRIM U.S. $59,919 $59,919
58. Lloyds Banking Group U.K. $59,415 6 $59,415
59. Public Institute for Social Security Kuwait $58,895 1, 3
60. Public Service Pension Plan Canada $58,814 2
61. Ford Motor U.S. $57,082 $43,076 $14,006
62. AMF Pension Sweden $54,953 $54,953
63. Royal Bank of Scotland Group U.K. $53,535 6 $53,535
64. United Nations Joint Staff U.S. $52,876 $52,876
65. Healthcare of Ontario Canada $52,500 $52,500
66. Pennsylvania School Empl. U.S. $51,095 $51,095
67. Fondo de Reserva Seguridad Spain $50,377
68. Keva Finland $50,077 $50,077
69. Public School Employees Japan $48,751 $48,751
70. Electricity Supply Pension U.K. $48,730 2 $48,613 $117
71. Varma Finland $48,447 $48,447
72. Quebec Government & Public Canada $48,239 $48,239
73. Tennessee Consolidated U.S. $47,673 $42,316 $5,357
74. Colorado Employees U.S. $47,644 $44,233 $3,411
75. PME Netherlands $47,609 $47,609
76. Verizon U.S. $46,725 $18,487 $28,238
77. Los Angeles County Empl. U.S. $46,643 $46,643
78. Organization for Workers Japan $46,346 $46,346
79. Bank of America U.S. $46,200 $18,400 $27,800
80. AFP Provida Chile $46,064 $46,064
81. United Parcel Service U.S. $45,942 $28,272 $17,670
82. QSuper Australia $45,430
83. United Technologies U.S. $45,315 $24,600 $20,715
84. FRR France $45,012
85. Quebec Pension Canada $44,838 $44,838
86. Maryland State Retirement U.S. $44,746 $44,746
87. Illinois Teachers U.S. $44,465 $44,465
88. Northrop Grumman U.S. $44,243 $25,420 $18,823
89. AFP Habitat Chile $42,728 $42,728
90. Afore XXI Banorte Mexico $42,405 7 $42,405
91. Wells Fargo U.S. $42,081 $9,394 $32,687
92. Barclays Bank U.K. U.K. $41,799 $41,799
93. Sampension Denmark $41,441
94. Ilmarinen Finland $41,377 $41,377
95. AP Fonden 3 Sweden $40,717
96. First State Super Australia $40,580 $40,580
97. Alcatel-Lucent U.S. $39,536 $32,323 $7,213
98. Bundes Pensionskasse Switzerland $37,868
99. Kaiser U.S. $37,826 $22,251 $15,575
100. UniSuper Australia $37,804
101. Missouri Schools & Education U.S. $37,499 $37,499
102. AP Fonden 4 Sweden $37,128
103. AP Fonden 2 Sweden $37,018
104. Teamsters, Western Conf. U.S. $36,605 $36,605
105. AP Fonden 1 Sweden $35,980
106. HSBC Bank U.K. $35,244 $35,244
107. Alabama Retirement U.S. $35,059 $33,192 $1,867
108. Exxon Mobil U.S. $35,040 $12,680 $22,360
109. South Carolina Public Empl. U.S. $34,950 $29,819 $5,131
110. AFP Cuprum Chile $34,896 $34,896
111. Private Schools Employees Japan $34,690 $34,690
112. B.C. Municipal Canada $34,598 $34,598
113. J.P. Morgan Chase U.S. $34,441 $14,653 $19,788
114. FedEx U.S. $34,393 $21,520 $12,873
115. Illinois Municipal U.S. $34,069 $34,069
116. AFP Capital Chile $33,916 $33,916
117. Arizona State Retirement U.S. $33,745 $33,745
118. Railways Pensions U.K. $33,736
119. Raytheon U.S. $33,504 $18,983 $14,521
120. Nevada Public Employees U.S. $33,309 $33,309
121. Chevron U.S. $32,894 $12,407 $20,487
