U.S. Portfolio Holdings of

Foreign Securities

as of December 31, 2020

Department of the Treasury

Federal Reserve Bank of New York

Board of Governors of the Federal Reserve System

October 2021
Contents

Introduction 1

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

Geographic Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Acknowledgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Chapter 1. Results of the December 31, 2020 Survey 3

U.S. Portfolio Holdings Over Time by Type of Security . . . . . . . . . . . . . 3

Exhibit 1T: U.S. Holdings of Foreign Securities by Security Type As of EndDecember, Selected Survey Dates . . . . . . . . . . . . . . . . . 3

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

Accounting for Year-to-Year Changes in U.S. Holdings of Foreign Long-Term Securities 4

Exhibit 2: Decomposition of Annual Net Change in U.S. Holdings of Foreign

Long-Term Securities . . . . . . . . . . . . . . . . . . . . . . 5

U.S. Portfolio Investment Abroad Compared with Foreign Portfolio Investment in the

United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Exhibit 3: Net Asset Position in Long-Term Securities of U.S. Residents . . 7

U.S. Portfolio Investment by Country . . . . . . . . . . . . . . . . . . . . . 7

Exhibit 4: U.S. Holdings of Foreign Securities, by Country and Security Type

For the Six Countries Attracting the Most U.S. Investment . . . . . . 8

Exhibit 5: U.S. Holdings of Foreign Securities By Country and Security Type

For the 20 Countries Attracting the Most U.S. Investment . . . . . . 9

U.S. Portfolio Investment Abroad by Type of Market and Geographic Region . . . . 9

Exhibit 6: U.S. Holdings of Foreign Securities by Type of Economy . . . . 10

Exhibit 7: U.S. Holdings of Foreign Securities by Geographic Region . . . . 11

i
Data by Residence versus Data by Nationality . . . . . . . . . . . . . . . . . 11

Maturity Structure of U.S. Foreign Debt Holdings. . . . . . . . . . . . . . . . 13

Exhibit 8: Maturity Structure of U.S. Holdings of Foreign Long-Term Debt

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Details of U.S. Equity Investment by Country . . . . . . . . . . . . . . . . . 13

Exhibit 9: U.S. Holdings of Foreign Equities By Equity Type for Countries

Attracting the Most U.S. Investment . . . . . . . . . . . . . . . . 14

Exhibit 10: U.S. Holdings of Foreign Common Stock Equities By Country,

Domestic Equity Market Size, and U.S.-Held Market Share . . . . . . 16

Exhibit 11: Percentage of U.S. Holdings of Foreign Equities in Depositary

Receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

U.S. Holdings of Foreign Private and Government Debt . . . . . . . . . . . . . 17

Exhibit 12: U.S. Holdings of Foreign Debt Securities by Country and Sector

of Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Exhibit 13T: U.S. Holdings of Foreign Long-Term Debt By Country, Sector

of Issuer, and Currency . . . . . . . . . . . . . . . . . . . . . 19

Exhibit 13: U.S. Holdings of Foreign Long-Term Debt Securities by Sector of

Issuer and Currency. . . . . . . . . . . . . . . . . . . . . . . 20

U.S. Holdings of Asset-Backed Securities . . . . . . . . . . . . . . . . . . . . 20

Exhibit 14: U.S. Holdings of Foreign Long-Term Asset-Backed Securities . . 21

Exhibit 15: U.S. Holdings of Foreign CLOs by Type of Holder and Issuer

Country . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

U.S. Portfolio Investment in Foreign Debt Securities by Currency and Type of Economy22

Exhibit 16: Share of U.S. Holdings of Foreign Debt by Foreign Currency of

Denomination . . . . . . . . . . . . . . . . . . . . . . . . . 23

Exhibit 17: U.S. Holdings of Foreign Long-Term Debt by Currency and Type

of Economy and Issuer . . . . . . . . . . . . . . . . . . . . . 24

ii
U.S. Portfolio Investment by Sector of U.S. Holder . . . . . . . . . . . . . . . 24

Exhibit 18: U.S. Holdings of Foreign Debt Securities by Term, Sector of U.S.

Holder, and Currency . . . . . . . . . . . . . . . . . . . . . . 25

Exhibit 19: U.S. Holdings of Foreign Securities by Currency and Sector of

U.S. Holder and Foreign Issuer . . . . . . . . . . . . . . . . . . 26

Exhibit 20: U.S. Holdings of Long-term Foreign Debt by Type of Economy,

Type of Issuer, Type of Holder, and Currency Group . . . . . . . . 27

U.S. Portfolio Investment by Industry . . . . . . . . . . . . . . . . . . . . . 28

Exhibit 21: U.S. Holdings of Foreign Securities by Industry . . . . . . . . 29

Exhibit 22: Forms of U.S. Portfolio Investment Abroadsup:1 . . . . . . . 30

Comparison of Different Types of U.S. Overseas Financial Assets Over Time . . . . 30

Chapter 2. Data Collection Methodology 31

Data Analysis and Editing . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Annual TIC Survey Data and the TIC Form SLT Data . . . . . . . . . . . . . 32

Exhibit 23: U.S. Holdings of Foreign Long-Term Securities as Measured by

the Survey of Portfolio Holdings and the TIC SLT . . . . . . . . . . 33

Adjustments and Calculation of Total U.S.-Resident Ownership of Foreign Securities. 33

Exhibit 24: Adjustments for Calculation of Total U.S.-Resident Ownership of

Foreign Securities. . . . . . . . . . . . . . . . . . . . . . . . 34

Avoidance of Data Gaps and Double Counting . . . . . . . . . . . . . . . . . 34

Acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Chapter 3: Background of TIC Surveys and the TIC Reporting System 36

History of the TIC Claims Surveys . . . . . . . . . . . . . . . . . . . . . . 36

The TIC Reporting System . . . . . . . . . . . . . . . . . . . . . . . . . 36

Reporting Basis: Country of Residence . . . . . . . . . . . . . . . . . . . . 37

Uses of TIC Data in U.S. and International Reporting . . . . . . . . . . . . . . 37

Online Links to TIC Data . . . . . . . . . . . . . . . . . . . . . . . . . . 38

iii
Appendix A: Statistical Appendix A-1

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

Table A2. U.S. Holdings of Foreign Long-Term Securities by Country, Selected

Survey Dates . . . . . . . . . . . . . . . . . . . . . . . . . . A-6

Table A3. U.S. Holdings of Foreign Equity by Country, Selected Survey DatesA-10

Table A4. U.S. Holdings of Foreign Long-Term Debt Securities by Country,

Selected Survey Dates . . . . . . . . . . . . . . . . . . . . . . A-14

Table A5. U.S. Holdings of Foreign Short-term Debt Securities by Country,

Selected Survey Dates . . . . . . . . . . . . . . . . . . . . . . A-18

Table A6. U.S. Holdings of Foreign Long-Term Debt Securities by Country

and Currency . . . . . . . . . . . . . . . . . . . . . . . . . A-20

Table A7. U.S. Holdings of Foreign Short-Term Debt Securities by Country

and Currency . . . . . . . . . . . . . . . . . . . . . . . . . A-24

Table A8. U.S. Holdings of Foreign Long-Term Debt Securities by Country

and Security Type . . . . . . . . . . . . . . . . . . . . . . . A-26

Table A9. U.S. Holdings of Foreign Short-Term Debt Securities by Country

and Security Type . . . . . . . . . . . . . . . . . . . . . . . A-30

Table A10. U.S. Holdings of Foreign Debt Securities by Country and Sector

of Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-32

Table A11. U.S. Holdings of Foreign Long-Term Debt Securities by Country

and Sector of Issuer, Denominated in U.S. Dollars and Local Currency . A-36

Table A12. U.S. Holdings of Foreign Equity by Country and Security Type . A-40

Table A13. U.S. Holdings of Foreign Equity by Country and Amounts Held

as Depositary Receipts. . . . . . . . . . . . . . . . . . . . . . A-43

Table A14. U.S. Holdings of Foreign Equity by Country, Size of Domestic

Equity Market, and U.S.-Held Percentage of Market . . . . . . . . . A-46

Table A15. U.S. holdings of Foreign Securities by Industry . . . . . . . . A-49

Appendix B: Tabular Data for Graphical Exhibits B-1

Data for Exhibit 1: U.S. Holdings of Foreign Securities by Security Type as

of End-December, Selected Survey Dates . . . . . . . . . . . . . . B-2

iv
Data for Exhibit 3: Net Asset Posibion in Long-Term Securities of U.S.

Residents as of End-December except as Noted . . . . . . . . . . . B-3

Data for Exhibit 4: U.S. Holdings of Foreign Securities, Top 6 Countries,

Selected Survey Dates . . . . . . . . . . . . . . . . . . . . . . B-4

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

Data for Exhibit 9: U.S. Holdings of Foreign Equities by Equity Type for

Countries Attracting the Most U.S. Investment . . . . . . . . . . . B-6

Data for Exhibit 11: Percentage of U.S. Holdings of Foreign Equities in Depositary Receipts for Countries Attracting the Most U.S. Equity Investment

B-7

Data for Exhibit 16: Share of U.S. Holdings of Foreign Debt by Foreign

Currency of Denomination . . . . . . . . . . . . . . . . . . . . B-8

Data for Exhibit 17: U.S. Holdings of Foreign Long-Term Debt by Currency

and Type of Economy and Issuer . . . . . . . . . . . . . . . . . B-9

Data for Exhibit 19: U.S. Holdings of Foreign Securities by Sector of U.S.

Holder. . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-10

Data for Exhibit 22: Forms of U.S. Portfolio Investment Abroad, Selected

Survey Dates . . . . . . . . . . . . . . . . . . . . . . . . . . B-11

Appendix C: Forms and Instructions C-1

v
Introduction

This report presents data and analysis of U.S. portfolio investment in foreign equity and

debt securities -- that is, U.S. claims on foreign residents -- as of the end of 2020. The data

come primarily from the annual Treasury International Capital (TIC) survey of U.S.

holdings of foreign securities as of December 31, 2020, a joint undertaking of the U.S.

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

of the Federal Reserve System.1 The TIC annual claims survey, based on data from TIC

Form SHCA, 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.2In 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 2020 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

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.3

In all tables in this report, components may not sum to totals because of rounding. Many

tables also include data from previous surveys, which may differ slightly from previous

reports due to data revisions. We note significant revisions. In all tables, values that would

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

Geographic Notes

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

1

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

residents except where the owner has a direct investment relationship with the foreign 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 at https://ticdata.treasury.gov/Publish/ticglossary-2018march.pdf. TIC

data, including this survey, are collected under the authority of the International Investment and Trade in

Services Survey Act (22 U.S.C. 3101 et seq.).

2 SHCA stands for ‘‘Securities Holdings, Claims, Annual’’.

3 While the International Monetary Fund’s Balance of Payments Manual 6 (IMF 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
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.

Advanced 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.

Caribbean financial centers are Bahamas, Bermuda, Bonaire, Sint Eustatius, Saba,

British Virgin Islands, Cayman Islands, Curacao, and Panama.

Emerging market economies are all remaining countries.

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.

2
Chapter 1. Results of the December 31, 2020 Survey

U.S. Portfolio Holdings Over Time by Type of Security

Total U.S. holdings of foreign securities continued to increase in 2020, rising about 10

percent (Exhibits 1 and 1T). Increases were driven by growth in holdings of long-term

securities that was about average (for long-term debt) or slightly above average (for equities)

relative to the past decade. Only short-term debt holdings, which typically comprise less

than 5 percent of the portfolio, fell slightly from their 2019 level.

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

As of End-December, Selected Survey Dates

Billions of dollars

2013 2014 2015 2016 2017 2018 2019 2020

Long-term1 8,777 9,235 9,100 9,582 11,953 10,793 12,617 13,988

Equities 6,473 6,726 6,755 7,146 9,118 7,899 9,478 10,615

Long-term debt 2,305 2,509 2,345 2,436 2,835 2,894 3,139 3,373

Short-term debt 353 369 351 308 456 502 470 399

Total 9,130 9,604 9,451 9,891 12,409 11,295 13,087 14,387

1. 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.

Note: In this and subsequent tables, components may not sum to totals due to rounding.

The majority of U.S. holdings of foreign securities are in the form of foreign equity, as has

been the case since the first claims survey in 1994. U.S. investors’ preference for foreign

equity over foreign debt stands in contrast to the portfolio allocations of other major

cross-border investing countries: The IMF’s most recent Coordinated Portfolio Investment

Survey (CPIS), which measures each participating country’s holdings of foreign securities,

shows that, of the ten countries with the largest private-sector holdings of foreign securities

(United States, Luxembourg, Japan, Ireland, Germany, United Kingdom, Cayman Islands,

France, Netherlands, and Canada, respectively), four -- the United States, United Kingdom,

Netherlands, and Canada -- held more foreign equity than foreign debt.4

4

International Monetary Fund, CPIS Data Tables, Table 12: Portfolio Investment Assets: Top Ten

Economies by Size of Holdings, at http://data.imf.org/cpis.

3
0

5,000

10,000

15,000 Billions of dollars

2004 2006 2008 2010 2012 2014 2016 2018 2020

As of End-December, Selected Survey Dates

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

Short-term debt

Long-term debt

Equities

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

Securities

Changes in foreign equity prices have contributed importantly to movements in U.S. foreign

portfolio securities holdings over the years because the majority of these holdings are in

equities; this pattern continued in 2020. Exhibit 2 decomposes the change in the value of

U.S. holdings of foreign securities between December 2019 and December 2020 (column 3)

into four components: U.S. investor net purchases (purchases less sales) of securities (column

4); estimated ‘‘stock swaps’’ (column 5); valuation gains or losses in the market value of

securities held (column 6); and a residual change not accounted for by the other factors

(column 7).5 Estimates of the contributions of these factors can be obtained from

5 Residual other factors are discussed in more detail below but include reincorporations in a different

country, cross-border mergers and acquisitions, changes in ownership structure, and corporate inversions,

as well as errors in columns (3) through (6). When these changes in company structure involve an

exchange of shares between a U.S. and a foreign entity, it is labeled a ‘‘stock swap.’’ When a foreign

company acquires a U.S. company and the deal is financed in part through an exchange of equity, or a

stock swap, U.S. residents who held stock in the target U.S. company become holders of foreign equity.

Likewise, if a U.S. company acquires a foreign company, a stock swap can increase foreign holdings of U.S.

equity and potentially decrease U.S. holdings of foreign equity. While stock swaps could in principle be

part of this gap in measurement, as shown in Column 5, they were negligible in 2020.

4
cross-border transactions in foreign securities as reported on the TIC S form, changes in

indexes of foreign securities prices, and estimates of stock swaps from cross-border mergers

and acquisitions.

Exhibit 2: Decomposition of Annual Net Change

In U.S. Holdings of Foreign Long-Term Securities

By Security Type, as of End-December, 2019 to 2020

Billions of dollars

Of which:

Type of

security

Measured,

Dec. 2019

Measured,

Dec. 2020

Change,

Dec. 2019

to Dec. 2020

Net

purchases Stock swaps Valuation

adjustment Other1

(1) (2) (3 = 2 − 1) (4) (5) (6) (7)

Debt 3,139 3,373 233 -253 n.a. 128 359

Equity 9,478 10,615 1,137 -109 0 627 619

Total 12,617 13,988 1,370 -362 0 755 978

n.a. Not applicable.

1. Difference includes the value of costs associated with securities transactions and included in net purchases.

The largest contribution to the increase in holdings of foreign long-term securities between

2019 and 2020 (column 3) was valuation gains on foreign equity (column 6). The period

from December 2019 to December 2020 included extreme market volatility in response to the

economic consequences of the COVID-19 pandemic and associated worldwide policy actions.

After the initial drag from the COVID outbreak, equity prices recovered swiftly. On net,

equity valuation gains contributed to almost half of the overall positive change in foreign

holdings. These net increases obscure sizeable moves that occurred within the year, which

can be seen in the monthly aggregate TIC securities holdings and transactions data.6

U.S. investors reported sales of $362 billion of foreign bonds and equity (column 4), on net,

as measured in the monthly TIC S form. Even after accounting for valuation change

(column 6), a large residual remains (column 7). Differences between the estimated and the

measured changes are not unusual, and previous surveys of U.S. holdings of foreign securities

have also tended to show that changes in measured U.S. holdings differ from those implied

by estimates based on transactions and estimated valuation changes. But the substantial

—and unusually large relative to recent years —gaps between the measured and estimated

changes in 2020 highlights the inherent difficulties in making such estimates.7

6 These data are collected on the TIC form SLT and TIC form S, respectively. SLT stands for ‘‘Securities

Long-Term.’’ See Chapter 3 for more information about the TIC reporting system.

7 The 2020 ‘‘gap’’ values in dollar terms were the largest on record (since 2003) overall and for equities.

However, as a percentage of reported positions, the gaps were on the higher end of the historical data but

did not reach record highs.

5
For foreign equity, there are several possible explanations for the large difference between

the change in measured holdings and estimated changes based on reported transactions and

estimated valuation changes. First, it is possible that U.S. investors experienced valuation

gains that were somewhat larger than shown in the decomposition, where estimates of

valuation changes are based on market indexes. Estimating valuation changes can be

especially difficult during years when equity prices experience large swings, such as in 2020.

Price swings complicate valuation estimates because it is not possible to know precisely

which foreign securities U.S. residents buy or sell, or the exact timing of the transactions.

Second, actual net purchases of foreign securities could be larger than those recorded in the

monthly TIC S form. Volatile markets, with a high volume of transactions, can also affect

the accuracy of data on purchases.

For foreign debt, the volatility of 2020 had a less dramatic impact than for equity, but likely

affected the accuracy of the valuation estimate. In contrast to the fall and then rise of equity

prices, bond prices showed large increases as interest rates fell and then remained low.

However, foreign exchange rates were volatile over the year and bond yields, which are

normally relatively stable, were also more volatile. As with equity prices, these movements

put more than the usual uncertainty around the valuation estimate for bonds. In addition to

these factors that were specific to 2020, missed purchases of foreign bonds in the TIC S data

are an ongoing feature of the current TIC collection system, and the security-level holdings

data do not imply sales over the year of the magnitude indicated by the TIC S data. These

discrepancies are a long-standing feature of the data, and TIC compilers are actively

investigating additional explanations and considering adjustments to the data collection to

better align these data flows.

U.S. Portfolio Investment Abroad Compared with Foreign Portfolio Investment

in the United States

U.S. holdings of foreign securities have been consistently lower than total foreign holdings of

U.S. securities, resulting in a negative net portfolio investment position. Exhibit 3 compares,

over time, U.S. holdings of foreign long-term securities with foreign (official and private)

holdings of U.S. long-term securities, the difference of which is the net portfolio investment

position. The dates correspond to those of the surveys of U.S. holdings of foreign securities.8

The net position has been on a mostly declining trajectory throughout the period TIC data

cover, as both official and private foreign holdings have increased. The drop in the net

position in 2020 was second in size only to that of 2008, although the primary explanation

for these two declines differs. In 2020, foreign investors’ valuation gains on their holdings of

8 Because the surveys of foreign holdings of U.S. securities were conducted on different dates, these figures

are taken from monthly TIC form SLT data for the same dates.

6
U.S. equities, in particular, outpaced the valuation gains of U.S. investors on their holdings

of foreign securities, as U.S. equity markets rose more than foreign equity markets over the

year. In contrast, in 2008, both U.S. and foreign securities declined in value, but more so for

foreign securities than for U.S. securities.

-25

-20

-15

-10

-5

0

5

10

15

20 Trillions of dollars

1994 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3 1997 2001

U.S. holdings of foreign long-term securities1 Foreign official holdings of U.S. long-term securities

Foreign private holdings of U.S. long-term securities

Net U.S. position2

1

 U.S. official reserve assets are small and not shown. See U.S. Bureau of Economic Analysis: International Investment Position, Table 1.1. 2

 Net U.S. position is U.S. holdings of foreign long-term securities less foreign holdings of U.S. long-term securities. 3

 The 1994 survey was conducted as of end-March.

As of End-December Except as Noted

Exhibit 3: Net Asset Position in Long-Term Securities of U.S. Residents

U.S. Portfolio Investment by Country

Exhibits 4 and 5 show U.S. holdings of foreign securities for the countries attracting the

most U.S. portfolio investment as of end-2020.9 Since the 2008 financial crisis, U.S. holdings

of securities issued by entities resident in the Cayman Islands have been rising more rapidly

than U.S. holdings of other countries’ securities and now exceed securities claims on any

other single country by a wide margin (Exhibit 4).10

9 Tables A2 through A5 in the Statistical Appendix show historical data by country of U.S. ownership of

total foreign long-term securities, foreign equity, foreign long-term debt, and foreign short-term debt,

respectively.

10 Note that the sharp jump in Cayman Islands holdings in 2011 was primarily due to the addition of new

reporters to the survey panel in 2011. Similarly, the large increase in Cayman Islands holdings recorded

over 2016 was largely due to reporting by newly added TIC Benchmark survey panel respondents. See

Chapter 3 for more details on the TIC reporting system.

7
0

500

1,000

1,500

2,000

2,500

0

500

1,000

1,500

2,000

2,500

0

500

1,000

1,500

2,000

2,500

200420062008201020122014201620182020200420062008201020122014201620182020

200420062008201020122014201620182020200420062008201020122014201620182020

200420062008201020122014201620182020200420062008201020122014201620182020

Cayman United Kingdom

Japan Canada

Ireland France

Equity Long-term debt Short-term debt Billions of dollars

Exhibit 4: U.S. Holdings of Foreign Securities, by Country and Security Type

For the Six Countries Attracting the Most U.S. Investment

After the Cayman Islands, the stock of U.S. portfolio investment was highest in the United

Kingdom, Japan, and Canada (Exhibit 5). By security type, U.S. investors’ largest holdings

of equities were in the Cayman Islands, while the largest U.S. holdings of foreign debt were

8
in the Cayman Islands, Canada, and the United Kingdom.11

Country attribution can be distorted when firms issue debt via foreign subsidiaries

incorporated in a country different from that of the parent corporation, which has been a

growing trend. Indeed, a significant increase in offshore issuance via subsidiaries helps

explain both the overall rapid increases in U.S. holdings in the Cayman Islands since 2008

and the large increase in equity between 2019 and 2020. The section on data by residence

versus data by nationality discusses in more detail offshore issuance and its effect on the

data collected by the survey of U.S. holdings of foreign securities.

Exhibit 5: U.S. Holdings of Foreign Securities

By Country and Security Type

For the 20 Countries Attracting the Most U.S. Investment

As of End-December 2020

Billions of dollars

Country Total Equity Debt

Total Long-term Short-term

Cayman Islands 2,565 2,027 539 531 7

United Kingdom 1,395 919 476 435 40

Japan 1,296 1,013 283 182 102

Canada 1,168 683 484 412 72

France 698 479 220 187 32

Ireland 698 608 90 80 10

Switzerland 632 590 42 41 1

Netherlands 628 423 205 196 9

Germany 535 422 113 93 20

Australia 378 227 151 126 25

Taiwan 304 304 * * 0

Korea, South 300 277 23 22 1

China, mainland 287 251 35 34 2

Bermuda 283 240 44 44 *

India 234 223 11 11 *

Luxembourg 198 131 67 63 5

Sweden 196 155 42 28 14

Brazil 168 144 24 23 *

Hong Kong 166 158 8 7 1

Spain 163 113 49 47 2

Rest of world 2,094 1,228 866 811 56

Total 14,387 10,615 3,772 3,373 399

U.S. Portfolio Investment Abroad by Type of Market and Geographic Region

Patterns of U.S. foreign portfolio investment vary by region. U.S. cross-border portfolio

investment in advanced foreign economies continued to account for the bulk of U.S. foreign

11 As noted in Exhibit 7, U.S. residents’ holdings of Cayman Islands equity are dominated by fund shares

and other equity. Table A1 in the Statistical Appendix provides the data in Exhibit 2 for an expanded list

of countries.

9
0

10

20

30

40

50

0

10

20

30

40

50

0

10

20

30

40

50

0

10

20

30

40

50

0

5,000

10,000

15,000

0

5,000

10,000

0

1,000

2,000

3,000

0

500

1,000

1,500

2006200820102012201420162018202020062008201020122014201620182020

2006200820102012201420162018202020062008201020122014201620182020

Total Advanced Economies

Caribbean Financial Centers Emerging Market Economies

Debt Equity Debt share (percent, right axis) Billions of dollars

Exhibit 6: U.S. Holdings of Foreign Securities by Type of Economy

investment in 2020, followed by investment in the Caribbean financial centers (Exhibit 6).

U.S. residents’ holdings of foreign securities issued from advanced economies have been

increasingly concentrated in holdings of equity rather than debt. Emerging markets

represent a relatively small share of total investment, around 10 percent. U.S. holdings of

debt securities issued from emerging market economies have been increasing over time, but

equity still represents the larger share of holdings.

10
Exhibit 7: U.S. Holdings of Foreign Securities by Geographic Region,

As of End-December, 2020 and 2019

Billions of dollars

Market

2020 2019

Total Percent

of total

Equity Debt Total Percent

of total

Equity Debt

Europe 6,064 42 4,507 1,557 5,778 44 4,247 1,531

Of which: Euro area 3,249 23 2,404 845 2,991 23 2,201 790

Asia 3,033 21 2,488 545 2,634 20 2,181 454

Latin America & Carib. 3,429 24 2,581 848 2,907 22 2,117 790

Of which: Carib. fin. cen. 2,976 21 2,354 621 2,427 19 1,859 569

Canada 1,168 8 683 484 1,098 8 593 505

Australia and Oceania 423 3 254 169 413 3 230 183

Africa 150 1 101 49 157 1 111 46

International organizations 119 1 * 119 101 1 * 101

Total 14,387 100 10,615 3,772 13,087 100 9,478 3,609

By geographic region, U.S. investors’ largest overseas holdings were in Europe (Exhibit 7),

as has been the case since at least 2006. U.S. investors’ holdings of equity increased in 2020

for all geographic regions, except for Africa, where the declines were negligible. Debt

holdings increased for all regions, except Canada and Australia and Oceania where the

declines were also small.

Data by Residence versus Data by Nationality

The TIC system collects all data on a residency basis, assigning each security to the country

where the entity issuing that security is legally a resident. However, corporations may be

legally incorporated in offshore financial centers or may issue securities from subsidiaries

located outside of their country of nationality. As a result, although the claims surveys are

assumed to be accurate in terms of identifying the country of issuance of foreign securities,

the survey data may understate U.S. investor exposure to some countries while overstating

exposure to others. This distinction can complicate interpretation of the data in at least

three ways. First, if a firm in a foreign country creates an offshore arm to issue securities,

the TIC data shown here will overstate U.S. investment in the offshore issuing locations (for

example, the Cayman Islands) and understate U.S. investment in the firms’ true home

country. Second, if the offshore issuing arm has U.S. securities as the underlying assets, then

both U.S. investment in the offshore country and overall U.S. cross-border investment are

overstated. A third complication is that firms may be legally incorporated in one country

but have primary business operations in another country. Standard investment benchmark

indexes generally assign the country of such firms to the nationality of their operations

rather than legal residence.

11
Indeed, ongoing research indicates that the data shown above understate the increasing

popularity of emerging market securities for U.S. investors, which is discussed at greater

length below, and overstate overall U.S. cross-border investment. Estimates suggest that

roughly $1 trillion in U.S investors’ holdings of common stock of firms that ‘‘foreign’’ on a

residence basis are firms that are generally considered ‘‘U.S.’’ firms on a nationality basis,

and that overall overstatment of U.S cross-border investment could be more than $2

trillion.12

Emerging market firms have increasingly issued both equity and debt through foreign

subsidiaries in Ireland, Luxembourg, the Netherlands, and other offshore financial centers

such as the Cayman Islands. For equities, U.S. investor exposure to emerging market

economies, especially China, is much larger on a nationality basis. In 2019, more than $500

billion of U.S. holdings of Chinese-nationality equity was reported in TIC based on the legal

residence of the firms, primarily in the Cayman Islands; this understatement increased to

more than $650 billion in 2020.13 For debt, a lower-bound estimate of offshore emerging

market debt holdings can be constructed by identifying bond-issuing subsidiaries of parent

firms from emerging market countries. Such an estimate suggests that U.S. exposure to debt

securities of emerging market economies in 2020 would be at least $100 billion larger if

securities were classified on the basis of the nationality of the issuer’s ultimate parent (not

shown).

Adding about $100 billion in debt identified as issued by emerging market corporations

through their subsidiaries in offshore financial centers would increase estimated U.S.

exposure to emerging market debt from the reported $523 billion in Exhibit 6 to about $620

billion. Of the estimated additional $100 billion in offshore issuance, approximately $33

billion can be attributed to China, $27 billion to Brazil, $9 billion to Israel, and $7 billion to

Russia. The overwhelming majority of these offshore-issued emerging market corporate debt

holdings are long-term and U.S. dollar-denominated.

Factoring in these offshore-issued corporate securities also changes the picture of U.S.

investors’ holdings of emerging market debt by sector of issuer. For emerging market

economies overall, including offshore-issued corporate debt would imply that U.S. investors

held about $280 billion in emerging market corporate debt instead of $178 billion (Exhibit

13T), bringing U.S. holdings of emerging market corporate debt much closer to emerging

market government debt holdings.

12 For more details on estimating investor exposure by nationality, please see the FEDS Note by Carol

Bertaut, Beau Bressler and Stephanie Curcuru, ‘‘Globalization and the Geography of Capital

Flows,’’https://www.federalreserve.gov/econres/notes/feds-notes/

globalization-and-the-geography-of-capital-flows-20190906.htm.

13 See Bertaut, Bressler, and Curcuru (2019).

12
Maturity Structure of U.S. Foreign Debt Holdings

Exhibit 8 presents the maturity structure of U.S.-owned foreign long-term debt securities. In

value terms, the median time-to-maturity, or remaining maturity, for long-term debt

securities (those issued with an original time-to-maturity in excess of one year) hovers

around 6.5 years (Exhibit 8). The median time-to-maturity of U.S.-owned foreign long-term

debt was about a year higher for government debt relative to corporate debt. This increase

in median maturity appears to be the result of increasing issuance of longer-term debt as

interest rates remain low.

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

By Remaining Maturity as of End-December

Percent

Remaining maturity 2015 2016 2017 2018 2019 2020

One year or less 10.0 8.7 8.7 9.7 9.1 7.9

1 to 2 years 9.3 7.9 8.7 8.9 9.1 8.0

2 to 3 years 7.9 8.4 7.8 9.5 8.6 8.7

3 to 4 years 7.2 7.0 8.2 8.0 7.8 7.2

4 to 5 years 7.8 9.7 8.8 8.2 7.6 7.8

5 to 6 years 6.1 6.4 5.8 5.2 5.3 6.4

6 to 7 years 6.3 6.2 5.5 5.0 5.6 5.3

7 to 8 years 5.7 5.5 5.5 5.5 4.9 5.0

8 to 9 years 5.6 6.4 7.0 5.1 5.0 5.6

9 to 10 years 6.7 7.8 6.4 5.4 5.9 7.5

10 to 15 years 8.7 8.8 10.4 12.8 12.7 11.6

15 to 20 years 4.3 4.4 5.0 4.8 5.3 5.2

20 to 25 years 4.5 4.1 3.9 3.6 3.8 4.2

25 to 30 years 5.3 5.0 5.2 4.9 5.9 6.1

More than 30 years 4.5 3.8 3.2 3.5 3.5 3.4

Total 100.0 100.0 100.0 100.0 100.0 100.0

Memo: Median remaining maturity (years)

Total long-term debt 6.2 6.3 6.3 6.0 6.3 6.6

Government-issued long-term debt 6.2 6.2 6.2 5.9 6.4 7.3

Non-government-issued long-term debt 6.2 6.3 6.3 6.0 6.3 6.4

Details of U.S. Equity Investment by Country

Foreign equity held by U.S. investors is predominantly in the form of common stock.

Exhibit 9 shows the top six countries with the highest level of U.S. portfolio investment in

their equity markets and shows holdings by type of equity.

13
0

500

1,000

1,500

2,000

0

500

1,000

1,500

2,000

0

500

1,000

1,500

2,000

20082010201220142016201820202008201020122014201620182020

20082010201220142016201820202008201020122014201620182020

20082010201220142016201820202008201020122014201620182020

Cayman Islands Japan

United Kingdom Canada

Ireland Switzerland

Common stock Fund shares Other* Billions of dollars

Exhibit 9: U.S. Holdings of Foreign Equities

By Equity Type for Countries Attracting the Most U.S. Investment

As of End-December 2020

*Other includes preferred stock, interests in limited partnerships, and other types of equity.

Although holdings of fund shares and ‘‘other’’ types of equity account for only a small

percentage of total U.S. holdings of foreign equity, they account for a considerable share of

Cayman Islands equity held by U.S. investors.14 As noted earlier, TIC reporting is on a

14 Table A12 in the Statistical Appendix shows the breakdown of U.S. holdings of foreign equity by type of

14
residence basis. While funds and especially other equity are resident in the Cayman Islands,

the underlying assets are often based in other countries, including the United States. For

comparison, data on foreign holdings of U.S. equity as of mid-2020 (not shown) indicate that

common stock makes up a similar share of foreigners’ holdings of U.S. equity (77 percent)

while fund shares are a significantly larger proportion (17 percent).15 Fund shares and

‘‘other’’ shares are notably higher than the shares recorded prior to 2011 primarily due to an

expansion of the reporting panel.16

U.S. investors held 22 percent of advanced economies’ equity markets but only 5 percent of

emerging markets’ equity markets, as shown in Exhibit 10, which includes data for the top

20 countries of common stock holdings.17 The relatively low share for emerging market

economies reflects the fact that U.S. investors held only 3 percent of Chinese market

capitalization.18 The U.S. share for Bermuda, the Cayman Islands, and Ireland, where U.S.

investors’ holdings exceed the total size of domestic equity markets, can be misleading

because corporate structure arrangements can distort these data for two reasons: first,

companies are sometimes incorporated in one country but their securities primarily trade in

another country (in the case of Bermuda and the Cayman Islands); second, many

multinational firms have moved their country of incorporation to Ireland. Table A14 in the

Statistical Appendix shows the information contained in Exhibit 10 for an expanded list of

countries.

Exhibit 11 presents the shares of depositary receipts (DRs) —primarily American Depositary

Receipts (ADRs) —in total U.S. equity holdings for the countries from which U.S. equity

holdings are highest.19 Depositary receipts are negotiable certificates held in a bank in one

country that represent a specific number of shares of a stock that trades on an exchange in

another country.

equity for all countries.

15 See Appendix Table A8 in the ‘‘Report on Foreign Portfolio Holdings of U.S. Securities as of June 29, 2020’’

at https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/shla2020report.pdf.

16 The shift is largely due to the expansion of the reporting panel in the 2011 survey: a sizable portion of the

holdings of the new respondents in the 2011 survey were of fund shares and limited partnership interests

(which are included in ‘‘other’’ forms of equity). Additional outreach for the 2016 benchmark survey also

resulted in increases in the shares of equity held in fund shares and other equity.

17 Market capitalization includes all of the equity of the firms listed in the relevant country exchanges,

including some shares that may not be available for purchase by foreign investors.

18 As noted earlier, TIC reporting is residence-based. Many Chinese firms have offshore subsidiaries, and U.S.

holdings of these firms’ securities are assigned to the subsidiaries’ residences in TIC data.

