**GAO-14-562SP**                      Published: Jun 16, 2014. Publicly Released: Jun 23, 2014.                  

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## Highlights

This e-supplement is a companion to our report entitled, "DEBT MANAGEMENT: Floating Rate Notes Can Help Treasury Meet Borrowing Goals, but Additional Actions Are Needed to Help Manage Risk," GAO-14-535. The purpose of this e-supplement is to provide information from a survey of the largest domestic investors in U.S. treasuries. The survey was used to gather information on overall demand for Treasury securities from a range of investors and to determine whether any changes would help Treasury meet its debt management goals.

 

## Supplemental Material

### Background

This e-supplement is a companion to our report entitled, "DEBT MANAGEMENT: Floating Rate Notes Can Help Treasury Meet Borrowing Goals, but Additional Actions Are Needed to Help Manage Risk," GAO-14-535. The purpose of this e-supplement is to provide information from a survey of the largest domestic investors in U.S. treasuries. The survey was used to gather information on overall demand for Treasury securities from a range of investors and to determine whether any changes would help Treasury meet its debt management goals.

We present information from our web-based survey, administered to investors in U.S. treasuries from February to March of 2014. We selected a sample of 82 organizations from the sectors with the largest holdings in U.S. treasuries - money market mutual fund managers, mutual and exchange-traded fund managers, state and local government retirement fund managers, retail and commercial banks, life insurance providers, property-casualty insurance providers, and securities broker-dealers. We achieved a 76 percent final response rate. See the full report (GAO-14-535) for a more detailed discussion of our objectives, scope, and methodology.

A copy of the final web survey instrument is reproduced in this e-supplement. Survey results are presented in the aggregate form so that no individual respondent or its organization can be identified. We conducted our work from April 2013 to June 2014 in accordance with generally accepted government auditing standards. Those standards require that we plan and perform the audit to obtain sufficient, appropriate evidence to provide a reasonable basis for our findings and conclusions based on our audit objectives. We believe that the evidence obtained provides a reasonable basis for our findings and conclusions based on our audit objectives.

### Contents

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## Topics

Budget and Spending

Authority to borrow from TreasuryCost analysisFederal debtFinancial analysisInterest ratesLending institutionsPublic debtRisk managementUS government securitiesUS Treasury securities