Foreign Portfolio Holdings of

U.S. Securities

As of June 30, 2022

Department of the Treasury

Federal Reserve Bank of New York

Board of Governors of the Federal Reserve System

April 2023
Contents

Introduction 1

Technical Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Geographical Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Acknowledgments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Chapter 1. Results of the End-June 2022 Survey 4

Foreign Holdings of U.S. Securities by Broad Security Type. . . . . . . . . . . 4

Exhibit 1: Foreign Holdings of U.S. Securities by Broad Security Type . . . 4

Exhibit 2: Foreign Holdings of U.S. Securities by Broad Security Type . . . 5

Accounting for Changes in Foreign Holdings of U.S. Long-Term Securities . . . . 5

Exhibit 3: Accounting for Changes in Foreign Holdings of U.S. Long-Term

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Foreign Holdings of U.S. Securities Outstanding by Security Type . . . . . . . . 7

Exhibit 4: Foreign Holdings of U.S. Securities by Type . . . . . . . . . . 8

U.S. Residents’ Net Asset Position in Securities . . . . . . . . . . . . . . . . 9

Exhibit 5: Net Asset Position of U.S. Residents in Securities . . . . . . . 9

Foreign Holdings of U.S. Securities by Region. . . . . . . . . . . . . . . . . 10

Exhibit 6: Foreign Holdings of U.S. Securities for Selected Regions by Broad

Security Type . . . . . . . . . . . . . . . . . . . . . . . . . 11

Foreign Holdings of U.S. Securities by Type of Economy and Sector of Holder . . . 12

Exhibit 7: Foreign Holdings of U.S. Securities by Type of Economy and Sector

of Holder . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

i
Foreign Holdings of U.S. Long-Term Securities by Major Investing Country . . . . 12

Exhibit 8: Foreign Holdings of U.S. Long-Term Securities by Major Investing

Countries . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Foreign Holdings of U.S. Long-Term Securities by Type of Holder . . . . . . . . 15

Exhibit 9: U.S. Long-Term Securities by Foreign Holder Sector . . . . . . 16

Foreign Holdings of U.S. Short-Term Securities by Type of Holder . . . . . . . . 17

Exhibit 10: U.S. Short-Term Securities by Foreign Holder Sector . . . . . 18

Foreign Holdings of U.S. Securities by Industry of Issuer . . . . . . . . . . . . 19

Exhibit 11: Foreign Holdings of U.S. Securities by Industry . . . . . . . . 19

Foreign Holdings of U.S. Equities by Major Investing Country . . . . . . . . . 20

Exhibit 12: Foreign Holdings of U.S. Equities By Major Investing Country

and Equity Type . . . . . . . . . . . . . . . . . . . . . . . . 21

Foreign Holdings of U.S. Debt by Term, Currency, and Type of Holder and Issuer . 22

Exhibit 13: Composition of Foreign Holdings of U.S. Debt by Currency, and

Sector of Holder and Issuer. . . . . . . . . . . . . . . . . . . . 22

Trends in Foreign-Held U.S. Corporate Debt by Currency . . . . . . . . . . . 23

Exhibit 14: Foreign Holdings of U.S. Corporate Debt by Currency . . . . . 23

Maturity Structure of Foreign-Held U.S. Long-Term Debt . . . . . . . . . . . 23

Exhibit 15: Weighted Average Maturity of Foreign-Held U.S. Long-Term Debt 24

Foreign Holdings of U.S. Treasuries by Type of Holder and Type of Treasury Issue. 25

Foreign Holdings of U.S. Treasuries by Major Investing Country and Type of Treasury

Issue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Exhibit 16: Foreign Holdings of U.S. Treasuries by Type of Treasury Issue . 26

Exhibit 17: Foreign Holdings of U.S. Treasuries by Major Investing Country 27

ii
Foreign Holdings of U.S. Long-Term Corporate and Agency Debt by Type . . . . 28

Exhibit 18: Foreign Holdings of U.S. Long-Term Corporate and Agency Debt

by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Foreign Holdings of U.S. Long-Term Corporate Asset-Backed Securities . . . . . 28

Exhibit 19: Foreign Holdings of U.S. Long-Term Corporate Asset-Backed

Securities By Major Investing Country . . . . . . . . . . . . . . . 30

Forms of Foreign Portfolio Investment in the United States. . . . . . . . . . . 31

Exhibit 20: Forms of Foreign Portfolio Investment in the United States . . . 31

Chapter 2. Data Collection Methodology 32

Data Analysis and Editing . . . . . . . . . . . . . . . . . . . . . . . . . 32

Foreign Holdings of U.S. Long-Term Securities as Measured by the TIC Liabilities

Survey and the TIC SLT Reports . . . . . . . . . . . . . . . . . . . . . 33

Exhibit 21: Foreign Holdings of U.S. Long-Term Securities as Measured by

the TIC Liabities Survey (SHL) and the TIC SLT . . . . . . . . . . 35

Adjustments and Calculation of Total Foreign Holdings of U.S. Securities. . . . . 35

Exhibit 22: Adjustments to TIC SHL Data . . . . . . . . . . . . . . . 36

Treatment of Repurchase and Securities Lending Agreements . . . . . . . . . . 37

Acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Chapter 3: Background of TIC Surveys and the TIC Reporting System 40

History of the TIC Liabilities Surveys . . . . . . . . . . . . . . . . . . . . 40

The TIC Reporting System . . . . . . . . . . . . . . . . . . . . . . . . 40

Reporting Basis: Country of Residence. . . . . . . . . . . . . . . . . . . . 41

iii
Uses of TIC Data in U.S. Official Statistics. . . . . . . . . . . . . . . . . . 42

Online Links to TIC Data . . . . . . . . . . . . . . . . . . . . . . . . . 42

Appendix A: Statistical Appendix A-1

Table A1. Foreign Holdings of U.S. Securities by Country . . . . . . . . . . . A-2

Table A2. Foreign Holdings of U.S. Equities by Country . . . . . . . . . . . . A-7

Table A3. Foreign Holdings of U.S. Long-Term Debt Securities by Country . . . . A-12

Table A4. Foreign Holdings of U.S. Short-Term Debt Securities by Country. . . . A-17

Table A5. Foreign Holdings of U.S. Securities, by Country and Broad Security Type A-21

Table A6. Foreign Holdings of U.S. Long-Term Securities, by Country and Security

Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-26

Table A7. Foreign Holdings of U.S. Treasury Securities, by Country and Type of

Treasury Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-31

Table A8. Foreign Holdings of U.S. Equities, by Country and Equity Type . . . . A-35

Table A9. Foreign Holdings of U.S. Long-Term Asset-Backed Securities, by Country

and Security Type . . . . . . . . . . . . . . . . . . . . . . . . . . . A-40

Table A10. Foreign Holdings of U.S. Short-Term Securities, by Country and Security

Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-43

Table A11. Foreign Holdings of U.S. Securities by Sector of Issuer . . . . . . . . A-47

Table A12. Maturity Structure of Foreign-Held U.S. Long-Term Debt . . . . . . A-49

Appendix B: Data for Exhibits Shown in Graphical Form B-1

Data for Exhibit 2: Foreign Holdings of U.S. Securities by Broad Security Type . . B-2

Data for Exhibit 4: Foreign Holdings of U.S. Securities by Type . . . . . . . . . B-3

iv
Data for Exhibit 5: Net Asset Position of U.S. Residents in Securities . . . . . . B-4

Data for Exhibit 6: Foreign Holdings of U.S. Securities by Region . . . . . . . . B-5

Data for Exhibit 7: Foreign Holdings of U.S. Securities by Type of Economy and

Sector of Holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-6

Data for Exhibit 8: Foreign Holdings of U.S. Securities by Major Investing

Countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-7

Data for Exhibit 9: U.S. Long-Term Securities by Foreign Holder Sector . . . . . B-8

Data for Exhibit 10: U.S. Short-Term Securities by Foreign Holder Sector . . . . B-9

Data for Exhibit 12: Foreign Holdings of U.S. Equities by Major Investing Country B-10

Data for Exhibit 13: Composition of Foreign Holdings of U.S. Debt by Currency,

and Sector of Holder and Issuer. . . . . . . . . . . . . . . . . . . . . . B-11

Data for Exhibit 14: Foreign-Held of U.S. Corporate Debt by Currency. . . . . . B-12

Data for Exhibit 15: Weighted Average Maturity of Foreign-Held U.S. Long-Term

Debt by Remaining Maturity . . . . . . . . . . . . . . . . . . . . . . . B-13

Data for Exhibit 16: Foreign Holdings of U.S. Treasuries by Type of Treasury Issue B-14

Data for Exhibit 17: Foreign Holdings of U.S. Treasuries by Major Investing

Country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-15

Data for Exhibit 18: Foreign Holdings of U.S. Long-Term Corporate and Agency

Debt by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-16

Data for Exhibit 19: Foreign Holdings of U.S. Long-Term Corporate Asset-Backed

Securities by Major Investing Country . . . . . . . . . . . . . . . . . . . B-17

Data for Exhibit 20: Forms of Foreign Portfolio Investment in the United Statesy . B-18

Appendix C: Forms and Instructions C-1

v
Introduction

This report presents data and analysis of foreign portfolio investment in U.S. securities, that

is, U.S. portfolio security liabilities to foreign residents as of end-June 2022. The data come

primarily from the Treasury International Capital (TIC) survey of foreign holdings of U.S.

securities, also known as the TIC liabilities survey, a joint undertaking of the U.S.

Department of the Treasury, the Federal Reserve Bank of New York, and the Board of

Governors of the Federal Reserve System.1 The TIC liabilities survey collects data at the

individual security level, allowing for analysis along a variety of dimensions, including

country of foreign holder, currency, security type, remaining maturity, type of foreign holder

(private or official), and industry of issuer. In addition, the security-level detail allows for

extensive data review and for correction of errors that might otherwise go undetected.

Chapter 1 presents the findings of the 2022 TIC liabilities survey. Chapter 2 discusses

details of the survey collection methodology and the procedures used for data review and

analysis. Chapter 3 provides background information on the TIC surveys and the TIC

reporting system.

The report includes three appendixes. Appendix A presents a variety of statistics not

included elsewhere in the report. Appendix B contains the underlying data tables for all

exhibits shown in graphical form. Appendix C contains a copy of the reporting forms and

instructions used to collect the survey data presented in this report.

Technical Notes

Valuation: All holdings are measured at market value as of the survey dates. Except for

zero-coupon debt securities, all market values reflect ‘‘clean’’ prices, that is, excluding

accrued interest.2

Foreign Country Based on Residence: In this report, holdings are reported by U.S.

issuers and custodians based on the legal residence of the foreign holder. Thus, as discussed

in more detail in the section on custodial bias in Chapter 3, if a foreign custodian holds

securities on behalf of a third country, the TIC system records the holder country as the

custodian’s residence, not the country of residence of the custodian’s customer. In addition,

1

In this report, foreign portfolio investment in U.S. securities includes all U.S. securities owned by foreign

residents except where the owner has a direct investment relationship with the U.S. securities’ issuer.

‘‘Direct investment’’ means the ownership or control, directly or indirectly, by one person or by a group of

affiliated persons, of 10 percent or more of the voting stock of a business enterprise. See ‘‘direct

investment’’ in the TIC Glossary.

2 While the International Monetary Fund’s (IMF’s) Balance of Payments Manual 6 (BPM6) indicates that

‘‘dirty’’ prices (which include accrued interest) are preferred, the TIC system uses clean prices because

they are more readily available to respondents and data compilers.

1
funds with legal residence outside the United States (for example, in the Cayman Islands)

can and do hold securities on behalf of residents of other countries, including the United

States.

Securities Categories: Equities include common and preferred stock; all types of

investment company shares, such as open-end funds, closed-end funds, money market mutual

funds, and hedge funds; interests in limited partnerships and other equity interests that may

not involve stocks or shares. Agencies include U.S. government agencies and corporations as

well as federally sponsored enterprises, such as the Federal National Mortgage Association

(Fannie Mae). Corporate debt includes securities issued by U.S. corporations as well as small

amounts of negotiable certificates of deposit with maturity over one year, debt issued by

state and local governments, and debt issued by nonprofit organizations.

Industry classification: The primary business activity of an issuer is used to assign a

North American Industry Classification System (NAICS) 2022 industry code.

Rounding: In all tables, components may not sum to totals because of rounding. Values

that would round to zero but are nonzero in the data are indicated with an asterisk (*).

Revisions: Many exhibits also include data from previous surveys, but some figures may

differ slightly from previous reports due to data revisions. This report contains no significant

revisions to past survey data.

Dates: All TIC liabilities surveys since 2002 have been collected as of end-June, and

therefore references to the year of observation for liabilities data indicate end-June of that

year.

Geographical Notes

Mainland China excludes Hong Kong and Macau, which are reported separately.

The euro area includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece,

Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain, Estonia

from 2011, Latvia from 2014, and Lithuania from 2015.

We sometimes group countries by type of economy, as follows. These groups are mutually

exclusive, and the global totals shown in the report are the sum of advanced foreign

economies, emerging market economies, Caribbean financial centers, and international and

regional organizations.

Caribbean financial centers are Bermuda; Bonaire, Sint Eustatius, and Saba; British

Virgin Islands; Cayman Islands; Cura ̧cao; and Panama.

2
Advanced foreign economies include the euro area; Australia; Canada; Czech Republic;

Denmark; Hong Kong; Iceland; Israel; Japan; New Zealand; Norway; Singapore; South

Korea; Sweden; Switzerland; Taiwan; and United Kingdom, including Jersey, Guernsey, and

Isle of Man.

Emerging market economies are all remaining countries that are not in the advanced

foreign economies or Caribbean financial centers groups.

Acknowledgments

The Department of the Treasury, the Federal Reserve Bank of New York, and the Board of

Governors of the Federal Reserve System express their appreciation to all survey

respondents whose efforts and information have made this report possible.

3
Chapter 1. Results of the End-June 2022 Survey

Foreign Holdings of U.S. Securities by Broad Security Type

The market value of foreign holdings of U.S. securities in June 2022 stepped down from the

previous survey in June 2021, primarily due to decreased holdings of equities (Exhibits 1 and

2). Exhibit 1 shows the total market value of foreign holdings of U.S. securities, by type of

security held, for recent years; Exhibit 2 shows these holdings by broad security type over a

longer period, since 2008. The overall composition of foreign holdings typically changes only

slowly over time. Long-term securities, including equities and long-term debt, make up the

bulk of foreign holdings; short-term debt accounts for less than ten percent of overall debt

holdings.3

Exhibit 1: Foreign Holdings of U.S. Securities, by Broad Security Type

Billions of dollars

2015 2016 2017 2018 2019 2020 2021 2022

Long-term securities 16,202 16,230 17,481 18,421 19,622 20,726 26,112 23,768

Equities1 6,655 6,186 7,189 8,139 8,630 9,168 13,705 12,177

Debt 9,547 10,044 10,292 10,282 10,991 11,559 12,407 11,591

U.S. Treasury 5,450 5,585 5,468 5,467 5,903 6,005 6,574 6,482

U.S. agency2 880 954 980 1,024 1,145 1,223 1,252 1,194

Corporate3 3,217 3,505 3,844 3,790 3,943 4,331 4,581 3,916

Short-term debt 932 909 930 980 913 1,228 1,076 1,124

U.S. Treasury 697 683 678 734 709 1,040 928 894

U.S. agency2 49 32 17 20 14 16 7 12

Corporate3 186 195 236 226 190 172 142 219

Total 17,134 17,139 18,412 19,400 20,534 21,954 27,189 24,893

The year between the previous liabilities survey, conducted as of June 2021, and the current

survey, as of June 2022, includes a period of considerable volatility in asset prices that

affected the market value of U.S. securities held by foreign investors. Equity prices rose in

the second half of 2021 but then fell sharply following the Russian invasion of Ukraine early

in 2022; over the 12-month period the measured value of equities held by foreign investors

fell on net. In addition, yields on long-term securities rose substantially over the first six

months of 2022 as the Federal Reserve raised policy rates, resulting in valuation losses on

long-term debt securities that offset increased holdings from foreign purchases of debt

securities. These sizable market value changes can be seen in the monthly aggregate TIC

data on securities holdings and transactions.4

3 Long-term securities are defined as those without a stated maturity date (such as equities) or with an

original term-to-maturity greater than one year.

4 These data are collected on the TIC Form SLT and TIC Form S, respectively. See Chapter 3 for more

information on the TIC reporting system.

4
0

10

20

30 Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

Total U.S. Securities

0

10

20

30 Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

Total U.S. Securities by Type

Short-term debt

Long-term debt

Equities

0

5

10

15 Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

Long-Term U.S. Debt

Corporate*

U.S. agency*

U.S. Treasury

0.0

0.5

1.0

1.5 Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

Short-Term U.S. Debt

Corporate*

U.S. agency*

U.S. Treasury

*Details included in the Technical Notes.

Exhibit 2: Foreign Holdings of U.S. Securities by Broad Security Type

Accounting for Changes in Foreign Holdings of U.S. Long-Term Securities

Exhibit 3 decomposes the change in the value of foreign holdings of U.S. long-term securities

between 2021 and 2022 (column 3) into four components. These four components are: net

foreign purchases (purchases less sales) of U.S. long-term securities during the period as

reported on the TIC Form S (column 4); adjustments for estimated stock swaps and

estimated principal repayments for agency and corporate asset-backed securities (ABS)

(column 5); estimated adjustments for price changes, or valuation adjustments (column 6);

and remaining changes not accounted for by the other factors (column 7).5

5 Column (5): asset-backed securities (ABS) typically prepay principal to bondholders when the underlying

loans are prepaid. For stock swaps, when a foreign company acquires a U.S. company and the deal is

financed in part through an exchange of equity (a ‘‘stock swap’’), U.S. residents who held stock in the

target company become holders of foreign equity. Conversely, if a U.S. company acquires a foreign

company, a stock swap can increase foreign holdings of U.S. equity.

5
Exhibit 3: Accounting for Changes in Foreign Holdings of U.S. Long-Term

Securities

Trillions of dollars

Of which:

Type of

security

Measured,

June 2021

Measured,

June 2022

Change,

June 2021

to

June 20221

Net

purch.2

Adjustments3

Val. adj. Other4

(1) (2) (3) (4) (5) (6) (7)

Total 26.11 23.77 -2.34 0.66 -0.28 -3.50 0.78

Equities 13.70 12.18 -1.53 -0.23 0.05 -1.96 0.61

Debt 12.41 11.59 -0.81 0.89 -0.33 -1.54 0.17

U.S. Treasury 6.57 6.48 -0.09 0.47 n.a. -0.59 0.02

U.S. agency 1.25 1.19 -0.06 0.29 -0.31 -0.14 0.09

Corporate 4.58 3.92 -0.67 0.12 -0.03 -0.82 0.06

1. In each row, columns are such that: (2)-(1)=(3)=(4)+(5)+(6)+(7).

2. As reported on TIC S.

3. Stock swaps for equities; ABS repayments for U.S. agency and corporate debt. Not applicable

denoted by n.a.

4. Includes the value of costs associated with securities transactions and included in net purchases.

The $2.34 trillion decrease in foreign holdings of long-term U.S. securities between 2021 and

2022 was mainly a result of significant valuation losses. As noted above, U.S. equity prices

fell on net between 2021 and 2022, ultimately contributing to significant valuation losses for

foreign holdings of U.S. equity securities, while longer term yields rose significantly, resulting

in price declines and substantial valuation losses on debt securities.

These valuation losses were partially offset by large net transactions over the period. Foreign

investors on net purchased $0.47 trillion in long-term Treasuries, nearly offsetting the

estimated $0.59 trillion in valuation losses. Net purchases of agency bonds were also large,

but after accounting for principal repayments (included in column 5), acquisitions of U.S.

agency bonds were little changed relative to the prior survey.

Other changes, computed as residuals in column 7, can include many potential measurement

errors. The residual can include net purchases not captured by the TIC Form S. Reported

transactions, which are meant to only capture the cost of securities purchased or sold, may

also erroneously include transaction costs. The residual can also include errors in estimates

of valuation adjustments, which may be imprecise, or in estimates of ABS repayment flows.

In addition, the survey values themselves may be imprecise due to missing reports or

reporting errors. Finally, the residual may include cross-border short sales or covering of

6
short sales of securities between U.S. and foreign investors because of the challenges in

correctly distinguishing actual purchases or sales of securities, which are reportable, from

changes in holdings resulting from securities borrowing or lending activities, which are not

reportable.6 These challenges are discussed further in Chapter 2.

Foreign Holdings of U.S. Securities Outstanding by Security Type

Foreigners own about 20 percent of all U.S. securities outstanding, about unchanged from

the previous survey; this share has been largely stable since 2011 (Exhibit 4).7 As a fraction

of foreigners’ total holdings, the equity share has trended upwards while the shares of other

securities have trended downward since 2008. Foreign-owned shares of securities outstanding

are the highest for U.S. Treasuries at about 30 percent and almost as high for corporate debt

(see the Technical Notes for the definition of corporate debt).8 Foreign shares of agency debt

and equities are notably lower. The proportion of U.S. Treasuries owned by foreigners is

higher than other types of securities largely because foreign official institutions (FOIs) hold a

substantial quantity of U.S. Treasuries. This point is discussed in greater detail below and

shown in Exhibits 9, 10, and 16.9

The foreign ownership shares of both marketable Treasuries and agency securities have

trended down since 2008, as foreign net purchases of Treasuries and agencies have not kept

pace with issuance. When measured in dollar terms, however, foreign investors’ holdings of

both U.S. Treasuries and agencies were roughly unchanged relative to 2021. In contrast,

since 2008 the foreign ownership shares of corporate debt and equities have grown.

6 A short sale is the sale of a security that is not owned by the seller. Typically, the securities used in short

sales are borrowed and are then sold by the borrower with the expectation that the securities’ prices will

decline, enabling the seller to repurchase them at a lower price and return them to the lender, thereby

making a profit. Covering a short sale involves buying securities to repay a prior loan of securities.

7 Exhibit 4 shows foreign holdings of U.S. securities as an estimated share of the total stock outstanding of

each security type as of the survey dates. These figures should be viewed as rough indications, because for

some securities it is not possible to obtain data on the total value outstanding by security type on the

same basis as the TIC Form SHL data. For example, while the charts show the face value outstanding of

each type of U.S. debt security, foreign ownership of these U.S. debt securities is presented at market

value, which can differ from face value. Moreover, it is difficult to know how much of some types of equity

are outstanding, such as equity interests that may not involve stocks or shares. Thus, although the

comparisons will be somewhat imprecise, they do indicate long-term trends.

8 Another way to construct the foreign-owned share of Treasuries is to use the face value in the numerator

and denominator as in Tabova, Alexandra M. and Warnock, Francis E. ‘‘Preferred Habitats and Timing

in the World’s Safe Asset,” NBER Working Paper, December 2022, 1-57.

9 FOIs in this report consist primarily of foreign national government institutions involved in the

formulation of monetary policy, such as central banks, but also include national government-owned

investment funds, including sovereign wealth funds, and other national government institutions. See TIC

Country Codes and Partial List of Foreign Official Institutions for a partial list of FOIs.

7
0

15

30

45

0

50

100

150 Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

U.S.-owned (left)

Foreign-owned (left)

% foreign-owned (right)

Total U.S. Securities

0

10

20

30

40

50

60

70

80

90

100 Percent

200820092010201120122013201420152016201720182019202020212022

Composition of Foreign Holdings

Equities Corporate debt

Agency debt Treasury debt

0

15

30

45

60

75

0

5

10

15

20

25 Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

U.S.-owned (left)

Foreign-owned (left)

% foreign-owned (right)

Treasury Debt

0

10

20

30 Percent

0

5

10

15

200820092010201120122013201420152016201720182019202020212022

U.S.-owned (left)

Foreign-owned (left)

% foreign-owned (right)

Agency Debt

0

10

20

30

40

0

5

10

15

20 Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

U.S.-owned (left)

Foreign-owned (left)

% foreign-owned (right)

Corporate Debt

0

10

20

30

40

50 Percent

0

25

50

75

100

200820092010201120122013201420152016201720182019202020212022

U.S.-owned (left)

Foreign-owned (left)

% foreign-owned (right)

Equities

Agencies: For total amounts outstanding, source is Federal Reserve Statistical Release Z.1, Table L.211, row 1. These amounts include all

 securities issued by federally-sponsored agencies and corporations, as well as all securities guaranteed by the Government National

 Mortgage Association (GNMA). Amounts outstanding include those held by the Federal Reserve System.

Corporate Debt: For total amounts outstanding, source is Federal Reserve Statistical Release Z.1, Table L.208 row 1 less rows 3, 4, and 24.

Equities: For total amounts outstanding, source is Federal Reserve Statistical Release Z.1, Table L223 row 1, minus Table L133 row 44, plus

 Table L234 row 1, plus Table L206 row 1.

Exhibit 4: Foreign Holdings of U.S. Securities by Type

8
Corporate bond issuance surged from 2020 through the first half of 2022 (gray bars in

Exhibit 4), as corporations took advantage of low interest rates during the COVID-19

pandemic, but foreign investor purchases did not keep pace. The share of foreign holdings of

equities has risen steadily since 2009, even as equities outstanding on net have grown. The

trend in foreign shares of corporate securities is opposite that of Treasuries and agencies

largely because of the role of foreign private investors, who hold considerably more corporate

securities than foreign official investors. As shown in Exhibit 9, foreign official investors’

share of total foreign holdings has declined since 2008 as the share held by private investors

has increased.

U.S. Residents’ Net Asset Position in Securities

The net asset position of U.S. residents, or U.S. holdings of foreign securities less foreign

holdings of U.S. securities, has generally trended down as foreign holdings of U.S. assets have

increased more than U.S. holdings of foreign assets (Exhibit 5). Relative to the previous

survey, however, the net asset position of U.S. residents was about unchanged, as U.S. assets

and liabilities decreased by similar amounts throughout 2022, mostly from valuation loss.

−30

−25

−20

−15

−10

−5

0

5

10

15

20

25

30

Trillions of dollars

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

U.S. holdings (U.S. assets)

Foreign official holdings (U.S. liabilities)

Foreign private holdings (U.S. liabilities)

Net position*

*Net position is defined as U.S. holdings of foreign securities minus foreign holdings of U.S. securities.

Exhibit 5: Net Asset Position of U.S. Residents in Securities

9
Because U.S. official holdings of foreign securities are only a small share of the total, U.S.

official and private holdings are not shown separately in Exhibit 5.10 U.S. holdings of foreign

securities are collected annually by the ‘‘Report of U.S. Ownership of Foreign Securities,

Including Selected Money Market Instruments’’ (TIC SHC) survey. U.S. liabilities to foreign

official investors showed a modest decline, mostly in Treasuries (see Exhibit 9). U.S.

liabilities held by foreign private investors declined from 2021 to 2022 mainly due to

valuation losses in U.S. equities.

Foreign Holdings of U.S. Securities by Region

A disaggregation of foreign holdings by both geographical regions (left panels of Exhibit 6)

and type of economy (right panels of Exhibit 6) illustrates differences in the size and

composition of holdings, patterns that have been broadly stable over time. By geographical

region, Europe and Asia hold the most U.S. securities. Equities accounted for just over half

of European holdings of U.S. securities and about one-third of Asian holdings of U.S.

securities in 2022. Measured in dollar terms, Europe has held the highest level of U.S.

equities since the 2012 survey, followed by the Americas.11 By type of economy, advanced

foreign economies (AFEs) continue to hold the highest levels of U.S. equities by far.

Therefore, the decrease in foreign holdings between the 2021 and 2022 surveys that can be

attributed largely to equity losses accrued primarily to AFE investors. Holdings in

Caribbean financial centers may also largely represent holdings of advanced economy

investors, including those of U.S. investors.12 By geographical region and type of economy,

total foreign holdings of U.S. securities decreased for all regions shown in 2022. By type of

economy, AFEs showed the largest decrease, mainly in holdings of equities.

10 See Table 2 in Treasury and Federal Reserve Foreign Exchange Operations: April - June 2022.

11 Caribbean financial centers continued to account for more than half of all securities investment attributed

to the Americas region. The ‘‘Americas’’ (bottom left) panel of Exhibit 6 includes Caribbean financial

centers.

12 See Chapter 3 for a discussion of the residency reporting basis. Investment funds in financial centers such

as the Cayman Islands hold securities on behalf of investors that may be from other countries.

10
0

5

10

15

20

0

5

10

15

20

0

5

10

15

20

200820092010201120122013201420152016201720182019202020212022

200820092010201120122013201420152016201720182019202020212022

200820092010201120122013201420152016201720182019202020212022

200820092010201120122013201420152016201720182019202020212022

200820092010201120122013201420152016201720182019202020212022

200820092010201120122013201420152016201720182019202020212022

Europe

Asia

Americas*

AFEs

EMEs

Carib. Financial Centers

Treasury debt Agency debt Corporate debt Equities Trillions of dollars

Exhibit 6: Foreign Holdings of U.S. Securities for Selected Regions

By Broad Security Type

*Caribbean financial centers are included in the Americas.

11
Foreign Holdings of U.S. Securities by Type of Economy and Sector of Holder

The geographic patterns of securities by type of holdings and sector of holder (official and

private) are closely linked. Exhibit 7 shows that AFE holdings are predominantly holdings

of private investors, who, as noted in Exhibit 6, hold riskier securities such as equities and

corporate bonds to maximize risk-adjusted returns. This concentration in U.S. equities,

which experienced significant valuation losses in 2022, explains the decline in AFE private

holdings since the previous survey. In contrast, emerging market economy (EME) holdings

are dominated by official holdings and are largely concentrated in Treasuries, as shown in

Exhibit 6. Foreign official investors, in particular foreign central banks, generally hold

Treasuries because they are among the safest and most liquid securities in the world.

0

5

10

15

20

200820092010201120122013201420152016201720182019202020212022200820092010201120122013201420152016201720182019202020212022

AFE EME

Foreign official Foreign private Trillions of dollars

Exhibit 7: Foreign Holdings of U.S. Securities by Type of Economy and Sector of Holder

Foreign Holdings of U.S. Long-Term Securities by Major Investing Country

Exhibit 8 shows foreign holdings of U.S. long-term debt and equity securities by year and

major investing country. The top panel shows an aggregate of all countries, and the panels

below show the eight countries with the largest long-term securities holdings in 2022. Each

of these eight countries reported decreased holdings in 2022; in most countries, this decline

was driven by decreased holdings of equities. Holdings of Treasuries in China and holdings

of corporate debt in Luxembourg also dipped in 2022, in large part reflecting the valuation

losses noted above. Each of these top foreign holder countries reported around $1 trillion to

$2 trillion of U.S. securities holdings overall. The largest foreign holder of U.S. debt (mostly

12
Treasuries) is Japan, closely followed by China. The U.S. portfolios of the remaining top

foreign holders are primarily concentrated in equities.

Five of the top foreign holders --- the Cayman Islands, the United Kingdom, Luxembourg,

Ireland, and Switzerland --- are financial centers in which substantial amounts of securities

owned by residents of other countries are managed or held in custody. Moreover, three of

these financial centers --- the Cayman Islands, Luxembourg, and Ireland --- have large

financial industries with many international investment funds whose holders need not be,

and often are not, residents of those countries. Switzerland holds a larger share of U.S.

securities in equities relative to other financial centers, particularly Luxembourg, which

holds sizeable shares of corporate debt.

13
0

10

20

30 Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

Total

0

1

2

3

0

1

2

3

0

1

2

3

0

1

2

3

200820092010201120122013201420152016201720182019202020212022200820092010201120122013201420152016201720182019202020212022

200820092010201120122013201420152016201720182019202020212022200820092010201120122013201420152016201720182019202020212022

200820092010201120122013201420152016201720182019202020212022200820092010201120122013201420152016201720182019202020212022

200820092010201120122013201420152016201720182019202020212022200820092010201120122013201420152016201720182019202020212022

Japan United Kingdom

Cayman Islands Luxembourg

Canada China

Ireland Switzerland

Treasury debt Agency debt Corporate debt Equities Trillions of dollars

Top Eight Countries

Exhibit 8: Foreign Holdings of U.S. Long-Term Securities

By Major Investing Countries

14
Appendix Table A1 shows holdings of total U.S. securities and Tables A2 through A4 show

holdings of U.S. equities, long-term debt securities, and short-term debt securities,

respectively, for all countries with non-zero holdings as of the most recent eight surveys.

Appendix Tables A5 through A10 break down the types of U.S. securities with more detail

for all countries with non-zero holdings in 2022.

Foreign Holdings of U.S. Long-Term Securities by Type of Holder

As shown in the top left panel of Exhibit 9, foreign official investors account for a significant,

though generally declining, share of total foreign holdings of U.S. long-term securities.1314

The foreign official share of U.S. securities holdings in 2022 was essentially unchanged from

2021.

The upper right panel of Exhibit 9 displays the overall composition of foreign official

holdings over time. Foreign official investors mostly hold Treasuries, although in recent

years, the share of foreign official holdings comprised of Treasuries has trended downwards

as the share comprised of equities has trended upwards.

Foreign official holdings account for the majority of foreign Treasury holdings (middle left

panel) and agency holdings (middle right panel) but account for a much smaller share of

corporate debt and equity holdings (lower panels).

By security type, the dollar values of foreign official holdings stepped down slightly in 2022

for all categories except agency debt, which remained about unchanged. Foreign official

shares of total foreign holdings continue to move in line with trends from previous years.

After peaking at around 80 percent after the 2008 financial crisis, the foreign official share of

total Treasuries held by foreigners has gradually declined below 60 percent (middle left

panel). In contrast, the foreign official share of U.S. agency debt has been relatively steady

in recent years, possibly reflecting a desire by foreign official investors to hold

high-credit-quality U.S. dollar assets with somewhat higher returns than U.S. Treasuries.15

13 At nearly 40 percent, official investors’ share of foreign holdings in 2010 was the highest in recent years

and high but not unprecented relative to the 1990s. From 1974 to 1984, foreign official investors also

accounted for about 40 percent of foreign holdings of U.S. long-term securities.

14 Distinguishing official from private holders in the surveys can be difficult for the same reasons that

obtaining accurate information on the country of foreign owners of U.S. securities is difficult: in both cases,

chains of financial intermediaries can obscure the true foreign holders. Thus, some holdings attributed to

private intermediaries, especially in major custodial centers, may actually reflect holdings of foreign official

institutions.

15 In contrast to the increased foreign official holdings of agency debt shown in the 2019 and 2020 surveys,

the increase shown for 2018 is largely the result of a data revision discussed in the 2018 TIC Liabilities

report. As of the June 2018 survey and the December 2017 TIC Form SLT, data on agency holdings were

revised to correct a reporting error. Of the 2018 increase for official holders shown in Exhibit 8, about $120

billion is attributable to a shift in long-term agency debt securities from private holders to official holders.

15
0

20

40

60

0

10

20

30

Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

Foreign private (left)

Foreign official (left)

% foreign official (right)

Total U.S. Long−Term Securities

0

10

20

30

40

50

60

70

80

90

100

Percent

200820092010201120122013201420152016201720182019202020212022

Foreign Official Composition

Equities Corporate debt

Agency debt Treasury debt

0

25

50

75

100

0.0

2.5

5.0

7.5

10.0

Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

Foreign private (left)

Foreign official (left)

% foreign official (right)

Treasury Debt

0

25

50

75

100

Percent

0

1

2

3

4

200820092010201120122013201420152016201720182019202020212022

Foreign private (left)

Foreign official (left)

% foreign official (right)

Agency Debt

0

4

8

12

0

2

4

6

Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

Foreign private (left)

Foreign official (left)

% foreign official (right)

Corporate Debt

0

10

20

30

Percent

0

5

10

15

200820092010201120122013201420152016201720182019202020212022

Foreign private (left)

Foreign official (left)

% foreign official (right)

Equities

Exhibit 9: U.S. Long−Term Securities by Foreign Holder Sector

16
Foreign official holdings of long-term corporate bonds and equities have grown relatively

slowly since 2008 and account for smaller shares of foreign official holdings of U.S. long-term

securities.

Foreign Holdings of U.S. Short-Term Securities by Type of Holder

Foreign private holdings of U.S. short-term securities increased in 2022, while foreign official

holdings of U.S. short-term securities inched down (Exhibit 10).

The upper right panel of Exhibit 10 displays the overall composition of foreign official

holdings of U.S. short-term securities over time. Over 95 percent of foreign official holdings

were Treasuries in 2022, with the remainder in corporate debt. This composition has been

stable since about 2017, when foreign official investors sold nearly all of their remaining

holdings of short-term agency debt.

Foreign official holdings accounted for about 25 percent of total foreign short-term Treasury

holdings (middle left panel) but only about 1 percent of short-term agencies (middle right

panel) and 4 percent of corporate debt (bottom left panel).

The foreign official share of short-term Treasury holdings continued to fall, as foreign private

holdings have generally grown since 2008 (middle left panel). Similarly, the dollar value of

foreign official holdings of short-term Treasuries edged down in 2022 from the recent high in

2020. Foreign holdings of short-term Treasuries tend to move with large changes in issuance.

From 2019 to 2020, foreign investors increased their holdings of short-term Treasuries

substantially as issuance expanded, with the increase especially notable for private investors.

Foreign holdings have since declined as short-term issuance has contracted. Similarly, during

the 2008 financial crisis, foreign holdings ramped up as issuance expanded in 2009 before

falling back in subsequent years.

The foreign official share of short-term agency securities has also fallen dramatically since

2008, and foreign official holdings of agencies were nearly zero in 2022 (middle right panel)

due to sharp drops in short-term agency debt issuance over this period.

17
0

25

50

75

100

0

.5

1

1.5

2 Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

Foreign private (left)

Foreign official (left)

% foreign official (right)

Total U.S. Short-Term Securities

0

10

20

30

40

50

60

70

80

90

100 Percent

200820092010201120122013201420152016201720182019202020212022

Foreign Official Composition

Treasury debt Agency debt

Corporate debt

0

25

50

75

100

0

.5

1

1.5

2 Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

Foreign private (left)

Foreign official (left)

% foreign official (right)

Treasury Debt

0

20

40

60

80

100 Percent

0

.1

.2

.3

.4

200820092010201120122013201420152016201720182019202020212022

Foreign private (left)

Foreign official (left)

% foreign official (right)

Agency Debt

0

10

20

30 Percent

0

.2

.4

.6 Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

Foreign private (left)

Foreign official (left)

% foreign official (right)

Corporate Debt

Exhibit 10: U.S. Short-Term Securities by Foreign Holder Sector

18
The vast majority of foreign-held short-term corporate debt is held by private investors

(lower left panel). After rising sharply in 2008 to reflect large issuance of asset-backed

commercial paper (ABCP), total foreign holdings of short-term corporate debt have

generally fallen. In 2022, both foreign official and foreign private holdings stepped up,

although private holdings increased more significantly.16 Additional data on foreign official

holdings are presented at the bottom of Appendix Tables A5 through A10.

Foreign Holdings of U.S. Securities by Industry of Issuer

Among all industries of the economy, the government industry (NAICS 92) had the highest

level of foreign investment (Exhibit 11).

Exhibit 11: Foreign Holdings of U.S. Securities by Industry

Billions of dollars

NAICS Code Industry Total Equity

Debt

Long-term Short-term

21 Mining, quarrying, and oil and gas extraction 243 169 73 1

22-23 Utilities and construction 485 306 178 1

31 Consumer goods manufacturing 538 376 162 1

325 Chemical manufacturing 1,152 933 216 4

326-333 Other primary and machinery manufacturing 305 233 71 1

334-335 Computer and electronic product manufacturing 1,574 1,372 199 3

336-339 All other manufacturing 575 480 94 *

42 Wholesale trade 199 142 57 *

44-45 Retail trade 766 630 136 1

48-49 Transportation and cargo 281 176 104 *

511-516 Publishing and broadcasting 1,270 1,045 225 *

517-519 Telecommunications and information services 916 713 202 1

5221 Depository credit intermediation (banking) 271 51 114 106

5222-5239 Other financial 2,849 952 1,865 32

524 Insurance 639 462 169 9

525 Funds, trusts, and other financial vehicles 2,879 2,809 67 3

53-81 Services 1,910 1,098 793 19

92 Government1 7,414 * 6,521 894

All other industries 625 230 348 48

Total 24,893 12,177 11,591 1,124

1. The government industry includes primarily U.S. Treasuries and also some bonds issued by state and

local governments. When state and local bonds are clearly associated with a particular industry, such

as utilities or education, they are classified by that industry.

In 2022, these holdings accounted for more than one-quarter of all foreign holdings of U.S.

16 The large decline in short-term corporate debt holdings by FOIs between 2020 and 2021 is a result of a

reclassification from FOI to private holdings for a few countries as part of a technical data revision.

19
securities and about half of foreign holdings of debt securities. These holdings were primarily

Treasury securities but also included some state and local debt (see Exhibit 13).

The second-largest industry for foreign investment was ‘‘Funds, trusts, and other financial

vehicles.’’ Foreign holdings of this industry were almost entirely equity. Additional

industries attracting considerable foreign investment were ‘‘Other financial’’17, ‘‘Services,’’

‘‘Computer and electronic product manufacturing,’’ ‘‘Publishing and broadcasting’’18, and

‘‘Chemical manufacturing.’’ Foreign investment in most of the nonfinancial industries is

concentrated in equity, and this concentration increased further since the previous survey.

Additional details about industry holdings are in Appendix Table A11.

Foreign Holdings of U.S. Equities by Major Investing Country

Total foreign holdings of U.S. equities fell in 2022 (Exhibit 12), largely driven by significant

valuation losses. Almost 75 percent of total foreign holdings of U.S. equities were in the form

of common stock, over 15 percent were fund shares, and the remainder was other types of

equities (top panel).19 The top six foreign holders of equity (the Cayman Islands, Canada,

the United Kingdom, Luxembourg, Ireland, and Japan) accounted for about half of total

foreign holdings of U.S. equities. The Cayman Islands, a major center for offshore

incorporation of managed funds, held relatively more fund shares and ‘‘other’’ equity than

the other top countries. Appendix Table A8 shows holdings of these different types of equity

for all countries with positive equity holdings in 2022.