19 DRs entitle investors to all dividends, capital gains or losses, and voting rights, just as if the investors

directly owned the underlying shares. ADRs are depositary receipts that trade on U.S. exchanges in U.S.

dollars and that facilitate the holding and trading of foreign securities by U.S. residents.

15
Exhibit 10: U.S. Holdings of Foreign Common Stock Equities

By Country, Domestic Equity Market Size, and U.S.-Held Market Share

For Selected Countries and Regions as of End-December 2020

Billions of dollars

Country or region U.S. holdings

of common stock

Country domestic

market capitalization

rank1

U.S. holdings as

percentage of domestic

market capitalization2

Japan 994 2 16

Cayman Islands 972 116 >100

United Kingdom 814 4 30

Canada 651 8 29

Switzerland 587 10 31

Ireland 563 38 >100

France 467 6 19

Netherlands 419 15 48

Germany 388 7 17

Taiwan 304 12 21

Korea, South 256 11 16

China, mainland 247 1 3

India 219 9 11

Australia 202 13 16

Bermuda 196 76 >100

Sweden 152 14 16

Hong Kong 150 3 5

Denmark 139 19 24

Spain 110 18 18

Jersey 107 n.a. n.a.

Rest of world 1,010 n.a. 10

Total 8,948 n.a. 18

By type of market

Advanced economies 6,780 n.a. 22

Caribbean financial centers 1,221 n.a. >100

Emerging market economies 947 n.a. 5

By selected region

Europe 4,172 n.a. 28

of which: Euro area countries 2,236 n.a. 29

Latin America and Caribbean,

excluding Carib. fin. centers 175 n.a. 14

Asia 2,419 n.a. 8

Africa 83 n.a. 8

n.a. Not applicable.

1. Market capitalization data are from the World Bank’s World Development Indicators database and national

sources. The United States holds the rank of 1 in market capitalization.

2. U.S. holdings of foreign securities include securities registered in countries that may not trade on that

country’s exchanges; thus, U.S. holdings can exceed a country’s market capitalization.

The share of foreign equity held by U.S. investors in the form of DRs was highest in some

emerging markets, notably Russia, Mexico, and Brazil.20

20 Table A13 in the Statistical Appendix shows the information contained in Exhibit 9 for an expanded list

of countries and regions.

16
0

20

40

60 Percent

Cayman Isl. Japan UKIreland SwitzerlandFrance Netherlands Germany Taiwan S. Korea AustraliaIndiaBrazil DenmarkIsrael MexicoRussia

Note: Sorted by total U.S. holdings of country's equity.

For Countries Attracting the Most U.S. Equity Investment, as of End-December, 2020

Exhibit 11: Percentage of U.S. Holdings of Foreign Equities in Depositary Receipts

U.S. Holdings of Foreign Private and Government Debt

The next several exhibits provide detail on U.S. holdings of foreign debt securities. U.S.

investors primarily hold foreign long-term debt securities issued by foreign private

institutions, or corporate debt (Exhibit 12). The overall dominance of the private sector in

U.S. foreign debt holdings represents a significant shift from the 1994 survey of U.S. holdings

of foreign securities, when less than 40 percent of U.S. investors’ holdings of foreign

long-term debt securities was issued by the private sector. U.S. holdings of foreign-issued

short-term debt are likewise concentrated in private sector issues.

17
Exhibit 12: U.S. Holdings of Foreign Debt Securities

By Country and Sector of Issuer as of End-December 2020

Billions of dollars

Country Total Long-term Short-term

Private Government1 Private Government1

Cayman Islands 539 528 3 7 0

Canada 484 342 70 54 18

United Kingdom 476 375 60 40 *

Japan 283 100 81 9 93

France 220 130 58 29 3

Netherlands 205 184 12 8 1

Australia 151 111 15 23 1

International organizations 119 108 0 11 0

Germany 113 53 40 19 1

Ireland 90 77 2 10 *

Mexico 89 59 29 * 1

Luxembourg 67 62 1 4 *

Italy 52 23 28 * *

Spain 49 27 20 1 1

Bermuda 44 42 2 * 0

Switzerland 42 39 2 1 0

Sweden 42 25 2 13 1

Indonesia 38 9 29 0 0

China, mainland 35 5 28 1 1

Norway 34 26 4 5 0

Rest of world 600 237 322 34 7

Total 3,772 2,563 810 269 130

1. Government includes central, local, and provincial governments, and government-sponsored

or guaranteed corporations. Debt issued by international and regional organizations is

classified as private.

18
Exhibit 13T: U.S. Holdings of Foreign Long-Term Debt

By Country, Sector of Issuer, and Currency

As of end-December 2020

Billions of dollars

Country

Government1 Corporate

Total longterm debt2 Total2 U.S.

dollars

Own

currency Total2 U.S.

dollars

Own

currency

Cayman Islands 531 3 3 0 528 522 5

United Kingdom 435 60 * 60 375 302 58

Canada 412 70 32 36 342 295 44

Netherlands 196 12 1 11 184 163 19

France 187 58 * 58 130 107 20

Japan 182 81 3 79 100 97 2

Australia 126 15 * 15 111 98 10

International organizations 108 0 0 n.a. 108 94 n.a.

Germany 93 40 2 38 53 28 22

Mexico 88 29 20 8 59 57 1

Ireland 80 2 * 2 77 64 13

Luxembourg 63 1 1 * 62 48 12

Italy 51 28 3 25 23 16 7

Spain 47 20 * 20 27 21 6

Bermuda 44 2 2 0 42 40 1

Switzerland 41 2 0 2 39 36 2

Indonesia 38 29 15 13 9 9 *

China, mainland 34 28 1 27 5 3 2

Norway 30 4 1 3 26 24 *

Sweden 28 2 1 1 25 20 3

Rest of world 559 322 208 100 237 212 35

Total 3,373 810 293 498 2,563 2,257 263

Euro area 762 183 10 172 579 463 107

Advanced economies 2,135 457 65 388 1,678 1,405 234

Caribbean financial centers 614 16 16 * 598 590 20

Emerging market economies 516 338 212 110 178 168 10

1. Government includes central, local, and provincial governments, and government-sponsored or guaranteed

corporations. Debt issued by international and regional organizations is classified as corporate.

2. Amounts in each row of this table may not sum to the totals because the table does not show holdings

denominated in currencies other than the U.S. dollar and the country’s own currency. In addition, for

some countries, the dollar is the own currency.

However, U.S. investors’ holdings are concentrated in government debt in several emerging

market economies, notably China and Indonesia. Among advanced economies, Japan stands

out: U.S. holdings of Japanese government debt are higher than those of any other country.

Table A10 in the Statistical Appendix shows the information contained in Exhibit 12 for an

expanded list of countries.

About a third of the government-issued debt held by U.S. investors is dollar-denominated,

whereas foreign private-sector debt held is predominantly dollar-denominated (Exhibits 13

and 13T). These shares are about the same as in the past few surveys. For government debt

19
0

500

1,000

1,500

2,000

2,500 Billions of dollars

Advanced economies

Emerging markets

Caribbean financial centers

Corp. Govt. Corp. Govt. Corp. Govt.

For Selected Regions as of End-December 2020

Exhibit 13: U.S. Holdings of Foreign Long-Term Debt Securities by Sector of Issuer and Currency

Other currencies

Own currency

U.S. dollars

issued by advanced economies, the dollar-denominated share of debt held by U.S. investors

is smaller -- about 14 percent. A notable exception is Canada, where about half of the

government debt held by U.S. investors is denominated in U.S. dollars. The bulk of

Canadian government debt denominated in U.S. dollars, though, is Canadian provincial debt

rather than central government debt (not shown). For emerging market economies, the

overwhelming majority of local currency long-term debt held by U.S. investors is

government-issued. Table A11 in the Statistical Appendix provides information on dollar

and local currency holdings of government-issued and privately-issued long-term debt for a

larger group of countries.

U.S. Holdings of Asset-Backed Securities

As shown in Exhibit 14, U.S. holdings of foreign asset-backed securities (ABS) increased

between December 2019 and December 2020.21 The increase is more than fully accounted for

21 ABS are backed by pools of assets, such as residential home mortgages or car loans, and include

collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs). ABS give investors

claims against the cash flows generated by the underlying assets. CLO securities, which are typically

issued by an offshore special purpose vehicle, are backed solely by loans, generally leveraged loans to the

corporate sector. Unlike most other debt securities, ABS often repay both principal and interest on a

regular basis, thus reducing the principal outstanding with each payment cycle. However, some classes of

ABS replace repaid principal with additional assets for a set period, thus holding constant the principal

outstanding.

20
by holdings of ABS issued in the Cayman Islands. The share of ABS in total U.S. holdings

of foreign long-term debt securities is currently 14 percent, well below its pre-crisis level of

over 20 percent. As has been the case for the past several years, ABS continue to account

for the vast majority of U.S. holdings of long-term debt issued in the Cayman Islands. Table

A8 in the Statistical Appendix shows U.S. holdings of long-term asset-backed securities as of

end-December 2020, for all countries.

Exhibit 14: U.S. Holdings of Foreign Long-Term Asset-Backed Securities

For Countries Attracting the Most U.S. Investment

As of End-December, 2020 and 2019

Billions of dollars

Country

2020 2019

Total longterm debt

ABS

Percent of

long-term debt

Total longterm debt

ABS

Percent of

long-term debt

Cayman Islands 531 433 82 494 406 82

Canada 412 14 3 395 17 4

Ireland 80 10 13 78 12 15

United Kingdom 435 10 2 412 23 6

Bermuda 44 6 14 35 6 18

Netherlands 196 2 1 188 2 1

Australia 126 2 2 121 2 2

Jersey 10 2 15 9 1 15

Rest of world 1,539 7 < 1 1,408 6 < 1

Total 3,373 486 14 3,139 476 15

Since 2014, increases in ABS have been dominated by holdings of newly issued collateralized

loan obligations (CLOs). Exhibit 15 shows that CLO holdings by U.S. residents were

concentrated in the Cayman Islands and more than doubled from 2014 to 2020. U.S.

residents also held small amounts of CLOs issued in Ireland, the Netherlands, the United

Kingdom, Guernsey, and Jersey. In December 2020, the largest holders of CLOs were

insurance companies, followed by mutual funds and depository institutions. Between 2014

and 2020, the composition of holdings across investor types was relatively stable.22 As noted

above in the discussion of U.S. holdings of fund shares and other equity, the residence of the

issuer can obscure the nationality of the underlying assets, which are often domestic. In the

case of CLOs, the underlying loans for foreign-issued CLOs held by U.S. investors are often

U.S. leveraged loans.

22 For more information on U.S. investors’ holdings of U.S. CLOs and a change in methodology relative to

the 2018 SHCA report, see the FEDS Note by Laurie DeMarco, Emily Liu, and Tim Schmidt-Eisenlohr of

the Federal Reserve Board, ‘‘Who Owns U.S. CLO Securities? An Update by Tranche,’’

https://www.federalreserve.gov/econres/notes/feds-notes/

who-owns-us-clo-securities-an-update-by-tranche-20200625.htm.

21
Exhibit 15: U.S. Holdings of Foreign CLOs

By Type of Holder and Issuer Country, Selected Survey Dates

Billions of dollars

Year Country Total Insurance

Depository

inst.

Mutual

funds

Pension

funds

Other

funds

Other

financial

Nonfinancial,

including

households

2020 Cayman Islands 400.0 145.9 60.1 73.2 22.0 9.0 53.0 36.8

All Other Countries 10.2 3.1 0.2 2.9 0.6 0.4 1.8 1.3

Of which:

Ireland 7.4 . . . . . . .

Netherlands 1.6 . . . . . . .

UK and Channel Isl. 0.8 . . . . . . .

Grand Total 410.2 149.1 60.3 76.1 22.6 9.3 54.8 38.1

2019 Cayman Islands 373.5 112.6 75.2 65.3 23.0 21.5 35.6 40.3

All Other Countries 8.9 1.9 0.2 3.1 0.6 0.3 1.8 1.1

Of which:

Ireland 6.0 . . . . . . .

Netherlands 1.7 . . . . . . .

UK and Channel Isl. 0.8 . . . . . . .

Grand Total 382.4 114.5 75.4 68.5 23.5 21.7 37.4 41.4

2018 Cayman Islands 338.8 111.4 61.6 60.9 22.4 20.0 35.2 27.3

All Other Countries 8.2 2.2 0.5 2.4 0.3 0.7 1.4 0.7

Of which:

Ireland 5.5 . . . . . . .

Netherlands 1.7 . . . . . . .

UK and Channel Isl. 0.9 . . . . . . .

Grand Total 347.0 113.6 62.1 63.4 22.7 20.7 36.6 27.9

2017 Cayman Islands 290.1 83.4 62.0 59.6 19.7 12.2 27.4 25.5

2016 Cayman Islands 255.2 75.1 61.5 51.3 17.1 10.6 19.0 20.6

2015 Cayman Islands 198.9 64.1 40.2 38.1 15.2 9.5 14.7 17.1

2014 Cayman Islands 173.6 55.7 33.1 27.4 12.0 9.9 17.4 18.2

Note. Positions shown as . are too small for disaggregation to be useful.

U.S. Portfolio Investment in Foreign Debt Securities by Currency and Type of

Economy

U.S. investors have a strong preference for foreign debt securities denominated in U.S.

dollars. The share of U.S.-owned foreign debt securities denominated in U.S. dollars has

remained stable at around 75 percent since at least 2007 and is similar for both short- and

long-term securities (Tables A3 and A9 in the Statistical Appendix). As shown in Exhibit

16, of debt held in foreign currency, the majority was denominated in other major currencies

(euro, yen, British pound, and Canadian dollar). For data on Australian dollar and Chinese

yuan holdings, see Table 16 in Appendix B.

22
0

2

4

6

8

10

12

14 Percent

2006 2008 2010 2012 2014 2016 2018 2020

Euro

Canadian dollar

Japanese yen

U.K. pound

Other

Note: Remaining holdings are in U.S. dollars.

As of End-December

Exhibit 16: Share of U.S. Holdings of Foreign Debt by Foreign Currency of Denomination

The share of U.S. holdings of foreign debt securities denominated in the issuer’s own

currency has also remained relatively stable in recent years, mainly due to the stable share

in holdings of non-government debt (Exhibit 17). Most non-government debt is denominated

in dollars; only around 10 percent is denominated in own currencies, with most of that debt

issued in advanced economies. For holdings of government-issued debt, the fraction

denominated in own currencies (also referred to as local currency debt) is much larger, over

60 percent, but has trended down notably in recent years as U.S. investors have replaced

own currency-denominated debt with dollar-denominated debt, a trend that mirrors overall

issuance patterns. The downward trend in the share of holdings of government debt

denominated in own currencies is entirely due to emerging market debt; this share increased

substantially between 2006 and 2012 (not shown), but has been steadily dropping since.

However, these patterns are not uniform: the share of U.S. debt holdings denominated in

local currency is still relatively high for some major emerging market economies. As noted

elsewhere, though, some countries issue debt offshore, and the currency composition of that

debt could vary. Almost all debt issued by Caribbean financial centers and held by U.S.

investors was dollar-denominated.

23
0

20

40

60

80

100 Percent

0

500

1,000 Billions of dollars 2012 2014 2016 2018 2020 2012 2014 2016 2018 2020 2012 2014 2016 2018 2020 2012 2014 2016 2018 2020 All Countries Advanced Econs. Emerging Mkt. Econs. Carib. Fin. Ctrs.

U.S. dollar Own Other Own share (percent, right axis)

Government Bonds

0

5

10

15

20

25 Percent

0

1,000

2,000

3,000 Billions of dollars 2012 2014 2016 2018 2020 2012 2014 2016 2018 2020 2012 2014 2016 2018 2020 2012 2014 2016 2018 2020 All Countries Advanced Econs. Emerging Mkt. Econs. Carib. Fin. Ctrs.

U.S. dollar Own Other Own share (percent, right axis)

Corporate Bonds

Exhibit 17: U.S. Holdings of Foreign Long-Term Debt by Currency and Type of Economy and Issuer

U.S. Portfolio Investment by Sector of U.S. Holder

Exhibits 18 through 20 present data on foreign holdings of U.S. investors by sector of U.S.

holder. As of December 2020, mutual funds were the largest U.S. holders of foreign securities

at roughly $7 trillion (Exhibit 19A). Of the remainder, roughly equal amounts were held by

other financial firms23, pension funds, and nonfinancial firms. The shares held by different

types of investors have changed little since 2015, when these data were first reported. The

majority of mutual funds’, other funds’, and pension funds’ foreign securities holdings are in

the form of equity. In contrast, banks’ foreign securities holdings are weighted toward debt,

and insurance companies’ foreign securities portfolios are even more heavily dominated by

debt.

23 Includes bank holding companies (BHC).

24
Exhibit 18: U.S. Holdings of Foreign Debt Securities

By Term, Sector of U.S. Holder, and Currency

As of End-December 2020

Billions of dollars

Depository

inst.

Fund/

Other

investment

vehicle

Pension

fund

Mutual

fund

Insurance

Other

financial

(incl.

BHC)

Non

financial Total

Memo:

U.S.

reserve

assets

Long-term 285 95 267 1,274 792 276 384 3,373 14

USD 159 79 206 876 686 210 334 2,550 0

Euro 53 5 17 175 35 27 16 328 13

Yen 23 0 2 42 3 8 5 83 1

Other 50 10 41 182 68 31 29 412 0

Short-term 46 4 24 137 15 66 106 399 0

USD 9 3 15 113 12 32 84 268 0

Euro 4 0 4 2 0 1 1 12 0

Yen 31 0 2 14 2 25 18 94 0

Other 1 0 3 9 1 8 4 26 0

Total 331 99 291 1,411 807 342 490 3,772 14

For all types of institutions, the majority of foreign debt securities holdings are denominated

in U.S. dollars (Exhibit 18); however, the foreign currency share varies by sector. At the

high end, depository institutions hold nearly half of their foreign debt securities in foreign

currency. At the low end, U.S. nonfinancial firms, insurance companies, and funds and other

investment vehicles hold less than twenty percent of their foreign debt in foreign currency.

Of their debt holdings, mutual funds invest somewhat equally across debt of financial,

nonfinancial, and government issuers (Exhibit 19B), reflecting the diverse investment

mandates of the funds included in this group. In contrast, securities issued by financial

institutions constitute the largest share of holdings for nonfinancial firms, banks, and other

financial firms. Mutual funds and pension funds also diversify geographically; although their

largest investments are in advanced economy corporate bonds, both mutual and pension

funds invest roughly one-third of their foreign debt holdings in government bonds, split

evenly between advanced and emerging economies (Exhibit 20). Insurance companies hold

much less government debt and less emerging market debt than the other types of holders.

25
0

2,000

4,000

6,000

8,000 Billions of dollars

Mutual funds

Nonfinancial

Other financial

Pension funds

Other

Insurance

Banks

Sector of U.S. Holder

As of End-December 2020

Exhibit 19A: U.S. Holdings of Foreign Securities by Sector of U.S. Holder

Short-term debt

Long-term debt

Equities

0

500

1,000

1,500 Billions of dollars

Mutual funds

Insurance

Nonfinancial

Other financial

Banks

Pension funds

Funds and other

Sector of U.S. Holder

As of End-December 2020

Exhibit 19B: U.S. holdings of Foreign Debt by Sector of U.S. Holder and Foreign Issuer

Nonfinancial

Government

Financial

26
Exhibit 20: U.S. Holdings of Long-term Foreign Debt

By Type of Economy, Type of Issuer, Type of Holder, and Currency Group

Billions of dollars

Depository

inst.

Fund/Other

investment

vehicle

Pension

fund

Mutual

fund

Insurance

Other

financial

(inc BHC)

Nonfinancial

Total

All countries 285 95 267 1,274 792 276 384 3,373

Government bonds 112 21 82 408 53 69 65 810

USD 10 12 34 146 39 20 33 293

Own 100 9 47 249 13 49 31 498

Other 2 0 1 13 1 1 1 19

Corporate bonds 174 74 184 866 739 206 318 2,560

USD 149 67 172 731 646 190 300 2,255

Own 18 6 12 111 82 16 18 263

Other 6 0 0 24 10 0 0 42

Advanced econs. 169 57 165 819 514 156 256 2,135

Government bonds 106 9 35 203 22 47 34 457

USD 6 3 7 21 11 6 11 65

Own 98 6 28 180 11 41 23 388

Other 1 0 0 2 0 0 0 4

Corporate bonds 63 48 130 615 492 109 222 1,678

USD 44 43 119 496 404 95 205 1,406

Own 17 4 10 99 76 12 15 234

Other 2 0 1 20 12 1 2 39

Emerging market econs. 11 20 60 271 72 34 48 516

Government bonds 6 12 46 198 26 21 30 338

USD 4 8 25 118 24 13 21 212

Own 2 3 19 69 1 8 8 110

Other 0 0 1 11 1 1 1 16

Corporate bonds 5 8 15 73 45 13 18 178

USD 5 7 14 68 44 12 18 168

Own 1 1 0 4 2 2 1 10

Other 0 0 0 1 0 0 0 0

Caribbean fin. ctrs. 70 16 36 156 202 74 62 614

Government bonds 0 0 2 7 4 1 1 16

USD 0 0 2 7 4 1 1 16

Own 0 0 0 0 0 0 0 0

Other 0 0 0 0 0 0 0 0

Corporate bonds 69 15 34 149 197 73 60 598

USD 69 15 34 146 195 72 59 590

Own 0 0 2 8 5 2 3 20

Other 0 0 0 0 0 0 0 0

Note: Amounts in each colum of this table may not sum to the totals because U.S. holdings will in some cases be

counted in two columns, the USD row and the own currency row.

27
U.S. Portfolio Investment by Industry

Exhibit 21 provides information on U.S. holdings of foreign securities by broad industry

sector of the issuer based on North American Industry Classification System (NAICS) codes,

which were developed by the U.S. Census Bureau.24 Survey reports for years before 2015

classified securities using GICS (Global Industry Classification Standard) codes, developed

by Morgan Stanley Capital International and Standard & Poor’s. The GICS and NAICS

classifications are often not directly comparable, but the categories chosen for the tables in

this report are designed to facilitate comparisons with the earlier reports. Appendix Table

A15 provides data on holdings with a more disaggregated breakout of industries. Beginning

with the December 2016 survey data, the U.S. began reporting holdings of foreign securities

by sector to the IMF CPIS; however, the sectoral breakdown provided in this report is more

detailed than that published as part of the CPIS.25

24 This report uses NAICS 2012 codes. For more information about the NAICS system, see

https://www.census.gov/naics/.

25 Industry assignments can and do change for firms over time if the scope of their activities change. In this

survey, the drop in the telecommunications sector relative to the 2019 survey largely reflects the

reassignment of a few large firms to broader sectors.

28
Exhibit 21: U.S. Holdings of Foreign Securities By Industry

As of End-December 2020

Billions of dollars

NAICS code1Industry Total Equity Debt

Long-term Short-term

21 Mining, quarrying, and oil and gas extraction 746 572 171 3

22-23 Utilities and construction 377 315 62 *

31 Consumer goods manufacturing 469 448 21 0

325 Chemical manufacturing 1,051 971 80 *

326-333 Other primary and machinery manufacturing 495 461 34 0

334-335 Computer and electronic product manufacturing 1,108 1,063 44 2

336-339 All other manufacturing 530 495 35 *

42 Wholesale trade 331 302 29 0

44-45 Retail trade 648 627 21 *

48-49 Transportation and cargo 344 255 88 2

511-515 Publishing and broadcasting 272 247 24 *

517-519 Telecommunications and information services 398 318 79 1

5221 Depository credit intermediation (banking) 1,271 581 533 158

5222-5239 Other financial 1,497 746 704 47

524 Insurance 459 422 37 0

525 Funds, trusts, and other financial vehicles 1,302 1,254 47 2

53-81 Services 1,488 1,273 198 17

92 Government2 952 14 808 130

International and regional organizations 119 * 108 11

All other industries 526 252 249 25

Industry classification unknown 358 121 213 25

Total 14,387 10,615 3,373 399

1. Stands for North American Industry Classification System (NAICS), 2012.

2. Government includes central, local, and provincial governments, and government-sponsored or guaranteed

corporations. Debt issued by international and regional organizations is classified as corporate.

U.S. investors’ holdings were heavily concentrated in the financial sector: banking (NAICS

code 5221), funds, trusts and other financial vehicles (NAICS code 525), insurance (NAICS

code 524), and other financial (5222-5239). After the financial sector, the largest holdings

were in the computer and electronic product manufacturing; chemical manufacturing, which

is dominated by pharmaceuticals; and (non-financial) services. Overall, U.S. investors’

foreign debt holdings are concentrated in a few sectors. Government sector securities are

almost entirely in the form of debt, primarily foreign governments’ sovereign debt.26 The

large holdings in the banking (NAICS code 5221) and other financial (NAICS codes

5222-5239) categories are also dominated by debt. Within the rest of the private sector, the

share of equity is generally high.

26 This category includes securities issued by government-sponsored or guaranteed corporations, which is why

U.S. holdings of government sector equity are non-zero.

29
0

5,000

10,000

15,000

20,000 Billions of dollars

2004 2006 2008 2010 2012 2014 2016 2018 2020

1

 Portfolio investment as defined in the Act enabling TIC data collection includes banking items.

 Portfolio investment as defined in balance of payments publications includes only securities. 2

 Includes deposits, brokerage balances, loans, resale agreements, and trade receivables and advance payments.

As of End-December

Exhibit 22: Forms of U.S. Portfolio Investment Abroad1 Short-term debt

Long-term debt

Equities

Reported by non-bank institutions: deposits, loans, and other2 Reported by banks: deposits, loans, and other2

Comparison of Different Types of U.S. Overseas Financial Assets Over Time

Exhibit 22 compares U.S. holdings of foreign securities with U.S. holdings of deposits, loans,

and other investments reported by U.S. bank and non-bank institutions.27 Since 2009, the

share of overseas financial investments allocated to securities has trended up markedly while

banking investments were relatively flat. This shift towards securities reflects a general

increase in the importance of bond financing relative to bank financing since the global

financial crisis, as well as the substantial increase in equity prices during this period.

Banking investments have grown visibly since 2018, but still substantially less than the

growth in securities investments.

27 The banking data are collected by the TIC B forms.

30
Chapter 2. Data Collection Methodology

The U.S. system for measuring U.S. holdings of foreign securities consists of annual surveys,

with ‘‘benchmark’’ surveys conducted every five years. The benchmark survey (SHC)

collects cross-border portfolio investment data from a large number of institutions

(custodians and end-investors) in an attempt to capture total U.S.-resident ownership of

foreign securities. 28 In the four years between benchmark surveys, data are collected with

annual surveys (SHCA) from a smaller set of respondents that collectively account for the

great majority of holdings reported in the previous benchmark survey.

Prior to 2011, the annual survey panel for each of the four years between benchmark surveys

was kept largely unchanged, with the panel respondents primarily selected based on the size

of their positions as reported in the benchmark. Since 2011, when new reporting began on

the TIC monthly report of Aggregate Holdings of Long-Term Securities by U.S. and Foreign

Residents (TIC SLT), the annual survey panel has been selected based on reporting from the

SLT, outreach to other potential respondents by the Federal Reserve Banks, and responses

to a Federal Register Notice. Data reporters are generally chosen based on the overall size of

their positions, but the panel is also selected to ensure relatively complete coverage across

countries and asset classes.

For the 2020 survey, a non-benchmark survey, data were collected from respondents who

collectively accounted for 95 percent of the 2016 benchmark survey holdings. Data were

submitted by about 150 U.S.-resident custodians and U.S.-resident end investors, which were

required to report foreign securities entrusted to their safekeeping or held for their own

account. Portfolio holdings were highly concentrated among the largest U.S.-resident

custodians: the top 20 accounted for over 90 percent of the total market value of the security

data submitted. The dataset is expansive; respondents submitted roughly 1.2 million records,

of which about 800,000 were equity records and about 400,000 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 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 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

28 SHC stands for ‘‘Securities Holdings: Claims.’’

31
in this report. Security-level reporting also allows the verification of many securities prices

and market values.

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 ensure data completeness and

to address any possible systemic errors within each respondent’s submission. Respondent

data submitted for the current survey were analyzed individually and compared to the data

filed for the prior year’s survey. Aggregate holdings reported in the survey were also

measured against holdings reported in the TIC SLT to identify and reconcile any major

discrepancies between the respondents’ reports as of year-end.

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

security-by-security basis and in the aggregate, across all reporters. Particular attention was

given to securities with large market value, those displaying notable price changes between

survey dates, those with particularly high or low prices, and those comprising a large

percentage of the total amount outstanding. Reported securities were also analyzed in the

aggregate to identify common types of reporting errors.

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 issuer,

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

eliminating cases in which the miscoding of a security with a small market value would have

had 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.

The data were also compared with various TIC and regulatory reports to identify potential

systemic discrepancies or errors.

Annual TIC Survey Data and the TIC Form SLT Data

In addition to the TIC S transactions data shown in Exhibit 2, the TIC Form SLT began

collecting aggregate position data on U.S. cross-border long-term securities holdings —both

U.S. holdings of foreign securities and foreign holdings of U.S. securities —in late 2011. The

SLT provides more accurate data on monthly holdings than the previous estimates based on

transactions and estimates of valuation changes. Unlike the annual surveys, these monthly

data are collected at the aggregate level rather than at the individual security level, but they

have the advantage of providing information on cross-border securities holdings in a more

timely fashion, since they are available with about a six-week lag.29

29 For a detailed discussion of the SLT data, see 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.

32
Exhibit 23: U.S. Holdings of Foreign Long-Term Securities

As Measured by the Survey of Portfolio Holdings (SHC) and the TIC SLT

By Country and Security Type as of End-December 2020

Billions of dollars

Total long-term Equity Long-term debt

Country SHC SLT Diff SHC SLT Diff SHC SLT Diff

Cayman Islands 2,558 2,497 61 2,027 1,968 59 531 529 2

United Kingdom 1,355 1,358 -3 919 919 0 435 439 -4

Japan 1,194 1,197 -3 1,013 1,015 -2 182 182 0

Canada 1,096 1,076 20 683 671 12 412 405 7

Ireland 687 687 0 608 608 0 80 79 1

France 666 659 7 479 480 -1 187 179 8

Switzerland 631 635 -4 590 590 0 41 46 -5

Netherlands 619 616 3 423 423 0 196 194 2

Germany 514 515 -1 422 422 0 93 93 0

Australia 353 344 9 227 223 4 126 121 5

Taiwan 304 303 1 304 303 1 * * *

Korea, South 299 299 0 277 277 0 22 22 0

China, mainland 285 286 -1 251 252 -1 34 34 0

Bermuda 283 279 4 240 236 4 44 43 1

India 234 234 0 223 223 0 11 11 0

Luxembourg 194 191 3 131 130 1 63 61 2

Sweden 182 182 0 155 156 -1 28 26 2

Brazil 168 169 -1 144 144 0 23 25 -2

Hong Kong 165 168 -3 158 161 -3 7 7 0

Spain 161 160 1 113 113 0 47 47 0

Rest of world 2,039 2,027 12 1,228 1,226 2 811 801 10

Total 13,988 13,882 106 10,615 10,537 78 3,373 3,344 29

Exhibit 23 compares U.S. holdings of foreign long-term securities in the December 2020 TIC

SLT with those in the annual survey report. U.S. holdings are very similar across these

reports, both in the aggregate and at the country level, with differences concentrated in

equity and in the Cayman Islands.30

Adjustments and Calculation of Total U.S.-Resident Ownership of Foreign Securities

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. The SLT data provided the aggregate

market value by country of issuer and type of industry (government or other).

30 See discussion of adjustments under Exhibit 24 for information on the Cayman Islands.

33
Exhibit 24: Adjustments for Calculation of Total

U.S.-Resident

Ownership of Foreign Securities

Billions of dollars except as noted

Type of security

Value of

securities

added

Total SHC

value

Share of

SHC value

(percent)

Equities 331 10,615 3.1

Non-ABS debt 29 3,286 0.9

ABS debt 1 486 0.2

Total 361 14,387 2.5

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 where total claims reporting from the sample

of SLT filers not included in the annual survey exceeded $500 million or where foreign

government bonds reporting exceeded $50 million. Finally, two additional synthetic

securities account for the positions of 2016 benchmark respondents that did not meet the

SLT threshold and will not be recorded again until the next benchmark. These two

securities represent positions in Cayman Islands equity. Total adjustment values are

summarized in Exhibit 24. Overall, $361 billion was added to the reported securities

holdings for an adjustment of 2.5 percent.

Avoidance of Data Gaps and Double Counting

Respondents’ reports were examined to ensure that frequently omitted securities were

included, such as those issued by international organizations domiciled in the United States,

those issued by foreign conduits of U.S. entities, and those issued by former U.S.

corporations that have re-incorporated outside of the United States. Data were also reviewed

to detect and exclude securities issued by U.S.-resident entities. In addition, the detailed

security data provided by end-investors were examined to ensure that only foreign securities

held either directly by the U.S.-resident end-investor or through foreign-resident custodians

were reported on a security-by-security basis. The details of end-investor securities held by

U.S.-resident custodians are reported by those custodians.

In some cases, foreign securities may have been entrusted to a U.S.-resident custodian that,

in turn, entrusted the securities to another U.S.-resident custodian (i.e., sub-custodian). To

avoid double-counting in these instances, U.S.-resident custodians that passed the foreign

34
securities on to U.S.-resident sub-custodians were instructed not to provide

security-by-security information, but instead to only identify the U.S.-resident custodian(s)

involved and the amount(s) entrusted. The reports provided by U.S.-resident end-investors

and U.S.-resident custodians using U.S.-resident sub-custodians were analyzed to provide a

crude check on the aggregate amount(s) reported by each custodian and to ensure that all

significant major U.S.-resident custodians were included on the panel. Additional analyses

were performed to ensure that respondents excluded all of their foreign operations and

foreign customers and included all of their U.S. organizational units.

Acknowledgements

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

Reserve Board of Governors 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, Karla Cruz,

Hilda Hyman, Tiffany Romain, Mahesh Sangisetty, Vincent Simpson, and Sindhuja

Vaidhyanathan. Under the direction of Alex Santana 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: Amador Castelo, Kin Chan, Anthony

Maiello, Jorge Mancebo, Paula Webster, and Violeta Yushvah. 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 of Governors staff responsible

for additional data analysis, review, and the final drafting and production of this report were

Ruth Judson, Andrew McCallum, Laurie DeMarco, Tim Schmidt-Eisenlohr, Nyssa Kim,

Andrew Loucky, Laura DeMane, Sivan Myers, Amy Nguyen, and Benjamin Stagoff-Belfort.

35
Chapter 3: Background of TIC Surveys and the TIC Reporting

System

History of the TIC Claims Surveys

TIC claims surveys began in the 1990s, when the level of U.S. investment in foreign

securities began to grow significantly. The first two surveys, as of March 31, 1994 and

December 31, 1997, measured only holdings of foreign long-term securities.31 Beginning with

the end-December 2001 survey, information has been collected on U.S. holdings of

short-term securities as well.32 Beginning with the end-2003 survey, claims surveys have

been conducted annually as of end-December. TIC form SHC is used for benchmark surveys

and TIC form SHCA is used for annual surveys.

