Rank Fund Country Total assets Defined benefit Defined contribution
1. Government Pension Investment Fund Japan $1,163,203 $1,163,203
2. Government Pension Fund Global Norway $865,943
3. Federal Retirement Thrift U.S. $443,328 $443,328
4. National Pension South Korea $435,405 $435,405
5. ABP Netherlands $384,271 $384,271
6. National Social Security China $294,939
7. California Public Employees U.S. $285,774 $283,879 $1,895
8. Central Provident Fund Singapore $211,373 $211,373
9. Canada Pension 1 Canada $201,871 $201,871
10. PFZW 1 Netherlands $186,471 $186,471
11. California State Teachers U.S. $181,875 $181,294 $581
12. Local Government Officials 2 Japan $176,160 $176,160
13. New York State Common U.S. $173,541 $173,541
14. Employees Provident Fund Malaysia $161,707 $161,707
15. New York City Retirement U.S. $155,120 $155,120
16. Florida State Board U.S. $147,819 $139,231 $8,588
17. Texas Teachers U.S. $125,327 $125,327
18. Ontario Teachers Canada $123,985 $123,985
19. ATP Denmark $106,640 $106,640
20. GEPF 3 South Africa $103,147 $103,147
21. Boeing U.S. $101,931 $57,226 $44,705
22. New York State Teachers U.S. $101,828 $101,828
23. Pension Fund Association 1 Japan $97,757 $97,757
24. IBM U.S. $96,382 $52,119 $44,263
25. Wisconsin Investment Board U.S. $94,794 $90,926 $3,868
26. North Carolina U.S. $94,228 $85,511 $8,717
27. Employees' Provident 3 India $93,743 $93,743
28. Alecta Sweden $86,806 $86,806
29. Future Fund Australia $86,314
30. Ohio Public Employees U.S. $86,259 $85,256 $1,003
31. Washington State Board U.S. $85,269 $71,133 $14,136
32. AT&T U.S. $83,414 $44,705 $38,709
33. General Motors U.S. $82,427 $64,543 $17,884
34. New Jersey U.S. $76,389 $73,008 $3,381
35. Universities Superannuation 3 U.K. $72,197 $72,197
36. National Wealth Fund 4 Russia $71,717
37. Bayerische Versorgungskammer Germany $71,281 $71,281
38. University of California U.S. $70,818 $51,674 $19,144
39. General Electric U.S. $70,566 $44,930 $25,636
40. Oregon Public Employees U.S. $69,726 $68,122 $1,604
41. Ohio State Teachers U.S. $69,574 $68,676 $898
42. AustralianSuper Australia $69,547
43. Royal Dutch Shell 5 Netherlands $68,439 $68,439
44. Virginia Retirement U.S. $67,804 $65,375 $2,429
45. Minnesota State Board U.S. $67,758 $60,125 $7,633
46. Labor Pension Fund Taiwan $67,244 $20,388 $46,856
47. Metaal/tech. Bedrijven Netherlands $66,025 $66,025
48. Michigan Retirement U.S. $65,794 $59,407 $6,387
49. National Public Service 2 Japan $65,444 $65,444
50. BT Group 1 U.K. $64,782 $64,782
51. Lockheed Martin U.S. $63,370 $32,104 $31,266
52. PFA Pension Denmark $62,548 $62,548
53. Georgia Teachers U.S. $62,529 $62,529
54. Public Institute for Social Security 1, 2 Kuwait $60,986
55. Public Service Pension Plan 3 Canada $58,842
56. Massachusetts PRIM U.S. $58,840 $58,840
57. Bouwnijverheid Netherlands $57,011 $57,011
58. Ontario Municipal Employees Canada $55,864 $55,864
59. Lloyds Banking Group 6 U.K. $55,457 $55,457
60. Ford Motor U.S. $55,344 $41,900 $13,444
61. Royal Bank of Scotland Group 6 U.K. $51,139 $51,139
62. Bank of America U.S. $51,000 $17,600 $33,400
63. AMF Pension Sweden $50,838 $50,838
64. United Nations Joint Staff U.S. $50,417 $50,417
65. Pennsylvania School Empl. U.S. $47,569 $47,569
66. Electricity Supply Pension 1, 2 U.K. $46,943
67. Tennessee Consolidated U.S. $46,544 $41,164 $5,380
68. United Parcel Service U.S. $46,443 $28,715 $17,728
69. Organization for Workers 2 Japan $46,369 $46,369
70. Healthcare of Ontario Canada $46,230 $46,230
71. Los Angeles County Empl. U.S. $45,891 $45,891