17 These entities are mainly real estate finance and the holding companies of complex financial institutions

such as bank holding companies. In fact, many of the largest depository institutions are part of larger

bank holding companies that engage in a variety of financial activities. Therefore, these holding

companies, which often issue a significant portion of the equity and debt for the whole entity, are classified

as ‘‘Other financial.’’

18 The 2022 survey used the NAICS 2022, while the 2021 survey used NAICS 2012. Some codes in the

NAICS 2012, ‘‘Telecommunications and information services’’ industry were reclassified to the ‘‘Publishing

and broadcasting’’ industry in NAICS 2022. This reclassification contributes to the large changes between

Exhibit 11 and the analogous exhibit in the 2021 TIC Liabilities Report.

19 As explained in the Technical Notes, ‘‘funds’’ include many different types of investment company shares

issued by U.S.-resident entities, such as open-end funds, closed-end funds, money market mutual funds,

hedge funds, and exchange-traded funds (ETFs). Such funds may invest in a variety of assets, including

bonds, real estate, commodities, and foreign-issued equities as well as U.S. equities; however, the data

reported are for foreign holdings of the fund shares and not the underlying securities held by the funds.

The residual ‘‘other’’ category includes preferred stock as well as interests in limited partnerships and

other equity interests.

20
0

5

10

15 Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

Total

0

1

2

0

1

2

0

1

2

200820092010201120122013201420152016201720182019202020212022200820092010201120122013201420152016201720182019202020212022

200820092010201120122013201420152016201720182019202020212022200820092010201120122013201420152016201720182019202020212022

200820092010201120122013201420152016201720182019202020212022200820092010201120122013201420152016201720182019202020212022

Cayman Islands Canada

United Kingdom Luxembourg

Ireland Japan

Common stock Fund shares Other Trillions of dollars

Top Six Countries

Exhibit 12: Foreign Holdings of U.S. Equities

 By Major Investing Country and Equity Type

21
Foreign Holdings of U.S. Debt by Term, Currency, and Type of Holder and

Issuer

U.S. debt held by foreigners is almost entirely denominated in dollars and euros (Exhibit 13).

(The remaining share of U.S. debt denominated in other foreign currencies is very small and

shown separately in Exhibit 14.) However, the currency composition of these foreign

holdings varies by type of security holder and issuer.

0

1

2

3

4

5

Trillions of dollars

Dep. inst.

Non fin.

Other fin.

State and local

U.S. Treasury

U.S. agencies

Holdings

0

20

40

60

80

100

Percent

Dep. inst.

Non fin.

Other fin.

State and local

U.S. Treasury

U.S. agencies

Composition

0

1

2

3

4

5

Trillions of dollars

Dep. inst.

Non fin.

Other fin.

State and local

U.S. Treasury

U.S. agencies

Holdings

0

20

40

60

80

100

Percent

Dep. inst.

Non fin.

Other fin.

State and local

U.S. Treasury

U.S. agencies

Composition

Foreign Private

Foreign Official

Exhibit 13: Composition of Foreign Holdings of U.S. Debt

by Currency, and Sector of Holder and Issuer

U.S. dollar (long−term) U.S. dollar (short−term)

Euro (long−term) Euro (short−term)

Foreign private investors’ holdings of Treasuries, agencies, and debt issued by state and local

governments are essentially only denominated in dollars, reflecting the fact that these types

of U.S. debt are rarely denominated in foreign currencies (upper panels). Foreign official

investors’ holdings, which are concentrated in Treasuries and agencies, are likewise nearly

entirely denominated in dollars (lower panels). Less than half a trillion dollars of U.S.

long-term other financial corporate debt securities and U.S. long-term nonfinancial corporate

debt securities owned by foreigners are denominated in foreign currencies, with the most

frequently held foreign currency being the euro. Together, securities denominated in dollars

and euros account for more than 90 percent of U.S. corporate securities held by foreign

22
private investors and for essentially all foreign official holdings. Appendix B Exhibit 13

presents a more detailed breakdown of foreign holdings of U.S. debt by term, currency, and

holder and issuer type.

Trends in Foreign-Held U.S. Corporate Debt by Currency

While over 95 percent of foreign-owned corporate debt is denominated in either U.S. dollars

or euros (Exhibit 14, top panel), the remaining 5 percent is split more evenly between other

major currencies (bottom panel). Since 2015, the U.S. dollar share of foreign-owned U.S.

corporate debt securities has remained at about 80 percent, with fluctuations of a few

percentage points, largely tracking exchange rate movements. The euro continues to be the

most heavily used foreign currency for foreign holdings of U.S. debt securities by a wide

margin. The dollar value of foreign currency-denominated debt tends to increase when the

dollar depreciates, such as between 2016 and 2018, and decrease when the dollar appreciates,

such as between 2019 and 2020 and again between 2021 and 2022. The slight decline in the

foreign currency-denominated share of corporate debt in 2022 was driven by the sharp

appreciation of the dollar especially in the first half of 2022.

0

10

20

30

40

50

60

70

80

90

100

Percent of Total

2015 2016 2017 2018 2019 2020 2021 2022

Exhibit 14: Foreign Holdings of U.S. Corporate Debt by Currency

U.S. dollar Euro

0

1

2

3

4

5

6

7

8

9

10

Percent of Total

2015 2016 2017 2018 2019 2020 2021 2022

U.K. pound Australian dollar

Japanese yen Chinese yuan

Canadian dollar Other

Swiss franc

Maturity Structure of Foreign-Held U.S. Long-Term Debt

The weighted average maturity of all U.S. long-term debt securities held by foreigners is

about 10 years (Exhibit 15, upper left panel). Foreign holdings of long-term Treasury

23
securities are more concentrated at shorter maturities than are holdings of agency or

corporate debt, with an average maturity of a bit over 6 years. The average maturity of

corporate debt securities is just over 11 years, while the average maturity of agency

securities is nearly 25 years.

Foreign official holdings have a notably shorter average maturity---about 8.5 years for total

long-term debt securities---compared to about 11 years for foreign private holdings. This

difference comes mainly from foreign official holdings of long-term Treasuries, which have an

average maturity about 2 years less than that of foreign private holdings of long-term

Treasuries. Average maturities of private holdings stepped down in 2022 after trending

upwards for several years, while average maturities of official holdings were about

unchanged.20

6

8

10

12

4

6

8

10

22

23

24

25

26

9

10

11

12

2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022

Total Treasury

Agency Corporate

Total foreign Foreign official Foreign private Remaining maturity, years

Exhibit 15: Weighted Average Maturity of Foreign-Held U.S. Long-Term Debt

Despite an average maturity of more than 10 years, almost half of U.S. long-term debt

securities held by foreigners mature in 5 years or less and about 70 percent mature in 10

years or less. For further analysis on the duration of investors’ Treasury portfolios, see

Tabova and Warnock (2022).21 Appendix Table A12 shows the distribution of foreign

holdings by years to maturity and security type.

20 The maturity structure of new issuance also plays a role in changes to the average maturity of foreign

holdings.

21 Tabova, Alexandra M. and Warnock, Francis E. ‘‘Preferred Habitats and Timing in the World’s Safe

Asset,” NBER Working Paper, December 2022, 1-57.

24
Foreign Holdings of U.S. Treasuries by Type of Holder and Type of Treasury

Issue

Foreign investors hold far more of some types of Treasury issues than others (Exhibit 16).

Nearly 80 percent of foreign holdings of Treasuries are long-term nominal securities, with

TIPS, short-term Treasuries, and Floating Rate Notes (FRN) comprising the remaining

share. Relative to all outstanding Treasury securities, long-term nominal Treasuries, TIPS,

and short-term Treasuries have over 25 percent foreign ownership; in contrast, only about 15

percent of outstanding FRN are held by foreign investors. The majority of foreign holdings

of FRN and short-term Treasuries are held by private investors, while foreign holdings of

long-term nominal Treasuries and TIPS are more evenly split between official and private

investors.

Total outstanding publicly-held U.S. government debt has steadily increased since 2015 to

about $23 trillion in 2022. Likewise, total outstanding long-term nominal Treasuries (about

$17.3 trillion), TIPS (about $1.8 trillion), and FRN (about $0.6 trillion) have steadily

increased since 2015. For these three types of Treasury issues, however, foreign holdings have

not kept pace with issuance, and their foreign-held shares have continously fallen since 2015.

In contrast, total outstanding publicly-held short-term debt has steadily fallen since 2020 to

about $3.5 trillion, after issuance more than doubled in the spring of 2020 to finance

COVID-related government spending. Foreign holdings of short-term Treasury securities

have since been stable, causing the foreign-held share of short-term securities to edge

upwards.

Foreign Holdings of U.S. Treasuries by Major Investing Country and Type of

Treasury Issue

In most major investing countries, foreign holdings of Treasuries are concentrated in

long-term nominal bonds, although the exact composition varies by country (Exhibit 17).22

Japan and China hold the most U.S. Treasuries and have been the top holding countries

since at least 2008. Among top holders of Treasuries, China holds the most TIPS, followed

by the Cayman Islands and the United Kingdom. Appendix Table A7 shows holdings of

different forms of U.S. Treasury securities for all countries as of 2022.

22 In January 2014, the U.S. Treasury began issuing Floating Rate Notes, which have a maturity of two

years and pay an interest rate that varies over time with the rates on newly issued 13-week Treasury bills.

Despite their variable interest rate, because Floating Rate Notes have a maturity of two years, foreign

holdings of Floating Rate Notes are included in nominal long-term debt throughout this report.

25
0

20

40

60

80

0

10

20

30

40 Trillions of dollars

20152016201720182019202020212022

Domestic (left)

Foreign private (left)

Foreign official (left)

% foreign-owned (right)

Total Treasuries

0

10

20

30

40

50

60

70

80

90

100 Percent

20152016201720182019202020212022

Composition of Foreign Holdings

Long-term nominal TIPS

FRN Short-term

0

25

50

75

100

0

5

10

15

20 Trillions of dollars

20152016201720182019202020212022

Domestic (left)

Foreign private (left)

Foreign official (left)

% foreign-owned (right)

Long-term Nominal

0

20

40

60

80 Percent

0

2

4

6

8

20152016201720182019202020212022

Domestic (left)

Foreign private (left)

Foreign official (left)

% foreign-owned (right)

Short-term

0

20

40

60

80

0

.25

.5

.75

1 Trillions of dollars

20152016201720182019202020212022

Domestic (left)

Foreign private (left)

Foreign official (left)

% foreign-owned (right)

Floating-rate Notes (FRN)

0

25

50

75

100 Percent

0

.5

1

1.5

2

20152016201720182019202020212022

Domestic (left)

Foreign private (left)

Foreign official (left)

% foreign-owned (right)

TIPS

Exhibit 16: Foreign Holdings of U.S. Treasuries by Type of Treasury Issue

26
0

2

4

6

8 Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

Total

0

1

2

0

1

2

0

1

2

200820092010201120122013201420152016201720182019202020212022200820092010201120122013201420152016201720182019202020212022

200820092010201120122013201420152016201720182019202020212022200820092010201120122013201420152016201720182019202020212022

200820092010201120122013201420152016201720182019202020212022200820092010201120122013201420152016201720182019202020212022

Japan China

United Kingdom Luxembourg

Cayman Islands Switzerland

Long-term nominal Short-term TIPS FRN Trillions of dollars

Top Six Countries as of 2022

Exhibit 17: Foreign Holdings of U.S. Treasuries by Major Investing Country

27
Foreign Holdings of U.S. Long-Term Corporate and Agency Debt by Type

Exhibit 18 shows foreign holdings of corporate and agency debt from 2008 to 2022, grouped

into four categories: corporate ABS, corporate non-ABS debt, agency ABS, and agency

non-ABS debt. Foreign holdings of U.S. long-term corporate and agency debt fell in 2022,

reversing a trend of steady growth in recent years. This decline was driven by decreased

holdings of non-ABS corporate debt due to valuation losses from higher interest rates. In

contrast, the ABS share of foreign holdings of U.S. corporate debt was about unchanged from

recent years. The ABS share of agency debt has trended upwards, rising from about half of

total agency debt in 2008 to almost the full amount in recent years. Meanwhile the non-ABS

share has trended downwards, largely due to declining issuance of non-ABS debt by

government agencies over the period. Appendix Table A9 shows holdings of long-term ABS

by country and security type for all countries with non-zero ABS holdings. Japan, Taiwan,

and China have the largest holdings of ABS due to their large holdings of agency securities.

0

2

4

6 Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

Corporate ABS Corporate non-ABS

Agency ABS

Agency non-ABS Exhibit 18: Foreign Holdings of U.S. Long-Term Corporate and Agency Debt by Type

Foreign Holdings of U.S. Long-Term Corporate Asset-Backed Securities

Overall, foreign holdings of long-term corporate ABS stepped down slightly in 2022, in line

with a general downward trend since 2008. Exhibit 19 splits foreign holdings of U.S.

28
long-term corporate ABS (as shown in Exhibit 18) into those backed by pools of residential

home mortgages and commercial mortgages (mortgage-backed securities, or MBS), and those

backed by other types of assets, such as pools of credit card receivables, automobile loans, or

student loans (non-MBS).23 The top panel shows this breakdown for all countries since 2008,

and the following panels show the same breakdown over the same time period for the top six

holders in 2022. Appendix Table A9 also provides this breakdown for all countries.

In 2022, the top two holders of long-term corporate ABS securities were the Cayman Islands

and the United Kingdom. Holdings in the Cayman Islands stepped down in 2022, largely

driven by decreased holdings of MBS securities. This decline was mostly offset by increased

MBS and non-MBS holdings in the United Kingdom, which reached levels not seen since

2011. Holdings in the other top countries -- Ireland, Canada, Luxembourg, and Bermuda --

were at similar levels compared to last year.

Foreign investors also held a small amount of short-term ABS in the form of asset backed

commercial paper (ABCP). Table A10 in the Appendix presents holdings of all short-term

debt securities, including short-term Treasury securities, agency securities, and corporate

securities, as well as commercial paper (CP) and asset backed commercial paper (ABCP), for

all countries in 2022.

23 A similar breakdown is not provided for agency ABS because nearly all agency ABS are backed by pools of

residential home mortgages.

29
0

200

400

600

800 Billions of dollars

200820092010201120122013201420152016201720182019202020212022

Total

0

50

100

150

200

0

50

100

150

200

0

50

100

150

200

200820092010201120122013201420152016201720182019202020212022200820092010201120122013201420152016201720182019202020212022

200820092010201120122013201420152016201720182019202020212022200820092010201120122013201420152016201720182019202020212022

200820092010201120122013201420152016201720182019202020212022200820092010201120122013201420152016201720182019202020212022

Cayman Islands United Kingdom

Ireland Canada

Luxembourg Bermuda

MBS Non-MBS Billions of dollars

Top Six Countries as of 2022

By Major Investing Country

Exhibit 19: Foreign Holdings of U.S. Long-Term Corporate Asset-Backed Securities 

30
Forms of Foreign Portfolio Investment in the United States

The 2022 value of foreign-held securities in holdings of U.S. assets was more than double its

level in 2008, despite tracking the decline in securities valuations since 2021 (Exhibit 20).

Looking back even farther, the fraction of foreign-held assets that are securites has continued

its steady increase since the mid-1980s (Appendix B, Exhibit 20). In December 1984, foreign

holdings of U.S. securities were about equal to holdings of other liabilities. In contrast, at

end-June 2022, securities holdings were nearly five times as large as non-securities

investment. Therefore, while the preceding sections of this report only discuss securities,

those securities have made up a large and increasing fraction of total foreign investment into

the United States.

0

5

10

15

20

25

30

35 Trillions of dollars

200820092010201120122013201420152016201720182019202020212022

Exhibit 20: Forms of Foreign Portfolio Investment in the United States

U.S. short-term securities

U.S. long-term securities

U.S. non-financial entities' liabilities

U.S. financial entities' liabilities

Comparing securities to other types of liabilities omits direct investment but includes

investment that is categorized in the financial account of the U.S. balance of payments as

‘‘portfolio investment’’ and ‘‘other investment.’’ In Exhibit 20, financial entities’ liabilities

are custodial and own liabilities to foreigners including deposits, loans, brokerage balances,

accrued interest, and insurance reserves, for example. Non-financial entities’ liabilities are

custodial and own liabilities to foreigners, such as trade payables and advance receipts.

31
Chapter 2. Data Collection Methodology

The U.S. system for measuring foreign-resident holdings of U.S. securities consists of annual

surveys, with ‘‘benchmark’’ surveys every five years. The benchmark surveys collect

cross-border portfolio data from a large number of institutions (custodians and issuers) in an

attempt to capture total foreign-resident ownership of U.S. securities. In the four years

succeeding a benchmark survey, data are collected from a smaller set of respondents that

collectively account for the vast majority of the holdings reported in the previous benchmark

survey. The most recent SHL benchmark survey was conducted in 2019.

Prior to 2013, the panel for each of the four succeeding years was kept largely unchanged,

with the panel of respondents selected based on the size of positions as reported in the most

recent benchmark survey. Since 2013, the annual respondent panels for the years following a

benchmark survey have been selected based on TIC form SLT (‘‘Aggregate Holdings,

Purchases and Sales, and Fair Value Changes of Long-Term Securities by U.S. and Foreign

Residents’’) reporting. Reporters are still generally chosen based on the overall size of their

positions, but the panel is also selected to ensure comprehensive coverage across countries

and asset classes and to limit movement of respondents on and off the panel.

For the 2022 survey, a non-benchmark survey, data were collected from respondents who

collectively accounted for 97 percent of the 2019 benchmark survey holdings. Data were

submitted by about 340 U.S.-resident issuers and custodians (including securities

depositories) who were required to report, in detail, U.S. securities issued directly to a

foreign resident or entrusted to their safekeeping on behalf of a foreign-resident client.

Holdings were very concentrated: the 10 largest custodians reported 85 percent of the total

market value. Respondents submitted a total of about 3.7 million records, of which about

2.2 million were equity records and about 1.5 million were debt records.

Data Analysis and Editing

As noted in the introduction, the surveys collect data at the individual security level,

allowing for detailed analysis and the presentation of data across many dimensions, including

by country, security type, currency, remaining maturity, and industry. Experience has

shown that collecting security-level data produces more accurate survey results than can be

obtained by collecting aggregate information, because the security-level data sometimes

reveal significant errors that may otherwise go undetected. In addition, collecting

security-level data is efficient because survey respondents need to report data in only one

format instead of aggregating and reporting their holdings in different ways, such as those

shown in the tables in this report. Security-level reporting also allows the verification of

many securities’ market values.

32
The data reported by respondents were subject to extensive analysis and editing. The first

step in the process was to analyze data at the reporter level to identify systematic errors

within each respondent’s submission. Respondent data that were filed during the prior year

were analyzed individually and compared against the data submitted in the current year.

Aggregate holdings reported in the survey were also measured against holdings reported in

the other TIC monthly and quarterly forms, including the SLT and BL-2 forms, to identify

and reconcile any major discrepancies between the respondents’ reports as of end-June 2022.

Once the analysis of the data for each respondent was complete, the data were analyzed on a

security-by-security basis, across all reporters. Securities subject to particular attention

included those reported with a large market value or quantity, those with particularly high

or low prices or price changes relative to the prior year’s survey, and those comprising a

large percentage of the total amount outstanding.

The third phase was to analyze the data according to various cumulative or ‘‘macro’’

groupings. At this level, the data were aggregated by categories such as country of foreign

owner, type of issuer, and type of industry. This review was especially useful in eliminating

cases in which the miscoding of a security with a small market value could have a large

relative impact on a small category. This analysis was performed to explain significant

year-over-year trends or anomalies based on business practices or economic developments,

and to identify the primary contributors driving the shifts in the macro data. Additionally,

as with the reporter-level review, the data were compared with reporting on other TIC forms

to identify potential systemic issues.

Foreign Holdings of U.S. Long-Term Securities as Measured by the TIC Liabilities Survey and the TIC SLT Reports

Conclusions about country-level foreign holdings from the detailed securities-level SHL

survey are echoed by the SLT monthly aggregate data for long-term securities. Differences

between these data sources for most countries are small. Differences are concentrated in

countries that are hubs for offshore debt issuance and securities custody businesses: the

United Kingdom, Cayman Islands, Luxembourg, and Belgium. Exhibit 21 compares foreign

holdings of long-term U.S. securities in 2022 as measured by the annual TIC SHL and the

monthly TIC SLT.24 Unlike the annual surveys, which collect data at the individual security

level, the SLT collects data at the country-security type-month level, a significantly lower

level of detail. However, the SLT has the advantage of providing information on

cross-border securities holdings on a timelier basis, without resorting to the monthly

estimates previously constructed from reported transactions and valuation estimates based

24 The SLT began collecting monthly aggregate position data on U.S. holdings of foreign securities and

foreign holdings of U.S. securities in September 2011.

33
on price indexes: TIC survey data are released eight to ten months after the reporting date,

whereas SLT data are released about six weeks after the reporting date.

The security-level detail of the survey data allows for data adjustments that address three

issues: potential double counting when custodians and issuers report the same position,

securities positions not reported by issuers, and the smaller size of the annual SHL panel.

The first two adjustments, for over-reporting and for unreported debt issuance abroad, affect

only debt and are offsetting in direction; the third adjustment affects both debt and equity.

These adjustments are descibed in more detail in the next section, including how and where

these adjustments generate differences between the SHL and SLT. Aside from the differences

related to these adjustments, the country-level distribution is largely preserved across the

two reports.

34
Exhibit 21: Foreign Holdings of U.S. Long-Term Securities

As Measured by the TIC Liabilities Survey (SHL) and the TIC SLT

Billions of dollars

Total long-term Equity Long-term debt

Country SHL SLT Diff SHL SLT Diff SHL SLT Diff

Japan 2,401 2,417 -16 727 729 -2 1,674 1,688 -14

United Kingdom 2,342 2,415 -73 1,312 1,322 -10 1,030 1,093 -63

Cayman Islands 2,097 2,030 67 1,365 1,324 41 732 706 26

Luxembourg 1,844 1,894 -50 1,021 1,022 -1 823 872 -49

Canada 1,823 1,841 -18 1,341 1,340 1 482 501 -19

China, mainland 1,471 1,470 1 273 271 2 1,198 1,199 -1

Ireland 1,207 1,205 2 748 750 -2 459 455 4

Switzerland 983 998 -15 628 636 -8 355 362 -7

Belgium 831 881 -50 76 77 -1 755 804 -49

Taiwan 690 695 -5 100 101 -1 590 594 -4

France 604 607 -3 297 298 -1 307 309 -2

Australia 564 572 -8 471 474 -3 93 98 -5

Singapore 549 552 -3 323 323 0 226 229 -3

Norway 545 555 -10 386 388 -2 158 167 -9

Korea, South 516 519 -3 331 332 -1 185 187 -2

Germany 513 513 0 311 309 2 202 204 -2

Netherlands 455 450 5 305 299 6 150 151 -1

Hong Kong 368 368 0 142 141 1 226 227 -1

Sweden 330 330 0 274 273 1 56 57 -1

Bermuda 305 311 -6 127 126 1 178 185 -7

Country Unknown 57 3 54 1 1 0 56 2 54

Rest of world 3,274 3,269 5 1,619 1,607 12 1,656 1,661 -5

Total 23,768 23,895 -127 12,177 12,144 33 11,591 11,751 -160

Of which:

Holdings of foreign

official institutions 5,699 5,726 -27 1,290 1,299 -9 4,409 4,427 -18

Adjustments and Calculation of Total Foreign Holdings of U.S. Securities

The dollar value of the three adjustments mentioned above is summarized in Exhibit 22 and

described in more detail below.

35
Exhibit 22: Adjustments to TIC SHL Data

Billions of dollars

Type of security

and foreign holder

Overreporting

Synthetic

securities

Unreported U.S.

issuance abroad

Total

adjustments

Total adjustment

as percentage of holdings

Treasury debt

Total foreign 0.0 1.7 0.0 1.7 0.0

Foreign official 0.0 0.0 0.0 0.0 0.0

Foreign private 0.0 1.7 0.0 1.7 0.1

Agency debt

Total foreign 0.0 1.3 0.0 1.3 0.1

Foreign official 0.0 0.0 0.0 0.0 0.0

Foreign private 0.0 1.3 0.0 1.3 0.2

Corporate debt

Total foreign -144.3 73.0 79.8 8.5 0.2

Foreign official 0.0 0.0 0.0 0.0 0.0

Foreign private -144.3 73.0 79.8 8.5 0.2

Equities

Total foreign 0.0 234.7 0.0 234.7 1.9

Foreign official 0.0 0.0 0.0 0.0 0.0

Foreign private 0.0 234.7 0.0 234.7 2.2

First, the data were adjusted downward to remove identified cases of over-reporting, which

can occur if an issuer reported debt securities issued directly into foreign markets and U.S.

custodians also reported foreign holdings of those securities (see column 2 in Exhibit 22). For

the 2022 survey, as in surveys since 2014, reporter-level data were used to identify securities

for which both issuers and custodians reported positions. If the total amount reported for a

given security by the issuer and all custodians combined exceeded the amount of the security

issued, the survey position was reduced by the amount of the excess, which reduces the SHL

relative to the SLT. The adjustment is generally assigned to the country into which the

security was issued, which results in larger effects for countries where U.S. firms commonly

issue debt internationally, including Belgium, Luxembourg, and the United Kingdom.

Second, data on U.S. securities issued into foreign markets and not reported in the SHL were

collected by the Board of Governors of the Federal Reserve System (Federal Reserve Board)

based on news reports and commercial data sources. Issuance of these bonds, also known as

Eurobonds, has been quite strong in recent years, and in principle should be reported in the

SHL by the issuers. However, in non-benchmark survey years, the survey reporting panel is

limited to respondents selected by the Federal Reserve Bank of New York. Many of the

issuers are not already on the panels, and the process of bringing new reporters to the panel

is fairly lengthy. Thus, for SHL 2014 through SHL 2022, adjustments to account for the

most significant securities and issuers were constructed by the Board of Governors (see

36
column 4 in Exhibit 22). This adjustment increases the SHL data relative to the SLT. The

increased holdings are assigned to ‘‘country unknown.’’25 As a result, the SHL position for

debt held by ‘‘country unknown’’ is larger than that for the SLT (Exhibit 21). In addition,

in some cases, review of the security-level data indicates that some foreign securities have

been included in reporter submissions. These securities can be removed from the SHL data

but cannot always be removed from the corresponding SLT filings.

Third, using TIC SLT data from reporters on the SLT panel but not on the annual survey

panel, synthetic securities were created to adjust the data upward in order to make annual

survey figures comparable to benchmark survey figures (see column 3 in Exhibit 22). The

SLT data provided the aggregate market value by country of issuer and type of industry

(government or other). To determine the distribution of securities holdings across other

relevant characteristics not available from the SLT (maturity, currency, industry, and

security type), data were used from reporters on the annual survey panel that were

considered to be similar to reporters on the non-survey SLT panel. To reduce the number of

adjustment securities created, synthetic securities were constructed only for countries whose

total liabilities reporting from the sample of SLT filers not included in the annual survey

exceeded $250 million. Finally, additional synthetic securities account for the positions of

2019 benchmark respondents that did not meet the SLT threshold and will not be recorded

again until the next benchmark. Total adjustment values are summarized in Exhibit 22.

This synthetic securities adjustment applies to all asset types and generally brings the survey

data values closer to those of the SLT. Overall, though, synthetic securities were small

compared to total reported securities holdings.

Treatment of Repurchase and Securities Lending Agreements

Repurchase and securities lending agreements pose challenges for accurately measuring

cross-border holdings of securities. Following international standards, repurchase and

securities lending agreements are treated as collateralized loans, as the return of the same or

similar securities at a set price is agreed upon in advance, and thus the economic risk of

changes in the value of the securities continues to reside with the securities lender (the

economic owner) even though the lender is no longer the legal owner (the securities borrower

is the legal owner). Lenders (or their custodians) are instructed to report securities involved

in such agreements as continuously held by the lender, and borrowers (or their custodians)

are instructed not to report them as holdings of the borrower.

However, reporting entities may not always have sufficient information to report as survey

forms request. That is, custodians may not always be able to distinguish (a) securities

25 Most securities in the SHL that are assigned to ‘‘country unknown’’ are the result of this Eurobond data

adjustment.

37
transferred in or transferred out through repurchase and lending activity from (b) those

originating from outright purchases and sales. Thus, correct reporting by custodians, given

the information they have, can result in reporting ‘‘errors’’ from the viewpoint of data

collectors and those compiling balance of payments and international investment position

statistics. This type of reporting error could result in measured foreign holdings being either

over- or under-reported. For instance, under-reporting might occur if a foreign entity (or its

agent) lends a U.S. security to a U.S. resident without either counterparty informing their

custodian that the transaction is a loan rather than a sale. After the change in legal

ownership, the U.S. custodian of the foreign resident delivers out the security and thus

would not report the security as foreign held. The custodian for the U.S. resident would also

not report, because it holds a U.S. security on behalf of a U.S. resident and not a foreign

resident. On the other hand, over-reporting might occur if a U.S. resident lends a U.S.

security to a foreign entity and again neither custodian is informed that the transaction is a

loan rather than a sale. In this case, the U.S. custodian for the foreign resident would report

foreign ownership of the U.S. security when in fact it is still U.S.-owned (in the sense of

economic ownership).

Another challenge is that a security borrower (the legal owner) has the right to resell a

borrowed security. If a U.S. resident borrows a U.S. security from a foreign entity and

subsequently sells the security to another foreign resident, the result can be that two

different foreign residents report the same holding. In this case, reporting is correct

according to the instructions, but it can lead to the overstatement of certain statistics, such

as the percentage of U.S. Treasury securities that is foreign owned.

Finally, securities lending and short sales can introduce a difference between reported

securities transactions and changes in reported positions. For example, if a foreigner borrows

a Treasury security from a U.S. resident and then sells the security to a U.S. resident, the

transaction reporting system will (correctly) register this transaction as a foreign sale to a

U.S. resident. However, the position reporting system will show no net change in foreign

holdings of U.S. Treasuries. Thus, there will be a difference between reported net

transactions and the change in reported positions, even after adjusting for valuation changes.

Data compilers, including those for the TIC system, have considered a wide range of

approaches to mitigating this problem. For example, the International Monetary Fund has

suggested that if a security borrower sells the security acquired under a security loan, then a

negative (or ‘‘short’’) position be recorded in the security, reflecting the obligation to return

the security to the security lender. However, this approach would likely require expanding

the TIC reporting panel to a very large set of security borrowers in order to capture all

relevant activity. Another suggestion would be for the TIC system to deviate from the

38
international reporting standard to exclude repurchase agreements (repos) and securities

lending based on economic ownership, and instead require reporting based on legal

ownership. However, such a deviation from international reporting standards is not being

considered at this time.

Acknowledgements

The Department of the Treasury, the Federal Reserve Bank of New York, and the Federal

Reserve Board wish to express their appreciation to the International and Domestic Markets

Division of the Federal Reserve Bank of New York for preparation of the U.S. portfolio

investment data. Staff members responsible for the data analysis were Kenneth Aberbach

and, under the direction of Jamie Ferkov: Gabriella Cruz, Hilda Hyman, Samuel Moser,

Tiffany Romain, Mahesh Sangisetty, Vincent Simpson, and Sindhuja Vaidhyanathan. Under

the direction of Ani Qosja and Nathan Merrill, automation staff in conjunction with the

business area responsible for obtaining properly formatted data files and for facilitating data

loads and updates were: Savaughn Cannady, Amador Castelo, Kin Chan, Lewis Diep,

Maham Hamdani, Paula Webster, and Chun Wong. Under the direction of Muhammad

Arshad, Application Development staff responsible for the application support were:

Subramanyam Chamarti, Irina Levin, Aswin Subramaniam, Nowshad Mohamed, Natalie

Michaels and Sukumar Palani. Staff members involved from TSG Quality management

office were Subramanyam Chamarti and Sowmya Damera. Under the direction of Victoria

Williams, staff responsible for timely data entry were: Rita Cek-Dagostin, Natasha Fair, and

Sharon Trowers. Federal Reserve Board staff responsible for additional data analysis and

review and the final production and drafting of this report were Ruth Judson, Andrew

McCallum, Nyssa Kim, Andrew Loucky, Madeleine Yi, Laura DeMane, Ben Stagoff-Belfort,

Christopher Cottle, and Jialin Zhang.

39
Chapter 3: Background of TIC Surveys and the TIC Reporting

System

History of the TIC Liabilities Surveys

From 1974 to 2000, benchmark surveys, covering all significant securities holders, of foreign

portfolio investment in U.S. long-term securities were conducted approximately every five

years.26 Beginning in 2002, benchmark surveys have been conducted every five years as of

the end of June, and annual surveys, covering a smaller set of respondents, have been

conducted as of the end of June in every non-benchmark year. In addition, surveys

beginning in 2002 measure foreign holdings of U.S. short-term securities as well as those of

long-term securities.27 TIC form SHL is used for benchmark surveys and TIC form SHL-A is

used for annual surveys.28

In the four years following each benchmark survey, the annual surveys collect data primarily

from the largest reporters, who collectively report at least 95 percent of the market value of

foreign holdings as measured by the preceding benchmark survey. Results in each report use

sampling weights to ensure conclusions based on the annual incomplete set of reporters, and

results are adjusted to account for unmeasured holdings. Since 2013, the annual survey

respondent panel has been adjusted each year based on reporting from the TIC monthly SLT

form ‘‘Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents.’’ The

June 2019 survey was a benchmark survey; the next full benchmark survey is planned for

June 2024. The adjustment calculations and the reporting panel construction are discussed

in Chapter 2.

The TIC Reporting System

The TIC liabilities surveys are part of the U.S. system to measure banking and securities

positions and flows between the United States and the rest of the world, known as the

Treasury International Capital (TIC) reporting system. This data system is based on

location, or country of legal residence of the issuer, holder, buyer, or seller.

In addition to surveys of foreign ownership of U.S. securities conducted annually as of the

end of June, the TIC system also conducts annual surveys of U.S. holdings of foreign

26 Prior to 1974, surveys were conducted in 1853, 1869, and 1941 by the Department of the Treasury, and in

1934 and 1937 by the Department of Commerce. Those surveys, collected from a comprehensive panel of

reporters, measured foreign holdings only of long-term U.S. securities.

27 Long-term securities are defined as those without a stated maturity date (such as equities) or with an

original term-to-maturity greater than one year.

28 SHL stands for ‘‘Securities Holdings: Liabilities.’’ The SHL form is used for surveys and the SHL-A form

is used for annual surveys.

40
securities as of the end of December, known as the TIC claims surveys, using TIC form SHC

or SHC-A.29

The TIC system also collects aggregate monthly data on cross-border securities holdings and

transactions by counterparty country, type of foreign counterparty, and broad security type

through the revised and expanded TIC Form SLT, ‘‘Aggregate Holdings, Purchases and

Sales, and Fair Value Changes of Long-Term Securities by U.S. and Foreign Residents.’’

The TIC SLT has reported data on U.S. holdings of foreign long-term securities and foreign

holdings of U.S. long-term securities since late 2011. Beginning in April 2023, the TIC SLT

also began reporting data on cross-border purchases and sales of these securities. Later, data

quality permitting, the TIC SLT may also report changes in valuation in long-term securities

arising from changes in prices. These data are less detailed than annual survey data but

allow for more frequent and timely analysis.

The TIC Form S, ‘‘Purchases and Sales of Long-Term Securities by Foreign Residents,’’

collected monthly data on U.S. residents’ cross-border transactions in long-term securities

until February 2023, after transaction reporting was added to the TIC form SLT, as noted

above. TIC S data were used in this and past TIC surveys reports.

The 2022 TIC liabilities survey was conducted under the authority of the International

Investment and Trade in Services Survey Act (22 U.S.C. 3101 et seq.). Reporting was

mandatory, and subject to penalties for noncompliance. Data were reported to the Federal

Reserve Bank of New York, acting as agent for the Department of the Treasury, no later

than August 31, 2022. The reporting forms and instructions are included in Appendix C.

Reporting Basis: Country of Residence

TIC data are reported based on the counterparty’s country of legal residence. In the case of

the SHL, the country of holder is recorded based on the residence of the security owner.

These country breakdowns should be interpreted with care for three reasons. First, beneficial

ownership information is not necessarily reported in the TIC SHL for unregistered and

bearer securities.30 The owners of such securities do not need to make themselves known,

and typically, little or no information is available about the owners. Second, many registered

U.S. securities are issued abroad, and these securities typically trade in book-entry form,

with settlement and custody occurring at international central securities depositories

(ICSDs). Prominent ICSDs are Euroclear in Belgium and Clearstream in Luxembourg. U.S.

29 SHC stands for ‘‘Securities Holdings: Claims.’’ The SHC form is used for surveys and the SHC-A form is

used for annual surveys.

30 Long-term bearer securities cannot be issued in the United States, but U.S. firms can and do issue such

securities abroad.

41
survey reporters typically report only the country where the ICSD is located and thus large

foreign holdings are attributed to these countries. Third, chains of foreign financial

intermediaries are often involved in the custody or management of securities. This

‘‘custodial bias’’ tends to overstate the amounts of holdings by residents of countries with

major custodial activities such as Belgium, Luxembourg, Switzerland, and the United

Kingdom.31 Finally, the country of residence basis also defines whether a security is a U.S.

security, depending on the residence of the issuer. For example, some bonds included as U.S.

corporate bonds are issued by the U.S. financing affiliates of foreign multinationals.

Uses of TIC Data in U.S. Official Statistics

The TIC liabilities survey, along the TIC claims survey and other elements of the TIC

securities reporting system, are the primary inputs to two U.S. publications. First, and in

accordance with the purpose cited in the legislation mandating the TIC data collection, the

TIC data underlie the cross-border securities portions of the Department of Commerce’s

International Investment Position (IIP) and Balance of Payments (BOP) Statistics. Second,

the TIC data are the basis for many items in the Rest of the World Tables in the Federal

Reserve’s Statistical Release Z.1, ‘‘Financial Accounts of the United States.’’

Online Links to TIC Data

All published TIC data, including monthly and quarterly data releases, annual survey

reports, background articles, supplementary data, and reference materials, are available at

the Treasury’s Treasury International Capital (TIC) System website. Annual liabilities

survey reports, including this and prior reports and all appendices are available at TIC

Annual Liabilities Reports. Data by country and broad security type for all survey years

since 1994 are available at Historical TIC annual liabilties data. Reporting instructions for

the TIC liabilities surveys (SHL/SHL-A), which provide details of the residency-based

reporting criteria used in the survey, are in Appendix C of this report and at TIC SHL/SHLA

Forms and Instructions. Detailed information about the monthly transactions system and

the annual surveys, as well as a discussion of the SLT form, can be found in three articles

posted on the TIC website: Articles on the Treasury International Capital System (TIC).

3233

31 For example, a resident of Germany may buy a U.S. security and place it in the custody of a Swiss bank.

Normally the Swiss bank will then employ a U.S.-resident custodian bank to act as its sub-custodian to

hold the security to facilitate settlement and custody operations in the United States. When portfolio

surveys are conducted, information is collected only from U.S.-resident entities. Thus, the U.S.-resident

bank, acting as the sub-custodian of the Swiss bank, will report this security on the survey.Because the

U.S. bank will typically know only that it is holding the security on behalf of a Swiss bank, it will report

the security as Swiss-held.

32 Carol Bertaut, William Griever, and Ralph Tryon, ‘‘Understanding U.S. Cross-Border Securities Data,’’

Federal Reserve Bulletin, May 2006, 59-75;

Erika Brandner, Fang Cai, and Ruth Judson, ‘‘Improving the Measurement of Cross-Border Securities

Holdings: The Treasury International Capital SLT,’’ Federal Reserve Bulletin, May 2012, 1-28.

33 Carol Bertaut and Ruth Judson, ‘‘Estimating U.S. Cross-Border Securities Positions: New Data and New

Methods,’’ 2014, International Finance Discussion Paper 2014-1113.

42
Appendix A: Statistical Appendix

A-1
Table A1. Foreign Holdings of U.S. Securities, by Country, as of End-June

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Afghanistan 1 1 1 2 2 1 4 1

 Albania * * * * * * * 1

 Algeria 1 1 1 1 1 1 1 1

 Andorra 2 3 2 2 2 2 2 2

 Angola 1 1 1 1 3 2 2 1

 Anguilla 20 18 17 3 6 7 11 13

 Antigua and Barbuda * * * * * 1 * *

 Argentina 7 7 7 11 19 13 14 13

 Armenia * * 1 1 1 1 1 1

 Aruba 1 1 1 1 1 1 1 2

 Australia 242 237 271 303 344 352 467 572

 Austria 18 19 20 23 28 24 35 32

 Azerbaijan 8 7 7 8 7 11 11 13

 Bahamas 37 42 52 36 39 65 65 76

 Bahrain 3 2 2 2 2 2 3 2

 Bangladesh 1 * 1 1 1 1 1 6

 Barbados 16 23 24 21 13 12 14 16

 Belarus * * * * * * * *

 Belgium 602 589 691 739 780 852 925 873

 Belize 1 1 1 1 1 1 1 1

 Benin * * * * * * * *

 Bermuda 287 307 318 317 349 367 383 344

 Bhutan * * * * * * * *

 Bolivia 3 2 2 2 3 2 1 1

 Bonaire, Sint Eustatius & Saba * * * * * * * *

 Bosnia and Herzegovina * * * * * * * *

 Botswana 2 2 2 2 2 1 1 1

 Brazil 268 259 277 310 322 276 266 245

 British Indian Ocean Territory * * * * * * * *

 British Virgin Islands 173 161 166 175 178 170 206 193

 Brunei 3 3 5 6 4 5 7 6

 Bulgaria * * * * * * 1 1

 Burkina Faso * * * * * * * 5

 Burma * * * * * * * *

 Burundi * * * * * * 0 0

 Cambodia 2 2 2 2 2 5 5 19

 Cameroon * * * * * * * *

 Canada 992 951 1,061 1,210 1,262 1,335 1,977 1,844

 Cape Verde * * * * * * * *

 Cayman Islands 1,506 1,525 1,687 1,757 1,877 1,903 2,465 2,240

 Central African Republic * * * * * * * 0

 Chad * * * * * * * *

 Chile 64 59 57 55 56 59 68 70

 China, mainland 1,844 1,630 1,541 1,607 1,543 1,569 1,575 1,473

 Colombia 59 48 45 44 50 47 59 58

 Comoros 1 * * * * * * *

 Congo (Brazzaville) * * * * * * * *

 Congo (Kinshasa) * * * * * * * *

 Cook Islands * * 1 1 * * 1 *

 Costa Rica 4 3 3 3 4 4 6 6

* Greater than zero but less than $500,000.

n.a. Not available.

