Foreign Portfolio Holdings of

U.S. Securities

as of June 30, 2014

Department of the Treasury

Federal Reserve Bank of New York

Board of Governors of the Federal Reserve System

April 2015
Contents

Introduction 1

Chapter 1. Results of the June 30, 2014 Survey 3

Primary Findings from the Survey . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Table 1: Foreign holdings of U.S. securities, by type of security, as of endJune, selected survey dates . . . . . . . . . . . . . . . . . . 3

Shares of U.S. Long-Term Securities That Are Foreign-Owned . . . . . . . . . . . 4

Table 2: Value of foreign-owned U.S. long-term securities and share of the

total outstanding, by asset class, as of end-June, selected survey

dates . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Comparison of Survey Results with Estimated Holdings . . . . . . . . . . . . . . . 6

Table 3: Foreign holdings of U.S. long-term securities, by type of security,

as of end-June, selected survey dates . . . . . . . . . . . . . . 6

Foreign Holdings of U.S. Securities as Measured by TIC SLT and Annual Survey

Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Table 4: Foreign holdings of long-term U.S. securities as measured by the

survey of portfolio holdings and the TIC SLT, by type of security, as

of June 30, 2014 . . . . . . . . . . . . . . . . . . . . . . 8

Comparison with U.S. Holdings of Foreign Long-Term Securities . . . . . . . . . . 9

Table 5: Market value of U.S. holdings of foreign long-term securities and

foreign holdings of U.S. long-term securities, as of selected survey

dates . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Foreign Holdings of U.S. Securities by Country of Holder . . . . . . . . . . . . . . 10

Table 6: Value of foreign holdings of U.S. securities, by major investing

country and type of security, as of June 30, 2014 . . . . . . . . 10

Holdings by Country as of the Dates of the Two Most Recent Surveys . . . . . . . 12

Table 7: Value of foreign holdings of U.S. long- and short-term securities,

by major investing country, as of June 30, 2014 and June 30, 2013. 12

Comparison with the TIC SLT by Country . . . . . . . . . . . . . . . . . . . . . . 13

Table 8: Foreign holdings of U.S. long-term securities as measured by the

survey of portfolio holdings and the TIC SLT, by country and security type, as of June 30, 2014 . . . . . . . . . . . . . . . . . 13

Holdings of U.S. Securities by Foreign Official Institutions . . . . . . . . . . . . . 14

i
Table 9: Value of long-term securities held by foreign official institutions,

and the percentage of total foreign holdings these represent, by type

of security, as of end-June, selected survey dates . . . . . . . . . 15

Table 10: Value of short-term securities held by foreign official institutions,

and the percentage of total foreign holdings these represent, by type

of security, as of end-June, selected survey dates . . . . . . . . . 16

Table 11: Foreign official holdings of U.S. long-term Treasury securities:

comparison of survey results with SLT, 2012-2014 . . . . . . . . 17

Details on Foreign Holdings of Different Types of U.S. Securities as of June 2014 . 17

Foreign Holdings of U.S. Treasury Securities, by Type of Security . . . . . . 17

Table 12: Value of foreign holdings of U.S. Treasury securities, by major

investing country, as of June 30, 2014 . . . . . . . . . . . . . 18

Foreign Holdings of Equities by Type . . . . . . . . . . . . . . . . . . 18

Table 13: Value of foreign holdings of U.S. equities, by major investing

country, as of June 30, 2014 . . . . . . . . . . . . . . . . . 19

Foreign Holdings of Corporate Mortgage-Backed Securities . . . . . . . . . 19

Table 14: Value of foreign holdings of U.S. long-term corporate asset-backed

securities, by major investing country and type, as of June 30, 2014 20

Foreign Holdings of U.S. Short-Term Asset-Backed Commercial Paper . . . . 20

Table 15: Value of foreign holdings of U.S. commercial paper, by major

investing country and type, as of June 30, 2014 . . . . . . . . . 21

Portfolio Investment by Region of Investor Country and Survey Year . . . . . 21

Table 16a: Foreign holdings of U.S. long-term securities, by region, as of

end-June, selected survey dates . . . . . . . . . . . . . . . . 22

Table 16b: Foreign holdings of U.S. equities, by region, as of end-June,

selected survey dates . . . . . . . . . . . . . . . . . . . . . 23

Table 16c: Foreign holdings of U.S. long-term debt securities, by region, as

of end-June, selected survey dates . . . . . . . . . . . . . . . 24

Table 16d: Foreign holdings of U.S. short-term securities, by region, as of

end-June, selected survey dates . . . . . . . . . . . . . . . . 25

Maturity Structure of Foreign Holdings of U.S. Long-Term Debt Securities . . 25

Table 17a. Maturity structure of foreign holdings of U.S. long-term debt

securities, as of June 30, 2014 . . . . . . . . . . . . . . . . 26

Table 17b. Maturity structure of foreign official holdings of U.S. long-term

debt securities, as of June 30, 2014 . . . . . . . . . . . . . . 26

Table 17c. Maturity structure of foreign private holdings of U.S. long-term

debt securities, as of June 30, 2014 . . . . . . . . . . . . . . 27

ii
Currency Composition of Foreign Holdings of U.S. Debt Securities . . . . . . 27

Table 18a. Foreign holdings of U.S. long-term debt securities, by currency,

as of June 30, 2014 . . . . . . . . . . . . . . . . . . . . . 28

Table 18b. Foreign holdings of U.S. short-term debt securities, by currency,

as of June 30, 2014 . . . . . . . . . . . . . . . . . . . . . 28

Table 19. Foreign holdings of U.S. long-term debt securities, by currency,

as of end-June, selected survey dates . . . . . . . . . . . . . 29

Foreign Holdings of U.S. Securities by Industry of Issuer . . . . . . . . . . 29

Table 20: Foreign holdings of U.S. securities, by industry, as of June 30,

2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Comparison of Different Types of Foreign Portfolio Investment in the United

States as of Selected Dates . . . . . . . . . . . . . . . . . . . . 30

Table 21: Forms of foreign portfolio investment in the United States, as of

selected survey dates . . . . . . . . . . . . . . . . . . . . . 31

Chapter 2. Survey Methodology 32

Data Collection Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

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

Adjustments and Calculation of Total Foreign Holdings of U.S. Securities . . . . . 33

Treatment of Repurchase and Securities Lending Agreements . . . . . . . . . . . . 33

Acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Appendix A: Statistical Appendix A-1

Table A1. Value of foreign holdings of U.S. securities, by country and type

of security, as of June 30, 2014 . . . . . . . . . . . . . . . . A-2

Table A2. Value of foreign holdings of U.S. long-term securities, by country

and type of security, as of June 30, 2014 . . . . . . . . . . . . A-8

Table A3. Value of foreign holdings of U.S. Treasury debt securities, by

country and type of Treasury security, as of June 30, 2014 . . . . A-14

Table A4. Value of foreign holdings of U.S. equity, by country and type of

equity, as of June 30, 2014 . . . . . . . . . . . . . . . . . . A-19

Table A5. Foreign holdings of U.S. long-term asset-backed securities, by

country and type of security, as of June 30, 2014 . . . . . . . . A-25

Table A6. Foreign holdings of U.S. short-term securities, by country and

type of security, as of June 30, 2014 . . . . . . . . . . . . . . A-29

iii
Table A7. Foreign holdings of U.S. securities, by country, as of selected

survey dates . . . . . . . . . . . . . . . . . . . . . . . . A-33

Table A8. Foreign holdings of U.S. equity, by country, as of selected survey

dates . . . . . . . . . . . . . . . . . . . . . . . . . . . A-39

Table A9. Foreign holdings of U.S. long-term debt securities, by country, as

of selected survey dates . . . . . . . . . . . . . . . . . . . A-45

Table A10. Foreign holdings of U.S. short-term debt securities, by country,

as of selected survey dates . . . . . . . . . . . . . . . . . . A-51

Table A11. Foreign holdings of U.S. securities, by industry, as of June 30,

2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . A-56

Appendix B: Forms and Instructions B-1

iv
Introduction

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

primarily on the Treasury International Capital (TIC) benchmark survey of foreign holdings

of U.S. securities as of June 30, 2014.1 TIC data collections are 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. The report includes data from surveys dating

back to June 2007. Earlier survey reports can be found on the Department of the Treasury’s

website at http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/fpis.aspx.

A file containing data from surveys conducted since 1974 can be found at http://www.

treasury.gov/ticdata/Publish/shlhistdat.html.

2

From 1974 to 2000, benchmark surveys of foreign portfolio investment in U.S. securities were

conducted at approximately five-year intervals. Those surveys, collected from a comprehensive panel of reporters, measured foreign holdings only of long-term U.S. securities.3 Since

2002, the surveys have improved in two ways. First, in addition to the benchmark surveys,

which have continued at five-year intervals, annual surveys have been conducted as of the

end of June. Second, surveys now measure foreign holdings of U.S. short-term securities as

well as those of long-term securities. In the four years following each benchmark survey, the

annual surveys collect data primarily from the largest reporters, who collectively reported

at least 95 percent of the market value of foreign holdings as measured by the preceding

benchmark survey.4 More recently, the annual survey panel has been adjusted based on

reporting from TIC form SLT, “Aggregate Holdings of Long-Term Securities by U.S. and

Foreign Residents,” reporting. The June 2014 survey was a benchmark survey; the previous

full benchmark survey was in June 2009.

The surveys collect 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, and industry of issuer. In addition, the security-level detail allows

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

Chapter 2 discusses details of the survey collection methodology and the procedures used

for data review and analysis.

The surveys are conducted under the authority of the International Investment and Trade

1 Foreign portfolio investment in U.S. securities, for the purposes of this report, includes all U.S. securities

owned by foreign residents except where the owner has a direct investment relationship with the U.S.

issuer of the securities. “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 an incorporated

business enterprise, or an equivalent interest in an unincorporated enterprise.

2 Prior to 1974, surveys were conducted in 1853, 1869, and 1941 by the Department of the Treasury and in

1934 and 1937 by the Department of Commerce.

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

original term-to-maturity greater than one year.

4 For details on how data from non-benchmark surveys are adjusted to be directly comparable to data from

benchmark surveys, see the Report on Foreign Portfolio Holdings of U.S. Securities as of June 30, 2013 at

http://www.treasury.gov/ticdata/Publish/shla2013r.pdf.

1
in Services Survey Act (22 U.S.C. 3101 et seq.). Reporting is mandatory for all institutions

meeting the survey’s reporting criteria, and significant penalties can be imposed for failure

to report. All holdings are measured at market value as of the survey dates. With the

exception of zero-coupon debt securities, all market values reflect “clean” prices, that is,

values computed exclusive of accrued interest.

The surveys are part of the U.S. system to measure portfolio investment into and out of the

United States, known as the Treasury International Capital (TIC) reporting system. This

data system is based on location, so the transactions and positions are reported between U.S.

residents and residents of foreign countries and areas. In addition to surveys of foreign ownership of U.S. securities conducted annually as of the end of June, the TIC system also conducts

annual surveys of U.S. holdings of foreign securities as of the end of December. The TIC system also collects aggregate monthly data on cross-border securities transactions and holdings;

these data allow for more frequent and timely analysis. The TIC S form, “Purchases and

Sales of Long-Term Securities by Foreign Residents,” collects monthly data on cross-border

transactions in long-term securities. The TIC form SLT has since late 2011 collected monthly

aggregate data on foreign holdings of U.S securities and U.S. holdings of foreign securities.

The TIC data are published on the Department of the Treasury’s website at http://www.

treasury.gov/resource-center/data-chart-center/tic/Pages/index.aspx. Detailed information

on the methodologies employed by the monthly transactions system and the annual surveys,

as well as a discussion of the introduction of the TIC form SLT can be found in articles

posted on the same website at http://www.treasury.gov/resource-center/data-chart-center/

tic/Pages/articles.aspx.

5

Acknowledgments

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 all survey respondents

whose efforts and information have made this report possible.

5 C. Bertaut, W. Griever, and R. Tryon, “Understanding U.S. Cross-Border Securities Data,” Federal Reserve Bulletin, May 2006, 59-75; E. Brandner, F. Cai, and R. Judson, “Improving the Measurement of

Cross-Border Securities Holdings: The Treasury International Capital SLT,” Federal Reserve Bulletin,

May 2012, 1-28.

2
Chapter 1. Results of the June 30, 2014 Survey

Primary Findings from the Survey

The survey measured foreign holdings of U.S. securities as of June 30, 2014 at $16,417 billion,

an increase of $2,007 billion from the previous survey as of June 30, 2013. Of these foreign

holdings of U.S. securities, $15,539 billion were U.S. long-term securities (equities or debt

securities with original term-to-maturity greater than one year) and $878 billion were U.S.

short-term securities (Table 1).

Table 1: Foreign holdings of U.S. securities, by type of security, as of end-June, selected

survey dates

Billions of dollars

2007 2008 2009 2010 2011 2012 2013 2014

Long-term securities 9,136 9,463 8,492 9,736 11,561 12,451 13,532 15,539

Equities1 3,130 2,969 2,252 2,814 3,830 4,237 5,070 6,356

Debt 6,007 6,494 6,240 6,921 7,731 8,213 8,462 9,183

U.S. Treasury 1,965 2,211 2,604 3,343 4,049 4,673 4,916 5,382

U.S. agency2 1,304 1,464 1,196 1,086 1,031 991 874 827

Corporate3 2,738 2,820 2,440 2,493 2,651 2,549 2,672 2,974

Short-term debt 635 858 1,149 956 878 811 878 878

U.S. Treasury 229 379 862 743 658 637 679 633

U.S. agency 109 174 90 61 43 29 25 42

Corporate 297 306 197 152 177 145 173 203

Total long-term

and short-term 9,772 10,322 9,641 10,691 12,440 13,261 14,410 16,417

1. Equities include common and preferred stock; all types of investment company shares, such as openend funds, closed-end funds, money market mutual funds, and hedge funds; as well as interests in

limited partnerships and other equity interests that may not involve stocks or shares.

2. Agencies include U.S. government agencies and corporations as well as federally sponsored enterprises,

such as the Federal National Mortgage Association.

3. Corporate debt includes all other non-Treasury and non-agency debt, such as certificates of deposit

with a maturity of over one year, and U.S. municipal debt securities.

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

Foreign holdings of equities continued to grow for the fifth consecutive year, increasing

$1,286 billion to a level of $6,356 billion. Most of the increase can be accounted for by

valuation change due to the strong performance of U.S. equity markets; Table 3 provides

additional detail. Foreign holdings of long-term debt securities rose by $721 billion between

the two surveys, to reach $9,183 billion in June 2014. This increase was due to larger holdings

of long-term U.S. Treasury securities and corporate debt, which increased $466 billion and

$302 billion, respectively. Foreign holdings of U.S. agency securities decreased to $827 billion,

continuing the pattern of steady decline that began in June 2008, and partially offsetting the

increase in U.S. Treasury securities and corporate debt. At $2,974 billion, foreign holdings

of long-term corporate debt surpassed the level held in 2008, just before the global financial

crisis.

3
Foreign holdings of U.S. short-term securities were unchanged between the June 2013 and

June 2014 surveys, at $878 billion. Foreign holdings of U.S. Treasury bills and certificates fell

to their lowest level since 2008, declining by $46 billion to $633 billion. Nonetheless, holdings

of U.S. Treasury bills and certificates remain almost three times higher than the pre-crisis

levels of 2007. The decline in short-term Treasury holdings was offset by an increase in

holdings of short-term corporate debt, which increased $30 billion to a level of $203 billion,

and an increase in foreign holdings of short-term U.S. agency securities, which increased by

$17 billion, reversing a declining trend that began in June 2009.

Shares of U.S. Long-Term Securities That Are Foreign-Owned

Table 2 reports foreign holdings of U.S. long-term securities as an estimated share of the

total stock outstanding of each security type as of the survey dates. These figures should be

viewed as rough indicators, as it is not possible to obtain data on the total value outstanding

by security type on exactly the same basis as the survey data. For example, while the table

shows the face values of totals outstanding of each type of U.S. long-term debt security,

foreign ownership of these U.S. long-term debt securities are presented at market value. It

also should be noted that the “equities” category includes foreign holdings of common and

preferred stock; all types of investment company shares, such as open-end funds, closedend funds, money market mutual funds, and hedge funds; as well as interests in limited

partnerships and other equity interests that may not involve stocks or shares. Thus although

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

At $15,539 billion, foreign holdings of U.S. long-term securities reached a record high, and the

proportion of U.S. long-term securities outstanding held by foreigners increased between June

2013 and June 2014 from just under 21 percent to just over 21 percent, reversing the prior

year’s decline. The proportion of foreign holdings increased for all asset classes except U.S.

government agency debt. Corporate and other debt securities showed the largest increase in

the foreign share as the increase in foreign-owned corporate debt exceeded the increase in

the amount corporate debt outstanding.6 Foreign holdings of equities also rose from 13.9 to

14.5 percent despite a large increase in the market value of equities outstanding.