The first three surveys occurred at widely spaced intervals and were benchmark surveys,

meaning that they collected data from a large number of institutions in an effort to measure

U.S. holdings as comprehensively as possible. Since the December 2003 survey, full

benchmark surveys have been conducted at five-year intervals. The last benchmark claims

survey was conducted at the end of 2016 and the next benchmark survey will be conducted

at the end of 2021.

In the four years following each benchmark survey, the TIC 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

annual report 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 adjustment calculations and reporting panel construction were discussed in

Chapter 2.

The TIC Reporting System

The TIC claims 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.

31 The Treasury Department conducted a survey during World War II of all foreign assets owned by U.S.

residents as of May 1943. That survey measured portfolio investment as well as other forms of investment,

but it is removed in time and in purpose from the modern survey program that began with the 1994 survey.

32 Long-term securities are defined as all types of equity plus debt securities with an original

term-to-maturity of more than one year. Short-term securities are debt securities with an original

term-to-maturity of one year or less.

36
In addition to surveys of U.S. ownership of foreign securities conducted annually as of the

end of December, the TIC system also conducts annual surveys of foreign holdings of U.S.

securities as of the end of June, known as the TIC liabilities surveys, using TIC form SHL or

SHLA. The TIC system also collects aggregate monthly data on cross-border securities

transactions and holdings by counterparty country, type of foreign counterparty, and broad

security type; these data are less detailed but allow for more frequent and timely analysis.

TIC form S (TIC-S), ‘‘Purchases and Sales of Long-Term Securities by Foreign Residents,’’

collects monthly data on U.S. residents’ cross-border transactions in long-term securities.

TIC form SLT, ‘‘Aggregate Holdings of Long-Term Securities by U.S. and Foreign

Residents,’’ has, since late 2011, collected monthly aggregate data on foreign holdings of U.S

long-term securities and U.S. holdings of foreign long-term securities.

TIC data, including this survey, are collected under the authority of the International

Investment and Trade in Services Survey Act (22 U.S.C. 3101 et seq.). Reporting is

mandatory and subject to penalties for noncompliance. Data for this survey were collected

for holdings as of December 31, 2020 and were to be reported to the Federal Reserve Bank of

New York, acting as agent for the Department of the Treasury, no later than March 1, 2021.

Appendix C provides a copy of the forms and instructions.

Reporting Basis: Country of Residence

TIC data are reported based on the counterparty’s country of legal residence. In the case of

the SHC, the country of holder is recorded based on the residence of the security issuer.

These country breakdowns should be interpreted with care primarily because the issuer’s

country of residence, or where the securities issuer is legally incorporated, can differ from the

issuer’s nationality, or country where the issuer’s business activities are concentrated.

Uses of TIC Data in U.S. and International Reporting

The TIC claims surveys, along with the other elements of the TIC securities reporting

system, are the primary input to two U.S. publications and one international publication.

First, the TIC data underlie the cross-border securities portions of the U.S. International

Investment Position (IIP) and the U.S. international transactions (Balance of Payments

(BOP)) statistics, which are produced by the Bureau of Economic Analysis in the

Department of Commerce. Second, the TIC data are the basis for many items in the Rest of

the World Tables in the Federal Reserve’s Financial Accounts of the United States. In

addition, the claims surveys in particular are the primary data source for the United States

submission to the CPIS. The CPIS is an internationally coordinated effort under the

auspices of the IMF to improve the measurement of portfolio asset holdings and was

initiated primarily because there has been a wide discrepancy between worldwide measured

portfolio assets and worldwide measured portfolio liabilities, with reported liabilities

37
exceeding reported assets. Nearly 80 countries or geographic regions, including most

industrial and many financial center countries, participated in the most recent CPIS survey,

which measured holdings as of June 2020.33

Online Links to TIC Data

All published TIC data —including monthly and quarterly data releases and annual survey

reports —are available at the Treasury’s TIC website at

https://home.treasury.gov/data/treasury-international-capital-tic-system. Claims survey

reports, including this report, all appendices, and machine-readable versions of all tables, are

available at https://home.treasury.gov/data/treasury-international-capital-tic-system/

tic-forms-instructions/us-claims-on-foreigners-from-holdings-of-foreign-securities. Data for

all survey years since 1994 are in the ‘‘Historical data’’ table mentioned at the top of the

‘‘U.S. Claims on Foreigners from Holdings of Foreign Securities’’ webpage: https:

//ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/shchistdat.html.

A link to the U.S. Claims webpage is also available on line 1 of the TIC Securities (C)

webpage, which is available from line 2.c on the TIC homepage. Reporting instructions for

the TIC claims surveys (SHC/SHCA), which provide details of the residency-based reporting

criteria used in the survey, are in Appendix C of this report and are also available at

https://home.treasury.gov/data/treasury-international-capital-tic-system-home-page/

tic-forms-instructions/securities-c-annual-cross-us-border-portfolio-holdings. 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 at

https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/articles.aspx.

34

33 CPIS data and other information are available at the IMF’s CPIS page: http://data.imf.org/cpis. Also,

refer to the discussion on the CPIS following Exhibit 1.

34 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; Carol Bertaut and Ruth Judson, ‘‘Estimating U.S. Cross-Border

Securities Positions: New Data and New Methods,’’ 2014, International Finance Discussion Paper

2014-1113.

38
Appendix A: Statistical Appendix

A-1
Table A1. U.S. Holdings of Foreign Securities by Country and Security Type

 As of End-December 2020

 Millions of dollars except as noted

Debt

 Country or region of issuer Total Equity Long-term Short-term 

 Albania 232 0 232 0

 Angola 2,159 0 2,159 0

 Anguilla 1 1 0 0

 Antigua and Barbuda 19 19 0 0

 Argentina 17,864 1,762 15,472 630

 Armenia 227 0 227 0

 Aruba 191 0 191 0

 Australia 377,721 227,170 125,662 24,889

 Austria 24,694 12,328 12,173 194

 Azerbaijan 1,508 0 1,508 0

 Bahamas 3,880 1,449 2,349 82

 Bahrain 3,043 234 2,808 0

 Bangladesh 491 491 0 0

 Barbados 2,640 2 2,638 0

 Belarus 799 0 799 0

 Belgium 64,306 53,791 8,827 1,689

 Belize 52 * 52 0

 Benin 125 0 125 0

 Bermuda 283,412 239,869 43,543 *

 Bonaire, Saint Eustatius & Saba 56 0 56 0

 Bolivia 124 17 106 0

 Bosnia and Herzegovina 32 0 32 0

 Botswana 17 17 0 0

 Brazil 167,958 144,422 23,259 277

 British Indian Ocean Territory * * 0 0

 British Virgin Islands 65,312 50,690 14,527 95

 Bulgaria 321 11 310 0

 Burkina Faso 11 11 0 0

 Cameroon 269 0 269 0

 Canada 1,167,895 683,459 412,247 72,188

 Cayman Islands 2,565,334 2,026,783 531,267 7,285

 Chile 36,816 9,454 26,986 376

 China, mainland 286,514 251,035 33,850 1,630

 Colombia 30,106 4,384 25,722 0

 Congo (Brazzaville) 78 0 78 0

 Cook Islands 12 12 0 0

 Costa Rica 1,642 2 1,640 0

 Cote D’Ivoire 2,273 14 2,259 0

 Croatia 1,631 68 1,563 0

 Curacao 22,983 20,813 2,089 81

 Cyprus 3,756 2,684 1,072 0

 Czech Republic 3,612 1,614 1,998 0

 Denmark 158,178 139,483 16,162 2,533

 Dominican Republic 6,882 0 6,882 0

 Ecuador 2,371 0 2,371 0

 Egypt 11,042 2,596 7,222 1,224

 El Salvador 1,431 0 1,431 0

 Estonia 50 46 3 0

 Ethiopia 228 0 228 0

 Falkland Islands * * 0 0

 Faroe Islands 1,088 607 482 0

 Finland 59,894 46,450 11,284 2,160

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

 As of End-December 2020 (continued)

 Millions of dollars except as noted

Debt

 Country or region of issuer Total Equity Long-term Short-term 

 France 698,413 478,746 187,337 32,331

 Gabon 689 8 681 0

 Georgia 572 46 495 30

 Germany 534,762 421,697 92,689 20,376

 Ghana 3,411 60 3,351 0

 Gibraltar 294 219 75 0

 Greece 10,529 6,089 4,373 67

 Greenland 217 3 213 0

 Grenada 35 0 35 0

 Guatemala 1,294 0 1,294 0

 Guernsey 53,292 42,287 11,002 3

 Guinea * * 0 0

 Honduras 479 0 479 0

 Hong Kong 166,284 158,094 7,129 1,061

 Hungary 11,212 5,271 5,688 253

 Iceland 3,044 1,003 2,041 0

 India 233,850 222,693 11,111 45

 Indonesia 68,575 30,245 38,330 0

 Iraq 1,747 0 1,747 0

 Ireland 697,658 607,827 79,599 10,231

 Isle of Man 6,325 5,117 1,208 0

 Israel 94,214 70,908 23,247 59

 Italy 147,852 96,148 51,426 278

 Jamaica 1,279 * 1,278 0

 Japan 1,295,633 1,012,544 181,575 101,514

 Jersey 137,558 126,202 10,238 1,118

 Jordan 2,787 35 2,752 0

 Kazakhstan 5,507 1,023 4,483 0

 Kenya 2,883 919 1,964 0

 Korea, South 300,409 277,327 22,145 937

 Kuwait 5,390 3,660 1,618 112

 Laos 52 0 52 0

 Latvia 204 * 203 0

 Lebanon 355 9 346 0

 Liberia 16,790 11,874 4,917 0

 Liechtenstein 102 102 * 0

 Lithuania 1,033 21 1,011 0

 Luxembourg 198,445 131,141 62,781 4,524

 Macau 257 0 65 192

 Macedonia 230 0 230 0

 Malaysia 30,142 18,786 11,356 0

 Maldives 13 0 13 0

 Malta 1,469 1,251 218 0

 Marshall Islands 11,324 8,716 2,608 0

 Mauritius 20,469 18,944 1,525 0

 Mayotte * * 0 0

 Mexico 153,013 64,198 87,551 1,263

 Monaco 10 10 0 0

 Mongolia 725 0 725 *

 Montenegro 38 0 38 0

 Morocco 3,277 281 2,996 0

 Mozambique 190 0 190 0

A-3
Table A1. U.S. Holdings of Foreign Securities by Country and Security Type

 As of End-December 2020 (continued)

 Millions of dollars except as noted

Debt

 Country or region of issuer Total Equity Long-term Short-term 

 Namibia 247 101 146 0

 Netherlands 628,124 423,218 196,079 8,826

 New Zealand 33,328 17,583 11,418 4,328

 Niger 1 1 0 0

 Nigeria 3,671 597 3,074 0

 Norway 71,551 37,180 29,854 4,517

 Oman 3,238 50 3,161 26

 Pakistan 1,770 796 974 1

 Panama 34,503 14,593 19,910 *

 Papua New Guinea 974 897 77 0

 Paraguay 2,442 0 2,442 0

 Peru 18,153 2,779 15,374 0

 Philippines 22,743 14,572 8,171 0

 Poland 15,488 9,271 6,217 0

 Portugal 12,863 9,101 3,630 133

 Qatar 20,070 5,870 13,524 676

 Romania 8,645 589 8,056 0

 Russia 73,966 57,355 16,611 0

 Rwanda 129 4 125 0

 Saint Kitts and Nevis 15 15 0 0

 Saint Lucia 264 0 264 0

 Sint Maarten 52 0 52 0

 Saudi Arabia 36,395 20,886 15,509 0

 Senegal 1,096 15 1,081 0

 Serbia 2,668 14 2,654 0

 Seychelles 15 * 15 0

 Singapore 92,481 58,274 12,482 21,725

 Slovakia 654 0 654 0

 Slovenia 1,640 284 1,356 0

 South Africa 78,995 65,425 13,525 44

 Spain 162,725 113,403 47,363 1,959

 Sri Lanka 1,832 183 1,649 0

 Suriname 119 0 119 0

 Sweden 196,253 154,671 27,761 13,822

 Switzerland 632,073 589,591 41,356 1,126

 Taiwan 304,298 304,189 109 0

 Tajikistan 34 0 34 0

 Tanzania 28 28 0 0

 Thailand 35,001 28,950 6,050 0

 Togo 23 16 7 0

 Trinidad and Tobago 745 0 745 0

 Tunisia 1,636 26 1,610 *

 Turkey 24,262 11,489 12,772 1

 Turks and Caicos Islands 42 1 41 0

 Uganda 49 28 21 0

 Ukraine 8,465 14 8,448 3

 United Arab Emirates 21,848 5,946 15,113 788

 United Kingdom 1,394,899 919,161 435,358 40,380

 Uruguay 6,734 * 6,709 26

 Uzbekistan 663 0 663 0

 Venezuela 784 * 759 25

 Vietnam 3,102 2,537 539 26

A-4
Table A1. U.S. Holdings of Foreign Securities by Country and Security Type

 As of End-December 2020 (continued)

 Millions of dollars except as noted

Debt

 Country or region of issuer Total Equity Long-term Short-term 

 Wallis and Futuna * 0 * 0

 Zambia 275 2 272 0

 Zimbabwe 17 12 5 0

 International organizations 119,234 6 108,403 10,825

 Total 14,386,928 10,615,016 3,372,933 398,980

Totals by region:

Total Africa 150,092 100,980 47,844 1,268

Total Asia 3,033,256 2,488,316 416,150 128,792

Total Caribbean 2,953,142 2,339,640 605,958 7,543

Total Europe 6,064,066 4,506,624 1,410,892 146,551

Of which: Euro area countries 3,249,072 2,404,224 762,080 82,767

Total Latin America 475,884 241,612 231,675 2,596

Canada 1,167,895 683,459 412,247 72,188

Total other countries 423,359 254,379 139,764 29,217

International organizations 119,234 6 108,403 10,825

A-5
Table A2. U.S. Holdings of Foreign Long-Term Securities by Country, Selected

 Survey Dates

 Millions of dollars

December December December December December December December December 

 Country or region of issuer 2013 2014 2015 2016 2017 2018 2019 2020 

 Albania 230 102 234 218 303 337 173 232

 Andorra 1 0 0 0 0 0 0 0

 Angola 0 0 434 349 468 1,383 2,175 2,159

 Anguilla 661 301 215 1,107 2,135 678 * 1

 Antigua and Barbuda 134 * 147 143 149 118 104 19

 Argentina 9,067 16,046 15,071 24,348 41,495 32,046 22,045 17,234

 Armenia 221 216 444 425 284 223 258 227

 Aruba 172 167 142 200 189 223 225 191

 Australia 284,879 267,836 252,149 270,983 311,188 287,173 322,201 352,831

 Austria 18,775 19,130 17,309 18,305 30,798 24,206 26,422 24,500

 Azerbaijan 231 654 805 1,178 1,629 1,478 1,604 1,508

 Bahamas 5,634 8,414 6,818 5,850 7,896 7,410 8,322 3,798

 Bahrain 401 864 420 666 1,109 1,573 2,723 3,043

 Bangladesh 244 646 627 719 924 818 665 491

 Barbados 1,831 2,471 2,803 2,837 2,352 1,700 1,913 2,640

 Belarus 312 396 206 329 1,012 392 523 799

 Belgium 64,645 59,466 64,122 54,553 64,625 47,233 61,654 62,617

 Belize 96 323 331 44 46 55 85 52

 Benin 0 1 * * * * 163 125

 Bermuda 210,892 227,342 216,548 246,567 263,082 235,912 274,809 283,412

 Bonaire, Saint Eustatius & Saba 0 0 0 0 0 0 0 56

 Bolivia 191 151 58 47 156 138 155 124

 Bosnia and Herzegovina 89 86 130 22 10 7 29 32

 Botswana 69 99 79 48 45 39 30 17

 Brazil 179,598 165,836 115,846 150,138 181,792 167,711 197,154 167,681

 British Indian Ocean Territory 16 0 60 0 0 0 0 *

 British Virgin Islands 61,608 76,446 62,441 63,970 67,067 64,824 70,998 65,217

 Bulgaria 173 177 282 287 202 159 103 321

 Burkina Faso 1 1 1 0 0 0 0 11

 Burma 14 0 0 0 0 0 0 0

 Cameroon 2 * 181 228 235 205 283 269

 Canada 786,722 795,714 648,714 755,645 893,579 855,237 987,333 1,095,707

 Cape Verde * 0 1 0 71 0 0 0

 Cayman Islands 898,437 1,109,516 1,214,575 1,367,592 1,765,050 1,736,960 1,995,964 2,558,050

 Chile 25,218 28,936 25,222 25,884 34,650 33,355 35,523 36,440

 China, mainland 101,617 130,821 105,988 100,337 161,092 156,504 219,448 284,885

 Colombia 19,575 23,686 20,036 24,377 29,059 25,844 28,791 30,106

 Comoros * 0 0 0 0 0 0 0

 Congo (Brazzaville) 252 255 256 135 130 98 160 78

 Cook Islands 1 1 0 1 0 2 10 12

 Costa Rica 1,431 1,473 1,723 1,820 2,206 1,479 2,187 1,642

 Cote D’Ivoire 789 1,022 1,858 1,345 1,665 1,765 2,026 2,273

 Croatia 2,763 2,591 2,799 2,688 2,283 1,753 1,730 1,631

 Cuba * 2 * 2 * 0 0 0

 Curacao 86,090 81,440 69,952 90,446 72,689 36,599 40,922 22,902

 Cyprus 3,138 1,716 1,549 1,549 2,115 1,831 2,610 3,756

 Czech Republic 3,517 3,103 2,575 2,691 4,514 4,000 3,898 3,612

 Denmark 61,460 69,133 88,395 74,921 109,686 82,806 114,072 155,645

 Dominica 39 125 0 0 0 0 0 0

 Dominican Republic 1,636 2,140 3,595 3,839 4,013 4,865 5,288 6,882

 Ecuador 335 705 974 1,899 3,497 3,819 4,226 2,371

 Egypt 3,395 4,641 3,084 2,603 6,097 6,794 10,560 9,818

A-6
Table A2. U.S. Holdings of Foreign Long-Term Securities by Country, Selected

 Survey Dates (continued)

 Millions of dollars

December December December December December December December December 

 Country or region of issuer 2013 2014 2015 2016 2017 2018 2019 2020 

 El Salvador 941 1,266 1,004 1,433 2,171 1,577 1,878 1,431

 Estonia 150 126 118 113 214 123 76 50

 Ethiopia 0 231 239 220 236 225 248 228

 Falkland Islands 18 12 6 1 0 1 1 *

 Faroe Islands 58 119 163 313 694 1,200 1,079 1,088

 Fiji 11 67 45 47 50 67 85 0

 Finland 37,385 36,329 37,589 38,760 47,109 49,521 52,034 57,734

 France 447,079 446,502 444,939 472,624 575,636 531,468 636,231 666,082

 Gabon 403 330 380 492 564 496 660 689

 Gambia * 0 0 0 0 0 0 0

 Georgia 401 573 518 1,147 513 526 653 542

 Germany 375,727 359,011 359,329 361,189 483,273 380,368 451,343 514,386

 Ghana 840 964 1,230 1,714 3,161 2,853 2,952 3,411

 Gibraltar 471 384 245 90 198 82 147 294

 Greece 7,101 9,313 7,975 7,371 8,849 8,193 11,359 10,463

 Greenland * 13 50 56 60 182 164 217

 Grenada 20 19 28 34 38 44 38 35

 Guadeloupe 20 0 0 0 0 0 0 0

 Guatemala 370 275 248 384 556 552 918 1,294

 Guernsey 29,537 38,376 37,557 42,026 50,015 43,247 46,819 53,288

 Guinea 0 0 0 0 0 0 0 *

 Honduras 294 376 422 389 696 626 541 479

 Hong Kong 136,792 145,137 132,502 122,091 159,480 166,712 178,053 165,223

 Hungary 15,244 15,201 12,347 12,017 12,413 11,435 12,390 10,959

 Iceland 1,947 1,880 2,074 2,459 2,600 2,113 2,510 3,044

 India 85,282 128,954 129,290 132,259 193,771 175,869 199,654 233,804

 Indonesia 37,456 51,669 47,006 56,278 73,228 66,593 72,711 68,575

 Iran 24 0 0 0 0 0 0 0

 Iraq 548 592 507 605 2,051 1,908 2,001 1,747

 Ireland 279,367 385,097 478,067 456,007 491,384 493,363 638,744 687,427

 Isle of Man 3,989 3,799 3,768 4,323 6,050 2,644 4,831 6,325

 Israel 62,525 74,551 79,330 64,457 66,145 64,864 69,242 94,156

 Italy 115,545 109,305 106,375 91,234 138,081 114,731 142,415 147,574

 Jamaica 155 417 858 881 1,059 720 1,094 1,279

 Japan 672,919 674,775 774,767 786,906 1,025,172 909,131 1,091,146 1,194,120

 Jersey 74,633 90,241 91,584 101,605 122,591 99,793 104,585 136,440

 Jordan 1,086 2,011 3,196 3,714 4,704 4,457 3,348 2,787

 Kazakhstan 3,885 3,052 4,043 4,272 5,496 4,138 4,951 5,507

 Kenya 840 2,046 1,704 1,787 1,831 2,010 3,009 2,883

 Korea, South 181,427 177,128 168,035 176,686 261,935 212,126 230,969 299,472

 Kuwait 535 811 646 583 2,450 3,315 4,269 5,278

 Kyrgyzstan * 0 0 0 0 0 0 0

 Laos 0 0 0 0 0 0 33 52

 Latvia 786 670 470 495 219 244 342 204

 Lebanon 584 1,120 1,031 2,683 3,916 2,303 995 355

 Lesotho 1 0 0 0 0 0 0 0

 Liberia 4,830 10,030 12,983 11,209 16,169 13,116 18,919 16,790

 Liechtenstein 92 79 58 60 58 111 123 102

 Lithuania 2,083 2,193 1,586 1,347 1,444 1,711 1,689 1,033

 Luxembourg 122,023 127,564 121,507 128,316 142,968 135,133 153,174 193,922

 Macau 0 * 0 * 4 17 49 65

 Macedonia 7 208 295 385 568 536 122 230

A-7
Table A2. U.S. Holdings of Foreign Long-Term Securities by Country, Selected

 Survey Dates (continued)

 Millions of dollars

December December December December December December December December 

 Country or region of issuer 2013 2014 2015 2016 2017 2018 2019 2020 

 Madagascar 1 2 0 0 0 0 0 0

 Malawi 0 4 1 3 2 4 * 0

 Malaysia 41,062 35,406 30,959 29,408 38,306 32,378 31,615 30,142

 Maldives 0 0 0 0 16 32 34 13

 Malta 302 1,033 995 796 1,260 1,119 874 1,469

 Marshall Islands 21,280 24,260 14,091 13,291 15,304 11,673 15,826 11,324

 Mauritania 61 136 170 1 0 0 0 0

 Mauritius 7,017 9,521 10,233 12,294 19,489 15,559 17,593 20,469

 Mayotte 1 0 0 0 * 0 0 *

 Mexico 144,740 159,172 143,923 142,906 160,830 144,205 149,461 151,749

 Monaco 12 10 11 9 37 14 31 10

 Mongolia 276 240 472 596 1,074 1,043 988 725

 Montenegro * 20 13 0 3 12 44 38

 Morocco 1,085 2,267 2,316 2,427 2,249 1,944 2,330 3,277

 Mozambique 0 0 0 73 96 120 125 190

 Namibia 92 169 294 350 446 455 327 247

 Nepal * 0 0 0 0 0 0 0

 Netherlands 369,066 374,824 390,634 430,157 529,908 450,621 558,873 619,298

 New Zealand 13,688 17,395 18,223 18,912 20,155 21,550 25,110 29,001

 Nicaragua 0 0 0 1 1 1 1 0

 Niger 0 0 0 0 0 1 1 1

 Nigeria 4,140 3,257 2,261 1,540 3,331 3,992 3,931 3,671

 Norway 63,216 57,605 49,670 51,693 60,991 54,625 60,256 67,034

 Oman 484 750 346 681 1,780 3,067 3,428 3,212

 Pakistan 1,420 2,932 2,783 3,758 3,430 2,598 2,225 1,770

 Panama 27,833 26,828 27,240 29,308 33,671 25,117 31,040 34,503

 Papua New Guinea 1,672 1,562 1,616 1,790 1,958 1,676 1,858 974

 Paraguay 393 1,044 1,028 924 1,048 1,416 1,626 2,442

 Peru 9,478 10,437 8,709 10,253 12,941 13,279 15,233 18,153

 Philippines 20,893 26,459 22,705 22,049 27,545 25,425 26,223 22,743

 Poland 31,585 28,136 21,599 20,003 26,669 21,713 17,113 15,488

 Portugal 10,685 13,282 12,405 10,569 13,982 10,115 12,601 12,730

 Qatar 6,679 6,322 5,299 6,415 7,413 13,033 17,756 19,394

 Romania 3,210 4,813 3,690 3,614 4,196 4,541 5,440 8,645

 Russia 70,899 40,745 39,625 61,740 69,176 56,591 83,401 73,966

 Rwanda 125 92 131 116 100 109 124 129

 Saint Kitts and Nevis * 0 0 0 0 0 0 15

 Saint Lucia 14 11 9 0 * * * 264

 Sint Maarten 0 50 47 0 0 0 0 52

 Saint Vincent and the Grenadines 1 2 1 * * 0 0 0

 Saudi Arabia * 0 9 3,907 7,823 7,582 27,960 36,395

 Senegal 57 292 277 255 687 996 1,140 1,096

 Serbia 2,464 2,939 3,265 2,614 2,865 2,327 2,290 2,668

 Seychelles 22 27 31 29 7 19 18 15

 Singapore 70,298 82,976 89,923 108,305 153,860 66,089 75,806 70,756

 Slovakia 484 332 345 281 386 464 525 654

 Slovenia 4,012 6,053 5,156 2,157 1,550 1,634 1,685 1,640

 South Africa 76,663 82,946 62,855 78,935 115,333 91,213 84,803 78,950

 Spain 130,390 132,561 115,008 111,371 155,718 135,911 159,322 160,766

 Sri Lanka 3,025 3,610 3,378 3,853 4,421 3,625 3,645 1,832

 Suriname 0 0 0 257 188 124 110 119

 Swaziland 490 0 0 0 0 0 0 0

A-8
Table A2. U.S. Holdings of Foreign Long-Term Securities by Country, Selected

 Survey Dates (continued)

 Millions of dollars

December December December December December December December December 

 Country or region of issuer 2013 2014 2015 2016 2017 2018 2019 2020 

 Sweden 130,949 125,359 118,074 115,735 149,808 126,127 140,024 182,432

 Switzerland 438,312 419,498 417,875 418,264 503,598 454,661 594,096 630,947

 Taiwan 98,142 114,402 107,699 130,336 177,729 158,064 214,872 304,298

 Tajikistan 0 0 0 0 47 24 32 34

 Tanzania 196 249 289 375 315 304 297 28

 Thailand 32,396 37,650 29,764 37,323 51,048 40,738 44,335 35,001

 Togo 17 51 136 52 27 31 43 23

 Trinidad and Tobago 1,058 900 720 810 677 760 733 745

 Tunisia 562 953 1,216 1,780 1,842 1,973 1,650 1,636

 Turkey 38,461 47,486 33,510 29,666 39,814 27,881 28,314 24,261

 Turks and Caicos Islands 108 416 407 325 42 42 42 42

 Uganda 42 207 138 41 42 35 60 49

 Ukraine 6,483 4,762 6,985 8,373 8,695 7,613 10,205 8,462

 United Arab Emirates 7,779 9,186 9,094 10,598 16,463 16,451 19,096 21,059

 United Kingdom 1,272,260 1,234,463 1,198,682 1,165,185 1,427,034 1,302,431 1,425,059 1,354,519

 Uruguay 3,140 3,463 3,754 3,573 5,263 4,814 5,888 6,709

 Uzbekistan 0 0 0 0 0 0 242 663

 Venezuela 9,897 6,803 6,320 5,893 3,014 2,782 1,323 759

 Vietnam 2,093 2,483 2,745 2,451 3,402 3,228 3,120 3,076

 Wallis and Futuna 0 0 0 0 0 0 0 *

 West Bank & Gaza * 25 1 0 0 0 0 0

 Zambia 142 653 809 885 881 500 354 275

 Zimbabwe 170 143 84 51 72 134 16 17

 International organizations 53,933 58,330 54,564 70,718 81,862 76,275 86,735 108,409

 Country unknown 0 6 0 0 0 0 0 0

 Total 8,777,489 9,235,016 9,099,922 9,582,466 11,953,327 10,793,073 12,617,485 13,987,949

A-9
Table A3. U.S. Holdings of Foreign Equity by Country, Selected Survey Dates

 Millions of dollars

December December December December December December December December 

 Country or region of issuer 2013 2014 2015 2016 2017 2018 2019 2020 

 Albania 129 0 0 0 0 0 0 0

 Anguilla 661 301 215 1,107 2,135 678 * 1

 Antigua and Barbuda 134 * 147 143 149 118 104 19

 Argentina 2,945 3,540 2,622 3,295 9,255 4,225 3,013 1,762

 Australia 144,154 140,200 139,312 160,634 196,772 174,389 201,612 227,170

 Austria 11,349 11,417 10,732 11,309 19,154 12,503 14,123 12,328

 Bahamas 4,594 7,060 5,773 5,141 6,126 4,225 5,447 1,449

 Bahrain 23 346 213 237 123 99 356 234

 Bangladesh 235 580 566 660 859 724 665 491

 Barbados 16 3 7 4 73 6 2 2

 Belarus 0 0 0 0 372 0 0 0

 Belgium 47,715 50,298 56,463 47,385 55,919 39,402 54,034 53,791

 Belize 32 2 1 1 2 1 3 *

 Benin 0 1 * * * * * 0

 Bermuda 178,943 197,592 186,486 217,087 228,790 200,106 239,412 239,869

 Bolivia 0 0 0 17 17 17 17 17

 Botswana 68 98 78 48 45 39 30 17

 Brazil 128,765 109,379 66,053 108,065 147,886 139,212 168,530 144,422

 British Indian Ocean Territory 16 0 60 0 0 0 0 *

 British Virgin Islands 52,184 62,673 50,377 53,059 52,712 48,285 52,420 50,690

 Bulgaria 94 14 29 7 34 13 18 11

 Burkina Faso 1 1 1 0 0 0 0 11

 Burma 14 0 0 0 0 0 0 0

 Cameroon 2 * * 0 0 0 0 0

 Canada 405,165 416,961 325,395 422,378 512,326 467,617 592,702 683,459

 Cape Verde * 0 0 0 67 0 0 0

 Cayman Islands 676,940 820,257 914,628 1,020,354 1,362,397 1,287,093 1,501,486 2,026,783

 Chile 12,413 11,510 9,039 11,230 16,099 12,589 10,949 9,454

 China, mainland 100,574 129,054 102,971 98,597 157,988 151,460 204,252 251,035

 Colombia 5,905 6,364 4,462 5,571 6,887 4,574 6,303 4,384

 Comoros * 0 0 0 0 0 0 0

 Cook Islands 1 1 0 1 0 2 10 12

 Costa Rica 18 26 12 7 11 8 7 2

 Cote D’Ivoire 9 7 6 16 17 54 11 14

 Croatia 129 157 119 187 242 123 111 68

 Cuba * 0 0 0 0 0 0 0

 Curacao 82,537 77,665 67,008 88,188 70,037 35,311 39,600 20,813

 Cyprus 2,685 1,242 862 667 927 860 1,527 2,684

 Czech Republic 2,683 2,248 1,810 1,962 2,558 2,176 2,100 1,614

 Denmark 55,062 62,800 79,656 61,680 84,925 72,315 97,919 139,483

 Dominican Republic 11 11 11 * * 0 * 0

 Ecuador 58 48 43 42 48 46 45 0

 Egypt 2,124 3,428 2,707 2,247 2,938 2,816 3,734 2,596

 El Salvador * 0 0 0 0 0 0 0

 Estonia 102 88 83 79 177 88 71 46

 Falkland Islands 18 12 6 1 0 1 1 *

 Faroe Islands 58 119 163 252 233 767 617 607

 Fiji * 0 0 0 0 0 0 0

 Finland 33,400 31,353 33,032 34,706 39,512 39,885 38,664 46,450

 France 342,850 317,985 327,071 345,591 441,746 382,631 468,257 478,746

 Gabon 20 11 4 3 3 6 7 8

 Gambia * 0 0 0 0 0 0 0

A-10
Table A3. U.S. Holdings of Foreign Equity by Country, Selected Survey Dates

 (continued)

 Millions of dollars

December December December December December December December December 

 Country or region of issuer 2013 2014 2015 2016 2017 2018 2019 2020 

 Georgia * 89 46 633 0 79 45 46

 Germany 301,874 274,126 283,193 293,355 400,185 305,545 380,907 421,697

 Ghana 140 66 45 22 44 118 81 60

 Gibraltar 462 384 245 90 198 81 79 219

 Greece 4,901 6,628 5,124 5,245 7,081 5,022 7,415 6,089

 Greenland * 13 10 8 5 4 4 3

 Grenada * 0 0 0 0 0 0 0

 Guadeloupe 20 0 0 0 0 0 0 0

 Guernsey 25,069 33,320 27,097 29,175 37,029 32,582 35,478 42,287

 Guinea 0 0 0 0 0 0 0 *

 Hong Kong 134,875 141,940 129,459 118,395 155,087 160,196 170,834 158,094

 Hungary 2,777 2,086 3,012 3,962 5,663 4,965 6,128 5,271

 Iceland 157 74 144 228 774 442 828 1,003

 India 82,361 121,783 120,268 123,162 180,670 163,553 185,107 222,693

 Indonesia 24,124 31,929 25,377 30,357 39,830 34,620 36,387 30,245

 Iraq 0 3 3 0 3 0 0 0

 Ireland 228,147 332,192 421,588 389,370 421,082 421,461 560,508 607,827

 Isle of Man 2,317 2,137 2,632 3,213 4,848 2,166 3,535 5,117

 Israel 46,246 56,907 62,947 48,006 49,319 46,839 50,773 70,908

 Italy 75,124 64,349 72,746 65,151 97,287 77,305 98,737 96,148

 Jamaica * 12 11 5 1 * * *

 Japan 603,767 591,576 690,436 695,499 902,397 760,392 926,921 1,012,544

 Jersey 65,348 81,657 80,260 86,944 107,623 84,807 95,923 126,202

 Jordan 162 196 136 147 148 115 97 35

 Kazakhstan 581 529 227 169 280 202 337 1,023

 Kenya 787 1,038 803 882 1,179 841 1,175 919

 Korea, South 147,172 141,316 139,027 153,931 241,627 190,858 211,615 277,327

 Kuwait 535 788 645 574 640 1,536 2,649 3,660

 Kyrgyzstan * 0 0 0 0 0 0 0

 Latvia 23 6 15 31 13 6 8 *

 Lebanon 85 241 88 79 57 34 6 9

 Lesotho 1 0 0 0 0 0 0 0

 Liberia 3,575 8,664 11,636 10,193 14,762 11,800 17,426 11,874

 Liechtenstein 92 78 57 59 57 110 122 102

 Lithuania 22 18 21 19 26 36 19 21

 Luxembourg 46,231 43,138 40,844 53,596 72,438 72,426 81,251 131,141

 Macau 0 0 0 * * * 0 0

 Madagascar 1 2 0 0 0 0 0 0

 Malawi 0 4 1 3 2 4 * 0

 Malaysia 28,531 25,806 19,928 18,870 26,516 22,853 21,120 18,786

 Malta 157 403 816 628 814 946 625 1,251

 Marshall Islands 18,209 20,520 11,460 10,670 12,640 8,490 13,070 8,716

 Mauritania 61 136 170 1 0 0 0 0

 Mauritius 6,927 9,186 10,022 11,843 18,865 14,693 16,003 18,944

 Mayotte 1 0 0 0 * 0 0 *

 Mexico 71,206 66,869 56,483 52,795 67,059 61,241 66,474 64,198

 Monaco 12 10 11 9 19 14 31 10

 Mongolia 0 * * * * * 0 0

 Morocco 399 529 427 579 487 355 349 281

 Mozambique 0 0 0 0 0 14 0 0

 Namibia 5 48 1 72 231 318 153 101

 Nepal * 0 0 0 0 0 0 0

A-11
Table A3. U.S. Holdings of Foreign Equity by Country, Selected Survey Dates

 (continued)

