Who Holds US Treasuries and Equities
The holder side of the Financial Accounts for the two largest US securities markets: marketable and nonmarketable Treasury securities outstanding and the sector holding them — the Federal Reserve, foreign official and private investors, mutual funds, pension funds, banks and households — and corporate equities by issuer and by holder, with listed and unlisted domestic equity shown separately.
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | Q2-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TREASURY SECURITIES3 | ||||||||||||||
| Marketable Treasury securities outstanding2 | 30,878.29 | 30,641.55 | 30,069.64 | 29,571.65 | 28,518.35 | 28,447.27 | 28,139.47 | 27,586.43 | 26,903.14 | 26,808.61 | 26,226.57 | 25,630.17 | 24,772.37 | |
| Treasury bills | 6,690.12 | 6,819.22 | 6,546.56 | 6,396.63 | 5,783.52 | 6,155.07 | 6,186.19 | 6,004.14 | 5,764.9 | 6,061.74 | 5,674.83 | 5,259.33 | 4,465.68 | |
| Notes, bonds and other marketable securities | 24,188.17 | 23,822.32 | 23,523.08 | 23,175.02 | 22,734.83 | 22,292.2 | 21,953.29 | 21,582.29 | 21,138.23 | 20,746.87 | 20,551.74 | 20,370.84 | 20,306.69 | |
| Nonmarketable Treasury securities outstanding | 3,857.42 | 3,818.47 | 3,817.45 | 3,520.08 | 3,024.98 | 3,185.03 | 3,456.79 | 3,290.74 | 3,229.83 | 3,210.65 | 3,225.06 | 3,018.92 | 2,975.65 | |
| Held by all sectors22 | 29,013.61 | 28,934.22 | 28,481 | 27,977.78 | 26,772.26 | 26,732.67 | 25,990.45 | 26,148.04 | 24,704.51 | 24,580.41 | 24,193.94 | 22,696.88 | 22,468.95 | |
| State and local governments | 1,647.58 | 1,598.75 | 1,601.51 | 1,615.81 | 1,573.61 | 1,530.58 | 1,514.31 | 1,551.51 | 1,482.14 | 1,453.95 | 1,438.28 | 1,374.87 | 1,404.91 | |
| Federal Reserve2 | 4,082.7 | 4,000.42 | 3,854.94 | 3,830.92 | 3,811.03 | 3,832.19 | 3,819.87 | 4,048.03 | 3,993.18 | 4,176.26 | 4,403.08 | 4,367.41 | 4,702.87 | |
| Treasury bills | 485.3 | 392.8 | 231.6 | 193.94 | 193.66 | 193.67 | 193.46 | 193.45 | 192.93 | 192.88 | 214.36 | 236.02 | 266.06 | |
| Notes and bonds | 3,597.4 | 3,607.62 | 3,623.34 | 3,636.98 | 3,617.37 | 3,638.53 | 3,626.42 | 3,854.58 | 3,800.25 | 3,983.38 | 4,188.72 | 4,131.39 | 4,436.81 | |
| US-chartered depository institutions | 1,799.11 | 1,817.61 | 1,744.85 | 1,725.39 | 1,637.09 | 1,545.48 | 1,536.83 | 1,470.9 | 1,405.77 | 1,423.64 | 1,329.21 | 1,240.94 | 1,235.19 | |
| Foreign banking offices in the US | 140.04 | 135.24 | 125.17 | 124.11 | 122.29 | 108.39 | 100.34 | 111.66 | 108.46 | 100.63 | 93.54 | 89.99 | 98.82 | |
| Banks in US-affiliated areas | 28.15 | 25.61 | 24.7 | 24.62 | 24.91 | 23.78 | 22.81 | 21.64 | 23.52 | 23.11 | 21.65 | 22.47 | 22.84 | |
| Credit unions | 73.64 | 71.14 | 67.02 | 66.38 | 64.64 | 63.22 | 62.75 | 65.16 | 65.88 | 67.1 | 69.58 | 74.65 | 77.01 | |
| Property-casualty insurers | 380.19 | 405 | 368.65 | 391.5 | 341.01 | 372.09 | 362.5 | 425.74 | 365.93 | 288.4 | 263.57 | 255.64 | 227.57 | |