122. State Super Australia $32,097
123. British Airways U.K. $32,086 $31,566 $520
124. BP U.K. $31,773 $31,773
125. BAE Systems U.K. $31,427 $31,427
126. British Coal Pension Schemes U.K. $31,154 8 $31,154
127. Retirement Fund-KWAP Malaysia $30,753 8 $30,753
128. Utah State Retirement U.S. $30,649 $26,307 $4,342
129. National Pension Association Japan $30,507 $30,507
130. ING Pensioenfonds Netherlands $30,407 $30,407
131. BVV Germany $30,392 $30,392
132. National Grid U.K. $30,310 1 $30,310
133. Pennsylvania Employees U.S. $30,204 $27,319 $2,885
134. Honeywell U.S. $30,195 $17,695 $12,500
135. Indiana Public Retirement U.S. $29,833 $24,559 $5,274
136. State Farm U.S. $29,783 $19,903 $9,880
137. Hewlett-Packard U.S. $29,612 $13,039 $16,573
138. AP Fonden 7 Sweden $29,329
139. Rabobank Netherlands $29,110
140. Connecticut Retirement U.S. $28,932 $28,932
141. BVK des Kantons Zurich Switzerland $28,598 $28,598
142. Texas Employees U.S. $28,544 $26,150 $2,394
143. ABN AMRO Pensioenfonds Netherlands $28,540 $28,540
144. REST Australia $28,455 $28,455
145. Afore Banamex Mexico $28,287 7 $28,287
146. CSC Australia $28,071 $28,071
147. Porvenir Colombia $27,752 $27,752
148. Iowa Public Employees U.S. $27,660 $27,660
149. DuPont U.S. $27,604 $16,012 $11,592
150. PensionDanmark Denmark $27,522 $27,522
151. Johnson & Johnson U.S. $26,923 $14,387 $12,536
152. FCA US U.S. $26,816 $21,486 $5,330
153. Local Authorities Pension Board Canada $26,566 $26,566
154. Alaska Retirement U.S. $26,439 $21,675 $4,764
155. Mississippi Employees U.S. $26,362 $24,781 $1,581
156. National Railroad U.S. $26,113 $26,109 $4
157. Vervoer Netherlands $25,461 $25,461
158. Ireland Strategic Investment Ireland $25,410 1
159. Petros Brazil $25,388 3 $25,388
160. Afore Sura Mexico $25,135 7 $25,135
161. Zilverfond Belgium $25,116
162. Sunsuper Australia $25,099
163. VBL Germany $24,987 3 $24,987
164. Citigroup U.S. $24,935 $13,305 $11,630
165. Unilever U.K. $24,786 6 $24,786
166. HESTA Australia $24,503 $24,503
167. Texas County & District U.S. $24,405 $24,405
168. Pfizer U.S. $24,292 $13,007 $11,285
169. Nestle Switzerland $24,274 6 $24,274
170. UBS Switzerland $24,082 $24,082
171. Elo Mutual Pension Insurance Finland $24,042 $24,042
172. Greater Manchester U.K. $24,031 $24,031
173. Cbus Australia $23,801 $23,801
174. Delta Air Lines U.S. $23,767 $9,510 $14,257
175. American Airlines U.S. $23,632 $11,006 $12,626
176. Grafische Bedrijven Netherlands $23,590 $23,590
177. Texas Municipal Retirement U.S. $23,588 $23,588
178. Mitsubishi UFJ Financial Japan $23,467 1
179. Strathclyde Pension Fund U.K. $23,239 $23,239
180. Shell Oil U.S. $23,046 $12,328 $10,718
181. Protección Colombia $23,021 $23,021
182. Aviva U.K. $22,955 $22,955
183. Dow Chemical U.S. $22,786 $14,039 $8,747
184. San Francisco City & County U.S. $22,612 $19,941 $2,671
185. Industriens Pension Denmark $22,558 $22,558