A-2
Table A1. Foreign Holdings of U.S. Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Cote d‘Ivoire (Ivory Coast) * * * * * * * 2

 Croatia 2 2 2 2 2 3 3 3

 Cuba * * * * * * * *

 Curacao 4 6 6 7 7 7 7 7

 Cyprus 1 * 1 1 1 2 5 4

 Czech Republic 8 11 24 23 27 32 30 29

 Denmark 105 117 125 123 138 157 254 183

 Djibouti * * * * * * * *

 Dominica * * * * * * * *

 Dominican Republic 2 2 2 3 3 4 5 3

 East Timor 12 11 11 12 11 12 13 13

 Ecuador 1 1 1 1 1 2 1 1

 Egypt 5 3 9 21 20 20 18 5

 El Salvador 1 1 2 2 2 2 1 2

 Equatorial Guinea * * * * * * * *

 Eritrea * * * * * * * *

 Estonia 1 1 * 1 1 1 2 2

 Ethiopia * * * * * * * *

 Falkland Islands * * * * * * * *

 Faroe Islands * * * * * * * *

 Federated States of Micronesia * * * * * * * *

 Fiji * * * * * * * *

 Finland 32 37 45 47 51 48 65 58

 France 274 229 292 329 373 399 682 622

 French Guiana * * * * * * * *

 French Polynesia * * * * * * * *

 Gabon * * * * * * * *

 Gambia * * * * * * * *

 Georgia 1 1 * * * * * *

 Germany 344 373 427 456 396 421 562 522

 Ghana 1 1 1 2 2 4 3 3

 Gibraltar 1 1 1 1 1 1 1 1

 Greece 9 6 4 4 6 5 7 6

 Greenland * * * * * * 0 0

 Grenada * * * * * * * *

 Guadeloupe * * * * * * * *

 Guatemala 3 3 5 5 9 11 9 10

 Guernsey 40 38 43 43 56 53 70 68

 Guinea * * * * * * * *

 Guinea-Bissau 0 0 0 0 0 0 * *

 Guyana * * * * * * * *

 Haiti 1 1 2 2 2 2 2 1

 Holy See (Vatican) * * * * * * * *

 Honduras 1 1 1 1 2 3 4 4

 Hong Kong 298 305 350 364 397 455 471 391

 Hungary 2 3 3 3 5 5 6 4

 Iceland 2 3 3 3 3 3 3 2

 India 119 119 133 152 168 189 230 218

 Indonesia 25 25 34 29 30 31 34 34

 Iran * * * * * * * *

* Greater than zero but less than $500,000.

n.a. Not available.

A-3
Table A1. Foreign Holdings of U.S. Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Iraq 30 15 16 26 35 32 21 32

 Ireland 831 931 1,068 1,149 1,081 1,182 1,499 1,387

 Isle of Man 2 2 3 2 3 3 13 4

 Israel 69 76 88 92 114 138 204 151

 Italy 67 78 78 90 101 107 132 113

 Jamaica 1 1 1 1 1 1 1 1

 Japan 1,903 1,960 1,998 2,044 2,280 2,553 2,765 2,474

 Jersey 27 30 25 25 25 24 37 31

 Jordan 1 * 1 1 1 1 1 2

 Kazakhstan 39 27 29 12 9 6 3 9

 Kenya 1 1 1 3 4 6 6 5

 Kiribati * * * * * * * *

 Korea, South 209 236 282 316 366 414 570 535

 Kosovo * * * * * * * *

 Kuwait 191 189 230 269 287 304 371 342

 Kyrgyzstan * * * * * * * *

 Laos * * * * * * * *

 Latvia 2 2 2 2 2 2 3 2

 Lebanon * * * * * * * *

 Lesotho * * * * * * * *

 Liberia 1 1 1 1 1 1 1 1

 Libya * * 1 4 5 2 2 3

 Liechtenstein 3 3 4 5 2 9 14 10

 Lithuania * * * 3 2 2 2 2

 Luxembourg 1,297 1,349 1,398 1,494 1,623 1,777 2,301 1,972

 Macau 3 4 4 5 4 5 6 5

 Macedonia * * * * * * * *

 Madagascar * * * * 1 1 1 1

 Malawi * * * * * * * *

 Malaysia 33 36 41 42 41 55 60 55

 Maldives * * * * * * * *

 Mali * * * * * * * *

 Malta 2 1 1 2 2 3 4 4

 Marshall Islands 1 1 1 1 1 1 3 2

 Martinique * * * * * * * *

 Mauritania * * * * * * * *

 Mauritius 8 3 8 3 3 3 2 3

 Mayotte * 0 0 0 0 0 0 *

 Mexico 157 117 97 117 90 91 108 101

 Moldova * * 1 1 1 1 2 2

 Monaco 2 2 2 2 2 2 3 3

 Mongolia * * * 1 * * * *

 Montenegro * * * * * * * *

 Montserrat * * * * * * * *

 Morocco 2 3 2 3 5 5 5 6

 Mozambique * * * * * * * *

 Namibia 1 1 1 1 1 * * *

 Nauru * * * * * * * *

 Nepal 1 1 1 1 1 * 1 1

 Netherlands 318 350 398 413 421 425 530 457

* Greater than zero but less than $500,000.

n.a. Not available.

A-4
Table A1. Foreign Holdings of U.S. Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 New Caledonia * * * * * * * *

 New Zealand 20 19 27 32 38 42 59 51

 Nicaragua 1 1 * 1 * * * *

 Niger * * * * * * * *

 Nigeria 3 3 3 4 6 5 5 6

 Niue * 0 0 * * 0 * *

 Norway 309 306 340 370 452 467 614 546

 Oman 29 22 23 23 19 15 18 16

 Pakistan 2 2 4 3 1 1 1 1

 Palau * * * * * * * *

 Panama 17 19 22 23 28 26 33 31

 Papua New Guinea * * * * * * * *

 Paraguay * * * * 1 3 8 8

 Peru 29 28 29 32 36 30 40 42

 Philippines 42 46 43 36 38 48 56 55

 Pitcairn Island * * * * * * 0 0

 Poland 32 37 36 43 30 42 58 38

 Portugal 6 9 8 7 9 12 15 13

 Qatar 7 10 7 11 33 42 42 36

 Reunion * * * * * * * *

 Romania 2 4 3 8 8 7 8 8

 Russia 73 91 103 15 11 6 5 3

 Rwanda * * * * * * 1 1

 Saint Helena 0 0 0 0 0 * * 0

 Saint Kitts and Nevis 2 3 3 4 8 8 8 7

 Saint Lucia * * * * * 1 1 1

 Saint Martin & Saint Barthelemy * * * * * * * *

 Saint Vincent and the Grenadines * * * * * * * *

 Samoa * * * * * * * 1

 San Marino * * * * * * * *

 Sao Tome and Principe 0 0 0 * * * * *

 Saudi Arabia 184 152 202 233 289 279 323 311

 Senegal * * * * * * * *

 Serbia 2 2 2 2 2 2 1 1

 Seychelles * * * * * * 1 *

 Sierra Leone * * * * * * * *

 Singapore 331 321 348 353 363 377 565 560

 Sint Maarten * * * * * * * *

 Slovakia * * * * 1 * * 1

 Slovenia 2 2 2 2 2 2 3 3

 Solomon Islands * * * * * * * *

 Somalia * * * * * * * *

 South Africa 21 20 22 39 26 26 35 33

 South Sudan * * * * 0 0 * *

 Spain 48 59 60 55 68 72 78 70

 Sri Lanka * * 1 3 2 3 * *

 Sudan * * * * * * * *

 Suriname * * * * 1 * * *

 Eswatini * * * * * * * *

 Sweden 169 165 180 216 236 238 356 331

* Greater than zero but less than $500,000.

n.a. Not available.

A-5
Table A1. Foreign Holdings of U.S. Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Switzerland 708 742 824 813 813 854 1,184 1,015

 Syria * * * * * * * *

 Taiwan 454 519 565 577 626 699 757 697

 Tajikistan * * * * * * * *

 Tanzania 2 1 2 2 1 2 2 2

 Thailand 37 55 79 77 104 111 95 87

 Togo * * * * * * * *

 Tokelau * * * * * * * *

 Tonga * * * * * * * *

 Trinidad and Tobago 10 9 10 10 11 10 11 10

 Tunisia 1 1 1 1 1 1 2 *

 Turkey 76 59 59 30 3 3 3 3

 Turkmenistan * * * * * * * *

 Turks and Caicos Islands 1 1 1 1 1 1 1 2

 Tuvalu * 0 0 0 0 * 0 0

 Uganda 1 1 1 1 1 1 1 1

 Ukraine 4 6 2 4 4 6 6 8

 United Arab Emirates 168 161 147 156 160 162 204 179

 United Kingdom 1,448 1,427 1,493 1,598 1,776 1,988 2,617 2,434

 Uruguay 12 10 10 11 13 14 17 17

 Uzbekistan * * * * * * * *

 Vanuatu * * * * * * * *

 Venezuela 6 5 6 6 7 5 6 4

 Vietnam 14 14 14 20 25 30 39 39

 Wallis and Futuna * * * * * 0 0 *

 West Bank and Gaza * * * * * * * *

 Western Sahara * 0 0 0 0 0 * *

 Yemen 1 * * * * * * *

 Zambia * * * * * * * *

 Zimbabwe * * * * * * * *

 International and regional organizations 98 96 88 86 84 100 96 109

 Country Unknown 98 82 64 79 56 76 71 57

 Total 17,134 17,139 18,412 19,400 20,534 21,954 27,189 24,893

* Greater than zero but less than $500,000.

n.a. Not available.

A-6
Table A2. Foreign Holdings of U.S. Equities, by Country, as of End-June

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Afghanistan * * * * * * * *

 Albania * * * * * * * *

 Algeria * * * * * * * *

 Andorra 1 1 1 1 1 1 1 1

 Angola * * 1 * 1 * * *

 Anguilla 19 16 15 2 5 7 10 12

 Antigua and Barbuda * * * * * * * *

 Argentina 5 4 5 5 6 7 9 8

 Armenia * * * * * * * *

 Aruba * * 1 * * * * 1

 Australia 176 171 193 223 262 267 374 471

 Austria 8 9 11 14 20 16 27 25

 Azerbaijan 1 1 1 2 2 2 4 4

 Bahamas 21 17 21 20 23 27 31 23

 Bahrain 1 1 1 1 1 1 2 1

 Bangladesh * * * * * * * *

 Barbados 2 2 1 2 2 1 2 2

 Belarus * * * * * * * *

 Belgium 34 31 38 54 58 59 104 76

 Belize 1 * * 1 1 1 1 1

 Benin * * * * * * * *

 Bermuda 89 86 95 102 111 111 138 127

 Bhutan * * * * * * * *

 Bolivia * * * * 1 * * *

 Bonaire, Sint Eustatius & Saba * * * * * * * *

 Bosnia and Herzegovina * * * * * * * *

 Botswana 1 * 1 1 * * * 1

 Brazil 8 5 5 6 5 8 16 18

 British Indian Ocean Territory * * * * * * * *

 British Virgin Islands 119 105 112 114 112 106 149 129

 Brunei 2 2 4 5 3 2 4 4

 Bulgaria * * * * * * * *

 Burkina Faso * * * * * * * 4

 Burma * * * * * * * *

 Burundi * * * * * * 0 0

 Cambodia * * * * * * * 7

 Cameroon * * * * * * * *

 Canada 761 695 810 928 956 971 1,495 1,341

 Cape Verde * * * * * * * *

 Cayman Islands 884 796 928 1,038 1,084 1,059 1,538 1,365

 Central African Republic * * * * * * * 0

 Chad * * * * * * * *

 Chile 29 21 24 21 22 23 27 27

 China, mainland 330 178 194 217 189 233 273 273

 Colombia 18 13 13 13 13 14 20 21

 Comoros 1 * * * * * * *

 Congo (Brazzaville) * * * * * * * *

 Congo (Kinshasa) * * * * * * * *

 Cook Islands * * 1 1 * * 1 *

 Costa Rica 2 1 1 1 2 2 3 3

* Greater than zero but less than $500,000.

n.a. Not available.

A-7
Table A2. Foreign Holdings of U.S. Equities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Cote d‘Ivoire (Ivory Coast) * * * * * * * 1

 Croatia * * * * 1 1 1 1

 Cuba * * * * * * * *

 Curacao 2 3 3 4 4 4 5 4

 Cyprus * * * 1 1 2 4 4

 Czech Republic 2 2 3 3 4 5 8 8

 Denmark 61 68 83 87 100 115 215 151

 Djibouti * * * * * * * *

 Dominica * * * * * * * *

 Dominican Republic * * * * * * 1 *

 East Timor 4 4 4 4 4 4 5 3

 Ecuador 1 1 * * 1 1 1 1

 Egypt * * * 1 * 3 1 *

 El Salvador * * * * * * * 1

 Equatorial Guinea * * * * * * * *

 Eritrea * * * * * * * *

 Estonia * * * 1 * 1 1 1

 Ethiopia * * * * * * * *

 Falkland Islands * * * * * * * *

 Faroe Islands * * * * * * * *

 Federated States of Micronesia * * * * * * * *

 Fiji * * * * * * * *

 Finland 18 21 28 34 38 36 53 47

 France 168 120 154 166 177 192 359 297

 French Guiana * * * * * * * *

 French Polynesia * * * * * * * *

 Gabon * * * * * * * *

 Gambia * * * * * * * *

 Georgia * * * * * * * *

 Germany 159 155 208 239 191 210 332 311

 Ghana * * * * * * * *

 Gibraltar * * * * * * * *

 Greece 4 2 2 2 2 2 3 3

 Greenland * * * * * * 0 0

 Grenada * * * * * * * *

 Guadeloupe * * * * * * * *

 Guatemala * * * * 1 * * *

 Guernsey 26 27 32 32 43 40 56 52

 Guinea * * * * * * * *

 Guinea-Bissau 0 0 0 0 0 0 * *

 Guyana * * * * * * * *

 Haiti * * * * * * * *

 Holy See (Vatican) * * * * * * * *

 Honduras * * * * * * * *

 Hong Kong 77 75 96 113 110 126 170 142

 Hungary 1 1 1 1 1 1 2 2

 Iceland 1 1 1 1 1 1 2 2

 India 2 2 3 4 4 6 9 8

 Indonesia * * * * * * 1 4

 Iran * * * * * * * *

* Greater than zero but less than $500,000.

n.a. Not available.

A-8
Table A2. Foreign Holdings of U.S. Equities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Iraq * * * * * * * *

 Ireland 235 238 296 393 456 517 821 748

 Isle of Man 1 1 1 1 1 1 2 3

 Israel 41 37 49 55 65 80 130 87

 Italy 26 24 27 33 35 45 71 56

 Jamaica * * * * * * * *

 Japan 391 428 490 543 596 667 866 727

 Jersey 18 17 16 15 18 17 29 23

 Jordan * * * * * * * *

 Kazakhstan 7 5 6 * * * * *

 Kenya * * * * * * * *

 Kiribati * * * * * * * *

 Korea, South 62 75 102 125 153 187 329 331

 Kosovo * * * * * * * *

 Kuwait 136 131 160 185 197 211 285 241

 Kyrgyzstan * * * * * * * *

 Laos * * * * * * * *

 Latvia * * * * * * 1 1

 Lebanon * * * * * * * *

 Lesotho * 0 0 0 0 0 * *

 Liberia 1 1 1 1 1 1 1 *

 Libya * * * * * * * *

 Liechtenstein 3 3 3 4 1 8 13 9

 Lithuania * * * * * * * *

 Luxembourg 518 516 532 617 663 731 1,195 1,021

 Macau 1 1 1 2 2 2 4 3

 Macedonia * * * * * * * *

 Madagascar * * * * * * * *

 Malawi * * * * * * * *

 Malaysia 11 10 13 14 14 19 27 28

 Maldives * * * * * * * *

 Mali * * * * * * * *

 Malta 1 1 1 1 1 1 2 2

 Marshall Islands 1 1 1 1 1 1 2 1

 Martinique * * * * * * * *

 Mauritania * * * * * * * *

 Mauritius 6 1 4 1 1 1 1 2

 Mayotte * 0 0 0 0 0 0 *

 Mexico 41 36 47 58 24 28 40 36

 Moldova * * * * * * * *

 Monaco 2 2 1 1 1 1 2 2

 Mongolia * * * * * * * *

 Montenegro * * * * * * * *

 Montserrat * * * * * * * *

 Morocco * * * * * 1 1 2

 Mozambique * * * * * * * *

 Namibia * 1 1 1 1 * * *

 Nauru * * * * * * * *

 Nepal * * * * * * * *

 Netherlands 202 210 254 280 284 264 354 305

* Greater than zero but less than $500,000.

n.a. Not available.

A-9
Table A2. Foreign Holdings of U.S. Equities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 New Caledonia * * * * * * * *

 New Zealand 13 12 19 23 27 30 47 43

 Nicaragua * * * * * * * *

 Niger * * * * * * * *

 Nigeria * * * * * * * *

 Niue * 0 0 * * 0 * *

 Norway 199 201 239 277 309 325 446 386

 Oman 7 6 7 10 10 7 10 9

 Pakistan * * * * * * * *

 Palau * * * * * * * *

 Panama 11 11 12 12 14 14 20 17

 Papua New Guinea * * * * * * * *

 Paraguay * * * * * * * *

 Peru 11 9 11 12 13 8 8 8

 Philippines 2 2 3 3 4 3 4 5

 Pitcairn Island * * * * * * 0 0

 Poland 3 3 2 2 1 1 3 2

 Portugal 3 3 3 4 5 6 8 7

 Qatar 1 5 3 3 13 17 28 25

 Reunion * * * * * * * *

 Romania * * * * * * * *

 Russia * * * * * * 1 1

 Rwanda * * * * * * * *

 Saint Helena 0 0 0 0 0 * * 0

 Saint Kitts and Nevis 1 1 2 2 6 6 7 6

 Saint Lucia * * * * * * * *

 Saint Martin & Saint Barthelemy * * * * * * * *

 Saint Vincent and the Grenadines * * * * * * * *

 Samoa * * * * * * * 1

 San Marino * * * * * * * *

 Sao Tome and Principe 0 0 0 * * * * *

 Saudi Arabia 52 35 46 57 93 133 182 181

 Senegal * * * * * * * *

 Serbia * * * * * * * *

 Seychelles * * * * * * 1 *

 Sierra Leone * * * * * * * *

 Singapore 145 136 167 180 180 169 327 323

 Sint Maarten * * * * * * * *

 Slovakia * * * * * * * *

 Slovenia 1 1 1 1 1 1 2 2

 Solomon Islands * * * * * * * *

 Somalia * * * * * * * *

 South Africa 10 9 10 12 12 12 18 16

 South Sudan * * * * 0 0 * *

 Spain 12 13 18 18 21 23 39 35

 Sri Lanka * * * * * * * *

 Sudan * * * * * * * *

 Suriname * * * * * * * *

 Eswatini * * * * * * * *

 Sweden 119 117 130 164 180 194 307 274

* Greater than zero but less than $500,000.

n.a. Not available.

A-10
Table A2. Foreign Holdings of U.S. Equities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Switzerland 344 351 413 452 450 496 759 628

 Syria * * * * * * * *

 Taiwan 36 43 56 65 68 79 110 100

 Tajikistan * * * * * * * *

 Tanzania * * * * * * * *

 Thailand 2 2 3 6 11 16 27 19

 Togo * * * * * * * *

 Tokelau * * * * * * * *

 Tonga * * * * * * * *

 Trinidad and Tobago 2 2 3 3 4 3 4 4

 Tunisia 1 1 1 1 1 1 1 *

 Turkey * 1 1 1 1 1 1 1

 Turkmenistan * * * * * * * *

 Turks and Caicos Islands * * * * 1 1 1 1

 Tuvalu * 0 0 0 0 * 0 0

 Uganda * * * * * * * *

 Ukraine * * * 3 * * * *

 United Arab Emirates 89 87 80 89 101 127 134 130

 United Kingdom 832 741 844 924 1,002 1,019 1,540 1,312

 Uruguay 2 2 2 3 2 3 5 3

 Uzbekistan * * * * * * * *

 Vanuatu * * * * * * * *

 Venezuela 4 3 3 3 4 3 4 3

 Vietnam * * * * * * * *

 Wallis and Futuna * * * * * 0 0 *

 West Bank and Gaza * * * * * * * *

 Western Sahara * 0 0 0 0 0 * *

 Yemen * * * * * * * *

 Zambia * * * * * * * *

 Zimbabwe * * * * * * * *

 International and regional organizations 5 4 5 5 9 9 13 14

 Country Unknown * * 1 1 1 1 1 1

 Total 6,655 6,186 7,189 8,139 8,630 9,168 13,705 12,177

* Greater than zero but less than $500,000.

n.a. Not available.

A-11
Table A3. Foreign Holdings of U.S. Long-Term Debt Securities, by Country, as of End-June

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Afghanistan 1 1 1 2 2 1 3 1

 Albania * * * * * * * 1

 Algeria * * * * * * * *

 Andorra 1 1 1 1 1 1 1 1

 Angola 1 * * 1 2 1 2 1

 Anguilla * * * * * 1 * *

 Antigua and Barbuda * * * * * * * *

 Argentina 2 2 2 4 7 3 2 2

 Armenia * * 1 1 1 1 1 1

 Aruba 1 1 1 1 1 1 1 1

 Australia 56 58 69 70 74 75 84 93

 Austria 9 10 9 8 7 7 7 6

 Azerbaijan 7 6 5 5 5 8 7 9

 Bahamas 12 21 25 11 11 33 22 24

 Bahrain 1 1 1 1 * * * *

 Bangladesh * * * * * * * 5

 Barbados 13 21 22 19 10 10 11 13

 Belarus * * * * * * * 0

 Belgium 555 497 638 654 695 747 787 755

 Belize * * * * * * * *

 Benin 0 * * * * * 0 0

 Bermuda 175 193 199 193 213 223 211 178

 Bhutan 0 0 * * * * * *

 Bolivia 1 * 1 1 1 * * *

 Bonaire, Sint Eustatius & Saba * * * * * * * *

 Bosnia and Herzegovina * * * * * * * *

 Botswana 2 2 1 1 1 1 1 1

 Brazil 239 240 253 297 313 253 250 226

 British Indian Ocean Territory * 0 * * * * 0 0

 British Virgin Islands 38 41 43 48 52 56 52 56

 Brunei 1 1 1 1 1 2 3 1

 Bulgaria * * * * * * * *

 Burkina Faso * 0 0 0 0 0 0 0

 Burma * * * * * * * *

 Cambodia 2 2 2 2 2 5 5 12

 Canada 207 235 238 263 289 335 462 482

 Cape Verde 0 * * * * * * *

 Cayman Islands 525 626 657 604 694 720 801 732

 Chile 25 30 24 23 30 28 35 37

 China, mainland 1,510 1,450 1,344 1,385 1,350 1,301 1,298 1,198

 Colombia 39 34 32 29 35 32 38 37

 Comoros 0 0 0 0 * 0 0 0

 Congo (Brazzaville) * * 0 0 * * 0 *

 Congo (Kinshasa) * * * * * * * *

 Cook Islands * * * * * * * *

 Costa Rica 2 2 2 2 2 2 2 3

 Cote d‘Ivoire (Ivory Coast) 0 0 0 0 0 0 0 *

 Croatia 1 1 1 1 1 1 2 1

 Curacao 2 2 2 2 2 2 2 2

 Cyprus * * * * * * * *

* Greater than zero but less than $500,000.

n.a. Not available.

A-12
Table A3. Foreign Holdings of U.S. Long-Term Debt Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Czech Republic 6 9 21 19 23 25 21 21

 Denmark 43 47 40 36 37 39 38 31

 Dominica * * * * * * * *

 Dominican Republic 1 2 1 2 3 3 4 3

 East Timor 8 8 8 8 8 8 9 11

 Ecuador * * * * 1 1 * *

 Egypt 4 1 2 2 2 2 2 *

 El Salvador 1 1 1 1 1 1 * *

 Equatorial Guinea * 0 0 0 * * * 0

 Estonia * * * * 1 * * *

 Ethiopia * * * * * 0 0 0

 Falkland Islands * * * * * * * *

 Faroe Islands 0 0 * * * 0 0 0

 Federated States of Micronesia * * * * * * * *

 Fiji * * * * * * * *

 Finland 13 15 17 12 13 11 12 10

 France 98 97 122 144 177 183 303 307

 French Guiana * * * * * * * *

 French Polynesia * * * * * * * *

 Gabon * * * * * * * *

 Georgia 1 1 * * 0 * * 0

 Germany 180 196 215 209 194 199 222 202

 Ghana 1 1 1 1 1 3 3 3

 Gibraltar * * * * * * * *

 Greece 2 2 2 2 3 2 2 2

 Grenada * * * * * * * *

 Guadeloupe * 0 0 * * * 0 0

 Guatemala 2 3 4 4 8 10 8 9

 Guernsey 11 10 10 10 11 11 11 14

 Guinea * * * * * 0 0 0

 Guyana * * * * * * * *

 Haiti 1 1 1 2 2 1 2 1

 Holy See (Vatican) * * * * * * * *

 Honduras 1 1 1 1 1 2 4 3

 Hong Kong 162 182 191 210 257 303 280 226

 Hungary 1 2 1 2 4 3 3 2

 Iceland 1 2 2 2 2 2 2 1

 India 101 110 115 142 161 152 210 207

 Indonesia 23 23 31 27 28 29 28 26

 Iran 0 0 0 * 0 0 0 0

 Iraq 12 7 6 11 16 13 9 16

 Ireland 476 578 640 622 520 470 505 459

 Isle of Man 1 1 1 1 1 1 1 1

 Israel 23 36 37 35 46 52 65 59

 Italy 41 53 49 54 59 58 60 55

 Jamaica 1 * 1 1 1 1 1 1

 Japan 1,437 1,470 1,450 1,436 1,622 1,815 1,832 1,674

 Jersey 8 7 6 7 7 6 6 7

 Jordan * * * 1 1 1 1 2

 Kazakhstan 12 17 8 4 2 1 2 1

* Greater than zero but less than $500,000.

n.a. Not available.

A-13
Table A3. Foreign Holdings of U.S. Long-Term Debt Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Kenya 1 1 1 3 3 6 6 5

 Kiribati * 0 0 0 0 0 0 0

 Korea, South 133 151 170 174 206 220 227 185

 Kosovo 0 * * * * * * *

 Kuwait 43 46 49 61 65 65 62 62

 Kyrgyzstan 0 0 0 0 0 * 0 0

 Laos 0 0 0 * * 0 0 0

 Latvia 1 1 2 2 2 2 2 1

 Lebanon * * * * * * * *

 Lesotho * * * * * * * *

 Liberia * 1 * * * * * *

 Libya 0 0 * 1 * 2 2 1

 Liechtenstein * * 1 1 1 1 1 1

 Lithuania * * * 3 2 2 2 2

 Luxembourg 681 738 771 774 871 917 960 823

 Macau 2 2 2 3 3 3 2 3

 Macedonia * * * * * * 0 *

 Madagascar * * * * 1 1 1 1

 Malawi * * * * * * * *

 Malaysia 22 25 28 28 26 36 33 27

 Maldives 0 0 0 * * * * *

 Malta 1 1 1 1 1 1 2 2

 Marshall Islands * * * * * * * *

 Martinique * * * * * * * *

 Mauritania * * * * * * * *

 Mauritius 1 2 3 2 2 1 1 1

 Mayotte * 0 0 0 0 0 0 0

 Mexico 100 64 44 49 57 49 55 50

 Moldova * * 1 1 1 1 2 2

 Monaco * * * * * 1 1 1

 Mongolia * * * * * * * *

 Montenegro 0 0 * * * 0 0 *

 Montserrat 0 * * * * * * *

 Morocco 2 2 2 2 5 4 4 4

 Mozambique * * * * * * * *

 Namibia * * * * * * * *

 Nepal 1 1 1 1 1 * 1 1

 Netherlands 107 130 129 123 133 159 173 150

 New Caledonia * * * * * * * *

 New Zealand 7 7 7 8 9 9 10 8

 Nicaragua * * * * * * * *

 Niger * 0 0 0 0 0 0 0

 Nigeria 3 3 2 4 5 5 5 6

 Norway 109 104 101 93 143 141 167 158

 Oman 15 16 16 12 9 8 7 7

 Pakistan 1 1 1 1 * * 1 1

 Palau * * * * * * * *

 Panama 6 7 9 9 11 9 9 9

 Papua New Guinea * * * * * * * *

 Paraguay * * * * * 2 8 7

* Greater than zero but less than $500,000.

n.a. Not available.

A-14
Table A3. Foreign Holdings of U.S. Long-Term Debt Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Peru 17 18 18 20 23 21 31 33

 Philippines 40 42 39 32 30 42 50 49

 Poland 29 35 34 41 25 31 43 35

 Portugal 3 6 5 3 3 5 6 6

 Qatar 1 * 2 2 3 6 9 8

 Romania 2 4 3 8 7 5 5 8

 Russia 72 91 97 9 5 3 * *

 Rwanda * * * * * * 1 1

 Saint Kitts and Nevis 1 1 1 2 2 1 1 1

 Saint Lucia * * * * * * * *

 Saint Martin & Saint Barthelemy * * * * * * * *

 Saint Vincent and the Grenadines * * * * * * * *

 Samoa * * * * * * * *

 San Marino 0 0 0 0 * * * *

 Sao Tome and Principe 0 0 0 0 0 0 * *

 Saudi Arabia 126 112 114 121 150 111 116 110

 Senegal 0 * * * * 0 0 0

 Serbia 1 1 2 2 2 2 1 1

 Seychelles * * * * * * * *

 Singapore 174 171 164 162 171 187 227 226

 Sint Maarten * * * * * * * *

 Slovakia * * * * * * * *

 Slovenia 1 1 1 1 1 1 1 1

 Solomon Islands * * * * * * * *

 South Africa 11 11 12 18 10 10 10 15

 Spain 35 44 41 36 45 46 37 34

 Sri Lanka * * 1 3 2 3 * *

 Suriname * * * * * * * *

 Eswatini * * * * * * * *

 Sweden 44 46 50 53 55 44 48 56

 Switzerland 338 359 378 331 322 323 391 355

 Syria * * * * * 0 0 0

 Taiwan 416 473 505 510 554 614 642 590

 Tajikistan 0 0 0 0 0 * * *

 Tanzania 2 1 2 2 1 2 2 2

 Thailand 16 25 64 54 77 83 63 48

 Togo * * * * * * * *

 Tonga * * * * 0 0 0 0

 Trinidad and Tobago 7 7 7 6 7 6 5 5

 Tunisia * * * * * * * *

 Turkey 19 25 23 13 2 2 1 1

 Turkmenistan 0 0 0 0 * 0 0 0

 Turks and Caicos Islands * * * * * * * 1

 Uganda * 1 1 * 1 1 1 1

 Ukraine 4 6 2 1 4 6 6 8

 United Arab Emirates 65 63 58 57 46 25 43 35

 United Kingdom 574 646 608 629 716 891 1,003 1,030

 Uruguay 8 6 6 7 7 6 4 5

 Uzbekistan * * * * * * * *

 Vanuatu 0 0 * * * * * *

* Greater than zero but less than $500,000.

n.a. Not available.

A-15
Table A3. Foreign Holdings of U.S. Long-Term Debt Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Venezuela 2 2 2 2 3 2 2 1

 Vietnam 14 14 14 20 25 30 39 39

 West Bank and Gaza 0 0 0 0 * 0 0 0

 Western Sahara * 0 0 0 0 0 0 0

 Yemen 1 * * * * * * *

 Zambia * * * * * * * *

 Zimbabwe * * * * * * * *

 International and regional organizations 84 78 68 61 58 61 62 73

 Country Unknown 98 82 64 79 55 75 69 56

 Total 9,547 10,044 10,292 10,282 10,991 11,559 12,407 11,591

* Greater than zero but less than $500,000.

n.a. Not available.

A-16
Table A4. Foreign Holdings of U.S. Short-Term Debt Securities, by Country, as of End-June

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Afghanistan 0 * 0 0 * 0 1 0

 Albania * 0 0 0 0 0 0 *

 Algeria 1 1 1 1 1 1 1 1

 Andorra * * * * * * * *

 Angola * * 0 * 0 0 0 0

 Anguilla * 2 1 * * * * *

 Antigua and Barbuda * * * * * * * *

 Argentina * * * 2 6 4 2 3

 Armenia 0 0 0 0 * * * *

 Aruba * * * * * * * *

 Australia 10 9 8 10 8 11 9 9

 Austria 1 * * * 1 1 * 1

 Azerbaijan 1 1 1 1 * 1 * 1

 Bahamas 3 4 5 5 4 4 12 29

 Bahrain * * * * 1 1 1 1

 Bangladesh 1 * 1 1 1 1 1 1

 Barbados 1 1 1 1 1 1 1 1

 Belarus 0 * 0 0 0 0 0 0

 Belgium 13 61 15 31 27 46 34 41

 Belize * * * * * * * *

 Bermuda 22 27 24 21 26 33 34 39

 Bolivia 2 1 1 1 2 1 * *

 Bonaire, Sint Eustatius & Saba * * * * * 0 0 0

 Botswana * * * * * * 0 *

 Brazil 21 13 18 8 3 16 1 1

 British Indian Ocean Territory 0 0 0 * 0 0 0 0

 British Virgin Islands 16 14 11 13 14 8 5 8

 Brunei * * * * * * * 1

 Bulgaria 0 0 0 * * * * *

 Burkina Faso 0 0 * * * 0 0 1

 Burma 0 0 0 0 0 * * 0

 Cambodia 0 * * * * 0 0 *

 Canada 24 20 13 19 16 29 20 21

 Cape Verde * * * * * * * 0

 Cayman Islands 97 103 102 115 99 124 126 143

 Chile 10 8 9 10 4 8 5 7

 China, mainland 3 2 3 5 4 34 3 2

 Colombia 1 1 * 2 1 2 * 1

 Cook Islands 0 * * 0 * * * *

 Costa Rica * * * * * * * *

 Croatia * * * * * * * 1

 Curacao * 1 1 1 1 1 1 2

 Cyprus * * * * * * * *

 Czech Republic * * * * * 2 * *

 Denmark 1 1 1 1 1 4 1 1

 Dominica * * * * * * * *

 Dominican Republic * * * * * * * *

 East Timor * 0 * 0 0 0 0 0

 Ecuador * * * * * * * *

 Egypt 1 1 6 18 18 15 15 5

* Greater than zero but less than $500,000.

n.a. Not available.

A-17
Table A4. Foreign Holdings of U.S. Short-Term Debt Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 El Salvador * * * * 1 1 * *

 Estonia * * * * * * * *

 Ethiopia 0 * 0 * * 0 0 0

 Federated States of Micronesia * 0 * * * 0 0 0

 Fiji * * * * * * 0 0

 Finland * * * * * 1 1 *

 France 8 13 16 18 19 25 20 18

 French Polynesia * * * * * * * *

 Gabon 0 0 0 0 0 * 0 *

 Gambia 0 0 0 0 * * * *

 Georgia * 0 0 0 0 0 0 0

 Germany 5 22 5 7 11 12 8 8

 Ghana * 0 * * * * * *

 Gibraltar 0 * 1 * * * * *

 Greece 3 3 1 * 1 1 2 1

 Grenada * * * 0 * * * *

 Guatemala * * * * * * * 1

 Guernsey 3 2 1 1 2 2 3 2

 Guinea 0 0 0 0 * 0 0 0

 Guyana 0 0 * 0 * 0 0 0

 Haiti * * * * * * * *

 Honduras * * * * * * * *

 Hong Kong 59 48 64 42 30 27 21 23

 Hungary * * * * * 1 1 1

 Iceland * * * * * * * *

 India 16 7 16 6 2 31 11 3

 Indonesia 2 1 3 2 2 2 4 4

 Iraq 18 8 10 16 18 18 12 16

 Ireland 120 115 132 134 105 195 173 180

 Isle of Man * * 1 * * * 9 *

 Israel 4 2 1 2 2 6 10 6

 Italy 1 1 2 2 6 3 2 2

 Jamaica 0 * * * * * * *

 Japan 75 62 58 65 62 71 67 73

 Jersey 2 5 3 2 1 1 1 2

 Jordan * * 0 * * * * *

 Kazakhstan 20 6 15 8 7 5 1 8

 Kenya 0 0 0 * * * 0 *

 Korea, South 13 10 10 17 7 8 14 20

 Kosovo 0 * 0 0 0 0 * *

 Kuwait 13 11 21 23 25 27 24 40

 Kyrgyzstan 0 0 0 * * 0 0 0

 Latvia * * * * * * * *

 Lebanon 0 0 0 * * * * *

 Lesotho 0 0 * * * * * *

 Liberia * * * * * * * *

 Libya 0 0 0 3 5 * 0 2

 Liechtenstein * 0 * * * * * *

 Lithuania * * * * * * * *

 Luxembourg 98 94 95 103 89 130 146 128

* Greater than zero but less than $500,000.

n.a. Not available.

A-18
Table A4. Foreign Holdings of U.S. Short-Term Debt Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Macau * * * 1 * * * *

 Macedonia 0 0 0 0 0 * * 0

 Madagascar 0 0 0 0 * * 0 0

 Malaysia * * * * * * * *

 Malta * * * * * * * *

 Marshall Islands * * * * * * * *

 Mauritania 0 0 0 * 0 * 0 *

 Mauritius * * 1 * * 1 1 *

 Mexico 15 18 6 9 9 14 14 15

 Moldova 0 0 0 0 0 * 0 0

 Monaco * * * * * * * *

 Mongolia 0 0 0 * * 0 * 0

 Montenegro 0 0 0 * 0 0 0 0

 Montserrat 0 0 0 0 0 * * *

 Morocco 0 * 0 0 * * * *

 Mozambique * 0 0 0 * * 0 0

 Namibia 0 0 0 0 * * 0 *

 Nepal * * * * * * * *

 Netherlands 9 10 15 9 3 3 2 2

 New Caledonia * 0 0 0 0 0 0 0

 New Zealand 1 1 * * 1 3 2 *

 Nicaragua * * * * * * * *

 Nigeria * * * * * * * *

 Norway 1 1 1 1 1 1 1 1

 Oman 8 * 0 * * * * *

 Pakistan * 1 2 2 * * 1 *

 Palau 0 0 * * * 0 0 0

 Panama * 1 1 2 3 3 4 5

 Papua New Guinea 0 0 0 * * * * 0

 Paraguay * * * * * * * *

 Peru 1 1 1 1 1 1 1 1

 Philippines 1 1 1 1 4 3 2 1

 Poland * * * * 4 10 12 1

 Portugal * * * * * 1 * 1

 Qatar 5 5 3 5 18 20 5 3

 Romania 0 0 0 * * 2 2 0

 Russia * * 6 6 6 3 4 2

 Rwanda 0 0 0 0 0 0 * 0

 Saint Kitts and Nevis * * * * 1 * * *

 Saint Lucia * 0 0 * * * * *

 Saint Martin & Saint Barthelemy 0 * * * 0 * 0 0

 Saint Vincent and the Grenadines 0 * 0 0 * * * *

 Samoa * * * * 0 0 * *

 Saudi Arabia 5 5 42 54 46 36 24 20

 Serbia 1 * * * * * * 0

 Seychelles 0 * 0 * * * * *

 Sierra Leone 0 0 0 * * * * *

 Singapore 12 14 16 10 12 21 11 11

 Sint Maarten 0 * * * * * * *

 Slovakia * * * * * * * *

* Greater than zero but less than $500,000.

n.a. Not available.

A-19
Table A4. Foreign Holdings of U.S. Short-Term Debt Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2015 2016 2017 2018 2019 2020 2021 2022

 Slovenia * * * * * * * *

 Solomon Islands 0 0 0 0 * 0 0 0

 South Africa * * * 9 4 4 8 2

 Spain 1 1 1 2 2 3 2 1

 Sri Lanka 0 0 0 0 * * 0 *

 Sudan 0 0 0 0 * * 0 *

 Suriname * * * * * * * *

 Eswatini 0 0 0 0 0 0 * 0

 Sweden 6 2 * * 1 1 1 1

 Switzerland 27 32 34 30 41 35 33 32

 Taiwan 2 3 4 2 4 6 6 7

 Tanzania 0 0 0 0 0 * * 0

 Thailand 19 28 12 16 16 12 4 20

 Tonga 0 0 * 0 0 0 0 0

 Trinidad and Tobago 1 * * 1 1 1 1 1

 Tunisia 0 0 0 0 0 * 0 0

 Turkey 57 34 36 16 * 1 1 1

 Turks and Caicos Islands * * * * * * * *

 Uganda * * 1 * 1 1 * *

 Ukraine 0 * * * * * * *

 United Arab Emirates 13 11 9 10 13 11 27 14

 United Kingdom 42 40 41 45 58 78 74 92

 Uruguay 1 1 1 2 3 6 9 10

 Vanuatu * * * * * * * *

 Venezuela * * * * * * * *

 Vietnam * * * * * * * *

 Zambia * 0 0 0 0 0 0 0

 International and regional organizations 9 14 15 20 17 29 21 21

 Country Unknown 0 0 0 * * * * *

 Total 932 909 930 980 913 1,228 1,076 1,124

* Greater than zero but less than $500,000.

n.a. Not available.