| Life insurers | 229.23 | 219.01 | 208.35 | 203.37 | 194.53 | 192.18 | 187.25 | 193.31 | 185.49 | 183.53 | 182.03 | 172.39 | 180.87 | |
| Private pension funds2 | 590.24 | 572.95 | 563.13 | 555.46 | 532.09 | 522.66 | 503.84 | 517.52 | 489.46 | 484.51 | 484.82 | 448.96 | 454.71 | |
| Defined benefit plans | 280.26 | 281.6 | 283.51 | 285.05 | 283 | 283.41 | 278.3 | 286.12 | 270.86 | 268.38 | 268.82 | 246.43 | 246.78 | |
| Defined contribution plans | 309.98 | 291.36 | 279.62 | 270.42 | 249.09 | 239.26 | 225.53 | 231.4 | 218.61 | 216.13 | 216.01 | 202.52 | 207.92 | |
| Federal government pension funds | 23.29 | 23.45 | 24.01 | 22.46 | 21.58 | 21.67 | 20.96 | 20.45 | 18.86 | 19.86 | 19.92 | 18.5 | 19.25 | |
| State and local government pension funds | 561.61 | 569.27 | 551.7 | 519.23 | 490.81 | 491.73 | 475.67 | 500.82 | 462.47 | 429.01 | 411.05 | 374.47 | 356.18 | |
| Money market funds2 | 3,281.56 | 3,426.44 | 3,517.83 | 3,232.35 | 2,614.03 | 2,880.57 | 2,994.85 | 2,659.84 | 2,449.91 | 2,563.67 | 2,269.49 | 1,767.12 | 1,243.96 | |
| Treasury bills | 2,317.58 | 2,467.8 | 2,687.06 | 2,451.88 | 1,918.24 | 2,235.05 | 2,428.21 | 2,199.5 | 1,978.14 | 2,136.44 | 1,865.97 | 1,422.36 | 888.46 | |
| Notes and bonds | 963.99 | 958.63 | 830.78 | 780.47 | 695.8 | 645.52 | 566.64 | 460.35 | 471.77 | 427.23 | 403.52 | 344.76 | 355.5 | |
| Mutual funds | 1,741.24 | 1,733.66 | 1,685.16 | 1,641.23 | 1,541.36 | 1,545.13 | 1,516.07 | 1,514.41 | 1,422.73 | 1,405.55 | 1,389.72 | 1,317.56 | 1,345.64 | |
| Closed-end funds | 2.01 | 2 | 2.03 | 1.98 | 1.96 | 1.99 | 1.93 | 2.1 | 2.01 | 2.03 | 2.06 | 2.14 | 2.26 | |
| Exchange-traded funds | 807.61 | 780.1 | 705.99 | 674.94 | 635.74 | 604.94 | 555.8 | 568.8 | 523.13 | 504.33 | 502.26 | 469.12 | 460.56 | |
| Hedge funds (net of short sales) | 123.52 | 108.79 | 102.79 | 98.14 | 106.18 | 111.13 | 102.23 | 115.42 | 115.32 | 105.01 | 100.79 | 110.24 | 105.06 | |
| Government-sponsored enterprises | 274.16 | 242.54 | 243.45 | 254.74 | 257.93 | 232.3 | 223.99 | 191.01 | 170 | 159.06 | 163.59 | 150.87 | 151.46 | |
| Issuers of asset-backed securities | 18.55 | 19.03 | 19.16 | 19.03 | 20.36 | 22.56 | 26.23 | 25.9 | 26.86 | 29.19 | 31.43 | 33.19 | 34.45 | |
| Security brokers and dealers (net) | 566.71 | 620.4 | 542.46 | 492.57 | 513.24 | 487.31 | 454.2 | 391.56 | 358.57 | 390.5 | 328.71 | 312.37 | 301.32 | |
| Holding companies | 129.4 | 119.93 | 120.94 | 126.64 | 131 | 137.36 | 130.11 | 133.36 | 123.78 | 123.3 | 132.4 | 126.78 | 121.96 | |
| Central clearing counterparties | 99.35 | 101.85 | 102.61 | 89.64 | 86.31 | 83.3 | 85.97 | 77.26 | 65.16 | 58.06 | 62.32 | 55.74 | 59.13 | |
| Rest of the world2 | 9,269.22 | 9,348.66 | 9,267.2 | 9,237.51 | 9,094.02 | 9,054.2 | 8,619.3 | 8,766.25 | 8,299.27 | 8,107.87 | 7,940.01 | 7,509.12 | 7,563.22 | |