 Millions of dollars

December December December December December December December December 

 Country or region of issuer 2013 2014 2015 2016 2017 2018 2019 2020 

 Netherlands 230,462 232,733 249,862 262,566 344,669 269,986 370,537 423,218

 New Zealand 4,852 6,312 6,879 7,775 9,627 10,585 13,708 17,583

 Nicaragua 0 0 0 0 0 * 1 0

 Niger 0 0 0 0 0 1 1 1

 Nigeria 2,528 2,244 1,457 919 1,294 1,083 902 597

 Norway 28,683 25,048 22,298 27,070 35,554 32,885 35,873 37,180

 Oman 475 630 334 302 162 160 147 50

 Pakistan 1,272 2,076 1,818 2,776 2,132 1,349 1,276 796

 Panama 21,895 19,963 19,877 21,545 25,606 17,615 20,298 14,593

 Papua New Guinea 1,672 1,562 1,616 1,790 1,958 1,552 1,739 897

 Paraguay 0 51 50 1 0 0 0 0

 Peru 1,973 1,693 900 1,871 2,502 3,349 2,741 2,779

 Philippines 13,862 18,295 16,308 15,756 20,908 19,309 19,993 14,572

 Poland 10,866 10,108 8,123 9,108 13,677 10,909 9,238 9,271

 Portugal 7,421 6,428 7,479 7,528 8,944 6,232 8,913 9,101

 Qatar 1,570 2,842 2,428 3,228 3,439 5,728 6,292 5,870

 Romania 950 1,306 973 933 845 699 866 589

 Russia 57,298 30,970 32,051 51,570 55,703 47,283 66,842 57,355

 Rwanda 0 0 0 0 0 5 6 4

 Saint Kitts and Nevis * 0 0 0 0 0 0 15

 Saint Lucia 0 0 0 0 * * * 0

 Saudi Arabia 0 0 5 116 532 683 15,151 20,886

 Senegal 20 43 47 24 33 31 17 15

 Serbia 11 13 5 7 11 11 16 14

 Seychelles * * * * * 0 * *

 Singapore 62,081 73,414 81,065 100,147 142,929 54,068 64,120 58,274

 Slovakia 14 * 11 9 * * 6 0

 Slovenia 234 217 185 135 139 281 320 284

 South Africa 64,597 71,090 54,238 67,504 100,920 77,417 70,959 65,425

 Spain 91,934 92,502 90,008 91,881 125,204 104,378 115,112 113,403

 Sri Lanka 586 820 540 469 497 338 333 183

 Swaziland 490 0 0 0 0 0 0 0

 Sweden 87,542 85,216 86,325 85,434 106,832 90,214 110,172 154,671

 Switzerland 429,733 409,276 407,132 407,266 477,416 427,615 551,901 589,591

 Taiwan 97,973 114,115 107,545 130,254 177,703 157,993 214,803 304,189

 Tanzania * 10 68 54 44 37 35 28

 Thailand 28,710 34,381 27,037 34,371 46,660 35,040 37,874 28,950

 Togo 17 51 136 52 27 31 20 16

 Trinidad and Tobago 4 2 * 0 0 0 0 0

 Tunisia 50 61 78 61 44 33 33 26

 Turkey 21,941 27,409 17,315 16,002 22,572 12,858 14,021 11,489

 Turks and Caicos Islands 0 * 0 0 1 1 1 1

 Uganda 19 58 48 12 21 16 43 28

 Ukraine 262 259 194 215 11 4 23 14

 United Arab Emirates 3,735 5,286 6,029 7,265 8,647 7,771 7,320 5,946

 United Kingdom 978,137 922,176 896,599 878,262 1,091,108 926,888 1,013,549 919,161

 Uruguay 42 39 60 29 * * * *

 Venezuela 71 59 234 6 74 37 * *

 Vietnam 1,394 1,784 1,984 1,934 2,885 2,607 2,418 2,537

 West Bank & Gaza * 25 1 0 0 0 0 0

 Zambia 14 33 26 9 8 6 3 2

 Zimbabwe 148 123 65 42 64 127 9 12

A-12
Table A3. U.S. Holdings of Foreign Equity by Country, Selected Survey Dates

 (continued)

 Millions of dollars

December December December December December December December December 

 Country or region of issuer 2013 2014 2015 2016 2017 2018 2019 2020 

 International organizations 20 100 0 96 187 588 8 6

 Total 6,472,877 6,726,474 6,755,116 7,146,320 9,118,138 7,899,341 9,478,014 10,615,016

A-13
Table A4. U.S. Holdings of Foreign Long-Term Debt Securities by Country

 Selected Survey Dates

 Millions of dollars

December December December December December December December December 

 Country or region of issuer 2013 2014 2015 2016 2017 2018 2019 2020 

 Albania 102 102 234 218 303 337 173 232

 Andorra 1 0 0 0 0 0 0 0

 Angola 0 0 434 349 468 1,383 2,175 2,159

 Argentina 6,122 12,506 12,450 21,053 32,240 27,821 19,032 15,472

 Armenia 221 216 444 425 284 223 258 227

 Aruba 172 167 142 200 189 223 225 191

 Australia 140,725 127,636 112,838 110,350 114,416 112,784 120,589 125,662

 Austria 7,426 7,713 6,577 6,995 11,644 11,703 12,299 12,173

 Azerbaijan 231 654 805 1,178 1,629 1,478 1,604 1,508

 Bahamas 1,040 1,354 1,044 708 1,770 3,184 2,875 2,349

 Bahrain 378 518 207 429 985 1,474 2,367 2,808

 Bangladesh 9 66 61 59 65 94 0 0

 Barbados 1,815 2,468 2,795 2,833 2,279 1,694 1,911 2,638

 Belarus 312 396 206 329 640 392 523 799

 Belgium 16,930 9,168 7,659 7,167 8,706 7,830 7,619 8,827

 Belize 63 321 330 44 43 53 83 52

 Benin 0 0 0 0 0 0 162 125

 Bermuda 31,949 29,749 30,061 29,480 34,292 35,806 35,397 43,543

 Bonaire, Saint Eustatius & Saba 0 0 0 0 0 0 0 56

 Bolivia 191 151 58 29 138 120 138 106

 Bosnia and Herzegovina 89 86 130 22 10 7 29 32

 Botswana 1 1 1 0 0 0 0 0

 Brazil 50,833 56,457 49,793 42,073 33,906 28,499 28,624 23,259

 British Virgin Islands 9,424 13,773 12,064 10,911 14,355 16,540 18,577 14,527

 Bulgaria 79 163 253 280 167 146 85 310

 Cameroon 0 0 181 228 235 205 283 269

 Canada 381,558 378,754 323,319 333,267 381,253 387,620 394,631 412,247

 Cape Verde 0 0 1 0 5 0 0 0

 Cayman Islands 221,497 289,259 299,947 347,238 402,653 449,866 494,479 531,267

 Chile 12,806 17,426 16,183 14,655 18,551 20,766 24,574 26,986

 China, mainland 1,043 1,766 3,017 1,739 3,105 5,044 15,197 33,850

 Colombia 13,671 17,321 15,574 18,806 22,173 21,270 22,489 25,722

 Congo (Brazzaville) 252 255 256 135 130 98 160 78

 Costa Rica 1,413 1,447 1,711 1,813 2,196 1,471 2,180 1,640

 Cote D’Ivoire 780 1,014 1,852 1,330 1,648 1,711 2,015 2,259

 Croatia 2,634 2,433 2,680 2,501 2,041 1,630 1,619 1,563

 Cuba 0 2 * 2 * 0 0 0

 Curacao 3,553 3,776 2,944 2,258 2,652 1,288 1,322 2,089

 Cyprus 453 474 687 882 1,189 971 1,084 1,072

 Czech Republic 833 855 765 728 1,956 1,824 1,798 1,998

 Denmark 6,399 6,332 8,739 13,241 24,761 10,491 16,153 16,162

 Dominica 39 125 0 0 0 0 0 0

 Dominican Republic 1,625 2,129 3,584 3,839 4,013 4,865 5,288 6,882

 Ecuador 277 657 931 1,857 3,449 3,773 4,181 2,371

 Egypt 1,270 1,213 377 356 3,159 3,978 6,826 7,222

 El Salvador 941 1,266 1,004 1,433 2,171 1,577 1,878 1,431

 Estonia 47 39 34 33 37 34 5 3

 Ethiopia 0 231 239 220 236 225 248 228

 Faroe Islands 0 0 0 62 461 433 463 482

 Fiji 11 67 45 47 50 67 85 0

 Finland 3,984 4,977 4,557 4,054 7,597 9,636 13,370 11,284

 France 104,229 128,516 117,868 127,033 133,891 148,837 167,974 187,337

A-14
Table A4. U.S. Holdings of Foreign Long-Term Debt Securities by Country

 Selected Survey Dates (continued)

 Millions of dollars

December December December December December December December December 

 Country or region of issuer 2013 2014 2015 2016 2017 2018 2019 2020 

 Gabon 382 319 376 489 561 491 654 681

 Georgia 401 484 472 514 513 447 608 495

 Germany 73,853 84,885 76,135 67,834 83,088 74,823 70,437 92,689

 Ghana 700 898 1,185 1,692 3,116 2,735 2,871 3,351

 Gibraltar 9 0 0 0 0 * 69 75

 Greece 2,200 2,684 2,850 2,126 1,768 3,171 3,943 4,373

 Greenland 0 0 40 49 56 178 161 213

 Grenada 20 19 28 34 38 44 38 35

 Guatemala 370 275 248 384 556 552 918 1,294

 Guernsey 4,469 5,056 10,460 12,851 12,986 10,665 11,341 11,002

 Honduras 294 376 422 389 696 626 541 479

 Hong Kong 1,917 3,197 3,043 3,696 4,394 6,516 7,219 7,129

 Hungary 12,467 13,115 9,336 8,055 6,750 6,470 6,261 5,688

 Iceland 1,791 1,806 1,931 2,231 1,826 1,671 1,682 2,041

 India 2,921 7,171 9,022 9,097 13,102 12,316 14,547 11,111

 Indonesia 13,333 19,741 21,629 25,921 33,399 31,972 36,324 38,330

 Iran 24 0 0 0 0 0 0 0

 Iraq 548 588 504 605 2,047 1,908 2,001 1,747

 Ireland 51,220 52,905 56,479 66,637 70,302 71,902 78,236 79,599

 Isle of Man 1,672 1,661 1,136 1,110 1,202 478 1,296 1,208

 Israel 16,279 17,644 16,383 16,451 16,826 18,025 18,468 23,247

 Italy 40,421 44,956 33,629 26,082 40,794 37,426 43,679 51,426

 Jamaica 154 404 847 876 1,058 720 1,093 1,278

 Japan 69,152 83,199 84,331 91,407 122,775 148,739 164,225 181,575

 Jersey 9,286 8,584 11,325 14,661 14,968 14,985 8,662 10,238

 Jordan 924 1,815 3,060 3,567 4,556 4,342 3,252 2,752

 Kazakhstan 3,304 2,523 3,816 4,103 5,216 3,936 4,615 4,483

 Kenya 54 1,008 902 905 652 1,169 1,834 1,964

 Korea, South 34,255 35,812 29,007 22,754 20,309 21,268 19,354 22,145

 Kuwait 0 23 1 9 1,810 1,780 1,620 1,618

 Laos 0 0 0 0 0 0 33 52

 Latvia 763 664 454 465 206 238 334 203

 Lebanon 499 879 943 2,604 3,859 2,269 989 346

 Liberia 1,254 1,366 1,347 1,017 1,407 1,317 1,492 4,917

 Liechtenstein 0 1 1 1 1 1 1 *

 Lithuania 2,060 2,175 1,565 1,328 1,417 1,675 1,670 1,011

 Luxembourg 75,792 84,426 80,663 74,719 70,530 62,707 71,923 62,781

 Macau 0 * 0 0 4 17 49 65

 Macedonia 7 208 295 385 568 536 122 230

 Malaysia 12,531 9,600 11,031 10,538 11,789 9,525 10,495 11,356

 Maldives 0 0 0 0 16 32 34 13

 Malta 145 630 178 168 445 173 249 218

 Marshall Islands 3,070 3,739 2,631 2,621 2,664 3,183 2,756 2,608

 Mauritius 90 335 210 451 624 866 1,589 1,525

 Mexico 73,534 92,303 87,440 90,111 93,771 82,964 82,988 87,551

 Monaco 0 0 0 0 19 0 0 0

 Mongolia 276 240 472 596 1,073 1,043 988 725

 Montenegro * 20 13 0 3 12 44 38

 Morocco 686 1,738 1,889 1,848 1,763 1,589 1,980 2,996

 Mozambique 0 0 0 73 96 106 125 190

 Namibia 87 121 293 277 215 138 174 146

 Netherlands 138,604 142,091 140,771 167,591 185,239 180,634 188,336 196,079

A-15
Table A4. U.S. Holdings of Foreign Long-Term Debt Securities by Country

 Selected Survey Dates (continued)

 Millions of dollars

December December December December December December December December 

 Country or region of issuer 2013 2014 2015 2016 2017 2018 2019 2020 

 New Zealand 8,836 11,083 11,344 11,137 10,529 10,965 11,402 11,418

 Nicaragua 0 0 0 1 1 1 0 0

 Nigeria 1,612 1,014 804 621 2,037 2,909 3,029 3,074

 Norway 34,532 32,557 27,372 24,623 25,438 21,740 24,383 29,854

 Oman 10 121 12 379 1,617 2,907 3,280 3,161

 Pakistan 148 856 965 982 1,298 1,250 949 974

 Panama 5,938 6,864 7,363 7,763 8,065 7,502 10,742 19,910

 Papua New Guinea 0 0 0 0 0 125 119 77

 Paraguay 393 992 978 923 1,048 1,416 1,626 2,442

 Peru 7,505 8,744 7,809 8,382 10,438 9,930 12,492 15,374

 Philippines 7,032 8,164 6,397 6,293 6,637 6,116 6,231 8,171

 Poland 20,720 18,029 13,476 10,895 12,992 10,804 7,875 6,217

 Portugal 3,264 6,854 4,926 3,040 5,037 3,883 3,688 3,630

 Qatar 5,110 3,480 2,871 3,187 3,974 7,305 11,464 13,524

 Romania 2,261 3,507 2,717 2,681 3,351 3,842 4,574 8,056

 Russia 13,601 9,775 7,574 10,170 13,474 9,308 16,559 16,611

 Rwanda 125 92 131 116 100 104 118 125

 Saint Lucia 14 11 9 0 0 0 0 264

 Sint Maarten 0 50 47 0 0 0 0 52

 Saint Vincent and the Grenadines 1 2 1 * * 0 0 0

 Saudi Arabia * 0 3 3,791 7,291 6,900 12,809 15,509

 Senegal 37 249 230 231 654 965 1,123 1,081

 Serbia 2,452 2,926 3,260 2,608 2,853 2,317 2,274 2,654

 Seychelles 21 27 31 29 7 19 17 15

 Singapore 8,217 9,562 8,858 8,158 10,931 12,021 11,686 12,482

 Slovakia 471 332 334 272 386 464 519 654

 Slovenia 3,778 5,836 4,971 2,023 1,410 1,352 1,365 1,356

 South Africa 12,066 11,856 8,617 11,431 14,414 13,796 13,844 13,525

 Spain 38,456 40,059 25,000 19,489 30,514 31,533 44,210 47,363

 Sri Lanka 2,438 2,790 2,838 3,384 3,924 3,287 3,312 1,649

 Suriname 0 0 0 257 188 124 110 119

 Sweden 43,407 40,143 31,749 30,301 42,976 35,913 29,852 27,761

 Switzerland 8,579 10,222 10,743 10,997 26,182 27,046 42,195 41,356

 Taiwan 168 287 154 82 26 71 69 109

 Tajikistan 0 0 0 0 47 24 32 34

 Tanzania 195 239 222 321 271 267 262 0

 Thailand 3,686 3,270 2,727 2,952 4,387 5,697 6,461 6,050

 Togo 0 0 0 0 0 0 24 7

 Trinidad and Tobago 1,054 898 720 810 677 760 733 745

 Tunisia 512 892 1,139 1,719 1,798 1,940 1,618 1,610

 Turkey 16,520 20,077 16,196 13,663 17,242 15,023 14,293 12,772

 Turks and Caicos Islands 108 416 407 325 42 42 42 41

 Uganda 23 149 90 29 22 19 17 21

 Ukraine 6,221 4,502 6,791 8,158 8,684 7,608 10,182 8,448

 United Arab Emirates 4,044 3,899 3,065 3,333 7,816 8,680 11,776 15,113

 United Kingdom 294,123 312,287 302,083 286,924 335,926 375,543 411,510 435,358

 Uruguay 3,098 3,423 3,695 3,544 5,263 4,813 5,888 6,709

 Uzbekistan 0 0 0 0 0 0 242 663

 Venezuela 9,827 6,744 6,086 5,887 2,939 2,744 1,323 759

 Vietnam 699 699 761 517 517 621 702 539

 Wallis and Futuna 0 0 0 0 0 0 0 *

 Zambia 129 621 783 875 872 495 351 272

A-16
Table A4. U.S. Holdings of Foreign Long-Term Debt Securities by Country

 Selected Survey Dates (continued)

 Millions of dollars

December December December December December December December December 

 Country or region of issuer 2013 2014 2015 2016 2017 2018 2019 2020 

 Zimbabwe 23 20 19 9 8 7 6 5

 International organizations 53,913 58,230 54,564 70,622 81,675 75,687 86,727 108,403

 Country unknown 0 6 0 0 0 0 0 0

 Total 2,304,612 2,508,543 2,344,806 2,436,146 2,835,189 2,893,732 3,139,470 3,372,933

A-17
Table A5. U.S. Holdings of Foreign Short-Term Debt Securities by Country

 Selected Survey Dates

 Millions of dollars

December December December December December December December December 

 Country or region of issuer 2013 2014 2015 2016 2017 2018 2019 2020 

 Albania 0 * 0 0 0 0 0 0

 Argentina * * * 366 3,015 2,366 440 630

 Armenia 0 0 0 1 0 0 0 0

 Australia 52,926 43,650 43,809 25,199 43,686 45,390 43,840 24,889

 Austria 2 392 22 50 1,263 309 25 194

 Azerbaijan 0 0 * 0 0 0 0 0

 Bahamas 12 10 52 128 203 111 152 82

 Bangladesh 1 0 0 0 0 1 0 0

 Belgium 196 3,978 4,109 3,751 7,857 5,068 3,281 1,689

 Bermuda 234 148 1 0 47 67 34 *

 Bolivia 0 0 0 0 0 * 0 0

 Brazil 271 27 348 377 440 841 554 277

 British Virgin Islands 90 107 141 0 0 85 36 95

 Canada 39,224 48,465 56,466 75,392 102,314 125,892 110,507 72,188

 Cayman Islands 2,703 2,447 1,867 1,508 1,904 6,463 4,836 7,285

 Chile 1,417 2,392 671 51 446 415 358 376

 China, mainland 1,710 2,453 1,618 1,013 1,190 2,554 2,833 1,630

 Colombia 80 0 * 45 8 0 0 0

 Costa Rica 1 0 0 0 0 0 0 0

 Curacao * 213 140 437 48 3 4 81

 Cyprus 159 0 * 0 0 0 0 0

 Czech Republic 0 0 363 0 251 93 61 0

 Denmark 0 100 1,687 418 464 799 673 2,533

 Egypt 0 9 0 15 1,996 1,508 1,258 1,224

 El Salvador 0 0 0 42 0 * * 0

 Finland 727 494 735 101 44 3,311 4,106 2,160

 France 18,636 38,444 28,596 23,059 29,137 31,370 25,525 32,331

 Georgia 2 5 10 19 440 6 23 30

 Germany 15,482 16,100 18,392 12,274 11,002 19,052 15,820 20,376

 Greece 0 848 0 0 1,138 296 76 67

 Guernsey * * 0 * 5 * 2 3

 Honduras * * 1 * 0 0 0 0

 Hong Kong 3,370 5,648 1,996 2,133 4,055 3,827 2,660 1,061

 Hungary 205 56 0 3 219 339 4 253

 Iceland 0 5 63 168 0 0 0 0

 India 328 255 743 751 673 159 1,005 45

 Indonesia 2 1 123 0 0 15 31 0

 Ireland 1,347 2,388 20,050 6,327 4,019 9,298 9,001 10,231

 Israel 10 597 456 135 66 19 321 59

 Italy 7,996 15 171 628 2,133 450 481 278

 Japan 13,178 14,036 46,785 67,075 107,079 100,981 55,946 101,514

 Jersey 527 839 728 613 784 1,071 1,227 1,118

 Jordan 0 0 0 0 1 0 0 0

 Kazakhstan 0 0 0 6 192 7 0 0

 Kenya 118 8 3 0 0 0 0 0

 Korea, South 1,385 1,261 3,054 689 1,177 1,252 234 937

 Kuwait * 0 55 59 143 400 346 112

 Lebanon 330 367 229 0 * 0 0 0

 Liberia 21 0 0 0 0 308 1,077 0

 Luxembourg 2,990 5,899 6,075 3,325 2,905 3,770 3,519 4,524

 Macau 0 0 0 0 0 4 184 192

 Malaysia 1,161 4,792 1,803 387 376 15 34 0

A-18
Table A5. U.S. Holdings of Foreign Short-Term Debt Securities by Country

 Selected Survey Dates (continued)

 Millions of dollars

December December December December December December December December 

 Country or region of issuer 2013 2014 2015 2016 2017 2018 2019 2020 

 Malta 1 1 0 5 0 0 0 0

 Mauritius 13 10 1 1 1 1 11 0

 Mexico 9,275 6,556 3,689 1,792 1,862 2,080 1,468 1,263

 Mongolia 0 * * 0 0 * * *

 Morocco 0 0 20 0 0 0 5 0

 Netherlands 17,383 13,207 13,236 5,752 7,823 5,248 13,988 8,826

 New Zealand 3,864 4,899 2,172 1,310 313 2,238 4,099 4,328

 Nigeria 825 82 0 4 857 147 366 0

 Norway 13,628 15,290 8,223 7,481 10,196 6,522 7,096 4,517

 Oman 1 0 0 2 0 188 36 26

 Pakistan 0 0 0 * 0 0 568 1

 Panama 38 326 0 41 258 0 82 *

 Paraguay 0 0 0 * 0 0 0 0

 Philippines 1,265 383 502 700 0 184 * 0

 Portugal 1 * 0 55 943 578 297 133

 Qatar 0 0 0 0 361 123 0 676

 Romania 41 0 0 71 0 0 23 0

 Russia 0 0 0 0 14 0 0 0

 Saudi Arabia * 0 0 0 0 0 5 0

 Senegal 0 0 20 0 0 0 0 0

 Singapore 18,757 15,069 8,990 6,659 16,840 22,647 23,201 21,725

 Slovenia 0 130 0 0 156 0 5 0

 South Africa 2 99 0 0 29 1 108 44

 Spain 2,565 422 153 1,041 2,497 2,815 3,171 1,959

 Sri Lanka 335 319 13 15 40 34 58 0

 Swaziland 100 0 0 0 0 0 0 0

 Sweden 33,576 39,370 19,428 18,396 22,522 18,315 15,383 13,822

 Switzerland 4,205 4,366 1,840 2,744 2,353 3,402 2,633 1,126

 Taiwan 0 0 0 0 0 39 0 0

 Thailand 300 0 0 0 8 20 38 0

 Tunisia 0 0 0 0 0 4 15 *

 Turkey 136 47 0 0 0 0 0 1

 Uganda 1 44 8 0 0 0 0 0

 Ukraine 0 0 0 0 283 0 27 3

 United Arab Emirates 0 10 0 293 2,338 2,711 454 788

 United Kingdom 71,835 65,836 40,591 30,733 46,456 56,942 92,106 40,380

 Uruguay 28 22 1 0 47 * 0 26

 Venezuela 5 0 0 100 0 18 0 25

 Vietnam 0 1 5 9 * 2 1 26

 Zambia * 36 29 0 0 1 0 0

 International organizations 7,896 6,180 11,175 4,621 8,701 9,913 14,117 10,825

 Total 352,920 369,152 351,454 308,371 455,618 502,085 469,877 398,980

A-19
Table A6. U.S. Holdings of Foreign Long-Term Debt Securities by Country and Currency

 As of End-December 2020

 Millions of dollars

Japanese U.K. Own 

 Country or region of issuer Total1 U.S. dollar Euro yen pound currency 

 Albania 232 151 81 0 0 0

 Angola 2,159 2,159 0 0 0 0

 Argentina 15,472 12,426 252 11 * 2,783

 Armenia 227 227 0 0 0 0

 Aruba 191 191 0 0 0 0

 Australia 125,662 98,405 1,522 26 285 24,885

 Austria 12,173 6,945 4,816 20 320 4,816

 Azerbaijan 1,508 1,508 0 0 0 0

 Bahamas 2,349 2,315 0 0 0 0

 Bahrain 2,808 2,808 0 0 0 0

 Barbados 2,638 2,638 0 0 0 0

 Belarus 799 776 0 0 0 23

 Belgium 8,827 909 7,727 19 171 7,727

 Belize 52 52 0 0 0 0

 Benin 125 0 125 0 0 0

 Bermuda 43,543 42,306 9 100 142 959

 Bonaire, Saint Eustatius & Saba 56 0 0 0 56 0

 Bolivia 106 106 0 0 0 0

 Bosnia and Herzegovina 32 0 27 0 0 6

 Brazil 23,259 14,117 207 0 0 8,935

 British Virgin Islands 14,527 14,186 245 0 0 14,186

 Bulgaria 310 * 310 0 0 0

 Cameroon 269 269 0 0 0 0

 Canada 412,247 327,029 3,341 0 1,207 80,301

 Cayman Islands 531,267 524,629 358 82 1,141 4,748

 Chile 26,986 24,159 363 0 0 2,464

 China, mainland 33,850 4,152 227 0 * 29,448

 Colombia 25,722 19,247 174 0 0 6,301

 Congo (Brazzaville) 78 78 0 0 0 0

 Costa Rica 1,640 1,626 0 0 0 14

 Cote D’Ivoire 2,259 842 1,416 0 0 0

 Croatia 1,563 962 601 0 0 *

 Curacao 2,089 2,083 6 0 0 0

 Cyprus 1,072 46 1,026 0 0 1,026

 Czech Republic 1,998 126 109 0 0 1,763

 Denmark 16,162 9,536 1,559 0 239 4,825

 Dominican Republic 6,882 6,548 0 0 0 335

 Ecuador 2,371 2,371 0 0 0 0

 Egypt 7,222 5,921 886 0 0 415

 El Salvador 1,431 1,431 0 0 0 0

 Estonia 3 * 3 0 0 3

 Ethiopia 228 224 0 0 4 0

 Faroe Islands 482 198 228 0 0 55

 Finland 11,284 7,317 3,824 0 128 3,824

 France 187,337 107,129 78,022 102 1,958 78,022

 Gabon 681 681 0 0 0 0

 Georgia 495 418 0 0 0 78

 Germany 92,689 29,702 60,457 63 1,956 60,457

 Ghana 3,351 2,578 0 0 0 0

 Gibraltar 75 0 0 0 75 0

 Greece 4,373 94 4,279 0 0 4,279

 Greenland 213 124 11 20 0 59

A-20
Table A6. U.S. Holdings of Foreign Long-Term Debt Securities by Country and Currency

 As of End-December 2020 (continued)

 Millions of dollars

Japanese U.K. Own 

 Country or region of issuer Total1 U.S. dollar Euro yen pound currency 

 Grenada 35 35 0 0 0 0

 Guatemala 1,294 1,294 0 0 0 0

 Guernsey 11,002 10,689 168 0 126 126

 Honduras 479 479 0 0 0 0

 Hong Kong 7,129 6,982 40 6 0 80

 Hungary 5,688 3,174 832 47 0 1,629

 Iceland 2,041 837 342 0 62 801

 India 11,111 7,811 14 54 0 3,230

 Indonesia 38,330 24,118 1,360 65 0 12,787

 Iraq 1,747 1,747 0 0 0 0

 Ireland 79,599 63,530 15,036 0 985 15,036

 Isle of Man 1,208 1,174 7 0 27 27

 Israel 23,247 20,867 279 3 8 2,091

 Italy 51,426 19,315 31,499 6 606 31,499

 Jamaica 1,278 1,278 0 0 0 0

 Japan 181,575 99,267 1,177 80,964 24 80,964

 Jersey 10,238 7,718 429 9 2,006 2,006

 Jordan 2,752 2,752 0 0 0 0

 Kazakhstan 4,483 4,266 182 0 0 26

 Kenya 1,964 1,850 0 0 0 114

 Korea, South 22,145 11,367 227 98 0 10,085

 Kuwait 1,618 1,618 0 0 0 0

 Laos 52 52 0 0 0 0

 Latvia 203 167 37 0 0 37

 Lebanon 346 346 0 0 0 0

 Liberia 4,917 4,917 0 0 0 0

 Liechtenstein * 0 0 0 0 *

 Lithuania 1,011 951 60 0 0 60

 Luxembourg 62,781 49,113 12,709 208 535 12,709

 Macau 65 56 0 0 0 0

 Macedonia 230 0 230 0 0 0

 Malaysia 11,356 4,609 0 4 0 6,743

 Maldives 13 13 0 0 0 0

 Malta 218 212 3 0 2 3

 Marshall Islands 2,608 2,607 0 0 0 2,607

 Mauritius 1,525 1,523 1 0 0 0

 Mexico 87,551 77,615 1,015 50 215 8,656

 Mongolia 725 725 0 0 0 0

 Montenegro 38 0 38 0 0 38

 Morocco 2,996 2,503 493 0 0 0

 Mozambique 190 190 0 0 0 0

 Namibia 146 146 0 0 0 0

 Netherlands 196,079 163,441 30,407 16 1,690 30,407

 New Zealand 11,418 8,406 181 0 17 2,699

 Nigeria 3,074 3,071 0 0 0 3

 Norway 29,854 24,985 1,074 0 305 3,389

 Oman 3,161 3,161 0 0 0 0

 Pakistan 974 974 0 0 0 0

 Panama 19,910 19,789 121 0 0 0

 Papua New Guinea 77 77 0 0 0 0

 Paraguay 2,442 2,442 0 0 0 0

 Peru 15,374 13,063 217 0 0 2,094

A-21
Table A6. U.S. Holdings of Foreign Long-Term Debt Securities by Country and Currency

 As of End-December 2020 (continued)

 Millions of dollars

Japanese U.K. Own 

 Country or region of issuer Total1 U.S. dollar Euro yen pound currency 

 Philippines 8,171 7,338 215 38 0 555

 Poland 6,217 2,711 416 0 57 3,034

 Portugal 3,630 1,374 2,243 0 0 2,243

 Qatar 13,524 13,524 0 0 0 0

 Romania 8,056 2,789 3,692 0 0 1,575

 Russia 16,611 6,503 102 0 0 10,005

 Rwanda 125 125 0 0 0 0

 Saint Lucia 264 264 0 0 0 0

 Sint Maarten 52 52 0 0 0 0

 Saudi Arabia 15,509 15,443 66 0 0 0

 Senegal 1,081 849 231 0 0 0

 Serbia 2,654 555 1,084 0 0 1,015

 Seychelles 15 15 0 0 0 0

 Singapore 12,482 9,837 208 127 24 2,226

 Slovakia 654 215 438 0 0 438

 Slovenia 1,356 849 507 0 0 507

 South Africa 13,525 5,938 90 17 0 7,481

 Spain 47,363 21,000 26,103 27 117 26,103

 Sri Lanka 1,649 1,649 0 0 0 0

 Suriname 119 119 0 0 0 0

 Sweden 27,761 21,803 1,830 1 293 3,777

 Switzerland 41,356 36,213 721 0 64 4,339

 Taiwan 109 109 0 0 0 0

 Tajikistan 34 34 0 0 0 0

 Thailand 6,050 1,495 45 0 0 4,510

 Togo 7 7 0 0 0 0

 Trinidad and Tobago 745 745 0 0 0 0

 Tunisia 1,610 1,184 334 92 0 0

 Turkey 12,772 11,790 239 0 0 744

 Turks and Caicos Islands 41 41 0 0 0 41

 Uganda 21 0 0 0 0 16

 Ukraine 8,448 6,878 508 0 0 1,062

 United Arab Emirates 15,113 14,845 80 37 63 53

 United Kingdom 435,358 302,699 13,502 328 118,144 118,144

 Uruguay 6,709 5,885 0 0 0 823

 Uzbekistan 663 548 0 0 0 110

 Venezuela 759 759 0 0 0 0

 Vietnam 539 539 0 0 0 0

 Wallis and Futuna * * 0 0 0 0

 Zambia 272 266 0 0 0 0

 Zimbabwe 5 5 0 0 0 5

 International organizations 108,403 93,870 5,364 123 5,540 n.a.

A-22
Table A6. U.S. Holdings of Foreign Long-Term Debt Securities by Country and Currency

 As of End-December 2020 (continued)

 Millions of dollars

Japanese U.K. Own 

 Country or region of issuer Total1 U.S. dollar Euro yen pound currency 

 Total 3,372,933 2,549,932 328,409 82,761 138,593 761,490

Totals by region:

Total Africa 47,844 35,340 3,577 108 4 8,035

Total Asia 416,150 258,204 3,939 81,396 119 152,773

Total Caribbean 605,958 597,311 618 183 1,339 20,268

Total Europe 1,410,892 931,704 307,518 865 129,866 437,853

Of which: Euro area countries 762,080 472,312 279,198 461 8,468 279,198

Total Latin America 231,675 196,981 2,349 61 215 32,070

Canada 412,247 327,029 3,341 0 1,207 80,301

Total other countries 139,764 109,494 1,704 26 302 30,191

International organizations 108,403 93,870 5,364 123 5,540 n.a.

1. Amounts in each row of this table may not sum to the total amount, because U.S. holdings will in some cases be counted in two columns.

 For example, U.S. holdings of French debt securities denominated in euros will be counted under both the euro column and the own currency

 column in the first row of the table. In addition, the table does not show holdings denominated in currencies other than the U.S. dollar,

 euro, yen, U.K. pound, and the country’s own currency.