A-20
Table A5. Foreign Holdings of U.S. Securities, by Country and Broad Security Type, as

of June 30, 2022

 Millions of dollars

Debt (LT = long-term; ST = short-term)

Total LT LT LT LT 

 Countries and Regions (LT and ST) Equities Total Treasury Agency Corp ST 

 Afghanistan 1,271 10 1,261 1,251 0 9 0

 Albania 629 12 617 617 0 0 *

 Algeria 744 67 * 0 0 * 678

 Andorra 2,176 1,259 898 414 1 484 19

 Angola 1,214 312 903 882 0 21 0

 Anguilla 12,527 12,010 317 88 14 216 200

 Antigua and Barbuda 489 140 339 259 52 27 10

 Argentina 13,276 7,897 2,145 795 8 1,342 3,235

 Armenia 739 21 663 663 0 * 54

 Aruba 1,720 546 1,115 245 188 682 60

 Australia 572,421 470,661 92,860 47,069 5,698 40,094 8,900

 Austria 32,379 25,225 6,369 4,070 165 2,134 785

 Azerbaijan 13,463 3,928 8,973 8,554 261 158 562

 Bahamas 75,777 23,338 23,667 2,822 15,479 5,366 28,772

 Bahrain 2,388 1,213 350 287 2 62 825

 Bangladesh 6,437 7 5,434 5,434 0 * 997

 Barbados 15,596 2,136 12,859 1,147 1,865 9,848 600

 Belarus 40 40 0 0 0 0 0

 Belgium 872,730 76,041 755,391 230,038 9,872 515,481 41,299

 Belize 1,217 726 446 235 2 209 46

 Benin * * 0 0 0 0 0

 Bermuda 343,864 126,888 177,828 40,916 19,298 117,614 39,149

 Bhutan 47 33 14 5 0 9 0

 Bolivia 994 391 358 106 12 240 245

 Bonaire, Sint Eustatius & Saba 12 11 * 0 0 * 0

 Bosnia and Herzegovina 3 2 * 0 0 * 0

 Botswana 1,492 842 584 276 27 281 66

 Brazil 244,838 18,121 225,935 225,351 2 583 783

 British Indian Ocean Territory 1 1 0 0 0 0 0

 British Virgin Islands 192,977 128,775 56,059 33,001 1,277 21,782 8,142

 Brunei 5,915 3,759 975 624 0 352 1,181

 Bulgaria 543 417 126 107 1 18 *

 Burkina Faso 4,723 3,624 0 0 0 0 1,099

 Burma 110 7 103 103 0 0 0

 Cambodia 18,724 6,692 12,023 5,486 95 6,442 10

 Cameroon 4 4 0 0 0 0 0

 Canada 1,843,657 1,340,956 481,691 187,607 77,454 216,630 21,010

 Cape Verde 56 * 56 56 0 0 0

 Cayman Islands 2,240,248 1,365,364 731,539 174,565 35,586 521,388 143,344

 Chad * * 0 0 0 0 0

 Chile 70,409 26,587 36,905 34,042 400 2,463 6,917

 China, mainland 1,473,143 273,010 1,197,841 935,476 244,191 18,174 2,292

 Colombia 58,371 20,581 36,941 34,128 966 1,846 850

 Comoros 2 2 0 0 0 0 0

 Congo (Brazzaville) 1 1 * * 0 * 0

 Congo (Kinshasa) 1 1 * 0 0 * 0

 Cook Islands 171 151 17 0 0 17 3

 Costa Rica 6,129 3,210 2,613 1,684 40 888 307

 Cote d‘Ivoire (Ivory Coast) 1,612 1,439 172 11 1 161 0

 Croatia 2,561 719 1,266 1,257 0 10 576

* Greater than zero but less than $500,000.

n.a. Not available.

A-21
Table A5. Foreign Holdings of U.S. Securities, by Country and Broad Security Type, as

of June 30, 2022 (continued)

 Millions of dollars

Debt (LT = long-term; ST = short-term)

Total LT LT LT LT 

 Countries and Regions (LT and ST) Equities Total Treasury Agency Corp ST 

 Cuba * * 0 0 0 0 0

 Curacao 7,407 3,863 1,730 583 31 1,116 1,815

 Cyprus 4,077 3,711 206 123 * 83 160

 Czech Republic 28,976 7,822 21,060 19,293 1,685 82 94

 Denmark 182,797 151,154 30,756 13,650 258 16,848 887

 Djibouti 3 3 0 0 0 0 0

 Dominica 156 37 116 96 15 5 2

 Dominican Republic 3,062 495 2,507 2,289 3 216 60

 East Timor 13,423 2,853 10,569 10,569 0 * 0

 Ecuador 1,178 692 411 119 17 275 76

 Egypt 4,984 281 103 95 * 8 4,600

 El Salvador 1,887 1,098 301 100 3 198 489

 Equatorial Guinea 1 1 0 0 0 0 0

 Eritrea * * 0 0 0 0 0

 Estonia 1,746 1,359 302 247 0 55 86

 Ethiopia 4 4 0 0 0 0 0

 Falkland Islands 48 48 * 0 0 * 0

 Faroe Islands 2 2 0 0 0 0 0

 Federated States of Micronesia 189 103 86 58 8 20 0

 Fiji 10 8 2 0 2 * 0

 Finland 57,633 47,049 10,464 5,429 0 5,035 120

 France 622,255 296,966 307,427 216,358 16,869 74,200 17,861

 French Guiana 337 211 127 119 0 7 0

 French Polynesia 15 11 2 * * 1 2

 Gabon 51 30 20 15 0 5 1

 Gambia 165 5 0 0 0 0 160

 Georgia 21 21 0 0 0 0 0

 Germany 521,536 311,143 202,284 87,215 6,082 108,987 8,109

 Ghana 2,861 16 2,719 2,694 0 25 127

 Gibraltar 719 310 383 27 2 355 25

 Greece 6,104 3,101 2,246 2,002 2 241 757

 Grenada 355 120 231 176 30 25 4

 Guadeloupe 11 11 0 0 0 0 0

 Guatemala 10,389 408 8,823 6,158 2,299 366 1,158

 Guernsey 67,776 51,879 13,971 6,917 240 6,814 1,926

 Guinea 109 109 0 0 0 0 0

 Guinea-Bissau * * 0 0 0 0 0

 Guyana 263 24 239 25 197 16 0

 Haiti 1,407 92 1,282 154 382 746 32

 Holy See (Vatican) 35 1 33 12 0 21 0

 Honduras 3,600 194 3,394 3,323 10 61 12

 Hong Kong 390,633 141,990 225,921 164,043 9,074 52,804 22,722

 Hungary 4,458 1,550 2,403 161 2,164 78 504

 Iceland 2,456 1,889 567 567 0 * *

 India 217,817 8,422 206,561 205,794 214 554 2,833

 Indonesia 34,443 3,952 26,280 16,289 7,240 2,751 4,210

 Iran 2 2 0 0 0 0 0

 Iraq 31,895 2 16,026 16,026 0 0 15,868

 Ireland 1,386,580 747,997 458,564 189,735 19,609 249,221 180,019

 Isle of Man 4,285 2,711 1,281 1,045 8 228 293

* Greater than zero but less than $500,000.

n.a. Not available.

A-22
Table A5. Foreign Holdings of U.S. Securities, by Country and Broad Security Type, as

of June 30, 2022 (continued)

 Millions of dollars

Debt (LT = long-term; ST = short-term)

Total LT LT LT LT 

 Countries and Regions (LT and ST) Equities Total Treasury Agency Corp ST 

 Israel 151,207 86,783 58,763 47,040 3,257 8,466 5,660

 Italy 112,648 55,775 55,278 38,675 864 15,738 1,595

 Jamaica 1,284 296 831 606 * 226 157

 Japan 2,474,283 727,332 1,673,614 1,157,884 231,793 283,937 73,337

 Jersey 31,104 22,598 6,561 3,112 407 3,042 1,945

 Jordan 1,678 86 1,590 1,587 * 2 2

 Kazakhstan 8,789 297 974 581 110 283 7,518

 Kenya 4,579 54 4,519 4,516 0 2 6

 Kiribati 206 206 0 0 0 0 0

 Korea, South 535,223 330,899 184,648 92,823 37,895 53,931 19,676

 Kosovo 14 8 1 0 0 1 5

 Kuwait 342,489 240,894 61,530 35,379 3,271 22,880 40,064

 Kyrgyzstan 1 1 0 0 0 0 0

 Laos 1 1 0 0 0 0 0

 Latvia 2,018 532 1,373 124 948 302 113

 Lebanon 240 222 17 8 * 8 2

 Lesotho 98 * 88 87 2 0 10

 Liberia 725 467 246 21 * 225 12

 Libya 3,039 30 1,431 1,142 0 289 1,578

 Liechtenstein 10,221 9,264 835 176 62 597 121

 Lithuania 2,485 147 2,312 2,053 202 57 26

 Luxembourg 1,971,980 1,020,693 823,305 228,725 43,084 551,495 127,982

 Macau 5,323 2,601 2,583 1,036 355 1,192 140

 Macedonia 4 2 2 2 0 0 0

 Madagascar 662 13 649 649 0 0 0

 Malawi 12 4 8 7 0 2 0

 Malaysia 55,202 27,641 27,407 7,984 16,538 2,884 155

 Maldives 117 * 116 116 0 0 0

 Mali * * 0 0 0 0 0

 Malta 3,909 2,154 1,585 404 18 1,164 170

 Marshall Islands 1,984 1,429 354 40 5 309 201

 Martinique 1 * * 0 0 * 0

 Mauritania 211 * 209 209 0 0 2

 Mauritius 3,437 1,758 1,323 1,225 6 92 355

 Mayotte * * 0 0 0 0 0

 Mexico 100,991 35,891 50,476 34,278 12,249 3,950 14,624

 Moldova 1,586 6 1,579 1,579 0 0 0

 Monaco 2,968 2,284 669 390 6 272 15

 Mongolia 219 2 217 217 0 0 0

 Montenegro 4 3 1 0 0 1 0

 Montserrat 41 4 37 29 4 3 1

 Morocco 5,910 2,027 3,875 3,868 2 5 8

 Mozambique 454 2 452 439 * 12 0

 Namibia 475 296 171 168 2 * 8

 Nauru * * 0 0 0 0 0

 Nepal 864 7 707 707 0 0 150

 Netherlands 457,088 304,712 150,197 63,432 14,723 72,042 2,179

 New Caledonia 1 1 * 0 0 * 0

 New Zealand 51,373 42,557 8,462 4,486 781 3,195 354

 Nicaragua 166 64 99 1 * 97 3

* Greater than zero but less than $500,000.

n.a. Not available.

A-23
Table A5. Foreign Holdings of U.S. Securities, by Country and Broad Security Type, as

of June 30, 2022 (continued)

 Millions of dollars

Debt (LT = long-term; ST = short-term)

Total LT LT LT LT 

 Countries and Regions (LT and ST) Equities Total Treasury Agency Corp ST 

 Niger 2 2 0 0 0 0 0

 Nigeria 6,352 179 6,091 5,453 541 97 83

 Niue 1 1 0 0 0 0 0

 Norway 545,524 386,071 158,470 110,210 81 48,179 983

 Oman 16,352 9,121 7,122 6,614 9 500 109

 Pakistan 1,487 71 1,295 1,209 * 86 122

 Palau 196 141 55 19 7 29 0

 Panama 31,199 16,630 9,386 2,078 761 6,546 5,183

 Papua New Guinea 479 1 479 479 0 0 0

 Paraguay 7,514 171 7,318 7,241 2 76 25

 Peru 42,181 8,023 32,994 30,337 514 2,142 1,164

 Philippines 54,969 5,100 49,145 47,681 851 613 724

 Poland 37,939 1,620 35,128 34,087 * 1,040 1,191

 Portugal 12,748 6,618 5,544 4,548 * 995 587

 Qatar 35,686 24,858 7,732 7,263 171 299 3,096

 Reunion 1 1 0 0 0 0 0

 Romania 7,981 385 7,595 7,174 0 421 0

 Russia 3,465 1,437 49 4 * 45 1,978

 Rwanda 504 * 504 504 0 0 0

 Saint Kitts and Nevis 7,020 5,750 1,122 233 49 839 148

 Saint Lucia 841 355 467 226 33 207 19

 Saint Martin & Saint Barthelemy 44 33 11 0 0 11 0

 Saint Vincent and the Grenadines 238 63 165 136 22 8 10

 Samoa 708 549 141 2 1 138 18

 San Marino 18 * 18 0 0 18 0

 Sao Tome and Principe 8 3 4 4 0 0 0

 Saudi Arabia 311,101 180,948 109,896 101,735 1,404 6,757 20,257

 Senegal 7 7 0 0 0 0 0

 Serbia 965 17 948 948 0 * 0

 Seychelles 498 327 171 132 * 39 *

 Sierra Leone 26 * 0 0 0 0 25

 Singapore 560,046 323,285 225,803 169,101 3,706 52,997 10,958

 Sint Maarten 114 63 44 23 * 21 6

 Slovakia 534 71 417 398 0 19 46

 Slovenia 2,867 2,048 785 206 0 579 34

 Solomon Islands 201 * 200 200 0 0 0

 Somalia * * 0 0 0 0 0

 South Africa 33,265 16,212 14,961 13,227 630 1,104 2,092

 South Sudan * * 0 0 0 0 0

 Spain 69,979 35,276 33,656 26,057 3,922 3,677 1,048

 Sri Lanka 50 22 28 28 0 * *

 Sudan 1 * 0 0 0 0 1

 Suriname 288 110 176 76 34 66 3

 Eswatini 47 2 45 45 0 0 0

 Sweden 330,737 273,920 56,220 47,015 93 9,112 598

 Switzerland 1,014,542 627,618 355,326 258,622 19,317 77,388 31,598

 Syria 1 1 0 0 0 0 0

 Taiwan 697,439 100,007 590,461 226,522 222,032 141,907 6,971

 Tajikistan 41 * 41 41 0 * 0

 Tanzania 1,753 15 1,738 1,736 0 2 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-24
Table A5. Foreign Holdings of U.S. Securities, by Country and Broad Security Type, as

of June 30, 2022 (continued)

 Millions of dollars

Debt (LT = long-term; ST = short-term)

Total LT LT LT LT 

 Countries and Regions (LT and ST) Equities Total Treasury Agency Corp ST 

 Thailand 86,790 18,820 47,671 28,612 17,365 1,694 20,299

 Togo 1 1 1 0 0 1 0

 Tokelau 1 1 0 0 0 0 0

 Tonga * * 0 0 0 0 0

 Trinidad and Tobago 10,364 3,898 5,319 1,865 640 2,814 1,147

 Tunisia 290 21 269 269 0 * 0

 Turkey 2,848 1,083 1,238 1,216 * 22 527

 Turkmenistan * * 0 0 0 0 0

 Turks and Caicos Islands 2,199 1,412 702 236 89 377 86

 Uganda 1,025 27 705 557 51 97 293

 Ukraine 8,127 50 7,816 7,816 0 * 261

 United Arab Emirates 178,923 129,885 35,215 25,920 344 8,951 13,823

 United Kingdom 2,433,972 1,311,781 1,030,484 524,774 65,519 440,191 91,707

 Uruguay 17,450 3,367 4,535 3,091 462 982 9,548

 Uzbekistan 124 2 122 122 0 0 0

 Vanuatu 23 3 7 7 0 0 13

 Venezuela 4,161 2,929 1,140 67 14 1,059 92

 Vietnam 39,250 69 39,177 39,176 * 1 4

 Wallis and Futuna * * 0 0 0 0 0

 West Bank and Gaza 1 1 0 0 0 0 0

 Western Sahara * * 0 0 0 0 0

 Yemen * * * * * * 0

 Zambia 140 4 136 136 0 * 0

 Zimbabwe 4 4 * 0 0 * 0

 International and regional organizations 108,943 14,438 73,233 49,201 8,875 15,157 21,273

 Country Unknown 56,922 1,228 55,669 12 167 55,489 25

 Total 24,892,828 12,177,123 11,591,332 6,481,669 1,193,689 3,915,974 1,124,373

 of which: Holdings of foreign official

 institutions 5,946,294 1,290,331 4,409,100 3,606,800 649,191 153,109 246,862

 Totals by Region:

 Total Africa 81,553 28,197 42,153 38,422 1,263 2,469 11,203

 Total Asia 7,745,188 2,650,605 4,828,098 3,360,028 799,806 668,263 266,486

 Total Caribbean 2,917,752 1,675,702 1,018,286 259,694 75,057 683,535 223,765

 Total Europe 10,893,944 5,802,802 4,564,778 2,150,992 206,573 2,207,214 526,363

 Total Latin America 616,890 147,371 424,760 383,353 17,993 23,414 44,758

 Canada 1,843,657 1,340,956 481,691 187,607 77,454 216,630 21,010

 Australia/Oceania 627,980 515,824 102,665 52,360 6,502 43,803 9,491

 Country Unknown 56,922 1,228 55,669 12 167 55,489 25

 International and regional organizations 108,943 14,438 73,233 49,201 8,875 15,157 21,273

* Greater than zero but less than $500,000.

n.a. Not available.

A-25
Table A6. Foreign Holdings of U.S. Long-Term Securities, by Country and Security

Type, as of June 30, 2022

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Afghanistan 1,271 10 1,251 0 0 9 0

 Albania 629 12 617 0 0 0 0

 Algeria 67 67 0 0 0 * 0

 Andorra 2,157 1,259 414 1 0 483 *

 Angola 1,214 312 882 0 0 21 0

 Anguilla 12,327 12,010 88 2 12 216 0

 Antigua and Barbuda 479 140 259 18 35 27 *

 Argentina 10,042 7,897 795 4 4 1,341 1

 Armenia 685 21 663 0 0 * 0

 Aruba 1,661 546 245 53 135 343 339

 Australia 563,521 470,661 47,069 194 5,504 33,032 7,061

 Austria 31,594 25,225 4,070 6 159 2,124 10

 Azerbaijan 12,900 3,928 8,554 79 181 158 0

 Bahamas 47,005 23,338 2,822 232 15,247 4,887 479

 Bahrain 1,563 1,213 287 * 1 57 5

 Bangladesh 5,441 7 5,434 0 0 * 0

 Barbados 14,995 2,136 1,147 306 1,559 5,839 4,009

 Belarus 40 40 0 0 0 0 0

 Belgium 831,432 76,041 230,038 2,296 7,576 506,591 8,889

 Belize 1,171 726 235 2 * 207 2

 Benin * * 0 0 0 0 0

 Bermuda 304,715 126,888 40,916 2,379 16,919 96,809 20,805

 Bhutan 47 33 5 0 0 9 0

 Bolivia 749 391 106 11 1 240 *

 Bonaire, Sint Eustatius & Saba 12 11 0 0 0 * 0

 Bosnia and Herzegovina 3 2 0 0 0 * 0

 Botswana 1,425 842 276 1 25 230 51

 Brazil 244,056 18,121 225,351 * 1 582 1

 British Indian Ocean Territory 1 1 0 0 0 0 0

 British Virgin Islands 184,835 128,775 33,001 39 1,238 19,815 1,966

 Brunei 4,734 3,759 624 0 0 254 97

 Bulgaria 543 417 107 0 1 18 0

 Burkina Faso 3,624 3,624 0 0 0 0 0

 Burma 110 7 103 0 0 0 0

 Cambodia 18,714 6,692 5,486 19 77 4,788 1,653

 Cameroon 4 4 0 0 0 0 0

 Canada 1,822,647 1,340,956 187,607 1,698 75,756 181,547 35,083

 Cape Verde 56 * 56 0 0 0 0

 Cayman Islands 2,096,903 1,365,364 174,565 5,503 30,083 446,549 74,839

 Chad * * 0 0 0 0 0

 Chile 63,493 26,587 34,042 8 392 2,440 23

 China, mainland 1,470,851 273,010 935,476 5,783 238,408 14,428 3,747

 Colombia 57,522 20,581 34,128 598 368 1,757 89

 Comoros 2 2 0 0 0 0 0

 Congo (Brazzaville) 1 1 * 0 0 * 0

 Congo (Kinshasa) 1 1 0 0 0 * 0

 Cook Islands 168 151 0 0 0 16 1

 Costa Rica 5,822 3,210 1,684 38 2 887 1

 Cote d‘Ivoire (Ivory Coast) 1,612 1,439 11 1 0 161 0

 Croatia 1,985 719 1,257 0 0 10 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-26
Table A6. Foreign Holdings of U.S. Long-Term Securities, by Country and Security

Type, as of June 30, 2022 (continued)

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Cuba * * 0 0 0 0 0

 Curacao 5,592 3,863 583 24 6 1,105 11

 Cyprus 3,917 3,711 123 * * 83 *

 Czech Republic 28,882 7,822 19,293 3 1,682 82 *

 Denmark 181,910 151,154 13,650 44 214 16,522 326

 Djibouti 3 3 0 0 0 0 0

 Dominica 154 37 96 2 13 5 *

 Dominican Republic 3,002 495 2,289 1 1 215 1

 East Timor 13,423 2,853 10,569 0 0 * 0

 Ecuador 1,103 692 119 14 2 275 *

 Egypt 384 281 95 * * 8 0

 El Salvador 1,398 1,098 100 * 3 198 *

 Equatorial Guinea 1 1 0 0 0 0 0

 Eritrea * * 0 0 0 0 0

 Estonia 1,661 1,359 247 0 0 55 0

 Ethiopia 4 4 0 0 0 0 0

 Falkland Islands 48 48 0 0 0 * 0

 Faroe Islands 2 2 0 0 0 0 0

 Federated States of Micronesia 189 103 58 2 6 20 0

 Fiji 10 8 0 2 0 * 0

 Finland 57,513 47,049 5,429 0 0 5,031 4

 France 604,393 296,966 216,358 341 16,527 61,962 12,238

 French Guiana 337 211 119 0 0 7 0

 French Polynesia 13 11 * 0 * 1 0

 Gabon 50 30 15 0 0 5 0

 Gambia 5 5 0 0 0 0 0

 Georgia 21 21 0 0 0 0 0

 Germany 513,427 311,143 87,215 190 5,892 101,714 7,273

 Ghana 2,735 16 2,694 0 0 25 0

 Gibraltar 694 310 27 1 1 339 16

 Greece 5,346 3,101 2,002 2 1 241 *

 Grenada 351 120 176 6 23 25 0

 Guadeloupe 11 11 0 0 0 0 0

 Guatemala 9,232 408 6,158 556 1,743 342 24

 Guernsey 65,850 51,879 6,917 136 104 6,535 279

 Guinea 109 109 0 0 0 0 0

 Guinea-Bissau * * 0 0 0 0 0

 Guyana 263 24 25 197 * 16 *

 Haiti 1,374 92 154 381 1 742 4

 Holy See (Vatican) 35 1 12 0 0 21 0

 Honduras 3,588 194 3,323 9 * 61 *

 Hong Kong 367,911 141,990 164,043 413 8,661 50,378 2,426

 Hungary 3,954 1,550 161 0 2,164 78 0

 Iceland 2,456 1,889 567 0 0 * 0

 India 214,984 8,422 205,794 * 213 552 3

 Indonesia 30,233 3,952 16,289 1 7,239 2,660 92

 Iran 2 2 0 0 0 0 0

 Iraq 16,028 2 16,026 0 0 0 0

 Ireland 1,206,561 747,997 189,735 2,268 17,341 209,916 39,305

 Isle of Man 3,992 2,711 1,045 7 1 227 1

* Greater than zero but less than $500,000.

n.a. Not available.

A-27
Table A6. Foreign Holdings of U.S. Long-Term Securities, by Country and Security

Type, as of June 30, 2022 (continued)

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Israel 145,547 86,783 47,040 695 2,562 8,350 117

 Italy 111,052 55,775 38,675 22 842 15,633 106

 Jamaica 1,127 296 606 * 0 226 0

 Japan 2,400,946 727,332 1,157,884 2,390 229,403 264,788 19,150

 Jersey 29,159 22,598 3,112 8 399 2,697 345

 Jordan 1,676 86 1,587 * 0 2 0

 Kazakhstan 1,271 297 581 110 * 283 0

 Kenya 4,573 54 4,516 0 0 2 0

 Kiribati 206 206 0 0 0 0 0

 Korea, South 515,547 330,899 92,823 2,596 35,298 48,594 5,337

 Kosovo 9 8 0 0 0 1 0

 Kuwait 302,425 240,894 35,379 147 3,124 19,959 2,921

 Kyrgyzstan 1 1 0 0 0 0 0

 Laos 1 1 0 0 0 0 0

 Latvia 1,905 532 124 3 945 18 283

 Lebanon 238 222 8 0 * 8 0

 Lesotho 89 * 87 2 0 0 0

 Liberia 713 467 21 * 0 225 0

 Libya 1,460 30 1,142 0 0 289 0

 Liechtenstein 10,100 9,264 176 62 * 597 0

 Lithuania 2,459 147 2,053 0 202 57 0

 Luxembourg 1,843,998 1,020,693 228,725 2,500 40,584 526,309 25,186

 Macau 5,184 2,601 1,036 * 355 1,117 75

 Macedonia 4 2 2 0 0 0 0

 Madagascar 662 13 649 0 0 0 0

 Malawi 12 4 7 0 0 2 0

 Malaysia 55,047 27,641 7,984 393 16,145 2,846 39

 Maldives 117 * 116 0 0 0 0

 Mali * * 0 0 0 0 0

 Malta 3,739 2,154 404 17 * 1,159 5

 Marshall Islands 1,783 1,429 40 * 4 295 14

 Martinique 1 * 0 0 0 * 0

 Mauritania 209 * 209 0 0 0 0

 Mauritius 3,081 1,758 1,225 0 6 90 2

 Mayotte * * 0 0 0 0 0

 Mexico 86,367 35,891 34,278 5,774 6,475 3,818 132

 Moldova 1,586 6 1,579 0 0 0 0

 Monaco 2,953 2,284 390 * 6 82 190

 Mongolia 219 2 217 0 0 0 0

 Montenegro 4 3 0 0 0 1 *

 Montserrat 40 4 29 1 4 3 0

 Morocco 5,903 2,027 3,868 2 0 5 0

 Mozambique 454 2 439 * 0 12 0

 Namibia 467 296 168 0 2 * 0

 Nauru * * 0 0 0 0 0

 Nepal 714 7 707 0 0 0 0

 Netherlands 454,908 304,712 63,432 181 14,541 70,298 1,744

 New Caledonia 1 1 0 0 0 * 0

 New Zealand 51,020 42,557 4,486 40 741 2,943 252

 Nicaragua 163 64 1 * 0 97 *

* Greater than zero but less than $500,000.

n.a. Not available.

A-28
Table A6. Foreign Holdings of U.S. Long-Term Securities, by Country and Security

Type, as of June 30, 2022 (continued)

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Niger 2 2 0 0 0 0 0

 Nigeria 6,270 179 5,453 278 263 97 *

 Niue 1 1 0 0 0 0 0

 Norway 544,541 386,071 110,210 74 7 47,870 309

 Oman 16,244 9,121 6,614 0 9 478 22

 Pakistan 1,365 71 1,209 * 0 69 17

 Palau 196 141 19 4 3 28 *

 Panama 26,015 16,630 2,078 140 621 6,077 469

 Papua New Guinea 479 1 479 0 0 0 0

 Paraguay 7,489 171 7,241 2 * 76 0

 Peru 41,017 8,023 30,337 362 153 2,141 1

 Philippines 54,245 5,100 47,681 105 746 610 2

 Poland 36,748 1,620 34,087 * * 1,040 *

 Portugal 12,162 6,618 4,548 * * 994 1

 Qatar 32,590 24,858 7,263 13 158 187 112

 Reunion 1 1 0 0 0 0 0

 Romania 7,981 385 7,174 0 0 420 *

 Russia 1,486 1,437 4 * * 45 *

 Rwanda 504 * 504 0 0 0 0

 Saint Kitts and Nevis 6,872 5,750 233 14 36 810 29

 Saint Lucia 822 355 226 6 28 207 *

 Saint Martin & Saint Barthelemy 44 33 0 0 0 11 0

 Saint Vincent and the Grenadines 228 63 136 4 18 8 0

 Samoa 690 549 2 1 0 138 0

 San Marino 18 * 0 0 0 18 0

 Sao Tome and Principe 8 3 4 0 0 0 0

 Saudi Arabia 290,844 180,948 101,735 70 1,334 6,107 650

 Senegal 7 7 0 0 0 0 0

 Serbia 965 17 948 0 0 * 0

 Seychelles 498 327 132 * * 39 *

 Sierra Leone * * 0 0 0 0 0

 Singapore 549,087 323,285 169,101 409 3,297 38,023 14,973

 Sint Maarten 107 63 23 0 * 21 *

 Slovakia 488 71 398 0 0 19 0

 Slovenia 2,832 2,048 206 0 0 575 4

 Solomon Islands 201 * 200 0 0 0 0

 Somalia * * 0 0 0 0 0

 South Africa 31,174 16,212 13,227 4 626 1,025 79

 South Sudan * * 0 0 0 0 0

 Spain 68,932 35,276 26,057 134 3,787 3,561 116

 Sri Lanka 49 22 28 0 0 * 0

 Sudan * * 0 0 0 0 0

 Suriname 286 110 76 34 * 66 *

 Eswatini 47 2 45 0 0 0 0

 Sweden 330,140 273,920 47,015 13 80 9,081 31

 Switzerland 982,944 627,618 258,622 468 18,849 74,772 2,616

 Syria 1 1 0 0 0 0 0

 Taiwan 690,468 100,007 226,522 87 221,945 138,941 2,967

 Tajikistan 41 * 41 0 0 * 0

 Tanzania 1,753 15 1,736 0 0 2 *

* Greater than zero but less than $500,000.

n.a. Not available.

A-29
Table A6. Foreign Holdings of U.S. Long-Term Securities, by Country and Security

Type, as of June 30, 2022 (continued)

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Thailand 66,491 18,820 28,612 4 17,361 1,685 9

 Togo 1 1 0 0 0 1 0

 Tokelau 1 1 0 0 0 0 0

 Tonga * * 0 0 0 0 0

 Trinidad and Tobago 9,217 3,898 1,865 225 415 2,284 530

 Tunisia 290 21 269 0 0 * 0

 Turkey 2,321 1,083 1,216 * 0 22 0

 Turkmenistan * * 0 0 0 0 0

 Turks and Caicos Islands 2,113 1,412 236 46 43 358 19

 Uganda 732 27 557 23 29 40 57

 Ukraine 7,866 50 7,816 0 0 * 0

 United Arab Emirates 165,100 129,885 25,920 111 233 8,782 170

 United Kingdom 2,342,265 1,311,781 524,774 1,685 63,834 396,219 43,972

 Uruguay 7,902 3,367 3,091 25 437 978 5

 Uzbekistan 124 2 122 0 0 0 0

 Vanuatu 10 3 7 0 0 0 0

 Venezuela 4,069 2,929 67 5 9 1,055 5

 Vietnam 39,246 69 39,176 0 * 1 0

 Wallis and Futuna * * 0 0 0 0 0

 West Bank and Gaza 1 1 0 0 0 0 0

 Western Sahara * * 0 0 0 0 0

 Yemen * * * * 0 * 0

 Zambia 140 4 136 0 0 * 0

 Zimbabwe 4 4 0 0 0 * 0

 International and regional organizations 87,670 14,438 49,201 4,269 4,606 11,592 3,565

 Country Unknown 56,897 1,228 12 167 1 54,907 583

 Total 23,768,454 12,177,123 6,481,669 47,598 1,146,090 3,567,612 348,363

 of which: Holdings of foreign official

 institutions 5,699,431 1,290,331 3,606,800 19,482 629,710 130,647 22,462

 Totals by Region:

 Total Africa 70,350 28,197 38,422 311 951 2,279 190

 Total Asia 7,478,702 2,650,605 3,360,028 13,236 786,570 613,681 54,582

 Total Caribbean 2,693,987 1,675,702 259,694 9,242 65,815 580,505 103,030

 Total Europe 10,367,581 5,802,802 2,150,992 10,651 195,922 2,063,965 143,249

 Total Latin America 572,132 147,371 383,353 7,782 10,212 22,662 752

 Canada 1,822,647 1,340,956 187,607 1,698 75,756 181,547 35,083

 Australia/Oceania 618,489 515,824 52,360 243 6,258 36,475 7,329

 Country Unknown 56,897 1,228 12 167 1 54,907 583

 International and regional organizations 87,670 14,438 49,201 4,269 4,606 11,592 3,565

* Greater than zero but less than $500,000.

n.a. Not available.

A-30
Table A7. Foreign Holdings of U.S. Treasury Securities, by Country and

Type of Treasury Security, as of June 30, 2022

 Millions of dollars

Treasury LT debt** 

of which: of which: of which: Treasury 

 Countries and Regions Total Total Nominal TIPS FRN ST debt** 

 Afghanistan 1,251 1,251 1,251 0 0 0

 Albania 617 617 616 1 0 *

 Algeria 678 0 0 0 0 678

 Andorra 432 414 394 20 0 19

 Angola 882 882 882 0 0 0

 Anguilla 287 88 87 * 0 200

 Antigua and Barbuda 269 259 259 * 0 10

 Argentina 4,021 795 685 108 2 3,226

 Armenia 718 663 638 0 25 54

 Aruba 285 245 245 0 * 40

 Australia 54,110 47,069 44,436 1,552 1,081 7,041

 Austria 4,854 4,070 3,921 147 2 784

 Azerbaijan 9,117 8,554 8,353 1 200 562

 Bahamas 30,216 2,822 2,738 56 28 27,394

 Bahrain 1,111 287 284 2 * 825

 Bangladesh 6,430 5,434 5,434 0 0 996

 Barbados 1,583 1,147 1,140 7 0 436

 Belgium 270,920 230,038 191,017 11,564 27,458 40,882

 Belize 278 235 234 1 * 43

 Bermuda 78,826 40,916 38,736 1,469 711 37,910

 Bhutan 5 5 5 0 0 0

 Bolivia 253 106 103 3 0 148

 Botswana 342 276 235 0 41 66

 Brazil 226,118 225,351 194,866 21,182 9,303 768

 British Virgin Islands 40,631 33,001 26,817 6,113 71 7,630

 Brunei 1,804 624 139 485 0 1,181

 Bulgaria 107 107 107 0 0 *

 Burma 103 103 103 0 0 0

 Cambodia 5,488 5,486 5,484 2 0 2

 Canada 204,432 187,607 164,260 22,193 1,154 16,825

 Cape Verde 56 56 56 0 0 0

 Cayman Islands 301,041 174,565 115,994 54,137 4,434 126,476

 Chile 40,321 34,042 29,782 3,997 262 6,279

 China, mainland 937,694 935,476 793,142 142,333 0 2,219

 Colombia 34,938 34,128 34,101 28 0 809

 Congo (Brazzaville) * * * 0 0 0

 Cook Islands 3 0 0 0 0 3

 Costa Rica 1,955 1,684 1,670 14 0 271

 Cote d‘Ivoire (Ivory Coast) 11 11 11 0 0 0

 Croatia 1,832 1,257 1,253 4 0 576

 Curacao 2,391 583 558 25 * 1,808

 Cyprus 280 123 123 * 0 158

 Czech Republic 19,387 19,293 19,293 * 0 94

 Denmark 14,408 13,650 11,911 1,718 22 758

 Dominica 98 96 96 * 0 2

 Dominican Republic 2,339 2,289 1,418 3 868 50

 East Timor 10,569 10,569 10,569 0 0 0

 Ecuador 178 119 116 2 * 60

 Egypt 4,695 95 94 1 0 4,600

 El Salvador 562 100 98 2 0 462

* Greater than zero but less than $500,000.

n.a. Not available.

A-31
Table A7. Foreign Holdings of U.S. Treasury Securities, by Country and

Type of Treasury Security, as of June 30, 2022 (continued)

 Millions of dollars

Treasury LT debt** 

of which: of which: of which: Treasury 

 Countries and Regions Total Total Nominal TIPS FRN ST debt** 

 Estonia 332 247 62 184 0 86

 Federated States of Micronesia 58 58 58 0 0 0

 Finland 5,549 5,429 4,950 479 0 120

 France 233,675 216,358 176,658 38,168 1,533 17,317

 French Guiana 119 119 119 0 0 0

 French Polynesia 2 * * 0 0 2

 Gabon 16 15 15 0 0 1

 Gambia 160 0 0 0 0 160

 Germany 95,005 87,215 81,606 5,606 3 7,790

 Ghana 2,821 2,694 2,694 0 0 127

 Gibraltar 51 27 27 0 0 24

 Greece 2,759 2,002 2,001 1 0 757

 Grenada 180 176 175 * 0 4

 Guatemala 6,368 6,158 6,147 10 1 210

 Guernsey 8,670 6,917 6,405 281 231 1,753

 Guyana 25 25 25 0 0 0

 Haiti 171 154 154 0 0 17

 Holy See (Vatican) 12 12 12 0 0 0

 Honduras 3,334 3,323 3,314 9 0 11

 Hong Kong 186,725 164,043 153,181 7,965 2,897 22,682

 Hungary 666 161 161 1 0 504

 Iceland 567 567 567 0 0 0

 India 208,522 205,794 205,792 1 0 2,729

 Indonesia 19,762 16,289 16,285 4 0 3,473

 Iraq 31,894 16,026 15,776 0 250 15,868

 Ireland 284,062 189,735 161,153 15,883 12,699 94,328

 Isle of Man 1,280 1,045 1,028 17 0 235

 Israel 51,406 47,040 46,983 37 20 4,366

 Italy 40,266 38,675 37,250 1,362 64 1,591

 Jamaica 762 606 605 1 0 157

 Japan 1,229,767 1,157,884 1,134,643 23,080 161 71,883

 Jersey 4,957 3,112 2,117 819 176 1,846

 Jordan 1,590 1,587 1,587 0 0 2

 Kazakhstan 8,098 581 580 1 0 7,518

 Kenya 4,522 4,516 4,511 0 5 6

 Korea, South 110,964 92,823 86,890 4,805 1,128 18,142

 Kosovo 5 0 0 0 0 5

 Kuwait 45,746 35,379 17,517 17,748 114 10,367

 Latvia 237 124 124 0 0 113

 Lebanon 10 8 2 0 7 2

 Lesotho 96 87 86 * 0 10

 Liberia 33 21 21 0 0 12

 Libya 2,720 1,142 1,142 0 0 1,578

 Liechtenstein 298 176 148 28 1 121

 Lithuania 2,078 2,053 1,828 225 0 26

 Luxembourg 303,845 228,725 203,717 22,542 2,466 75,119

 Macau 1,170 1,036 998 38 0 134

 Macedonia 2 2 2 0 0 0

 Madagascar 649 649 649 0 0 0

 Malawi 7 7 7 0 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-32
Table A7. Foreign Holdings of U.S. Treasury Securities, by Country and

Type of Treasury Security, as of June 30, 2022 (continued)

 Millions of dollars

Treasury LT debt** 

of which: of which: of which: Treasury 

 Countries and Regions Total Total Nominal TIPS FRN ST debt** 

 Malaysia 8,139 7,984 6,861 1,123 0 155

 Maldives 116 116 101 0 15 0

 Malta 549 404 383 20 0 146

 Marshall Islands 229 40 40 * 0 188

 Mauritania 211 209 208 1 0 2

 Mauritius 1,245 1,225 1,136 89 0 20

 Mexico 48,171 34,278 22,832 3,471 7,974 13,893

 Moldova 1,579 1,579 1,579 1 0 0

 Monaco 405 390 330 60 0 15

 Mongolia 217 217 217 0 0 0

 Montserrat 30 29 29 * 0 1

 Morocco 3,876 3,868 3,851 17 0 8

 Mozambique 439 439 439 1 0 0

 Namibia 176 168 166 2 0 8

 Nepal 857 707 707 0 0 150

 Netherlands 64,195 63,432 61,330 2,102 * 763

 New Zealand 4,836 4,486 4,363 26 98 351

 Nicaragua 4 1 1 0 0 3

 Nigeria 5,524 5,453 5,453 * 0 71

 Norway 110,343 110,210 99,616 10,594 * 133

 Oman 6,698 6,614 6,290 8 316 84

 Pakistan 1,329 1,209 1,197 12 0 120

 Palau 19 19 19 0 0 0

 Panama 4,455 2,078 1,973 102 3 2,377

 Papua New Guinea 479 479 479 0 0 0

 Paraguay 7,259 7,241 7,236 4 0 19

 Peru 30,762 30,337 30,238 100 0 425

 Philippines 48,404 47,681 39,935 7,746 0 723

 Poland 35,278 34,087 34,071 16 0 1,190

 Portugal 5,133 4,548 4,404 144 0 585

 Qatar 10,358 7,263 7,263 0 0 3,095

 Romania 7,174 7,174 7,124 * 50 0

 Russia 1,982 4 4 * 0 1,978

 Rwanda 504 504 503 1 0 0

 Saint Kitts and Nevis 365 233 230 3 * 131

 Saint Lucia 237 226 226 * 0 11

 Saint Vincent and the Grenadines 146 136 136 * 0 10

 Samoa 20 2 2 0 0 18

 Sao Tome and Principe 4 4 4 0 0 0

 Saudi Arabia 118,827 101,735 96,262 3,874 1,600 17,092

 Serbia 948 948 948 0 0 0

 Seychelles 133 132 129 4 0 *

 Sierra Leone 25 0 0 0 0 25

 Singapore 179,224 169,101 114,139 54,741 221 10,123

 Sint Maarten 25 23 23 0 0 2

 Slovakia 444 398 398 0 0 46

 Slovenia 240 206 206 * 0 34

 Solomon Islands 200 200 200 0 0 0

 South Africa 15,318 13,227 12,093 1,133 0 2,091

 Spain 27,015 26,057 25,412 614 31 957

* Greater than zero but less than $500,000.

n.a. Not available.