6 Of the $2,974 billion held by foreigners in the “Corporate and other debt” category, nearly all of the

securities are corporate debt. Less than $1 billion consists of negotiable certificates of deposit with a

maturity of over one year, and about $61 billion represents foreign holdings of municipal debt securities.

Foreign investors also held small amounts of debt issued by nonprofit organizations. In this report, this

category frequently will be referred to simply as “corporate debt.”

4
Table 2: Value of foreign-owned U.S. long-term securities and share of the total

outstanding, by asset class, as of end-June, selected survey dates

Billions of dollars

Security Type 2007 2008 2009 2010 2011 2012 2013 2014

Equities

Total outstanding1 31,708 28,667 22,593 24,528 30,936 30,872 36,548 43,718

Foreign-owned 3,130 2,969 2,246 2,814 3,830 4,237 5,070 6,356

Percent foreign-owned 9.9 10.4 9.9 11.5 12.4 13.7 13.9 14.5

Marketable U.S. Treasury debt

Total outstanding2 3,454 3,621 4,591 6,302 7,785 8,908 9,808 10,675

Foreign-owned 1,965 2,211 2,604 3,343 4,049 4,673 4,916 5,382

Percent foreign-owned 56.9 61.1 56.7 53.0 52.0 52.5 50.1 50.4

U.S. government agency debt

Total outstanding3 6,292 7,029 7,292 7,035 7,046 7,122 7,204 7,251

Foreign-owned 1,304 1,464 1,196 1,086 1,031 991 874 827

Percent foreign-owned 20.7 20.8 16.4 15.4 14.6 13.9 12.1 11.4

Corporate and other debt

Total outstanding4 11,431 12,047 12,072 11,507 11,483 11,471 11,606 11,897

Foreign-owned 2,738 2,820 2,440 2,493 2,651 2,549 2,672 2,974

Percent foreign-owned 24.0 23.4 20.2 21.7 23.1 22.2 23.0 25.0

Total U.S. long-term securities

Total outstanding 52,885 51,364 46,548 49,372 57,251 58,373 65,165 73,541

Foreign-owned 9,136 9,463 8,486 9,736 11,561 12,451 13,532 15,539

Percent foreign-owned 17.3 18.4 18.2 19.7 20.2 21.3 20.8 21.1

1. Source: Federal Reserve Statistical Release Z.1, Financial Accounts of the United States, Table

L213, row 1, minus Table L213, row 3, plus Table L214, row 1, plus Table L206, row 1.

2. Source: Bureau of the Public Debt, Table 1, Summary of Public Debt Summary of Treasury

Securities Outstanding, Total marketable held by the public including the Federal Reserve System,

less Bills.

3. Source: Federal Reserve Statistical Release Z.1, Financial Accounts of the United States, and

consolidated balance sheets of Freddie Mac, Fannie Mae, and the combined Federal Home Loan

Banks. The long-term outstanding amounts are the total long-term and short-term U.S. Government agency liabilities from Flow of Funds Table L210 (row 1) minus short-term debt securities

outstanding issued by Freddie Mac, Fannie Mae, and the combined Federal Home Loan Banks.

These short-term debt securities outstanding were approximately $524 billion as of June 2014, $457

billion as of June 2013, $420 billion as of June 2012, $531 billion as of June 2011, $654 billion as of

June 2010, $849 billion as of June 2009, $857 billion as of June 2008, and $493 billion as of June

2007. U.S. government agency securities include all securities issued by federally sponsored agencies and corporations, as well as all securities guaranteed by the Government National Mortgage

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

4. Source: Federal Reserve Statistical Release Z.1, Financial Accounts of the United States, Table

L212, row 1, less Table L212, row 3, plus Table L211, row 1, less Table L211, row 3. Effective

2014Q2, Table L212, row 2, the net issuance of corporate bonds by the nonfinancial corporate

business sector, has been revised from 1995Q2 onwards due to new methodology and data sources,

affecting the grand total in Table L212, row 1.

5
The share of marketable U.S. Treasuries held by foreigners rose modestly, by 0.3 percentage

points, but remained well below the foreign share immediately before and after the global

financial crisis. Although foreign holdings of U.S. Treasury securities rose strongly after the

onset of the global financial crisis, issuance of these securities was also unusually large. As a

result, the share held by foreign investors declined from more than 60 percent in 2008 to just

50.4 percent in 2014—below the pre-crisis share. The proportion of U.S. Treasury securities

owned by foreigners is higher than the foreign share for other long-term securities largely

because of the large holdings of foreign official institutions, discussed in greater detail below

and shown in Table 9.

Only U.S. agency securities showed a decline in the foreign ownership share between June

2013 and June 2014. The share of agency securities owned by foreigners has been decreasing

since the 2008 crisis and was 11.4 percent as of June 2014.

Comparison of Survey Results with Estimated Holdings

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

between June 2013 and June 2014 into four components: net purchases of U.S. long-term

securities during the period based on reported transactions on the TIC form S (column

4); estimated stock swaps and principal repayments for agency and corporate asset-backed

securities (ABS) (column 5); estimated valuation adjustments (column 6); and finally a

residual change in holdings not explained by any of the other four factors (column 7).7

Table 3: Foreign holdings of U.S. long-term securities, by type of security, as of end-June, selected

survey dates

Billions of dollars

Of which:

Type of

security

Measured,

June 2013

Measured,

June 2014

Change,

June 2013

to June 2014

Net

purchases

Stock swaps

and ABS

repayments

Valuation

adjustment Other1

(1) (2) (3 = 2 − 1) (4) (5) (6) (7)

Treasury debt 4,916 5,382 466 199 n.a. -11 277

Agency debt 874 827 -47 44 -111 14 6

Corporate debt 2,672 2,974 302 -16 -28 96 250

Equities 5,070 6,356 1,286 -28 64 1,136 114

Total 13,532 15,539 2,007 199 -75 1,236 647

n.a. Not applicable.

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

As measured by the two most recent surveys, foreign holdings of U.S. long-term securities

rose by $2,007 billion, from $13,532 billion (column 1) to $15,539 billion (column 2). Re7 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 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.

6
ported net purchases for the year came to $199 billion, or 10 percent of the total change.

Offsetting these purchases were an estimated $75 billion in ABS repayments and stock swaps

combined. Estimated valuation gains were $1,236 billion, accounting for almost 62 percent

of the increase in recorded holdings. With the exception of Treasuries, all security types

had valuation gains. Valuation gains for equities were estimated at $1,136 billion, a full 92

percent of total valuation gains.

Column 7 shows that there was an additional $647 billion increase in total holdings that is

not explained by the factors considered in columns 4 through 6. For Treasury securities, the

residual “other” increases in foreign holdings were $277 billion, and for corporate debt they

were $250 billion. These additional “other” changes in holdings can come from a variety of

sources: net purchases may be under- or over-reported, estimates of valuation adjustments

may be imprecise, and ABS repayment flows may be under- or over-estimated. In addition,

reported transactions may include transaction costs as well as the cost of the securities

purchased or sold. The large difference in column 7 for Treasuries is likely at least partly

attributable to cross-border short sales of Treasuries by foreign investors.8 Short sales in

which foreign investors borrow Treasuries from U.S. residents and then sell those securities

to other U.S. residents could result in smaller reported net purchases on the TIC S form

because any initial borrowing of Treasury securities by foreign investors is not reported on

the TIC S form. Securities borrowing or lending activity is not a change in actual ownership

and thus is not reportable as a securities transaction. However, all sales of securities (whether

initially borrowed or not) are reportable as simply sales.9

Foreign Holdings of U.S. Securities as Measured by TIC SLT and

Annual Survey Reports

Table 4 compares foreign holdings of long-term U.S. securities in June 2014 as measured by

the annual survey and by the monthly TIC SLT data collection. The 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 September 2011, and

since December 2011 the SLT data have been collected monthly. Unlike the annual surveys,

the SLT collects data at the aggregate level and not at the individual security level, a significantly lower level of detail. However, the SLT has the advantage of providing information

on cross-border securities holdings on a timelier basis and without resorting to estimates

constructed from reported transactions and valuation estimates based on price indexes.10

As shown in the table, the SLT reported total foreign holdings of U.S. long-term securities

at $15,568 billion as of June 2014, slightly higher than the $15,539 billion reported in the

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

sales are borrowed, and are then sold on the expectation that their prices will decline, enabling the seller

to repurchase them at a lower price to make a profit.

9 Chapter 2 also discusses some of the difficulties in correctly distinguishing actual purchases or sales of

securities from changes in holdings resulting from securities lending activities, which might result in an

over-estimate of Treasury securities held by foreign investors.

10 June 2014 SLT data were first released on September 16, 2014.

7
survey. In principle, the SLT and survey data for the same dates should be very similar

because the panels of reporters are comparable. However, reporting differences between the

two forms result in some differences and these differences vary by security type. In addition,

survey data are extensively reviewed at the security level, which is not possible with the

aggregated data reported by the SLT. Adjustments made during the review process also

contribute to the differences in Table 4.

Table 4: Foreign holdings of long-term U.S. securities as

measured by the survey of portfolio holdings and the TIC

SLT, by type of security, as of June 30, 2014

Billions of dollars

Type of security Survey SLT

Equities 6,356 6,328

Long-term debt 9,183 9,240

Treasury 5,382 5,391

Agency 827 827

Corporate 2,974 3,022

Total 15,539 15,568

Of which: Holdings of foreign official institutions 5,311 5,305

Total foreign holdings of U.S. long-term securities reported by the survey were $29 billion

lower than the SLT. This difference was more than accounted for by corporate debt, which

was $48 billion lower, and partially offset by equities, which were $28 billion higher. The

higher values for corporate debt on the SLT relative to the survey arise primarily because

the individual security-level data on the survey are adjusted for over-reporting—as discussed

in Chapter 2, an adjustment that cannot be made using the aggregate SLT data.11 Other

differences between the survey and SLT arise from the extensive data review and editing

that occur in the processing of the security-level data in the annual surveys, as discussed in

Chapter 2.

11 Over-reporting occurs when securities issued directly into the foreign market are reported as foreign-owned

by the securities issuer, but some of the same securities are also reported as foreign-owned by custodians.

8
Comparison with U.S. Holdings of Foreign Long-Term Securities

Table 5 compares foreign holdings of U.S. long-term securities with estimates of U.S. holdings

of foreign long-term securities as of selected survey dates.

Table 5: Market value of U.S. holdings of foreign long-term securities and

foreign holdings of U.S. long-term securities, as of selected survey dates

Billions of dollars

U.S. holdings of

foreign long-term

securities1

(assets)

Foreign holdings of

U.S. long-term

securities

(liabilities)

U.S. holdings as

a share of foreign

holdings

(assets/liabilities)

Net asset positions in

long-term securities

of U.S. residents2

Dec. 1994 870 1,244 0.70 -374

Mar. 2000 2,678 3,558 0.75 -880

Jun. 2002 2,129 3,926 0.54 -1,797

Jun. 2003 2,367 4,503 0.53 -2,136

Jun. 2004 3,027 5,431 0.56 -2,404

Jun. 2005 3,728 6,262 0.60 -2,534

Jun. 2006 4,799 7,162 0.67 -2,363

Jun. 2007 6,429 9,136 0.70 -2,707

Jun. 2008 6,324 9,463 0.67 -3,139

Jun. 2009 4,615 8,492 0.54 -3,877

Jun. 2010 5,282 9,736 0.54 -4,454

Jun. 2011 6,830 11,561 0.59 -4,731

Jun. 2012 6,835 12,451 0.55 -5,616

Jun. 2013 7,842 13,532 0.58 -5,691

Jun. 2014 9,602 15,539 0.62 -5,936

1. Staff estimates from March 1994 to December 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.

2. Net foreign holdings are defined as U.S. holdings of foreign securities minus foreign holdings of

U.S. securities.

At $15,539 billion, foreign holdings of U.S. long-term securities remained considerably larger

than the $9,602 billion in foreign securities held by U.S. residents at end-June 2014. Foreign

holdings of U.S. long-term securities increased by $2,007 billion compared to the June 2013

survey while U.S. holdings of long-term foreign securities were estimated to have increased

by a similar amount ($1,716 billion) over the same time period, despite much lower total U.S.

holdings of foreign securities. Consequently, the ratio of U.S. to foreign holdings increased

to 62 percent from 58 percent, the highest level since June 2008. The net U.S. position

in long-term securities continued to decline during the year ending June 2014, reaching

-$5,936 billion.

9
Foreign Holdings of U.S. Securities by Country of Holder

Table 6 reports foreign holdings of U.S. securities by country and security type for the

countries with the highest levels of reported investment.

Table 6: Value of foreign holdings of U.S. securities, by major investing country and type of

security, as of June 30, 2014

Billions of dollars

Country Total Equities Treas.

LT debt

Agency LT debt Corp. LT debt ST

debt ABS1 Other ABS1 Other

Japan 1,917 361 1,160 137 31 12 156 62

China2 1,817 320 1,261 188 16 8 16 9

Cayman Islands 1,409 838 100 17 5 102 263 84

United Kingdom 1,289 741 132 8 2 26 343 37

Luxembourg 1,198 502 111 18 6 39 443 80

Canada 988 769 48 2 2 27 116 24

Belgium 713 34 353 3 4 24 283 13

Ireland 675 204 77 22 14 43 186 129

Switzerland 634 331 154 10 6 12 98 24

Middle East oil exporters3 601 318 185 9 2 6 23 58

Country Unknown 85 3 * * * * 81 *

Rest of world 5,091 1,935 1,801 255 73 98 570 358

Total 16,417 6,356 5,382 668 159 396 2,578 878

Of which: Holdings of

foreign official institutions 5,682 956 3,765 341 93 22 134 372

* Greater than zero but less than $500 million.

1. Asset-backed securities. Agency ABS are backed primarily by home mortgages; corporate ABS are backed

by a wide variety of assets, such as car loans, credit card receivables, home and commercial mortgages, and

student loans.

2. Excludes Hong Kong and Macau, which are reported separately.

3. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

It should be noted that the country attribution presented in this table is imperfect, because

obtaining accurate information on the actual foreign owners of U.S. securities is often not

possible. This problem arises because chains of foreign financial intermediaries are often involved in the custody or management of these securities, and because ownership information

is not available for bearer securities.

For example, a resident of Germany may buy a U.S. security and place it in the custody

of a Swiss bank. Normally the Swiss bank will then employ a U.S.-resident custodian bank

to act as its subcustodian to actually hold the security in order to facilitate settlement and

custody operations in the United States. When portfolio surveys are conducted, information

is collected only from U.S.-resident entities. Thus, the U.S.-resident bank, acting as the

subcustodian of the Swiss bank, will report this security on the survey. Because the U.S.

bank will typically know only that it is holding the security on behalf of a Swiss bank, it will

report the security as Swiss-held. This “custodial bias” tends to overstate the amounts for

countries with major custodial activities.

10
Another problem in country attribution is that many U.S. securities are issued directly

abroad. Such securities can be issued in either registered or bearer form. Registered securities

issued abroad typically trade in book-entry form with settlement and custody occurring at

international central securities depositories (ICSDs), such as Euroclear or Clearstream. U.S.

survey reporters can typically only report the country in which the ICSD is located; as a

result, large foreign holdings are attributed to these countries. Among the ten countries with

the largest holdings of U.S. securities on the most recent survey, five—Belgium, the Cayman

Islands, Luxembourg, Switzerland, and the United Kingdom—are financial centers in which

substantial amounts of securities owned by residents of other countries are managed or held

in custody.12 If securities are issued in bearer, or unregistered, form, the owners of such

securities do not need to make themselves known, and typically little or no information is

available about them. Long-term bearer securities cannot be issued in the United States, but

U.S. firms can and do issue such securities abroad. Almost all of the $85 billion in securities

attributed to “Country unknown” in Table 6 are bearer securities.

Bearing these caveats in mind, the data show that at $1,917 billion, total holdings attributed

to Japan exceeded those attributed to any other country. Investors from mainland China

held nearly as much, at $1,817 billion, and China held the largest amount of U.S. Treasury

securities, as has been the case since 2009. Entities resident in the Cayman Islands had

the third-largest total securities holdings, with $1,409 billion, and the United Kingdom was

fourth at $1,289 billion. Investors resident in the Cayman Islands held the most U.S. equities

in 2014, and Japanese investors held the most total debt.

Table 6 splits foreign holdings of agency and corporate long-term debt securities into ABS

and other debt securities. ABS are securities backed by pools of assets, such as residential

home mortgages or car loans, and include collateralized debt obligations (CDOs). ABS give

investors claims against the cash flows generated by the underlying assets. 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 of time, thus holding constant the

total principal outstanding.