A-23
Table A7. U.S. Holdings of Foreign Short-Term Debt Securities by Country and Currency

 As of End-December 2020

 Millions of dollars

Japanese U.K. Own 

 Country or region of issuer Total1 U.S. dollar Euro yen pound currency 

 Argentina 630 0 0 0 0 630

 Australia 24,889 24,005 0 0 0 716

 Austria 194 194 0 0 0 0

 Bahamas 82 82 0 0 0 0

 Belgium 1,689 471 1,218 0 0 1,218

 Bermuda * * 0 0 0 0

 Brazil 277 277 0 0 0 0

 British Virgin Islands 95 86 0 0 0 86

 Canada 72,188 57,334 2 0 4 14,846

 Cayman Islands 7,285 7,284 0 0 0 0

 Chile 376 270 0 0 0 105

 China, mainland 1,630 746 0 0 0 883

 Curacao 81 80 1 0 0 0

 Denmark 2,533 2,473 0 0 0 60

 Egypt 1,224 0 0 0 0 1,224

 Finland 2,160 1,404 756 0 0 756

 France 32,331 28,080 4,241 0 * 4,241

 Georgia 30 0 0 0 0 30

 Germany 20,376 18,816 1,560 0 0 1,560

 Greece 67 0 67 0 0 67

 Guernsey 3 3 0 0 0 0

 Hong Kong 1,061 1,026 0 0 0 34

 Hungary 253 253 0 0 0 0

 India 45 45 0 0 0 0

 Ireland 10,231 10,196 34 0 0 34

 Israel 59 36 0 0 0 22

 Italy 278 0 278 0 0 278

 Japan 101,514 7,504 245 93,686 0 93,686

 Jersey 1,118 958 0 0 160 159

 Korea, South 937 728 0 0 0 185

 Kuwait 112 112 0 0 0 0

 Luxembourg 4,524 4,407 102 0 1 102

 Macau 192 192 0 0 0 0

 Mexico 1,263 * 0 0 0 1,263

 Mongolia * * 0 0 0 0

 Netherlands 8,826 7,263 1,498 * 0 1,498

 New Zealand 4,328 4,198 0 0 0 130

 Norway 4,517 4,513 0 0 0 4

 Oman 26 26 0 0 0 0

 Pakistan 1 0 0 0 0 1

 Panama * * 0 0 0 0

 Portugal 133 0 133 0 0 133

 Qatar 676 676 0 0 0 0

 Singapore 21,725 19,787 0 0 0 1,937

 South Africa 44 0 0 0 0 44

 Spain 1,959 537 1,422 0 0 1,422

 Sweden 13,822 12,764 10 0 0 1,047

 Switzerland 1,126 1,114 9 0 0 3

 Tunisia * * 0 0 0 0

 Turkey 1 0 0 0 0 1

 Ukraine 3 0 0 0 0 3

 United Arab Emirates 788 298 0 0 0 491

A-24
Table A7. U.S. Holdings of Foreign Short-Term Debt Securities by Country and Currency

 As of End-December 2020 (continued)

 Millions of dollars

Japanese U.K. Own 

 Country or region of issuer Total1 U.S. dollar Euro yen pound currency 

 United Kingdom 40,380 38,904 166 1 1,250 1,250

 Uruguay 26 0 0 0 0 26

 Venezuela 25 25 0 0 0 0

 Vietnam 26 26 0 0 0 0

 International organizations 10,825 10,521 153 0 73 0

 Total 398,980 267,712 11,896 93,687 1,487 130,177

Totals by region:

Total Africa 1,268 * 0 0 0 1,268

Total Asia 128,792 31,200 245 93,686 0 97,240

Total Caribbean 7,543 7,531 1 0 0 86

Total Europe 146,551 132,351 11,495 1 1,410 13,868

Of which: Euro area countries 82,767 71,368 11,310 * 1 11,310

Total Latin America 2,596 572 0 0 0 2,024

Canada 72,188 57,334 2 0 4 14,846

Total other countries 29,217 28,202 * 0 * 846

International organizations 10,825 10,521 153 0 73 0

1. Amounts in each row of this table may not sum to the total amount, because U.S. holdings will in some cases be

 counted in two columns. For example, U.S. holdings of French debt securities denominated in euros will be

 counted under both the euro column and the own currency column in the first row of the table. In addition,

 the table does not show holdings denominated in currencies other than the U.S. dollar, euro, yen, U.K.

 pound, and the country’s own currency.

A-25
Table A8. U.S. Holdings of Foreign Long-Term Debt Securities by Country and Security Type

 As of End-December 2020

 Millions of dollars

 Country or region of issuer Total Straight debt Zero-coupon Convertible Asset-backed 

 Albania 232 90 142 0 0

 Angola 2,159 2,159 0 0 0

 Argentina 15,472 14,416 357 346 353

 Armenia 227 227 0 0 0

 Aruba 191 191 0 0 0

 Australia 125,662 121,058 212 2,237 2,154

 Austria 12,173 11,665 273 235 0

 Azerbaijan 1,508 1,508 0 0 0

 Bahamas 2,349 1,591 172 50 536

 Bahrain 2,808 2,808 0 0 0

 Barbados 2,638 1,632 0 0 1,006

 Belarus 799 799 0 0 0

 Belgium 8,827 8,755 0 63 8

 Belize 52 52 0 0 0

 Benin 125 125 0 0 0

 Bermuda 43,543 34,609 1,054 1,908 5,972

 Bonaire, Saint Eustatius & Saba 56 56 0 0 0

 Bolivia 106 106 0 0 0

 Bosnia and Herzegovina 32 32 0 0 0

 Brazil 23,259 17,919 5,038 300 3

 British Virgin Islands 14,527 13,773 37 203 514

 Bulgaria 310 310 0 0 0

 Cameroon 269 269 0 0 0

 Canada 412,247 382,135 10,869 4,881 14,363

 Cayman Islands 531,267 81,888 7,955 8,161 433,263

 Chile 26,986 26,504 1 0 481

 China, mainland 33,850 33,751 4 95 0

 Colombia 25,722 25,488 * 220 14

 Congo (Brazzaville) 78 78 0 0 0

 Costa Rica 1,640 1,625 6 0 9

 Cote D’Ivoire 2,259 2,259 0 0 0

 Croatia 1,563 1,563 0 0 0

 Curacao 2,089 1,641 276 172 0

 Cyprus 1,072 1,069 0 4 0

 Czech Republic 1,998 1,998 0 0 0

 Denmark 16,162 16,076 74 12 0

 Dominican Republic 6,882 6,882 0 0 0

 Ecuador 2,371 2,329 42 0 0

 Egypt 7,222 7,222 0 0 0

 El Salvador 1,431 1,429 0 0 2

 Estonia 3 3 0 0 0

 Ethiopia 228 224 4 0 0

 Faroe Islands 482 482 0 0 0

 Finland 11,284 10,723 562 * 0

 France 187,337 171,406 12,083 3,792 56

 Gabon 681 681 0 0 0

 Georgia 495 490 0 6 0

 Germany 92,689 65,931 25,345 1,122 291

 Ghana 3,351 3,351 0 0 0

 Gibraltar 75 75 0 0 0

 Greece 4,373 3,929 339 0 105

 Greenland 213 213 0 0 0

A-26
Table A8. U.S. Holdings of Foreign Long-Term Debt Securities by Country and Security Type

 As of End-December 2020 (continued)

 Millions of dollars

 Country or region of issuer Total Straight debt Zero-coupon Convertible Asset-backed 

 Grenada 35 35 0 0 0

 Guatemala 1,294 1,294 0 0 0

 Guernsey 11,002 10,947 13 13 29

 Honduras 479 479 0 0 0

 Hong Kong 7,129 7,018 23 88 0

 Hungary 5,688 5,688 0 0 0

 Iceland 2,041 1,589 452 0 0

 India 11,111 10,856 0 69 186

 Indonesia 38,330 38,317 * 0 13

 Iraq 1,747 1,747 0 0 0

 Ireland 79,599 63,371 6,078 129 10,021

 Isle of Man 1,208 1,123 85 0 0

 Israel 23,247 17,382 4,502 1,363 0

 Italy 51,426 50,427 220 481 297

 Jamaica 1,278 1,274 4 0 0

 Japan 181,575 179,222 1,627 68 658

 Jersey 10,238 8,248 49 440 1,501

 Jordan 2,752 2,752 0 0 0

 Kazakhstan 4,483 4,483 0 0 0

 Kenya 1,964 1,964 0 0 0

 Korea, South 22,145 22,024 62 49 9

 Kuwait 1,618 1,618 0 0 0

 Laos 52 52 0 0 0

 Latvia 203 203 0 0 0

 Lebanon 346 346 0 0 0

 Liberia 4,917 3,751 16 1,150 0

 Liechtenstein * * 0 0 0

 Lithuania 1,011 1,011 0 0 0

 Luxembourg 62,781 60,778 468 342 1,194

 Macau 65 65 0 0 0

 Macedonia 230 230 0 0 0

 Malaysia 11,356 11,311 0 45 0

 Maldives 13 13 0 0 0

 Malta 218 216 0 2 0

 Marshall Islands 2,608 2,481 0 126 0

 Mauritius 1,525 1,524 0 * 1

 Mexico 87,551 86,368 89 581 513

 Mongolia 725 725 0 0 0

 Montenegro 38 38 0 0 0

 Morocco 2,996 2,996 0 0 0

 Mozambique 190 190 0 0 0

 Namibia 146 146 0 0 0

 Netherlands 196,079 187,414 4,586 1,903 2,176

 New Zealand 11,418 11,344 0 61 13

 Nigeria 3,074 3,074 0 0 0

 Norway 29,854 29,716 2 41 95

 Oman 3,161 3,161 0 0 0

 Pakistan 974 974 0 0 0

 Panama 19,910 19,013 61 788 48

 Papua New Guinea 77 77 0 0 0

 Paraguay 2,442 2,442 0 0 0

 Peru 15,374 15,297 * 0 77

A-27
Table A8. U.S. Holdings of Foreign Long-Term Debt Securities by Country and Security Type

 As of End-December 2020 (continued)

 Millions of dollars

 Country or region of issuer Total Straight debt Zero-coupon Convertible Asset-backed 

 Philippines 8,171 8,171 0 0 0

 Poland 6,217 6,217 0 0 0

 Portugal 3,630 3,483 58 39 51

 Qatar 13,524 13,524 0 0 0

 Romania 8,056 8,056 0 0 0

 Russia 16,611 16,609 2 0 0

 Rwanda 125 125 0 0 0

 Saint Lucia 264 264 0 0 0

 Sint Maarten 52 0 0 0 52

 Saudi Arabia 15,509 15,509 0 0 0

 Senegal 1,081 1,081 0 0 0

 Serbia 2,654 2,654 0 0 0

 Seychelles 15 15 0 0 0

 Singapore 12,482 12,372 12 40 58

 Slovakia 654 575 78 0 0

 Slovenia 1,356 1,258 37 0 61

 South Africa 13,525 13,489 33 0 3

 Spain 47,363 45,810 6 1,412 135

 Sri Lanka 1,649 1,647 0 0 2

 Suriname 119 119 0 0 0

 Sweden 27,761 27,068 512 181 *

 Switzerland 41,356 34,555 2,240 4,498 62

 Taiwan 109 82 0 27 0

 Tajikistan 34 34 0 0 0

 Thailand 6,050 6,050 0 1 0

 Togo 7 7 0 0 0

 Trinidad and Tobago 745 711 1 0 34

 Tunisia 1,610 1,610 0 0 *

 Turkey 12,772 12,705 1 22 44

 Turks and Caicos Islands 41 41 0 0 0

 Uganda 21 16 0 0 5

 Ukraine 8,448 7,809 640 0 0

 United Arab Emirates 15,113 15,113 0 0 0

 United Kingdom 435,358 407,002 8,892 9,781 9,684

 Uruguay 6,709 6,709 0 0 0

 Uzbekistan 663 663 0 0 0

 Venezuela 759 756 0 0 3

 Vietnam 539 520 0 18 0

 Wallis and Futuna * 0 0 0 *

 Zambia 272 272 0 0 0

 Zimbabwe 5 5 0 0 0

 International organizations 108,403 102,039 6,364 0 0

A-28
Table A8. U.S. Holdings of Foreign Long-Term Debt Securities by Country and Security Type

 As of End-December 2020 (continued)

 Millions of dollars

 Country or region of issuer Total Straight debt Zero-coupon Convertible Asset-backed 

 Total 3,372,933 2,737,157 102,055 47,568 486,152

Totals by region:

Total Africa 47,844 46,633 53 1,150 9

Total Asia 416,150 407,129 6,230 1,864 926

Total Caribbean 605,958 144,588 9,499 10,495 441,377

Total Europe 1,410,892 1,297,329 63,234 24,519 25,810

Of which: Euro area countries 762,080 688,030 50,132 9,524 14,395

Total Latin America 231,675 222,344 5,595 2,236 1,501

Canada 412,247 382,135 10,869 4,881 14,363

Total other countries 139,764 134,960 212 2,425 2,167

International organizations 108,403 102,039 6,364 0 0

A-29
Table A9. U.S. Holdings of Foreign Short-Term Debt Securities by Country and Security Type

 As of End-December 2020

 Millions of dollars

Commercial Negotiable 

 Country or region of issuer Total paper CDs Other 

 Argentina 630 0 0 630

 Australia 24,889 23,337 650 902

 Austria 194 94 0 100

 Bahamas 82 0 72 10

 Belgium 1,689 204 17 1,468

 Bermuda * 0 0 *

 Brazil 277 0 277 *

 British Virgin Islands 95 0 0 95

 Canada 72,188 53,414 2,665 16,110

 Cayman Islands 7,285 5,596 1,088 601

 Chile 376 254 16 105

 China, mainland 1,630 681 159 790

 Curacao 81 0 66 15

 Denmark 2,533 1,532 150 851

 Egypt 1,224 0 0 1,224

 Finland 2,160 1,205 0 956

 France 32,331 25,113 1,164 6,053

 Georgia 30 0 0 30

 Germany 20,376 17,953 425 1,998

 Greece 67 0 0 67

 Guernsey 3 0 0 3

 Hong Kong 1,061 842 103 116

 Hungary 253 253 0 0

 India 45 0 37 9

 Ireland 10,231 8,307 882 1,041

 Israel 59 0 35 23

 Italy 278 0 0 278

 Japan 101,514 3,415 3,352 94,747

 Jersey 1,118 954 0 164

 Korea, South 937 424 31 483

 Kuwait 112 0 112 0

 Luxembourg 4,524 4,190 11 322

 Macau 192 0 128 64

 Mexico 1,263 0 0 1,263

 Mongolia * 0 * 0

 Netherlands 8,826 5,318 1,429 2,079

 New Zealand 4,328 3,418 725 185

 Norway 4,517 4,512 0 5

 Oman 26 26 0 0

 Pakistan 1 0 0 1

 Panama * 0 0 *

 Portugal 133 0 0 133

 Qatar 676 0 0 676

 Singapore 21,725 19,148 1,101 1,476

 South Africa 44 0 0 44

 Spain 1,959 506 57 1,396

 Sweden 13,822 11,471 1,314 1,037

 Switzerland 1,126 393 667 67

 Tunisia * 0 0 *

 Turkey 1 0 0 1

 Ukraine 3 0 0 3

 United Arab Emirates 788 738 0 50

A-30
Table A9. U.S. Holdings of Foreign Short-Term Debt Securities by Country and Security Type

 As of End-December 2020 (continued)

 Millions of dollars

Commercial Negotiable 

 Country or region of issuer Total paper CDs Other 

 United Kingdom 40,380 23,864 9,866 6,650

 Uruguay 26 0 0 26

 Venezuela 25 25 0 0

 Vietnam 26 25 1 0

 International organizations 10,825 3,138 0 7,687

 Total 398,980 220,349 26,598 152,033

Totals by region:

Total Africa 1,268 0 0 1,268

Total Asia 128,792 25,299 5,059 98,434

Total Caribbean 7,543 5,596 1,225 721

Total Europe 146,551 105,869 15,981 24,701

Of which: Euro area countries 82,767 62,890 3,985 15,891

Total Latin America 2,596 279 293 2,025

Canada 72,188 53,414 2,665 16,110

Total other countries 29,217 26,755 1,375 1,087

International organizations 10,825 3,138 0 7,687

A-31
Table A10. U.S. Holdings of Foreign Debt Securities by Country and Sector of Issuer

 As of End-December 2020

 Millions of dollars

Long-term Short-term 

 Country or region of issuer Total1 Government1 Private Government1 Private 

 Albania 232 228 4 0 0

 Angola 2,159 2,154 5 0 0

 Argentina 16,101 10,937 4,535 619 11

 Armenia 227 224 3 0 0

 Aruba 191 63 128 0 0

 Australia 150,551 15,103 110,558 1,468 23,422

 Austria 12,367 3,560 8,613 100 94

 Azerbaijan 1,508 793 714 0 0

 Bahamas 2,431 743 1,606 0 82

 Bahrain 2,808 2,387 421 0 0

 Barbados 2,638 247 2,391 0 0

 Belarus 799 586 213 0 0

 Belgium 10,516 4,801 4,025 1,197 492

 Belize 52 52 0 0 0

 Benin 125 123 1 0 0

 Bermuda 43,544 2,037 41,506 0 *

 Bonaire, Saint Eustatius & Saba 56 0 56 0 0

 Bolivia 106 102 5 0 0

 Bosnia and Herzegovina 32 31 1 0 0

 Brazil 23,536 14,796 8,463 0 277

 British Virgin Islands 14,622 48 14,479 0 95

 Bulgaria 310 304 6 0 0

 Cameroon 269 269 0 0 0

 Canada 484,435 70,353 341,894 17,831 54,357

 Cayman Islands 538,552 2,773 528,494 0 7,285

 Chile 27,362 6,932 20,054 252 124

 China, mainland 35,480 28,467 5,383 768 862

 Colombia 25,722 17,682 8,041 0 0

 Congo (Brazzaville) 78 78 0 0 0

 Costa Rica 1,640 1,118 522 0 0

 Cote D’Ivoire 2,259 2,219 40 0 0

 Croatia 1,563 1,519 44 0 0

 Curacao 2,170 0 2,089 0 81

 Cyprus 1,072 945 128 0 0

 Czech Republic 1,998 1,741 257 0 0

 Denmark 18,695 2,245 13,917 1,460 1,073

 Dominican Republic 6,882 6,740 143 0 0

 Ecuador 2,371 2,305 67 0 0

 Egypt 8,446 7,073 149 1,167 57

 El Salvador 1,431 1,414 17 0 0

 Estonia 3 0 3 0 0

 Ethiopia 228 223 5 0 0

 Faroe Islands 482 0 482 0 0

 Finland 13,445 2,296 8,989 756 1,404

 France 219,667 57,684 129,653 3,278 29,053

 Gabon 681 681 0 0 0

 Georgia 526 175 320 14 16

 Germany 113,065 39,986 52,704 1,242 19,134

 Ghana 3,351 3,333 18 0 0

 Gibraltar 75 0 75 0 0

 Greece 4,440 4,254 120 64 2

 Greenland 213 0 213 0 0

A-32
Table A10. U.S. Holdings of Foreign Debt Securities by Country and Sector of Issuer

 As of End-December 2020 (continued)

 Millions of dollars

Long-term Short-term 

 Country or region of issuer Total1 Government1 Private Government1 Private 

 Grenada 35 35 0 0 0

 Guatemala 1,294 1,279 15 0 0

 Guernsey 11,005 12 10,990 0 3

 Honduras 479 470 9 0 0

 Hong Kong 8,190 135 6,994 0 1,061

 Hungary 5,941 5,322 366 0 253

 Iceland 2,041 305 1,736 0 0

 India 11,156 3,193 7,918 0 45

 Indonesia 38,330 29,132 9,198 0 0

 Iraq 1,747 1,746 1 0 0

 Ireland 89,830 2,178 77,421 75 10,156

 Isle of Man 1,208 27 1,181 0 0

 Israel 23,306 18,422 4,826 20 38

 Italy 51,704 28,282 23,144 275 3

 Jamaica 1,278 1,016 262 0 0

 Japan 283,089 81,447 100,128 92,640 8,874

 Jersey 11,356 97 10,142 0 1,118

 Jordan 2,752 2,720 32 0 0

 Kazakhstan 4,483 1,446 3,037 0 0

 Kenya 1,964 1,938 26 0 0

 Korea, South 23,082 11,181 10,964 184 754

 Kuwait 1,730 1,548 70 0 112

 Laos 52 47 5 0 0

 Latvia 203 203 1 0 0

 Lebanon 346 318 28 0 0

 Liberia 4,917 0 4,917 0 0

 Liechtenstein * 0 * 0 0

 Lithuania 1,011 991 21 0 0

 Luxembourg 67,305 1,222 61,559 35 4,489

 Macau 257 0 65 0 192

 Macedonia 230 230 0 0 0

 Malaysia 11,356 6,549 4,807 0 0

 Maldives 13 12 1 0 0

 Malta 218 0 218 0 0

 Marshall Islands 2,608 0 2,608 0 0

 Mauritius 1,525 0 1,525 0 0

 Mexico 88,814 28,959 58,592 1,228 36

 Mongolia 725 661 64 0 *

 Montenegro 38 38 0 0 0

 Morocco 2,996 2,011 986 0 0

 Mozambique 190 146 44 0 0

 Namibia 146 146 0 0 0

 Netherlands 204,906 11,706 184,373 1,137 7,689

 New Zealand 15,745 1,941 9,477 0 4,328

 Nigeria 3,074 2,925 149 0 0

 Norway 34,371 3,651 26,203 0 4,517

 Oman 3,187 3,088 73 0 26

 Pakistan 974 839 135 0 1

 Panama 19,910 10,022 9,888 0 *

 Papua New Guinea 77 77 0 0 0

 Paraguay 2,442 2,125 317 0 0

 Peru 15,374 9,499 5,875 0 0

A-33
Table A10. U.S. Holdings of Foreign Debt Securities by Country and Sector of Issuer

 As of End-December 2020 (continued)

 Millions of dollars

Long-term Short-term 

 Country or region of issuer Total1 Government1 Private Government1 Private 

 Philippines 8,171 7,400 771 0 0

 Poland 6,217 5,986 231 0 0

 Portugal 3,763 2,945 684 133 0

 Qatar 14,200 12,740 784 0 676

 Romania 8,056 7,826 230 0 0

 Russia 16,611 16,122 489 0 0

 Rwanda 125 125 0 0 0

 Saint Lucia 264 0 264 0 0

 Sint Maarten 52 0 52 0 0

 Saudi Arabia 15,509 10,289 5,220 0 0

 Senegal 1,081 1,081 0 0 0

 Serbia 2,654 2,636 18 0 0

 Seychelles 15 9 6 0 0

 Singapore 34,207 2,257 10,225 1,450 20,275

 Slovakia 654 594 60 0 0

 Slovenia 1,356 1,217 139 0 0

 South Africa 13,570 11,116 2,409 44 0

 Spain 49,322 20,132 27,232 1,396 563

 Sri Lanka 1,649 1,617 32 0 0

 Suriname 119 113 6 0 0

 Sweden 41,582 2,495 25,266 957 12,864

 Switzerland 42,482 1,996 39,360 0 1,126

 Taiwan 109 0 109 0 0

 Tajikistan 34 34 0 0 0

 Thailand 6,050 4,499 1,552 0 0

 Togo 7 0 7 0 0

 Trinidad and Tobago 745 255 490 0 0

 Tunisia 1,610 1,070 540 0 *

 Turkey 12,773 9,472 3,300 0 1

 Turks and Caicos Islands 41 0 41 0 0

 Uganda 21 11 10 0 0

 Ukraine 8,451 8,360 88 0 3

 United Arab Emirates 15,901 7,948 7,165 0 788

 United Kingdom 475,738 60,499 374,859 457 39,923

 Uruguay 6,734 6,606 103 0 26

 Uzbekistan 663 471 192 0 0

 Venezuela 784 479 281 0 25

 Vietnam 565 464 75 0 26

 Wallis and Futuna * 0 * 0 0

 Zambia 272 270 3 0 0

 Zimbabwe 5 5 0 0 0

 International organizations 119,228 0 108,403 0 10,825

A-34
Table A10. U.S. Holdings of Foreign Debt Securities by Country and Sector of Issuer

 As of End-December 2020 (continued)

 Millions of dollars

Long-term Short-term 

 Country or region of issuer Total1 Government1 Private Government1 Private 

 Total 3,771,912 810,298 2,562,635 130,245 268,735

Totals by region:

Total Africa 49,112 37,006 10,838 1,211 57

Total Asia 544,941 239,107 177,043 95,062 33,730

Total Caribbean 613,501 13,956 592,002 0 7,543

Total Europe 1,557,442 317,868 1,093,024 12,575 133,976

Of which: Euro area countries 844,847 182,995 579,086 9,688 73,079

Total Latin America 234,272 114,887 116,789 2,098 498

Canada 484,435 70,353 341,894 17,831 54,357

Total other countries 168,981 17,121 122,643 1,468 27,749

International organizations 119,228 0 108,403 0 10,825

4. "Government" includes central, local, and provincial governments, and government-sponsored or guaranteed corporations.

 Debt issued by international and regional organizations is classified as "private".

A-35
Table A11. U.S. Holdings of Foreign Long-Term Debt Securities by Country and Sector of Issuer

Denominated in U.S. Dollars and Local Currency as of End-December 2020

 Millions of dollars

Government1 Private 

Total long- Own Own 

 Country or region of issuer term debt2 Total2 U.S. dollars currency Total2 U.S. dollars currency 

 Albania 232 228 151 0 4 0 0

 Angola 2,159 2,154 2,154 0 5 5 0

 Argentina 15,472 10,937 8,257 2,457 4,535 4,169 325

 Armenia 227 224 224 0 3 3 0

 Aruba 191 63 63 0 128 128 0

 Australia 125,662 15,103 272 14,831 110,558 98,132 10,054

 Austria 12,173 3,560 0 3,543 8,613 6,945 1,273

 Azerbaijan 1,508 793 793 0 714 714 0

 Bahamas 2,349 743 743 0 1,606 1,571 0

 Bahrain 2,808 2,387 2,387 0 421 421 0

 Barbados 2,638 247 247 0 2,391 2,391 0

 Belarus 799 586 586 0 213 190 23

 Belgium 8,827 4,801 91 4,686 4,025 818 3,041

 Belize 52 52 52 0 0 0 0

 Benin 125 123 0 0 1 0 0

 Bermuda 43,543 2,037 2,037 0 41,506 40,269 959

 Bonaire, Saint Eustatius & Saba 56 0 0 0 56 0 0

 Bolivia 106 102 102 0 5 5 0

 Bosnia and Herzegovina 32 31 0 5 1 0 1

 Brazil 23,259 14,796 6,778 7,914 8,463 7,339 1,020

 British Virgin Islands 14,527 48 48 48 14,479 14,139 14,139

 Bulgaria 310 304 0 0 6 * 0

 Cameroon 269 269 269 0 0 0 0

 Canada 412,247 70,353 32,308 35,918 341,894 294,721 44,383

 Cayman Islands 531,267 2,773 2,773 0 528,494 521,856 4,748

 Chile 26,986 6,932 4,504 2,073 20,054 19,655 391

 China, mainland 33,850 28,467 891 27,375 5,383 3,261 2,073

 Colombia 25,722 17,682 11,901 5,607 8,041 7,346 694

 Congo (Brazzaville) 78 78 78 0 0 0 0

 Costa Rica 1,640 1,118 1,118 0 522 508 14

 Cote D’Ivoire 2,259 2,219 812 0 40 30 0

 Croatia 1,563 1,519 927 0 44 35 *

 Curacao 2,089 0 0 0 2,089 2,083 0

 Cyprus 1,072 945 0 945 128 46 82

 Czech Republic 1,998 1,741 0 1,706 257 126 56

 Denmark 16,162 2,245 118 2,127 13,917 9,417 2,698

 Dominican Republic 6,882 6,740 6,426 314 143 122 21

 Ecuador 2,371 2,305 2,305 0 67 67 0

 Egypt 7,222 7,073 5,833 361 149 88 54

 El Salvador 1,431 1,414 1,414 0 17 17 0

 Estonia 3 0 0 0 3 * 3

 Ethiopia 228 223 223 0 5 1 0

 Faroe Islands 482 0 0 0 482 198 55

 Finland 11,284 2,296 188 2,108 8,989 7,129 1,716

 France 187,337 57,684 39 57,645 129,653 107,091 20,377

 Gabon 681 681 681 0 0 0 0

 Georgia 495 175 102 73 320 316 4

 Germany 92,689 39,986 1,607 38,107 52,704 28,095 22,350

 Ghana 3,351 3,333 2,562 0 18 16 0

 Gibraltar 75 0 0 0 75 0 0

 Greece 4,373 4,254 41 4,212 120 53 67

 Greenland 213 0 0 0 213 124 59

A-36
Table A11. U.S. Holdings of Foreign Long-Term Debt Securities by Country and Sector of Issuer

Denominated in U.S. Dollars and Local Currency as of End-December 2020 (continued)

 Millions of dollars

Government1 Private 

Total long- Own Own 

 Country or region of issuer term debt2 Total2 U.S. dollars currency Total2 U.S. dollars currency 

 Grenada 35 35 35 0 0 0 0

 Guatemala 1,294 1,279 1,279 0 15 15 0

 Guernsey 11,002 12 0 12 10,990 10,689 115

 Honduras 479 470 470 0 9 9 0

 Hong Kong 7,129 135 75 59 6,994 6,907 21

 Hungary 5,688 5,322 3,170 1,580 366 4 49

 Iceland 2,041 305 11 215 1,736 826 586

 India 11,111 3,193 271 2,922 7,918 7,540 308

 Indonesia 38,330 29,132 15,168 12,656 9,198 8,950 131

 Iraq 1,747 1,746 1,746 0 1 1 0

 Ireland 79,599 2,178 25 2,153 77,421 63,505 12,883

 Isle of Man 1,208 27 0 27 1,181 1,174 *

 Israel 23,247 18,422 16,136 2,046 4,826 4,731 45

 Italy 51,426 28,282 2,829 24,946 23,144 16,486 6,553

 Jamaica 1,278 1,016 1,016 0 262 262 0

 Japan 181,575 81,447 2,682 78,765 100,128 96,586 2,199

 Jersey 10,238 97 0 31 10,142 7,718 1,975

 Jordan 2,752 2,720 2,720 0 32 32 0

 Kazakhstan 4,483 1,446 1,273 0 3,037 2,993 26

 Kenya 1,964 1,938 1,830 108 26 20 6

 Korea, South 22,145 11,181 1,087 9,973 10,964 10,280 112

 Kuwait 1,618 1,548 1,548 0 70 70 0

 Laos 52 47 47 0 5 5 0

 Latvia 203 203 167 36 1 0 1

 Lebanon 346 318 318 0 28 28 0

 Liberia 4,917 0 0 0 4,917 4,917 0

 Liechtenstein * 0 0 0 * 0 *

 Lithuania 1,011 991 951 39 21 0 21

 Luxembourg 62,781 1,222 855 367 61,559 48,258 12,342

 Macau 65 0 0 0 65 56 0

 Macedonia 230 230 0 0 0 0 0

 Malaysia 11,356 6,549 37 6,511 4,807 4,572 232

 Maldives 13 12 12 0 1 1 0

 Malta 218 0 0 0 218 212 3

 Marshall Islands 2,608 0 0 0 2,608 2,607 2,607

 Mauritius 1,525 0 0 0 1,525 1,523 0

 Mexico 87,551 28,959 20,455 7,956 58,592 57,160 701

 Mongolia 725 661 661 0 64 64 0

 Montenegro 38 38 0 38 0 0 0

 Morocco 2,996 2,011 1,527 0 986 976 0

 Mozambique 190 146 146 0 44 44 0

 Namibia 146 146 146 0 0 0 0

 Netherlands 196,079 11,706 504 11,119 184,373 162,937 19,288

 New Zealand 11,418 1,941 0 1,917 9,477 8,406 782

 Nigeria 3,074 2,925 2,922 3 149 149 *

 Norway 29,854 3,651 683 2,968 26,203 24,302 421

 Oman 3,161 3,088 3,088 0 73 73 0

 Pakistan 974 839 839 0 135 135 0

 Panama 19,910 10,022 10,022 0 9,888 9,767 0

 Papua New Guinea 77 77 77 0 0 0 0

 Paraguay 2,442 2,125 2,125 0 317 317 0

 Peru 15,374 9,499 7,403 1,879 5,875 5,660 214

A-37
Table A11. U.S. Holdings of Foreign Long-Term Debt Securities by Country and Sector of Issuer

Denominated in U.S. Dollars and Local Currency as of End-December 2020 (continued)

 Millions of dollars

Government1 Private 

Total long- Own Own 

 Country or region of issuer term debt2 Total2 U.S. dollars currency Total2 U.S. dollars currency 

 Philippines 8,171 7,400 6,578 545 771 760 10

 Poland 6,217 5,986 2,620 3,023 231 91 10

 Portugal 3,630 2,945 1,370 1,563 684 5 680

 Qatar 13,524 12,740 12,740 0 784 784 0

 Romania 8,056 7,826 2,775 1,452 230 14 122

 Russia 16,611 16,122 6,254 9,776 489 249 229

 Rwanda 125 125 125 0 0 0 0

 Saint Lucia 264 0 0 0 264 264 0

 Sint Maarten 52 0 0 0 52 52 0

 Saudi Arabia 15,509 10,289 10,224 0 5,220 5,219 0

 Senegal 1,081 1,081 849 0 0 0 0

 Serbia 2,654 2,636 541 1,015 18 14 0

 Seychelles 15 9 9 0 6 6 0

 Singapore 12,482 2,257 78 2,167 10,225 9,759 59

 Slovakia 654 594 215 378 60 0 60

 Slovenia 1,356 1,217 738 479 139 111 28

 South Africa 13,525 11,116 3,739 7,351 2,409 2,199 131

 Spain 47,363 20,132 128 19,965 27,232 20,872 6,138

 Sri Lanka 1,649 1,617 1,617 0 32 32 0

 Suriname 119 113 113 0 6 6 0

 Sweden 27,761 2,495 1,348 1,044 25,266 20,455 2,734

 Switzerland 41,356 1,996 0 1,996 39,360 36,213 2,343

 Taiwan 109 0 0 0 109 109 0

 Tajikistan 34 34 34 0 0 0 0

 Thailand 6,050 4,499 18 4,481 1,552 1,477 29

 Togo 7 0 0 0 7 7 0

 Trinidad and Tobago 745 255 255 0 490 490 0

 Tunisia 1,610 1,070 701 0 540 484 0

 Turkey 12,772 9,472 8,610 649 3,300 3,180 95

 Turks and Caicos Islands 41 0 0 0 41 41 41

 Uganda 21 11 0 11 10 0 5

 Ukraine 8,448 8,360 6,848 1,004 88 30 58

 United Arab Emirates 15,113 7,948 7,948 0 7,165 6,896 53

 United Kingdom 435,358 60,499 359 60,117 374,859 302,340 58,027

 Uruguay 6,709 6,606 5,839 767 103 46 57

 Uzbekistan 663 471 460 11 192 87 99

 Venezuela 759 479 479 0 281 281 0

 Vietnam 539 464 464 0 75 75 0

 Wallis and Futuna * 0 0 0 * * 0

 Zambia 272 270 266 0 3 0 0

 Zimbabwe 5 5 5 5 0 0 0

 International organizations 108,403 0 0 0 108,403 93,870 0

A-38
Table A11. U.S. Holdings of Foreign Long-Term Debt Securities by Country and Sector of Issuer

Denominated in U.S. Dollars and Local Currency as of End-December 2020 (continued)

 Millions of dollars

Government1 Private 

Total long- Own Own 

 Country or region of issuer term debt2 Total2 U.S. dollars currency Total2 U.S. dollars currency 

 Total 3,372,933 810,298 292,809 498,179 2,562,635 2,257,123 263,311

Totals by region:

Total Africa 47,844 37,006 24,877 7,838 10,838 10,463 197

Total Asia 416,150 239,107 89,381 147,501 177,043 168,823 5,271

Total Caribbean 605,958 13,956 13,643 361 592,002 583,669 19,907

Total Europe 1,410,892 317,868 47,638 261,161 1,093,024 884,066 176,692

Of which: Euro area countries 762,080 182,995 9,750 172,292 579,086 462,562 106,906

Total Latin America 231,675 114,887 84,614 28,653 116,789 112,367 3,417

Canada 412,247 70,353 32,308 35,918 341,894 294,721 44,383

Total other countries 139,764 17,121 349 16,748 122,643 109,144 13,443

International organizations 108,403 0 0 0 108,403 93,870 0

1. "Government" includes central, local, and provincial governments, and government-sponsored or guaranteed corporations.