A-33
Table A7. Foreign Holdings of U.S. Treasury Securities, by Country and

Type of Treasury Security, as of June 30, 2022 (continued)

 Millions of dollars

Treasury LT debt** 

of which: of which: of which: Treasury 

 Countries and Regions Total Total Nominal TIPS FRN ST debt** 

 Sri Lanka 28 28 28 0 0 *

 Sudan 1 0 0 0 0 1

 Suriname 79 76 76 * 0 3

 Eswatini 45 45 44 1 0 0

 Sweden 47,591 47,015 44,695 2,221 99 576

 Switzerland 289,086 258,622 214,357 42,546 1,719 30,465

 Taiwan 232,128 226,522 218,224 8,238 60 5,606

 Tajikistan 41 41 41 1 0 0

 Tanzania 1,736 1,736 1,736 0 0 0

 Thailand 48,902 28,612 25,741 2,593 279 20,290

 Trinidad and Tobago 2,643 1,865 1,853 12 0 778

 Tunisia 269 269 268 1 0 0

 Turkey 1,669 1,216 1,216 0 0 453

 Turks and Caicos Islands 322 236 232 4 0 86

 Uganda 850 557 556 1 0 293

 Ukraine 8,077 7,816 7,816 0 0 261

 United Arab Emirates 39,660 25,920 22,556 3,221 142 13,741

 United Kingdom 612,130 524,774 454,015 53,275 17,484 87,356

 Uruguay 12,152 3,091 2,964 127 * 9,062

 Uzbekistan 122 122 120 2 0 0

 Vanuatu 20 7 7 0 0 13

 Venezuela 149 67 62 5 * 82

 Vietnam 39,176 39,176 39,176 * 0 0

 Yemen * * * * 0 0

 Zambia 136 136 135 2 0 0

 International and regional organizations 63,274 49,201 38,089 11,024 88 14,073

 Country Unknown 37 12 12 0 0 25

 Total 7,375,412 6,481,669 5,768,332 615,743 97,595 893,742

 of which: Holdings of foreign official

 institutions 3,843,857 3,606,800 3,246,956 334,841 25,003 237,058

 Totals by Region:

 Total Africa 48,179 38,422 37,123 1,253 46 9,757

 Total Asia 3,586,076 3,360,028 3,074,763 278,055 7,210 226,048

 Total Caribbean 462,847 259,694 191,752 61,829 6,112 203,153

 Total Europe 2,529,088 2,150,992 1,876,085 210,645 64,262 378,096

 Total Latin America 421,503 383,353 336,644 29,165 17,544 38,150

 Canada 204,432 187,607 164,260 22,193 1,154 16,825

 Australia/Oceania 59,976 52,360 49,605 1,577 1,178 7,615

 Country Unknown 37 12 12 0 0 25

 International and regional organizations 63,274 49,201 38,089 11,024 88 14,073

* Greater than zero but less than $500,000.

n.a. Not available.

** Long-term (LT) denotes original maturity of over one year; short-term (ST) denotes original maturity of one year or less.

A-34
Table A8. Foreign Holdings of U.S. Equities, by Country and Equity Type,

as of June 30, 2022

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Afghanistan 10 1 9 0

 Albania 12 11 1 *

 Algeria 67 64 3 *

 Andorra 1,259 910 291 58

 Angola 312 281 10 20

 Anguilla 12,010 11,253 687 70

 Antigua and Barbuda 140 110 26 4

 Argentina 7,897 3,850 3,815 232

 Armenia 21 19 2 *

 Aruba 546 242 300 3

 Australia 470,661 326,486 76,361 67,814

 Austria 25,225 22,490 2,631 104

 Azerbaijan 3,928 2,990 126 811

 Bahamas 23,338 9,877 12,377 1,084

 Bahrain 1,213 584 409 220

 Bangladesh 7 4 3 0

 Barbados 2,136 809 1,254 74

 Belarus 40 40 * 0

 Belgium 76,041 61,104 14,615 322

 Belize 726 364 319 43

 Benin * 0 * *

 Bermuda 126,888 25,540 93,700 7,648

 Bhutan 33 11 22 0

 Bolivia 391 97 287 8

 Bonaire, Sint Eustatius & Saba 11 5 6 *

 Bosnia and Herzegovina 2 1 1 0

 Botswana 842 777 62 2

 Brazil 18,121 6,557 10,916 648

 British Indian Ocean Territory 1 1 * 0

 British Virgin Islands 128,775 64,735 46,373 17,667

 Brunei 3,759 738 2,930 90

 Bulgaria 417 221 196 1

 Burkina Faso 3,624 957 2,660 6

 Burma 7 2 4 *

 Cambodia 6,692 5,846 238 607

 Cameroon 4 3 1 0

 Canada 1,340,956 1,015,333 253,174 72,449

 Cape Verde * 0 * 0

 Cayman Islands 1,365,364 672,014 451,336 242,015

 Chad * * * *

 Chile 26,587 2,765 21,045 2,778

 China, mainland 273,010 226,089 25,674 21,247

 Colombia 20,581 697 17,411 2,473

 Comoros 2 1 1 *

 Congo (Brazzaville) 1 1 * 0

 Congo (Kinshasa) 1 * 1 *

 Cook Islands 151 68 83 1

 Costa Rica 3,210 635 2,528 46

 Cote d‘Ivoire (Ivory Coast) 1,439 136 1,279 25

 Croatia 719 555 157 7

* Greater than zero but less than $500,000.

n.a. Not available.

A-35
Table A8. Foreign Holdings of U.S. Equities, by Country and Equity Type,

as of June 30, 2022 (continued)

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Cuba * * * *

 Curacao 3,863 1,245 2,104 514

 Cyprus 3,711 2,754 587 370

 Czech Republic 7,822 6,783 1,008 31

 Denmark 151,154 117,128 11,751 22,274

 Djibouti 3 2 * 0

 Dominica 37 10 24 3

 Dominican Republic 495 309 170 16

 East Timor 2,853 2,775 78 0

 Ecuador 692 266 409 17

 Egypt 281 177 104 1

 El Salvador 1,098 110 943 45

 Equatorial Guinea 1 * * *

 Eritrea * * * *

 Estonia 1,359 930 414 16

 Ethiopia 4 * 3 *

 Falkland Islands 48 48 * *

 Faroe Islands 2 1 1 0

 Federated States of Micronesia 103 68 33 3

 Fiji 8 4 3 *

 Finland 47,049 24,159 15,478 7,412

 France 296,966 271,652 21,847 3,467

 French Guiana 211 122 88 *

 French Polynesia 11 8 4 *

 Gabon 30 19 11 *

 Gambia 5 * 5 0

 Georgia 21 14 7 *

 Germany 311,143 274,444 19,394 17,304

 Ghana 16 9 7 0

 Gibraltar 310 226 79 5

 Greece 3,101 2,454 622 24

 Grenada 120 61 58 2

 Guadeloupe 11 9 1 0

 Guatemala 408 188 204 16

 Guernsey 51,879 18,954 16,036 16,889

 Guinea 109 * 109 0

 Guinea-Bissau * * 0 0

 Guyana 24 10 14 *

 Haiti 92 57 31 4

 Holy See (Vatican) 1 0 1 0

 Honduras 194 44 147 4

 Hong Kong 141,990 96,533 31,118 14,339

 Hungary 1,550 469 1,080 1

 Iceland 1,889 571 549 769

 India 8,422 7,265 1,094 63

 Indonesia 3,952 448 3,296 209

 Iran 2 1 1 *

 Iraq 2 1 * 0

 Ireland 747,997 694,105 43,658 10,233

 Isle of Man 2,711 1,690 968 53

* Greater than zero but less than $500,000.

n.a. Not available.

A-36
Table A8. Foreign Holdings of U.S. Equities, by Country and Equity Type,

as of June 30, 2022 (continued)

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Israel 86,783 51,893 27,433 7,458

 Italy 55,775 51,435 2,761 1,578

 Jamaica 296 150 141 5

 Japan 727,332 585,865 128,042 13,425

 Jersey 22,598 11,802 5,576 5,220

 Jordan 86 64 18 4

 Kazakhstan 297 209 77 11

 Kenya 54 28 27 *

 Kiribati 206 * 206 0

 Korea, South 330,899 195,258 53,376 82,266

 Kosovo 8 7 1 0

 Kuwait 240,894 218,720 12,591 9,583

 Kyrgyzstan 1 * * 0

 Laos 1 * * *

 Latvia 532 492 40 *

 Lebanon 222 132 48 41

 Lesotho * 0 0 *

 Liberia 467 194 241 32

 Libya 30 1 1 28

 Liechtenstein 9,264 7,966 324 974

 Lithuania 147 103 34 9

 Luxembourg 1,020,693 905,834 83,904 30,955

 Macau 2,601 2,479 121 1

 Macedonia 2 1 1 0

 Madagascar 13 * 13 0

 Malawi 4 2 2 *

 Malaysia 27,641 23,863 1,789 1,988

 Maldives * * * *

 Mali * * 0 0

 Malta 2,154 1,151 876 126

 Marshall Islands 1,429 832 498 98

 Martinique * * * *

 Mauritania * * 0 0

 Mauritius 1,758 1,564 151 43

 Mayotte * * 0 0

 Mexico 35,891 8,340 25,241 2,310

 Moldova 6 4 2 *

 Monaco 2,284 1,669 571 44

 Mongolia 2 2 * 0

 Montenegro 3 3 * 0

 Montserrat 4 * 3 *

 Morocco 2,027 1,710 314 3

 Mozambique 2 * 2 *

 Namibia 296 281 15 *

 Nauru * * * *

 Nepal 7 2 5 0

 Netherlands 304,712 197,246 75,738 31,727

 New Caledonia 1 1 * 0

 New Zealand 42,557 31,730 10,132 696

 Nicaragua 64 35 24 6

* Greater than zero but less than $500,000.

n.a. Not available.

A-37
Table A8. Foreign Holdings of U.S. Equities, by Country and Equity Type,

as of June 30, 2022 (continued)

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Niger 2 1 1 0

 Nigeria 179 83 76 20

 Niue 1 * 1 0

 Norway 386,071 346,995 30,237 8,838

 Oman 9,121 2,155 6,354 612

 Pakistan 71 49 22 *

 Palau 141 99 29 14

 Panama 16,630 7,795 7,573 1,261

 Papua New Guinea 1 * * *

 Paraguay 171 84 72 14

 Peru 8,023 526 5,723 1,774

 Philippines 5,100 1,117 3,834 149

 Poland 1,620 1,483 126 11

 Portugal 6,618 3,220 3,357 42

 Qatar 24,858 21,841 1,092 1,925

 Reunion 1 * 1 0

 Romania 385 352 28 5

 Russia 1,437 1,172 254 11

 Rwanda * * * 0

 Saint Kitts and Nevis 5,750 1,559 1,583 2,609

 Saint Lucia 355 143 208 4

 Saint Martin & Saint Barthelemy 33 13 20 1

 Saint Vincent and the Grenadines 63 35 28 *

 Samoa 549 330 211 8

 San Marino * * * *

 Sao Tome and Principe 3 3 * 0

 Saudi Arabia 180,948 123,955 28,570 28,423

 Senegal 7 4 3 0

 Serbia 17 12 5 0

 Seychelles 327 203 100 24

 Sierra Leone * * * 0

 Singapore 323,285 162,220 59,417 101,648

 Sint Maarten 63 37 25 1

 Slovakia 71 58 12 1

 Slovenia 2,048 1,585 462 1

 Solomon Islands * * * 0

 Somalia * * 0 0

 South Africa 16,212 12,398 3,212 603

 South Sudan * 0 * 0

 Spain 35,276 28,321 5,387 1,568

 Sri Lanka 22 12 9 *

 Sudan * * * 0

 Suriname 110 21 86 3

 Eswatini 2 * 2 0

 Sweden 273,920 247,747 17,144 9,028

 Switzerland 627,618 540,457 77,868 9,292

 Syria 1 1 * *

 Taiwan 100,007 49,230 45,554 5,223

 Tajikistan * * * 0

 Tanzania 15 9 7 *

* Greater than zero but less than $500,000.

n.a. Not available.

A-38
Table A8. Foreign Holdings of U.S. Equities, by Country and Equity Type,

as of June 30, 2022 (continued)

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Thailand 18,820 7,826 10,572 422

 Togo 1 1 * 0

 Tokelau 1 1 * *

 Tonga * * * *

 Trinidad and Tobago 3,898 2,854 1,010 34

 Tunisia 21 8 13 *

 Turkey 1,083 557 510 17

 Turkmenistan * * * *

 Turks and Caicos Islands 1,412 287 1,063 61

 Uganda 27 22 5 *

 Ukraine 50 36 9 4

 United Arab Emirates 129,885 73,352 32,134 24,399

 United Kingdom 1,311,781 1,094,808 129,107 87,866

 Uruguay 3,367 1,384 1,851 132

 Uzbekistan 2 2 1 *

 Vanuatu 3 * 3 *

 Venezuela 2,929 1,685 1,074 170

 Vietnam 69 47 20 2

 Wallis and Futuna * * 0 0

 West Bank and Gaza 1 1 * *

 Western Sahara * * * 0

 Yemen * * * *

 Zambia 4 3 1 0

 Zimbabwe 4 1 3 0

 International and regional organizations 14,438 5,010 7,366 2,062

 Country Unknown 1,228 571 281 376

 Total 12,177,123 9,036,248 2,130,920 1,009,955

 of which: Holdings of foreign official

 institutions 1,290,331 1,030,722 149,529 110,080

 Totals by Region:

 Total Africa 28,197 18,943 8,445 808

 Total Asia 2,650,605 1,860,382 475,878 314,345

 Total Caribbean 1,675,702 791,353 612,528 271,821

 Total Europe 5,802,802 4,949,404 585,916 267,481

 Total Latin America 147,371 35,623 99,769 11,979

 Canada 1,340,956 1,015,333 253,174 72,449

 Australia/Oceania 515,824 359,628 87,563 68,633

 Country Unknown 1,228 571 281 376

 International and regional organizations 14,438 5,010 7,366 2,062

* Greater than zero but less than $500,000.

n.a. Not available.

A-39
Table A9. Foreign Holdings of U.S. Long-Term Asset-Backed Securities, by Country and

Security Type, as of June 30, 2022

 Millions of dollars

Total Agency Corporate ABS

 Countries and Regions LT ABS ABS Total MBS NonMBS 

 Andorra * 0 * 0 *

 Anguilla 12 12 0 0 0

 Antigua and Barbuda 35 35 * 0 *

 Argentina 4 4 1 * *

 Aruba 474 135 339 1 338

 Australia 12,565 5,504 7,061 4,816 2,245

 Austria 169 159 10 2 8

 Azerbaijan 181 181 0 0 0

 Bahamas 15,725 15,247 479 414 65

 Bahrain 6 1 5 2 3

 Barbados 5,568 1,559 4,009 2,021 1,988

 Belgium 16,465 7,576 8,889 3,135 5,754

 Belize 2 * 2 0 2

 Bermuda 37,724 16,919 20,805 13,451 7,354

 Bolivia 1 1 * 0 *

 Botswana 77 25 51 39 12

 Brazil 2 1 1 * 1

 British Virgin Islands 3,204 1,238 1,966 1,510 457

 Brunei 97 0 97 36 61

 Bulgaria 1 1 0 0 0

 Cambodia 1,730 77 1,653 1,162 491

 Canada 110,838 75,756 35,083 23,151 11,932

 Cayman Islands 104,922 30,083 74,839 52,683 22,155

 Chile 415 392 23 1 22

 China, mainland 242,155 238,408 3,747 2,654 1,093

 Colombia 458 368 89 7 82

 Cook Islands 1 0 1 0 1

 Costa Rica 3 2 1 0 1

 Curacao 18 6 11 7 4

 Cyprus * * * 0 *

 Czech Republic 1,682 1,682 * * 0

 Denmark 540 214 326 59 267

 Dominica 13 13 * 0 *

 Dominican Republic 2 1 1 * *

 Ecuador 3 2 * * *

 Egypt * * 0 0 0

 El Salvador 3 3 * * *

 Federated States of Micronesia 6 6 0 0 0

 Finland 4 0 4 0 4

 France 28,765 16,527 12,238 6,829 5,410

 French Polynesia * * 0 0 0

 Germany 13,166 5,892 7,273 673 6,601

 Gibraltar 16 1 16 0 16

 Greece 1 1 * 0 *

 Grenada 23 23 0 0 0

 Guatemala 1,767 1,743 24 22 2

 Guernsey 383 104 279 73 206

 Guyana * * * 0 *

 Haiti 5 1 4 1 3

 Honduras * * * * *

* Greater than zero but less than $500,000.

n.a. Not available.

A-40
Table A9. Foreign Holdings of U.S. Long-Term Asset-Backed Securities, by Country and

Security Type, as of June 30, 2022 (continued)

 Millions of dollars

Total Agency Corporate ABS

 Countries and Regions LT ABS ABS Total MBS NonMBS 

 Hong Kong 11,087 8,661 2,426 1,506 920

 Hungary 2,164 2,164 0 0 0

 India 216 213 3 3 *

 Indonesia 7,331 7,239 92 7 84

 Ireland 56,646 17,341 39,305 33,228 6,077

 Isle of Man 1 1 1 0 1

 Israel 2,679 2,562 117 98 18

 Italy 948 842 106 59 47

 Japan 248,553 229,403 19,150 7,196 11,954

 Jersey 744 399 345 307 39

 Kazakhstan * * 0 0 0

 Korea, South 40,635 35,298 5,337 3,920 1,417

 Kuwait 6,046 3,124 2,921 1,746 1,176

 Latvia 1,228 945 283 19 264

 Lebanon * * 0 0 0

 Liechtenstein * * 0 0 0

 Lithuania 202 202 0 0 0

 Luxembourg 65,770 40,584 25,186 10,639 14,547

 Macau 430 355 75 44 31

 Malaysia 16,184 16,145 39 11 27

 Malta 5 * 5 0 5

 Marshall Islands 18 4 14 1 13

 Mauritius 8 6 2 2 1

 Mexico 6,607 6,475 132 4 128

 Monaco 196 6 190 159 31

 Montenegro * 0 * 0 *

 Montserrat 4 4 0 0 0

 Namibia 2 2 0 0 0

 Netherlands 16,285 14,541 1,744 1,116 628

 New Zealand 993 741 252 165 87

 Nicaragua * 0 * 0 *

 Nigeria 263 263 * * 0

 Norway 315 7 309 105 204

 Oman 31 9 22 14 8

 Pakistan 17 0 17 17 0

 Palau 3 3 * 0 *

 Panama 1,090 621 469 360 109

 Paraguay * * 0 0 0

 Peru 153 153 1 * 1

 Philippines 748 746 2 1 1

 Poland * * * * 0

 Portugal 1 * 1 0 1

 Qatar 270 158 112 67 45

 Romania * 0 * 0 *

 Russia * * * 0 *

 Saint Kitts and Nevis 65 36 29 28 1

 Saint Lucia 28 28 * 0 *

 Saint Vincent and the Grenadines 18 18 0 0 0

 Saudi Arabia 1,984 1,334 650 389 261

 Seychelles * * * 0 *

* Greater than zero but less than $500,000.

n.a. Not available.

A-41
Table A9. Foreign Holdings of U.S. Long-Term Asset-Backed Securities, by Country and

Security Type, as of June 30, 2022 (continued)

 Millions of dollars

Total Agency Corporate ABS

 Countries and Regions LT ABS ABS Total MBS NonMBS 

 Singapore 18,270 3,297 14,973 5,328 9,646

 Sint Maarten * * * 0 *

 Slovenia 4 0 4 0 4

 South Africa 705 626 79 0 79

 Spain 3,903 3,787 116 3 113

 Suriname * * * 0 *

 Sweden 111 80 31 2 29

 Switzerland 21,465 18,849 2,616 1,703 913

 Taiwan 224,912 221,945 2,967 2,221 746

 Tanzania * 0 * 0 *

 Thailand 17,370 17,361 9 7 2

 Trinidad and Tobago 944 415 530 70 459

 Turks and Caicos Islands 62 43 19 4 16

 Uganda 86 29 57 52 5

 United Arab Emirates 403 233 170 75 95

 United Kingdom 107,806 63,834 43,972 22,716 21,256

 Uruguay 441 437 5 4 1

 Venezuela 13 9 5 4 1

 Vietnam * * 0 0 0

 International and regional organizations 8,171 4,606 3,565 297 3,268

 Country Unknown 584 1 583 * 582

 Total 1,494,453 1,146,090 348,363 206,444 141,919

 of which: Holdings of foreign official

 institutions 652,172 629,710 22,462 10,453 12,009

 Totals by Region:

 Total Africa 1,141 951 190 93 97

 Total Asia 841,152 786,570 54,582 26,503 28,079

 Total Caribbean 168,845 65,815 103,030 70,189 32,841

 Total Europe 339,171 195,922 143,249 80,826 62,422

 Total Latin America 10,964 10,212 752 402 350

 Canada 110,838 75,756 35,083 23,151 11,932

 Australia/Oceania 13,587 6,258 7,329 4,982 2,346

 Country Unknown 584 1 583 * 582

 International and regional organizations 8,171 4,606 3,565 297 3,268

* Greater than zero but less than $500,000.

n.a. Not available.

A-42
Table A10. Foreign Holdings of U.S. Short-Term Securities, by Country and Security Type, as

of June 30, 2022

 Millions of dollars

of which: Commercial Paper 

Total Asset-backed 

 Countries and Regions Total ST Treasury Agency Corporate Total CP CP 

 Albania * * 0 0 0 0

 Algeria 678 678 0 0 0 0

 Andorra 19 19 0 0 0 0

 Anguilla 200 200 0 0 0 0

 Antigua and Barbuda 10 10 0 0 0 0

 Argentina 3,235 3,226 0 9 0 0

 Armenia 54 54 0 0 0 0

 Aruba 60 40 1 19 10 0

 Australia 8,900 7,041 67 1,792 839 54

 Austria 785 784 0 1 1 0

 Azerbaijan 562 562 0 0 0 0

 Bahamas 28,772 27,394 4 1,374 454 3

 Bahrain 825 825 0 * * 0

 Bangladesh 997 996 0 * 0 0

 Barbados 600 436 0 164 101 85

 Belgium 41,299 40,882 0 417 9 0

 Belize 46 43 0 2 0 0

 Bermuda 39,149 37,910 196 1,043 606 107

 Bolivia 245 148 0 97 2 0

 Botswana 66 66 0 0 0 0

 Brazil 783 768 0 15 0 0

 British Virgin Islands 8,142 7,630 104 408 254 10

 Brunei 1,181 1,181 0 0 0 0

 Bulgaria * * 0 0 0 0

 Burkina Faso 1,099 0 0 1,099 149 0

 Cambodia 10 2 0 8 0 0

 Canada 21,010 16,825 1,073 3,113 2,306 706

 Cayman Islands 143,344 126,476 2,257 14,612 4,892 924

 Chile 6,917 6,279 0 638 5 0

 China, mainland 2,292 2,219 10 64 20 0

 Colombia 850 809 3 37 34 0

 Cook Islands 3 3 0 0 0 0

 Costa Rica 307 271 0 36 15 0

 Croatia 576 576 0 * 0 0

 Curacao 1,815 1,808 0 7 0 0

 Cyprus 160 158 0 2 0 0

 Czech Republic 94 94 0 0 0 0

 Denmark 887 758 0 130 55 20

 Dominica 2 2 0 0 0 0

 Dominican Republic 60 50 0 10 * 0

 Ecuador 76 60 0 16 12 0

 Egypt 4,600 4,600 0 0 0 0

 El Salvador 489 462 0 27 25 25

 Estonia 86 86 0 0 0 0

 Finland 120 120 0 0 0 0

 France 17,861 17,317 0 545 512 6

 French Polynesia 2 2 0 0 0 0

 Gabon 1 1 0 0 0 0

 Gambia 160 160 0 0 0 0

 Germany 8,109 7,790 1 318 239 121

* Greater than zero but less than $500,000.

n.a. Not available.

A-43
Table A10. Foreign Holdings of U.S. Short-Term Securities, by Country and Security Type, as

of June 30, 2022 (continued)

 Millions of dollars

of which: Commercial Paper 

Total Asset-backed 

 Countries and Regions Total ST Treasury Agency Corporate Total CP CP 

 Ghana 127 127 0 0 0 0

 Gibraltar 25 24 0 1 0 0

 Greece 757 757 0 * 0 0

 Grenada 4 4 0 0 0 0

 Guatemala 1,158 210 0 948 527 0

 Guernsey 1,926 1,753 98 74 32 24

 Haiti 32 17 15 1 0 0

 Honduras 12 11 0 1 0 0

 Hong Kong 22,722 22,682 7 33 10 0

 Hungary 504 504 0 0 0 0

 Iceland * 0 0 * 0 0

 India 2,833 2,729 0 104 35 0

 Indonesia 4,210 3,473 0 737 315 65

 Iraq 15,868 15,868 0 0 0 0

 Ireland 180,019 94,328 2,017 83,675 33,100 16,210

 Isle of Man 293 235 0 58 54 4

 Israel 5,660 4,366 527 766 696 98

 Italy 1,595 1,591 1 4 3 2

 Jamaica 157 157 0 0 0 0

 Japan 73,337 71,883 205 1,249 1,070 350

 Jersey 1,945 1,846 35 64 54 25

 Jordan 2 2 0 0 0 0

 Kazakhstan 7,518 7,518 0 0 0 0

 Kenya 6 6 0 0 0 0

 Korea, South 19,676 18,142 9 1,525 329 31

 Kosovo 5 5 0 0 0 0

 Kuwait 40,064 10,367 141 29,557 17,702 8,317

 Latvia 113 113 0 0 0 0

 Lebanon 2 2 0 * 0 0

 Lesotho 10 10 0 0 0 0

 Liberia 12 12 0 0 0 0

 Libya 1,578 1,578 0 0 0 0

 Liechtenstein 121 121 0 0 0 0

 Lithuania 26 26 0 0 0 0

 Luxembourg 127,982 75,119 4,045 48,818 16,445 6,776

 Macau 140 134 0 6 0 0

 Malaysia 155 155 0 0 0 0

 Malta 170 146 0 25 25 0

 Marshall Islands 201 188 3 11 4 1

 Mauritania 2 2 0 0 0 0

 Mauritius 355 20 0 335 110 0

 Mexico 14,624 13,893 0 731 459 0

 Monaco 15 15 0 * 0 0

 Montserrat 1 1 0 0 0 0

 Morocco 8 8 0 0 0 0

 Namibia 8 8 0 0 0 0

 Nepal 150 150 0 0 0 0

 Netherlands 2,179 763 206 1,210 996 292

 New Zealand 354 351 3 * * 0

 Nicaragua 3 3 0 0 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-44
Table A10. Foreign Holdings of U.S. Short-Term Securities, by Country and Security Type, as

of June 30, 2022 (continued)

 Millions of dollars

of which: Commercial Paper 

Total Asset-backed 

 Countries and Regions Total ST Treasury Agency Corporate Total CP CP 

 Nigeria 83 71 0 11 11 0

 Norway 983 133 0 850 455 0

 Oman 109 84 0 24 0 0

 Pakistan 122 120 0 1 0 0

 Panama 5,183 2,377 * 2,806 2,627 214

 Paraguay 25 19 0 6 0 0

 Peru 1,164 425 0 739 5 0

 Philippines 724 723 * 2 0 0

 Poland 1,191 1,190 0 1 0 0

 Portugal 587 585 0 2 0 0

 Qatar 3,096 3,095 0 1 0 0

 Russia 1,978 1,978 0 * 0 0

 Saint Kitts and Nevis 148 131 0 17 15 0

 Saint Lucia 19 11 0 9 1 0

 Saint Vincent and the Grenadines 10 10 0 0 0 0

 Samoa 18 18 0 * 0 0

 Saudi Arabia 20,257 17,092 0 3,166 216 111

 Seychelles * * 0 0 0 0

 Sierra Leone 25 25 0 0 0 0

 Singapore 10,958 10,123 486 349 249 10

 Sint Maarten 6 2 0 4 4 0

 Slovakia 46 46 0 0 0 0

 Slovenia 34 34 0 0 0 0

 South Africa 2,092 2,091 0 1 0 0

 Spain 1,048 957 0 90 85 0

 Sri Lanka * * 0 0 0 0

 Sudan 1 1 0 0 0 0

 Suriname 3 3 0 0 0 0

 Sweden 598 576 0 22 21 0

 Switzerland 31,598 30,465 11 1,122 667 26

 Taiwan 6,971 5,606 73 1,292 534 164

 Thailand 20,299 20,290 0 9 7 0

 Trinidad and Tobago 1,147 778 34 335 201 0

 Turkey 527 453 0 73 73 5

 Turks and Caicos Islands 86 86 0 0 0 0

 Uganda 293 293 0 0 0 0

 Ukraine 261 261 0 * 0 0

 United Arab Emirates 13,823 13,741 0 82 80 0

 United Kingdom 91,707 87,356 38 4,313 2,124 495

 Uruguay 9,548 9,062 0 487 464 0

 Vanuatu 13 13 0 0 0 0

 Venezuela 92 82 0 10 * 0

 Vietnam 4 0 0 4 0 0

 International and regional organizations 21,273 14,073 85 7,114 2,352 113

 Country Unknown 25 25 0 * 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-45
Table A10. Foreign Holdings of U.S. Short-Term Securities, by Country and Security Type, as

of June 30, 2022 (continued)

 Millions of dollars

of which: Commercial Paper 

Total Asset-backed 

 Countries and Regions Total ST Treasury Agency Corporate Total CP CP 

 Total 1,124,373 893,742 11,753 218,878 92,700 35,394

 of which: Holdings of foreign official

 institutions 246,862 237,058 115 9,690 3,755 326

 Totals by Region:

 Total Africa 11,203 9,757 0 1,446 271 0

 Total Asia 266,486 226,048 1,458 38,981 21,263 9,145

 Total Caribbean 223,765 203,153 2,610 18,002 6,539 1,130

 Total Europe 526,363 378,096 6,452 141,815 54,951 24,005

 Total Latin America 44,758 38,150 3 6,605 4,176 240

 Canada 21,010 16,825 1,073 3,113 2,306 706

 Australia/Oceania 9,491 7,615 72 1,803 843 55

 Country Unknown 25 25 0 * 0 0

 International and regional organizations 21,273 14,073 85 7,114 2,352 113

* Greater than zero but less than $500,000.

n.a. Not available.

A-46
Table A11: Foreign Holdings of U.S. Securities by Industry

As of End-June 2022

Billions of dollars

Industry NAICS code1 Total Equity

Debt

LongtermShortterm

Mining, quarrying, and oil and gas extraction 21 243 169 73 1

Oil and gas extraction 2111 108 67 41 0

Metal ore mining 2122 47 36 11 0

Oil and gas well drilling and support 213111-213112 68 50 18 *

Support activities for metal mining 213114 2 1 * 1

Other 18 15 3 0

Utilities and construction 22-23 485 306 178 1

Electric power generation and distribution 2211 318 187 130 1

Natural gas distribution 2212 95 65 30 *

Water, sewage, and other systems 2213 18 15 4 0

Construction 23 56 40 16 0

Consumer goods manufacturing 31 538 376 162 1

Food manufacturing 311 155 100 55 1

Beverage manufacturing 3121 221 149 71 *

Tobacco product manufacturing 3122 81 51 30 *

Other 81 75 6 0

Chemical manufacturing 325 1,152 933 216 4

Pharmaceutical and medicine manufacturing 3254 847 687 160 *

Other 305 246 55 3

Other primary and machinery manufacturing 326-333 305 233 71 1

Primary metal manufacturing 331 36 27 9 0

Machinery manufacturing 333 181 147 34 *

Other 88 60 28 *

Computer and electronic product manufacturing 334-335 1,940 1,738 199 3

Computer and peripheral equipment manufacturing 3341 613 534 78 *

Communications equipment manufacturing 3342 64 43 20 1

Semiconductor and other electronic component mfg. 3344 884 827 56 *

Navigational, measuring, electromed., control instr. mfg. 3345 323 283 38 1

Electrical equipment, appliance, and component mfg. 335 60 50 10 *

Other -3 0 -3 0

All other manufacturing 336-339 575 480 94 *

Motor vehicle manufacturing 3361 198 180 18 *

Motor vehicle parts manufacturing 3363 25 17 7 0

Aircraft manufacturing 3364 105 73 32 0

Rail, ship, and other transportation manufacturing 3365-3369 12 9 3 *

Medical equipment and supplies manufacturing 3391 185 162 23 *

Other 50 38 12 *

Wholesale trade 42 199 142 57 *

Merchant wholesalers, durable goods 423 105 76 29 *

Merchant wholesalers, nondurable goods 424-425 95 67 28 *

Retail trade 44-45 766 630 136 1

Food and beverage stores 445 23 13 10 *

Other 744 617 126 1

A-47
Table A11: Foreign Holdings of U.S. Securities by industry

As of End-June 2022 (continued)

Billions of dollars

Industry NAICS code1 Total Equity

Debt

LongtermShortterm

Transportation and cargo 48-49 281 176 104 *

Air transportation 481 26 13 12 0

Rail transportation 482 87 63 24 *

Water transportation 483 2 1 * 0

Pipeline transportation 486 60 23 38 *

Support activities for transportation 488 18 13 5 0

Other 89 64 24 *

Publishing and broadcasting 511-516 1,270 1,045 225 *

Motion picture and sound recording industries 512 83 58 25 0

Publishing 513 969 874 95 0

Broadcasting 516 219 113 106 *

Telecommunications and information services 517-519 550 347 202 1

Wired telecommunications carriers 5171 287 117 169 1

Other information services 519 142 136 5 *

Other 122 94 27 *

Depository credit intermediation (banking) 5221 279 51 118 110

Other financial 5222-5239 2,900 974 1,895 32

Real estate credit 522292 1,151 1 1,151 *

Other credit intermed 52239 407 2 399 6

Inv. banking 5231 177 71 105 2

Other 1,164 900 240 24

Insurance 524 639 462 169 9

Funds, trusts, and other financial vehicles 525 2,880 2,809 68 3

Services 53-81 1,911 1,098 793 20

Real estate rental and leasing 531 99 17 79 3

Architectural, engineering, and related services 5413 21 17 4 *

Computer systems design and related services 5415 302 249 53 *

Management, scientific, and technical consulting services 5416 30 15 12 3

Offices of bank and other holding companies 5511 734 327 404 4

Administrative and support services 561 208 124 76 9

Education, health care, and social services 61-62 117 57 60 *

Arts, entertainment, and recreation 71 32 22 9 0

Accommodation and food services 72 185 140 45 *

Other 182 130 52 1

Government2 92 7,414 * 6,521 894

Industry classification unknown 394 63 290 41

All other industries 234 167 59 8

Total 24,956 12,200 11,626 1,130

1 Stands for North American Industry Classification System.

2 The government industry includes primarily U.S. Treasuries and also some bonds issued by state and local

governments. When state and local bonds are clearly associated with a particular industry, such as utilities

or education, they are classified by that industry. Debt issued by international and regional organizations

is classified as private.

A-48
Table A12. Maturity Structure of Foreign-Held U.S. Long-Term Debt, as

of June 30, 2022

 Millions of dollars, parts may not sum to total as some bonds have unknown maturities.

June June June June June June June

2016 2017 2018 2019 2020 2021 2022

Total 10,044,455 10,291,629 10,281,629 10,991,368 11,558,608 12,407,260 11,591,332

 1 year or less 1,214,631 1,001,749 874,627 1,061,384 975,488 1,016,439 1,000,700

 1 to 2 years 1,249,475 1,266,709 1,299,466 1,300,601 1,300,539 1,281,832 1,315,275

 2 to 3 years 959,648 1,147,542 1,147,984 1,125,074 1,104,093 1,212,459 1,118,716

 3 to 4 years 856,248 945,091 963,760 971,271 987,387 1,106,197 999,730

 4 to 5 years 920,085 948,867 951,277 943,160 1,118,570 1,134,974 991,083

 5 to 6 years 664,894 683,485 646,092 742,523 756,642 744,409 756,459

 6 to 7 years 647,466 614,292 650,716 678,825 688,393 806,099 797,958

 7 to 8 years 405,551 443,776 430,920 473,208 445,445 524,684 460,204

 8 to 9 years 404,750 397,934 411,628 390,475 431,005 460,948 482,369

 9 to 10 years 392,215 393,373 334,345 405,461 468,306 534,464 451,186

 10 to 15 years 278,149 275,774 265,979 268,831 318,997 356,517 356,017

 15 to 20 years 256,738 321,667 357,849 378,771 453,838 605,957 586,641

 20 to 25 years 497,117 494,837 526,223 636,570 726,895 681,749 573,007

 25 to 30 years 1,151,330 1,213,751 1,261,083 1,443,689 1,598,668 1,721,935 1,512,255

 30+ years 122,732 117,003 119,027 128,430 167,693 197,669 169,503

Total FOI 4,379,694 4,259,968 4,385,782 4,678,973 4,649,079 4,759,428 4,409,100

 1 year or less 661,548 483,439 408,826 511,620 448,412 486,976 461,012

 1 to 2 years 668,999 704,490 732,516 689,495 702,101 594,754 613,863

 2 to 3 years 517,004 627,433 617,013 593,020 520,781 644,677 488,342

 3 to 4 years 444,097 459,534 463,923 437,778 495,182 515,489 407,814

 4 to 5 years 411,100 414,474 416,811 464,154 502,122 488,818 383,006

 5 to 6 years 334,613 300,306 287,304 327,350 332,810 258,318 314,497

 6 to 7 years 289,813 278,863 272,812 304,416 245,645 325,915 329,372

 7 to 8 years 171,555 151,898 142,950 144,936 153,616 144,671 130,536

 8 to 9 years 155,296 139,579 129,209 151,752 147,223 119,169 180,578

 9 to 10 years 121,697 102,915 115,542 141,607 125,844 184,614 173,871

 10 to 15 years 53,761 39,690 32,544 26,840 26,012 28,352 31,337

 15 to 20 years 21,709 25,604 35,790 38,344 55,989 141,986 177,338

 20 to 25 years 168,575 189,557 227,180 280,542 307,826 234,062 173,858

 25 to 30 years 428,924 402,362 543,358 603,449 632,453 636,037 606,840

 30+ years 8,096 7,028 6,741 8,926 13,412 16,157 9,280

Total Private 5,664,761 6,031,660 5,895,847 6,312,395 6,909,529 7,647,833 7,182,232

 1 year or less 553,084 518,310 465,801 549,764 527,077 529,463 539,688

 1 to 2 years 580,476 562,220 566,950 611,106 598,438 687,079 701,412

 2 to 3 years 442,644 520,109 530,972 532,054 583,312 567,782 630,375

 3 to 4 years 412,150 485,557 499,837 533,493 492,204 590,708 591,916

 4 to 5 years 508,985 534,394 534,466 479,007 616,448 646,156 608,077

 5 to 6 years 330,281 383,179 358,788 415,173 423,833 486,091 441,962

 6 to 7 years 357,653 335,429 377,904 374,409 442,748 480,184 468,585

 7 to 8 years 233,996 291,878 287,970 328,273 291,828 380,012 329,668

 8 to 9 years 249,454 258,355 282,418 238,723 283,782 341,780 301,791

 9 to 10 years 270,518 290,458 218,803 263,854 342,462 349,850 277,314

 10 to 15 years 224,389 236,085 233,435 241,991 292,985 328,165 324,680

 15 to 20 years 235,028 296,063 322,059 340,426 397,849 463,972 409,303

 20 to 25 years 328,542 305,280 299,043 356,028 419,069 447,687 399,149

 25 to 30 years 722,406 811,389 717,725 840,240 966,215 1,085,897 905,415

 30+ years 114,636 109,975 112,286 119,503 154,281 181,512 160,223

A-49
Table A12. Maturity Structure of Foreign-Held U.S. Long-Term Debt, as

of June 30, 2022

 Millions of dollars, parts may not sum to total as some bonds have unknown maturities.