In June 2014, foreign investors held $668 billion in agency ABS, an increase of $11 billion

from June 2013 and the first time since 2008 that foreign holdings of agency ABS increased,

although they remain well below their 2008 peak of $773 billion. The share of ABS in total

foreign-held agency debt has increased consistently since 2008, and in the year ending June

2014 the share again rose, to 81 percent. In contrast, foreign holdings of U.S. corporate ABS

have declined both in quantity and share. At $396 billion, corporate ABS accounted for 13

percent of total corporate debt held, compared with $403 billion, or about 15 percent, in

June 2013 and well below the peak of $760 billion, or 27 percent, in June 2008. Tables A1

12 Although liabilities surveys, such as this one, cannot always determine the countries of foreign owners

of U.S. securities, the complementary asset surveys can obtain accurate country attribution, since those

surveys need only determine the country of foreign security issuers, a relatively straightforward task. Thus,

it may be possible to better understand the country attribution of liabilities by examining information in

other countries’ asset surveys. This subject is explored in the article cited in footnote 5, “Understanding

U.S. Cross-Border Securities Data.”

11
through A6 in the Statistical Appendix show holdings of different types of U.S. securities for

all countries as of June 2014.

Holdings by Country as of the Dates of the Two Most Recent Surveys

Table 7 shows the countries with the highest market value of holdings of U.S. securities in

the most recent survey, as well as the amounts attributed to that country in the preceding

survey.

Table 7: Value of foreign holdings of U.S. long- and short-term securities, by

major investing country, as of June 30, 2014 and June 30, 2013

Billions of dollars

June 30, 2013 June 30, 2014

Country Total Equities Debt Total Equities Debt

Japan 1,766 316 1,450 1,917 361 1,556

China1 1,735 261 1,474 1,817 320 1,497

Cayman Islands 1,168 628 540 1,409 838 571

United Kingdom 1,116 584 532 1,289 741 548

Luxembourg 990 378 613 1,198 502 696

Canada 814 617 198 988 769 219

Belgium 490 29 461 713 34 679

Ireland 575 141 435 675 204 471

Switzerland 581 266 315 634 331 303

Middle East oil exporters2 545 275 270 601 318 283

Country Unknown 51 0 51 85 3 82

Rest of world 4,578 1,576 3,002 5,091 1,935 3,156

Total 14,410 5,070 9,340 16,417 6,356 10,061

Of which: Holdings of

foreign official institutions 5,406 799 4,607 5,682 956 4,726

1. Excludes Hong Kong and Macau, which are reported separately.

2. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

As of June 2014, Japan remained the largest holder of U. S. securities, with mainland China

being the only other holder of comparable magnitude. Holdings of U.S. securities attributed

to Japan increased by $151 billion or almost 9 percent, and holdings attributed to all other

major holders increased as well. Equity holdings rose among all major holders, with the

size of the increase ranging from $5 billion (Belgium) to $210 billion (Cayman Islands), for

an overall increase of about 25 percent. Total foreign debt holdings increased by about 8

percent, with only Switzerland showing a net decline of $12 billion in its holdings of U.S. debt.

The disparity in the rate of increase between equity and debt holdings is in part attributable

to the strong performance of U.S. equity prices in the period between June 2013 and June

2014. Belgium had the largest rise in holdings of U.S. debt securities, which increased by

$218 billion to a total of $679 billion in June 2014. Interpreting these movements, however,

12
is complicated by the difficulties in identifying the ultimate foreign owner of securities held

in foreign custodial centers (custodial bias). For example, if a foreign investor shifts holdings

of its securities from a U.S. custodian in one year to a foreign custodian in the next, the

securities may appear as an increase in holdings of the country of the custodian and a

decrease in holdings of the country of the ultimate owner.

Tables A7, A8, A9 and A10 in the Statistical Appendix show, respectively, holdings of total

securities, equities, long-term debt securities, and short-term securities, for all countries as

of the dates of recent surveys.

Comparison with the TIC SLT by Country

The distribution of U.S. long-term securities holdings across countries reported by the annual survey very closely matched the country distribution reported by the monthly SLT.

Table 8 shows that in the survey as in the SLT, Japan was the largest holder of U.S. longterm securities, with similar holdings reported in the survey ($1,855 billion) and the SLT

($1,857 billion). China was the second-largest holder, with $1,808 billion total holdings of

U.S. long-term securities in the survey and $1,806 billion in the SLT. Similarities between

the survey and SLT hold for other countries as well.13

Table 8: Foreign holdings of U.S. long-term securities as measured by the survey of portfolio

holdings and the TIC SLT, by country and security type, as of June 30, 2014

Billions of dollars

Survey SLT

Country Total

long-term

Long-term

equities

Long-term

debt

Total

long-term

Long-term

equities

Long-term

debt

Japan 1,855 361 1,494 1,857 361 1,496

China1 1,808 320 1,489 1,806 319 1,488

Cayman Islands 1,324 838 486 1,311 827 483

United Kingdom 1,252 741 511 1,292 739 553

Luxembourg 1,118 502 617 1,131 502 628

Canada 965 769 195 967 770 197

Belgium 700 34 666 729 34 694

Switzerland 610 331 279 615 336 279

Ireland 546 204 342 539 204 335

Middle East oil exporters2 543 318 225 541 314 227

Country Unknown 85 3 81 58 * 58

Rest of world 4,733 1,935 2,798 4,722 1,922 2,802

Total 15,539 6,356 9,183 15,568 6,328 9,240

Of which: Holdings of

foreign official institutions 5,311 956 4,355 5,305 952 4,353

* Greater than zero but less than $500 million.

1. Excludes Hong Kong and Macau, which are reported separately.

2. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

13 SLT data for all countries are accessible through the Treasury’s TIC website for Holdings of Long-Term

Securities: http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/ticsec3.aspx.

13
Country-level differences in debt holdings reported by the survey and the SLT can in part

be attributed to the over-reporting of corporate debt securities discussed in Table 4 and

Chapter 2. Countries through which U.S. firms commonly issue debt internationally, such as

Belgium, Luxembourg, and the United Kingdom, show larger discrepancies between survey

and SLT values. For example, total holdings by the United Kingdom of U.S. long-term

debt are $42 billion higher in the SLT than in the survey. Similarly, total long-term debt

holdings for Belgium and Luxembourg are $28 billion and $11 billion higher, respectively, in

the SLT than in the survey. The over-reporting adjustment for long-term debt in the survey

is estimated to be $80 billion, which more than accounts for the overall difference.

Holdings of U.S. Securities by Foreign Official Institutions

As in previous years, the survey collected information on holdings of U.S. securities by foreign

official institutions separately from holdings by private investors. This distinction is made

because the motivations of foreign official institutions for holding U.S. securities may differ

from those of private investors, and their investment patterns may also differ. Foreign official

institutions in this report consist primarily of foreign national government institutions involved in the formulation of monetary policy, such as central banks, but also include national

government-owned investment funds and other national government institutions. A partial

list of foreign official institutions can be found at http://www.treasury.gov/resource-center/

data-chart-center/tic/Pages/foihome.aspx.

Although the survey measured foreign official holdings of all types of U.S. long-term securities

at $5,311 billion in June 2014, it is possible that this figure somewhat underestimates foreign

official holdings. Distinguishing official from private holders in the surveys is difficult for the

same reasons that obtaining accurate information on the country of foreign owners of U.S.

securities is difficult: in both cases chains of financial intermediaries can obscure the true

foreign holders. Thus, some holdings attributed to private intermediaries, especially in major

custodial centers, may actually reflect holdings of foreign official institutions.

The percentage of U.S. long-term securities held by foreign official institutions as a share of

the total amount held by foreign investors fell between the June 2013 and June 2014 surveys

to 34 percent (Table 9). The share of foreign holdings owned by official investors increased

steadily from 28 percent in 2007 to nearly 40 percent in 2010 and remained near this elevated

level before declining slightly in 2013 and 2014.14 This pattern of official holdings growing

more rapidly than private ownership through 2010 and then slowing more recently is most

pronounced for Treasury securities. Official holdings of U.S. corporate bonds have continued

to grow recently but remain a relatively small fraction of the total.

From June 2007 to June 2010, foreign official investors were responsible for 85 percent of

the $1,378 billion increase in total foreign holdings of long-term U.S. Treasury securities.

14 At nearly 40 percent, official investors’ share of foreign holdings in 2010 was high relative to the 1990s but

not unprecedented. From 1974 to 1984, foreign official investors accounted for about 40 percent of foreign

holdings of U.S. long-term securities.

14
By contrast, between 2010 and 2013, foreign official investors accounted for about twothirds of the increase in foreign ownership of long-term Treasuries. This trend strengthened

in 2014: between June 2013 and June 2014, foreign investors’ holdings of long-term U.S.

Treasury securities grew from $4,916 billion to $5,382 billion, and foreign official investors

were responsible for only about a quarter of the increase.

Table 9: Value of long-term securities held by foreign official institutions, and the

percentage of total foreign holdings these represent, by type of security, as of end-June,

selected survey dates

Billions of dollars

Security Type 2007 2008 2009 2010 2011 2012 2013 2014

Equities1

Total foreign holdings 3,130 2,969 2,252 2,814 3,830 4,237 5,070 6,356

Of which: Foreign official 266 363 311 426 567 630 799 956

Percent foreign official 8.5 12.2 13.8 15.1 14.8 14.9 15.8 15.0

Treasury debt

Total foreign holdings 1,965 2,211 2,604 3,343 4,049 4,673 4,916 5,382

Of which: Foreign official 1,452 1,684 2,054 2,617 3,103 3,489 3,648 3,765

Percent foreign official 73.9 76.2 78.9 78.3 76.6 74.7 74.2 70.0

Agency debt

Total foreign holdings 1,304 1,464 1,196 1,086 1,031 991 874 827

Of which: Foreign official 750 966 794 721 635 543 452 434

Percent foreign official 57.5 66.0 66.4 66.4 61.6 54.8 51.7 52.5

Corporate debt

Total foreign holdings 2,738 2,820 2,440 2,493 2,651 2,549 2,672 2,974

Of which: Foreign official 99 106 107 97 104 110 127 156

Percent foreign official 3.6 3.8 4.4 3.9 3.9 4.3 4.7 5.2

All long-term securities

Total foreign holdings 9,136 9,463 8,492 9,736 11,561 12,451 13,532 15,539

Of which: Foreign official 2,567 3,119 3,266 3,862 4,409 4,772 5,025 5,311

Percent foreign official 28.1 33.0 38.5 39.7 38.1 38.3 37.1 34.2

Note: Percentages are calculated from unrounded dollar value figures and may differ slightly from

percentages calculated from rounded dollar values shown in this table.

1. Equities include common and preferred stock; all types of investment company shares, such as openend funds, closed-end funds, money market mutual funds, and hedge funds; as well as interests in

limited partnerships and other equity interests that may not involve stocks or shares.

Foreign official institutions invested primarily in long-term U.S. Treasury securities over the

June 2007 to June 2014 period, but they also purchased substantial amounts of agency

securities in the years prior to the 2008 financial crisis. Between the 2005 and 2008 surveys

(not shown), foreign official holdings of long-term U.S. agency debt securities grew from

less than 50 percent of all foreign holdings of long-term agency securities to two-thirds of

all foreign holdings of agencies. Although foreign official holdings of agency securities have

declined steadily since 2008, they continue to account for slightly more than half of foreign

15
holdings of long-term agency debt.

Table 10 shows foreign official holdings of short-term debt by type of security. Foreign official investors held about 42 percent ($372 billion) of the U.S. short-term securities owned

by foreigners in June 2014 ($878 billion). Of the $372 billion of short-term securities held

by foreign official institutions, $341 billion, or 92 percent, was U.S. Treasury bills and certificates. Official holdings of short-term corporate debt have grown quickly for the past two

years, with an increase of 50 percent over the past year. However, these relatively large

recent increases are from a low base, and short term corporate debt holdings remain a small

proportion of foreign official holdings of short-term debt—only 6 percent.

Table 10: Value of short-term securities held by foreign official institutions, and

the percentage of total foreign holdings these represent, by type of security, as

of end-June, selected survey dates

Billions of dollars

Security Type 2007 2008 2009 2010 2011 2012 2013 2014

Treasury debt

Total foreign holdings 229 379 862 743 658 637 679 633

Of which: Foreign official 159 226 572 454 414 366 363 341

Percent foreign official 69.4 59.6 66.3 61.2 62.9 57.5 53.4 53.8

Agency debt

Total foreign holdings 109 174 90 61 43 29 25 42

Of which: Foreign official 80 130 34 24 16 5 3 8

Percent foreign official 73.4 74.7 37.3 38.7 37.7 17.2 11.9 18.3

Corporate debt

Total foreign holdings 297 306 197 152 177 145 173 203

Of which: Foreign official 17 18 9 6 8 6 15 23

Percent foreign official 5.7 3.7 4.7 3.9 4.4 3.8 8.7 11.3

All short-term securities

Total foreign holdings 635 858 1,149 956 878 811 878 878

Of which: Foreign official 256 373 614 484 438 377 381 372

Percent foreign official 40.3 43.5 53.5 50.6 49.9 46.5 43.4 42.3

Note: Percentages are calculated from unrounded dollar value figures and may differ slightly

from percentages calculated from rounded dollar values shown in this table.

During the 2008 financial crisis, the proportion of Treasury debt issued in the form of bills

and certificates rose substantially. Reflecting this shift in the pattern of issuance, foreign

official investors more than doubled their holdings of U.S. Treasury bills and certificates from

$226 billion to $572 billion between the June 2008 and June 2009 surveys. This increase

accounted for over 70 percent of the rise in total foreign holdings of U.S. Treasury bills

and certificates. Since 2009, issuance of short-term Treasury debt has declined, and total

foreign holdings of Treasury bills and certificates have decreased by $229 billion, more than

accounted for by a $231 billion decline in holdings by foreign official investors. While official

holdings of short-term Treasury debt remain above pre-crisis levels, official holdings of short16
term agency debt have fallen dramatically. As of June 2014, official holdings of short-term

agency debt were only $8 billion, a decrease of around 94 percent from pre-crisis levels

($130 billion). Nonetheless, this survey was the first since the crisis to record an increase in

foreign official holdings of short term agency debt, from $3 billion to $8 billion.

As Table 11 shows, the survey data on foreign official holdings of long-term Treasuries are in

line with the monthly aggregate data collected on the SLT. In June 2014, measured foreign

official holdings of long-term U.S. Treasury securities were $3,765 billion, very close to the

SLT figure of $3,767 billion.15 Additional data on foreign official holdings are presented in

Appendix Tables A1 through A6.

Table 11: Foreign official holdings of

U.S. long-term Treasury securities:

comparison of survey results with SLT,

2012-2014

Billions of dollars

Survey1 SLT

June 2012 3,489 3,493

June 2013 3,648 3,649

June 2014 3,765 3,767

1. Surveys of foreign holdings of U.S. securities.

Details on Foreign Holdings of Different Types of U.S. Securities

as of June 2014

Foreign Holdings of U.S. Treasury Securities, by Type of Security

Table 12 reports total holdings of U.S. Treasury securities by type of security for the countries

with the largest holdings. China remained the largest holder of U.S. Treasury securities in

June 2014, with total holdings of $1,269 billion, a decrease of $8 billion from June 2013.

Japan, with holdings of $1,220 billion, remained the second-largest holder. TIPS, which as

of June 2014 were about $1 trillion of approximately $12 trillion in marketable Treasury

securities outstanding, are increasingly popular for some foreign investors. As of June 2014,

foreign investors held $431 billion in TIPS, with more than two-thirds of this amount held

by foreign official investors. Foreigners now hold about 42% of TIPS outstanding, up from

31% in 2011 (not shown). TIPS accounted for a significant share of total foreign holdings

of U.S. Treasury securities for several countries. For China, the Middle East oil exporters,

Taiwan, the Cayman Islands, and the United Kingdom, TIPS accounted for 10 percent or

more of total foreign holdings of U.S. Treasury securities.

15 Prior to 2012, published monthly estimates of official holdings of U.S. securities, such as those in the

Major Foreign Holders of Treasury Securities tables ( http://www.treasury.gov/ticdata/Publish/mfh.txt),

were revised when data from a new survey became available. However, since the introduction of the SLT

and its incorporation into the Major Foreign Holders table, such large revisions each June have not been

necessary.

17
In January 2014, the U.S. Treasury began issuing Floating Rate Notes (FRNs), which have

a maturity of two years and pay an interest rate that varies over time with the rates on

newly issued 13-week Treasury bills. As of June 2014, foreign holdings of FRNs amounted to

$27 billion, or about one-third of the $82 billion outstanding—lower than the overall share of

foreign holdings of Treasuries. Because FRNs have a maturity of two years, foreign holdings

of FRNs are included in nominal long-term debt in Table 12.

Table A3 in the Statistical Appendix shows holdings of different forms of U.S. Treasury

securities for all countries as of June 2014.