 Debt issued by international and regional organizations is classified as "private".

2. Amounts in each row of this table may not sum to the total amount, because U.S. holdings will in some cases be counted in two columns.

 For example, U.S. holdings of French debt securities denominated in euros will be counted under both the euro column and the own currency

 column in the first row of the table. In addition, the table does not show holdings denominated in currencies other than the U.S. dollar

 and the country’s own currency.

A-39
Table A12. U.S. Holdings of Foreign Equity by Country and Security Type

 As of End-December 2020

 Millions of dollars

Common Preferred 

 Country or region of issuer Total stock Funds and other 

 Anguilla 1 1 0 0

 Antigua and Barbuda 19 19 0 0

 Argentina 1,762 1,741 2 19

 Australia 227,170 202,450 18,326 6,393

 Austria 12,328 12,046 202 79

 Bahamas 1,449 747 553 149

 Bahrain 234 234 * 0

 Bangladesh 491 476 15 0

 Barbados 2 * 0 2

 Belgium 53,791 50,930 1,911 949

 Belize * * * 0

 Bermuda 239,869 195,820 19,946 24,103

 Bolivia 17 17 0 0

 Botswana 17 17 0 0

 Brazil 144,422 103,347 6,665 34,409

 British Indian Ocean Territory * * 0 0

 British Virgin Islands 50,690 17,223 24,949 8,517

 Bulgaria 11 10 * 0

 Burkina Faso 11 0 11 0

 Canada 683,459 650,953 19,526 12,981

 Cayman Islands 2,026,783 972,374 611,088 443,322

 Chile 9,454 8,795 * 658

 China, mainland 251,035 246,949 893 3,192

 Colombia 4,384 2,220 8 2,157

 Cook Islands 12 12 * 0

 Costa Rica 2 2 0 0

 Cote D’Ivoire 14 14 0 0

 Croatia 68 30 21 17

 Curacao 20,813 20,529 1 283

 Cyprus 2,684 2,369 95 220

 Czech Republic 1,614 1,612 * 3

 Denmark 139,483 139,000 53 430

 Egypt 2,596 2,596 0 0

 Estonia 46 46 * 0

 Falkland Islands * * 0 0

 Faroe Islands 607 607 0 0

 Finland 46,450 46,100 2 348

 France 478,746 467,061 4,796 6,889

 Gabon 8 8 0 0

 Georgia 46 0 46 0

 Germany 421,697 387,896 1,764 32,038

 Ghana 60 60 0 0

 Gibraltar 219 219 0 0

 Greece 6,089 5,956 86 48

 Greenland 3 3 0 0

 Guernsey 42,287 9,281 11,692 21,314

 Guinea * * 0 0

 Hong Kong 158,094 149,949 6,569 1,576

 Hungary 5,271 5,267 5 *

 Iceland 1,003 1,003 0 0

 India 222,693 219,328 1,399 1,967

 Indonesia 30,245 30,173 9 63

A-40
Table A12. U.S. Holdings of Foreign Equity by Country and Security Type

 As of End-December 2020 (continued)

 Millions of dollars

Common Preferred 

 Country or region of issuer Total stock Funds and other 

 Ireland 607,827 563,275 40,872 3,681

 Isle of Man 5,117 5,044 26 47

 Israel 70,908 70,205 122 581

 Italy 96,148 94,989 382 777

 Jamaica * * 0 0

 Japan 1,012,544 994,388 16,369 1,787

 Jersey 126,202 106,718 2,566 16,917

 Jordan 35 35 0 0

 Kazakhstan 1,023 1,023 0 0

 Kenya 919 919 0 0

 Korea, South 277,327 255,769 144 21,415

 Kuwait 3,660 3,643 0 18

 Latvia * * * 0

 Lebanon 9 8 0 *

 Liberia 11,874 11,873 0 *

 Liechtenstein 102 62 3 36

 Lithuania 21 21 0 0

 Luxembourg 131,141 66,392 28,899 35,850

 Malaysia 18,786 18,459 47 280

 Malta 1,251 921 90 240

 Marshall Islands 8,716 6,241 27 2,449

 Mauritius 18,944 2,082 7,265 9,597

 Mayotte * 0 * 0

 Mexico 64,198 56,050 6,669 1,479

 Monaco 10 10 0 0

 Morocco 281 281 0 0

 Namibia 101 100 0 *

 Netherlands 423,218 419,162 1,482 2,575

 New Zealand 17,583 16,855 258 469

 Niger 1 1 0 0

 Nigeria 597 593 4 *

 Norway 37,180 36,558 156 466

 Oman 50 50 0 0

 Pakistan 796 796 0 0

 Panama 14,593 14,592 0 1

 Papua New Guinea 897 897 0 0

 Peru 2,779 2,702 49 28

 Philippines 14,572 14,558 7 7

 Poland 9,271 8,680 78 514

 Portugal 9,101 9,048 2 51

 Qatar 5,870 5,870 0 0

 Romania 589 522 67 0

 Russia 57,355 55,896 19 1,439

 Rwanda 4 4 0 0

 Saint Kitts and Nevis 15 0 0 15

 Saudi Arabia 20,886 20,866 20 0

 Senegal 15 15 0 0

 Serbia 14 14 0 0

 Seychelles * * 0 0

 Singapore 58,274 46,573 9,166 2,535

 Slovenia 284 284 0 0

 South Africa 65,425 64,484 818 123

A-41
Table A12. U.S. Holdings of Foreign Equity by Country and Security Type

 As of End-December 2020 (continued)

 Millions of dollars

Common Preferred 

 Country or region of issuer Total stock Funds and other 

 Spain 113,403 109,725 1,702 1,976

 Sri Lanka 183 183 0 0

 Sweden 154,671 151,656 510 2,505

 Switzerland 589,591 587,227 390 1,973

 Taiwan 304,189 304,166 20 3

 Tanzania 28 28 0 0

 Thailand 28,950 28,165 343 443

 Togo 16 16 0 0

 Tunisia 26 25 0 1

 Turkey 11,489 11,295 27 166

 Turks and Caicos Islands 1 1 0 *

 Uganda 28 13 15 0

 Ukraine 14 2 10 1

 United Arab Emirates 5,946 5,776 9 162

 United Kingdom 919,161 814,368 36,917 67,875

 Uruguay * * 0 0

 Venezuela * * 0 0

 Vietnam 2,537 2,479 58 0

 Zambia 2 2 0 *

 Zimbabwe 12 12 0 0

 International organizations 6 6 0 0

 Total 10,615,016 8,948,167 886,243 780,606

Totals by region:

Total Africa 100,980 83,144 8,113 9,722

Total Asia 2,488,316 2,419,098 35,190 34,028

Total Caribbean 2,339,640 1,206,714 656,537 476,390

Total Europe 4,506,624 4,172,328 134,873 199,423

Of which: Euro area countries 2,404,224 2,236,220 82,285 85,719

Total Latin America 241,612 189,468 13,394 38,751

Canada 683,459 650,953 19,526 12,981

Total other countries 254,379 226,456 18,611 9,311

International organizations 6 6 0 0

A-42
Table A13. U.S. Holdings of Foreign Equity by Country and Amounts Held as Depositary Receipts

 As of End-December 2020

 Millions of dollars

Percentage 

 Country or region of issuer Equity Depositary receipts depositary receipts 

 Anguilla 1 0 0

 Antigua and Barbuda 19 0 0

 Argentina 1,762 1,343 76

 Australia 227,170 10,083 4

 Austria 12,328 206 2

 Bahamas 1,449 67 5

 Bahrain 234 2 1

 Bangladesh 491 18 4

 Barbados 2 0 0

 Belgium 53,791 8,332 15

 Belize * 0 0

 Bermuda 239,869 1,563 1

 Bolivia 17 0 0

 Botswana 17 0 0

 Brazil 144,422 37,634 26

 British Indian Ocean Territory * 0 0

 British Virgin Islands 50,690 1,123 2

 Bulgaria 11 0 0

 Burkina Faso 11 0 0

 Canada 683,459 5,166 1

 Cayman Islands 2,026,783 459,730 23

 Chile 9,454 3,067 32

 China, mainland 251,035 3,913 2

 Colombia 4,384 1,423 32

 Cook Islands 12 0 0

 Costa Rica 2 0 0

 Cote D’Ivoire 14 0 0

 Croatia 68 0 0

 Curacao 20,813 0 0

 Cyprus 2,684 2,288 85

 Czech Republic 1,614 6 0

 Denmark 139,483 23,659 17

 Egypt 2,596 467 18

 Estonia 46 0 0

 Falkland Islands * 0 0

 Faroe Islands 607 0 0

 Finland 46,450 3,719 8

 France 478,746 42,677 9

 Gabon 8 0 0

 Georgia 46 0 0

 Germany 421,697 29,184 7

 Ghana 60 0 0

 Gibraltar 219 0 0

 Greece 6,089 87 1

 Greenland 3 0 0

 Guernsey 42,287 66 0

 Guinea * 0 0

 Hong Kong 158,094 8,092 5

 Hungary 5,271 124 2

 Iceland 1,003 0 0

 India 222,693 29,581 13

 Indonesia 30,245 1,188 4

A-43
Table A13. U.S. Holdings of Foreign Equity by Country and Amounts Held as Depositary Receipts

 As of End-December 2020 (continued)

 Millions of dollars

Percentage 

 Country or region of issuer Equity Depositary receipts depositary receipts 

 Ireland 607,827 10,742 2

 Isle of Man 5,117 187 4

 Israel 70,908 16,544 23

 Italy 96,148 2,955 3

 Jamaica * 0 0

 Japan 1,012,544 45,112 4

 Jersey 126,202 4,907 4

 Jordan 35 0 0

 Kazakhstan 1,023 690 67

 Kenya 919 0 0

 Korea, South 277,327 12,026 4

 Kuwait 3,660 5 0

 Latvia * 0 0

 Lebanon 9 9 100

 Liberia 11,874 0 0

 Liechtenstein 102 * n.a.

 Lithuania 21 3 12

 Luxembourg 131,141 3,974 3

 Malaysia 18,786 42 0

 Malta 1,251 509 41

 Marshall Islands 8,716 58 1

 Mauritius 18,944 3 0

 Mayotte * 0 0

 Mexico 64,198 17,292 27

 Monaco 10 0 0

 Morocco 281 0 0

 Namibia 101 * n.a.

 Netherlands 423,218 57,186 14

 New Zealand 17,583 274 2

 Niger 1 0 0

 Nigeria 597 * n.a.

 Norway 37,180 2,305 6

 Oman 50 * n.a.

 Pakistan 796 * n.a.

 Panama 14,593 4 0

 Papua New Guinea 897 0 0

 Peru 2,779 1,802 65

 Philippines 14,572 232 2

 Poland 9,271 56 1

 Portugal 9,101 297 3

 Qatar 5,870 0 0

 Romania 589 120 20

 Russia 57,355 32,997 58

 Rwanda 4 0 0

 Saint Kitts and Nevis 15 0 0

 Saudi Arabia 20,886 9 0

 Senegal 15 0 0

 Serbia 14 0 0

 Seychelles * 0 0

 Singapore 58,274 1,832 3

 Slovenia 284 85 30

 South Africa 65,425 8,698 13

A-44
Table A13. U.S. Holdings of Foreign Equity by Country and Amounts Held as Depositary Receipts

 As of End-December 2020 (continued)

 Millions of dollars

Percentage 

 Country or region of issuer Equity Depositary receipts depositary receipts 

 Spain 113,403 7,266 6

 Sri Lanka 183 * n.a.

 Sweden 154,671 7,671 5

 Switzerland 589,591 69,954 12

 Taiwan 304,189 75,908 25

 Tanzania 28 0 0

 Thailand 28,950 6,659 23

 Togo 16 0 0

 Tunisia 26 0 0

 Turkey 11,489 333 3

 Turks and Caicos Islands 1 0 0

 Uganda 28 0 0

 Ukraine 14 2 16

 United Arab Emirates 5,946 1 0

 United Kingdom 919,161 146,896 16

 Uruguay * 0 0

 Venezuela * * n.a.

 Vietnam 2,537 * n.a.

 Zambia 2 0 0

 Zimbabwe 12 0 0

 International organizations 6 6 99

 Total 10,615,016 1,210,458 11

Totals by region:

Total Africa 100,980 9,168 9

Total Asia 2,488,316 201,173 8

Total Caribbean 2,339,640 462,483 20

Total Europe 4,506,624 459,483 10

Of which: Euro area countries 2,404,224 169,509 7

Total Latin America 241,612 62,564 26

Canada 683,459 5,166 1

Total other countries 254,379 10,416 4

International organizations 6 6 99

A-45
Table A14. U.S. Holdings of Foreign Equity by Country, Size of Domestic Equity Market

 And U.S.-Held Percentage of Market as of End-December 2020

 Millions of dollars except as noted

Country rank 

according to Percent of 

domestic market domestic market 

 Country or region of issuer Common stock capitalization1 capitalization1 

 Anguilla 1 n.a. n.a.

 Antigua and Barbuda 19 101 n.a.

 Argentina 1,741 51 6

 Australia 202,450 13 16

 Austria 12,046 40 12

 Bahamas 747 102 n.a.

 Bahrain 234 55 1

 Bangladesh 476 123 n.a.

 Barbados * 78 0

 Belgium 50,930 26 15

 Belize * 108 n.a.

 Bermuda 195,820 76 >100

 Bolivia 17 89 n.a.

 Botswana 17 74 1

 Brazil 103,347 17 16

 British Indian Ocean Territory * n.a. n.a.

 British Virgin Islands 17,223 115 n.a.

 Bulgaria 10 59 0

 Canada 650,953 8 29

 Cayman Islands 972,374 116 n.a.

 Chile 8,795 36 6

 China, mainland 246,949 1 3

 Colombia 2,220 42 3

 Cook Islands 12 n.a. n.a.

 Costa Rica 2 90 n.a.

 Cote D’Ivoire 14 153 n.a.

 Croatia 30 56 0

 Curacao 20,529 110 n.a.

 Cyprus 2,369 73 69

 Czech Republic 1,612 53 8

 Denmark 139,000 19 24

 Egypt 2,596 47 6

 Estonia 46 75 2

 Falkland Islands * n.a. n.a.

 Faroe Islands 607 176 n.a.

 Finland 46,100 27 16

 France 467,061 6 19

 Gabon 8 148 n.a.

 Germany 387,896 7 17

 Ghana 60 150 n.a.

 Gibraltar 219 178 n.a.

 Greece 5,956 48 16

 Greenland 3 105 n.a.

 Guernsey 9,281 n.a. n.a.

 Guinea * 152 n.a.

 Hong Kong 149,949 3 5

 Hungary 5,267 54 26

 Iceland 1,003 64 11

 India 219,328 9 11

 Indonesia 30,173 23 8

 Ireland 563,275 38 >100

 Isle of Man 5,044 n.a. n.a.

A-46
Table A14. U.S. Holdings of Foreign Equity by Country, Size of Domestic Equity Market

 And U.S.-Held Percentage of Market as of End-December 2020 (continued)

 Millions of dollars except as noted

Country rank 

according to Percent of 

domestic market domestic market 

 Country or region of issuer Common stock capitalization1 capitalization1 

 Israel 70,205 34 44

 Italy 94,989 20 17

 Jamaica * 63 0

 Japan 994,388 2 16

 Jersey 106,718 n.a. n.a.

 Jordan 35 58 0

 Kazakhstan 1,023 67 15

 Kenya 919 57 5

 Korea, South 255,769 11 16

 Kuwait 3,643 41 4

 Latvia * 82 0

 Lebanon 8 69 0

 Liberia 11,873 155 n.a.

 Liechtenstein 62 86 n.a.

 Lithuania 21 72 1

 Luxembourg 66,392 49 >100

 Malaysia 18,459 24 5

 Malta 921 70 21

 Marshall Islands 6,241 185 n.a.

 Mauritius 2,082 68 37

 Mexico 56,050 28 21

 Monaco 10 88 n.a.

 Morocco 281 45 1

 Namibia 100 168 n.a.

 Netherlands 419,162 15 48

 New Zealand 16,855 39 16

 Niger 1 161 n.a.

 Nigeria 593 50 2

 Norway 36,558 29 14

 Oman 50 60 0

 Pakistan 796 46 2

 Panama 14,592 98 n.a.

 Papua New Guinea 897 182 n.a.

 Peru 2,702 43 4

 Philippines 14,558 30 7

 Poland 8,680 37 7

 Portugal 9,048 44 14

 Qatar 5,870 35 4

 Romania 522 52 2

 Russia 55,896 21 10

 Rwanda 4 162 n.a.

 Saudi Arabia 20,866 5 1

 Senegal 15 165 n.a.

 Serbia 14 200 n.a.

 Seychelles * 164 n.a.

 Singapore 46,573 25 13

 Slovenia 284 65 3

 South Africa 64,484 16 8

 Spain 109,725 18 18

 Sri Lanka 183 61 1

 Sweden 151,656 14 16

 Switzerland 587,227 10 31

A-47
Table A14. U.S. Holdings of Foreign Equity by Country, Size of Domestic Equity Market

 And U.S.-Held Percentage of Market as of End-December 2020 (continued)

 Millions of dollars except as noted

Country rank 

according to Percent of 

domestic market domestic market 

 Country or region of issuer Common stock capitalization1 capitalization1 

 Taiwan 304,166 12 21

 Tanzania 28 171 n.a.

 Thailand 28,165 22 7

 Togo 16 172 n.a.

 Tunisia 25 66 0

 Turkey 11,295 33 6

 Turks and Caicos Islands 1 117 n.a.

 Uganda 13 173 n.a.

 Ukraine 2 80 0

 United Arab Emirates 5,776 31 3

 United Kingdom 814,368 4 30

 Uruguay * 100 n.a.

 Venezuela * 81 0

 Vietnam 2,479 32 1

 Zambia 2 83 0

 Zimbabwe 12 77 1

 International organizations 6 n.a. n.a.

 Total 8,948,167 n.a. 18

Totals by region:

Total Africa 83,144 n.a. 8

Total Asia 2,419,098 n.a. 8

Total Caribbean 1,206,714 n.a. >100

Total Europe 4,172,328 n.a. 28

Of which: Euro area countries 2,236,220 n.a. 29

Total Latin America 189,468 n.a. 15

Canada 650,953 8 29

Total other countries 226,456 n.a. 16

International organizations 6 n.a. n.a.

1. Market capitalization data are from World Development Indicators database as of end-2015 and country sources. U.S. holdings

 of foreign securities include securities registered in countries that may not trade on that country’s exchanges; thus, U.S.

 holdings can exceed a country’s market capitalization. Market capitalization rankings exclude the United States.

A-48
Table A15: U.S. Holdings of Foreign Securities by Industry

as of End-December 2020

Billions of dollars

Industry NAICS code1 Total Equity

Debt

LongtermShortterm

Mining, quarrying, and oil and gas extraction 21 746 572 171 3

Oil and gas extraction 2111 274 165 107 3

Metal ore mining 2122 287 264 23 0

Oil and gas well drilling and support 213111-213112 80 54 25 1

Support activities for metal mining 213114 67 54 13 0

Other 38 35 3 0

Utilities and construction 22-23 377 315 62 *

Electric power generation and distribution 2211 231 185 46 *

Natural gas distribution 2212 28 22 6 *

Water, sewage, and other systems 2213 11 9 1 0

Construction 23 107 98 9 *

Consumer goods manufacturing 31 469 448 21 0

Food manufacturing 311 220 213 6 0

Beverage manufacturing 3121 154 141 13 0

Tobacco product manufacturing 3122 44 43 1 0

Other 51 51 1 0

Chemical manufacturing 325 1,051 971 80 *

Pharmaceutical and medicine manufacturing 3254 665 613 52 0

Other 386 359 28 *

Other primary and machinery manufacturing 326-333 495 461 34 0

Primary metal manufacturing 331 66 53 13 0

Machinery manufacturing 333 300 295 6 0

Other 129 114 16 0

Computer and electronic product manufacturing 334-335 1,108 1,063 44 2

Computer and peripheral equipment manufacturing 3341 63 50 12 0

Communications equipment manufacturing 3342 66 64 2 0

Semiconductor and other electronic component mfg. 3344 503 492 11 0

Navigational, measuring, electromed., control instruments mfg. 3345 169 166 2 2

Electrical equipment, appliance, and component mfg. 335 252 236 16 0

Other 56 55 1 0

All other manufacturing 336-339 530 495 35 *

Motor vehicle manufacturing 3361 162 152 9 *

Motor vehicle parts manufacturing 3363 70 66 4 0

Aircraft manufacturing 3364 60 47 13 0

Rail, ship, and other transportation manufacturing 3365-3369 12 9 2 0

Medical equipment and supplies manufacturing 3391 196 189 7 0

Other 32 31 1 0

Wholesale trade 42 331 302 29 0

Merchant wholesalers, durable goods 423 181 167 14 0

Merchant wholesalers, nondurable goods 424-425 150 135 15 0

A-49
Table A15: U.S. Holdings of Foreign Securities by Industry

as of End-December 2020 (continued)

Billions of dollars

Industry NAICS code1 Total Equity

Debt

LongtermShortterm

Retail trade 44-45 648 627 21 *

Food and beverage stores 445 98 96 2 0

Clothing and clothing accessories stores 448 81 81 * 0

Other 470 451 19 *

Transportation and cargo 48-49 344 255 88 2

Air transportation 481 31 26 5 0

Rail transportation 482 68 53 15 0

Water transportation 483 64 46 19 0

Pipeline transportation 486 91 57 33 2

Support activities for transportation 488 64 50 14 0

Other 26 24 2 0

Publishing and broadcasting 511-515 272 247 24 *

Publishing industries (except internet) 511 166 163 4 0

Motion picture and sound recording industries 512 33 33 * 0

Broadcasting (except internet) 515 72 52 20 *

Telecommunications and information services 517-519 398 318 79 1

Wired telecommunications carriers 5171 28 18 9 0

Wireless telecommunications carriers (except satellite) 5172 86 55 30 0

Other telecommunications 5179 206 173 33 0

Other information services 519 24 23 * 0

Other 55 48 6 1

Depository credit intermediation (banking) 5221 1,271 581 533 158

Other financial 5222-5239 1,497 746 704 47

Insurance 524 459 422 37 0

Funds, trusts, and other financial vehicles 525 1,302 1,254 47 2

Services 53-81 1,488 1,273 198 17

Real estate rental and leasing 531 132 113 18 1

Architectural, engineering, and related services 5413 74 73 1 0

Computer systems design and related services 5415 429 422 7 0

Management, scientific, and technical consulting services 5416 50 47 3 0

Offices of bank and other holding companies 5511 191 106 85 0

Administrative and support services 561 205 145 47 13

Education, health care, and social services 61-62 69 67 2 *

Arts, entertainment, and recreation 71 43 39 5 0

Accommodation and food services 72 85 78 7 0

Other 212 184 25 3

Government2 92,521 953 14 809 130

International and regional organizations 119 * 108 11

All other industries 166 130 36 *

Industry classification unknown 358 121 213 25

Total 14,387 10,615 3,373 399

∗ Greater than zero but less than $500 million.

1 Stands for North American Industry Classification System (NAICS), 2012. For more information about NAICS,

see www.census.gov/eos/www/naics/index.html.

2

Includes securities issued by local governments as well as some securities issued by government-sponsored

or guaranteed corporations. Debt issued by international and regional organizations is classified as private.

A-50
Appendix B: Data for Exhibits Shown in Graphical Form

B-1
Exhibit 1: U.S. Holdings of Foreign Securities by

Security Type

As of End-December, Selected Survey Dates

Billions of dollars

Long-term1 Short-term

Year Total Total Equities Debt Debt

2003 3,152 2,954 2,079 874 199

2004 3,787 3,553 2,560 993 233

2005 4,609 4,346 3,318 1,028 263

2006 5,991 5,623 4,329 1,294 368

2007 7,220 6,863 5,253 1,610 357

2008 4,291 4,009 2,748 1,261 282

2009 5,977 5,589 3,995 1,594 387

2010 6,763 6,362 4,647 1,715 402

2011 6,841 6,480 4,501 1,979 360

2012 7,958 7,593 5,322 2,271 365

2013 9,130 8,777 6,473 2,305 353

2014 9,604 9,235 6,726 2,509 369

2015 9,451 9,100 6,755 2,345 351

2016 9,891 9,582 7,146 2,436 308

2017 12,409 11,953 9,118 2,835 456

2018 11,295 10,793 7,899 2,894 502

2019 13,087 12,617 9,478 3,139 470

2020 14,387 13,988 10,615 3,373 399

1. Long-term securities are defined as those without a stated

maturity date (such as equities) or with an original termto-maturity greater than one year.

B-2
Exhibit 3: Net Asset Position in Long-Term Securities of U.S. Residents

As of End-December Except as Noted

Billions of dollars

U.S. holdings of

foreign long-term

securities

(assets)

Foreign holdings of

U.S. long-term

securities1

(liabilities)

U.S. holdings as

a share of foreign

holdings

(assets/liabilities)

Net asset positions in

long-term securities

of U.S. residents2

Mar. 1994 870 1,181 0.74 -311

Dec. 1997 1,755 2,565 0.68 -810

Dec. 2001 2,170 3,934 0.55 -1,764

Dec. 2003 2,954 4,981 0.59 -2,027

Dec. 2004 3,553 5,972 0.60 -2,419

Dec. 2005 4,346 6,733 0.65 -2,387

Dec. 2006 5,623 8,222 0.68 -2,599

Dec. 2007 6,863 9,485 0.72 -2,622

Dec. 2008 4,009 8,276 0.48 -4,267

Dec. 2009 5,589 9,504 0.59 -3,914

Dec. 2010 6,362 10,937 0.58 -4,576

Dec. 2011 6,480 11,862 0.55 -5,381

Dec. 2012 7,593 13,217 0.57 -5,624

Dec. 2013 8,777 14,724 0.60 -5,946

Dec. 2014 9,235 16,081 0.57 -6,846

Dec. 2015 9,100 15,726 0.58 -6,626

Dec. 2016 9,582 16,463 0.58 -6,881

Dec. 2017 11,953 18,502 0.65 -6,549

Dec. 2018 10,793 17,931 0.60 -7,138

Dec. 2019 12,617 20,500 0.62 -7,883

Dec. 2020 13,988 23,354 0.60 -9,366

1. Staff estimates from Mar. 1994 to Dec. 2010. 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. For Dec. 2011 onward, source is TIC SLT. These data have been revised

from the previous report.

2. Net foreign holdings are defined as U.S. holdings of foreign securities minus foreign holdings of U.S.

securities.

B-3
Exhibit 4: U.S. Holdings of Foreign Securities, by Country and Security Type

For the Countries Attracting the Most U.S. Investment

Billions of dollars

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Cayman Islands Equities 45 70 103 161 233 95 148 166 488 574 677 820 915 1,020 1,362 1,287 1,501 2,027

Long-term debt 76 114 118 178 272 202 217 196 218 220 222 289 300 347 403 450 494 531

Short-term debt 4 12 28 37 41 18 8 3 3 2 3 2 2 2 2 6 5 7

United Kingdom Equities 421 456 538 674 715 377 562 626 642 769 978 922 897 878 1,091 927 1,014 919

Long-term debt 143 171 185 245 287 185 240 252 285 296 294 312 302 287 336 376 412 435

Short-term debt 99 110 92 156 141 85 156 123 62 74 72 66 41 31 46 57 92 40

Japan Equities 255 330 493 544 529 348 371 450 391 427 604 592 690 696 902 760 927 1,013

Long-term debt 37 36 35 46 60 54 41 47 57 61 69 83 84 91 123 149 164 182

Short-term debt 14 17 2 7 4 2 8 22 60 32 13 14 47 67 107 101 56 102

Canada Equities 149 180 248 298 380 180 295 409 359 390 405 417 325 422 512 468 593 683

Long-term debt 139 152 158 162 186 166 220 253 329 382 382 379 323 333 381 388 395 412

Short-term debt 12 12 14 18 22 32 26 34 48 55 39 48 56 75 102 126 111 72

Ireland Equities 22 32 33 48 49 22 79 101 114 137 228 332 422 389 421 421 561 608

Long-term debt 8 14 17 38 50 23 26 27 35 46 51 53 56 67 70 72 78 80

Short-term debt 3 9 25 34 33 18 15 3 0 0 1 2 20 6 4 9 9 10

France Equities 131 165 205 307 348 212 251 244 209 257 343 318 327 346 442 383 468 479

Long-term debt 43 42 48 63 83 58 82 82 88 106 104 129 118 127 134 149 168 187

Short-term debt 11 10 21 32 17 15 30 40 8 13 19 38 29 23 29 31 26 32

B-4
Exhibit 6: U.S. Holdings of Foreign Securities by Type of Economy

Billions of dollars except as noted

Total Advanced economies Caribbean financial centers Emerging market economies

Year Debt Equity Debt share Debt Equity Debt share Debt Equity Debt share Debt Equity Debt share

2006 1,662 4,329 27.7 1,267 3,414 27.1 241 439 35.4 132 475 21.8

2007 1,967 5,253 27.2 1,462 3,930 27.1 339 615 35.5 142 707 16.7

2008 1,543 2,748 36.0 1,156 2,139 35.1 247 295 45.6 115 315 26.8

2009 1,981 3,995 33.2 1,506 3,026 33.2 260 352 42.5 167 617 21.3

2010 2,116 4,647 31.3 1,599 3,475 31.5 235 418 36.0 228 754 23.2

2011 2,339 4,501 34.2 1,748 3,152 35.7 262 751 25.9 277 599 31.6

2012 2,637 5,322 33.1 1,925 3,728 34.1 270 865 23.8 385 729 34.5

2013 2,658 6,473 29.1 1,951 4,746 29.1 276 1,017 21.4 368 710 34.1

2014 2,878 6,726 30.0 2,045 4,772 30.0 348 1,185 22.7 420 769 35.3

2015 2,696 6,755 28.5 1,888 4,886 27.9 356 1,244 22.2 387 625 38.3

2016 2,745 7,146 27.7 1,868 5,028 27.1 400 1,405 22.2 400 713 35.9

2017 3,291 9,118 26.5 2,253 6,372 26.1 466 1,746 21.1 481 1,001 32.5

2018 3,396 7,899 30.1 2,338 5,434 30.1 521 1,593 24.6 451 872 34.1

2019 3,609 9,478 27.6 2,447 6,595 27.1 569 1,859 23.4 493 1,024 32.5

2020 3,772 10,615 26.2 2,508 7,230 25.8 621 2,354 20.9 523 1,031 33.7

B-5
Exhibit 9: U.S. Holdings of Foreign Equities by Country and Equity Type

For Countries Attracting the Most U.S. Investment

As of End-December 2020

Billions of dollars except as noted

Canada Cayman Ireland

Year Total Common

equity

Fund

shares Other* Total Common

equity

Fund

shares Other* Total Common

equity

Fund

shares Other*

2007 380 344 33 2 233 159 48 25 49 37 11 1

2008 180 163 15 2 95 36 35 25 22 14 8 0

2009 295 274 19 2 148 84 38 26 79 69 9 1

2010 409 386 21 2 166 98 41 27 101 92 8 1

2011 359 341 12 5 488 94 253 141 114 86 27 1

2012 390 371 14 6 574 121 310 143 137 123 13 1

2013 405 387 12 6 677 277 277 124 228 209 12 7

2014 417 398 12 6 820 241 373 207 332 311 18 3

2015 325 310 9 6 915 285 393 236 422 391 24 6

2016 422 398 12 13 1,020 238 464 318 389 354 30 5

2017 512 493 7 12 1,362 547 478 338 421 385 31 5

2018 468 443 8 16 1,287 483 469 336 421 386 31 4

2019 593 563 15 15 1,501 609 510 383 561 523 35 3

2020 683 651 20 13 2,027 972 611 443 608 563 41 4

Japan Switzerland United Kingdom

Year Total Common

equity

Fund

shares Other* Total Common

equity

Fund

shares Other* Total Common

equity

Fund

shares Other*

2007 529 526 3 0 281 280 0 0 715 683 14 17

2008 348 344 4 0 214 213 0 1 377 353 8 16

2009 371 368 3 0 298 297 1 0 562 527 16 19

2010 450 445 4 1 319 318 0 1 626 586 15 25

2011 391 387 4 0 278 276 0 1 642 585 17 40

2012 427 422 5 0 324 322 1 2 769 684 23 62

2013 604 597 6 0 430 427 1 1 978 898 27 54

2014 592 580 11 0 409 407 0 2 922 840 35 47

2015 690 684 6 0 407 405 1 2 897 823 29 45

2016 695 687 7 2 407 405 1 2 878 800 27 51

2017 902 895 0 7 477 476 0 1 1,091 1,019 21 51

2018 760 749 1 10 428 426 0 2 927 857 15 55

2019 927 907 19 1 552 550 0 2 1,014 937 33 44

2020 1,013 994 16 2 590 587 0 2 919 814 37 68

* Other includes preferred stock, interests in limited partnerships, and other types of equity.