June June June June June June June

2016 2017 2018 2019 2020 2021 2022

U.S. Treasuries 5,584,909 5,467,555 5,466,965 5,903,163 6,005,341 6,574,107 6,481,669

 1 year or less 937,456 708,328 635,955 783,058 714,992 760,253 767,756

 1 to 2 years 889,566 966,114 977,509 965,902 977,382 967,442 1,028,470

 2 to 3 years 645,667 774,905 783,486 750,306 737,150 897,915 757,889

 3 to 4 years 547,948 592,902 595,503 598,017 666,937 696,412 628,514

 4 to 5 years 563,099 559,670 567,461 616,492 690,880 706,843 620,416

 5 to 6 years 420,708 375,045 382,022 447,197 444,577 381,395 470,352

 6 to 7 years 383,251 373,793 375,340 410,951 363,034 502,030 529,243

 7 to 8 years 236,966 219,846 205,717 213,538 223,490 243,218 201,578

 8 to 9 years 238,979 215,143 202,923 230,703 244,918 191,922 308,242

 9 to 10 years 216,835 181,909 187,599 244,377 209,594 325,334 302,024

 10 to 15 years 78,973 61,767 46,207 22,320 12,828 18,406 23,704

 15 to 20 years 14,746 16,967 27,474 36,646 68,198 219,868 293,839

 20 to 25 years 133,288 165,098 181,651 258,135 298,498 273,001 207,459

 25 to 30 years 276,615 256,038 279,841 301,848 352,827 390,051 342,163

 30+ years 0 0 0 0 0 0 0

U.S. Treasuries FOI 3,761,296 3,662,609 3,650,929 3,852,190 3,762,958 3,940,118 3,606,799

 1 year or less 625,210 451,401 385,151 481,786 427,987 470,713 449,351

 1 to 2 years 626,889 677,703 704,124 665,996 677,397 578,884 594,275

 2 to 3 years 490,771 597,309 594,896 564,943 498,965 623,725 464,997

 3 to 4 years 422,280 441,514 444,311 419,588 477,295 495,741 388,814

 4 to 5 years 391,489 391,749 398,152 446,245 475,538 469,454 363,706

 5 to 6 years 318,813 285,368 275,395 313,151 317,278 241,808 299,914

 6 to 7 years 275,705 265,970 259,919 292,001 228,983 312,143 317,694

 7 to 8 years 160,564 140,455 133,306 133,351 142,748 133,688 116,612

 8 to 9 years 143,194 129,060 119,333 143,259 136,335 104,364 170,741

 9 to 10 years 108,675 89,451 105,891 131,609 106,702 172,075 163,962

 10 to 15 years 35,978 25,291 19,747 8,506 2,136 2,570 4,362

 15 to 20 years 2,656 4,977 12,373 13,133 23,331 107,066 141,745

 20 to 25 years 89,410 116,122 117,439 157,614 163,988 120,926 72,617

 25 to 30 years 125,653 93,651 109,539 109,836 129,509 149,116 107,207

 30+ years 0 0 0 0 0 0 0

U.S. Treasuries Private 1,823,613 1,804,946 1,816,036 2,050,972 2,242,383 2,633,989 2,874,870

 1 year or less 312,246 256,927 250,804 301,272 287,005 289,539 318,405

 1 to 2 years 262,677 288,411 273,386 299,905 299,985 388,558 434,195

 2 to 3 years 154,896 177,597 188,590 185,362 238,185 274,190 292,891

 3 to 4 years 125,669 151,388 151,192 178,428 189,642 200,671 239,700

 4 to 5 years 171,610 167,921 169,309 170,247 215,342 237,389 256,710

 5 to 6 years 101,895 89,677 106,627 134,046 127,300 139,587 170,438

 6 to 7 years 107,546 107,823 115,421 118,950 134,051 189,887 211,549

 7 to 8 years 76,402 79,392 72,410 80,187 80,742 109,530 84,966

 8 to 9 years 95,786 86,082 83,590 87,444 108,583 87,558 137,501

 9 to 10 years 108,161 92,458 81,708 112,768 102,893 153,259 138,062

 10 to 15 years 42,995 36,476 26,459 13,814 10,693 15,836 19,342

 15 to 20 years 12,090 11,990 15,101 23,514 44,867 112,802 152,094

 20 to 25 years 43,878 48,976 64,212 100,521 134,510 152,075 134,842

 25 to 30 years 150,962 162,387 170,302 192,012 223,317 240,935 234,956

 30+ years 0 0 0 0 0 0 0

A-50
Table A12. Maturity Structure of Foreign-Held U.S. Long-Term Debt, as

of June 30, 2022

 Millions of dollars, parts may not sum to total as some bonds have unknown maturities.

June June June June June June June

2016 2017 2018 2019 2020 2021 2022

Agencies 954,325 980,212 1,024,200 1,144,971 1,222,537 1,252,339 1,193,689

 1 year or less 38,981 26,755 15,655 20,156 11,731 13,275 9,342

 1 to 2 years 45,304 20,762 22,313 13,643 16,232 9,091 10,118

 2 to 3 years 13,716 18,192 12,293 13,058 7,895 9,819 9,871

 3 to 4 years 8,712 6,852 9,648 4,308 4,876 7,765 8,893

 4 to 5 years 7,107 9,691 5,986 4,842 11,283 9,333 10,882

 5 to 6 years 5,933 4,131 3,714 7,055 4,514 8,235 7,148

 6 to 7 years 4,022 4,268 7,344 3,352 7,596 6,808 11,513

 7 to 8 years 4,611 8,388 3,525 4,412 5,412 8,644 8,345

 8 to 9 years 10,021 4,793 5,625 6,010 9,401 11,815 8,591

 9 to 10 years 6,680 8,351 5,199 10,337 11,878 10,051 9,709

 10 to 15 years 36,620 43,540 40,198 41,670 37,543 41,104 39,491

 15 to 20 years 29,623 33,765 33,088 33,418 40,741 51,364 54,521

 20 to 25 years 130,068 133,945 171,532 180,265 195,499 157,404 151,793

 25 to 30 years 602,987 643,364 672,915 782,492 830,726 869,983 829,535

 30+ years 9,715 12,287 14,363 19,952 27,209 37,629 23,897

Agencies FOI 445,673 426,493 578,997 658,185 686,071 648,378 649,191

 1 year or less 24,907 14,097 7,492 10,998 4,857 7,611 3,886

 1 to 2 years 26,478 10,722 12,700 5,960 9,219 4,109 6,055

 2 to 3 years 7,244 10,756 4,831 8,816 4,113 4,862 3,751

 3 to 4 years 4,519 2,393 4,468 1,984 1,768 2,653 3,332

 4 to 5 years 3,122 4,509 2,192 1,841 5,094 3,191 2,428

 5 to 6 years 1,421 1,367 800 1,230 866 1,661 1,469

 6 to 7 years 1,244 1,086 1,185 937 2,345 1,584 1,959

 7 to 8 years 1,483 1,433 873 988 1,511 1,491 1,879

 8 to 9 years 2,098 1,212 1,122 1,014 2,005 2,255 1,642

 9 to 10 years 2,256 1,607 907 1,468 2,009 1,683 2,013

 10 to 15 years 8,134 8,667 7,264 11,278 14,021 16,064 17,364

 15 to 20 years 11,103 13,391 15,729 17,197 21,411 24,861 26,574

 20 to 25 years 70,681 66,356 104,067 117,711 137,069 106,482 96,436

 25 to 30 years 287,279 294,084 421,144 478,928 480,586 469,698 486,431

 30+ years 2,275 2,152 1,960 1,854 4,159 8,183 2,844

Agencies Private 508,653 553,719 445,203 486,786 536,467 603,961 544,497

 1 year or less 14,074 12,658 8,163 9,158 6,874 5,664 5,455

 1 to 2 years 18,827 10,040 9,614 7,683 7,014 4,983 4,063

 2 to 3 years 6,472 7,437 7,462 4,241 3,782 4,957 6,121

 3 to 4 years 4,194 4,459 5,180 2,323 3,108 5,112 5,561

 4 to 5 years 3,985 5,182 3,795 3,000 6,189 6,142 8,454

 5 to 6 years 4,512 2,764 2,914 5,825 3,648 6,574 5,678

 6 to 7 years 2,777 3,181 6,159 2,415 5,251 5,224 9,554

 7 to 8 years 3,127 6,954 2,652 3,424 3,901 7,153 6,465

 8 to 9 years 7,923 3,581 4,503 4,996 7,397 9,560 6,949

 9 to 10 years 4,423 6,744 4,292 8,869 9,869 8,368 7,695

 10 to 15 years 28,486 34,872 32,934 30,393 23,523 25,040 22,126

 15 to 20 years 18,521 20,374 17,359 16,222 19,330 26,503 27,947

 20 to 25 years 59,386 67,589 67,466 62,554 58,430 50,922 55,358

 25 to 30 years 315,707 349,280 251,771 303,563 350,139 400,285 343,104

 30+ years 7,440 10,135 12,403 18,098 23,051 29,445 21,053

A-51
Table A12. Maturity Structure of Foreign-Held U.S. Long-Term Debt, as

of June 30, 2022

 Millions of dollars, parts may not sum to total as some bonds have unknown maturities.

June June June June June June June

2016 2017 2018 2019 2020 2021 2022

Corporate 3,505,220 3,843,861 3,790,465 3,943,234 4,330,730 4,580,814 3,915,974

 1 year or less 238,194 266,666 223,017 258,170 248,765 242,911 223,602

 1 to 2 years 314,605 279,834 299,644 321,056 306,924 305,299 276,687

 2 to 3 years 300,265 354,445 352,206 361,711 359,048 304,725 350,957

 3 to 4 years 299,587 345,338 358,610 368,947 315,574 402,019 362,323

 4 to 5 years 349,879 379,506 377,830 321,827 416,408 418,798 359,785

 5 to 6 years 238,253 304,310 260,357 288,271 307,551 354,779 278,959

 6 to 7 years 260,194 236,231 268,032 264,522 317,763 297,261 257,202

 7 to 8 years 163,974 215,542 221,679 255,258 216,543 272,822 250,281

 8 to 9 years 155,750 177,998 203,080 153,762 176,686 257,211 165,535

 9 to 10 years 168,700 203,113 141,547 150,746 246,833 199,079 139,453

 10 to 15 years 162,557 170,468 179,574 204,841 268,625 297,008 292,822

 15 to 20 years 212,368 270,935 297,287 308,706 344,899 334,726 238,280

 20 to 25 years 233,762 195,794 173,040 198,170 232,898 251,344 213,754

 25 to 30 years 271,728 314,348 308,326 359,350 415,116 461,900 340,557

 30+ years 113,018 104,716 104,663 108,478 140,484 160,040 145,606

Corporate FOI 172,725 170,866 155,856 168,598 200,050 170,932 153,109

 1 year or less 11,431 17,940 16,183 18,837 15,567 8,652 7,774

 1 to 2 years 15,632 16,064 15,693 17,539 15,486 11,761 13,533

 2 to 3 years 18,988 19,369 17,286 19,260 17,703 16,090 19,594

 3 to 4 years 17,299 15,627 15,144 16,206 16,120 17,095 15,668

 4 to 5 years 16,489 18,215 16,467 16,067 21,490 16,172 16,872

 5 to 6 years 14,379 13,572 11,109 12,969 14,666 14,849 13,114

 6 to 7 years 12,864 11,807 11,708 11,479 14,317 12,188 9,719

 7 to 8 years 9,507 10,010 8,771 10,597 9,358 9,493 12,044

 8 to 9 years 10,004 9,307 8,754 7,479 8,883 12,550 8,195

 9 to 10 years 10,766 11,857 8,744 8,529 17,133 10,856 7,896

 10 to 15 years 9,649 5,731 5,532 7,057 9,856 9,719 9,610

 15 to 20 years 7,950 7,236 7,688 8,015 11,247 10,059 9,019

 20 to 25 years 8,484 7,079 5,674 5,217 6,769 6,654 4,805

 25 to 30 years 15,991 14,626 12,674 14,684 22,358 17,224 13,202

 30+ years 5,822 4,875 4,781 7,072 9,254 7,974 6,436

Corporate Private 3,332,495 3,672,995 3,634,608 3,774,637 4,130,679 4,409,882 3,762,865

 1 year or less 226,763 248,726 206,833 239,334 233,198 234,259 215,828

 1 to 2 years 298,973 263,769 283,950 303,517 291,439 293,538 263,154

 2 to 3 years 281,277 335,076 334,920 342,450 341,344 288,634 331,363

 3 to 4 years 282,288 329,710 343,466 352,741 299,453 384,924 346,655

 4 to 5 years 333,390 361,291 361,362 305,760 394,918 402,625 342,913

 5 to 6 years 223,874 290,738 249,248 275,301 292,885 339,930 265,846

 6 to 7 years 247,330 224,424 256,324 253,043 303,446 285,073 247,482

 7 to 8 years 154,467 205,532 212,907 244,662 207,185 263,330 238,237

 8 to 9 years 145,745 168,691 194,326 146,283 167,803 244,662 157,341

 9 to 10 years 157,934 191,256 132,803 142,217 229,700 188,223 131,557

 10 to 15 years 152,907 164,737 174,041 197,784 258,769 287,289 283,212

 15 to 20 years 204,418 263,699 289,599 300,691 333,652 324,666 229,261

 20 to 25 years 225,278 188,715 167,366 192,953 226,129 244,690 208,949

 25 to 30 years 255,737 299,722 295,652 344,665 392,758 444,677 327,355

 30+ years 107,196 99,840 99,882 101,405 131,230 152,067 139,170

A-52
Appendix B: Data for Exhibits Shown

in Graphical Form

B-1
Billions of dollars

Long-term Short-term

Equities1 Treasury

debt

Agency

debt2

Corporate

debt3

Total

debt

Total

long-term

Treasury

debt

Agency

debt2

Corporate

debt3

Total

short-term

Total long-term

and short-term

2008 2,969 2,211 1,464 2,820 6,494 9,463 379 174 306 858 10,322

2009 2,252 2,604 1,196 2,440 6,240 8,492 862 90 197 1,149 9,641

2010 2,814 3,343 1,086 2,493 6,921 9,736 743 61 152 956 10,691

2011 3,830 4,049 1,031 2,651 7,731 11,561 658 43 177 878 12,440

2012 4,237 4,673 991 2,549 8,213 12,451 637 29 145 811 13,261

2013 5,070 4,916 874 2,672 8,462 13,532 679 25 173 878 14,410

2014 6,356 5,382 827 2,974 9,183 15,539 633 42 203 878 16,417

2015 6,655 5,450 880 3,217 9,547 16,202 697 49 186 932 17,134

2016 6,186 5,585 954 3,505 10,044 16,230 683 32 195 909 17,139

2017 7,189 5,468 980 3,844 10,292 17,481 678 17 236 930 18,412

2018 8,139 5,467 1,024 3,790 10,282 18,421 734 20 226 980 19,400

2019 8,630 5,903 1,145 3,943 10,991 19,622 709 14 190 913 20,534

2020 9,168 6,005 1,223 4,331 11,559 20,726 1,040 16 172 1,228 21,954

2021 13,705 6,574 1,252 4,581 12,407 26,112 928 7 142 1,076 27,189

2022 12,177 6,482 1,194 3,916 11,591 23,768 894 12 219 1,124 24,893

1. Equities include common and preferred stock; all types of investment company shares, such as open-end funds, closed-end funds, money market mutual

funds, and hedge funds; interests in limited partnerships and other equity interests that may not involve stocks or shares.

2. Agencies include U.S. government agencies and corporations as well as federally sponsored enterprises, such as the Federal National Mortgage Association.

3. Corporate debt includes all other non-Treasury and non-agency debt, such as certificates of deposit with a maturity of over one year, and U.S. municipal

debt securities.

Note: In this and subsequent tables, components may not sum to totals due to rounding.

Exhibit 2: Foreign Holdings of U.S. Securities by Broad Security Type

B-2
Billions of dollars

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Total U.S. securities

Total U.S. securities 57,084 52,219 55,125 62,777 63,976 70,702 79,256 82,396 82,981 89,752 96,780 101,738 110,376 137,994 127,137

U.S.-owned 46,763 42,578 44,434 50,338 50,715 56,292 62,839 65,262 65,842 71,340 77,380 81,203 88,422 110,805 102,245

Foreign-owned 10,322 9,641 10,691 12,440 13,261 14,410 16,417 17,134 17,139 18,412 19,400 20,534 21,954 27,189 24,893

Percent foreign-owned 18.1 18.5 19.4 19.8 20.7 20.4 20.7 20.8 20.7 20.5 20.0 20.2 19.9 19.7 19.6

Foreign holdings (percent of total)

Treasury debt 25.1 36.0 38.2 37.8 40.0 38.8 36.6 35.9 36.6 33.4 32.0 32.2 32.1 27.6 29.6

Agency debt 15.9 13.3 10.7 8.6 7.7 6.2 5.3 5.4 5.8 5.4 5.4 5.6 5.6 4.6 4.8

Corporate debt 30.3 27.4 24.7 22.7 20.3 19.7 19.3 19.9 21.6 22.2 20.7 20.1 20.5 17.4 16.6

Equities 28.8 23.4 26.3 30.8 32.0 35.2 38.7 38.8 36.1 39.0 42.0 42.0 41.8 50.4 48.9

Treasury debt

Total U.S. securities 4,696.4 6,612.1 8,102.4 9,334.7 10,497.0 11,395.0 12,084.2 12,711.1 13,430.8 14,009.4 14,982.4 15,930.9 19,906.0 21,739.0 23,311.6

U.S.-owned 2,107.2 3,146.1 4,016.6 4,627.1 5,186.7 5,799.6 6,068.9 6,564.1 7,163.3 7,864.1 8,781.6 9,318.7 12,860.6 14,236.9 15,936.2

Foreign-owned 2,589.2 3,466.0 4,085.8 4,707.6 5,310.3 5,595.4 6,015.3 6,147.0 6,267.5 6,145.3 6,200.8 6,612.2 7,045.4 7,502.1 7,375.4

Percent foreign-owned 55.1 52.4 50.4 50.4 50.6 49.1 49.8 48.4 46.7 43.9 41.4 41.5 35.4 34.5 31.6

Agency debt

Total U.S. securities 7,886 8,141 7,697 7,585 7,548 7,665 7,778 7,960 8,324 8,667 8,960 9,264 9,744 10,408 11,195

U.S.-owned 6,248 6,856 6,550 6,512 6,528 6,765 6,909 7,031 7,338 7,670 7,916 8,105 8,505 9,148 9,990

Foreign-owned 1,637 1,286 1,147 1,074 1,020 900 869 929 986 997 1,044 1,159 1,238 1,259 1,205

Percent foreign-owned 20.8 15.8 14.9 14.2 13.5 11.7 11.2 11.7 11.8 11.5 11.7 12.5 12.7 12.1 10.8

Corporate debt

Total U.S. securities 14,286 13,649 13,038 13,134 12,951 13,023 13,205 13,667 13,774 13,858 14,047 14,399 15,452 15,848 16,294

U.S.-owned 11,161 11,012 10,394 10,305 10,258 10,178 10,029 10,264 10,073 9,778 10,030 10,266 10,950 11,125 12,159

Foreign-owned 3,126 2,637 2,645 2,829 2,694 2,845 3,177 3,403 3,700 4,080 4,016 4,133 4,502 4,722 4,135

Percent foreign-owned 21.9 19.3 20.3 21.5 20.8 21.8 24.1 24.9 26.9 29.4 28.6 28.7 29.1 29.8 25.4

Equities

Total U.S. securities 30,216 23,817 26,288 32,724 32,980 38,619 46,188 48,058 47,452 53,218 58,791 62,144 65,274 90,000 76,336

U.S.-owned 27,246 21,565 23,474 28,894 28,742 33,548 39,832 41,403 41,267 46,028 50,652 53,513 56,106 76,295 64,159

Foreign-owned 2,969 2,252 2,814 3,830 4,237 5,070 6,356 6,655 6,186 7,189 8,139 8,630 9,168 13,705 12,177

Percent foreign-owned 9.8 9.5 10.7 11.7 12.8 13.1 13.8 13.8 13.0 13.5 13.8 13.9 14.0 15.2 16.0

1. For total amounts outstanding, source is Monthly Statement of the Public Debt of the United States, Table 1, Summary of Treasury Securities Outstanding, Total Marketable. Includes holdings

of the Federal Reserve System.

2. For total amounts outstanding, source is Federal Reserve Statistical Release Z.1, Financial Accounts of the United States, Table L.11, row 1. U.S. government agency securities include all

securities issued by federally sponsored agencies and corporations, as well as all securities guaranteed by the Government National Mortgage Association (GNMA). Amounts outstanding include

those held by the Federal Reserve System.

3. For total amounts outstanding, source is Federal Reserve Statistical Release Z.1, Financial Accounts of the United States, Table L.208, line 1 less lines 3, 4, and 24.

4. For total amounts outstanding, source is Federal Reserve Statistical Release Z.1, Financial Accounts of the United States, Table L.223, row 1, minus Table L.133, row 37,plus Table L.224, row

1, plus Table L.206, row 1.

Exhibit 4: Foreign Holdings of U.S. Securities by Type

B-3
Billions of dollars

U.S. holdings

of foreign

securities1

(assets)

Foreign official

holdings of U.S.

securities

(liabilities)

Foreign private

holdings of U.S.

securities

(liabilities)

Total foreign

holdings of U.S.

securities

(liabilities)

Net asset positions in

securities

of U.S. residents2

2008 6,324 3,493 6,829 10,322 -3,998

2009 4,615 3,880 5,760 9,641 -5,026

2010 5,282 4,346 6,346 10,691 -5,409

2011 6,830 4,847 7,592 12,440 -5,610

2012 7,160 5,149 8,112 13,261 -6,102

2013 8,216 5,406 9,005 14,410 -6,195

2014 9,919 5,682 10,735 16,417 -6,498

2015 10,122 5,794 11,340 17,134 -7,013

2016 9,529 5,504 11,635 17,139 -7,611

2017 11,120 5,575 12,836 18,412 -7,292

2018 12,138 5,794 13,606 19,400 -7,262

2019 12,385 6,112 14,423 20,534 -8,150

2020 12,130 6,310 15,644 21,954 -9,824

2021 15,784 6,471 20,718 27,189 -11,405

2022 13,686 5,946 18,947 24,893 -11,206

1. Because surveys of foreign holdings of U.S. long-term securities were collected on different dates from

the surveys of U.S. holdings of foreign securities, estimated positions are shown for the between-survey

values of foreign holdings. These estimates are subject to revision.

2. Net foreign holdings are defined as U.S. holdings of foreign securities minus foreign holdings of U.S.

securities.

Exhibit 5: Net Asset Position of U.S. Residents in Securities

B-4
Billions of dollars

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Treasury debt

Total 2,590 3,466 4,086 4,707 5,310 5,595 6,015 6,147 6,268 6,146 6,201 6,612 7,045 7,502 7,376

Europe 533 721 839 1,041 1,282 1,398 1,655 1,643 1,794 1,758 1,728 1,891 2,171 2,456 2,529

Of which: Euro area 248 285 331 444 581 653 912 862 958 902 968 1,055 1,214 1,325 1,342

Asia 1,618 2,251 2,633 2,962 3,189 3,269 3,449 3,551 3,479 3,433 3,464 3,616 3,785 3,879 3,586

Americas 378 413 491 575 696 784 759 822 868 822 840 942 909 995 1,089

Of which: Carib. fin. ctrs. 109 139 191 202 246 288 262 312 380 351 296 348 352 382 458

Australia/Oceania 11 17 23 25 31 41 41 39 36 43 45 47 51 53 60

Africa 31 31 53 36 32 31 33 28 25 33 69 61 59 63 48

Intl. and regional orgs. 18 32 48 69 80 75 80 65 66 55 53 53 69 57 63

EMEs 1,209 1,745 2,011 2,337 2,298 2,450 2,425 2,478 2,392 2,382 2,443 2,418 2,307 2,360 2,151

AFEs 1,252 1,549 1,836 2,100 2,687 2,783 3,249 3,292 3,429 3,357 3,409 3,793 4,317 4,702 4,704

Country unknown 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Agency debt

Total 1,638 1,286 1,147 1,074 1,020 899 869 929 986 997 1,044 1,159 1,239 1,259 1,206

Europe 374 199 153 135 148 146 135 145 150 148 150 155 169 182 213

Of which: Euro area 150 130 106 88 109 112 105 112 119 116 124 133 112 113 122

Asia 1,065 914 851 781 715 617 622 667 707 740 785 892 924 877 801

Americas 167 149 130 142 145 125 100 105 114 95 94 102 133 184 175

Of which: Carib. fin. ctrs. 99 100 90 94 88 76 64 67 73 68 67 72 87 79 75

Australia/Oceania 16 8 4 7 4 4 4 3 3 3 4 5 5 6 7

Africa 2 1 1 1 1 1 1 2 3 2 1 1 1 1 1

Intl. and regional orgs. 12 13 9 8 7 7 7 7 9 8 8 4 5 8 9

EMEs 849 556 436 331 293 255 268 291 264 241 239 291 310 287 317

AFEs 677 616 611 640 633 562 530 564 640 681 730 792 837 884 805

Country unknown 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Corporate debt

Total 3,126 2,637 2,645 2,828 2,694 2,845 3,177 3,403 3,700 4,080 4,016 4,133 4,503 4,723 4,135

Europe 1,859 1,655 1,624 1,742 1,633 1,759 1,964 2,122 2,294 2,557 2,463 2,450 2,589 2,741 2,349

Of which: Euro area 1,272 1,069 1,054 1,134 1,070 1,193 1,383 1,488 1,612 1,907 1,864 1,808 1,907 2,032 1,737

Asia 324 307 268 287 314 350 375 406 471 519 530 624 744 760 707

Americas 709 521 573 614 621 641 702 721 798 879 884 943 1,033 1,086 952

Of which: Carib. fin. ctrs. 544 416 447 486 481 484 519 520 587 659 662 711 779 818 694

Australia/Oceania 35 26 24 29 22 29 32 32 35 40 39 41 42 47 46

Africa 2 2 4 3 2 2 2 3 2 2 3 3 3 2 3

Intl. and regional orgs. 14 18 16 16 14 13 18 20 18 19 19 18 16 18 22

EMEs 349 223 242 234 181 152 199 226 208 210 220 200 232 205 210

AFEs 2,219 1,980 1,940 2,093 2,018 2,196 2,441 2,636 2,887 3,191 3,114 3,205 3,475 3,683 3,209

Country unknown 183 108 137 137 88 51 81 98 82 64 79 55 75 69 55

Equity

Total 2,969 2,252 2,814 3,830 4,237 5,070 6,356 6,655 6,186 7,189 8,139 8,630 9,168 13,705 12,177

Europe 1,449 1,055 1,308 1,789 1,856 2,194 2,785 3,011 2,887 3,350 3,829 4,072 4,338 6,774 5,803

Of which: Euro area 728 499 630 860 821 998 1,307 1,390 1,345 1,572 1,858 1,954 2,107 3,378 2,941

Asia 599 504 648 866 996 1,146 1,367 1,393 1,262 1,481 1,682 1,819 2,089 2,928 2,651

Americas 821 614 765 1,048 1,253 1,559 1,997 2,035 1,834 2,118 2,355 2,420 2,411 3,539 3,164

Of which: Carib. fin. ctrs. 452 329 406 545 698 834 1,094 1,126 1,019 1,172 1,290 1,349 1,321 1,881 1,665

Australia/Oceania 87 66 81 114 120 158 183 190 184 215 249 292 298 426 516

Africa 9 5 6 8 8 9 16 21 14 20 18 18 21 25 28

Intl. and regional orgs. 3 6 5 3 4 4 5 5 4 5 5 9 9 13 14

EMEs 316 251 339 466 567 690 838 830 619 697 774 793 943 1,218 1,155

AFEs 2,198 1,667 2,065 2,815 2,968 3,542 4,419 4,695 4,543 5,316 6,070 6,479 6,895 10,593 9,343

Country unknown 1 2 1 2 0 0 3 0 0 1 1 1 1 1 1

Exhibit 6: Foreign Holdings of U.S. Securities by Region

B-5
Billions of dollars

Advanced Foreign Economies (AFE) Emerging Market Economies (EME)

Foreign official Private Foreign official Private

2008 1,253 5,094 2,238 486

2009 1,431 4,380 2,442 333

2010 1,679 4,773 2,659 370

2011 1,847 5,801 2,991 377

2012 2,168 6,137 2,975 363

2013 2,217 6,866 3,185 361

2014 2,396 8,242 3,280 449

2015 2,451 8,737 3,338 488

2016 2,420 9,080 3,079 405

2017 2,470 10,074 3,098 430

2018 2,615 10,708 3,171 505

2019 2,878 11,392 3,227 475

2020 3,035 12,488 3,266 525

2021 3,159 16,703 3,297 774

2022 2,926 15,134 3,009 824

Exhibit 7: Foreign Holdings of U.S. Securities by Type of Economy and Sector of Holder

B-6
Billions of dollars

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Total U.S. long-term securities

Total 9,463 8,492 9,736 11,561 12,451 13,532 15,539 16,202 16,230 17,481 18,421 19,622 20,726 26,112 23,768

Ireland 265 233 258 291 349 462 600 710 816 936 1,015 976 987 1,326 1,207

Luxembourg 586 498 541 748 766 910 1,118 1,198 1,255 1,303 1,391 1,534 1,647 2,155 1,844

Switzerland 293 289 372 472 540 550 610 681 710 790 783 772 819 1,150 983

United Kingdom 840 765 776 965 985 1,086 1,252 1,406 1,387 1,452 1,553 1,718 1,909 2,543 2,342

Canada 423 324 412 546 619 791 965 968 930 1,048 1,191 1,245 1,306 1,957 1,823

Cayman Islands 774 577 661 809 948 1,072 1,324 1,409 1,422 1,585 1,643 1,778 1,779 2,339 2,097

China, Mainland 1,175 1,304 1,606 1,722 1,584 1,730 1,808 1,841 1,628 1,538 1,602 1,539 1,535 1,572 1,471

Japan 1,185 1,201 1,325 1,518 1,772 1,703 1,855 1,828 1,898 1,941 1,979 2,218 2,482 2,698 2,401

All other 3,922 3,301 3,785 4,490 4,887 5,230 6,006 6,161 6,186 6,889 7,264 7,841 8,262 10,373 9,601

Treasury debt

Total 2,211 2,604 3,343 4,049 4,673 4,916 5,382 5,450 5,585 5,468 5,467 5,903 6,005 6,574 6,482

Ireland 12 18 27 31 69 91 131 174 235 260 247 224 201 192 190

Luxembourg 58 52 49 88 97 107 111 135 180 174 169 183 182 200 229

Switzerland 34 56 87 106 152 157 154 191 207 214 206 195 214 270 259

United Kingdom 45 56 72 118 111 131 132 172 199 200 229 286 370 464 525

Canada 17 16 29 36 41 47 48 48 69 67 87 99 102 150 188

Cayman Islands 25 19 36 47 57 66 100 135 175 158 86 134 114 141 175

China, Mainland 522 757 1,108 1,302 1,138 1,272 1,261 1,268 1,238 1,144 1,188 1,109 1,040 1,058 935

Japan 568 646 737 818 1,048 1,023 1,160 1,123 1,086 1,034 970 1,065 1,194 1,213 1,158

All other 928 985 1,198 1,503 1,961 2,022 2,285 2,204 2,197 2,218 2,285 2,608 2,588 2,887 2,824

Agency debt

Total 1,464 1,196 1,086 1,031 991 874 827 880 954 980 1,024 1,145 1,223 1,252 1,194

Ireland 29 34 23 26 39 51 36 36 48 44 47 46 28 21 20

Luxembourg 29 23 18 19 26 21 23 29 32 31 36 48 40 37 43

Switzerland 13 14 13 14 17 17 16 18 16 17 12 11 10 23 19

United Kingdom 26 16 11 12 12 8 10 9 10 12 11 8 43 40 66

Canada 5 4 5 5 3 3 4 4 6 5 5 6 23 82 77

Cayman Islands 43 43 32 37 36 33 21 24 31 33 31 35 39 38 36

China, Mainland 527 454 360 245 202 174 204 222 196 183 181 227 238 218 244

Japan 270 219 233 258 248 196 167 153 197 228 258 297 309 311 232

All other 523 389 391 415 407 372 346 385 419 426 444 467 493 482 457

Corporate debt

Total 2,820 2,440 2,493 2,651 2,549 2,672 2,974 3,217 3,505 3,844 3,790 3,943 4,331 4,581 3,916

Ireland 149 122 130 129 133 179 229 266 296 336 328 251 241 292 249

Luxembourg 308 286 302 350 350 404 482 517 526 566 568 640 694 723 551

Switzerland 84 89 110 125 108 110 109 129 136 147 113 117 99 98 77

United Kingdom 394 414 369 394 368 363 369 393 437 397 390 422 478 499 440

Canada 81 63 80 90 105 124 143 155 160 166 171 184 210 230 217

Cayman Islands 389 288 303 331 338 345 365 366 420 467 487 524 567 622 521

China, Mainland 26 15 11 16 22 23 24 20 16 16 17 14 23 23 18

Japan 148 154 130 140 162 168 167 161 187 188 208 260 312 307 284

All other 1,241 1,009 1,056 1,075 962 955 1,086 1,211 1,328 1,562 1,509 1,531 1,706 1,787 1,558

Equities

Total 2,969 2,252 2,814 3,830 4,237 5,070 6,356 6,655 6,186 7,189 8,139 8,630 9,168 13,705 12,177

Ireland 75 60 77 105 108 141 204 235 238 296 393 456 517 821 748

Luxembourg 191 137 172 291 292 378 502 518 516 532 617 663 731 1,195 1,021

Switzerland 162 130 162 226 263 266 331 344 351 413 452 450 496 759 628

United Kingdom 376 279 324 441 495 584 741 832 741 844 924 1,002 1,019 1,540 1,312

Canada 321 242 298 415 471 617 769 761 695 810 928 956 971 1,495 1,341

Cayman Islands 317 227 290 393 516 628 838 884 796 928 1,038 1,084 1,059 1,538 1,365

China, Mainland 100 78 127 159 221 261 320 330 178 194 217 189 233 273 273

Japan 199 182 224 302 314 316 361 391 428 490 543 596 667 866 727

All other 1,230 919 1,141 1,496 1,557 1,881 2,290 2,361 2,242 2,683 3,027 3,235 3,474 5,217 4,762

Exhibit 8: Foreign Holdings of U.S. Long-Term Securities by Major Investing Countries

B-7
Billions of dollars

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Total U.S. long-term securities

Total 9,463 8,492 9,736 11,561 12,451 13,532 15,539 16,202 16,230 17,481 18,421 19,622 20,726 26,112 23,768

Foreign private 6,344 5,226 5,874 7,152 7,679 8,507 10,228 10,811 11,029 12,269 12,993 13,826 14,831 19,915 18,069

Foreign official 3,119 3,266 3,862 4,409 4,772 5,025 5,311 5,391 5,201 5,212 5,428 5,796 5,895 6,197 5,699

Percent foreign official 33.0 38.5 39.7 38.1 38.3 37.1 34.2 33.3 32.0 29.8 29.5 29.5 28.4 23.7 24.0

Composition (percent of total foreign official)

Treasury debt 54.0 62.9 67.8 70.4 73.1 72.6 70.9 70.6 72.3 70.3 67.3 66.5 63.8 63.6 63.3

Agency debt 31.0 24.3 18.7 14.4 11.4 9.0 8.2 8.5 8.6 8.2 10.7 11.4 11.6 10.5 11.4

Corporate debt 3.4 3.3 2.5 2.4 2.3 2.5 2.9 3.1 3.3 3.3 2.9 2.9 3.4 2.8 2.7

Equities 11.6 9.5 11.0 12.9 13.2 15.9 18.0 17.8 15.8 18.3 19.2 19.3 21.1 23.2 22.6

Treasury debt

Total 2,211 2,604 3,343 4,049 4,673 4,916 5,382 5,450 5,585 5,468 5,467 5,903 6,005 6,574 6,482

Foreign official 1,684 2,054 2,617 3,103 3,489 3,648 3,765 3,806 3,761 3,663 3,651 3,852 3,763 3,940 3,607

Foreign private 527 550 726 946 1,184 1,268 1,617 1,644 1,824 1,805 1,816 2,051 2,242 2,634 2,875

Percent foreign official 76.2 78.9 78.3 76.6 74.7 74.2 70.0 69.8 67.3 67.0 66.8 65.3 62.7 59.9 55.6

Agency debt

Total 1,464 1,196 1,086 1,031 991 874 827 880 954 980 1,024 1,145 1,223 1,252 1,194

Foreign official 966 794 721 635 543 452 434 456 446 426 579 658 686 648 649

Foreign private 498 402 365 396 448 422 393 424 508 554 445 487 537 604 545

Percent foreign official 66.0 66.4 66.4 61.6 54.8 51.7 52.5 51.9 46.7 43.5 56.5 57.5 56.1 51.8 54.4

Corporate debt

Total 2,820 2,440 2,493 2,651 2,549 2,672 2,974 3,217 3,505 3,844 3,790 3,943 4,331 4,581 3,916

Foreign official 106 107 97 104 110 127 156 167 173 171 156 169 200 171 153

Foreign private 2,714 2,333 2,396 2,547 2,439 2,545 2,818 3,050 3,332 3,673 3,634 3,774 4,131 4,410 3,763

Percent foreign official 3.7 4.4 3.9 3.9 4.3 4.7 5.2 5.2 4.9 4.4 4.1 4.3 4.6 3.7 3.9

Equities

Total 2,969 2,252 2,814 3,830 4,237 5,070 6,356 6,655 6,186 7,189 8,139 8,630 9,168 13,705 12,177

Foreign official 363 311 426 567 630 799 956 961 821 952 1,042 1,117 1,246 1,438 1,290

Foreign private 2,606 1,941 2,388 3,263 3,607 4,271 5,400 5,694 5,365 6,237 7,097 7,513 7,922 12,267 10,887

Percent foreign official 12.2 13.8 15.1 14.8 14.9 15.8 15.0 14.4 13.3 13.2 12.8 12.9 13.6 10.5 10.6

1. For total amounts outstanding, source is Monthly Statement of the Public Debt of the United States, Table 1, Summary of Treasury Securities Outstanding, Total

Marketable. Includes holdings of the Federal Reserve System.

2. For total amounts outstanding, source is Federal Reserve Statistical Release Z.1, Financial Accounts of the United States, Table L.11, row 1. U.S. government agency

securities include all securities issued by federally sponsored agencies and corporations, as well as all securities guaranteed by the Government National Mortgage

Association (GNMA). Amounts outstanding include those held by the Federal Reserve System.

3. For total amounts outstanding, source is Federal Reserve Statistical Release Z.1, Financial Accounts of the United States, Table L.208, line 1 less lines 3, 4, and 24.

4. For total amounts outstanding, source is Federal Reserve Statistical Release Z.1, Financial Accounts of the United States, Table L.223, row 1, minus Table L.133, row

37,plus Table L.224, row 1, plus Table L.206, row 1.

Exhibit 9: U.S. Long-Term Securities by Foreign Holder Sector

B-8
Billions of dollars

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Total U.S. short-term securities

Total 858 1,149 956 878 811 878 878 932 909 930 980 913 1,228 1,076 1,124

Foreign private 485 535 472 440 434 497 506 529 606 567 614 597 814 802 877

Foreign official 373 614 484 438 377 381 372 403 303 363 366 316 414 274 247

Percent foreign official 43.5 53.5 50.6 49.9 46.5 43.4 42.3 43.2 33.4 39.0 37.4 34.6 33.8 25.4 22.0

Composition (percent of total foreign official)

Treasury debt 60.4 93.0 93.8 94.5 97.1 95.3 91.7 91.1 89.8 90.9 91.0 90.2 92.3 98.5 96.0

Agency debt 34.8 5.5 5.0 3.7 1.3 0.8 2.2 3.0 2.0 0.0 0.0 0.3 0.0 0.0 0.0

Corporate debt 4.8 1.5 1.2 1.8 1.6 3.9 6.2 6.0 8.3 9.1 9.0 9.5 7.7 1.5 4.0

Treasury debt

Total 379 862 743 658 637 679 633 697 683 678 734 709 1,040 928 894

Foreign official 226 572 454 414 366 363 341 367 272 329 333 286 382 269 237

Foreign private 153 290 289 244 271 316 292 330 411 349 401 423 658 659 657

Percent foreign official 59.6 66.3 61.2 62.9 57.5 53.4 53.8 52.6 39.9 48.6 45.4 40.3 36.7 29.0 26.5

Agency debt

Total 174 90 61 43 29 25 42 49 32 17 20 14 16 7 12

Foreign official 130 34 24 16 5 3 8 12 6 0 0 1 0 0 0

Foreign private 44 56 37 27 24 22 34 37 26 17 20 13 16 7 12

Percent foreign official 74.8 37.3 38.7 37.7 17.2 11.9 18.3 24.9 20.1 2.5 2.2 4.2 2.1 2.2 1.0

Corporate debt

Total 306 197 152 177 145 173 203 186 195 236 226 190 172 142 219

Foreign official 18 9 6 8 6 15 23 24 25 33 33 30 32 4 10

Foreign private 288 188 146 169 139 158 180 162 170 203 193 160 140 138 209

Percent foreign official 5.9 4.7 3.9 4.4 3.8 8.7 11.3 12.9 12.7 14.1 14.4 15.7 18.8 3.0 4.4

Exhibit 10: U.S. Short-Term Securities by Foreign Holder Sector

B-9
Billions of dollars

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Common stock

Total 2,469 1,771 2,192 3,065 3,072 3,862 4,849 5,223 4,665 5,454 6,301 6,587 7,024 10,795 9,036

Cayman Islands 257 152 201 298 282 373 493 563 441 531 606 589 579 917 672

Canada 279 202 246 343 373 517 633 636 562 641 736 739 741 1,174 1,015

United Kingdom 340 247 281 388 408 495 639 715 625 721 802 858 858 1,333 1,095

Luxembourg 175 122 145 260 258 341 456 480 472 484 571 610 672 1,105 906

Ireland 70 54 70 97 95 125 183 217 213 265 357 421 474 761 694

Japan 176 164 182 240 243 249 286 332 325 394 458 498 552 719 586

All other 1,172 830 1,068 1,439 1,414 1,762 2,159 2,279 2,027 2,419 2,770 2,871 3,148 4,785 4,068

Fund shares

Total 418 350 471 598 917 807 1,039 923 1,073 1,252 1,344 1,389 1,519 1,986 2,131

Cayman Islands 47 46 53 58 159 91 164 143 199 236 267 254 276 345 451

Canada 37 30 40 60 81 74 109 96 105 134 155 168 182 255 253

United Kingdom 27 24 31 38 58 58 71 59 67 73 75 86 104 133 129

Luxembourg 11 10 19 22 27 27 31 24 36 38 35 37 40 64 84

Ireland 5 5 6 7 11 12 17 11 19 24 28 28 36 47 44

Japan 20 14 30 56 64 61 68 48 96 88 77 86 104 129 128

All other 271 220 293 356 517 485 579 543 551 659 705 731 775 1,012 1,042

Other equity

Total 83 131 152 167 249 401 467 509 448 483 495 655 625 925 1,010

Cayman Islands 14 30 36 37 75 163 181 178 156 161 165 242 204 277 242

Canada 5 9 12 12 18 26 28 29 28 35 37 49 48 65 72

United Kingdom 9 8 13 16 29 32 32 58 48 50 46 58 56 74 88

Luxembourg 5 5 8 9 8 10 15 14 8 10 11 16 18 26 31

Ireland 0 1 1 1 3 3 4 7 6 7 8 7 7 13 10

Japan 2 3 13 6 7 7 6 11 7 8 8 12 11 17 13

All other 48 76 68 87 110 160 202 214 194 212 221 272 281 453 553

Total

Total 2,969 2,252 2,814 3,830 4,237 5,070 6,356 6,655 6,186 7,189 8,139 8,630 9,168 13,705 12,177

Cayman Islands 317 227 290 393 516 628 838 884 796 928 1,038 1,084 1,059 1,538 1,365

Canada 321 242 298 415 471 617 769 761 695 810 928 956 971 1,495 1,341

United Kingdom 376 279 324 441 495 584 741 832 741 844 924 1,002 1,019 1,540 1,312

Luxembourg 191 137 172 291 292 378 502 518 516 532 617 663 731 1,195 1,021

Ireland 75 60 77 105 108 141 204 235 238 296 393 456 517 821 748

Japan 199 182 224 302 314 316 361 391 428 490 543 596 667 866 727

All other 1,491 1,126 1,429 1,882 2,041 2,407 2,940 3,035 2,771 3,290 3,696 3,874 4,204 6,250 5,663

Exhibit 12: Foreign Holdings of U.S. Equities by Major Investing Country

B-10
Currency U.S.