186. 3M U.S. $22,310 $14,494 $7,816
187. BASF Germany $22,085 6 $22,085
188. Caterpillar U.S. $21,936 $12,598 $9,338
189. Wal-Mart Stores U.S. $21,781 $21,781
190. Philips Netherlands $21,595 $21,595
191. Government Pension Thailand $21,489 8 $21,489
192. Exelon U.S. $21,380 $14,742 $6,638
193. State Pension Finland $21,296 $21,296
194. Afore Profuturo GNP Mexico $21,268 7 $21,268
195. FUNCEF Brazil $21,184 $21,184
196. ERAFP France $21,175
197. Migros-Genossenschafts-Bund Switzerland $20,975
198. Procter & Gamble U.S. $20,772 $2,152 $18,620
199. B.C. Public Service Canada $20,440 2 $20,440
200. Novartis Switzerland $20,434 6 $20,434
201. Government Service Insurance Philippines $20,313 9
202. Teamsters, Central States U.S. $20,312 $20,312
203. General Dynamics U.S. $20,181 $8,858 $11,323
204. PepsiCo U.S. $19,930 $12,325 $7,605
205. BBC U.K. $19,891 1 $19,891
206. British Steel Pension Scheme U.K. $19,744 $19,744
207. B.C. Teachers Canada $19,576 $19,576
208. Merck U.S. $19,477 $10,884 $8,593
209. PG&E U.S. $19,429 $13,709 $5,720
210. AkzoNobel U.K. $19,347 6 $19,347
211. Prudential Financial U.S. $19,334 $12,169 $7,165
212. Daimler Germany $19,327 $19,327
213. Rolls-Royce U.K. $19,229 $19,229
214. Nippon Telegraph & Telephone Japan $19,097 1 $19,097
215. Ontario Pension Board Canada $18,982 $18,982
216. Federal Reserve Employees U.S. $18,963 $12,062 $6,901
217. Illinois State Board U.S. $18,890 $14,805 $4,085
218. Public Service Pension Fund Taiwan $18,835 $18,835
219. ESSSuper Australia $18,828
220. GlaxoSmithKline U.K. $18,778 $18,778
221. Illinois State Universities U.S. $18,482 $16,981 $1,501
222. Labor Insurance Fund Taiwan $18,424 3 $18,424
223. Los Angeles Fire & Police U.S. $18,380 $18,380
224. New Zealand Superannuation New Zealand $18,306 10
225. Siemens Germany $18,277 8 $18,277
226. Fujitsu Japan $18,203 1, 6
227. Magistrenes Pensionskasse Denmark $18,189 $18,189
228. CenturyLink U.S. $18,139 $12,903 $5,236
229. Canada Post Canada $18,047 $18,047
230. United Methodist Church U.S. $18,004 $7,859 $10,145
231. World Bank U.S. $17,963 $17,963
232. Hydro-Quebec Canada $17,927 $17,927
233. Laegernes Pensionskasse Denmark $17,912
234. National Electric U.S. $17,879 $12,614 $5,265
235. Kentucky Teachers U.S. $17,713 $17,713
236. Sygeplejersker og Lægesekretærer Denmark $17,613
237. New York State Def. Comp. U.S. $17,602 $17,602
238. Spoorwegpensioenfonds Netherlands $17,516 $17,516
239. Social Insurance Funds Vietnam $17,283
240. Mizuho Financial Group Japan $17,168 1
241. Bell Canada Canada $17,100 $17,100
242. Panasonic Japan $16,948 1
243. West Midlands Metropolitan U.K. $16,827 $16,827
244. Kansas Public Employees U.S. $16,752 $16,076 $676
245. Super SA Australia $16,640 $16,640
246. Louisiana Teachers U.S. $16,606 $16,606
247. United Continental Holdings U.S. $16,500 $2,400 $14,100