| Treasury bills | 1,419.72 | 1,512.21 | 1,447.63 | 1,419.16 | 1,420.45 | 1,416.83 | 1,305.33 | 1,250.35 | 1,153.56 | 1,091.18 | 1,083.06 | 1,060.89 | 962.25 | |
| Notes and bonds | 7,849.5 | 7,836.45 | 7,819.58 | 7,818.35 | 7,673.57 | 7,637.37 | 7,313.97 | 7,515.9 | 7,145.71 | 7,016.7 | 6,856.95 | 6,448.22 | 6,600.97 | |
| CORPORATE EQUITIES3 | ||||||||||||||
| Issued by (market value)2 | 123,687.23 | 106,042.86 | 108,715.75 | 105,694.84 | 98,239.7 | 89,638.47 | 92,360.33 | 90,896.75 | 85,511.74 | 83,576.21 | 76,767.8 | 69,548.21 | 72,083.72 | |
| Nonfinancial corporate business2 | ||||||||||||||
| Publicly traded | 68,353.3 | 58,080.95 | 60,314.79 | 58,934.71 | 54,308.9 | 48,625.46 | 51,870.11 | 50,653.36 | 48,005.34 | 46,444.63 | 42,480.08 | 38,392.63 | 40,155.94 | |
| Closely held | 14,697.54 | 11,937.43 | 11,680.1 | 11,462.51 | 11,024.44 | 10,803.08 | 10,897.93 | 10,726.7 | 10,188.09 | 10,206.15 | 9,271.43 | 8,535.21 | 8,777.49 | |
| Domestic financial sectors | 26,193.85 | 23,019.67 | 23,648.82 | 22,731.18 | 21,148.08 | 19,632.95 | 19,417.15 | 18,688.81 | 17,185.24 | 16,825.14 | 15,434.64 | 13,698.12 | 13,896.62 | |
| Held by14 | ||||||||||||||
| US-chartered depository institutions | 102.47 | 95.65 | 96.21 | 91.06 | 84.98 | 81.21 | 79.84 | 82.02 | 75.05 | 75.82 | 59.72 | 54.21 | 54.69 | |
| Property-casualty insurers | 682.85 | 612.62 | 613.25 | 594.25 | 576.76 | 538.07 | 545.95 | 545.13 | 550.21 | 599.46 | 596.35 | 557.12 | 605.23 | |
| Life insurers | 861.4 | 786.8 | 824.53 | 849.68 | 830.21 | 782.83 | 800.53 | 806.05 | 764.99 | 740.5 | 695.95 | 655.68 | 687.66 | |
| Private pension funds | 5,333.4 | 4,644.35 | 4,875.66 | 4,750.99 | 4,198.55 | 3,733.98 | 4,192.55 | 4,155.72 | 4,002.18 | 3,966.52 | 3,410.21 | 3,077.28 | 3,260 | |
| Federal government pension funds | 780.3 | 703.89 | 733.64 | 718.48 | 664.46 | 599.58 | 650.72 | 635.46 | 601.74 | 585.63 | 534.46 | 474.01 | 485.14 | |
| State and local government pension funds | 4,065.8 | 3,657.23 | 3,855.22 | 3,797.07 | 3,641.11 | 3,384.45 | 3,434.52 | 3,487.61 | 3,375.48 | 3,395.84 | 3,223.03 | 3,027.28 | 3,123.46 | |
| Mutual funds | 18,621.49 | 16,407.96 | 17,115.65 | 17,030 | 16,442.97 | 14,991.82 | 15,646.13 | 15,905.7 | 15,149.63 | 14,994.58 | 13,882.11 | 12,605.47 | 13,229.68 | |
| Closed-end funds | 122.78 | 112.02 | 112.18 | 111.86 | 107.07 | 102.67 | 104.09 | 107.84 | 102.84 | 104.21 | 99.77 | 95.48 | 101.02 | |
| Exchange-traded funds | 12,797.4 | 10,753.43 | 10,760.93 | 10,207.89 | 9,262.39 | 8,249.22 | 8,352.9 | 8,030.64 | 7,380.91 | 7,148.86 | 6,433.41 | 5,608.24 | 5,766.23 | |
| Business development companies | 46.08 | 41.86 | 41.84 | 38.71 | 36.13 | 35.03 | 34.13 | 32.42 | 31.56 | 31.7 | 30.31 | 29.9 | 29.05 | |
| Interval and tender offer funds | 149.22 | 138.57 | 128.89 | 116.53 | 105.53 | 97.16 | 82.61 | 74.47 | 68.67 | 65.5 | 60.61 | 56.26 | 54.19 | |