Table 12: Value of foreign holdings of U.S. Treasury securities, by major

investing country, as of June 30, 2014

Billions of dollars

Treasury long-term debt1 Treasury

Country Total Total of which:

Nominal

of which:

TIPS2

short-term

debt1

China3 1,269 1,261 1,117 143 8

Japan 1,220 1,160 1,135 25 60

Belgium 363 353 342 11 10

Brazil 254 228 216 12 26

Middle East oil exporters4 228 185 153 32 43

Taiwan 179 178 159 19 1

Switzerland 176 154 139 15 22

Cayman Islands 171 100 65 35 70

United Kingdom 160 132 114 19 28

Hong Kong 158 107 105 3 50

Rest of world 1,838 1,524 1,406 118 314

Total 6,015 5,382 4,951 431 633

Of which: Holdings of

foreign official institutions 4,106 3,765 3,466 299 341

1. Long-term denotes original maturity of over one year; short-term denotes original maturity of one year or less.

2. TIPS are Treasury Inflation-Protected Securities.

3. Excludes Hong Kong and Macau, which are reported separately.

4. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

Foreign Holdings of Equities by Type

Table 13 provides additional detail on foreign holdings of equities in 2014 for the countries

with the largest equity holdings. About three-fourths of total foreign holdings of U.S. equities

are in the form of common stock, accounting for $4,849 billion of the total $6,356 billion

held. Fund shares ($1,039 billion) account for over two-thirds of the remaining equities held

by foreign investors. As noted above, “funds” include many different types of investment

company shares issued by U.S.-resident entities, such as open-end funds, closed-end funds,

money market mutual funds, and hedge funds. Such funds may invest in a variety of assets,

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

18
however, the data reported are for foreign holdings of the fund shares and not the underlying

securities held by the funds. The residual “other” column includes preferred stock as well

as interests in limited partnerships and other equity interests that may or may not involve

stocks or shares. An increase of $987 billion in common stock held by foreigners accounted

for the majority of the increase in equity holdings ($1,286 billion). Holdings of fund shares

increased by $232 billion while holdings of “other” equities increased $66 billion. Table A4

in the Statistical Appendix shows holdings of these different types of equity for all countries

as of June 2014.

Table 13: Value of foreign holdings of U.S.

equities, by major investing country,

as of June 30, 2014

Billions of dollars

Country or region Total Common

stock

Fund

shares Other1

Cayman Islands 838 493 164 181

Canada 769 633 109 28

United Kingdom 741 639 71 32

Luxembourg 502 456 31 15

Japan 361 286 68 6

Switzerland 331 260 62 9

China2 320 253 18 49

Middle East oil exporters3 318 241 61 16

Ireland 204 183 17 4

Netherlands 195 123 53 19

Rest of world 1,777 1,282 386 110

Total 6,356 4,849 1,039 467

Of which: Holdings of

foreign official institutions 956 837 86 33

1. Includes preferred stock, interests in limited partnerships, and

other types of equity.

2. Excludes Hong Kong and Macau, which are reported separately.

3. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the

United Arab Emirates.

Foreign Holdings of Corporate Mortgage-Backed Securities

Table 14 splits foreign holdings of U.S. long-term corporate ABS as shown in Table 6 into

those backed by pools of residential home mortgages and commercial mortgages (mortgagebacked securities, or MBS) and those backed by other types of assets, such as pools of credit

card receivables, automobile loans, or student loans. A similar table is not provided for

agency ABS because most, if not all, agency ABS are backed by pools of residential home

mortgages.

19
Table 14: Value of foreign holdings of U.S.

long-term corporate asset-backed securities,

by major investing country and type,

as of June 30, 2014

Billions of dollars

Country or region Total Mortgagebacked Other

Cayman Islands 102 73 29

Ireland 43 18 25

Luxembourg 39 10 29

Germany 30 7 23

Canada 27 18 8

United Kingdom 26 13 13

Belgium 24 3 20

Bermuda 19 7 12

Switzerland 12 4 7

Japan 12 3 8

Rest of world 63 23 39

Total 396 182 214

Of which: Holdings of

foreign official institutions 22 6 16

Overall, foreign holdings of long-term corporate ABS fell slightly—by $7 billion—from June

2013 to June 2014. Roughly half of all corporate ABS held by foreign investors in June 2014

were in the form of MBS. Holdings of corporate ABS and especially MBS have fallen since the

financial crisis: In June 2007, foreign holdings of corporate ABS amounted to $902 billion,

with nearly two-thirds—$594 billion—in the form of corporate MBS.

While total corporate ABS holdings were relatively stable from 2013 to 2014, corporate MBS

holdings declined by 14 percent ($29 billion). The fall was partially offset by an increase in

other ABS of $21 billion, three quarters of which can be accounted for by a rise in holdings

of ABS backed by auto loans. Holdings of ABS backed by student loans, which at roughly

40 percent are the largest single type of non-mortgage corporate ABS held by foreigners,

were unchanged. The Cayman Islands account for $13 billion, or nearly half of the decline

in MBS holdings, but remained the largest holder of corporate MBS and overall ABS as

of June 2014, followed by Ireland. Table A5 in the Statistical Appendix presents the same

information on holdings of U.S. long-term corporate asset-backed securities for all countries

as of June 2014.

Foreign Holdings of U.S. Short-Term Asset-Backed Commercial Paper

Foreign holdings of U.S. short-term ABS in the form of asset-backed commercial paper

(ABCP) also fell during the financial crisis and have since remained at low levels. Of the

$203 billion in short-term corporate debt securities held by foreign investors listed in Table 1,

$102 billion was in the form of commercial paper (CP), with ABCP accounting for only

20
$34 billion. By contrast, foreign holdings of ABCP amounted to $116 billion in June 2007,

accounting for more than half of all CP held by foreign investors.

Table 15 shows the largest holders of CP and the amounts that reflect ABCP. Ireland has

remained the largest holder of CP for several years. Table A6 in the Statistical Appendix

presents information on holdings of all short-term securities, including short-term Treasury

securities, agency securities, and corporate securities, as well as CP and ABCP, for all

countries as of June 2014.

Table 15: Value of foreign holdings of U.S. commercial

paper, by major investing country and type,

as of June 30, 2014

Billions of dollars

Country or region Total Asset-backed Other

Ireland 41 16 25

Luxembourg 18 7 11

Bermuda 8 2 6

Middle East oil exporters1 6 3 4

Cayman Islands 5 1 4

Rest of world 23 5 18

Total 102 34 68

Of which: Holdings of

foreign official institutions 8 3 5

1. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and

the United Arab Emirates.

Portfolio Investment by Region of Investor Country and Survey Year

Tables 16a through 16d show holdings of U.S. securities by region of investor country as of the

last eight survey dates. Total foreign holdings of long-term securities grew by $2,007 billion

from June 2013 to June 2014, with about half coming from holdings of investors in Europe

and nearly all of the rest split about evenly between the holdings of investors in the Americas

and Asia. European holdings were larger than Asian holdings prior to 2008 but fell by

approximately 20 percent during the financial crisis, while Asian holdings continued to grow.

European holdings of long-term securities have subsequently grown at a faster rate than

Asian holdings. This trend continued in the year ending in June 2014 as European holdings

increased by $988 billion (19 percent), to reach $6,107 billion, while Asian holdings increased

by only $449 billion (9 percent).

21
Table 16a: Foreign holdings of U.S. long-term securities, by region,

as of end-June, selected survey dates

Billions of dollars

2007 2008 2009 2010 2011 2012 2013 2014

Total Europe 3,928 3,796 3,209 3,564 4,376 4,592 5,119 6,107

Euro area countries1 2,204 2,150 1,742 1,907 2,305 2,364 2,721 3,401

Total Asia 2,943 3,363 3,522 4,067 4,562 4,928 5,117 5,566

Americas 1,824 1,901 1,466 1,738 2,193 2,537 2,900 3,385

Caribbean fin. centers2 1,089 1,101 858 989 1,186 1,386 1,543 1,864

Australia/Oceania 169 140 106 123 167 169 213 245

Total Africa 22 39 29 34 36 41 41 49

International and Regional

Organizations 38 41 62 72 89 96 90 102

Country Unknown 212 183 98 136 138 89 51 85

Total 9,136 9,463 8,492 9,736 11,561 12,451 13,532 15,539

1. Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal,

and Spain. Includes Slovenia as of 2007, Cyprus and Malta as of 2008, Slovakia as of 2009, Estonia as of

2011, and Latvia as of 2014.

2. Bahamas, Bermuda, British Virgin Islands, Cayman Islands, the former Netherlands Antilles, and

Panama.

Holdings of long-term securities by foreign countries in the Americas increased by $485 billion

to $3,385 billion. Of these countries, the Bahamas, Bermuda, the British Virgin Islands, the

Cayman Islands, the former Netherlands Antilles,16 and Panama—referred to collectively

in the tables as the Caribbean financial centers—serve as major financial centers through

which investments of residents from other countries are channeled. As a group, these financial

center countries accounted for $1,864 billion (or 55 percent) of all investment attributed to

the Americas region.

Table 16b and Table 16c show holdings of U.S. equities and long-term debt, respectively,

with the same regional breakdown presented in Table 16a. While total Asian and European

holdings are of similar size, their composition is noticeably different. European investors

hold 54 percent of their U.S. long-term securities in the form of debt, while Asian investors’

portfolio is more than 75 percent debt.

Total foreign equity holdings in the year ending June 30, 2014 were up 25 percent over June

2013, with all regions showing an increase, in large part due to the strong performance of

U.S. equities during the year. Valuation gains were fairly uniform across holders in different

regions, so that the geographic allocation of equity holdings changed little. By June 2014,

European investors held $2,785 billion in U.S. equities, continuing to account for a little less

than half (44 percent) of all U.S. equities held by foreigners. Investors from the Americas

16 The former Netherlands Antilles, which no longer exists as a legal entity, included Curacao; Bonaire, Sint

Eustatius, and Saba; and Sint Maarten. The TIC system began collecting data for these three countries

separately in December 2013.

22
held $1,997 billion, representing about 30 percent of all foreign equity holdings. Roughly

half of this amount was owned by entities resident in the Caribbean financial centers.

Table 16b: Foreign holdings of U.S. equities, by region,

as of end-June, selected survey dates

Billions of dollars

2007 2008 2009 2010 2011 2012 2013 2014

Total Europe 1,594 1,449 1,055 1,308 1,789 1,856 2,194 2,785

Euro area countries1 816 728 499 630 860 821 998 1,307

Total Asia 560 599 504 648 866 996 1,146 1,367

Americas 871 821 614 765 1,048 1,253 1,559 1,997

Caribbean fin. centers2 480 452 329 399 539 696 832 1,094

Australia/Oceania 95 87 66 81 114 120 158 183

Total Africa 6 9 5 6 8 8 9 16

International and Regional

Organizations 3 3 6 5 3 4 4 5

Country Unknown * 1 2 1 2 0 0 3

Total 3,130 2,969 2,252 2,814 3,830 4,237 5,070 6,356

* Greater than zero but less than $500 million.

1. Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands,

Portugal, and Spain. Includes Slovenia as of 2007, Cyprus and Malta as of 2008, Slovakia as of

2009, Estonia as of 2011, and Latvia as of 2014.

2. Bahamas, Bermuda, British Virgin Islands, Cayman Islands, the former Netherlands Antilles, and

Panama.

Asian countries collectively held $4,198 billion in U.S. long-term debt securities, more than

any other region (Table 16c), as has been the case since the 1978 survey. European investors

collectively owned $3,322 billion, the second-largest regional holdings of U.S. long-term debt

securities. From June 2013 to June 2014, European holdings increased by $396 billion while

Asian holdings increased by only $227 billion. Nonetheless, investment patterns by region

have been broadly consistent over time. Aside from the trends just noted, in each preceding

survey the second-highest level of holdings of U.S. equities has been from the Americas region

followed by Asia, and since the 1984 survey Europe has held the second-highest level of U.S.

long-term debt securities, followed by the Americas.

23
Table 16c: Foreign holdings of U.S. long-term debt securities, by region,

as of selected survey dates

Billions of dollars

2007 2008 2009 2010 2011 2012 2013 2014

Total Europe 2,334 2,346 2,154 2,256 2,587 2,736 2,926 3,322

Euro area countries1 1,389 1,422 1,243 1,277 1,446 1,543 1,723 2,094

Total Asia 2,383 2,764 3,018 3,419 3,696 3,932 3,971 4,198

Americas 953 1,081 852 973 1,146 1,284 1,341 1,389

Caribbean fin. centers2 609 649 529 590 646 690 710 768

Australia/Oceania 74 53 40 42 53 49 55 62

Total Africa 16 29 24 29 28 32 32 33

International and Regional

Organizations 35 38 56 68 86 92 86 97

Country Unknown 211 183 96 135 136 88 51 81

Total 6,007 6,494 6,240 6,921 7,731 8,213 8,462 9,183

1. Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. Includes Slovenia as of 2007, Cyprus and Malta as of 2008, Slovakia as of 2009,

Estonia as of 2011, and Latvia as of 2014.

2. Bahamas, Bermuda, British Virgin Islands, Cayman Islands, the former Netherlands Antilles, and

Panama.

In the year ending June 2014, foreign holdings of U.S. short-term securities (Table 16d) were

unchanged from 2013 at $878 billion. Holdings by region moved, though: Asian holdings

declined by $16 billion while holdings of investors in the Americas rose by $18 billion. Europe

remains the largest holder of U.S. short-term securities, as has been the case in most years.

Asia remains the second-largest holder at $248 billion, with the Americas in third place with

$227 billion.

24
Table 16d: Foreign holdings of U.S. short-term securities, by region, as of

end-June, selected survey dates

Billions of dollars

2007 2008 2009 2010 2011 2012 2013 2014

Total Europe 275 419 423 359 331 327 377 378

Euro area countries1 166 248 241 216 221 217 237 252

Total Asia 200 244 454 332 333 285 264 248

Americas 140 174 230 220 186 178 209 227

Caribbean fin. centers2 67 103 127 130 130 119 134 130

Australia/Oceania 10 9 11 9 8 9 17 14

Total Africa 5 6 10 28 12 3 2 3

International and Regional

Organizations 4 6 8 6 7 9 9 8

Country Unknown 2 1 12 2 1 0 0 0

Total 635 858 1,149 956 878 811 878 878

1. Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,

Netherlands, Portugal, and Spain. Includes Slovenia as of 2007, Cyprus and Malta

as of 2008, Slovakia as of 2009, Estonia as of 2011, and Latvia as of 2014.

2. Bahamas, Bermuda, British Virgin Islands, Cayman Islands, the former Netherlands

Antilles, and Panama.

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

The maturity distribution of foreign holdings of U.S. long-term debt securities is shown in

Tables 17a to 17c. Table 17a presents the maturity distribution of all foreign holdings,

Table 17b the maturity distribution of foreign official holdings, and Table 17c the maturity

distribution of foreign private holdings. In the “Remaining years to maturity” column of

these tables, “1 to 2 years” should be read as holdings of U.S. long-term debt securities that

will mature from one year and one day to two years after the June 30, 2014 survey date.

25
Table 17a. Maturity structure of foreign holdings of U.S. long-term

debt securities, as of June 30, 2014

Percentages

Remaining years

to maturity Total debt U.S. Treasury U.S. agency Corporate

Up to 1 year 12.5 17.3 4.0 6.3

1 to 2 years 14.4 19.3 3.8 8.5

2 to 3 years 13.2 16.7 4.6 9.2

3 to 4 years 9.0 9.5 3.3 9.5

4 to 5 years 7.9 8.0 1.4 9.4

5 to 6 years 5.8 6.6 1.1 5.6

6 to 7 years 6.7 6.7 0.8 8.4

7 to 8 years 3.7 3.2 0.5 5.5

8 to 9 years 3.7 3.3 0.8 5.4

9 to 10 years 3.4 3.7 0.7 3.6

10 to 15 years 2.6 1.7 3.2 4.1

15 to 20 years 1.7 0.3 2.7 4.1

20 to 25 years 4.3 0.5 12.5 9.0

25 to 30 years 9.5 3.1 60.0 6.8

More than 30 years 1.5 0.0 0.7 4.5

Total 100.0 100.0 100.0 100.0

Similar to the June 2013 survey, 57 percent of U.S. long-term debt securities held by foreigners

will mature in 5 years or less from June 30, 2014. Foreign holdings of long-term Treasury debt

securities are much more concentrated at shorter maturities than are holdings of corporate

or agency debt, with 71 percent of such holdings maturing in less than 5 years.

Table 17b. Maturity structure of foreign official holdings of U.S.

long-term debt securities, as of June 30, 2014

Percentages

Remaining years

to maturity Total debt U.S. Treasury U.S. agency Corporate

Up to 1 year 15.3 16.8 5.4 5.7

1 to 2 years 18.5 20.6 4.3 7.5

2 to 3 years 17.1 18.7 5.9 10.2

3 to 4 years 9.2 9.8 3.9 10.9

4 to 5 years 7.3 7.8 1.0 10.0

5 to 6 years 6.4 7.1 0.9 5.1

6 to 7 years 5.7 6.2 0.4 6.6

7 to 8 years 2.8 2.9 0.3 5.9

8 to 9 years 2.9 3.0 0.4 7.1

9 to 10 years 3.1 3.2 0.3 7.0

10 to 15 years 1.4 1.3 1.5 3.0

15 to 20 years 0.4 0.1 1.2 3.1

20 to 25 years 1.8 0.3 13.3 6.2

25 to 30 years 8.1 2.1 60.8 7.5

More than 30 years 0.2 0.0 0.4 4.2

Total 100.0 100.0 100.0 100.0

26
Foreign official holdings of U.S. long-term debt securities (Table 17b) have a shorter average

maturity than foreign private holdings (Table 17c). More than half of foreign official holdings

mature within 3 years; for private holdings (Table 17c) the comparable figure is 6 years. In

part, the shorter maturity structure of foreign official holdings overall reflects the higher

concentration of Treasury holdings by official investors. But even within the categories of

Treasury and agency securities, foreign official holdings are more concentrated at shorter

maturities than are foreign private holdings.