B-6
Exhibit 11: Percentage of U.S. Holdings of Foreign

Equities in Depositary Receipts

For Countries Attracting the Most U.S. Equity

Investment

As of End-December 31, 2020

Billions of dollars

Country or region Equity Depositary

receipts

Percentage

depositary

receipts

Cayman Islands 2,027 460 23

United Kingdom 919 147 16

Taiwan 304 76 25

Switzerland 590 70 12

Netherlands 423 57 14

Japan 1,013 45 4

France 479 43 9

Brazil 144 38 26

Russia 57 33 58

India 223 30 13

Germany 422 29 7

Denmark 139 24 17

Mexico 64 17 27

Israel 71 17 23

Korea, South 277 12 4

Ireland 608 11 2

Australia 227 10 4

South Africa 65 9 13

Belgium 54 8 15

Hong Kong 158 8 5

Rest of world 2,350 68 3

Total 10,615 1,210 11

B-7
Exhibit 16: Share of U.S. Holdings of Foreign Debt by Foreign Currency of Denomination

As of End-December

Billions of dollars

Currency 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Canadian dollar 2.9 3.2 3.4 3.7 5.0 4.5 3.7 3.4 2.6 2.5 2.4 2.1 2.3 2.5

Euro 10.1 9.8 9.2 7.5 7.4 9.0 8.5 8.9 7.2 6.6 7.7 7.7 8.1 9.0

Japanese yen 3.4 3.7 2.0 2.8 4.0 2.3 2.1 2.3 3.2 4.3 4.7 4.5 3.7 4.7

U.K. pound 3.2 2.0 1.9 2.1 2.4 2.6 2.5 2.7 3.1 2.9 3.2 3.3 3.8 3.7

Other 4.2 4.7 5.1 7.5 8.2 9.8 8.5 7.7 7.2 7.0 7.3 5.7 5.5 5.3

B-8
Exhibit 17: U.S. Holdings of Foreign Long-term Debt by Currency and Type of Economy and Issuer

As of End-December

Billions of dollars

Type of Issuer Type of Economy Currency Group 2013 2014 2015 2016 2017 2018 2019 2020

Government All Countries U.S. dollar 194 199 188 201 246 247 259 293

Government All Countries Own currency 438 459 412 394 479 443 474 498

Government All Countries Other 8 8 8 8 12 12 14 19

Government All Countries Own share (percent) 68 69 68 65 65 63 63 61

Government Advanced Foreign Economies U.S. dollar 78 64 57 57 61 65 58 65

Government Advanced Foreign Economies Own currency 321 334 293 273 351 338 363 388

Government Advanced Foreign Economies Other 2 2 1 1 2 2 3 4

Government Advanced Foreign Economies Own share (percent) 80 84 83 82 85 83 86 85

Government Emerging Market Economies U.S. dollar 111 129 125 138 178 173 190 212

Government Emerging Market Economies Own currency 118 125 119 121 128 105 111 110

Government Emerging Market Economies Other 6 6 6 6 10 10 11 16

Government Emerging Market Economies Own share (percent) 50 48 48 46 41 37 35 33

Government Caribbean Financial Centers U.S. dollar 6 6 6 6 8 9 11 16

Government Caribbean Financial Centers Own currency 0 0 0 0 0 0 0 0

Government Caribbean Financial Centers Other 0 0 0 0 0 0 0 0

Government Caribbean Financial Centers Own share (percent) 0 0 0 2 2 3 2 0

Corporate All Countries U.S. dollar 1,478 1,642 1,577 1,673 1,871 1,951 2,117 2,257

Corporate All Countries Own currency 152 216 145 144 194 201 244 263

Corporate All Countries Other 35 0 16 16 34 41 31 42

Corporate All Countries Own share (percent) 9 12 8 8 9 9 10 10

Corporate Advanced Foreign Economies U.S. dollar 1,062 1,128 1,062 1,097 1,213 1,246 1,339 1,405

Corporate Advanced Foreign Economies Own currency 135 152 125 125 169 171 210 234

Corporate Advanced Foreign Economies Other 30 24 20 19 28 46 35 39

Corporate Advanced Foreign Economies Own share (percent) 11 12 10 10 12 12 13 14

Corporate Emerging Market Economies U.S. dollar 109 129 121 123 140 137 159 168

Corporate Emerging Market Economies Own currency 7 15 7 7 11 12 11 10

Corporate Emerging Market Economies Other 0 0 0 0 0 0 0 0

Corporate Emerging Market Economies Own share (percent) 6 11 6 6 7 8 6 6

Corporate Caribbean Financial Centers U.S. dollar 265 337 345 390 444 500 545 590

Corporate Caribbean Financial Centers Own currency 9 13 12 11 14 18 23 20

Corporate Caribbean Financial Centers Other 0 0 0 0 0 0 0 0

Corporate Caribbean Financial Centers Own share (percent) 3 4 3 3 3 3 4 3

B-9
Exhibit 19: U.S. Holdings of Foreign Securities by Sector of U.S. Holder as of End-December 2020

Billions of dollars

Exhibit 19A Exhibit 19B Exhibit 19C

Sector Total Equities Long-term

debt

Short-term

debt

Dollar-denominated

debt

Other-currency

debt

Financial

debt

Nonfinancial

debt

Government

debt

Banks 484 153 285 46 169 162 154 147 31

Insurance 883 76 792 15 697 109 315 59 433

Mutual funds 7,079 5,668 1,274 137 989 422 571 431 410

Nonfinancial 1,833 1,342 384 106 418 73 259 92 139

Other 1,010 912 95 4 82 16 42 22 35

Other financial 1,567 1,224 276 66 242 101 165 101 76

Pension funds 1,531 1,240 267 24 221 70 99 93 99

Total 14,387 10,615 3,373 399 2,818 953 1,605 945 1,223

B-10
Exhibit 22: Forms of U.S. Portfolio Investment Abroad, Selected Survey Dates1

Billions of dollars

Date Total

Securities Deposits, loans, and other2

Total Equities Long-term

debt

Short-term

debt Total Reported

by banks

Reported by

nonbanks

Mar. 1994 1,549 905 567 304 35 644 622 21

Dec. 1997 2,730 1,809 1,208 547 54 921 890 31

Dec. 2001 3,586 2,317 1,613 557 147 1,269 1,237 32

Dec. 2003 4,803 3,152 2,079 874 199 1,650 1,553 98

Dec. 2004 5,884 3,787 2,560 993 233 2,098 1,964 133

Dec. 2005 6,969 4,609 3,318 1,028 263 2,360 2,228 132

Dec. 2006 8,857 5,991 4,329 1,294 368 2,866 2,743 123

Dec. 2007 10,761 7,220 5,253 1,610 357 3,542 3,406 135

Dec. 2008 7,806 4,291 2,748 1,261 282 3,515 3,408 106

Dec. 2009 9,590 5,977 3,995 1,594 387 3,613 3,525 88

Dec. 2010 10,898 6,763 4,647 1,715 402 4,135 4,047 88

Dec. 2011 10,825 6,841 4,501 1,979 360 3,984 3,891 93

Dec. 2012 11,533 7,958 5,322 2,271 365 3,574 3,476 99

Dec. 2013 12,662 9,130 6,473 2,305 353 3,532 3,461 71

Dec. 2014 13,084 9,604 6,726 2,509 369 3,480 3,418 62

Dec. 2015 12,766 9,451 6,755 2,345 351 3,315 3,255 60

Dec. 2016 13,233 9,891 7,146 2,436 308 3,342 3,285 57

Dec. 2017 15,804 12,409 9,118 2,835 456 3,395 3,329 65

Dec. 2018 14,782 11,295 7,899 2,894 502 3,487 3,417 70

Dec. 2019 16,867 13,087 9,478 3,139 470 3,779 3,705 74

Dec. 2020 18,389 14,387 10,615 3,373 399 4,002 3,934 68

1. Portfolio investment as defined in the Act enabling TIC data collection includes banking items. Portfolio

investment as defined in balance of payments publications includes only securities.

2. Includes deposits, brokerage balances, loans, resale agreements, and trade receivables and advance payments.

Data on deposits, loans, and other are from the Department of the Treasury, Treasury Bulletin, various issues.

Numbers for prior years may be revised from those published in earlier survey reports.

B-11
Appendix C: Forms and Instructions

C-1
OMB Control Number: 1505-0146 

Approval Expires: 10/31/2021 

MANDATORY ANNUAL REPORT TO THE FEDERAL RESERVE BANK OF NEW YORK 

REPORT OF U.S. OWNERSHIP OF FOREIGN SECURITIES,

INCLUDING SELECTED MONEY MARKET 

INSTRUMENTS (SHCA)

As of the last day of December

Mandatory Report

Response Required By Law (22 U.S.C. 3101 et seq.) 

Department of the Treasury 

Federal Reserve Bank of New York

Board of Governors of the Federal Reserve System

July 2018 
Note: Paragraphs that are new or that contain significant revisions are

marked with a vertical bar on the right-side of the page.

The previous instructions were dated June 2017.
TABLE OF CONTENTS

Page

I. INTRODUCTION 1-3

A. Purpose 1

B. Authority 2

C. Confidentiality of Data Reported 2

D. Penalties for Failure to Report 2

E. Paperwork Reduction Act Notice 3

II. GENERAL INSTRUCTIONS 4-8

A. Who Must Report 4

B. Which Schedules to Report 6

C. Exemptions 6

D. Reporting Dates 7

E. Submission Instructions and Contact Information 7

III. WHAT SECURITIES MUST BE REPORTED 9-21

A. Reportable Foreign Securities 9

B. Do Not Report 12

C. Funds and Related Equity Holdings 13

D. Securities Involved in Repurchase and Securities Lending Arrangements 17

E. Depositary Receipts/Shares 18

F. Stripped Securities 18

G. Direct Investment 18

H. Securities Held by Central Securities Depositories 19

I. Country Attribution 19

J. Limited Partnerships 20

K. Accounting Rules, Valuation of Securities, and Calculation of U.S. Dollar Values 20

L. Data Retention Period 21

M. Review of Data and Requests for Revised Data 21

IV. INSTRUCTIONS FOR COMPLETINGREPORTING SCHEDULES 22-32

A. Schedule 1 - Reporter Contact Identification and Summary of Financial Information 22

B. Schedule 2 - Details of Securities 26

C. Schedule 3 - Custodians Used 31

APPENDICES 33-47

A. Sample Reporting Schedules 33

B. Reporting Requirement Flowcharts 34

C. List of Country Codes 40

D. List of International and Regional Organizations 41

E. List of Currency Codes 42

F. List of Custodian Codes 44

G. Glossary 46

H. Technical Information for Electronic Submission 47
I. 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 the ownership of foreign securities, including selected money market instruments, 

by U.S. residents as of December 31, 2018. 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 and the U.S. international 

investment position, and in the formulation of international economic and financial policies. This 

report also is part of the Coordinated Portfolio Investment Survey (CPIS), an internationally 

coordinated effort under the auspices of the IMF, to improve the statistics on the holdings of foreign 

securities by major investing countries.

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 U.S. 

Ownership of Foreign Securities, Including Selected Money Market Instruments (Form SHC) of all 

significant U.S.-resident custodians and end-investors will continue to be held approximately every 

five years. In non-benchmark years, the Annual Report of U.S. Ownership of Foreign Securities, 

Including Selected Money Market Instruments (Form SHCA) will require reports from only the very 

largest U.S.-resident custodians and end-investors. The data reported under the annual surveys (Form 

SHCA) will be used in conjunction with the results of the previous benchmark survey to compute 

economy-wide estimates for the non-benchmark years. The next full Benchmark survey will be as of 

December 31, 2021.

The determination of who must report on the annual reports (Form SHCA) 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 end-investors (including fund managers) will be required 

to file detailed foreign security data on Schedule 2 and data on foreign securities entrusted to U.S.-

resident custodians on Schedule 3, i.e., they will be required to file in the same manner as they 

did on the previous Benchmark survey.
2

B. AUTHORITY

This mandatory survey is conducted under the authority of the International Investment and Trade in 

Services Survey Act (22 USC 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 and the international investment 

position of the United States (22 USC 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.

C. CONFIDENTIALITY OF DATA REPORTED

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 USC §3104 and 18 USC §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 foreign securities 

can be identified.

D. PENALTIES FOR FAILURE TO REPORT

Reporting as directed in this package is mandatory for any U.S. person or organization subject to the 

reporting requirements set forth in the report instructions. Failure by an organization 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 USC §3105(a)).

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 USC §3105(c)).
3

E. PAPERWORK REDUCTION ACT NOTICE

This report 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 1505-0146. The 

purpose is to collect accurate and complete data that will enable the Treasury Department to fulfill its 

responsibility under the Act. The estimated annual average preparation time per respondent (over 

five years) is about 174 hours, but this will vary widely from respondent to respondent. (a) In the 

year of a benchmark survey (using Form SHC), it is estimated that exempt SHC reporters will require 

an average of 17 hours; custodians of securities providing security-by-security information will 

require an average of 361 hours, but this figure will vary widely for individual custodians; endinvestors providing security-by-security information will require an average of 121 hours; and endinvestors and custodians employing U.S. custodians will require an average of 41 hours. (b) In a nonbenchmark year (using Form SHCA), custodians of securities providing security-by-security 

information will require an average of 546 hours (because only the largest U.S.-resident custodians 

will report), end-investors providing security-by-security information will require an average of 146 

hours; and SHCA reporters entrusting their foreign securities to U.S. custodians will require an 

average of 49 hours. Comments concerning the accuracy of this burden estimate and suggestions for 

reducing the burden should be directed to:

Administrator, International Portfolio Investment Data Systems

U.S. Department of the Treasury

1500 Pennsylvania Avenue NW, Room 5422 MT 

Washington, DC 20220, or 

The Office of Management and Budget 

Paperwork Reduction Project (1505-0146) 

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.
4

II. GENERAL INSTRUCTIONS

A. WHO MUST REPORT

All U.S.-resident entities that have been contacted by the Federal Reserve Bank

of New York to report must file the SHCA report. (See Section II.C, Exemptions.) All other 

entities are exempt from reporting.

1) Custodians are all organizations that hold securities in safekeeping for other organizations. Most 

U.S.-resident custodians also invest in foreign securities for their own account, i.e., are also U.S.-

resident end-investors for purposes of this report. U.S.-resident custodians should report both the 

foreign portfolio securities held in safekeeping for other U.S. residents and their own foreign portfolio 

securities.

2) End-Investors are U.S.-resident organizations that invest in foreign securities for their own 

portfolios or invest on behalf of others, such as investment managers, fund sponsors, fund managers, 

and fund administrators. This includes securities that are held-for-trading, available-for-sale, or heldto-maturity. Collectively, such investors are referred to as “end-investors” throughout these 

instructions. U.S.-resident end-investors include, but are not limited to:

• Financial and non-financial organizations (includes bank holding companies (BHC), financial 

holdings companies (FHC), and Intermediate Holding Companies(IHC))

• Managers of private and public pension funds

• Managers/sponsors/administrators of funds (including money market mutual funds), country 

funds, unit- investment funds, exchange-traded funds, collective-investment trusts, hedge 

funds, limited partnerships, trusts, certain private funds or any other similarly pooled, 

commingled funds. Also managers/sponsors/administrators of private equity companies, 

venture capital companies, hedge funds, certain private funds and other private investment

vehicles

• Insurance companies

• Foundations

• Institutions of higher learning (e.g., universityendowments)

• Trusts and estates

• Funds and similar entities that own shares or units of, or other portfolio equity interests in, a 

foreign related or non-related entity.
5

Reporting (as end-investor) is the responsibility of the manager of a fund, partnership, trust, etc, if 

they have discretion over investments of the fund/partnership/trust/etc. In that case the actual endinvestor(s) should not report so that there is no double counting in the overall TIC data system. 

In general, it is important that every reportable cross-border ownership of long-term securities be 

reported by one and only one entitiy. For example, in cases where each individual end investor 

does not meet the reporting thresholds but the manager who manages them all meets the threshold 

in the aggregate, then the manager has the responsibility to report. If a situation is unclear, please 

contact the Federal Reserve Bank of New York. 

Reports should include all reportable securities held or managed by all U.S.-resident parts of the 

organization, including all U.S.-resident branches, offices, and subsidiaries. U.S. residents include 

organizations organized under the laws of the Commonwealth of Puerto Rico or of U.S. 

territories and possessions. Please see Appendix H – Glossary for the complete definition of 

United States. It is the responsibility of the top U.S.-resident parent entity in each organization to 

ensure that its report covers all applicable entities within the organization.

If any of the following conditions apply, please contact the FRBNY staff:

• Your organization is not the top U.S.-resident parent entity in your organization and has been 

notified of its obligation to report by, the Federal Reserve Bank of NewYork.

• Your organization cannot submit a single report for the entireorganization.

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#shc
6

B. WHICH SCHEDULES TO REPORT

• Schedule 1:

Schedule 1 must be filed by all entities that 1) receive a copy of the SHCA forms and 

instructions from the Federal Reserve Bank of New York, or 2) are notified by the Federal 

Reserve Bank of New York that they are required to file the SHCA report. Schedule 1 

requests information that identifies the reporter. It also provides contact information, indicates 

the reporting status, and summarizes the data, if any, reported on Schedule 2 and/or Schedule 3.

• Schedule 2:

Schedule 2 is used to report detailed information on foreign securities owned by U.S.-resident 

investors (1) that the reporter safe-keeps for itself or for its U.S.-resident clients or (2) for which 

the reporter directly employs foreign-resident sub-custodians or U.S.-resident or foreign-resident 

central securities depositories (CSDs) to manage the safekeeping of those securities (Foreign 

securities in safekeeping with U.S.-resident CSDs are reportable on Schedule 2.) (See Section 

III.H.) or (3) that are instruments of the type that there is no U.S. custodian to manage the 

safekeeping of those securities.

• Schedule 3:

Schedule 3 is used to report summary amounts for all foreign securities entrusted to the 

safekeeping of a U.S.-resident custodian, excluding those entrusted to a U.S. - resident CSD. (See 

Section III.H.).

C. EXEMPTIONS

• Schedule 1

If you have been notified of a reporting responsibility by the Federal Reserve Bank of New York, 

there is NO exemption level for Schedule 1. You must complete the reporter identification, the 

contact and certifying information parts of Schedule 1. However, items requesting aggregate data 

on foreign securities on Schedule 1 should be left blank if you are not required to report data on 

Schedule 2 or Schedule 3.

• Schedule 2

SHCA reporters are exempt from reporting on Schedule 2 if the total fair value of foreign 

securities whose safekeeping they manage for themselves and for other U.S. residents or whose 
7

safekeeping the reporter has entrusted directly to foreign-resident custodians or U.S or foreignresident central securities depositories is less than US$ 200 million (aggregated over all 

accounts) as of December 31.

• Schedule 3

SHCA reporters are exempt from reporting on a Schedule 3 holdings that are entrusted to 

an unaffiliated U.S.-resident custodian that is not a U.S.-resident CSD, if the total fair value of 

the foreign securities entrusted to that U.S.-resident custodian by the U.S. parts of the reporter’s 

organization and its U.S.-resident clients whom the reporter represents as end- investor –

aggregated over all accounts - is less than US$ 200 million as of December31.

D. REPORTING DATES

Report data as of the last business day of December. Data should be submitted to the Federal Reserve 

Bank of New York no later than the first Friday of March.

E. 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 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 spreadsheet 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.

• For more information on how to submit data using the Reporting Central system, log on to

http://www.frbservices.org/centralbank/reportingcentral/index.html,contacttheFRBNYstaff 

at 212-720-6300 or at SHC.Help@ny.frb.org. An application to register for Reporting 

Central can be obtained at:

http://www.frbservices.org/centralbank/reportingcentral/application_setup.html
8

Alternative Methods of Reporting:

• If your organization is submitting less than 100 Schedule 2 records, these records may be 

submitted using the Reporting Central system 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. All appropriate Schedules must be submitted in the same package.

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: SHC.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#shc
9

III. WHAT SECURITIES MUST BE REPORTED

This report collects information on U.S. resident holdings of foreign portfolio securities, including 

foreign equities, short-term debt securities (including selected money market instruments), and longterm debt securities. Asset-backed securities are to be reported separately from other debt securities. 

Foreign securities are all securities issued by entities that are established under the laws of a foreign 

country (i.e., any entity that is legally incorporated, otherwise legally organized or licensed (such as 

branches) , in a foreign country) and all securities issued by international or regional organizations, 

such as the International Bank for Reconstruction and Development (IBRD or World Bank), and the 

Inter-American Development Bank (IADB), even if these organizations are physically located in the 

United States.

Reportable securities may be traded or issued in the United States and in foreign countries, and 

may be denominated in any currency, including euros and U.S. dollars. 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.

As an exception, foreign securities held by a U.S. depository to back depositary receipts/shares should 

not be reported. Instead, the U.S.-resident holders of the depositary receipts/shares should report the 

receipts/shares. This exception is necessary to identify the portion of depositary receipts/shares 

actually held by U.S. residents, because many depositary receipts/shares are held by foreign residents.

A. REPORTABLE FOREIGN SECURITIES 

Reportable securities include:

• Securities issued by international and regional organizations, such as the International Bank for 

Reconstruction and Development (IBRD or World Bank) or the Inter-American Development 

Bank (IDB) whether physically located in the United States orabroad.

• Securities issued in the United States by foreign-resident organizations (e.g., Canadian or 

Mexican firms), even if they are denominated in U.S. dollars and trade on U.S. securities 

exchanges.

• Securities issued by foreign-resident subsidiaries of U.S.-resident organizations (e.g., GMAC 

Canada) and foreign-resident offices of U.S. banks or U.S. broker/dealers, even if they are 

guaranteed by the U.S. parent company, or issued in the UnitedStates.
10

• Depositary receipts/shares, including American Depositary Receipts (ADRs), American 

Depositary Shares (ADS), Global Depositary Receipts (GDRs), and International Depositary 

Receipts (IDRs), if the underlying securities are issued by foreign residents - (See Section III.E.).

• Securities issued by foreign-resident entities under Section 144A of the SEC Act.

• Money market instruments, including negotiable certificates of deposit (CDs) issued by foreignresident entities.

Equity Interests represent an ownership interest in foreign-resident organizations.

Include as equities:

• Common stock (ordinary shares);

• Preferred stock (participating and nonparticipating preferenceshares);

• Restricted stock;

• Depositary receipts/shares (e.g., ADRs, ADSs, GDRs, IDRs) provided the underlying securities 

used to collateralize the receipts/shares are foreign securities (See Section III.E.);

• Shares/units/other equity interests in foreign-resident funds (including mutual funds and money 

market funds), index-linked funds, exchange-traded funds, private equity companies, venture 

capital companies, investment trusts, common trust funds, commingled investment accounts, 

hedge funds, certain private funds and other investment vehicles – (See Section III.C.);

• U.S.-resident limited partner interests in foreign-resident limited partnerships and equity interests 

in other companies that do not issue shares (General partner ownership interests are excluded.) 

(See Section III. J.); and

• Other equity securities, including privately placed equity interests.

Short-Term Debt Securities include bills, commercial paper, and other money market instruments 

specified below with an original maturity of one year or less that give the holder the unconditional 

right to financial assets. Asset-backed short-term debt securities should be reported as asset-backed 

securities. (See below.)

Include as short-term debt securities:

• Short-term foreign government securities;

• Short-term bankers’ acceptances and trade acceptances;

• Short-term commercial and financial paper, including asset-backed commercial paper;
11

Short-term negotiable certificates of deposit, bank notes, and deposit notes;

• Short-term notes issued under note issuance facilities and revolving underwriting facilities, even 

though the underlying facility may be for more than one year;

• Short-term medium-termnotes;

• Short-term promissory notes;

• Stripped securities with an original maturity of one year or less; and

• Other short-term debtsecurities.

Long-Term Debt Securities (excluding asset-backed securities) include bonds and notes, with an 

original maturity of over one year, that usually give the holder the unconditional right to financial 

assets.

Include as long-term debt securities:

• Bonds such as foreign treasury, zero coupon, stripped, deep-discounted, currency-linked (e.g., 

dual-currency), floating rate, equity-related (e.g., convertible bonds) bonds and Eurobonds;

• Long-term index-linked debt securities;

• Long-term floating rate notes (FRN), such as perpetual notes (PRN), variable rate notes (VRN), 

structured FRN, reverse FRN, collared FRN, step up recovery FR (SURF), and 

range/corridor/accrual notes;

• Long-term medium-termnotes;

• Bonds with multiple call options, the last of which is more than one year after issue;

• Long-term debentures;

• Long-term negotiable certificates of deposit, bank notes, and depositnotes;

• Long-term bearer depositary receipts denoting ownership of debt securities issued by 

nonresidents;

• Brady bonds;

• Covered bonds (e.g., Pfandbriefe);

• Long-term securities backed by a sinking fund; and

• Other long-term debtsecurities.

Asset-Backed Securities are securitized interests in a pool of assets, which give the purchaser a 

claim against the cash flows generated by the underlying assets. In many cases, the security’s 

outstanding principal is reduced over time as principal repayments are received and passed on to the
12

holders of the security. Securities backed by revolving credits, such as pools of credit card 

receivables, do not meet this criterion, but are still classified as ABS if the return to the holder is 

based upon these credits (i.e., the credits do not merely serve as collateral). The ABS is reported if 

the issuer securitizing the assets is a foreign resident. The underlying asset should not be used to 

determine if the securities are reportable. Asset-backed commercial paper should be reported as 

commercial paper with other short-term debt.

Include as asset-backed securities all collateralized mortgage obligations (CMOs), collateralized 

bond obligations (CBOs), collateralized loan obligations (CLOs), collateralized debt obligations 

(CDOs), and other securities which give the purchaser a claim against the cash flows generated by 

pools of:

• Mortgages;

• Credit card receivables;

• Automobile loans;

• Consumer and personal loans;

• Commercial and industrial loans and other whole loans; and

• Other assets.

B. DO NOT REPORT

Do not report any:

• Derivative contracts (including futures, forwards, swaps, options, and warrants) meeting the 

definition of a derivative under ACS 815 (formerly FAS 133). If the embedded derivative has not 

been bifurcated from the host contract under FAS 133, then the security should be reported 

without separating the embedded derivative from the host contract. However, if the embedded 

derivative is bifurcated from the host contract, then the derivative should be excluded from the 

report and the host security should be included on thereport.

• Loans and loan participation certificates;

• Letters of credit;

• Non-negotiable certificates of deposit ;

• Bank deposits, including time deposits (except for negotiable CDs) and demanddeposits;

• Foreign securities temporarily acquired under reverse repurchase, borrowing, or lending 

arrangements (See Section III.D.);
13

• The underlying security of a depositary receipt, even if a foreign security (See Section III.E.);

• Direct investments, including investments in real estate and general partner ownership interests 

(However, limited partner ownership interests and certain private fund interests are reportable 

investments.). Please review the complete definition of Direct Investment in the TIC glossary (see 

Appendix G) and the list of excluded investments in these instructions 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 SHC(A) and the TIC SLT reports.; and

• All U.S. securities, including:

1. Securities issued by U.S.-resident organizations, even if they are denominated in foreign 

currencies or traded on foreign securities exchanges;

2. Securities issued by U.S.-resident subsidiaries of foreign-resident organizations and U.S.-

resident offices of foreign banks or foreign broker/dealers, even if they are guaranteed by the 

foreign parent company, or issued outside of the United States;

3. Securities issued by U.S.-resident entities under Section 144A of the SECAct;

4. Ownership of shares of U.S.-resident funds, even if the fund invests in foreign securities (See 

Section III.C.); and

5. Stripped securities issued by a U.S.-resident financial institution, even if the underlying 

security is a foreign security (See SectionIII.F.).

C. FUNDS AND RELATED EQUITY HOLDINGS

1. Report U.S. residents’ ownership of shares/units of, or other equity interests in, funds legally 

established outside of the United States (foreign-resident funds) as equity securities. All U.S. 

residents’ holdings of foreign-resident funds 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 the money of one or more 

investors and that invest the pooled money in one or more of a variety of assets. Funds include, but 

are not limited to:

• Mutual funds (including both closed-end and open-end mutualfunds);

• Money market funds;

• Investment trusts;

• Index-linked funds;

• Exchange traded funds (ETFs);

• Investment vehicles that use the money of a single investor to buy securities that the investment
14

vehicle owns (single investor funds);

• Commingled accounts;

• Investment trusts;

• Common trust funds;

• Hedge funds;

• Private equity funds.

• Certain Private Funds

The determination of whether ownership interests in a fund are foreign securities is based on the 

country in which the fund is legally established, not on the type of securities the fund purchases. For 

example, an interest in a fund organized in Bermuda that purchases U.S. Treasury securities is a 

reportable foreign equity security. Likewise, an interest in a fund established in the United States is a

U.S. security and should be excluded from the report, even if the U.S.-resident fund invests in foreign 

securities.

Many funds established outside 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 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 report staff at (212) 720-6300 or (646) 720-6300.

2. Report U.S.-resident funds’ ownership of foreign securities.

Although ownership of equity interests in U.S.-resident funds is excluded from this report, the foreign 

securities owned by U.S.-resident funds are reportable. These are distinct holdings and, therefore, are 

not duplicate reporting. Foreign securities owned by U.S.-resident funds should be classified as 

equity, debt, or asset-backed securities, as indicated in Section III.A.

3. How to report hedge funds and other alternative investment vehicles

a) Investment advisors, managers, administrators or similar types of legal entities and fund 

sponsors that create/manage/administer master-feeder fund structures both outside and inside 

the U.S. should report any portfolio investments between the U.S. and foreign- resident 

affiliate funds that the investment manager sets up.
15

Example 1

A U.S.-resident investment manager/fund sponsor (IM/FS) creates a Cayman master 

fund, a Cayman feeder fund and a U.S. feeder fund. The investments by the U.S. IM/FS in 

the Cayman funds are direct investments since the IM/FS controls the affiliated firms and 

should be reported to the Department of Commerce, Bureau of Economic Analysis as direct 

investments (except for certain funds meeting the criteria described in section III.C.3.(c)

below). However, the investment that the U.S. feeder fund has in the Cayman Master Fund is 

portfolio investment and should be reported on the SHCA by the IM/FS as the representative 

of the

U.S. feeder fund as the owner (end-investor). However, if a U.S. custodian holds the equity 

interests of the U.S feeder fund in the foreign master fund, then the U.S. custodian would 

have the responsibility of reporting those interests on the SHCA.

Example 2

A foreign-resident IM/FS sets up a Cayman master fund, a Cayman feeder fund, and a

U.S. feeder fund. The investments between the foreign IM/FS and the U.S. feeder fund are 

direct investment since the foreign IM/FS controls the feeder fund (except for certain funds 

meeting the criteria described in section III.C.3.(c) below). However, the equity investment 

that the U.S. feeder fund has in the foreign master fund is portfolio investment and should 

be reported by the U.S. feeder fund as ownership of foreign equity on the SHCA. If a U.S. 

custodian holds the equity interest of the U.S. feeder in the foreign master fund, then the U.S. 

custodian would have the responsibility of reporting on the SHCA.

b) Exclude any investment between the investment manager, administrator or other entity that 

formed the funds (as a general partner) and all the entities it creates. These are direct 

investments and should be reported to the Bureau of Economic Analysis, except as noted in 

section III.C.3.(c) immediately below.

c) Direct investment exception for certain private funds (see Direct Investment in Appendix G, Glossary)

There is an exception to the rule that investments in foreign entities of 10 percent or more of 

their voting interest by a U.S. entity are excluded from TIC reports - investments in certain 

private funds, or between the entities of a certain private fund, are included in TIC surveys 

regardless of ownership share if they meet BOTH of the following criteria:

• The foreign private fund entity 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 U.S. parent owns at least 10 percent of the voting 

interest,
16

AND

• If the U.S. entity owns the foreign private fund entity indirectly (through one or more 

other business enterprises), there are no “operating companies” between the U.S. parent and

the indirectly-owned foreign private fund entity.

Guidance on the decision to report investments in certain private funds or between entities of 

certain private funds in the TIC system or in BEA surveys can be found at:

https://www.bea.gov/privatefunds. Use the tool labeled “U.S. Investments in Foreign Private Funds.”

Note on this section 3: 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

U.S. entity 1) has less than 10% voting interest in the foreign entity, 2) non-voting interest in

the foreign private fund, or 3) meets the criteria above regarding “operating companies,” it is 

not treated as a direct investment and will fall into the category of portfolio investment and

must be reported as part of the TIC system. All U.S. entities that do not meet requirements 1), 

2), or 3) must be reported as part of the BEA’s direct investmentsurveys.

4. Fund ownership by Pension and Retirement Plans (including those of State and Local 

governments, including municipalities).

As mentioned in section II.A.2 above, reporting is the responsibility of the manager of a 

fund, partnership, trust, etc, if they have discretion over investments of the 

fund/partnership/trust/etc. In that case the actual end-investor(s) should not report so that 

there is no double counting in the overall TIC data system.

A pension plan holds foreign investments through (a) onshore funds (including funds of 

hedge funds) and (b) offshore funds (including funds of hedge funds). For the purposes of 

TIC, the requirement to report is based on the country in which the fund is legally 

established.

(a) The investments in onshore U.S funds (including funds of hedge funds) are 

investments in U.S.-resident entities and are therefore not reportable on the SHCA.
17

(b) The investments in offshore funds (including funds of hedge funds) are 

investments in foreign-resident entities, and are therefore reportable on the SHCA. 

Only the shares of the funds themselves are reportable (not their underlying 

investments), and only if the pension investments are portfolio investment. Please 

review the definition of Direct Investment in the TIC glossary (see Appendix G) and 

the list of excluded investments in these instructions 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 SHC(A) and the TIC SLT 

reports. If a U.S. custodian holds the foreign portfolio interests in the offshore funds 

on behalf of the pension plans, the U.S. custodian would have the reporting 

responsibility to report on the TIC SHC (A) and the TIC Form SLT.

A foreign-resident pension fund is a legal entity established outside the United States to provide 

retirement benefits exclusively for foreign residents and is not required to file TIC reports. Investments 

by foreign-resident pension funds in U.S. securities are reportable by U.S.-resident custodians and fund 

managers as described elsewhere in the instructions for the TIC SLT and SHL(A)..

D. SECURITIES INVOLVED IN REPURCHASE AND SECURITIES LENDING 

ARRANGEMENTS

A repurchase agreement (repo) is an arrangement involving the sale of securities at a specified price 

for cash 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 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. All of these arrangements, as well 

as buy/sell agreements, should be treated asfollows:

• Securities sold under repurchase agreements or lent under securities lending arrangements, or 

collateral provided, should be reported by the original owner of the securities (or their U.S.-

resident custodian) as if the securities were continuously held; that is, as if the repurchase or 

security lending agreement did not exist. Thus, if a U.S. resident transferred a foreign security 

under a repurchase or securities lending arrangement, the U.S. resident (or their U.S.-resident 

custodian) transferring the security should include it in its Schedule 2 or Schedule 3 records. The 

country reported should be the country of the issuer of the security and not the country of the 

counterparty to the repo or other agreement.
18

• Securities, including collateral, temporarily acquired by U.S. residents under reverse repurchase 

or borrowing or lending arrangements should not be reported.

• However, if cash wastemporarily received as collateral and was used to purchase securities, those 

securities should be reported.

E. DEPOSITARY RECEIPTS/SHARES

Depositary receipts/shares, including American depositary receipts (ADRs) or bearer depositary 

receipts should be attributed to the country of residence of the issuer of the security underlying the

depositary receipt/share. Issuers of depositary receipts/shares should not report their holdings of the 

actual foreign securities. Only U.S. residents’ holdings of depositary receipts/shares should be 

reported.

In addition, the security type reported should be determined based on the security underlying the 

depositary receipt/share. For example, if the underlying security is foreign common stock then the 

security type reported in Item 7 of the Schedule 2 should be 1 (common stock).

F. STRIPPED SECURITIES

Stripped securities 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 country of residence of a stripped security is the country of residence of the entity that issued the 

stripped security, not the country of residence of the entity that issued the underlying security. 

Stripped securities issued by foreign residents, (the interest-only (IO) component, the principal-only

(PO) component and tranches of stripped asset-backed securities), and held by U.S. residents are 

reportable. If a U.S.-resident financial institution issued the stripped securities, the issuer of the 

stripped securities should report its ownership of the underlying foreign securities. Exclude U.S. 

residents’ holdings of stripped securities issued by a U.S.-resident financial institution.