72. Public School Employees 2 Japan $45,699 $45,699
73. Colorado Employees U.S. $45,306 $42,042 $3,264
74. Varma Finland $44,869 $44,869
75. QSuper Australia $44,615
76. Keva Finland $44,539 $44,539
77. PME Netherlands $43,982 $43,982
78. Maryland State Retirement U.S. $43,691 $43,691
79. Quebec Government & Public Canada $43,517 $43,517
80. Illinois Teachers U.S. $43,450 $43,450
81. Northrop Grumman U.S. $43,387 $24,574 $18,813
82. Verizon U.S. $42,985 $16,588 $26,397
83. United Technologies U.S. $42,706 $23,121 $19,585
84. AFP Provida Chile $42,293 $42,293
85. Wells Fargo U.S. $41,552 $8,750 $32,802
86. Quebec Pension Canada $41,542 $41,542
87. AFP Habitat Chile $40,174 $40,174
88. Barclays Bank U.K. U.K. $39,530 $39,530
89. First State Super Australia $39,512 $39,512
90. FRR France $39,444
91. Kaiser U.S. $39,358 $23,391 $15,967
92. Ilmarinen Finland $38,945 $38,945
93. Previ Brazil $38,819 $38,819
94. Alcatel-Lucent U.S. $38,255 $31,823 $6,432
95. AP Fonden 3 Sweden $37,609
96. Afore XXI Banorte 7 Mexico $37,072 $37,072
97. Teamsters, Western Conf. U.S. $36,914 $36,914
98. Missouri Schools & Education U.S. $36,741 $36,741
99. UniSuper Australia $36,523
100. Bundes Pensionskasse Switzerland $36,471
101. AP Fonden 4 Sweden $36,134
102. Sampension Denmark $35,472
103. Fondo de Reserva Seguridad Spain $35,294
104. Private Schools Employees 2 Japan $35,024 $35,024
105. AP Fonden 2 Sweden $34,898
106. FedEx U.S. $34,457 $21,788 $12,669
107. Alabama Retirement U.S. $34,099 $32,185 $1,914
108. Arizona State Retirement U.S. $33,680 $33,680
109. AP Fonden 1 Sweden $33,524
110. J.P. Morgan Chase U.S. $33,511 $14,020 $19,491
111. Illinois Municipal U.S. $33,429 $33,429
112. South Carolina Public Empl. U.S. $33,083 $27,699 $5,384
113. Railways Pensions U.K. $33,065
114. Raytheon U.S. $33,060 $18,523 $14,537
115. Nevada Public Employees U.S. $32,991 $32,991
116. AFP Cuprum Chile $32,743 $32,743
117. HSBC Bank U.K. $32,670 $32,670
118. B.C. Municipal Canada $31,604 $31,604
119. BP U.K. $31,223 $31,223
120. Utah State Retirement U.S. $31,042 $26,723 $4,319
121. National Pension Association 2 Japan $30,657 $30,657
122. British Airways U.K. $30,444 $29,970 $474
123. Exxon Mobil U.S. $30,430 $11,330 $19,100
124. AFP Capital Chile $30,415 $30,415
125. State Farm U.S. $30,317 $20,445 $9,872
126. AP Fonden 7 Sweden $30,315
127. BAE Systems U.K. $29,776 $29,776
128. British Coal Pension Schemes 8 U.K. $29,559 $29,559
129. State Super Australia $29,357
130. Chevron U.S. $29,207 $10,874 $18,333
131. Honeywell U.S. $29,196 $16,925 $12,271
132. Pennsylvania Employees U.S. $28,933 $25,922 $3,011
133. Indiana Public Retirement U.S. $28,830 $23,826 $5,004
134. BVK des Kantons Zurich Switzerland $28,659 $28,659
135. National Grid 1 U.K. $28,585 $28,585
136. Retirement Fund-KWAP 1 Malaysia $28,341 $28,341
137. Connecticut Retirement U.S. $28,093 $28,093
138. BVV Germany $28,063 $28,063
139. REST Australia $27,921 $27,921
140. Texas Employees U.S. $27,491 $25,101 $2,390
141. ING Pensioenfonds Netherlands $27,194 $27,194
142. Iowa Public Employees U.S. $27,190 $27,190
143. Hewlett-Packard U.S. $27,188 $11,840 $15,348
144. Alaska Retirement U.S. $27,169 $22,360 $4,809
145. Johnson & Johnson U.S. $27,068 $14,363 $12,705
146. CSC Australia $26,900 $26,900
147. Afore Banamex 7 Mexico $26,738 $26,738
148. Rabobank Netherlands $26,322
149. PensionDanmark Denmark $26,296 $26,296
150. ABN AMRO Pensioenfonds Netherlands $25,497 $25,497
151. FCA US U.S. $25,446 $20,326 $5,120
152. Mississippi Employees U.S. $25,189 $23,674 $1,515
