(Dollars in Billions)

Month Month-End Balance Monthly Average Balance
Dec'08 $131.5 $127.0
Jan'09 $122.6 $130.6
Feb'09 $107.8 $120.6
Mar'09 $124.0 $115.5
Apr'09 $146.5 $138.4
May'09 $175.9 $162.1
Jun'09 $171.3 $173.8
Jul'09 $193.7 $177.5
Aug'09 $199.2 $197.6
Sep'09 $214.7 $208.4
Oct'09 $215.9 $222.0
Nov'09 $234.2 $230.3
Dec'09 $243.1 $238.8
Jan'10 $233.3 $247.1
Feb'10 $233.5 $232.1
Mar'10 $255.6 $249.0
Apr'10 $263.4 $264.0
May'10 $238.1 $243.8
Jun'10 $236.9 $242.0
Jul'10 $261.7 $249.7
Aug'10 $258.7 $264.3
Sep'10 $290.9 $277.9
Oct'10 $312.0 $306.2
Nov'10 $311.0 $318.0
Dec'10 $333.6 $326.5
Jan'11 $335.2 $338.3
Feb'11 $338.9 $337.4
Mar'11 $350.1 $337.6
Apr'11 $370.7 $360.3
May'11 $363.9 $359.5
Jun'11 $360.5 $350.6
Jul'11 $360.3 $363.5
Aug'11 $323.3 $319.6
Sep'11 $290.1 $302.7
Oct'11 $321.9 $302.4
Nov'11 $309.1 $308.7
Dec'11 $301.6 $303.3
Jan'12 $333.1 $319.0
Feb'12 $356.1 $348.6
Mar'12 $354.7 $355.5
Apr'12 $350.4 $349.1
May'12 $316.2 $328.0
Jun'12 $327.4 $317.5
Jul'12 $336.9 $329.8
Aug'12 $344.3 $345.2
Sep'12 $363.7 $359.6
Oct'12 $368.4 $368.0
Nov'12 $383.5 $368.5
Dec'12 $402.3 $392.5
Jan'13 $360.3* $381.2*
Feb'13 $361.2* $361.1*
Mar'13 $357.3 $363.7
Apr'13 $340.8 $346.2
*Restated to reflect inclusion of Vanguard Total Stock Market ETF and the Vanguard MSCI US Broad Market ETF. The combined month-end AUM balance for these ETFs was $26.7 billion in Jan'13 and $27.7 billion in Feb'13.
Source: MSCI and Bloomberg