G. DIRECT INVESTMENT. Please see Appendix G 
19

H. SECURITIES HELD BY CENTRAL SECURITIES DEPOSITORIES

Foreign securities entrusted to U.S.-resident custodians that are in turn held at a U.S.-resident central 

securities depository (such as the Depository Trust Company or the Federal Reserve Bank of New 

York), or a foreign-resident central securities depository (such as Euroclear or Clearstream), must be 

reported by the U.S.-resident custodian, not by the U.S. or foreign-resident central securities 

depository. Likewise, foreign securities held by a U.S.-resident end-investor directly with a U.S.-

resident or foreign-resident central securities depository must be reported by the U.S.-resident endinvestor, not by the central securities depository.

Foreign securities provided to the Federal Reserve Bank of New York (FRBNY) for discount window 

loan collateral must be reported by the “lender” of the securities, not by the FRBNY.

I. COUNTRY ATTRIBUTION

Except for securities issued by international and regional organizations and depositary receipts, 

securities should be reported based upon the country of residence of the issuer of the securities. The 

country of residence of any entity is where it is legally incorporated or otherwise legally organized, 

with the exception of bank branches, whose country of residence is the country where they are 

licensed. In cases where a foreign subsidiary of a U.S.-resident organization issues a reportable 

security, report these securities in the country where the foreign subsidiary is resident if the security is 

the direct legal obligation of the foreign subsidiary.

Depositary receipts should be attributed to the country of residence of the issuer of the security 

underlying the depositary receipt.

Securities issued by international and regional organizations are not allocated to the country in which 

the international or regional organization is located. The country attribution for most international 

and regional organizations are regional group codes: 72907, 73903, 74918, 74942, 75906, 76902, and 

77909. Refer to Appendix D for a list of international and regional organizations.

A few international and regional organizations have their own geographic classification (country) 

codes in the Appendix and those codes should be used in reporting on the SHCA.

Attribution of country of residence of the issuer should not be affected by the currency of issue or by 

the country of a guarantor.
20

J. LIMITED PARTNERSHIPS

U.S.- resident limited partner interests in foreign-resident limited partnerships should be reported as 

Other Equity (Schedule 2, Item 12 = 4). Limited partners’ ownership does not carry voting rights; 

therefore, such ownership, even if greater than 10%, is reportable. The Number of Shares Held field 

on the Schedule 2 (Item 19) should be defaulted to the value reported in the US$ Fair Value field 

(Item 17) because limited partnerships do not issue shares.

U.S.-resident general partner interests in foreign-resident limited partnerships may be considered to 

be direct investment and are excluded from this report. However, see the direct investment exception

for certain private funds in section III.C.3.(c) (see also Direct Investment in the glossary).

K. 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 December 2017. 

The fair value follows the definition of ASC 820 (formerly FAS 157). Fair value is the amount at 

which an asset could be bought or sold in a current transaction between willing parties, other than in a 

forced or liquidation sale. If a quoted market price is available for an instrument, the fair value is the 

product of the number of trading units times that market price. For coupon bonds, valuations should 

be based on “clean” prices, that is, excluding accrued interest. For securities that do not regularly 

trade, the estimate of fair value should be based on the best information available in the 

circumstances. The estimate of fair value should consider prices for similar assets and the results of 

valuation techniques to the extent available in the circumstances. Examples of valuation techniques 

include discounted cash flow, matrix pricing, option-adjusted spread models and fundamental 

analysis.

For asset-backed securities, the fair value of the unpaid principal amount outstanding at close of 

business on the last business day of December should be reported; if principal has been repaid, this 

fair value will not be the same as the original face value revalued at end-period marketprices.

U.S.-resident custodians should, at a minimum, report the fair value to the extent that it is available as 
21

part of their normal services provided to customers, even if the price available is prior to the last 

business day of December. 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 or (646) 720-6300.

Foreign Currency Denominated Securities – Calculation of U.S. Dollar Values

If the security is not denominated in U.S. dollars (US$) and a US$ 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 December. 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 currency values by the foreign exchange rate to obtain the US$ values. For example, if 

the value of a security issued in Japan is ¥ 200,000, 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$1.75/UK£, then multiply foreign currency values by the US$ exchange rate value of the foreign 

currency to obtain US$ values. For example, if the value of a security issued in the United Kingdom 

is UK £1,000, multiply UK £1,000 by 1.75 to obtain US$1,750.

L. DATA RETENTION PERIOD

The reporter must retain all data used to create this report for a period of 36 months from the date of 

the report's submission.

M. REVIEW OF DATA AND REQUESTS 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 foreign securities have been reported; (2) 

information to ensure that all reported foreign securities are held by U.S. residents; or (3) other 

information that helps to explain or corroborate the submitteddata.

Entities filing data on electronic media that are not formatted per the specifications in Appendix H 

will be required to re-submit the data in the properformat.
22

IV. INSTRUCTIONS FOR COMPLETING REPORTINGSCHEDULES

A. SCHEDULE 1 - REPORTER CONTACT IDENTIFICATION AND SUMMARY OF 

FINANCIAL INFORMATION

Schedule 1 must be completed by all organizations that meet the survey reporting requirements as 

specified in Section II.A. This schedule is used to provide basic identifying information and provide 

summaries of data reported on Schedule 2 and Schedule 3 records. Please type or print all 

information.

1. Reporter Identification Number (RSSD) - Enter your organization’s ten-digit Reporter 

Identification Number. If you do not know the Reporter Identification Number for your 

organization, please contact FRBNY staff at (212) 720-6300 or(646) 720-6300.

2. Organization Name - Include the full legal name of the reportingentity.

For items 3 through 6, enter reporting entity’s full mailing address.

7. Reporting Status - Select 1 if your organization is Exempt from reporting on both Schedules 2 

and 3 as defined in Section II.C OR if your organization’s reportable foreign securities are 

included in the report of its U.S.-resident parent. Select 2 if your organization is filing only 

Schedule 2 records.

Select 3 if your organization is filing only Schedule 3 records.

Select 4 if your organization is filing both Schedule 2 and Schedule 3.

8. Reporter Type - Enter one of the following that best describes your organization (Refer to 

Appendix G - Glossary for specific definition of reporterstype)

1 = Depository Institution 4 = Insurance Company 7 = Foundation, Trust, or Estate

2 = Fund/Fund Manager/Sponsor 5 = OtherFinancial Organization 8 = Institution of HigherLearning 

(excluding 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.
23

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.

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, arise. If a service provider was used to prepare the 

data reported, the technical contact may be a vendor employee.

For items 15 through 17, enter title, telephone number and email address of the contact identified in 

item 14.

18. Valuation Technique - 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 fair value 

of the security or to the client’s holdings (quantity) 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 18completed.

SUMMARY OF SCHEDULE 2 INFORMATION

This section contains summary data for the information reported on Schedule 2 records. If your 

organization submits Schedule 2 data on multiple media, the summary Schedule 2 data should 

represent aggregate data across all media submitted for the same reporter identification number.

19. Total Number of Schedule 2 Records Submitted - Enter the total number of Schedule 2 records 

submitted.

20. Total US$ Fair Value of All Equity Securities - Enter the sum of the US$ fair value of all 

equity security records (records with Schedule 2, Item 12 = 1, 2, 3, or 4), rounded to the nearest

U.S. dollar.
24

21. Total US$ Fair Value of All Short-Term Debt Securities (excluding asset-backed

securities) - Enter the sum of the US$ fair value of all short-term debt security (including assetbacked commercial paper) records (records with Schedule 2, Item 12 = 5, 6, 7, 8, 9, 10 or 11),

rounded to the nearest U.S. dollar.

22. Total US$ Fair Value of All Long-Term Debt Securities (excluding asset-backed

securities) - Enter the sum of the US$ fair value of all long-term debt security (excluding assetbacked securities) records (records with Schedule 2, Item 12 = 6, 7, 8, 9, 10 or 11), rounded to

the nearest U.S. dollar.

23. Total US$ Fair Value of All Asset-Backed Securities - Enter the sum of the US$ fair value of

all asset-backed security records (records with Schedule 2, Item 12 = 12), rounded to the nearest

U.S. dollar.

SUMMARY OF SCHEDULE 3 INFORMATION

This section contains summary data for the information reported on Schedule 3 records. 

24. Total Number of Schedule 3 Records Submitted - Enter the total number of Schedule 3 records

submitted.

25. Total US$ Fair Value of All Equity Securities - Enter the sum of all Schedule 3 records, item 4.

26. Total US$ Fair Value of All Short-Term Debt Securities (excluding asset-backed securities) -

Enter the sum of all Schedule 3 records, item 5.

27. Total US$ Fair Value of All Long-Term Debt Securities (excluding asset-backed securities) -

Enter the sum of all Schedule 3 records, item 6.

28. Total US$ Fair Value of All Asset-Backed Securities - Enter the sum of all Schedule 3 records,

item 7.
25

CERTIFYING INFORMATION

All reporters must complete this section.

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 organization that 

he/she can knowingly and with reasonable confidence certify that the information provided in this 

report is both accurate and complete.

29 - 33 - Enter the name, job title, telephone number, and email address of the duly authorized officer 

of your organization who certifies that the information provided is complete and accurate, as well as 

the date and signature.
26

SCHEDULE 2 - DETAILS OF SECURITIES

(Please enter your ten-digit Reporter Identification Number at the top of each page of Schedule 

2.)

1. Reporter Identification Number (RSSD) - Enter your organization’s ten-digit Reporter 

Identification Number. If you do not know the Reporter Identification Number for your 

organization, please contact FRBNY staff at (212) 720-6300 or(646) 720-6300.

2. Sequence Number - Enter the sequence number of this detail record, right justified. The first 

detail record should be assigned sequence number 1, and each succeeding Schedule 2 should be 

assigned a sequence number one higher than the previousrecord.

3. Reporting Unit - If data being submitted are collected from multiple databases or reporting 

systems, please report the internal code used in your organization to identify the database or 

system from which the information on this Schedule 2 came. This information may greatly reduce 

the costs of identifying and fixing reportingerrors that occur.

4. Name of Reporting Unit - Enter a description or name of the reporting unit or area that 

corresponds to the code reported in item3.

5. Reporting As – Enter "1" if you are reporting as end investor. Enter "2" if you are reporting as 

a custodian of this security.

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). All records for securities for 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 you to resubmit your report with 

external ids or to help identify characteristics of individual securities. Please include the 

security id’s check digit and exclude any internal coding characters added to the ISIN, 

CUSIP, or other numbering agency code.
27

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.

7. 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 or system that assigned the securityID.

8. Security Description - Briefly describe the security, providing any relevant descriptive 

information available. Ideally, this would include, but is not restricted to: (a) for preferred stock, 

the annual dividend; (b) for debt securities, the interest rate, if any, whether it is stripped interest 

only (IO) or principal only (PO), convertibility, and currency of denomination; (c) for floating rate 

notes, how the interest is calculated (e.g., Libor plus 1.5); and (d) for depositary receipts, a 

description of the underlying security.

9. Name of Issuer - Enter the full legal name of the organization that issued the security. For 

branches of banks, please provide the location of thebranch.

10. Type of Foreign Issuer – Enter “1” if the foreign issuer is a Foreign Official Institution (FOI). 

Enter “2” if the security was issued by all other Foreign-Residents.

11. Security Type - Enter the security type code from the list below that most closely describes the

type of security being reported. (Refer to Appendix G – Glossary for specific definition).

Equity Debt (excluding asset-backed securities) Asset-backed Securities

1 = Common stock 5 = Commercial paper 9 = Bond or note, unstripped 12 = Asset-backedsecurity 

2 = Preferred stock 6 = Negotiable CD 10 = Bond or note, stripped

3 = Fund shares 7 = Convertible debt security 11 = All other debt 

4 = All other equity 8 = Zero coupon bond or note

1. Type 1 should be used to report all common stock, including restricted common shares.

2. Type 2 should be used to report all preferred stock, including participating preference 

shares, nonparticipating preference shares, convertible preferred stock, and restricted 

preferred shares.

3. 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,
28

open-end and closed-end mutual funds, and unit investment trusts. (See Section III.C)

4. 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.

5. Type 5 should be used to report all commercial paper, including asset-backed commercial 

paper.

6. 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.

7. Type 7 should be used to report all convertible debt securities, including convertible bonds 

and zero- coupon 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.

8. 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 non-asset-backed securities, both the interest-only (IO) and principal-only (PO) 

components, should be reported as type 10; (3) Short-term sovereign debt securities 

should be reported as type 11; and (4) stripped asset- backed securities, the tranches, and 

the IO and PO components, should be reported as type 12.

9. 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.”

10. 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.

11. Type 11 should include all debt other than asset-backed securities that is not covered in 

types 5-10, including short-termsovereigndebtsecurities.

12. 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
29

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 types 5-11, as appropriate..

13. Country of Residence of Issuer - Enter the country code from Appendix C that corresponds to 

the country of residence of the entity that issued the security. (Refer to Section III.I, Country 

Attribution.)

14. Currency of Denomination - Enter the ISO code from Appendix E that corresponds to the 

currency in which the security being reported isdenominated.

15. Type of U.S. Owner - Enter one of the following that best describes the U.S. owner of the 

security:

(Refer to Appendix G - Glossary for specific definition)

1 = Depository Institution 4 = Mutual Fund

2 = Fund or OtherInvestment Vehicle 5 = Insurance Company

(excluding pension fund andmutual funds) 6 = Other Financial (incl. BHC, FHC, IHC)

3 = Pension Fund 7 = Non-Financial Organization (including 

individual/household)

16. Depositary Receipt/Share - Enter 1 if the security is a depositary receipt/share. Enter 2

otherwise.

17. US$ Fair Value of Security - Enter the US$ fair value of the security being reported, 

rounded to the nearest U.S. dollar. (See Section III.K, Accounting Rules, Valuation of 

Securities, and Calculation of U.S. Dollar Values, for more information on how to calculate 

the US$ fair value.)

18. Fair Value of Security in Currency of Denomination - Enter the fair value of the security 

being reported, rounded to the nearest currency of issue unit. If the currency of issue is US$, 

report the same value as in item 17. (See Section III.K, Accounting Rules, Valuation of 

Securities, and Calculation of U.S. Dollar Values, for more information on how to calculate the 

fair value.)
30

FOR EQUITY SECURITIES ONLY

19. Number of Shares - Enter the number of shares held, rounded to the nearest share. 

Securities for which the amount of shares held is zero should not be reported.

FOR ALL DEBT SECURITIES (NON – ABS AND ABS)

20. Face Value (for non-ABS) or Remaining Principal Outstanding (for ABS) 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 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 December 31, 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 bereported.

FOR ASSET-BACKED SECURITIES ONLY

21. Original Face Value in Currency of Denomination - Enter the original face value 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 held) and report the result in thisfield.

FOR ALL DEBT SECURITIES (NON-ABS AND ABS)

22. 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.

23. Maturity Date - Enter the final maturity date of this security in MMDDYYYY format. For 

example, if the security's final maturity date is January 5, 2010, enter 01052010.
31

C. SCHEDULE 3 - CUSTODIANS USED

(Please enter your ten-digit Reporter Identification Number at the top of each page of Schedule 

3.)

1. Reporter Identification Number - Enter your organization’s ten-digit Reporter Identification 

Number. If you do not know the Reporter Identification Number for your organization, please 

contact FRBNY staff at (212) 720-6300 or (646) 720-6300.

2. Sequence Number - Enter the sequence number of this detail record, right justified. The first 

detail record should be assigned sequence number 1, and each succeeding Schedule 3 should be 

assigned a sequence number one higher than the previousrecord.

3. Custodian Code - Please refer to Appendix F for a list of the major U.S.-resident custodians. If 

you do not see your U.S.-resident custodian listed in Appendix F, please enter 99 and complete 

items 9 through 14. (Items 4 through 8 should be completed on all Schedule 3s). If you are not 

required to submit Schedule 2 records, please submit up to two additional Schedule 3 reports:

• Using custodian code 77, submit summary data on foreign securities held directly with 

foreign resident custodians, including foreign-resident offices of U.S. banks or U.S. 

broker/dealers, and with foreign-resident central securitiesdepositories.

• Using custodian code 88, submit summary data on foreign securities held directly, managed 

directly, or held with U.S. –resident central securities depositories (and of which no U.S. –

resident custodian is used).

4. Total US$ Fair Value of Equities Entrusted - Enter the aggregate US$ fair value for all foreign 

equities that you entrusted to the organization(s) reported in the custodian code field, rounded to 

the nearest U.S. dollar.

5. Total US$ Fair Value of Short-Term Debt (excluding asset-backed securities) Entrusted -

Enter the aggregate US$ fair value for all foreign short-term debt securities (excluding assetbacked securities) that you entrusted to the organization(s) reported in the custodian code field, 

rounded to the nearest U.S. dollar.

6. Total US$ Fair Value of Long-Term Debt (excluding asset-backed securities) Entrusted -

Enter the aggregate US$ fair value for all foreign long-term debt securities (excluding asset-
32

backed securities) that you entrusted to the organization(s) reported in the custodian code field, 

rounded to the nearest U.S. dollar. 

7. Total US$ Fair Value of Asset-Backed Securities Entrusted - Enter the aggregate US$ fair

value for all foreign asset-backed securities that you entrusted to the organization(s) reported in the

custodian code field, rounded to the nearest U.S. dollar.

8. Reporting As - Enter 1 if you are the U.S.-resident end-investor or fund manager or 2 if you are

the U.S.-resident custodian that is entrusting foreign securities to the organization reported in the

custodian code field. (See Appendix G for the definitions of end-investor and custodian.) Please

note that, if you are the custodian, but do not fully disclose the identities of your clients to the

sub-custodian, your organization should report those securities on Schedule 2, not on

Schedule 3.

COMPLETE ITEMS 9 THROUGH 14 ONLY IF THE CUSTODIAN CODE (ITEM 3) IS 99

9. Name of U.S.-Resident Custodian - Enter the full legal name of the U.S.-resident custodian to

which you entrusted the securities.

For items 10 through 14, enter the full mailing address and telephone number of the U.S. Resident 

Custodian identified in item 9.
33

APPENDIX A

SAMPLE REPORTING FORM SHC/SHCA

The following schedules in this appendix are also available in a separate document.

A copy is on the TIC website at: 

https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-sh.aspx#shc
SHC Schedule 1, Page 1 of 3

... ....

...

Department of the Treasury OMB Control Number 1505-0146 Approval Expires 10/31/2021 

Report of U.S. Ownership of Foreign Securities, Including Selected Money Market Instruments 

(SHC)

1. Reporter Identification Number (RSSD): .................................................... 

2. Organization Name:

3. Street Address:

4. City: 5. State: 6. Zip Code:

7. Reporting Status:........................................................................................................................ 

1 = Exempt 3 = Only Schedule 3(s) are being submitted

2 = Only Schedule 2(s) are being submitted 4 = Schedules 2(s) and 3(s) are being submitted

8. Reporter Type :........................................................................................................................ 

1 = Depository Institution 4 = Insurance Company 7 = Foundation, trust, estate

2 = Fund /Fund Manager/Sponsor 5 = Other Financial Organization 8 = Institution of higher learning 

(excluding pension fund) (including BHC, FHC, IHC, broker/dealers) (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 (if applicable):

Technical Contact Information:

14. Name: 15. Title:

16. Telephone Number: 17. Email Address:

SCHEDULE 1: REPORTER CONTACT IDENTIFICATION AND 

SUMMARY OF FINANCIAL INFORMATION

REPORTER CONTACT INFORMATION

...
SHC Schedule 1, Page 2 of 3

Department of the Treasury OMB Control Number 1505-0146 Approval Expires 10/31/2021 

Reporter Identification Number....................................................................

18. Valuation Technique(s) Used to Determine Fair Values

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
.

Department of the Treasury OMB Control Number 1505-0146 Approval Expires 10/31/2021 

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)

24. Total Number of Schedule 3s Submitted............................................................................... , 

25. Total US$ Fair Value of All Equity Securities ......................... , , , ,

Reported on Schedule 3(s)

26. Total US$ Fair Value of All Short-Term Debt Securities.............. , , , ,

(excluding asset-backed securities) Reported on Schedule 3(s)

27. Total US$ Fair Value of All Long-Term Debt Securities.................. , , , ,

(excluding asset-backed securities) Reported on Schedule 3(s)

28. Total US$ Fair Value of All Asset-Backed................................ , , , ,

Securities Reported on Schedule 3(s)

By signing the certification below you acknowledge that:

• You have read and understood the reporting requirements of this survey.

• 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 andcomplete.

Certifier's Signature: 29. Date Signed:

30. Certifier's Name:

31. Certifier's Title:

32. Certifier's Telephone Number:

33. Certifier's Email Address:

SHC Schedule 1, Page 3 of 3 

SUMMARY OF SCHEDULE 2 INFORMATION

SUMMARY OF SCHEDULE 3 INFORMATION

CERTIFYING 
... , ,

...

.......

...

............... .....

........

.....

...

...

...

Department of the Treasury OMB Control Number 1505-0146 Approval Expires 10/31/2021 

1. Reporter Identification Number (RSSD):......................................................

2. Sequence Number: ......................................................................................... , , 

3. Reporting Unit:.................................................................................................................. 

4. Name of Reporting Unit:

5. Reporting As:.................................................................................................................................

1 = End-investor 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. Security Description:

10. Name of Issuer:

11. Type of Foreign Issuer:.................................................................................................................. 

1 = Foreign Official Institutions 2 = All Other Foreign Residents

12. Security Type: ..................................................................................................................... 

Equities Debt (excluding asset-backed securities) Asset-Backed Securities

13. Country of Residence of Issuer: (Refer to Appendix C)......................................................... 

14. Currency of Denomination: (Refer to Appendix E)........................................................................... 

15. Type of U.S. Owner: ........................................................................................................................ 

1 = Depository Institution 4= Mutual Fund

2 = Fund or Other Investment Vehicle 5 = Insurance company

(excluding pension and mutual funds) 6 = Other Financial Organization (including BHC, FHC, IHC) 

3 = Pension Fund 7 = Nonfinancial Organization (includingindividual/household)

16. Depositary Receipt/Share: ............................................................................................................... 

1 = Yes, the security is a Depositary Receipt/Share

2 = No, the security is NOT a Depositary Receipt/Share

SHC Schedule 2, Page 1 of 2 

SCHEDULE 2: DETAILS OF SECURITIES

...

...

1 = Common stock 5 = Commercial paper 9 = Bond or note, unstripped 12 = Asset-backed security

2 = Preferred stock 6 = Negotiable CD 10 = Bond or note, stripped

3 = Fund shares

4 = All other equity

7 = Convertible debt security

8 = Zero-coupon bond or note

11 = All other debt
SHC Schedule 2, Page 2 of 2

, ,

... ... ...

......

,

...

.....

Department of the Treasury OMB Control Number 1505-0146 Approval Expires 10/31/2021 

Reporter Identification Number (RSSD): ..........................................................

17. US$ Fair Value of Security:..................................................... , , ,

18. Fair Value of Security in the Currency of Denomination:.................. , , ,

(Security Types 1, 2, 3 or 4)

19. Number of Shares:....................................................................... , , , 

(Security Types 5, 6, 7, 8, 9, 10, 11, or 12)

20. Face Value (for non-ABS) or Remaining Principal Outstanding (for ABS)

in the Currency of Denomination: ............................................. , , , 

(Security Type 12)

21. Original Face Value in the Currency ofDenomination: ...................... , , , 

(Security Types 5, 6, 7, 8, 9, 10, 11, or 12)

22. Issue Date: (MMDDYYYY)..............................................................................

23. 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)
SHC Schedule 3, Page 1 of 1

...

.......... .

.....

....

......

Department of the Treasury OMB Control Number 1505-0146 Approval Expires 10/31/2021 

1. Reporter Identification Number (RSSD):...................................................

2. Sequence Number: .......................................................................................... , 

3 Custodian Code: (Refer to Appendix F).................................................................................... 

If the U.S.-resident custodian used is not in the Appendix, please enter 99 and complete items 9 through 14.

4. Total US$ Fair Value of Foreign Equity Securities , , , ,

5. Total US$ Fair Value of Foreign Short-Term Debt

Securities (excluding asset-backed securities)......................... , , , ,

6. Total US$ Fair Value of Foreign Long-Term Debt

Securities (excluding asset-backed securities) ...................... , , , ,

7. Total US$ Fair Value of Foreign Asset-Backed Securities ...... , , , ,

8. Reporting As: ........................................................................................................................... 

1 = U.S.-resident end-investor (as defined in Appendix G – Glossary)

2 = U.S.-resident custodian (as defined in Appendix G – Glossary), who is in turn entrusting these securities to 

another U.S.-resident custodian that knows the identities of its customers

Complete items 9 through 14, identifying the U.S.-Resident Custodian, only if the Custodian Code in Item 3 is 99:

9. Name of U.S.-Resident Custodian:

10. Street Address of U.S.-Resident Custodian:

11. City: 12. State: 13. Zip Code:

14. Telephone Number of U.S.-ResidentCustodian:

SCHEDULE 3: CUSTODIANS USED
34

APPENDIX B: REPORTING REQUIREMENT FLOWCHARTS

1. Reporting Requirements for Reporters that are U.S.-Resident Custodians (See Section

II.A.)

Flowchart 1a - Foreign securities held in custody for your own organization or for your U.S.- 

resident clients that are not in turn entrusted to any other organization 

Flowchart 1b - Foreign securities entrusted to the safekeeping of a U.S.-resident central 

securities depository

Flowchart 1c - Foreign securities held abroad, either by employing a foreign-resident custodian 

or by directly entrusting to a foreign-resident central securities depository

Flowchart 1d - Foreign securities entrusted to the safekeeping of another U.S.-resident 

custodian (excluding U.S.-resident central securities depositories)

2. Reporting Requirements for Reporters that are U.S.-Resident End-Investors (See Section

II.A.)

Flowchart 2a - Foreign securities held for your own organization or for your U.S.-resident 

clients that are not in turn entrusted to any other organization (held in selfcustody)

Flowchart 2b - Foreign securities entrusted to the safekeeping of a U.S.-resident central 

securities depository

Flowchart 2c - Foreign securities held abroad, either by employing a foreign-resident custodian 

or by directly entrusting to a foreign-resident central securities depository

Flowchart 2d - Foreign securities entrusted to the safekeeping of a U.S.-resident custodian 

(excluding U.S.-resident central securities depositories)

3. Determining Reportable Securities

Please note that flowcharts designed for the TIC SLT, a complementary/companion report, 

are also available for guidance at 

https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-slt.aspx
35

Reporting Requirements for Reporters that are U.S.-Resident Custodians 

(See Section II.A.)

Flowchart 1a - Foreign securities held in custody for your own organization or for 

your U.S.-resident clients that are not in turn entrusted to any other organization

Flowchart 1b - Foreign securities entrusted to the safekeeping of a U.S.-resident 

central securities depository

U.S. resident investor 

(including the 

reporting custodian’s 

own portfolio)

U.S.-resident 

custodian

(Reporter)

The reporter submits 

detailed data on Schedule 

2.

The reporter submits 

detailed data on Schedule 

2.

U.S.-resident 

custodian

(Reporter)

U.S. resident investor 

(including the 

reporting custodian’s 

own portfolio)

U.S.-resident 

central securities 

depositories do 

not report.

U.S.-resident 

central 

securities 

depository
36

The reporter submits summary 

data on Schedule 3 for each 

U.S.-resident sub-custodian 

using the appropriate custodian 

codes.

U.S.-resident 

custodian

(Reporter)

Reporting Requirements for Reporters that are 

U.S.-Resident Custodians (See Section II.A.)

Flowchart 1c - Foreign securities held abroad, either by employing a foreign-resident 

custodian or by directly entrusting to a foreign-resident central securities depository

Flowchart 1d - Foreign securities entrusted to the safekeeping of another U.S.-

resident custodian (excluding U.S.-resident central securities depositories)

Foreign-resident 

organizations do 

not report.

U.S. resident investor 

(including the 

reporting custodian’s 

own portfolio)

U.S.-resident 

custodian

(Reporter)

Foreign-resident 

custodian or 

central securities 

depository

The U.S.-resident sub-custodian submits 

detailed data on Schedule 2.

U.S.-resident 

sub-custodian

U.S. resident investor 

(including the 

reporting custodian’s 

own portfolio)
37

Reporting Requirements for Reporters that are

U.S.-Resident End-Investors, including Investment Managers (See

Section II.A.)

Flowchart 2a - Foreign securities held for your own organization or for your U.S.-

resident clients that are not in turn entrusted to any organization

Flowchart 2b - Foreign securities entrusted to the safekeeping of a U.S.-resident 

central securities depository

U.S.-resident endinvestor (including 

managers)

(Reporter)

U.S. resident investor 

(including the 

reporting endinvestor’s own 

portfolio)

The reporter submits 

detailed data on Schedule 

2.

The reporter submits 

detailed data on Schedule 

2.

37

U.S.-resident endinvestor (including 

managers)

(Reporter)

U.S. resident investor 

(including the 

reporting endinvestor’s own 

portfolio)

U.S.-resident central 

securities depositories do 

not report.

U.S.-resident 

central 

securities 

depository
38

The reporter submits 

detailed data on Schedule 

2.

U.S.-resident endinvestor (including 

managers)

(Reporter)

U.S. resident investor 

(including the 

reporting endinvestor’s own 

portfolio)

Foreign-resident 

custodian or 

central securities 

depository

Reporting Requirements for Reporters that are 

U.S.-Resident End-Investors (See Section II.A.) (cont’d)

Flowchart 2c - Foreign securities held abroad, either by employing a foreign-resident 

custodian or by directly entrusting to a foreign-resident central securities depository

Flowchart 2d - Foreign securities entrusted to the safekeeping of a U.S.-resident 

custodian (excluding U.S.-resident central securities depositories)

Foreign-resident 

organizations do 

not report.

U.S. resident investor 

(including the 

reporting endinvestor’s own 

portfolio)

The reporter submits summary 

data on Schedule 3 for each U.S.-

resident custodian using the 

appropriate custodian codes.

U.S.-resident endinvestor (including 

managers)

(Reporter)

U.S.-resident 

custodian

The U.S.-resident custodian submits 

detailed data on Schedule 2.
39

Is this an equity 

security, a debt 

security (including 

ABS), or a

NO

YES

Is this security 

issued by a 

foreign

NO 3

YES

Is the 

owner of 

the foreign

NO

YES

If a foreign equity 

security, does the 

investment 

represent less than

NO

YES

Report this security. Please refer 

to Flowcharts 1a through 2d to 

determine if the security is 

reported in detail on Schedule 2 or

Do not report foreign 

securities owned by foreign 

residents because this 

investment does not represent 

a cross-border investment.

Do not report securities 

issued by U.S.-residents, 

including U.S. branches 

and subsidiaries of foreign 

organizations.

However, report ADRs, 

even though these are 

issued by U.S.-resident

Do not report non-securities 

such as derivatives, loans, 

and non-negotiable deposits.

Flowchart 3 Determining Reportable Securities

Do not report investments 

that represent 10% or more 

of the issuer’s voting equity, 

i.e., direct investments. (See 

Section III.G.)
40

APPENDIX C: COUNTRY/AREA CODES

DEPARTMENT OF THE TREASURY

CODES FOR COUNTRIES & AREAS 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 on the TIC website at: 

https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/foihome.aspx
41

APPENDIX D: INTERNATIONAL & REGIONAL ORGANIZATIONS

DEPARTMENT OF THE TREASURY

CODES FOR 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 on the TIC website at: 

https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/foihome.aspx
42

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
43

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
44

APPENDIX F: LIST OF CUSTODIAN CODES

If your securities are held by any U.S. subsidiary of one of the custodians below, please use the custodian code 

of the listed firm.

Name of U.S.-Resident Custodian Custodian Code

Bank of America Corporation 41

(including but not limited to LaSalle Bank, U.S. Trust Co., Merrill Lynch)

Bank of New York Mellon Corporation 4

(including but not limited to former affiliates of Bank of New York, The

and Mellon Financial Corporation, PFPC Trust Co and other former affiliates 

of PNC Global Investment Services; excluding Pershing LLC below)

Barclays Bank PLC 63

(U.S.-resident branches)

Barclays Group Inc./Barclays Capital Inc. 64

(excluding branches of Barclays Bank PLC)

BMO Financial Corporation 62

(including but not limited to BMO Harris Bank, Marshall & Ilsley (M&I) companies)

BNP Paribas 7

(U.S.-resident branches only)

Brown Brothers Harriman & Co. 8

Charles Schwab Corporation, The 58

(including but not limited to Charles Schwab & Co., Inc. and Charles Schwab Bank)

Citigroup Inc./Citibank, N.A. 9

(including but not limited to Salomon Smith Barney)

Comerica Incorporated 61

(including but not limited to Comerica Bank and Comerica Securities, Inc.)

Deutsche Bank Aktiengesellschaft 12

(U.S.-resident branches only)

(excludes Deutsche Bank Trust Company Americas and Taunus Corporation below)

Deutsche Bank Trust Company Americas 6

(part of Taunus Corporation below)

Fidelity Management and Research Corp. (FMR Corp.) 26

(including but not limited to Fidelity Investments, Fidelity Management Trust 

Company, and National Financial Services Corporation)

Fifth Third Bancorp/Fifth Third Bank 25

Goldman Sachs Group L.P. 27

Harris Bank/BMO Harris Bank 62

(part of BMO Financial Corporation above)
45

HSBC North America Inc./HSBC Bank USA, N.A. 14

JPMorgan Chase & Co./JPMorgan Chase Bank 16

Marshall & Ilsley Investment Corporation/Marshall & Ilsley Trust Co. 62

(part of BMO Financial Corp. above)

Merrill Lynch & Company, Inc. 41

(part of Bank of America above)

Morgan Stanley, Dean Witter & Co. 29

Northern Trust Company, The 18

Pershing LLC 40

(including but not limited to Lockwood Advisors, Inc.;

excluded from Bank of New York Mellon above)

PNC Financial Services Group, Inc., The 30

(including but not limited to PNC Bank, N.A.; excluding PFPC Trust Company 

and other affiliates of PNC Global Investment Services, Inc. that are now part of 

Bank of New York Mellon above)

State Street Bank and Trust Company 20

(including but not limited to International Fund Services, Investors Financial 

Services Corporation, Investors Bank and Trust, and Investors Trust Company)

Taunus Corporation/Deutsche Bank Trust Company Americas 6

(including but not limited to Deutsche Bank Securities Inc.)

UBS AG 21

(U.S.-resident branches only)

UBS Financial Services Inc. 59

UBS Securities LLC 60

Union Bancorp/Union Bank of California, N.A. 22

UMB Financial Corporation/UMB Bank N.A. 33

U.S. Bancorp/U.S. Bank N.A. 32

Wachovia Corporation /Wachovia Bank N.A. 35

(acquired by Wells Fargo & Co. below)

Wells Fargo & Co./Wells Fargo Bank, N.A. 35

(including but not limited to Wachovia Corporation, Wachovia Bank,

A.G. Edwards& Sons, Inc.)

U.S.-Resident custodian that is not listed above 99

For Schedule 3 filers only

Foreign resident custodians, including foreign-resident offices of U.S.banks or 77

U.S. broker/dealers, and foreign-resident CSDs

U.S. –resident CSDs 88
46

APPENDIX G: 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
47

APPENDIX H: Technical Information for Electronic Submission 

The instruction guide on how to submit through Reporting Central can be found at the link below: 

http://www.frbservices.org/files/reporting/pdf/external_user_guide.pdf