153. Sunsuper Australia $25,005
154. Greater Manchester U.K. $24,979 $24,979
155. Pfizer U.S. $24,927 $12,773 $12,154
156. Local Authorities Pension Board Canada $24,892 $24,892
157. National Railroad U.S. $24,521 $24,516 $5
158. HESTA Australia $24,494 $24,494
159. DuPont U.S. $24,441 $14,351 $10,090
160. Delta Air Lines U.S. $24,073 $9,432 $14,641
161. Texas Municipal Retirement U.S. $24,010 $24,010
162. Texas County & District U.S. $23,982 $23,982
163. UBS Switzerland $23,926 $23,926
164. Cbus Australia $23,620 $23,620
165. Citigroup U.S. $23,431 $12,503 $10,928
166. Grafische Bedrijven Netherlands $23,431 $23,431
167. Zilverfond Belgium $23,394
168. Vervoer Netherlands $23,300 $23,300
169. Ireland Strategic Investment Ireland $23,253
170. VBL 2 Germany $23,185 $23,185
171. Strathclyde Pension Fund U.K. $23,044 $23,044
172. Aviva U.K. $22,757 $22,757
173. 3M U.S. $22,705 $14,636 $8,069
174. Shell Oil U.S. $22,598 $12,412 $10,186
175. Elo Mutual Pension Insurance Finland $22,571 $22,571
176. Unilever 6 U.K. $22,538 $22,538
177. Mitsubishi UFJ Financial 1 Japan $22,524
178. Afore Sura 7 Mexico $22,490 $22,490
179. San Francisco City & County U.S. $22,420 $19,730 $2,690
180. Nestle 6 Switzerland $22,360 $22,360
181. Porvenir Colombia $22,257 $22,257
182. American Airlines U.S. $22,154 $9,796 $12,358
183. Dow Chemical U.S. $22,073 $13,822 $8,251
184. Wal-Mart Stores U.S. $21,734 $21,734
185. ERAFP France $21,515
186. Procter & Gamble U.S. $21,280 $1,951 $19,329
187. Industriens Pension Denmark $21,229 $21,229
188. Migros-Genossenschafts-Bund Switzerland $21,129
189. General Dynamics U.S. $20,846 $8,907 $11,939
190. Exelon U.S. $20,721 $14,386 $6,335
191. British Steel Pension Scheme 3 U.K. $20,609 $20,609
192. Government Service Insurance Philippines $20,491
193. Labor Insurance Fund 2 Taiwan $20,420 $20,420
194. BASF 6 Germany $20,299 $20,299
195. Federal Reserve Employees U.S. $19,989 $12,706 $7,283
196. Afore Profuturo GNP 7 Mexico $19,878 $19,878
197. Caterpillar U.S. $19,789 $11,440 $8,349
198. Government Pension 8 Thailand $19,754 $19,754
199. PepsiCo U.S. $19,703 $11,986 $7,717
200. Public Service Pension Fund 2 Taiwan $19,550 $19,550
201. Novartis 6 Switzerland $19,536 $19,536
202. Prudential Financial U.S. $19,487 $12,137 $7,350
203. State Pension Finland $19,450 $19,450
204. Social Insurance Funds Vietnam $19,352
205. B.C. Public Service 3 Canada $19,311 $19,311
206. PG&E U.S. $19,159 $13,627 $5,532
207. New Zealand Superannuation 9 New Zealand $19,148
208. Illinois State Board U.S. $19,079 $14,970 $4,109
209. BBC 1 U.K. $18,891 $18,891
210. Daimler Germany $18,805 $18,805
211. ENPAM Italy $18,690
212. Protección Colombia $18,627 $18,627
213. World Bank U.S. $18,441 $18,441
214. Nippon Telegraph & Telephone 1 Japan $18,206 $18,206
215. United Continental Holdings U.S. $18,100 $3,000 $15,100
216. Los Angeles Fire & Police U.S. $18,052 $18,052
217. Illinois State Universities U.S. $17,971 $16,396 $1,575
218. Merck U.S. $17,942 $10,041 $7,901
219. Louisiana Teachers U.S. $17,919 $16,051 $1,868
220. National Electric U.S. $17,881 $12,299 $5,582
221. ESSSuper Australia $17,861
222. New York State Def. Comp. U.S. $17,825 $17,825
223. CenturyLink U.S. $17,755 $12,355 $5,400
224. B.C. Teachers Canada $17,689 $17,689
225. Rolls-Royce U.K. $17,617 $17,617
226. GlaxoSmithKline U.K. $17,497 $17,497
227. AkzoNobel 6 U.K. $17,473 $17,473
228. Fujitsu 1, 6 Japan $17,258
229. Mizuho Financial Group 1 Japan $17,138
230. United Methodist Church U.S. $17,113 $7,445 $9,668