Table 17c. Maturity structure of foreign private holdings of U.S.

long-term debt securities, as of June 30, 2014

Percentages

Remaining years

to maturity Total debt U.S. Treasury U.S. agency Corporate

Up to 1 year 10.0 18.4 2.4 6.4

1 to 2 years 10.7 16.2 3.2 8.7

2 to 3 years 9.5 11.6 3.0 9.2

3 to 4 years 8.7 9.0 2.5 9.5

4 to 5 years 8.5 8.5 1.7 9.4

5 to 6 years 5.2 5.4 1.2 5.6

6 to 7 years 7.7 8.1 1.3 8.3

7 to 8 years 4.5 3.9 0.7 5.4

8 to 9 years 4.5 3.9 1.3 5.2

9 to 10 years 3.7 4.8 0.7 3.5

10 to 15 years 3.7 2.6 5.3 4.1

15 to 20 years 3.0 0.7 4.6 4.1

20 to 25 years 6.8 1.1 11.6 9.2

25 to 30 years 10.8 5.8 59.3 6.9

More than 30 years 2.8 0.0 1.1 4.5

Total 100.0 100.0 100.0 100.0

Currency Composition of Foreign Holdings of U.S. Debt Securities

Of the $9,183 billion in long-term debt securities held by foreigners as of June 30, 2014,

$8,598 billion, or 94 percent, are denominated in U.S. dollars (Table 18a). However, the

currency composition of these foreign holdings varies substantially depending on the type of

security issuer: all U.S. Treasury securities and more than 99 percent of U.S. agency securities

owned by foreigners are denominated in U.S. dollars, whereas 20 percent of U.S. corporate

debt securities owned by foreigners are denominated in foreign currencies. Debt securities

issued in euros account for 59 percent of the foreign currency-denominated securities held by

foreigners. The holdings of foreign official institutions (not shown separately) consist almost

exclusively of U.S.-dollar-denominated securities.

27
Table 18a. Foreign holdings of U.S. long-term debt securities, by

currency, as of June 30, 2014

Billions of dollars

Currency Total debt U.S. Treasury U.S. agency Corporate

U.S. dollar 8,598 5,382 824 2,392

Euro 346 0 0 346

U.K. pound 101 0 3 98

Japanese yen 48 0 0 48

Australian dollar 23 0 0 23

Canadian dollar 18 0 0 18

Swiss franc 18 0 0 18

Other 31 0 0 31

Total 9,183 5,382 827 2,974

Foreign holdings of U.S. short-term debt securities (Table 18b) are even more concentrated in

U.S.-dollar-denominated securities: $866 billion of the $878 billion held (almost 99 percent)

are dollar-denominated. Foreign official holdings of U.S. short-term securities (not shown)

are almost exclusively denominated in U.S. dollars.

Table 18b. Foreign holdings of U.S. short-term debt securities, by

currency, as of June 30, 2014

Billions of dollars

Currency Total debt U.S. Treasury U.S. agency Corporate

U.S. dollar 866 633 42 191

Euro 4 0 0 4

U.K. pound 3 0 0 3

Japanese yen 3 0 0 3

Canadian dollar 2 0 0 2

Australian dollar * 0 0 *

Swiss franc * 0 0 *

Other * 0 0 *

Total 878 633 42 203

* Greater than zero but less than $500 million.

Table 19 shows the currency composition of total foreign-owned U.S. long-term debt securities

(the “Total debt” column in Table 18a) for the most recent eight surveys. During the June

2007-June 2014 period covered by the table, the share of foreign-owned U.S. long-term debt

securities denominated in U.S. dollars generally trended up, from about 87% in 2007-2009

to 94% in 2014. In the year ending June 30, 2014 foreign holdings of euro-denominated U.S.

long-term debt edged up to $346 billion (4 percent of foreign holdings) after falling in the

two previous years.

28
Table 19. Foreign holdings of U.S. long-term debt securities, by currency, as

of end-June, selected survey dates

Billions of dollars

Currency 2007 2008 2009 2010 2011 2012 2013 2014

U.S. dollar 5,270 5,656 5,446 6,112 6,889 7,555 7,853 8,598

Euro 420 489 473 476 500 370 341 346

U.K. pound 119 118 111 123 123 118 117 101

Japanese yen 81 93 93 97 94 75 51 48

Australian dollar 28 32 25 24 26 14 22 23

Canadian dollar 26 24 18 20 18 18 18 18

Swiss franc 29 31 37 34 38 25 21 18

Other 34 51 38 36 42 38 40 31

Total 6,007 6,494 6,240 6,921 7,731 8,213 8,462 9,183

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

Table 20 presents foreign holdings of U.S. securities divided into broad economic sectors

of the industry of issuer. The data in this table are presented using the Global Industry

Classification Standard (GICS) system developed by Morgan Stanley Capital International

and Standard & Poor’s. This classification system was selected because it can be used to

categorize security issuers worldwide, thus permitting both foreign holdings of U.S. securities

and U.S. holdings of foreign securities to be presented using the same classification system.17

Nonetheless, some holdings are classified as “industry classification unknown” because information was not available from our sources as to the proper economic sector for these

securities.

The Government sector has the highest level of foreign investment, with foreign holdings

of short-term and long-term government debt securities reaching $6,142 billion. The Government sector accounted for about 30 percent of all foreign holdings of U.S. securities in

June 2008, but that share jumped to 39 percent in 2009 and has remained elevated since,

standing at 37 percent in June 2014. The second-largest sector for foreign investment remains the Financial sector, with total foreign holdings of $4,591 billion. Within the Financial

sector, 61 percent of foreign equity holdings were in the Capital Markets subsector, which

includes mutual funds; this factor helps explain why foreign investors held more financial

sector equities ($2,224 billion) than equities of any other sector. Foreign investors also

held considerable amounts of Financial sector long-term and short-term debt ($2,367 billion

combined). Other sectors attracting considerable foreign investment were Information Technology ($1,099 billion), Consumer Discretionary ($1,034 billion), Health Care ($826 billion),

Energy ($603 billion), Industrial ($591 billion), and Consumer Staples ($538 billion). Most

of the investment in these sectors was in the form of equity. Table A11 in the Statistical

Appendix provides information on holdings by detailed industry as well as broad industry

sector.

17 As with all major industry classification systems, there is a certain degree of imprecision in the GICS.

Many companies produce goods and services in multiple industrial sectors, whereas the data presented in

this report attribute foreign holdings to the sector in which the company has the greatest level of activity.

29
Table 20: Foreign holdings of U.S. securities, by industry,

as of June 30, 2014

Billions of dollars

GICS Code1Industry Total Equity

Debt

Longterm

Shortterm

1010 Total Energy 603 453 148 3

1510 Total Materials 273 193 79 1

2000 Total Industrial 591 471 118 2

2500 Total Consumer Discretionary 1,034 768 263 2

3000 Total Consumer Staples 538 369 164 6

3500 Total Health Care 826 640 185 2

4000 Total Financial 4,591 2,224 2,185 182

4500 Total Information Technology 1,099 960 137 2

5010 Total Telecommunications Services 279 130 149 0

5510 Total Utilities 227 133 92 1

Government2 6,142 0 5,492 651

Industry Classification Unknown 213 16 171 27

Total all industries 16,417 6,356 9,183 878

1. Stands for Global Classification Industry Standard Code.

2. Includes securities issued by local governments as well as some securities issued by

government-sponsored or guaranteed corporations.

Comparison of Different Types of Foreign Portfolio Investment in the United

States as of Selected Dates

Table 21 presents a more comprehensive time series of foreign portfolio investment in the

United States than earlier tables do and compares foreign holdings of U.S. securities with

foreign holdings of deposits, loans, and other investments reported by U.S.-resident banks

and nonbank institutions. The table shows the growing importance of securities in foreign

portfolio investment. In December 1984, foreign holdings of U.S. securities and other portfolio investments were about equal, but foreign holdings of U.S. securities have increased far

more rapidly over time, reaching $16,417 billion at end-June 2014, almost four times as large

as the total for deposits, loans, and other investments ($4,440 billion).

30
Table 21: Forms of foreign portfolio investment in the United States, as of selected

survey dates

Billions of dollars

Securities Deposits, Loans, and Other1

Date Total

Investment

Total Longterm

Shortterm

Total Reported by2

Banks Nonbanks

December 1984 712 363 268 95 349 320 29

December 1989 1,690 958 847 111 732 693 39

December 1994 2,402 1,449 1,244 205 953 899 54

March 2000 5,063 3,881 3,558 323 1,182 1,129 53

June 2002 5,948 4,338 3,926 412 1,610 1,540 70

June 2003 6,859 4,978 4,503 475 1,881 1,829 52

June 2004 8,241 6,019 5,431 588 2,222 2,143 79

June 2005 9,405 6,864 6,262 602 2,541 2,479 62

June 2006 10,969 7,778 7,162 615 3,191 3,125 67

June 2007 13,602 9,772 9,136 635 3,830 3,730 100

June 2008 14,370 10,322 9,463 858 4,048 3,947 101

June 2009 13,112 9,642 8,492 1,150 3,471 3,394 77

June 2010 14,327 10,691 9,736 956 3,636 3,551 85

June 2011 16,468 12,440 11,561 878 4,028 3,950 78

June 2012 17,050 13,261 12,451 811 3,789 3,705 83

June 2013 18,411 14,410 13,532 878 4,000 3,906 95

June 2014 20,857 16,417 15,539 878 4,440 4,352 88

1. Includes deposits, brokerage balances, loans, repurchase agreements, and trade payables and

advance receipts.

2. As of December 2013, reporters on the banking forms were grouped into Banks and other

financial firms and Nonfinancial firms.

Sources: Data on long-term securities are from the TIC surveys. Data on deposits, loans,

and other are from the TIC reporting on forms BL1, BL2, BQ2, CQ1, and CQ2; numbers for

prior years may be revised from those published in earlier survey reports.

31
Chapter 2. Survey Methodology

Data Collection Methodology

The U.S. system for measuring foreign-resident holdings of U.S. securities consists of comprehensive “benchmark” surveys conducted at five-year intervals and smaller surveys conducted

annually during “non-benchmark” years. The benchmark survey collects cross-border portfolio investment data from a large number of institutions (custodians and issuers) in an

attempt to capture total foreign-resident ownership of domestically-issued securities. In the

four years succeeding the benchmark survey, data are collected from only the largest respondents in the previous benchmark survey, who collectively account for more than 95 percent

of the holdings reported. The 2014 survey was collected during a benchmark year.

For the 2014 benchmark survey, data were submitted by U.S.-resident issuers and custodians

(including securities depositories) who were required to report, in detail, U.S. securities issued

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

client. These holdings are very concentrated: of the nearly 400 institutions reporting, the 5

largest custodians each reported holdings in excess of $1 trillion and combined they comprised

about 70 percent of the total. Similarly, the 15 largest custodians, each of which reported

holdings in excess of $80 billion, comprised about 90 percent of the total market value of

individual security data submitted.

This Survey was conducted under the authority of the International Investment and Trade

in Services Survey Act (22 U.S.C. 3101 et seq.). Reporting was mandatory, and subject to

penalties for noncompliance. Data were collected for holdings as of June 30, 2014, 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 September 2, 2014. A copy of the forms and instructions is

included in Appendix B.

Data Analysis and Editing

The data reported by respondents were subjected to extensive analysis and editing. The

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

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

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

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

in the monthly Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents

(TIC Form SLT) to identify and reconcile any major discrepancies between the respondents’

reports as of June 30, 2014.

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

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

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

or low prices, and those comprising a large percentage of the total amount outstanding.

32
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 foreign owner,

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

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

impact on a small category. This analysis was performed to explain significant year-over-year

trends or anomalies based on business practices or economic developments, and to identify

the primary contributors driving the shifts in the macro data. Additionally, the data were

compared with various TIC and regulatory reports to identify potential systemic issues.

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

The data were adjusted downward to remove identified cases of over-reporting using the

same methodology as that used for the 2009 benchmark survey. Over-reporting can occur if

an issuer reported debt securities issued directly into foreign markets as 100 percent foreignheld, but U.S. custodians also reported foreign holdings of those securities. For the 2014

survey, a total of $80 billion was deducted to account for over-reporting.

Treatment of Repurchase and Securities Lending Agreements

Repurchase and securities lending agreements pose a challenge for accurately measuring

cross-border holdings of securities. Following international standards, repurchase and securities lending agreements are treated as collateralized loans, as the return of the same

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

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

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

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

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

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

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

That is, custodians may not always be able to distinguish (a) securities transferred in or

transferred out through repurchase and lending activity from (b) those originating from

outright purchases and sales. Thus, correct reporting by custodians, given the information

they have, can result in reporting “errors” from the viewpoint of data collectors and those

compiling Balance of Payments and International Investment Position statistics. This type

of reporting error could result in measured foreign holdings being either over- or underreported. For instance, under-reporting might occur if a foreign entity (or its agent) lends a

U.S. security to a U.S. resident without either counterparty informing their custodian that

the transaction is a loan rather than a sale. After the change in legal ownership, the U.S.

custodian of the foreign resident delivers out the security and thus would not report the

33
security as foreign-held. The custodian for the U.S. resident would also not report, because

it holds a U.S. security on behalf of a U.S. resident and not a foreign resident. On the other

hand, over-reporting might occur if a U.S. resident lends a U.S. security to a foreign entity

and again neither custodian is informed that the transaction is a loan rather than a sale. In

this case the U.S. custodian for the foreign resident would report foreign ownership of the

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

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

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

subsequently sells the security to another foreign resident, this can result in two different

foreign residents reporting as holding the same U.S. security. In this case, reporting is correct

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

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

Finally, securities lending and short sales can introduce a wedge between reported securities transactions and changes in reported positions. For example, if a foreigner borrows a

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

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

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

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

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

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 Securities Data Division

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

data. Under the direction of Anthony Guglielmo, Edward Sapozhnikov, and Jason Stein,

staff members responsible for the data analysis were: Tatyana Dreger; Caroline Fernandez;

Hilda Hyman; Joseph Lovell; Erica Munisteri; Ani Qosja; and Paula Webster. Under the

direction of Frank Innocenti and Michele Waldman, Automation staff responsible for obtaining properly formatted data files and for facilitating data loads and updates were: David

Carley; Jim Chan; Susan Gibson; Mike Hasell; Navin Persaud; Sophia Shi; and Cecelia

Valentin-Doval. Under the direction of Helen Yu, Application Development staff responsible

for the development and enhancement of the database and reports was: David Cheu. Under the direction of Frank Innocenti, staff responsible for timely data entry and file-loading

support were: Mary Ann Campano; Natasha Fair; and Rita Cek-Dagostin. Federal Reserve

Board staff responsible for additional data analysis and review and the final production and

drafting of this report were Ruth Judson, Nathan Converse, Nyssa Kim, Emily Liu, Gary

Maguire, William Godel, Patrick Kennedy, Michelle Lam, and Chris Murt.

34
Appendix A: Statistical Appendix

A-1
Table A1. Value of foreign holdings of U.S. securities, by country and type of security, as

of June 30, 2014

 Millions of dollars

Debt (LT = long-term; ST = short-term)

Total LT LT LT LT 

 Countries and Regions (LT and ST) Equities Total Treasury Agency Corp ST 

 Afghanistan 990 32 958 947 * 11 0

 Albania 533 26 506 482 * 24 0

 Andorra 1,836 1,116 719 127 2 590 1

 Angola 824 423 401 0 * 401 0

 Anguilla 16,907 16,565 192 5 63 124 150

 Antigua and Barbuda 235 176 44 2 5 37 15

 Argentina 8,175 4,616 3,388 1,640 55 1,693 171

 Armenia 374 4 326 326 * * 43

 Aruba 1,011 474 531 208 217 105 6

 Australia 238,355 169,923 54,639 23,033 1,853 29,753 13,793

 Austria 15,909 8,890 6,531 3,284 209 3,038 488

 Azerbaijan 7,614 474 6,668 1,931 0 4,737 473

 Bahamas 33,492 22,106 7,977 2,964 677 4,337 3,409

 Bangladesh 1,080 9 1 * 0 1 1,070

 Barbados 13,047 1,377 7,817 2,208 283 5,326 3,852

 Belarus 288 3 285 279 0 6 0

 Belgium 712,870 34,098 665,842 352,785 6,206 306,851 12,930

 Belize 844 570 235 105 4 126 39

 Benin * * * 0 0 * 0

 Bermuda 355,457 92,912 237,748 98,109 30,221 109,418 24,796

 Bhutan 49 49 0 0 0 0 0

 Bolivia 2,501 223 553 341 4 208 1,725

 Bonaire, Sint Eustatius & Saba118 16 1 * * 1 *

 Bosnia and Herzegovina 2 1 * 0 0 * 0

 Botswana 2,338 717 1,612 1,537 25 50 9

 Brazil 262,816 7,300 229,226 227,978 603 644 26,291

 British Indian Ocean Territory 9 8 * * 0 * 0

 British Virgin Islands 175,577 127,908 31,138 11,950 624 18,564 16,531

 Brunei 4,492 3,540 945 182 30 733 8

 Bulgaria 131 86 45 11 * 33 0

 Burkina Faso 11 11 0 0 0 0 0

 Burma 1 1 * 0 * 0 0

 Burundi * * * 0 0 * 0

 Cambodia 265 15 250 232 18 * 0

 Cameroon 11 11 0 0 0 0 0

 Canada 988,357 769,396 195,218 48,152 4,032 143,034 23,744

 Cape Verde 14 4 0 0 0 0 10

 Cayman Islands 1,408,822 838,178 486,172 100,161 21,395 364,616 84,471

 Central African Republic 1 1 * 0 0 * 0

 Chad 1 1 * 0 0 * 0

 Chile 59,570 27,447 22,613 20,269 62 2,282 9,510

 China, mainland21,816,923 319,668 1,488,555 1,260,657 204,299 23,599 8,699

 Colombia 47,680 11,133 34,274 32,224 973 1,077 2,273

* Greater than zero but less than $500,000.

n.a. Not available.