| Hedge funds (net of short sales) | 906.17 | 788 | 856.22 | 821.15 | 770.08 | 707.43 | 757.16 | 713.38 | 671.2 | 676.28 | 622.92 | 598.6 | 607.47 | |
| Private debt funds | 177.62 | 173.5 | 172.81 | 164.33 | 155.85 | 148.32 | 149.72 | 148.55 | 135.59 | 129.72 | 128.24 | 117.68 | 109.99 | |
| Security brokers and dealers (net) | 181.45 | 186.1 | 140.85 | 169.35 | 182.03 | 148.67 | 143.21 | 156.35 | 131.33 | 116.8 | 116.1 | 84.66 | 107.85 | |
| Domestic corporate equities by listing status2 | ||||||||||||||
| Publicly traded | 93,607.73 | 80,266.11 | 83,151.18 | 80,885.07 | 74,732.98 | 67,587.3 | 70,647.89 | 68,755.4 | 64,639.79 | 62,742.47 | 57,440.88 | 51,662.3 | 53,641.84 | |
| Closely held2 | 15,636.97 | 12,771.94 | 12,492.53 | 12,243.33 | 11,748.44 | 11,474.2 | 11,537.3 | 11,313.47 | 10,738.87 | 10,733.45 | 9,745.27 | 8,963.66 | 9,188.22 | |
| S corporations | 12,069.74 | 9,761.33 | 9,509 | 9,313.01 | 9,040.41 | 8,699.3 | 8,792.25 | 8,553.16 | 8,110.6 | 8,087.5 | 7,382.42 | 6,799.33 | 6,978.13 | |
| C corporations | 3,567.23 | 3,010.62 | 2,983.53 | 2,930.32 | 2,708.04 | 2,774.9 | 2,745.06 | 2,760.31 | 2,628.28 | 2,645.96 | 2,362.85 | 2,164.32 | 2,210.09 |
Latest reading
Rest of the world stood at 9,269.22 Billion USD in Q2 2026. That is −0.8% from Q1 2026 and +1.9% from a year earlier. The series on this page is quarterly and runs from Q4 1945 to Q2 2026. Source: Federal Reserve Board - Financial Accounts of the United States (Z.1).
- Latest
- 9,269.22 Billion USD
- Q2 2026
- vs previous period
- −0.8%
- Q1 2026
- vs a year earlier
- +1.9%
About this data
The holder side of the Financial Accounts for the two largest US securities markets: marketable and nonmarketable Treasury securities outstanding and the sector holding them — the Federal Reserve, foreign official and private investors, mutual funds, pension funds, banks and households — and corporate equities by issuer and by holder, with listed and unlisted domestic equity shown separately.
Frequently asked questions
- Who holds US Treasury securities?
- This table lists holdings by sector: the Federal Reserve, US depository institutions, mutual funds, pension funds, state and local governments, households and the rest of the world.
- Who publishes this holder data and how often?
- The Federal Reserve Board publishes it quarterly in the Financial Accounts of the United States (Z.1), with series back to the fourth quarter of 1945.
- Does the table also cover corporate equities?
- Yes. Alongside Treasury securities it shows which sectors own US corporate equities, including households, mutual funds, pension funds and foreign holders.
- How does this differ from the Treasury's foreign holders report?
- The Treasury's TIC data ranks foreign holders by country. This table splits total outstanding Treasuries across every domestic and foreign sector, so the shares add to 100 percent.