Treasury

U.S.

agencies

State/local

govts

Depository

institutions

Other

financial

Nonfinancial Total

Billions of dollars

Total foreign private 3,532 556 91 331 331 2,203 7,043

Long-term 2,875 544 91 185 1,309 2,178 7,182

U.S. dollar 2,875 543 90 136 982 1,836 6,462

Euro 0 0 0 34 202 264 500

Chinese yuan 0 0 0 0 2 0 3

Japanese yen 0 0 0 1 29 7 36

U.K. pound 0 2 0 7 49 40 97

Swiss franc 0 0 0 3 6 9 18

Canadian dollar 0 0 0 1 21 14 36

Australian dollar 0 0 0 2 8 8 17

Other 0 0 0 2 10 1 13

Short-term 657 12 0 145 39 25 878

U.S. dollar 657 12 0 143 36 18 867

Euro 0 0 0 0 1 5 7

U.K. pound 0 0 0 2 1 1 3

Total foreign official 3,844 649 3 11 11 79 4,597

Long-term 3,607 649 3 6 67 77 4,409

U.S. dollar 3,607 649 3 5 64 74 4,401

Euro 0 0 0 0 3 3 7

U.K. pound 0 0 0 0 0 0 1

Short-term 237 0 0 5 3 2 247

U.S. dollar 237 0 0 5 3 1 247

Percent

Total foreign private 100.0 100.0 100.0 100.0 100.0 100.0

Long-term 81.4 97.9 99.6 56.1 395.6 98.9

U.S. dollar 81.4 97.6 99.4 41.1 296.9 83.3

Euro 0.0 0.0 0.0 10.4 61.0 12.0

Chinese yuan 0.0 0.0 0.0 0.1 0.6 0.0

Japanese yen 0.0 0.0 0.0 0.2 8.6 0.3

U.K. pound 0.0 0.3 0.1 2.0 14.8 1.8

Swiss franc 0.0 0.0 0.0 0.8 1.8 0.4

Canadian dollar 0.0 0.0 0.0 0.4 6.4 0.6

Australian dollar 0.0 0.0 0.0 0.5 2.4 0.4

Other 0.0 0.0 0.1 0.6 3.0 0.1

Short-term 18.6 2.1 0.4 43.9 11.7 1.1

U.S. dollar 18.6 2.1 0.4 43.3 10.9 0.8

Euro 0.0 0.0 0.0 0.1 0.4 0.2

U.K. pound 0.0 0.0 0.0 0.5 0.3 0.0

Total foreign official 100.0 100.0 100.0 100.0 100.0 100.0

Long-term 93.8 100.0 100.0 53.0 605.0 98.1

U.S. dollar 93.8 100.0 100.0 47.0 570.9 93.3

Euro 0.0 0.0 0.0 4.2 28.9 4.3

Chinese yuan 0.0 0.0 0.0 1.0 0.1 0.0

Japanese yen 0.0 0.0 0.0 0.0 0.8 0.0

U.K. pound 0.0 0.0 0.0 0.3 2.2 0.3

Canadian dollar 0.0 0.0 0.0 0.1 1.4 0.0

Australian dollar 0.0 0.0 0.0 0.0 0.5 0.1

Short-term 6.2 0.0 0.0 47.0 26.6 1.9

U.S. dollar 6.2 0.0 0.0 47.0 26.6 1.8

* Entries for holdings less than $500 million are rounded to zero.

Exhibit 13: Composition of Foreign Holdings of U.S. Debt by Currency, and Sector of Holder and Issuer

B-11
Share of Total

Currency 2015 2016 2017 2018 2019 2020 2021 2022

U.S. dollar 82.3 82.7 81.4 80.9 79.5 81.0 80.6 82.2

Euro 11.1 11.5 13.0 13.7 14.6 13.7 13.8 12.5

U.K. pound 2.9 2.4 2.4 2.3 2.7 2.3 2.6 2.4

Japanese yen 1.2 1.2 0.9 0.9 1.0 1.0 0.9 0.9

Canadian dollar 0.6 0.5 0.5 0.6 0.7 0.6 0.8 0.9

Swiss franc 0.5 0.6 0.5 0.5 0.5 0.4 0.4 0.4

Australian dollar 0.6 0.6 0.7 0.7 0.7 0.6 0.5 0.4

Chinese yuan 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1

Other 0.7 0.5 0.5 0.3 0.4 0.3 0.3 0.3

Memo: Total (Billions of dollars) 3,403 3,700 4,080 4,016 4,133 4,502 4,723 4,135

Exhibit 14: Foreign-Held U.S. Corporate Debt by Currency

B-12
Years to maturity

Total Treasuries Agencies Corporate

Years to maturity Total FOI Private Total FOI Private Total FOI Private Total FOI Private

2015 8.4 6.3 10.4 4.8 4.2 6.2 22.1 21.9 22.2 10.9 10.3 10.9

2016 8.9 6.9 10.4 5.4 4.9 6.6 22.6 22.2 22.9 10.6 10.2 10.6

2017 9.0 6.9 10.5 5.5 4.8 6.8 23.5 23.5 23.5 10.3 9.3 10.3

2018 9.2 7.8 10.3 5.7 5.0 7.0 24.1 24.7 23.3 10.3 9.3 10.4

2019 9.5 8.1 10.6 5.9 5.2 7.3 24.7 24.9 24.5 10.6 9.9 10.6

2020 10.1 8.5 11.2 6.2 5.4 7.7 25.0 25.0 25.1 11.3 11.4 11.3

2021 10.3 8.5 11.4 6.5 5.6 7.9 25.4 25.3 25.5 11.6 11.4 11.6

2022 9.9 8.5 10.8 6.4 5.5 7.6 24.9 25.1 24.6 11.2 10.4 11.2

Exhibit 15: Weighted Average Years to Maturity of Foreign-Held U.S. Long-Term Debt

By Remaining Maturity

B-13
Billions of dollars

2015 2016 2017 2018 2019 2020 2021 2022

Total Treasuries

Total 12,711 13,431 14,009 14,982 15,931 19,906 21,739 23,312

Domestic 6,564 7,163 7,864 8,782 9,319 12,861 14,237 15,936

Foreign total 6,147 6,268 6,145 6,201 6,612 7,045 7,502 7,375

Foreign private 1,974 2,234 2,153 2,216 2,474 2,901 3,293 3,532

Foreign official 4,173 4,034 3,992 3,984 4,138 4,145 4,209 3,844

Percent foreign-owned 48.4 46.7 43.9 41.4 41.5 35.4 34.5 31.6

Composition of foreign holdings

Floating-rate notes (FRN) 2.1 2.0 1.9 1.9 1.1 1.3 1.5 1.3

Long-term nominal 78.3 78.0 77.4 76.4 78.1 74.9 77.0 78.2

Short-term nominal 11.3 10.9 11.0 11.8 10.7 14.8 12.4 12.1

TIPS 8.3 9.1 9.7 9.9 10.0 9.0 9.2 8.3

Long-term nominal

Total 9,955 10,391 10,677 11,111 11,829 12,848 15,286 17,350

Domestic 5,145 5,502 5,921 6,372 6,662 7,574 9,512 11,582

Foreign total 4,810 4,889 4,756 4,739 5,167 5,274 5,774 5,768

Foreign private 1,465 1,567 1,535 1,543 1,782 1,972 2,291 2,521

Foreign official 3,346 3,322 3,221 3,196 3,385 3,302 3,483 3,247

Percent foreign-owned 48.4 46.7 43.9 41.4 41.5 35.4 34.5 31.6

Short-term

Total 1,395 1,508 1,718 2,158 2,251 5,080 4,275 3,524

Domestic 698 825 1,040 1,424 1,542 4,040 3,347 2,630

Foreign total 697 683 678 734 709 1,040 928 894

Foreign private 330 410 348 400 423 658 659 657

Foreign official 367 272 329 333 286 382 269 237

Percent foreign-owned 48.4 46.7 43.9 41.4 41.5 35.4 34.5 31.6

Floating-rate notes (FRN)

Total 246 332 341 358 410 462 553 627

Domestic 114 205 223 243 334 367 444 529

Foreign total 132 127 118 115 75 94 109 98

Foreign private 19 47 58 66 47 66 65 73

Foreign official 113 80 60 50 29 28 44 25

Percent foreign-owned 48.4 46.7 43.9 41.4 41.5 35.4 34.5 31.6

TIPS

Total 1,102 1,187 1,262 1,346 1,432 1,509 1,618 1,806

Domestic 594 618 668 733 772 873 928 1,190

Foreign total 508 569 593 613 661 637 690 616

Foreign private 160 210 212 208 222 204 278 281

Foreign official 348 359 381 405 439 433 413 335

Percent foreign-owned 48.4 46.7 43.9 41.4 41.5 35.4 34.5 31.6

Exhibit 16: Foreign Holdings of U.S. Treasuries by Type of Treasury Issue

B-14
Billions of dollars

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Long-term nominal

Total 2,211 2,604 3,343 3,843 4,384 4,575 4,951 4,810 4,889 4,756 4,739 5,167 5,274 5,774 5,768

Japan 568 646 737 805 1,030 1,004 1,135 1,089 1,044 993 929 1,031 1,166 1,189 1,135

China, mainland 522 757 1,108 1,266 1,061 1,165 1,117 1,097 1,068 949 973 891 823 862 793

United Kingdom 45 56 72 108 98 112 114 146 154 148 173 229 306 392 454

Luxembourg 58 52 49 81 90 99 101 124 146 138 137 158 151 177 204

Cayman Islands 25 19 36 36 38 43 65 83 111 98 51 91 70 82 116

Switzerland 34 56 87 97 138 145 139 173 182 190 174 162 182 224 214

All other 958 1,018 1,254 1,451 1,931 2,006 2,280 2,099 2,185 2,239 2,302 2,606 2,577 2,847 2,852

Short-term

Total 379 862 743 658 637 679 633 697 683 678 734 709 1,040 928 894

Japan 60 62 63 64 61 60 60 73 61 56 63 61 70 66 72

China, mainland 13 159 4 5 8 5 8 3 2 2 4 4 34 3 2

United Kingdom 7 19 18 13 17 22 28 32 29 35 40 48 74 66 87

Luxembourg 44 41 49 36 43 44 35 49 45 38 48 47 87 102 75

Cayman Islands 19 52 66 64 71 86 70 84 93 91 104 90 116 120 126

Switzerland 12 30 20 12 20 23 22 25 31 31 28 38 33 31 30

All other 223 499 523 465 417 439 410 431 422 425 448 421 626 541 500

TIPS

Total 0 0 0 206 289 342 431 508 569 593 613 661 637 690 616

Japan 0 0 0 13 18 19 25 34 42 39 39 32 28 21 23

China, mainland 0 0 0 37 78 107 143 170 170 195 215 218 217 195 142

United Kingdom 0 0 0 10 13 18 19 25 41 33 39 45 45 54 53

Luxembourg 0 0 0 7 8 8 10 10 21 24 20 20 18 20 23

Cayman Islands 0 0 0 11 19 23 35 47 57 52 27 37 40 53 54

Switzerland 0 0 0 10 14 12 15 17 24 22 32 32 32 44 43

All other 0 0 0 118 139 154 184 205 214 228 241 278 256 303 278

Floating rate notes (FRN)

Total n.a. n.a. n.a. n.a. n.a. n.a. n.a. 132 127 118 115 75 94 109 98

Japan n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0 1 1 2 2 0 3 0

China, mainland n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0 0 0 0 0 0 0 0

United Kingdom n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1 4 19 17 13 19 18 17

Luxembourg n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1 13 12 12 6 12 3 2

Cayman Islands n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6 7 8 7 7 4 6 4

Switzerland n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2 1 1 1 1 1 2 2

All other n.a. n.a. n.a. n.a. n.a. n.a. n.a. 122 101 77 76 48 58 78 71

1. Floating Rate Notes were first issued in January 2014 and so data in these earlier years is not available.

Exhibit 17: Foreign Holdings of U.S. Treasuries by Major Investing Country

B-15
Billions of dollars

Agency debt Corporate debt

Total ABS Non-ABS ABS share (%) Total ABS Non-ABS ABS share (%)

2008 1,464 773 691 52.8 2,820 760 2,060 26.9

2009 1,196 752 444 62.9 2,440 508 1,931 20.8

2010 1,086 713 372 65.7 2,493 445 2,047 17.9

2011 1,031 714 317 69.3 2,651 426 2,225 16.1

2012 991 718 274 72.4 2,549 404 2,145 15.9

2013 874 657 217 75.2 2,672 403 2,268 15.1

2014 827 668 159 80.8 2,974 396 2,578 13.3

2015 880 742 138 84.3 3,217 412 2,805 12.8

2016 954 832 123 87.1 3,505 356 3,149 10.1

2017 980 891 90 90.9 3,844 371 3,473 9.6

2018 1,024 954 71 93.1 3,790 363 3,427 9.6

2019 1,145 1,077 68 94.1 3,943 340 3,604 8.6

2020 1,223 1,159 63 94.8 4,331 330 4,001 7.6

2021 1,252 1,194 58 95.4 4,581 367 4,213 8.0

2022 1,194 1,146 48 96.0 3,916 348 3,568 8.9

Exhibit 18: Foreign Holdings of U.S. Long-Term Corporate and Agency Debt by Type

B-16
Billions of dollars

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Mortgage backed securities (MBS)

Total 458 266 257 256 243 211 228 240 203 208 204 192 183 240 206

Cayman Islands 164 92 87 91 97 86 85 81 73 81 77 66 54 89 53

United Kingdom 46 28 24 25 17 15 15 12 9 8 7 5 16 11 23

Ireland 28 18 22 19 17 18 21 17 18 23 24 23 21 40 33

Canada 8 5 4 6 13 15 23 26 21 21 20 20 20 20 23

Luxembourg 22 12 15 16 13 11 16 21 18 17 20 21 13 18 11

Bermuda 21 12 10 11 10 9 11 13 12 12 14 17 17 15 13

All other 170 99 94 88 76 56 57 69 51 47 42 39 43 47 51

Non-MBS

Total 301 242 188 170 161 193 168 172 153 163 160 148 147 127 142

Cayman Islands 29 15 12 11 16 22 17 15 19 23 26 26 22 20 22

United Kingdom 28 29 20 23 15 15 11 11 8 12 12 11 13 13 21

Ireland 30 28 29 14 14 22 23 20 20 21 21 13 6 6 6

Canada 7 3 3 3 2 4 3 5 5 4 7 10 11 7 12

Luxembourg 39 23 20 23 31 31 23 26 25 22 23 18 16 16 15

Bermuda 14 9 8 9 8 9 8 9 10 10 10 10 8 7 7

All other 154 136 95 88 75 90 83 85 67 71 62 60 71 57 59

Total

Total 760 508 445 426 404 403 396 412 356 371 363 340 330 367 348

Cayman Islands 193 107 99 102 113 109 102 96 92 103 102 92 76 109 75

United Kingdom 74 57 44 47 32 30 26 23 18 21 19 16 29 23 44

Ireland 59 46 51 33 30 41 43 37 37 44 45 35 27 47 39

Canada 15 8 8 9 15 19 27 32 26 25 27 30 31 27 35

Luxembourg 60 35 35 40 44 42 39 47 43 39 43 40 29 35 25

Bermuda 34 21 19 20 19 18 19 23 22 22 24 27 25 22 21

All other 325 234 190 176 151 146 140 154 118 118 103 99 113 104 109

Exhibit 19: Foreign Holdings of U.S. Long-Term Corporate Asset-Backed Securities by Major Investing Country

B-17
Billions of dollars

Securities Other liabilities1

Date Total

Investment

Total Longterm

Shortterm

Total Reported by2

Financial

firms

Non-financial

firms

1984 712 363 268 95 349 320 29

1989 1,690 958 847 111 732 693 39

1994 2,402 1,449 1,244 205 953 899 54

2000 5,063 3,881 3,558 323 1,182 1,129 53

2002 5,948 4,338 3,926 412 1,610 1,540 70

2003 6,859 4,978 4,503 475 1,881 1,829 52

2004 8,241 6,019 5,431 588 2,222 2,143 79

2005 9,405 6,864 6,262 602 2,541 2,479 62

2006 10,969 7,778 7,162 615 3,191 3,125 67

2007 13,602 9,772 9,136 635 3,830 3,730 100

2008 14,370 10,322 9,463 858 4,048 3,947 101

2009 13,111 9,641 8,492 1,149 3,471 3,394 77

2010 14,327 10,691 9,736 956 3,636 3,551 85

2011 16,468 12,440 11,561 878 4,028 3,950 78

2012 17,050 13,261 12,451 811 3,789 3,705 83

2013 18,411 14,410 13,532 878 4,000 3,906 95

2014 20,868 16,417 15,539 878 4,452 4,361 90

2015 21,341 17,134 16,202 932 4,206 4,121 85

2016 21,361 17,139 16,230 909 4,221 4,137 84

2017 22,676 18,412 17,481 930 4,265 4,181 83

2018 23,978 19,400 18,421 980 4,577 4,474 103

2019 25,359 20,534 19,622 913 4,825 4,721 104

2020 27,317 21,954 20,726 1,228 5,363 5,267 96

2021 32,837 27,189 26,112 1,076 5,649 5,546 102

2022 31,122 24,893 23,768 1,124 6,229 6,119 110

1. As of end-December for 1984, 1989, 1994, and as of end-March for 2000. As of end-June for

all other years shown.

2. Includes deposits, brokerage balances, loans, repurchase agreements, and trade payables and

advance receipts.

3. As of December 2013, reporters on the banking forms were grouped into Banks and other

financial firms and Nonfinancial firms.

Sources: Data on long-term securities are from the TIC surveys. Data on deposits, loans,

and other are from the TIC reporting on forms BL1, BL2, BQ2, CQ1, and CQ2; numbers

for prior years may be revised from those published in earlier survey reports.

Exhibit 20: Forms of Foreign Portfolio Investment in the United States

B-18
Appendix C: Forms and Instructions

C-1
OMB Control Number: 1505-0123 

Approval Expires: 01/31/2025

MANDATORY REPORT TO THE FEDERAL RESERVE BANK OF NEW YORK

REPORT OF FOREIGN-RESIDENTS’ HOLDINGS OF

U.S. SECURITIES, INCLUDING SELECTED MONEY 

MARKET INSTRUMENTS (SHL(A))

As of the last business day of June

Mandatory Report Response Required 

By Law (22 U.S.C. 3101 et seq.) 

3 

Department of the Treasury 

Federal Reserve Bank of New York 

Board of Governors of the Federal Reserve System

June 2020
TABLE OF CONTENTS

Page

I. INTRODUCTION 1-3 

A. PURPOSE 1 

B. AUTHORITY 2 

C. CONFIDENTIALITY OF DATA REPORTED 2 

D. PENALITIES FOR FAILURE TO REPORT 2 

E. PAPERWORK REDUCTION ACT NOTICE 2 

II. GENERAL INSTRUCTIONS 4-6 

A. WHO MUST REPORT 4

B. CONSOLIDATION RULES 5

C. REPORTING DATES 5

D. SUBMISSION INSTRUCTIONS AND CONTACT INFORMATION 5

III. WHAT SECURITIES MUST BE REPORTED 7-17

A. FOREIGN-RESIDENT OWNERSHIP 7

B. REPORTABLE U.S. SECURITIES 8

C. DO NOT REPORT 9

D. ASSET-BACKED SECURITIES 10

E. FUNDS AND RELATED EQUITY OWNERSHIP 10

F. SECURITIES INVOLVED IN REPURCHASE AND SECURITIES LENDING 13

ARRANGEMENTS

G. STRIPPED SECURITIES 13

H. U.S. GOVERNMENT AGENCIES OR FEDERALLY SPONSORED 13 

ENTERPRISES

I. DIRECT INVESTMENT 14

J. SECURITIES HELD BY U.S. CENTRAL SECURITIES DEPOSITORIES 14

K. LIMITED PARTNERSHIPS 15

L. ACCOUNTING RULES, VALUATION OF SECURITIES, AND 16 

CALCULATION OF U.S. DOLLAR VALUES

M. DATA RETENTION PERIOD 17

N. REVIEW OF DATA AND REQUEST FOR REVISED DATA 17

IV. LINE-BY-LINE INSTRUCTIONS FOR SCHEDULE 1-REPORTER 18-20 

CONTACT INDENTIFICATION AND SUMMARY OF

FINANCIAL INFORMATION

V. LINE-BY-LINE INSTRUCTIONS FOR SCHEDULE 2-DETAILS OF 21-25 

SECURITIES
APPENDICES

A. SAMPLE REPORTING SCHEDULES

B. FLOWCHARTS

SHOWING REPORTING

RESPONSIBILITY DETERMINING

REPORTABLE SECURITIES

26 

27-28 

C. LIST OF COUNTRY CODES AND CODES FOR 30 

INTERNATIONAL AND REGIONAL ORGANIZATIONS

D. LIST OF FOREIGN OFFICIAL INSTITUTIONS 31

E. LIST OF CURRENCY CODES 32-33 

F. GLOSSARY 34 

G. TECHNICAL INFORMATION FOR ELECTRONIC SUBMISSION 35 

H. LIST OF FEDERAL AGENCIES AND FEDERALLY SPONSORED 36 

ENTERPRISES
4

1. INTRODUCTION

A. PURPOSE

The Department of the Treasury, with the assistance of the Board of Governors of the Federal Reserve System and 

the Federal Reserve Bank of New York (FRBNY), is conducting a mandatory annual survey of holdings of U.S. 

securities, including selected money markets instruments, by foreign residents as of June 30, 2020. The data will be 

collected by the FRBNY, acting as fiscal agent for the Department of the Treasury. The data collected will be used 

by the U.S. Government in the computation of the U.S. balance of payments accounts, the U.S. international 

investment position, and in the formulation of international economic and financial policies. These data also will be 

used to provide aggregate information to the public on these foreign portfolio investments and to meet international 

reporting commitments.

In order to reduce reporting burden and costs to the government, there will be a substantial reduction in the number 

of reporters in four out of every five years. A benchmark survey Report of Foreign Holdings of U.S. Securities, 

Including Selected Money Market Instruments (Form SHL) of all significant U.S.-resident custodians and issuers 

will continue to be held approximately every five years. In non-benchmark years, the Annual Report of Foreign 

Holdings of U.S. Securities, Including Selected Money Market Instruments (Form SHLA) will require reports from 

only the largest U.S.-resident custodians and issuers. The data reported under these annual surveys (Form SHLA) 

will be used in conjunction with the results of the previous benchmark survey to compute estimates for the nonbenchmark years. The next full Benchmark survey will be as of June 28, 2024. 

The determination of who must report on the annual reports (Form SHLA) will be based upon the data submitted

during the previous Benchmark survey and Aggregate Holdings of Long-Term Securities by U.S. and Foreign

Residents (TIC SLT) report as of December of the preceding year. Designated U.S.-resident custodians and issuers 

will be required to file detailed security data on Schedule 2, in the same manner as they did on the June 30, 2019 

benchmark survey.

B. AUTHORITY

This mandatory survey is conducted under the authority of the International Investment and Trade in Services Survey 

Act (22 U.S.C. 3101 et seq., [the Act]) and Executive Order 11961 of January 19, 1977. The Act specifies that the 

President has the authority to conduct a regular data collection program, including such studies and reports as may 

be necessary and feasible, to secure current information on international investment, including (but not limited to) 

such information as may be necessary for computing and analyzing the balance of payments accounts and the 

international investment position of the United States (22 U.S.C. 3103). In Executive Order 11961 §2, the President 

designated the Secretary of the Treasury to be responsible for collecting data on portfolio investment required by 

the Act.
5

C. CONFIDENTIALITY OF DATAREPORTED

The information collected by this survey may be used only for analytical and statistical purposes and to enforce the 

Act. Access to the information is available only to officials and employees (including consultants and contractors 

and their employees) designated to perform functions under the Act. Persons having access to individual company 

information submitted pursuant to the Act are subject to penalties for unauthorized disclosure (22 U.S.C. §3104 and 

18 U.S.C. §1905). The results of this survey will be made available to the general public at an aggregated level so 

that neither the U.S. persons or organizations providing information nor individual or organizational ownership of 

U.S. securities can beidentified.

D. PENALTIES FOR FAILURE TOREPORT

Reporting as directed in this package is mandatory for any U.S.-resident person or entity subject to the reporting 

requirements set forth in the report instructions. Failure by an entity to provide timely and accurate data can result 

in a civil penalty of not less than $2,500 and not more than $25,000, or injunctive relief ordering such person to 

comply, or both (22 U.S.C. §3105 (a) and (b)). 

Willfully failing to submit any required information under the Act can result in a fine of not more than $10,000; 

and, if an individual, may result in imprisonment for not more than a year, or both. Any officer, director, employee 

or agent who knowingly participates in such violation, upon conviction, may be punished by a like fine, 

imprisonment, or both (22 U.S.C. §3105 (c)).

E. PAPERWORK REDUCTION ACTNOTICE

This report titled “Foreign Holdings of U.S. Securities, Including Selected Money Market Instruments” in the 

Federal Register Notice and has been reviewed and approved by the Office of Management and Budget in 

accordance with the Paperwork Reduction Act of 1995 and assigned OMB Control Number 1505-0123. The purpose 

is to collect accurate and complete data that will enable the Treasury Department to fulfill its responsibility under 

the Act. While the burden will vary widely from respondent to respondent, the estimated average burden associated 

with this collection of information is 486 hours per report for each U.S.-resident custodian reporting detailed 

information on Schedule 2, and 110 hours per report for each U.S.-resident issuer of U.S. securities providing 

detailed information on Schedule 2. The amount of time required to complete the report will vary depending on the 

amount of data to report. Comments concerning the accuracy of these burden estimates and suggestions for reducing 

the reporting burden should be directed to:

Administrator, International Portfolio Investment Data Systems

U.S. Department of the Treasury

1500 Pennsylvania Avenue NW, Room 5422MT 

Washington, DC 20220, or 
6

The Office of Management and Budget 

Paperwork Reduction Project (1505-0123) 

Washington, DC 20503 

No person is required to respond to any U.S. Government collection of information unless it displays a currently 

valid OMB control number. 
7

II. GENERAL INSTRUCTIONS

A. WHO MUST REPORT

All U.S.-resident entities that have been contacted by the Federal Reserve Bank of New

York must report, regardless of the size of their consolidated holdings. All other entities are exempt 

from reporting.

Types of reporting entities include U.S.-resident custodians (including U.S.-resident central securities 

depositories) and U.S.-resident issuers. Entities that provide multiple services (i.e., provide custodial 

services and issue securities) should report securities that meet the reporting criteria for each role and 

ensure that securities are not double counted.

• U.S.-resident custodians, including brokers and dealers, must report all U.S. securities they 

hold in custody (or manage the safekeeping of) for the account of foreign residents (including 

their own foreign branches, subsidiaries, and affiliates). These securities must be reported by the 

U.S.-resident custodian even if the securities are in turn held at DTC, Euroclear, or another central 

securities depository, since the central securities depository knows only that it is holding securities 

on behalf of the U.S.-resident custodian, whereas the U.S.-resident custodian knows that it is 

holding these securities on behalf of a foreign resident. However, if a U.S.-resident custodian uses 

a U.S.-resident sub-custodian, the custodian should report if (and only if), it does not maintain 

separate accounts at and disclose the clients to the sub-custodian. (If the custodian does maintain 

separate accounts at and disclose the clients to the sub-custodian, it should not report, to prevent 

double counting.)

• U.S.-resident central securities depositories, must report all U.S. securities they hold in custody 

(or manage the safekeeping of) directly on behalf of foreign residents with which they have 

established direct relationships, including foreign-resident brokers, dealers, exchanges, and 

central securities depositories.

• U.S.-resident issuers, must report all securities issued by U.S.-resident units , which are:

1. Owned by foreign residents for which neither a U.S.-resident custodian nor a U.S.-

resident central securities depository is used. Transfer or paying agents should be ableto 

provide the U.S.-resident issuer with thisinformation;

2. In book entry form that are held at a foreign-resident central securities depository; or

3. Bearer securities.

Please refer to Section III, What Securities Must Be Reported, to identify reportable U.S. securities.
8

B. CONSOLIDATION RULES

U.S.-resident organizations, including bank holding companies (BHC), financial holding companies (FHC),

and intermediate holding companies (IHC) should include all reportable securities for all U.S.-resident parts

of their organization, including all U.S.-resident branches and subsidiaries. U.S. residents include entities

located in the Commonwealth of Puerto Rico and the U.S. territories. Please see Appendix F for the

complete definition of United States. It is the responsibility of the U.S. parent entity in each organization to

ensure that its report includes all applicable entities within its organization.

Securities issued by U.S.-resident trusts and special purpose entities (SPEs) for which the reporter is the 

trustee or primary beneficiary should be included. Shares of U.S.-resident funds that are managed by the 

reporting entity should be included unless a U.S.-resident custodian other than the reporting entity is used. 

U.S. branches and agencies of a foreign bank located in the same state and within the same Federal Reserve 

District should submit a consolidated report for these offices. U.S. branches and agencies of a foreign bank 

that are located in either different states or different Federal Reserve Districts, should submit separate reports.

C. REPORTING DATES

Report data as of the last business day of June. All data should be submitted to the Federal Reserve Bank of 

New York no later than the last business day of August. 

D. SUBMISSION INSTRUCTIONS AND CONTACT INFORMATION

If your organization is submitting 100 or more Schedule 2 records, the Schedule 2 data must be submitted 

electronically.

Federal Reserve Reporting Central System: 

• Submit the SHL(A) report using the Federal Reserve Reporting Central System. The Reporting Central

System is fast, easy to use, and secure. You can submit reports quickly and easily either using online

data entry or via XML file transfer. Reporting Central provides a confirmation of data receipt at the

Federal Reserve Bank and checks the validity of your submission. Reporting Central saves time and

delivery costs, avoids possible mail delays, and eliminates paper and fax transmissions.
9

• For more information on how to submit data using the Reporting Central system, log on to

https://www.frbservices.org/centralbank/reportingcentral/index.html, or contact the SHL staff at 212-

720-6300 or at SHLA.Help@ny.frb.org. A n application to register for Reporting Central can be

obtained at: https://www.frbservices.org/centralbank/reportingcentral/application_setup.html

Completed applications should be sent to:

Federal Reserve Bank of New York

Data and Statistics Function, 6th Floor

33 Liberty Street

New York, NY 10045-0001

or faxed to (212) 720-2598

Alternative Methods of Reporting: 

• If your organization is submitting less than 100 Schedule 2 records, these records may be

submitted using Reporting Central or on paper, using the form contained in Appendix A. Data

may also be reported on computer printouts in the same format as the printed reports. Schedule 1

must be submitted in the same package as the Schedule 2 data.

Please contact FRBNY staff with questions pertaining to the report or if any of the following conditions 

apply: 

1. Your entity requires additional time to complete your report.

2. Your entity received a copy of the report booklet and is not the U.S. parent entity in your

organization.

3. Your entity cannot submit a single report for its entire organization.

4. Your reporter contact information or technical contact information changes after you submit your

Schedule 1 report.

Reports can be mailed or sent by courier to: 

Federal Reserve Bank of New York 

Data and Statistics Function, 6th Floor

33 Liberty Street 

New York, NY 10045-0001 

FRBNY staff can be reached at:

Phone: 212-720-6300 or 646-720-6300 

Email: SHLA.Help@ny.frb.org

Additional copies of the reporting forms and instructions may be printed from the Internet at: 

https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-sh.aspx#shl
8

III. WHAT SECURITIES MUST BEREPORTED

This report collects information on securities issued by U.S.-residents that are owned by foreign residents, including 

U.S. equities (including shares in funds), U.S. short-term debt securities (including selected money market 

instruments), U.S. long-term debt securities, and U.S. asset-backed debt securities.

Reportable securities may be traded or issued in the United States or in foreign countries, and may be denominated 

in any currency. Neither the country in which the securities are traded or issued, nor the currency in which the 

securities are denominated, is relevant in determining whether the securities are reportable. Securities held as part of 

a direct investment relationship should not be reported. (See Section III.I.) 

A. FOREIGN-RESIDENTOWNERSHIP

Securities are considered to be foreign owned if, according to the reporter's records; the holder of record is not a 

resident of the United States. In addition, all outstanding bearer bonds should be assumed to be owned by foreign 

residents and reported by the U.S.-resident issuer. Bearer bonds should also be reported by U.S.-resident custodians, 

but only if the reporter’s records indicate a foreign-resident owner (or foreign-resident custodian).

The following are considered to be foreign residents: 

• Residents of foreign countries, including foreign-resident custodians and foreign-resident central securities

depositories. (These include residents of Canada, Mexico, and offshore centers.)

• International organizations with extra-territorial status (even if located in the United States), such as the

International Bank for Reconstruction and Development (World Bank), the International Monetary Fund

(IMF) and the Inter-American Development Bank. 1 (See Appendix C for a complete list of these

organizations. Most are in the regional group codes: 72907, 73903, 74918, 74942, 75906, 76902, and 77909.)

• Foreign subsidiaries of U.S. entities and foreign-resident branches of U.S. banks.

• Offshore and other non-U.S. funds.

• Entities or individuals that file an IRS Form W-8, indicating that they are foreign residents. Please note that

there may be exceptions (such as Puerto Rico). However, if an IRS Form is not available, the mailing address

can be used to determineresidency.

1 Pension plans of international and regional organizations, if located in the United States, are U.S.-resident entities; therefore, any securities owned by these 

pension plans should be excluded from this report.
9

B. REPORTABLE U.S. SECURITIES

U.S. securities are securities issued by U.S.-resident entities, with the exception of Depositary Receipts (DRs) that 

are backed by foreign securities and securities issued by international organizations that have extra-territorialstatus, 

such as the World Bank and the Inter-American Development Bank. U.S. securities can be issued in any country, 

denominated in any currency, and traded on any exchange.

U.S.-resident entities include U.S.-resident branches of foreign banks and U.S.-resident subsidiaries of foreign

companies. Securities issued by foreign branches or subsidiaries of U.S. entities are not U.S. securities unless, due

to merger, reorganization, or default, a U.S.-resident entity assumes direct responsibility for the payment of a

previously issued foreign security.

Reportable securities include:

Equity Securities

• Common stock

• Preferred stock (participating and nonparticipating preference shares)

• Restricted stock

• U.S.-resident fund shares (open-end and closed-end), REITS, money market mutual funds, index- linked

equity securities including unit investment trusts (including SPDRs, DIAMONDs, etc.)

• All other equity, including shares or units of ownership in unincorporated business enterprises, such as

limited partnerships

Debt Securities

• Debt, registered and bearer, including bonds and notes (unstripped and stripped) and bonds with multiple

call options

• Convertible debt and debt with attachedwarrants

• Zero-coupon debt and discount notes

• Index-linked debt securities (e.g., property index certificates)

• Commercial paper (including asset-backed commercial paper)

• Bankers' acceptances and tradeacceptances

• Negotiable certificates of deposit, bank notes, and deposit notes

• Notes, including those issued under note issuance facilities and revolving underwriting facilities mediumterm notes, promissory notes, deep-discounted, currency-linked (e.g., dual-currency), floating rate notes

(FRN), such as perpetual notes (PRN), variable rate notes (VRN), structured FRN, reverse FRN, collared
10

FRN, step up recovery FR (SURF), and range/corridor/accrual notes

• Asset-backed securities (see SectionIII.D)

• All other long-term and short-term debtsecurities

(Note: U.S. debt securities that are still outstanding as of June 30 should be reported even if the maturity date has 

passed.)

C. DO NOT REPORT

Do not report any:

• Derivative contracts (including futures, forwards, swaps, options and warrants) meeting the definition of a 

derivative under ASC 815 (formerly FAS 133). Embedded derivatives that are not bifurcated under ASC 

815 should be included in the value of the host contract. However, if an embedded derivative is bifurcated 

the derivative should be excluded fromthe report.

• Securities which have been temporarily received as collateral under resale agreements or similar financing 

agreements (see Section III.F)

• Loans and loan participationcertificates

• Letters of credit

• Non-negotiable certificates ofdeposit

• Bank deposits, including time (except for negotiable CDs) and demand deposits

• Annuities, including variable rateannuities

• Foreign securities, including:

1. Depositary receipts (DRs) backed by foreign securities, including ADRs (American Depositary 

Receipts), ADSs (American Depositary Shares), GDRs (Global Depositary Receipts), and IDRs 

(International DepositaryReceipts).

2. Securities issued by international and regional organizations with extra-territorial status, such as the 

International Bank for Reconstruction and Development (IBRD or World Bank) or the InterAmerican Development Bank (IDB). (See Appendix C for a list of these organizations.)

3. Securities issued in the United States by foreign-resident entities (e.g., Canadian or Mexican 

entities), even if they are denominated in U.S. dollars and traded on U.S. securities exchanges.

4. Securities issued by foreign subsidiaries of U.S. entities (e.g., GMAC Canada) or foreign branches 

of U.S. banks, even if they are guaranteed by the U.S. parent company, or issued in the United States.

5. Securitiesissued by foreign-resident entities under Section 144A of the SEC Act.

6. Securities issued by corporations that were incorporated outside of the United States by the report
11

as of date, including companies incorporated offshore in countries such as the Cayman Islands and 

Bermuda.

D. ASSET-BACKED SECURITIES

Asset-backed securities (ABS) are securitized interests in a pool of assets, which give the purchaser a claim against 

the cash flows generated by the underlying assets. Securities backed by revolving credits, such as pools of credit card 

receivables, are reported as ABS if the return to the owner is based upon these credits, (i.e., the credits do not merely 

serve as collateral). Foreign-owned ABS should be reported if the issuer securitizing the assets is a U.S. resident. 

The underlying asset should not be used to determine if the ABS are reportable.

Include as ABS all collateralized mortgage obligations (CMOs), collateralized bond obligations (CBOs), 

collateralized loan obligations (CLOs), collateralized debt obligations (CDOs), and other securities backed by pools 

of:

• mortgages;

• credit card receivables;

• automobile loans;

• consumer and personal loans;

• commercial and industrial loans and other whole loans; and

• other assets.

E. FUNDS AND RELATED EQUITYOWNERSHIP

Report foreign-residents’ ownership of shares/units of funds and investment trusts legally established in the 

United States (U.S.-resident funds) as equity securities. All foreign-residents’ ownership of U.S.-resident fund 

shares should be assigned security type = 3 (fund shares), and not categorized as a debt security, regardless of the 

types of securities held by the fund.

For purposes of this report, funds include all investment vehicles that pool investors’ money and invest the pooled 

money in one or more of a variety of assets. Funds include, but are not limited to:

• mutual funds (including both open-end and closed-end mutual funds);

• money market funds;

• investment trusts;

• index-linked funds;

• exchange-traded funds(ETFs);
12

• hedge funds; and

• common trust funds.

• private funds

The determination of whether a fund’s shares are a U.S. security is based on the country in which the fund is legally 

established, not based on the residence of the issuers of the securities the fund purchases. For example, if a foreign 

resident owns shares in a fund organized in New York, these shares are reportable U.S. securities, whether or not the 

fund purchases foreign securities. Conversely, foreign-resident ownership of shares of “offshore” or other foreignresident funds that purchase U.S. securities should not be reported. 

Many funds established outside of the United States have names that are similar to U.S.-resident fund names. This 

often occurs when the fund is managed by a group that also manages many U.S.-resident funds and therefore may 

be thought of as managing only U.S.-resident funds. If there is doubt as to whether the investment should be classified 

as a fund or whether a fund is U.S. or foreign, please contact FRBNY staff at 212-720-6300 or 646-720- 6300. 

Report the ownership of U.S. securities by foreign-resident funds. Although ownership of shares of foreignresident funds are excluded from this report, any U.S. securities owned by foreign-resident funds for their portfolio 

are reportable. These are distinct investments and, therefore, are not duplicate reporting. U.S. securities owned by 

foreign-resident funds should be classified as either equity, debt, or asset-backed securities, as indicated in Section 

III.B.

Reporting guidelines for Hedge Funds and other alternative investments

Investment advisors, managers, administrators or similar types of legal entities that create master and feeder

funds both outside and inside the U.S. should report as follows:

• Investments between the U.S. and foreigner entities (affiliates) of a hedge fund that the investment manager

establishes and the investments the manager makes in these entities, are portfolio investment and should be

reported on this report as long as they meet the criteria for the direct investment exception for private funds

described below.