A-2
Table A1. Value of foreign holdings of U.S. securities, by country and type of security, as

of June 30, 2014 (continued)

 Millions of dollars

Debt (LT = long-term; ST = short-term)

Total LT LT LT LT 

 Countries and Regions (LT and ST) Equities Total Treasury Agency Corp ST 

 Comoros 943 943 0 0 0 0 0

 Congo (Brazzaville) 5 4 1 0 0 1 0

 Congo (Kinshasa) 4 3 * 0 0 * 0

 Cook Islands 186 144 41 0 * 40 1

 Costa Rica 3,223 721 1,509 1,212 67 230 992

 Cote d‘Ivoire (Ivory Coast) 3 3 0 0 0 0 0

 Croatia 2,108 248 466 465 * 1 1,395

 Cuba 1 1 0 0 0 0 0

 Curacao14,063 2,151 1,611 827 161 623 300

 Cyprus 764 651 96 87 2 8 17

 Czech Republic 8,262 2,228 6,035 5,769 * 265 0

 Denmark 98,461 53,071 44,742 15,443 77 29,223 648

 Djibouti * * 0 0 0 0 0

 Dominica 52 45 6 0 0 6 *

 Dominican Republic 1,095 242 848 681 17 150 5

 East Timor 13,013 3,447 9,566 9,566 0 0 0

 Ecuador 1,038 368 415 83 45 287 255

 Egypt 5,750 389 3,955 3,807 27 120 1,406

 El Salvador 974 167 727 527 88 112 81

 Equatorial Guinea * * 0 0 0 0 0

 Eritrea * * 0 0 0 0 0

 Estonia 430 176 254 228 2 24 *

 Ethiopia 9 9 1 0 0 1 0

 Falkland Islands 3 3 * 0 0 * 0

 Faroe Islands 4 4 * 0 * * 0

 Federated States of Micronesia 197 131 63 20 20 23 3

 Fiji 34 7 0 0 0 0 28

 Finland 29,277 20,817 7,895 4,142 12 3,741 565

 France 269,205 156,996 100,216 52,239 5,884 42,093 11,993

 French Guiana 16 15 1 0 0 1 0

 French Polynesia 98 87 9 1 * 8 1

 Gambia 6 6 0 0 0 0 0

 Georgia 577 4 559 559 0 0 15

 Germany 319,270 137,486 177,194 63,510 4,658 109,026 4,591

 Ghana 1,014 13 645 619 1 25 356

 Gibraltar 780 413 355 128 3 224 11

 Greece 10,262 5,060 3,258 1,061 22 2,176 1,944

 Greenland * * 0 0 0 0 0

 Grenada 14 13 1 * * 1 0

 Guadeloupe318 17 1 0 0 1 0

 Guatemala 3,127 263 2,858 2,721 9 127 6

 Guernsey 38,262 23,786 12,022 5,396 841 5,785 2,455

 Guinea 2 2 0 0 0 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-3
Table A1. Value of foreign holdings of U.S. securities, by country and type of security, as

of June 30, 2014 (continued)

 Millions of dollars

Debt (LT = long-term; ST = short-term)

Total LT LT LT LT 

 Countries and Regions (LT and ST) Equities Total Treasury Agency Corp ST 

 Guinea-Bissau * * 0 0 0 0 0

 Guyana 105 25 79 22 38 19 1

 Haiti 1,331 106 1,225 66 467 691 *

 Holy See (Vatican) 59 49 10 0 10 * 0

 Honduras 1,109 74 1,024 833 78 113 11

 Hong Kong 263,263 74,309 138,460 107,372 18,997 12,091 50,494

 Hungary 2,301 698 1,336 829 355 152 266

 Iceland 2,340 972 1,004 837 157 10 364

 India 74,980 1,960 69,126 69,062 4 60 3,894

 Indonesia 27,802 330 23,387 20,310 2,414 663 4,085

 Ireland 674,766 204,175 341,954 77,006 36,056 228,892 128,637

 Isle of Man 1,941 1,003 898 673 6 219 40

 Israel 67,165 34,980 27,462 21,462 2,493 3,507 4,723

 Italy 69,884 27,030 42,474 31,005 738 10,731 381

 Jamaica 705 148 548 4 293 251 9

 Japan 1,917,290 360,830 1,494,353 1,159,836 167,090 167,428 62,108

 Jersey 27,028 16,696 7,990 1,826 138 6,025 2,342

 Jordan 1,052 116 936 933 * 3 0

 Kazakhstan 42,598 6,329 14,918 13,773 133 1,012 21,351

 Kenya 801 57 744 713 23 8 0

 Kiribati 155 87 68 23 0 45 0

 Korea, South 179,892 59,021 107,797 47,349 45,749 14,699 13,073

 Kosovo4* * 0 0 0 0 0

 Kyrgyzstan * * 0 0 0 0 0

 Laos * * 0 0 0 0 0

 Latvia 1,018 211 747 366 227 155 60

 Lebanon 772 748 23 1 * 22 0

 Lesotho 119 2 117 114 3 1 0

 Liberia 1,049 735 314 153 32 129 1

 Liechtenstein 3,766 3,590 176 8 23 145 0

 Lithuania 37 35 3 2 0 1 0

 Luxembourg 1,197,785 501,516 616,627 111,242 23,394 481,991 79,642

 Macau 2,412 659 1,483 1,066 125 292 270

 Macedonia 110 3 107 107 * 0 0

 Madagascar 204 9 195 195 0 * 0

 Malawi 12 10 2 * * 2 0

 Malaysia 36,163 11,806 23,943 9,157 11,973 2,813 414

 Maldives * * 0 0 0 0 0

 Mali 3 3 * 0 0 * 0

 Malta 2,464 733 1,540 374 108 1,059 191

 Marshall Islands 656 515 57 5 3 49 84

 Martinique 4 2 2 0 * 2 0

 Mauritania 109 1 108 108 0 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-4
Table A1. Value of foreign holdings of U.S. securities, by country and type of security, as

of June 30, 2014 (continued)

 Millions of dollars

Debt (LT = long-term; ST = short-term)

Total LT LT LT LT 

 Countries and Regions (LT and ST) Equities Total Treasury Agency Corp ST 

 Mauritius 3,157 2,785 370 182 52 136 3

 Mayotte * * * 0 0 * 0

 Mexico 144,364 41,999 76,981 51,872 21,918 3,191 25,384

 Moldova 547 2 545 545 0 * 0

 Monaco 2,904 2,422 386 193 139 54 96

 Mongolia 235 * 234 229 5 0 0

 Montenegro41 1 0 0 0 0 0

 Montserrat 14 14 0 0 0 0 0

 Morocco 826 33 793 771 2 20 *

 Mozambique 512 3 475 203 1 272 33

 Namibia 484 413 71 71 0 * 0

 Nauru 6 5 * * 0 * 0

 Nepal 174 14 10 10 0 * 150

 Netherlands 302,952 194,867 99,322 31,835 7,893 59,594 8,763

 New Caledonia 5 4 1 0 0 1 *

 New Zealand 19,148 11,806 7,090 4,520 602 1,968 251

 Nicaragua 498 104 314 184 61 68 80

 Niger 1 1 0 0 0 0 0

 Niue * * 0 0 0 0 0

 Norway 296,895 176,082 119,155 85,595 144 33,415 1,658

 Pakistan 1,456 152 964 884 1 80 340

 Palau 253 165 87 21 32 34 0

 Panama 16,200 10,643 5,089 385 1,093 3,611 469

 Papua New Guinea 37 2 35 30 5 * 0

 Paraguay 230 121 109 7 6 96 1

 Peru 26,465 9,629 16,524 12,743 1,936 1,845 312

 Philippines 36,634 1,648 34,313 33,954 28 331 673

 Pitcairn Island * * 0 0 0 0 0

 Poland 32,793 2,575 30,218 29,470 280 467 0

 Portugal 7,064 3,374 3,613 3,011 17 585 78

 Reunion 1 1 0 0 0 0 0

 Romania 6,617 57 6,560 6,396 27 138 0

 Russia 115,044 464 114,579 113,888 * 690 *

 Rwanda 136 * 135 135 0 * 0

 Saint Kitts and Nevis 2,152 1,249 879 508 48 323 24

 Saint Lucia 300 210 83 5 2 76 6

 Saint Martin & Saint Barthelemy35 5 * 0 0 * 0

 Saint Pierre and Miquelon * * 0 0 0 0 0

 Saint Vincent and the Grenadines 36 33 3 0 0 3 0

 Samoa 103 92 11 0 1 10 0

 San Marino * * 0 0 0 0 0

 Sao Tome and Principe * * 0 0 0 0 0

 Senegal 5 5 0 0 0 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-5
Table A1. Value of foreign holdings of U.S. securities, by country and type of security, as

of June 30, 2014 (continued)

 Millions of dollars

Debt (LT = long-term; ST = short-term)

Total LT LT LT LT 

 Countries and Regions (LT and ST) Equities Total Treasury Agency Corp ST 

 Serbia and Montenegro41,983 15 1,438 1,438 0 0 530

 Seychelles 120 116 4 * * 3 0

 Sierra Leone * * * 0 0 * 0

 Singapore 307,305 141,761 155,107 95,047 4,231 55,829 10,437

 Sint Maarten1201 153 48 14 8 26 *

 Slovakia 380 37 341 334 7 * 1

 Slovenia 1,565 1,077 486 194 151 141 1

 Solomon Islands * * * 0 0 * 0

 Somalia 1 1 0 0 0 0 0

 South Africa 23,783 8,174 15,480 14,266 659 556 128

 South Sudan * * 0 0 0 0 0

 Spain 36,732 9,646 25,518 22,433 518 2,566 1,569

 Sri Lanka 750 21 729 709 20 * 0

 Sudan * * 0 0 0 0 0

 Suriname 223 131 70 34 7 29 21

 Swaziland 145 7 117 72 4 42 20

 Sweden 157,361 112,590 39,958 30,337 248 9,373 4,813

 Switzerland 633,651 331,041 278,940 154,040 15,528 109,371 23,670

 Syria 4 4 * 0 0 * 0

 Taiwan 397,110 31,334 364,466 178,197 146,497 39,772 1,310

 Tajikistan 1 1 0 0 0 0 0

 Tanzania 1,611 13 1,597 1,566 29 1 0

 Thailand 45,993 3,254 14,732 13,286 659 787 28,006

 Togo 1 * * 0 * * 0

 Tokelau * * 0 0 0 0 0

 Tonga * * 0 0 0 0 0

 Trinidad and Tobago 9,837 2,413 6,642 3,263 856 2,522 782

 Tunisia 881 761 121 115 0 5 0

 Turkey 53,219 333 24,557 24,501 1 54 28,329

 Turkmenistan 1 1 0 0 0 0 0

 Turks and Caicos Islands 562 360 185 26 25 135 17

 Uganda 898 46 516 454 29 32 336

 Ukraine 2,282 35 2,247 2,215 * 32 0

 United Kingdom 1,289,190 741,304 510,510 132,061 9,717 368,732 37,376

 Uruguay 11,584 2,116 8,219 6,870 364 985 1,250

 Uzbekistan 36 34 2 * 0 1 0

 Vanuatu 8 8 0 0 0 0 0

 Venezuela 8,516 2,937 5,408 3,286 202 1,920 171

 Vietnam 14,403 35 14,368 14,365 * 3 *

 Wallis and Futuna 2 2 0 0 0 0 0

 West Bank and Gaza 6 6 * 0 0 * 0

 Western Sahara 12 11 1 0 0 1 0

 Yemen 715 3 712 702 10 * 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-6
Table A1. Value of foreign holdings of U.S. securities, by country and type of security, as

of June 30, 2014 (continued)

 Millions of dollars

Debt (LT = long-term; ST = short-term)

Total LT LT LT LT 

 Countries and Regions (LT and ST) Equities Total Treasury Agency Corp ST 

 Zambia 249 8 241 236 5 * 0

 Zimbabwe 9 5 4 0 1 3 0

 International and Regional Organizations 110,217 5,067 97,327 77,130 7,137 13,061 7,823

 African Oil Exporters56,003 158 5,027 4,227 145 656 817

 Middle East Oil Exporters6601,008 317,539 225,358 185,065 10,786 29,507 58,111

 Country Unknown 84,729 3,093 81,479 2 1 81,477 157

 Total 16,416,776 6,355,852 9,182,904 5,382,187 827,061 2,973,656 878,019

 of which: Holdings of foreign official

 institutions 5,682,138 955,715 4,354,848 3,764,984 433,991 155,873 371,576

 Totals by Region:

 Total Africa 52,069 15,902 33,047 29,546 1,036 2,465 3,120

 Total Asia 5,813,398 1,367,291 4,198,239 3,230,581 615,428 352,230 247,868

 Total Caribbean 2,024,954 1,106,875 783,704 221,001 55,364 507,339 134,375

 Total Europe 6,484,535 2,784,636 3,322,171 1,384,785 113,933 1,823,453 377,728

 Total Latin America 599,264 120,604 409,617 363,339 27,613 18,665 69,043

 Canada 988,357 769,396 195,218 48,152 4,032 143,034 23,744

 Total Other Countries 259,254 182,989 62,103 27,653 2,517 31,932 14,162

 Country Unknown 84,729 3,093 81,479 2 1 81,477 157

 International and Regional Organizations 110,217 5,067 97,327 77,130 7,137 13,061 7,823

* Greater than zero but less than $500,000.

n.a. Not available.

1. Separate reporting for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten began with the 2014 survey.

 In previous years, these entries were reported together as Netherlands Antilles.

2. Excludes Hong Kong and Macau, which are reported separately.

3. Separate reporting for Guadeloupe and for Saint Martin and Saint Barthelemy began with the 2014 survey.

 In previous years, entries for Guadeloupe included Saint Martin and Saint Barthelemy.

4. Separate reporting for Kosovo, Montenegro, and Serbia began with the 2014 survey.

 In previous years, entries for Serbia included Kosovo and Montenegro.

5. Includes Algeria, Gabon, Libya, and Nigeria.

6. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

A-7
Table A2. Value of foreign holdings of U.S. long-term securities, by country and type of

security, as of June 30, 2014

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Afghanistan 990 32 947 * * 11 0

 Albania 533 26 482 * * 24 0

 Andorra 1,835 1,116 127 2 * 590 *

 Angola 824 423 0 0 * 401 0

 Anguilla 16,757 16,565 5 1 62 46 78

 Antigua and Barbuda 220 176 2 5 * 36 *

 Argentina 8,004 4,616 1,640 30 25 1,425 268

 Armenia 331 4 326 0 * * 0

 Aruba 1,005 474 208 169 48 52 53

 Australia 224,562 169,923 23,033 558 1,295 25,711 4,042

 Austria 15,421 8,890 3,284 41 167 3,003 35

 Azerbaijan 7,142 474 1,931 0 0 4,737 0

 Bahamas 30,083 22,106 2,964 253 424 3,995 342

 Bangladesh 10 9 * 0 0 1 0

 Barbados 9,194 1,377 2,208 123 160 4,984 342

 Belarus 288 3 279 0 0 6 0

 Belgium 699,940 34,098 352,785 3,571 2,635 283,350 23,501

 Belize 804 570 105 2 1 125 *

 Benin * * 0 0 0 * 0

 Bermuda 330,660 92,912 98,109 5,758 24,463 90,364 19,054

 Bhutan 49 49 0 0 0 0 0

 Bolivia 776 223 341 1 3 208 *

 Bonaire, Sint Eustatius & Saba118 16 * * 0 1 0

 Bosnia and Herzegovina 2 1 0 0 0 * 0

 Botswana 2,329 717 1,537 25 1 50 0

 Brazil 236,526 7,300 227,978 600 3 642 2

 British Indian Ocean Territory 9 8 * 0 0 * 0

 British Virgin Islands 159,046 127,908 11,950 328 296 15,159 3,406

 Brunei 4,484 3,540 182 * 29 434 299

 Bulgaria 131 86 11 0 * 33 0

 Burkina Faso 11 11 0 0 0 0 0

 Burma 1 1 0 0 * 0 0

 Burundi * * 0 0 0 * 0

 Cambodia 265 15 232 18 0 * 0

 Cameroon 11 11 0 0 0 0 0

 Canada 964,613 769,396 48,152 2,331 1,701 116,158 26,877

 Cape Verde 4 4 0 0 0 0 0

 Cayman Islands 1,324,351 838,178 100,161 4,793 16,602 262,766 101,850

 Central African Republic 1 1 0 0 0 * 0

 Chad 1 1 0 0 0 * 0

 Chile 50,061 27,447 20,269 57 5 2,281 1

 China, mainland21,808,223 319,668 1,260,657 15,804 188,495 16,027 7,572

 Colombia 45,407 11,133 32,224 515 458 1,064 13

* Greater than zero but less than $500,000.

n.a. Not available.