248. GESB Australia $16,485 $16,485
249. SBB Pensionskasse Switzerland $16,403 $16,403
250. FEFSS Portugal $16,340
251. Fonds de Comp./Securite Sociale Luxembourg $16,250
252. West Yorkshire U.K. $16,156 2 $16,156
253. Deere U.S. $16,145 $11,447 $4,698
254. International Paper U.S. $16,032 $10,990 $5,042
255. Integra Peru $16,024 11 $16,024
256. PK Post Switzerland $15,983
257. Duke Energy U.S. $15,925 $8,509 $7,416
258. Allianz Germany $15,879 6 $15,879
259. Credit Suisse Switzerland $15,762
260. City of Zurich Switzerland $15,687
261. Walt Disney U.S. $15,596 $9,728 $5,868
262. National Rural Electric U.S. $15,534 $7,696 $7,838
263. Quebec Construction Industry Canada $15,530
264. BP America U.S. $15,500 $7,700 $7,800
265. Georgia Employees U.S. $15,391 $14,206 $1,185
266. Canadian National Railways Canada $15,324 $15,324
267. OPSEU Canada $15,083 $15,083
268. Tesco U.K. $15,078 6, 12 $15,078
269. Air Canada Canada $15,041 $15,041
270. MetLife U.S. $15,040 $8,126 $6,914
271. Consolidated Edison U.S. $14,951 $11,785 $3,166
272. Government Employees Pension South Korea $14,929 3 $14,929
273. New York City Def. Comp. U.S. $14,894 $14,894
274. New Mexico Public Empl. U.S. $14,870 $14,390 $480
275. Intel U.S. $14,731 $631 $14,100
276. Arkansas Teachers U.S. $14,685 $14,685
277. Banco Santander (U.K.) U.K. $14,651 $14,651
278. Idaho Public Employees U.S. $14,640 $14,003 $637
279. Baden-Wurttembergische Germany $14,624 $14,624
280. Southern Co. U.S. $14,555 $9,351 $5,204
281. Ohio Police & Fire U.S. $14,385 $14,385
282. Teachers' Pension South Korea $14,378 $14,378
283. Siemens USA U.S. $14,377 $3,686 $10,691
284. Telmex Mexico $14,330 $14,330
285. Hitachi Japan $14,217 1
286. Operating Eng. International U.S. $14,204 $14,204
287. Nordrheinische Ärzteversorgung Germany $14,099 3 $14,099
288. Los Angeles City Employees U.S. $14,090 $14,090
289. Oklahoma Teachers U.S. $13,989 $13,784 $205
290. Hawaii Employees U.S. $13,923 $13,923
291. Zenkoku Shinyo Kinko Japan $13,907 1
292. RWE Germany $13,829 $13,829
293. HOSTPLUS Australia $13,717 $13,717
294. Marks & Spencer U.K. $13,394 13 $13,394
295. Abbott Laboratories U.S. $13,329 $6,801 $6,528
296. Bristol-Myers Squibb U.S. $13,096 $7,740 $5,356
297. West Virginia Investment U.S. $13,094 $13,094
298. Telstra Super Australia $13,088
299. Avadis Switzerland $13,082 14
300. Liberty Mutual U.S. $13,020 $6,194 $6,826

Ranked by total assets, in millions. U.S. fund data are from the P&I 1,000, published Feb. 9, 2015; non-U.S. fund data are as of Dec. 31, 2014, unless otherwise noted.
1 As of March 31, 2015 ; 2 As of March 31, 2014 ; 3 Estimate ; 4 As of Jan. 1, 2015 ; 5 Global figure (ex-U.S.) ; 6 Global figure ; 7 As of May 29, 2015 ; 8 As of Sept. 30, 2014 ; 9 As of Nov. 30, 2014 ; 10 As of June 30, 2014 ; 11 As of April 30, 2015 ; 12 As of Feb. 28, 2015 ; 13 As of March 28, 2015 ; 14 As of Oct. 31, 2014