Example 1

A U.S. investment manager creates a hedge fund comprised of a U.S. Master Fund, a Cayman Feeder Fund, and 

a U.S Feeder Fund. The investment that the foreign feeder fund has in the master fund is portfolio investment 

and should be reported in the TIC system. Purchase and sales of the master fund shares by the
13

foreign feeder fund should be reported on the TIC S by the U.S. based master fund and the master fund should 

report the ownership of their “shares” by the foreign feeder funds as issuer of the “domestic security” on the 

SHL(A) report. If a U.S. custodian is involved in the holding the “domestic security” then the reporting 

responsibility would be on the U.S. custodian to report on the SHL(A). 

Example 2

A foreign hedge fund creates a U.S. based Master Fund, a Cayman Feeder Fund, and a U.S. Feeder Fund. 

The investment that the foreign feeder fund has in the master fund is portfolio investment and should be 

reported in the TIC system. Purchase and sales of the master fund shares by the foreign feeder fund should 

be reported on the TIC S by the U.S. based master fund and the master fund should also report the ownership 

of their “shares” by the foreign feeder funds as issuer of the “domestic security” on the SHL(A) report. If a 

U.S. custodian is involved in the holding of the “domestic security” then the reporting responsibility would 

be on the U.S. custodian to report on the SHL(A). 

Direct investment exception for private funds (see Direct Investment in the glossary)

While investments in U.S. entities of 10 percent or more of their voting interest by a foreign entity are typically 

excluded from TIC reports, investments in private funds, or between the entities of a private fund, are included in 

TIC surveys regardless of ownership share if they meet BOTH of the following criteria:

• The private fund does not own, directly or indirectly through another business enterprise, an

“operating company” – i.e., a business enterprise that is not a private fund or a holding company— in

which the foreign parent owns at least 10 percent of the voting interest,

AND

• If the private fund is owned indirectly (through one or more other U.S. business enterprises), there

are no “operating companies” between the foreign parent and the indirectly-owned privatefund.

Note: The descriptions of the various examples are based on common master/feeder fund structures. It is possible 

for there to be different types of structures when creating these funds and they may be called different names by 

some entities. Ultimately, if the entity 1) has less than 10% voting interest, 2) non-voting interest in the U.S. private 

fund, or 3) meets the criteria above regarding “operating companies”, it is not a direct investment and will fall into the

category of portfolio investment and needs to be reported as part of the TIC system.

F. SECURITIES INVOLVED IN REPURCHASE AND SECURITIES LENDING ARRANGEMENTS

A repurchase agreement (repo) is an arrangement involving the sale of securities at a specified price with a commitment 

to repurchase the same or similar securities at a specified price on a future date. A reverse repo is an agreement whereby 
14

a security is purchased at a specified price with a commitment to resell the same or similar securities at a specified price 

on a specified future date. Securities lending/borrowing arrangements are agreements whereby the ownership of a security 

is transferred in return for collateral, usually another security or cash, under condition that the security or similar security 

will revert to its original owner at a future date.

Securities "sold" by foreign residents under repurchase agreements or buy/sell back agreements, lent under securities 

lending arrangements, or delivered out as collateral as part of a reverse repurchase agreement or security borrowing 

agreement should be reported as if the securities were continuously held by the foreign resident. That is, the security 

lender’s U.S. custodian should report the U.S. security as if no repurchase agreement or buy/sell back agreement 

occurred. 

Securities temporarily acquired by foreign residents as collateral under reverse repurchase agreements, securities 

lending or borrowing arrangements, or buy/sell back agreements should NOT be reported. That is, the security 

borrower’s U.S. custodian should exclude the U.S. security as if no resale agreement or buy/sell back agreement 

occurred. 

However, if cash was temporarily received as collateral and was used to purchase securities, those securities should 

be reported. 

G. STRIPPED SECURITIES

Separate Trading of Registered Interest and Principal Securities (STRIPS) and other similar instruments are securities 

that have been transformed from a principal amount with periodic interest coupons into a series of zero- coupon 

securities, with the range of maturities matching the coupon payment dates and the redemption date of the principal 

amount. 

The residency of the STRIPS and similar instruments is the residence of the entity that issued the stripped security. 

However, the type of issuer of STRIPS and similar instruments is based upon the type of issuer of the underlying 

security. For example, U.S. Treasury STRIPS should be classified as U.S. Treasury securities even though the 

Treasury does not issue or sell STRIPS directly to investors. In addition, all ‘teddy bears’ (TBRs), ‘tigers’ (TIGRs), 

‘cats’ (CATS) and ‘cougars’ (COUGRs) should also be classified as U.S. Treasury securities. Holdings of TIPS and 

Floating Rate Notes should be reported at fair market value and should not include inflation accretion.

Foreign holdings of stripped securities where the underlying security is not an ABS, both the interest-only (IO) component 

and the principal-only (PO) component, should be reported as security type = 10 (bond or note, stripped). 

Foreign holdings of stripped securities where the underlying security is an ABS, tranches of stripped ABS, any IO 

component, and any PO component, should be reported as security type = 12 (asset-backed security).
15

H. U.S. GOVERNMENT AGENCIES OR FEDERALLY SPONSORED ENTERPRISES

Securities that are issued by U.S. government agencies or federally sponsored enterprises and owned by foreign 

residents are reportable. In addition, foreign owned securities that are issued by a U.S.-resident entity and guaranteed 

by U.S. government agencies or federally sponsored enterprises are reportable. For purposes of Schedule 2, item 11 

(type of issuer), all these securities should be coded as type 2 (agencies). For example, securities that are guaranteed 

by the Government National Mortgage Association (GNMA) or the Small Business Administration (SBA) should 

be reported as U.S. government agency securities.

I. DIRECT INVESTMENT

Please review the definition of Direct Investment in the TIC glossary and the list of excluded investments in these 

instructions (see sections III.C, III.E (direct investment exception), and III.K (Limited Partnerships)) to determine 

which investments are direct investments reportable to the Bureau of Economic Analysis of the Department of 

Commerce, and not reportable on the TIC SHL(A) and the TIC SLT reports. All holdings known to be direct 

investment should be excluded from TIC reports. 

J. SECURITIES HELD BY U.S. CENTRAL SECURITIES DEPOSITORIES

U.S.-resident central securities depositories must report all U.S. securities they are holding in custody (or managing

the safekeeping of) directly on behalf of foreign residents, such as foreign-resident brokers and dealers who may be

members of the depository, or foreign-resident securities exchanges or depositories that have established direct

relationships with the U.S.-resident central securities depository.

U.S.-resident custodians should report all U.S. securities that are shown on their records as being owned by foreign

residents (or held in custody by its foreign-resident custodian) even if the safekeeping or settlement of the security

is done at a U.S.-resident central securities depository.

K. LIMITED PARTNERSHIPS

Foreign-resident limited partner ownership interests in U.S.-resident limited partnerships should be reported as 

security type = 4 (All other equity). Limited partners’ ownership interests do not carry voting rights; therefore, all 

ownership interests, even those greater than 10%, are reportable. The Number of Shares field on Schedule 2 (item 

18) should be defaulted to the value reported in the US$ Fair Value field (item 16) because limited partnerships do

not issue shares.
16

General partner ownership interests may be considered to be direct investment, in which case such interests should 

be excluded from this report (see Section III.I for a more complete definition of direct investment.)

L. ACCOUNTING RULES, VALUATION OF SECURITIES, AND CALCULATION OF U.S. DOLLAR 

VALUES

Accounting Rules

All securities should be reported using settlement date accounting. Gross long positions should be reported. Do not

net any short positions from long positions. Do not enter decimals or negative values in any cells.

Valuation of Securities

Report the fair value of securities as of close of business on the last business day of June. The fair value follows the 

definition under ASC 820 (formerly FAS 157). For coupon bonds, valuations should be based on “clean” prices, that 

is, excluding accrued interest.

U.S.-resident custodians should, at a minimum, report the fair value to the extent that it is available as part of the 

services provided to their customers, even if the price available is for a date prior to the last business day of June. If 

there is doubt as to whether to report the available fair value or to report a fair value of zero, please contact FRBNY 

report staff at 212-720-6300 or646-720-6300.

For asset-backed securities (ABS), the value of the unpaid principal amount outstanding at close of business on the 

last business day of June should be reported; if principal has been repaid, this value will not be the same as the 

original face value, revalued at end-period market prices.

Foreign Currency Denominated Securities – CALCULATION OF U.S. DOLLAR VALUES

If the security is not denominated in U.S. dollars (US$) and a U.S. dollar fair value is not available in your system, 

convert the foreign currency denominated fair value into US$ using the spot exchange rate as of the close of business 

on the last business day of June. If you need assistance locating an exchange rate, please contact FRBNY staff at 

212-720-6300 or 646-720-6300.

If the exchange rate is normally quoted in units of foreign currency per US$, such as ¥105.75/US$, divide foreign 
17

currency values by the foreign exchange rate to obtain the US$ values. For example, if the value of a U.S. security 

issued in Japan is ¥ 200,000, and the exchange rate is ¥105.75/US$, divide ¥ 200,000 by 105.75 to obtain US$ 1,891.

If the exchange rate is normally quoted in US$ per units of the foreign currency, such as US$1.75/UK£, multiply 

foreign currency values by the US$ exchange rate value of the foreign currency to obtain the US$ values. For 

example, if the value of a U.S. security issued in the United Kingdom is UK £1,000 and the exchange rate is 

US$1.75/UK£, multiply UK £1,000 by 1.75 to obtain US$ 1,750.

M. DATA RETENTION PERIOD

All data used to create this report must be retained by the reporter for a period of 36 months from the date of the 

report's submission.

N. REVIEW OF DATA AND REQUEST FOR REVISED DATA

Data submitted on the reporting schedules are reviewed by FRBNY staff. As a result of this review, the reporter may 

be asked by FRBNY staff to provide supplemental information, including reasons for significant data changes 

between reporting periods, or corrected data. In addition, FRBNY staff may request: (1) information to ensure that 

all reportable U.S. securities have been reported; (2) information to ensure that all reported U.S. securities are owned 

by foreign residents (or held by foreign-resident custodians or foreign-resident central securities depositories); or (3) 

other information that helps to explain or corroborate the submitted data.

Reporters filing data on electronic media that are not formatted per the specifications in Appendix G will be required

to resubmit the data in the proper format.

Each quarter, FRBNY staff obtains a list of debt securities issued abroad by U.S. companies. Experience has shown 

that most such issues are largely or completely foreign held. FRBNY staff will compare this information with the 

reports submitted by U.S.-resident issuers of foreign placed debt securities to ensure that foreign-issued securities 

are being properly reported. FRBNY will ask the issuers of such securities for additional information in cases of 

apparent under- or over-reporting.
19

IV. LINE-BY-LINEINSTRUCTIONS FOR SCHEDULE 1- REPORTER CONTACT IDENTIFICATION

AND SUMMARY OF FINANCIALINFORMATION

A Schedule 1 must be completed by all entities that receive this report booklet. This schedule is used to provide basic 

identifying information and summaries of data reported on Schedule 2 records. Please type or print all information.

(Please enter your ten-digit Reporter Identification Number (RSSD) at the top of each page of Schedule 1.) 

REPORTER CONTACT IDENTIFICATION AND SUMMARY OF FINANCIAL INFORMATION

1. Reporter Identification Number (RSSD) - Enter the ten-digit Reporter Identification Number that. If you do

not know the Reporter Identification Number for your entity, please contact FRBNY staff at 212-720-6300 or

646-720-6300.

2. Organization Name - Enter the full legal name of the reporting entity.

For items 3 through 6, enter reporting entity’s full mailing address. 

7. Reporting Status - Select “1” only if your parent organization has received authorization to file an

unconsolidated report but you are exempt (meaning you have no reportable securities in custody or have not

issued any reportable securities). All other entities should select "2" and file the appropriate Schedule 2

records.

8. Reporter Type - Enter one of the following that best describes your organization (Refer to Appendix F -

Glossary for specific definition of reporter type)

1 = Depository Institution 4 = Insurance Company 7 = Foundation, Trust, or Estate

2 = Fund/Fund Manager/Sponsor 5 = Other Financial Organization 8 = Institution of HigherLearning 

(excluding a pension fund) (including BHC,FHC, IHC, broker/dealers) (e.g., university)

3 = Pension Fund 6= Non-Financial Organization 9 = Other (not listed above)

9. Name of Contact - Enter the name of the person who will be the primary contact for this report and can

answer questions about the data reported.

10. For items 10 through 12, enter title, telephone number and email address of the contact identified in item 9.

13. Name of Service Provider or Vendor Used - If a service provider or vendor was used to prepare the data

reported, enter the name of the service provider.
20

14. Name of Technical Contact - Enter the name of a person who will serve as a contact should any technical

issues, such as incorrect file formats. If a service provider was used to prepare the data reported, the

technical contact may be a vendor employee.

15. For items 15 through 17, enter title, telephone number and email address of the contact identified in item 14.

18. Valuation Technique(s) Used to Determine Fair Value - For each reporting unit, describe the valuation

technique(s) used to calculate the reported fair values. If securities are automatically valued at zero after a

specified time period of inactivity, please specify the time period and whether this applies to the security or to

the client’s holdings of the security. Also, please specify how securities not actively traded on the report date

and those with internally generated security identification numbers are valued. If your organization has more

than four reporting units, please attach additional copies of Schedule 1, page 2, with item 18 completed.

SUMMARY OF SCHEDULE 2 INFORMATION

This section contains summary data for the information reported on Schedule 2 records.

19. Total Number of Schedule 2 Records Submitted - Enter the total number of Schedule 2 records

submitted.

20. Total U.S. $ Fair Value of All Equity Securities reported on Schedule 2 records - Enter the sum of the

U.S.$ fair value of all equity security records (records with Schedule 2, Item 18 = security types 1, 2, 3, or

4), rounded to the nearest U.S. dollar.

21. Total U.S. $ Fair Value of All Short-Term Debt Securities(excluding asset-backed securities) reported

on Schedule 2 records - Enter the sum of the U.S. $ fair value of all such security records (records with

Schedule 2, Item 19 = security types 5, 6, 7, 8, 9, 10, or 11), rounded to the nearest U.S. dollar.

22. Total U.S. $ Fair Value of All Long-Term Debt Securities(excluding asset-backed securities) reported

on Schedule 2 records - Enter the sum of the U.S. $ fair value of all such security records (records with

Schedule 2, Item 19 = security types 5, 6, 7, 8, 9, 10, or 11), rounded to the nearest U.S. dollar.

23. Total U.S. $ Fair Value of All Asset-Backed Securities reported on Schedule 2 records - Enter the sum

of the U.S. $ fair value of all such security records (records with Schedule 2, Item 20 = security type 12),

rounded to the nearest U.S. dollar.
21

CERTIFICATION INFORMATION

This section must be completed by all reporters.

By signing and dating the certification, the Certifier acknowledges that:

• He/she has read and understood the reporting requirements of this report;

• He/she is aware that both civil and criminal penalties may be imposed for filing a false report; and

• He/she is sufficiently knowledgeable about the activities and functions of this entity that he/she can 

knowingly and with reasonable confidence certify that the information provided in this report is both 

accurate and complete.

For items 24 through 28. Sign and date the form. Enter the name, job title, telephone number, and email address of 

the person in your organization who certifies that the information provided is complete and accurate.
22

V. LINE-BY-LINEINSTRUCTIONS FOR SCHEDULE 2 - DETAILS OF SECURITIES

(Please enter your ten-digit Reporter Identification Number (RSSD) at the top of each page of Schedule 2.)

1. Reporter Identification Number (RSSD) - Enter the ten-digit Reporter Identification Number that is printed

on the mailing label on the report booklet. If you do not know the Reporter Identification Number for your

entity, please contact FRBNY staff at 212-720-6300 or 646-720-6300.

2. Sequence Number - Enter the sequence number of this record, right justified. The first record should be

assigned sequence number 1 and each subsequent Schedule 2 record should be sequentially numbered.

3. Reporting Unit Code - If data being submitted are collected from multiple databases or reporting systems,

please report an internal code that will enable you to identify the database or system from which the

information on this Schedule 2 came. This information will greatly reduce the costs of identifying and fixing

any reporting errors that may occur.

4. Name of Reporting Unit - Enter a description or name of the reporting unit or area that corresponds to the

code reported in item 3.

5. Reporting as - Enter "1" for issuer if your entity issued this security (even if you are also acting as the

custodian). Enter "2" if your entity did not issue thissecurity.

6. Security ID - Enter the security ID code used to identify the security reported on this Schedule 2. CUSIP

codes are strongly preferred. If the CUSIP is not available, please try to provide the ISIN, CINS, Common

code or SEDOL. Do not use internally generated codes unless this security has not been assigned a code

by any recognized numbering agency (e.g., limited partnerships). Records for securitiesfor which a portion

is restricted and a portion is not restricted should be reported with the numbering agency code assigned to the

unrestricted portion. If excessive internal codes are used, we may have to contact your institution to help

identify characteristics of certain individual securities. Please include the security ID’s check digit

and exclude any internal coding characters added to the CUSIP or other numbering agency code.

7. Security ID System - Select the appropriate number from the list shown on the form. For example, if the

security ID number entered in Item 6 is a CUSIP number, enter “1”; if it is a CINS, enter “3.” If the security

ID system used is not listed, enter a code of "7" (Other) and provide the name of the organization generating

the code in item 8.
23

8. Comment Line - If you entered a code of "7" (Other) in item 7 you must provide the name of the 

organization generating the security ID code.

9. Security Description - Briefly describe the security, providing any relevant descriptive information available. 

Ideally, this would include the type of security, the maturity date if debt or ABS, and: (a) for preferred stock 

the annual dividend; (b) for debt securities, the interest rate; (c) for floating rate notes, how the interest rate is 

calculated (e.g., Libor plus 1.5); and (d) for stripped securities the type of security/tranche. This informationis 

particularly important for securities with an internally generated or other security ID not generated by a 

recognized numbering agency, (i.e., security ID system codes = 6 or 7).

10. Name of Issuer - Enter the name of the entity that issued the security. Please try to provide the full legal 

name of the issuer. For branches of banks, please provide the location of the branch.

11. Type of Issuer –

• Enter “1” if the security was issued by the United States government or Federal Financing Bank.

• Enter “2” if the security was issued or guaranteed by a federal agency (e.g., Government National 

Mortgage Association (GNMA)) or issued by or guaranteed by a federally sponsored enterprise (e.g., 

Federal National Mortgage Association (FNMA)). See Appendix H for a list of these entities.

• Enter "3" if the security was issued by a state or local government (e.g., New York State bonds).

• Enter "4" if the security was issued by a depositoryinstitution.

• Enter "5" if the security was issued by all other financial organizations (including BHC, FHC and 

IHC)

• Enter "6" if the security was issued by a nonfinancialorganization.

12. Security Type - Enter the security type code from the list below that most closely describes the type of security

being reported. (Refer to Appendix F - Glossary for specific definition of SecurityType)

Equity Debt (excluding asset-backed securities) Asset-backed securities

1. Common stock

2. Preferred stock

3. Fund shares

4. All other equity

5. Commercial paper 9. Bond or note, unstripped

6. Negotiable CD 10. Bond or note,stripped

7. Convertible debt security 11. All other debt

8. Zero-coupon bond or note

12. Asset-backed security

Type 1 should be used to report all common stock, including restricted common shares.

Type 2 should be used to report all preferred stock, including participating preference shares, 

nonparticipating preference shares, convertible preferred stock, and restricted preferred shares.

Type 3 should be used to report all shares of funds, including funds that invest primarily or exclusively in 

money market instruments and in long-term debt, exchange traded funds, open-end and closed – end
24

mutual funds, and unit investment trusts. (See Section III.E)

Type 4 should be used to report all other types of equity, including foreign-resident limited partner 

ownership of U.S.-resident limited partnerships and any other form of equity not specified in security 

types 1, 2, and 3. 

Type 5 should be used to report all commercial paper, including asset-backed commercial paper.

Type 6 should be used to report long-term and short-term negotiable certificates of deposits, including 

negotiable bank notes and negotiable deposit notes issued by U.S. institutions, including U.S. 

branches of U.S. or foreign banks. Non-negotiable certificates of deposit are not reportable.

Type 7 should be used to report all convertible debt securities, including convertible bonds and zerocoupon convertible debt. However, non-convertible debt securities with embedded warrants or 

options should be reported as either type 8 (if a zero-coupon bond or note) or type 9. 

Type 8 should be used to report bonds and notes that do not provide interest payments, such as discount 

notes. However: (1) zero-coupon convertible debt should be reported as type 7; (2) stripped nonasset-backed securities, both the interest-only (IO) and principal-only (PO) components, should be 

reported as type 10; (3) U.S. Treasury bills should be reported as type 11; and (4) stripped assetbacked securities, the tranches, and the IO and PO components, should be reported as type 12. 

Type 9 should be used to report bonds or notes that: (1) cannot be converted to equity securities, (2) 

provide interest payments, (3) have not been stripped (i.e., not an IO or PO), and (4) do not give the 

owner a claim against the cash flows generated by the underlying assets (i.e., ABS). These bonds 

and notes are commonly referred to as “straight debt.”

Type 10 should be used to report all components of stripped securities, including the IO and PO 

components. However, all tranches of stripped asset-backed securities should be reported as type 

12. 

Type 11 should include all debt other than asset-backed securities that is not covered in types 5-10, 

including U.S. Treasury bills, TBRs, TIGRs, CATS, and COUGRs. 

Type 12 should include only short-term and long-term securities that represent securitized interests in a 

pool of assets and give the investor a claim against the cash flows generated by the underlying 

assets. All tranches of stripped asset-backed securities, as well as unstripped asset-backed securities, 

should be reported as type 12. Debt which is collateralized by assets (real or financial), but only 

give the investor a claim against the underlying interest if the issuer defaults, should be reported as 

types5-11, as appropriate.

13. Country of Residence of Foreign Holder - Enter the country code from Appendix C that corresponds to

the country of residence of the owner of the security. If the country of residence of the owner is not

known, report the country of residence of the foreign-resident custodian or foreign-resident central

securities depository. Positions of international and multinational regional organizations, whether located

in the United States or elsewhere, should be reported opposite the classification “International,” if
25

worldwide, or opposite the classifications “European,” “Latin American,” “Caribbean,” “Asian,” 

“African,” or “Middle Eastern” regional organizations as indicated in Appendix D. If no country 

information is available (as will often be the case with bearer bonds), enter code 88862. If an excessive 

number of "country unknowns" is reported for securities other than bearer bonds, we will contact your 

institution for further information.

14. Currency of Denomination - Enter the ISO code from Appendix E that corresponds to the currency in

which the security is denominated.

15. Type of Foreign Holder

• Enter "1" if the owner is an official institution (see Appendix C or D) even if the account is held in the

name of a foreign custodian or other foreign nominee.

• Enter “2” for all other owners, including personal trusts and other investment vehicles even if the

beneficial owner is an individual.

16. U.S. $ Fair Value- Enter the U.S. $ fair value of foreign-residents' ownership of this security, rounded to

the nearest U.S. dollar. (See Section III.L, Valuation of Securities, for more information on how to

calculate the fair value.)

17. Fair Value in Currency of Denomination - Enter the fair value of foreign-residents' ownership of this

security, rounded to the nearest currency unit. For ABS, the fair value should be calculated based on the

remaining principal outstanding (item 19) rather than the original face value. If the currency of issue is

US$, report the same value as in item 20. (See Section III.L, Valuation of Securities, for more information

on how to calculate the fair value.)

FOR EQUITY SECURITIES ONLY

18. Number of Shares - Enter the number of shares owned by foreigners, including fractional shares, rounded to

the nearest share. Wherever possible, combine partial shares with other ownership shares of the same security

to reduce reporting disparities introduced by rounding partial shares. Securities for which the amount foreign

owned is zero should not be reported.

FOR ALL DEBT SECURITIES (NON-ABS AND ABS)

19. Face Value or Remaining Principal in Currency of Denomination - Enter the face value held in the

currency of denomination, rounded to the nearest whole currency unit. If a security is traded in units, then
26

calculate the face value as: (face value of each unit) * (the number of units held) and report the result in this 

field. Securities for which the amount held is zero should not be reported or Enter the remaining principal 

outstanding as of June 30, in the currency of denomination, rounded to the nearest whole currency unit. This 

will equal the original face value if no principal has been repaid. If a security is traded in units, then calculate 

the remaining face value as: (remaining face value of each unit) * (the number of units held) and report the 

result in this field. Securities for which the amount held is zero should not be reported.

FOR ASSET-BACKED SECURITIES ONLY

20. Original Face Value in Currency of Denomination - Enter the original face value owned by foreigners in the

currency of denomination, rounded to the nearest whole currency unit. This is the value that is (would have

been) outstanding if no principal has been (had been) repaid. If a security is traded in units, then calculate the

original face value as: (original face value of each unit) * (the number of units) and report the result in this field.

FOR ALL DEBT SECURITIES (NON-ASSET BACKED AND ASSET-BACKED SECURITIES)

21. Issue Date - Enter the issue date of this security in MMDDYYYY format. For example, if the security was

issued on October 4, 1985, enter 10041985. If there are multiple issue dates, enter the first such issue date.

22. Maturity Date - Enter the final maturity date (when all remaining principal and interest are due) of this

security in MMDDYYYY format. For example, if the security's final maturity date is January 5, 2010, enter

01052010.
27

APPENDIX A

SAMPLE REPORTING FORM SHL/SHLA

This form is also available separately at the following Treasury website:

https://home.treasury.gov/data/treasury-international-capital-tic-system-home-page/tic-forms-instructions/

forms-shl
SHL(A) Schedule 1, Page 1 of 3

.

Department of the Treasury OMB No. 1505-0123 Approval Expires 01/31/2025

Report of Foreign Holdings of U.S. Securities, Including Selected Money Market Instruments 

(SHL(A))

SCHEDULE 1: REPORTER CONTACT IDENTIFICATION AND 

SUMMARY OF FINANCIAL INFORMATION

1. Reporter Identification Number (RSSD): .................................................... 

2. Organization Name:

3. Street Address:

4. City: 5. State: 6. Zip Code:

7. Reporting Status:.............................................................................................................................

1 = Exempt - Under the exemption level

2 = Not Exempt - Schedule 2 records being submitted

8. Reporter Type:................................................................................................................................

1 = Depository Institution 4 = Insurance Company 7 = Foundation, trust, estate

2 = Fund/Fund Manager/Sponsor 

(excluding pension fund)

5 = Other Financial Organization 

(includingBHC, FHC, broker/dealers)

8 = Institution of higher learning 

(e.g., university)

3 = Pension Fund 6 = Non-financial Organization 9 = Other (not listed above)

If you would like to provide more than one contact name, please attach additional copies of page 1, Schedule 1, with items 9 

through 13 completed.

Business Contact Information:

9. Name:

10. Title:

11. Telephone Number:

12. Email Address:

13. Name of Service Provider or Vendor Used (ifapplicable):

Technical Contact Information:

14. Name: 15. Title:

16. Telephone Number: 17. Email Address:
SHL(A) Schedule 1, Page 2 of 3

Department of the Treasury OMB No. 1505-0123 Approval Expires 01/31/2025

Reporter Identification Number (RSSD):.........................................................

18. Valuation Technique(s) Used to Determine FairValues

For each reporting unit, please describe the valuation technique(s) used to determine reported fair values. If securities are

automatically valued at zero after a specified time period of inactivity, please specify the time period and whether this applies 

to the security or to the client’s holdings of the security. Also, please specify how securities not actively traded on the report 

date and those with internally generated security identification numbers are valued.

Reporting Unit Valuation Description

.
SHL(A) Schedule 1, Page 3 of 3

.

Department of the Treasury OMB No. 1505-0123 Approval Expires 01/31/2025

Reporter Identification Number (RSSD)......................................................

19. Total Number of Schedule 2s Submitted............................................................... , , 

20. Total US$ Fair Value of All Equity Securities ................... , , , , 

Reported on Schedule 2(s)

21. Total US$ Fair Value of All Short-TermDebt Securities... , , , , 

(excluding asset-backed securities) Reported on Schedule 2(s)

22. Total US$ Fair Value of All Long-TermDebt Securities.... , , , , 

(excluding asset-backed securities) Reported on Schedule 2(s)

23. Total US$ Fair Value of All Asset-Backed................... , , , , 

Securities Reported on Schedule 2(s)

CERTIFICATION INFORMATION

By signing the certification below you acknowledge that:

• You have read and understood the reporting requirements of this report;

• You are aware that both civil and criminal penalties may be imposed for filing a false report; and

• You are sufficiently knowledgeable about the activities and functions of your organization that you can knowingly and

with reasonable confidence certify that the information provided in this report is both accurate and complete.

Certifier's Signature: 24. Date Signed:

25. Certifier's Name:

26. Certifier'sTitle:

27. Certifier's TelephoneNumber:

28. Certifier's EmailAddress:

SUMMARY OF SCHEDULE 2 INFORMATION

.
SHL(A) Schedule 2, Page 1 of 2

.... .......

......... ...

... , ,

...

....

Department of the Treasury OMB No. 1505-0123 Approval Expires 01/31/2025

1. Reporter Identification Number (RSSD):...................................................... 

2. Sequence Number: ......................................................................................... , , 

3. Reporting Unit:..................................................................................................................... 

4. Name of Reporting Unit:

5. Reporting As: .............................................................................................................................. 

1 = Issuer 2 = Custodian

6. Security ID.................................................................................... 

7. Security ID System: .......................................................................................................................

1 = CUSIP 2 = ISIN 3 = CINS 4 = Common Code 5 = SEDOL

6 = Internally Generated 7 = Other (provide answer to 8)

8. For code of Other (7) enter the name of the organization or system that assigned the Security ID:

9. SecurityDescription:

10. Name of Issuer:

11. Type of Issuer: ...........................................................................................................................

1 = United States Treasury and Federal Financing Bank 4 = Depository institution

2 = Federal agency or federally sponsored enterprise 5 = Other financial organization (including BHC, FHC, broker/dealer) 

3 = State or local government, includingtheir subdivisions 6 = Nonfinancial organization

12. Security Type: .................................................................................................................... 

Equities Debt (excluding asset-backed securities) Asset-Backed Securities

1 = Common stock 

2 = Preferred stock

3 = Fund shares

5 = Commercial paper 9 = Bond or note, unstripped

6 = Negotiable CD 10 = Bond or note,stripped 

7 = Convertible debt security 11 = All other debt

12 = Asset-backed security

4 = All other equity 8 = Zero-coupon bond or note

13. Country of Residence of Foreign Holder: (Refer to Appendix C)............................................. 

14. Currency of Denomination: (Refer to Appendix E)..................................................................... 

15. Type of Foreign Holder: (Refer to Appendix C and D) ............................................................................ 

1 = Official 2 = Other

SCHEDULE 2: DETAILS OF SECURITIES

.

...
SHL(A) Schedule 2, Page 2 of 2

...

... ...

......

, , ,

.....

Department of the Treasury OMB No. 1505-0123 Approval Expires 01/31/2025

Reporter Identification Number (RSSD): ..........................................................

16. US$ Fair Value of Security:..................................................... , , , 

17. Fair Value of Security in the Currency of Denomination:.................. , , , 

(Security Types 1, 2, 3 or 4)

18. Number of Shares:....................................................................... , , , 

(Security Types 5, 6, 7, 8, 9, 10, 11, or 12)

19. Face Value (for non-ABS) or Remaining Principal Outstanding (for ABS)

in the Currency of Denomination: ............................................. , , , 

(Security Type 12)

20. Original Face Value in the Currency ofDenomination: ...................... , , , 

(Security Types 5, 6, 7, 8, 9, 10, 11, or 12)

21. Issue Date: (MMDDYYYY)..............................................................................

22. Maturity Date: (MMDDYYYY)..........................................................................

FOR EQUITIES ONLY

FOR ALL DEBT SECURITIES

(NON-ASSET-BACKED AND ASSET-BACKED SECURITIES)

FOR ASSET-BACKED SECURITIES ONLY

FOR ALL DEBT SECURITIES

(NON-ASSET-BACKED AND ASSET-BACKED SECURITIES)

...
28

APPENDIX B - FLOWCHARTS SHOWING REPORTING RESPONSIBILITY

A. FLOWCHART FOR U.S.-RESIDENT CUSTODIANS (all securities, including all bookentry securities held at a U.S.-resident central securities depository)

1. A foreign-resident investor or custodian uses U.S.-resident custodian to hold U.S. securities for its accountand

the U.S.-resident custodian does not use a U.S.-resident sub-custodian.

Reports on Schedule 2 Reports only if no U.S.-resident

custodian is used 

2. A foreign-resident investor or custodian uses U.S.-resident custodian to hold U.S. securities for its account and

the U.S.-resident custodian uses a U.S.-resident sub-custodian.

Reports on Schedule 2 if 

they don’t fully disclose the 

client information to the 

sub-custodian 

Reports on Schedule 2 if they 

know the foreign client 

U.S.-resident

custodian

Foreign-resident 

owner 

or 

Foreign-resident 

custodian

U.S.-resident

custodian

U.S.-resident

central securities

depository

Foreign-resident 

owner 

or 

Foreign-resident 

custodian

U.S.-resident sub- custodian
29

↓ ↓

B. FLOWCHART FOR U.S.-RESIDENT ISSUERS (registered securities, including all book-entry

securities not issued directly into a foreign market)

U.S. registered security is held directly by a foreigner (i.e., no U.S.-resident custodian and no U.S.-resident 

central securities depository is used).

Reports on Schedule 2 

C. FLOWCHART FOR SECURITIES ISSUED DIRECTLY INTO THE FOREIGN MARKET

Issuers should assume that the entire issue is held directly by foreign residents. U.S.-resident custodians should 

report all securities held in custody that are foreign owned. 

Reports ENTIRE issue on Schedule 2 Reports amounts owned by foreigners on Schedule 2 

Note: FRBNY eliminates double reporting on a security-by-security basis. Custodial information is used 

to provide information on the geographical distribution of the owners of these securities.

Foreign-resident 

owner 

or 

Foreign-resident 

custodian 

or 

Foreign-resident central 

securities depository 

U.S.-resident

issuer

Foreign-resident 

owner

U.S.-resident

issuer

U.S.-resident

custodian
30

FLOWCHART FOR DETERMINING REPORTABLE SECURITIES

Is this an equity security, a

debt security (including NO

ABS), or a reportable money

market instrument?

YES

Is this security

issued by a U.S. NO

resident?

(See Note)

YES

Is the owner ofthe

U.S. security a 

foreign resident?

NO

YES

If a U.S. equity security,

does the investment NO

represent less than 10% of

the issuer’s voting equity?

YES

This security is reportable. Please refer to 

Flowcharts A through C to determine 

who is responsible for reporting

detailed Schedule 2 data.

Note: Depositary receipts/shares backed by foreign securities are considered “foreign.” In addition, all securities 

issued by the multinational organizations listed in Appendix Dare considered foreign.

In most cases, do 

not report 

investments that 

represent 10% or 

more of the 

issuer’s voting

equity, i.e., direct 

investments. (See 

Section III.I for a 

complete 

definition of 

direct 

investment.)

Do not report 

U.S. securities 

owned by U.S. 

residents because 

this investment 

does not represent 

a cross-border 

investment.

Do not report 

securities issued 

by foreign 

residents, 

including foreign 

branches and 

subsidiaries of

U.S. entities.

Do not report 

non- securities 

such as 

derivatives, loans, 

and nonnegotiable 

deposits
APPENDIX C 

DEPARTMENT OF THE TREASURY

GEOGRAPHICAL CLASSIFICATION

CODES FOR COUNTRIES, AREAS & INTERNATIONAL/REGIONAL ORGANIZATIONS 

TO BE USED FOR PURPOSES OF REPORTING ON

TREASURY INTERNATIONAL CAPITAL FORMS

The most recent version of this appendix is now a separate document.

A copy is in Column A on the Treasury website at:

https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/foihome.aspx

31
32

APPENDIX D 

DEPARTMENT OF THE TREASURY

CERTAIN FOREIGN INSTITUTIONS CLASSIFIED AS OFFICIAL, 

A LIST TO BE USED ONLY FOR PURPOSES OF REPORTING ON 

TREASURY INTERNATIONAL CAPITAL (TIC) FORMS

The most recent version of this appendix is now a separate document.

A copy is in column B on the Treasury website at:

https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/foihome.aspx
33

APPENDIX E: LIST OF CURRENCY CODES

Code Currency Code Currency

AFN Afghan Afghani CYP Cypriot Pound

ALL Albanian Lek CZK Czech Koruna

DZD Algerian Dinar DKK Danish Krone

ADP Andorran Peseta DJF Djiboutian Franc

AOA Angolan Kwanza DOP Dominican Peso

ARS Argentine Peso XCD East Caribbean Dollar

AMD Armenian Dram EGP Egyptian Pound

AWG Aruban Guilder SVC Salvador Colon

AUD Australian Dollar ERN Eritrean Nakfa

AZN Azerbaijani Manat EEK Estonian Kroon

BSD Bahamian Dollar ETB Ethiopian Birr

BHD Bahraini Dinar EUR Euro

BDT Bangladeshi Taka FKP Falkland Islands Pound

BBD Barbadian Dollar FJD Fijian Dollar

BYR Belarusian Ruble GMD Gambian Dalasi

BZD Belizian Dollar GEL Georgian Lari

BMD Bermudian Dollar GHS Ghanaian Cedi

BTN Bhutanese Ngultrum GIP Gibraltar Pound

BOB Bolivian Boliviano GTQ Guatemalan Quetzal

BWP Botswana Pula GWP Guinea-Bissau Peso

BAM Bosnia & Herzegovina GNF Guinean Franc

Convertible Mark GYD Guyana Dollar

BRL Brazilian Real HTG Hatian Gourde

BND Bruneian Dollar HNL Honduran Lempira

BGN Bulgarian Lev HKD Hong Kong Dollar

BIF Burundian Franc HUF Hungarian Forint

KHR Cambodian Riel ISK Icelandic Krona

CAD Canadian Dollar INR Indian Rupee

CVE Cape Verdean Escudo IDR Indonesian Rupiah

KYD Cayman Islands Dollar IRR Iranian Rial

XOF CFA Franc BCEAO IQD Iraqi Dinar

XAF CFA Franc BEAC JMD Jamaican Dollar

XPF CFP Franc JPY Japanese Yen

CLP Chilean Peso JOD Jordanian Dinar

CNY Chinese Yuan Renminbi KZT Kazakhstani Tenge

COP Colombian Peso KES Kenyan Shilling

KMF Comorian Franc KWD Kuwaiti Dinar

CDF Congolese Franc KGS Kyrgyzstani Som

CRC Costa Rican Colon LAK Laotian Kip

HRK Croatian Kuna LVL Latvian Lats

CUP Cuban Peso
34

Code Currency Code Currency

LBP Lebanese Pound STD Sao Tome & Principe Dora

LSL Lesotho Loti SAR Saudi Arabian Riyal

LRD Liberian Dollar RSD Serbian Dinar

LYD Libyan Dinar SCR Seychelles Rupee

LTL Lithuanian Litas SLL Sierra Leonean Leone

MOP Macau Pataca SGD Singapore Dollar

MKD Macedonian Denar SKK Slovak Koruna

MGA Malagasy Ariary SIT Slovenian Tolar

MWK Malawian Kwacha SBD Solomon Islands Dollar

MYR Malaysian Ringgit SOS Somali Shilling

MVR Maldivian Rufiyaa ZAR South African Rand

MTL Maltese Lira KRW South Korean Won

MRO Mauritanian Ouguiya LKR Sri Lankan Rupee

MUR Mauritiuian Rupee SDG Sudanese Pound

MXN Mexican Peso SRG Surinamese Dollar

MDL Moldovan Leu SZL Swazi Lilangeni

MNT Mongolian Tugrik SEK Swedish Krona

MAD Moroccan Dirham CHF Swiss Franc

MZM Mozambican Metical SYP Syrian Pound

MMK Burmese Kyat TWD Taiwan New Dollar

NAD Namibian Dollar TJS Tajikistani Somoni

NPR Nepalese Rupee TZS Tanzanian Shilling

ANG Netherlands Antillean Guilder THB Thailand Baht

ILS Israeli New Shekel TOP Tongan Pa'anga

TWD New Taiwan Dollar TTD Trinidad and Tobago Dollar

NZD New Zealand Dollar TND Tunisian Dinar

NIO Nicaraguan Cordoba Oro TRY Turkish Lira

NGN Nigerian Naira TMT Turkmenistani Manat

KPW North Korean Won UGX Ugandan Shilling

NOK Norwegian Krone UAH Ukrainian Hryvnia

OMR Omani Rial AED United Arab Emirates Dirham

PKR Pakistani Rupee USD United States Dollar

PAB Panamanian Balboa UYU Uruguayan Peso

PGK Papua New Guinean Kina UZS Uzbekistani Sum

PYG Paraguayan Guarani VUV Vanuatu Vatu

PEN Peruvian Sol VEF Venezuelan Bolivar

PHP Philippine Peso VND Vietnamese Dong

PLN Polish Zloty YER Yemeni Rial

GBP Pound Sterling YUM Yugoslavian Dinar

QAR Qatari Riyal ZMW Zambian Kwacha

RON Romanian Leu

RUB Russian Ruble

RWF Rwandan Franc

SHP Saint Helena Pound

WST Samoan Tala
35

APPENDIX – F

GLOSSARY

The most recent version of this appendix is now a separate document.

A copy is on the TIC website at:

http://ticdata.treasury.gov/Publish/ticglossary-2018march.pdf
36

APPENDIX – G

Technical Information for Electronic Submission

The instruction guide on how to submit through Reporting Central can be found at the link below: 

https://www.frbservices.org/files/reporting/pdf/external_user_guide.pdf