A-8
Table A2. Value of foreign holdings of U.S. long-term securities, by country and type of

security, as of June 30, 2014 (continued)

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Comoros 943 943 0 0 0 0 0

 Congo (Brazzaville) 5 4 0 0 0 1 0

 Congo (Kinshasa) 4 3 0 0 0 * 0

 Cook Islands 185 144 0 * * 40 0

 Costa Rica 2,230 721 1,212 57 10 209 22

 Cote d‘Ivoire (Ivory Coast) 3 3 0 0 0 0 0

 Croatia 714 248 465 0 * 1 0

 Cuba 1 1 0 0 0 0 0

 Curacao13,763 2,151 827 116 45 505 118

 Cyprus 747 651 87 2 0 8 0

 Czech Republic 8,262 2,228 5,769 * * 265 *

 Denmark 97,814 53,071 15,443 37 40 28,093 1,130

 Djibouti * * 0 0 0 0 0

 Dominica 51 45 0 0 0 6 *

 Dominican Republic 1,090 242 681 7 10 146 3

 East Timor 13,013 3,447 9,566 0 0 0 0

 Ecuador 783 368 83 40 5 270 17

 Egypt 4,343 389 3,807 26 2 115 5

 El Salvador 894 167 527 80 8 112 *

 Equatorial Guinea * * 0 0 0 0 0

 Eritrea * * 0 0 0 0 0

 Estonia 430 176 228 2 0 24 0

 Ethiopia 9 9 0 0 0 1 0

 Falkland Islands 3 3 0 0 0 * 0

 Faroe Islands 4 4 0 * 0 * 0

 Federated States of Micronesia 194 131 20 10 10 23 *

 Fiji 7 7 0 0 0 0 0

 Finland 28,712 20,817 4,142 12 * 3,739 2

 France 257,212 156,996 52,239 868 5,015 34,990 7,104

 French Guiana 16 15 0 0 0 1 0

 French Polynesia 97 87 1 * * 8 *

 Gambia 6 6 0 0 0 0 0

 Georgia 562 4 559 0 0 0 0

 Germany 314,679 137,486 63,510 835 3,823 78,730 30,296

 Ghana 658 13 619 1 0 12 12

 Gibraltar 768 413 128 3 0 202 22

 Greece 8,318 5,060 1,061 21 2 2,112 64

 Greenland * * 0 0 0 0 0

 Grenada 14 13 * * 0 1 0

 Guadeloupe318 17 0 0 0 1 0

 Guatemala 3,121 263 2,721 6 3 122 5

 Guernsey 35,808 23,786 5,396 636 205 4,946 838

 Guinea 2 2 0 0 0 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-9
Table A2. Value of foreign holdings of U.S. long-term securities, by country and type of

security, as of June 30, 2014 (continued)

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Guinea-Bissau * * 0 0 0 0 0

 Guyana 104 25 22 38 * 19 *

 Haiti 1,330 106 66 466 1 681 10

 Holy See (Vatican) 59 49 0 10 0 * 0

 Honduras 1,098 74 833 76 3 112 *

 Hong Kong 212,769 74,309 107,372 11,622 7,375 11,028 1,063

 Hungary 2,034 698 829 100 255 152 0

 Iceland 1,976 972 837 157 * 10 0

 India 71,086 1,960 69,062 4 * 59 *

 Indonesia 23,717 330 20,310 366 2,048 640 23

 Ireland 546,130 204,175 77,006 13,623 22,434 185,506 43,386

 Isle of Man 1,901 1,003 673 6 1 219 *

 Israel 62,442 34,980 21,462 607 1,886 3,307 200

 Italy 69,504 27,030 31,005 698 40 10,697 33

 Jamaica 696 148 4 291 2 251 *

 Japan 1,855,182 360,830 1,159,836 30,525 136,564 155,674 11,753

 Jersey 24,686 16,696 1,826 15 123 4,842 1,184

 Jordan 1,052 116 933 0 * 3 0

 Kazakhstan 21,247 6,329 13,773 133 0 1,012 0

 Kenya 801 57 713 23 0 8 0

 Kiribati 155 87 23 0 0 45 0

 Korea, South 166,818 59,021 47,349 16,561 29,188 13,483 1,216

 Kosovo4* * 0 0 0 0 0

 Kyrgyzstan * * 0 0 0 0 0

 Laos * * 0 0 0 0 0

 Latvia 958 211 366 3 224 14 141

 Lebanon 772 748 1 * * 22 0

 Lesotho 119 2 114 3 0 1 0

 Liberia 1,048 735 153 6 26 119 10

 Liechtenstein 3,766 3,590 8 2 20 140 5

 Lithuania 37 35 2 0 0 1 0

 Luxembourg 1,118,143 501,516 111,242 5,699 17,695 443,486 38,506

 Macau 2,143 659 1,066 5 120 176 116

 Macedonia 110 3 107 0 * 0 0

 Madagascar 204 9 195 0 0 * 0

 Malawi 12 10 * 0 * 2 *

 Malaysia 35,749 11,806 9,157 1,609 10,365 1,177 1,636

 Maldives * * 0 0 0 0 0

 Mali 3 3 0 0 0 * 0

 Malta 2,273 733 374 25 83 985 74

 Marshall Islands 572 515 5 3 1 48 1

 Martinique 4 2 0 * 0 2 0

 Mauritania 109 1 108 0 0 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-10
Table A2. Value of foreign holdings of U.S. long-term securities, by country and type of

security, as of June 30, 2014 (continued)

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Mauritius 3,155 2,785 182 49 3 113 24

 Mayotte * * 0 0 0 * 0

 Mexico 118,980 41,999 51,872 17,928 3,991 2,936 254

 Moldova 547 2 545 0 0 * 0

 Monaco 2,808 2,422 193 1 138 41 13

 Mongolia 235 * 229 5 0 0 0

 Montenegro41 1 0 0 0 0 0

 Montserrat 14 14 0 0 0 0 0

 Morocco 826 33 771 0 2 20 0

 Mozambique 479 3 203 1 0 255 16

 Namibia 484 413 71 0 0 * 0

 Nauru 6 5 * 0 0 * 0

 Nepal 24 14 10 0 0 * 0

 Netherlands 294,189 194,867 31,835 680 7,213 52,857 6,738

 New Caledonia 5 4 0 0 0 1 0

 New Zealand 18,896 11,806 4,520 71 531 1,757 210

 Nicaragua 418 104 184 61 * 68 *

 Niger 1 1 0 0 0 0 0

 Niue * * 0 0 0 0 0

 Norway 295,237 176,082 85,595 140 4 32,451 965

 Pakistan 1,116 152 884 * * 79 *

 Palau 253 165 21 19 13 34 *

 Panama 15,732 10,643 385 187 906 3,434 177

 Papua New Guinea 37 2 30 5 0 * 0

 Paraguay 230 121 7 5 1 95 *

 Peru 26,153 9,629 12,743 1,934 2 1,803 42

 Philippines 35,961 1,648 33,954 19 9 331 0

 Pitcairn Island * * 0 0 0 0 0

 Poland 32,793 2,575 29,470 280 0 467 0

 Portugal 6,987 3,374 3,011 17 * 585 *

 Reunion 1 1 0 0 0 0 0

 Romania 6,617 57 6,396 27 * 138 0

 Russia 115,043 464 113,888 * * 689 1

 Rwanda 136 * 135 0 0 * 0

 Saint Kitts and Nevis 2,128 1,249 508 40 8 319 4

 Saint Lucia 294 210 5 2 * 76 *

 Saint Martin & Saint Barthelemy35 5 0 0 0 * 0

 Saint Pierre and Miquelon * * 0 0 0 0 0

 Saint Vincent and the Grenadines 36 33 0 0 0 3 0

 Samoa 103 92 0 1 0 10 *

 San Marino * * 0 0 0 0 0

 Sao Tome and Principe * * 0 0 0 0 0

 Senegal 5 5 0 0 0 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-11
Table A2. Value of foreign holdings of U.S. long-term securities, by country and type of

security, as of June 30, 2014 (continued)

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Serbia and Montenegro41,453 15 1,438 0 0 0 0

 Seychelles 120 116 * * * 3 0

 Sierra Leone * * 0 0 0 * 0

 Singapore 296,868 141,761 95,047 2,430 1,802 51,507 4,322

 Sint Maarten1201 153 14 3 6 26 *

 Slovakia 378 37 334 7 0 * 0

 Slovenia 1,563 1,077 194 151 0 141 1

 Solomon Islands * * 0 0 0 * 0

 Somalia 1 1 0 0 0 0 0

 South Africa 23,654 8,174 14,266 70 589 541 15

 South Sudan * * 0 0 0 0 0

 Spain 35,163 9,646 22,433 293 225 2,562 4

 Sri Lanka 750 21 709 20 0 * 0

 Sudan * * 0 0 0 0 0

 Suriname 201 131 34 6 1 29 *

 Swaziland 125 7 72 4 0 42 0

 Sweden 152,548 112,590 30,337 156 92 8,605 768

 Switzerland 609,981 331,041 154,040 5,573 9,955 97,553 11,819

 Syria 4 4 0 0 0 * 0

 Taiwan 395,800 31,334 178,197 538 145,959 38,970 802

 Tajikistan 1 1 0 0 0 0 0

 Tanzania 1,611 13 1,566 29 * 1 *

 Thailand 17,986 3,254 13,286 9 650 754 33

 Togo 1 * 0 0 * * 0

 Tokelau * * 0 0 0 0 0

 Tonga * * 0 0 0 0 0

 Trinidad and Tobago 9,055 2,413 3,263 170 686 1,841 682

 Tunisia 881 761 115 0 0 5 0

 Turkey 24,890 333 24,501 1 * 54 0

 Turkmenistan 1 1 0 0 0 0 0

 Turks and Caicos Islands 545 360 26 4 21 128 7

 Uganda 562 46 454 5 24 28 4

 Ukraine 2,282 35 2,215 * * 32 0

 United Kingdom 1,251,814 741,304 132,061 1,947 7,770 342,574 26,158

 Uruguay 10,335 2,116 6,870 114 249 963 22

 Uzbekistan 36 34 * 0 0 1 0

 Vanuatu 8 8 0 0 0 0 0

 Venezuela 8,345 2,937 3,286 159 43 1,882 38

 Vietnam 14,402 35 14,365 * 0 3 0

 Wallis and Futuna 2 2 0 0 0 0 0

 West Bank and Gaza 6 6 0 0 0 * 0

 Western Sahara 12 11 0 0 0 1 0

 Yemen 715 3 702 10 * * 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-12
Table A2. Value of foreign holdings of U.S. long-term securities, by country and type of

security, as of June 30, 2014 (continued)

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Zambia 249 8 236 5 0 * 0

 Zimbabwe 9 5 0 0 1 3 0

 International and Regional Organizations 102,394 5,067 77,130 3,526 3,611 3,025 10,036

 African Oil Exporters55,186 158 4,227 136 9 656 *

 Middle East Oil Exporters6542,896 317,539 185,065 1,991 8,794 23,345 6,162

 Country Unknown 84,572 3,093 2 * * 81,476 1

 Total 15,538,757 6,355,852 5,382,187 159,245 667,816 2,577,607 396,049

 of which: Holdings of foreign official

 institutions 5,310,562 955,715 3,764,984 92,731 341,260 133,849 22,024

 Totals by Region:

 Total Africa 48,949 15,902 29,546 381 655 2,379 86

 Total Asia 5,565,530 1,367,291 3,230,581 82,144 533,284 317,033 35,197

 Total Caribbean 1,890,579 1,106,875 221,001 12,529 42,835 381,388 125,951

 Total Europe 6,106,806 2,784,636 1,384,785 35,771 78,161 1,630,668 192,785

 Total Latin America 530,221 120,604 363,339 21,895 5,717 17,803 862

 Canada 964,613 769,396 48,152 2,331 1,701 116,158 26,877

 Total Other Countries 245,091 182,989 27,653 667 1,850 27,678 4,254

 Country Unknown 84,572 3,093 2 * * 81,476 1

 International and Regional Organizations 102,394 5,067 77,130 3,526 3,611 3,025 10,036

* Greater than zero but less than $500,000.

n.a. Not available.

1. Separate reporting for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten began with the 2014 survey.

 In previous years, these entries were reported together as Netherlands Antilles.

2. Excludes Hong Kong and Macau, which are reported separately.

3. Separate reporting for Guadeloupe and for Saint Martin and Saint Barthelemy began with the 2014 survey.

 In previous years, entries for Guadeloupe included Saint Martin and Saint Barthelemy.

4. Separate reporting for Kosovo, Montenegro, and Serbia began with the 2014 survey.

 In previous years, entries for Serbia included Kosovo and Montenegro.

5. Includes Algeria, Gabon, Libya, and Nigeria.

6. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

A-13
Table A3. Value of foreign holdings of U.S. Treasury debt securities, by country and

type of Treasury security, as of June 30, 2014

 Millions of dollars

Treasury LT debt** 

of which: of which: Treasury 

 Countries and Regions Total Total Nominal TIPS ST debt** 

 Afghanistan 947 947 947 * 0

 Albania 482 482 482 0 0

 Andorra 127 127 113 13 *

 Anguilla 65 5 5 * 60

 Antigua and Barbuda 12 2 2 * 10

 Argentina 1,791 1,640 1,531 109 151

 Armenia 369 326 326 0 43

 Aruba 208 208 207 1 *

 Australia 35,748 23,033 19,430 3,603 12,715

 Austria 3,752 3,284 2,926 358 469

 Azerbaijan 1,931 1,931 1,925 6 0

 Bahamas 5,103 2,964 2,817 146 2,140

 Bangladesh 1,071 * * 0 1,070

 Barbados 5,796 2,208 2,081 127 3,588

 Belarus 279 279 279 0 0

 Belgium 363,107 352,785 341,761 11,024 10,322

 Belize 144 105 105 * 39

 Bermuda 112,213 98,109 95,937 2,172 14,104

 Bolivia 456 341 341 * 115

 Bonaire, Sint Eustatius & Saba1* * * 0 0

 Botswana 1,546 1,537 1,537 0 9

 Brazil 253,757 227,978 216,245 11,734 25,778

 British Indian Ocean Territory * * * 0 0

 British Virgin Islands 26,617 11,950 8,881 3,069 14,667

 Brunei 182 182 105 77 0

 Bulgaria 11 11 11 0 0

 Cambodia 232 232 231 1 0

 Canada 65,587 48,152 41,004 7,148 17,435

 Cape Verde 10 0 0 0 10

 Cayman Islands 170,542 100,161 64,973 35,187 70,381

 Chile 27,131 20,269 19,527 742 6,862

 China, mainland21,268,655 1,260,657 1,117,243 143,413 7,999

 Colombia 33,518 32,224 31,469 756 1,294

 Costa Rica 2,031 1,212 1,212 * 819

 Croatia 1,860 465 465 0 1,395

 Curacao11,122 827 827 * 294

 Cyprus 104 87 87 0 17

 Czech Republic 5,769 5,769 5,769 * 0

 Denmark 16,006 15,443 14,377 1,066 564

 Dominica * 0 0 0 *

 Dominican Republic 683 681 681 * 2

 East Timor 9,566 9,566 9,566 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-14
Table A3. Value of foreign holdings of U.S. Treasury debt securities, by country and

type of Treasury security, as of June 30, 2014 (continued)