231. Sygeplejersker og Lægesekretærer Denmark $17,092
232. Kansas Public Employees U.S. $17,043 $16,417 $626
233. Ontario Pension Board Canada $16,688 $16,688
234. West Yorkshire 3 U.K. $16,678 $16,678
235. West Midlands Metropolitan U.K. $16,649 $16,649
236. Kentucky Teachers U.S. $16,576 $16,576
237. Deere U.S. $16,349 $11,164 $5,185
238. SBB Pensionskasse Switzerland $16,257 $16,257
239. Laegernes Pensionskasse Denmark $16,255
240. Petros Brazil $16,255 $16,255
241. Panasonic 1 Japan $16,112
242. Hydro-Quebec Canada $16,086 $16,086
243. Teamsters, Central States U.S. $15,986 $15,986
244. GESB Australia $15,965 $15,965
245. International Paper U.S. $15,934 $11,162 $4,772
246. Canada Post Canada $15,887 $15,887
247. Duke Energy U.S. $15,887 $8,534 $7,353
248. Siemens 8 Germany $15,798 $15,798
249. Super SA Australia $15,746 $15,746
250. Magistrenes Pensionskasse Denmark $15,699 $15,699
251. PK Post Switzerland $15,654
252. Spoorwegpensioenfonds Netherlands $15,600 $15,600
253. Walt Disney U.S. $15,589 $9,380 $6,209
254. Georgia Employees U.S. $15,498 $14,204 $1,294
255. Credit Suisse Switzerland $15,473
256. BP America U.S. $15,467 $8,211 $7,256
257. City of Zurich Switzerland $15,455
258. Fonds de Comp./Securite Sociale Luxembourg $15,450
259. FEFSS Portugal $15,321
260. Tesco 6, 10 U.K. $15,179 $15,179
261. New York City Def. Comp. U.S. $15,070 $15,070
262. Consolidated Edison U.S. $15,051 $11,888 $3,163
263. Integra 11 Peru $14,986 $14,986
264. Arkansas Teachers U.S. $14,975 $14,975
265. National Rural Electric U.S. $14,906 $7,132 $7,774
266. Intel U.S. $14,760 $641 $14,119
267. MetLife U.S. $14,683 $8,371 $6,312
268. Southern Co. U.S. $14,658 $9,458 $5,200
269. Bell Canada Canada $14,640 $14,640
270. Allianz 6 Germany $14,488 $14,488
271. Idaho Public Employees U.S. $14,275 $13,603 $672
272. New Mexico Public Empl. U.S. $14,191 $13,715 $476
273. Quebec Construction Industry Canada $14,079
274. Banco Santander (U.K.) U.K. $13,995 $13,995
275. Operating Eng. International U.S. $13,967 $13,967
276. Teachers' Pension South Korea $13,903 $13,903
277. FUNCEF Brazil $13,900 $13,900
278. Hawaii Employees U.S. $13,848 $13,848
279. Hitachi 1 Japan $13,832
280. Baden-Wurttembergische Germany $13,788 $13,788
281. Los Angeles City Employees U.S. $13,785 $13,785
282. HOSTPLUS Australia $13,632 $13,632
283. Ohio Police & Fire U.S. $13,567 $13,567
284. RWE Germany $13,542 $13,542
285. Government Employees Pension South Korea $13,529 $13,529
286. Zenkoku Shinyo Kinko 1 Japan $13,468
287. Siemens USA U.S. $13,435 $3,646 $9,789
288. Oklahoma Teachers U.S. $13,366 $13,171 $195
289. Air Canada Canada $13,334 $13,334
290. OPSEU Canada $13,306 $13,306
291. Ernst & Young U.S. $13,244 $6,565 $6,679
292. Canadian National Railways Canada $12,958 $12,958
293. Eli Lilly U.S. $12,812 $7,163 $5,649
294. Microsoft U.S. $12,792 $12,792
295. FMR U.S. $12,777 $12,777
296. West Virginia Investment U.S. $12,772 $12,772
297. Telstra Super Australia $12,758
298. Publix Super Markets U.S. $12,552 $12,552
299. Marks & Spencer 12 U.K. $12,546 $12,546
300. Koch Industries U.S. $12,469 $5,721 $6,748

Ranked by total assets, in millions. U.S. fund data are from the P&I 1,000, published Feb. 8, 2016; non-U.S. fund data are as of Dec. 31, 2015, unless otherwise noted.
1. As of March 31, 2016; 2. Estimate; 3. As of March 31, 2015; 4. As of Jan. 1, 2016; 5. Global figure (ex-U.S.); 6. Global figure; 7. As of May 31, 2016; 8. As of Sept. 30, 2015; 9. As of June 30, 2015; 10. As of Feb. 27, 2016; 11. As of April 30, 2016; 12. As of April 2, 2016