 Millions of dollars

Treasury LT debt** 

of which: of which: Treasury 

 Countries and Regions Total Total Nominal TIPS ST debt** 

 Ecuador 278 83 83 * 195

 Egypt 5,213 3,807 3,795 12 1,406

 El Salvador 566 527 527 * 39

 Estonia 228 228 228 * *

 Federated States of Micronesia 23 20 19 * 3

 Finland 4,314 4,142 3,730 412 172

 France 62,632 52,239 45,506 6,733 10,393

 French Polynesia 1 1 1 0 0

 Georgia 574 559 559 0 15

 Germany 67,927 63,510 57,437 6,073 4,418

 Ghana 976 619 602 17 356

 Gibraltar 140 128 127 1 11

 Greece 2,973 1,061 1,047 14 1,912

 Grenada * * * 0 0

 Guatemala 2,722 2,721 2,671 51 1

 Guernsey 7,538 5,396 4,226 1,170 2,142

 Guyana 22 22 22 * 0

 Haiti 67 66 64 2 *

 Honduras 833 833 833 * *

 Hong Kong 157,718 107,372 104,838 2,534 50,346

 Hungary 1,066 829 827 2 237

 Iceland 1,196 837 836 1 359

 India 72,914 69,062 68,825 237 3,852

 Indonesia 23,858 20,310 20,261 48 3,548

 Ireland 112,229 77,006 67,753 9,253 35,223

 Isle of Man 713 673 669 4 40

 Israel 26,062 21,462 19,641 1,821 4,601

 Italy 31,275 31,005 30,634 371 270

 Jamaica 12 4 4 0 8

 Japan 1,219,598 1,159,836 1,134,925 24,910 59,762

 Jersey 3,760 1,826 1,305 521 1,934

 Jordan 933 933 933 0 0

 Kazakhstan 35,119 13,773 13,773 0 21,346

 Kenya 713 713 713 0 0

 Kiribati 23 23 23 0 0

 Korea, South 57,391 47,349 38,115 9,235 10,042

 Latvia 391 366 363 3 25

 Lebanon 1 1 1 * 0

 Lesotho 114 114 114 0 0

 Liberia 153 153 152 * 0

 Liechtenstein 8 8 8 0 0

 Lithuania 2 2 2 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-15
Table A3. Value of foreign holdings of U.S. Treasury debt securities, by country and

type of Treasury security, as of June 30, 2014 (continued)

 Millions of dollars

Treasury LT debt** 

of which: of which: Treasury 

 Countries and Regions Total Total Nominal TIPS ST debt** 

 Luxembourg 146,133 111,242 101,362 9,880 34,891

 Macau 1,075 1,066 967 99 9

 Macedonia 107 107 107 0 0

 Madagascar 195 195 195 0 0

 Malawi * * * 0 0

 Malaysia 9,570 9,157 6,252 2,905 413

 Malta 491 374 331 43 117

 Marshall Islands 89 5 4 * 84

 Mauritania 108 108 108 0 0

 Mauritius 182 182 181 1 *

 Mexico 72,610 51,872 48,759 3,114 20,738

 Moldova 545 545 545 0 0

 Monaco 278 193 192 1 84

 Mongolia 229 229 229 0 0

 Morocco 771 771 771 0 0

 Mozambique 203 203 203 0 0

 Namibia 71 71 71 0 0

 Nauru * * * 0 0

 Nepal 160 10 10 0 150

 Netherlands 35,932 31,835 28,680 3,155 4,097

 New Zealand 4,750 4,520 4,402 118 230

 Nicaragua 184 184 184 0 0

 Norway 86,982 85,595 84,158 1,437 1,386

 Pakistan 1,222 884 842 42 338

 Palau 21 21 21 0 0

 Panama 540 385 348 37 155

 Papua New Guinea 30 30 30 0 0

 Paraguay 8 7 5 2 1

 Peru 12,819 12,743 11,974 769 75

 Philippines 34,604 33,954 33,644 310 649

 Poland 29,470 29,470 29,470 1 0

 Portugal 3,088 3,011 2,945 67 77

 Romania 6,396 6,396 6,396 0 0

 Russia 113,888 113,888 113,888 * 0

 Rwanda 135 135 135 0 0

 Saint Kitts and Nevis 524 508 494 14 17

 Saint Lucia 11 5 4 1 6

 Serbia and Montenegro41,967 1,438 1,438 0 530

 Seychelles * * * * 0

 Singapore 97,613 95,047 60,356 34,691 2,566

 Sint Maarten114 14 13 * *

 Slovakia 335 334 334 * 1

* Greater than zero but less than $500,000.

n.a. Not available.

A-16
Table A3. Value of foreign holdings of U.S. Treasury debt securities, by country and

type of Treasury security, as of June 30, 2014 (continued)

 Millions of dollars

Treasury LT debt** 

of which: of which: Treasury 

 Countries and Regions Total Total Nominal TIPS ST debt** 

 Slovenia 195 194 194 0 1

 South Africa 14,333 14,266 13,840 425 68

 Spain 23,157 22,433 22,432 1 724

 Sri Lanka 709 709 709 0 0

 Suriname 34 34 34 * 0

 Swaziland 72 72 72 0 0

 Sweden 34,786 30,337 29,764 573 4,449

 Switzerland 175,996 154,040 138,816 15,225 21,956

 Taiwan 179,389 178,197 158,747 19,450 1,191

 Tanzania 1,566 1,566 1,566 0 0

 Thailand 41,253 13,286 11,631 1,655 27,967

 Trinidad and Tobago 4,024 3,263 3,202 61 760

 Tunisia 115 115 115 0 0

 Turkey 52,824 24,501 24,501 * 28,322

 Turks and Caicos Islands 36 26 26 * 10

 Uganda 791 454 437 17 336

 Ukraine 2,215 2,215 2,215 0 0

 United Kingdom 159,790 132,061 113,533 18,528 27,729

 Uruguay 7,733 6,870 6,584 286 863

 Uzbekistan * * * 0 0

 Venezuela 3,311 3,286 3,279 8 25

 Vietnam 14,365 14,365 14,365 * 0

 Yemen 702 702 702 0 0

 Zambia 236 236 236 0 0

 International and Regional Organizations 80,116 77,130 75,011 2,118 2,987

 African Oil Exporters54,979 4,227 3,602 625 752

 Middle East Oil Exporters6228,374 185,065 153,483 31,582 43,308

 Country Unknown 8 2 1 * 7

* Greater than zero but less than $500,000.

n.a. Not available.

A-17
Table A3. Value of foreign holdings of U.S. Treasury debt securities, by country and

type of Treasury security, as of June 30, 2014 (continued)

 Millions of dollars

Treasury LT debt** 

of which: of which: Treasury 

 Countries and Regions Total Total Nominal TIPS ST debt** 

 Total 6,015,268 5,382,187 4,950,768 431,419 633,080

 of which: Holdings of foreign official

 institutions 4,105,886 3,764,984 3,466,041 298,943 340,902

 Totals by Region:

 Total Africa 32,482 29,546 28,448 1,098 2,937

 Total Asia 3,448,392 3,230,581 2,957,571 273,010 217,811

 Total Caribbean 327,049 221,001 180,219 40,782 106,049

 Total Europe 1,600,458 1,384,785 1,298,851 85,934 215,673

 Total Latin America 420,489 363,339 345,731 17,608 57,150

 Canada 65,587 48,152 41,004 7,148 17,435

 Total Other Countries 40,686 27,653 23,932 3,722 13,032

 Country Unknown 8 2 1 * 7

 International and Regional Organizations 80,116 77,130 75,011 2,118 2,987

* Greater than zero but less than $500,000.

n.a. Not available.

** Long-term (LT) denotes original maturity of over one year; short-term (ST) denotes original maturity of one year or less.

1. Separate reporting for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten began with the 2014 survey.

 In previous years, these entries were reported together as Netherlands Antilles.

2. Excludes Hong Kong and Macau, which are reported separately.

3. Separate reporting for Guadeloupe and for Saint Martin and Saint Barthelemy began with the 2014 survey.

 In previous years, entries for Guadeloupe included Saint Martin and Saint Barthelemy.

4. Separate reporting for Kosovo, Montenegro, and Serbia began with the 2014 survey.

 In previous years, entries for Serbia included Kosovo and Montenegro.

5. Includes Algeria, Gabon, Libya, and Nigeria.

6. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

A-18
Table A4. Value of foreign holdings of U.S. equities, by country and type of equities,

as of June 30, 2014

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Afghanistan 32 15 16 2

 Albania 26 11 14 2

 Andorra 1,116 863 153 100

 Angola 423 16 154 253

 Anguilla 16,565 16,098 434 33

 Antigua and Barbuda 176 120 49 8

 Argentina 4,616 1,940 2,182 494

 Armenia 4 3 1 *

 Aruba 474 96 372 6

 Australia 169,923 136,423 20,821 12,678

 Austria 8,890 7,097 1,671 123

 Azerbaijan 474 429 45 *

 Bahamas 22,106 9,169 9,442 3,495

 Bangladesh 9 4 5 *

 Barbados 1,377 547 797 33

 Belarus 3 2 1 *

 Belgium 34,098 28,290 4,726 1,082

 Belize 570 286 266 18

 Benin * * * 0

 Bermuda 92,912 45,618 37,269 10,025

 Bhutan 49 1 48 *

 Bolivia 223 77 137 9

 Bonaire, Sint Eustatius & Saba116 12 4 1

 Bosnia and Herzegovina 1 1 1 0

 Botswana 717 645 67 5

 Brazil 7,300 4,253 2,912 134

 British Indian Ocean Territory 8 4 3 1

 British Virgin Islands 127,908 74,809 39,190 13,908

 Brunei 3,540 2,064 1,333 142

 Bulgaria 86 51 35 *

 Burkina Faso 11 11 * *

 Burma 1 * * *

 Burundi * * * *

 Cambodia 15 11 4 *

 Cameroon 11 11 * *

 Canada 769,396 633,082 108,516 27,798

 Cape Verde 4 3 1 0

 Cayman Islands 838,178 493,037 164,414 180,728

 Central African Republic 1 * * 1

 Chad 1 * * 0

 Chile 27,447 2,685 24,511 251

 China, mainland2319,668 252,607 18,190 48,872

* Greater than zero but less than $500,000.

n.a. Not available.

A-19
Table A4. Value of foreign holdings of U.S. equities, by country and type of equities,

as of June 30, 2014 (continued)

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Colombia 11,133 637 10,208 288

 Comoros 943 574 370 0

 Congo (Brazzaville) 4 1 3 *

 Congo (Kinshasa) 3 3 1 *

 Cook Islands 144 23 120 1

 Costa Rica 721 285 401 35

 Cote d‘Ivoire (Ivory Coast) 3 2 1 *

 Croatia 248 81 166 *

 Cuba 1 1 * 0

 Curacao12,151 949 430 773

 Cyprus 651 547 82 21

 Czech Republic 2,228 1,760 463 4

 Denmark 53,071 45,409 4,747 2,916

 Djibouti * * * *

 Dominica 45 21 24 *

 Dominican Republic 242 107 106 29

 East Timor 3,447 3,367 78 2

 Ecuador 368 141 192 34

 Egypt 389 285 103 1

 El Salvador 167 71 83 13

 Equatorial Guinea * * * *

 Eritrea * * * 0

 Estonia 176 119 54 4

 Ethiopia 9 3 4 1

 Falkland Islands 3 1 2 *

 Faroe Islands 4 * 4 *

 Federated States of Micronesia 131 107 24 *

 Fiji 7 2 5 0

 Finland 20,817 8,318 9,137 3,362

 France 156,996 131,738 19,005 6,253

 French Guiana 15 6 8 1

 French Polynesia 87 55 32 1

 Gambia 6 5 1 *

 Georgia 4 2 2 *

 Germany 137,486 118,516 13,781 5,189

 Ghana 13 8 5 *

 Gibraltar 413 294 117 3

 Greece 5,060 3,678 1,273 110

 Greenland * * * *

 Grenada 13 5 7 *

 Guadeloupe317 14 3 *

 Guatemala 263 118 110 36

* Greater than zero but less than $500,000.

n.a. Not available.

A-20
Table A4. Value of foreign holdings of U.S. equities, by country and type of equities,

as of June 30, 2014 (continued)

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Guernsey 23,786 9,092 6,780 7,914

 Guinea 2 * 2 *

 Guinea-Bissau * 0 * 0

 Guyana 25 9 12 4

 Haiti 106 32 55 19

 Holy See (Vatican) 49 1 48 *

 Honduras 74 21 46 7

 Hong Kong 74,309 55,197 15,070 4,043

 Hungary 698 144 549 6

 Iceland 972 411 414 147

 India 1,960 1,304 588 67

 Indonesia 330 207 83 40

 Ireland 204,175 183,252 17,078 3,845

 Isle of Man 1,003 603 306 93

 Israel 34,980 16,547 17,348 1,085

 Italy 27,030 23,287 3,316 427

 Jamaica 148 60 82 7

 Japan 360,830 285,949 68,454 6,427

 Jersey 16,696 12,974 1,936 1,785

 Jordan 116 73 38 5

 Kazakhstan 6,329 6,225 91 13

 Kenya 57 25 31 *

 Kiribati 87 78 9 *

 Korea, South 59,021 42,548 11,920 4,552

 Kosovo4* * * *

 Kyrgyzstan * * * 0

 Laos * * * 0

 Latvia 211 144 67 *

 Lebanon 748 555 155 38

 Lesotho 2 1 * *

 Liberia 735 354 282 99

 Liechtenstein 3,590 3,274 234 83

 Lithuania 35 21 13 *

 Luxembourg 501,516 455,909 30,827 14,780

 Macau 659 240 419 1

 Macedonia 3 1 2 0

 Madagascar 9 * 9 *

 Malawi 10 7 3 *

 Malaysia 11,806 11,308 463 34

 Maldives * * 0 0

 Mali 3 * 3 0

 Malta 733 540 154 40

* Greater than zero but less than $500,000.

n.a. Not available.

A-21
Table A4. Value of foreign holdings of U.S. equities, by country and type of equities,

as of June 30, 2014 (continued)

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Marshall Islands 515 113 385 17

 Martinique 2 1 1 *

 Mauritania 1 * 1 0

 Mauritius 2,785 2,629 49 108

 Mayotte * 0 * 0

 Mexico 41,999 9,072 32,280 647

 Moldova 2 2 * *

 Monaco 2,422 1,938 419 65

 Mongolia * * * *

 Montenegro41 * 1 0

 Montserrat 14 10 5 0

 Morocco 33 20 11 1

 Mozambique 3 2 1 *

 Namibia 413 378 35 *

 Nauru 5 * 5 *

 Nepal 14 3 9 2

 Netherlands 194,867 123,180 52,950 18,737

 New Caledonia 4 * 3 0

 New Zealand 11,806 8,058 3,179 569

 Nicaragua 104 21 21 63

 Niger 1 * 1 0

 Niue * * 0 0

 Norway 176,082 167,325 8,514 243

 Pakistan 152 73 74 5

 Palau 165 125 35 6

 Panama 10,643 5,230 4,073 1,341

 Papua New Guinea 2 1 1 0

 Paraguay 121 60 52 9

 Peru 9,629 947 8,646 36

 Philippines 1,648 449 1,156 43

 Pitcairn Island * * 0 0

 Poland 2,575 662 1,910 2

 Portugal 3,374 1,438 1,890 46

 Reunion 1 1 * 0

 Romania 57 40 16 *

 Russia 464 247 212 5

 Rwanda * * * 0

 Saint Kitts and Nevis 1,249 608 557 84

 Saint Lucia 210 50 155 6

 Saint Martin & Saint Barthelemy35 1 3 1

 Saint Pierre and Miquelon * * 0 0

 Saint Vincent and the Grenadines 33 7 26 *

* Greater than zero but less than $500,000.

n.a. Not available.

A-22
Table A4. Value of foreign holdings of U.S. equities, by country and type of equities,

as of June 30, 2014 (continued)

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Samoa 92 58 26 8

 San Marino * * * 0

 Sao Tome and Principe * * * *

 Senegal 5 3 2 *

 Serbia and Montenegro415 10 5 *

 Seychelles 116 49 62 5

 Sierra Leone * * * 0

 Singapore 141,761 114,579 11,357 15,824

 Sint Maarten1153 53 97 3

 Slovakia 37 24 9 3

 Slovenia 1,077 658 417 1

 Solomon Islands * * * 0

 Somalia 1 * 1 0

 South Africa 8,174 5,814 2,301 59

 South Sudan * * 0 0

 Spain 9,646 6,292 2,749 605

 Sri Lanka 21 14 7 *

 Sudan * * * 0

 Suriname 131 17 30 84

 Swaziland 7 5 2 *

 Sweden 112,590 97,725 10,734 4,131

 Switzerland 331,041 260,483 61,546 9,012

 Syria 4 1 3 0

 Taiwan 31,334 15,133 15,673 529

 Tajikistan 1 1 * *

 Tanzania 13 7 6 *

 Thailand 3,254 1,262 1,878 114

 Togo * * * *

 Tokelau * * 0 0

 Tonga * * * *

 Trinidad and Tobago 2,413 1,796 588 29

 Tunisia 761 13 746 1

 Turkey 333 226 100 7

 Turkmenistan 1 * * *

 Turks and Caicos Islands 360 175 152 33

 Uganda 46 23 22 1

 Ukraine 35 12 18 6

 United Kingdom 741,304 638,946 70,649 31,710

 Uruguay 2,116 711 1,062 343

 Uzbekistan 34 2 32 *

 Vanuatu 8 1 6 2

 Venezuela 2,937 1,331 1,186 420

* Greater than zero but less than $500,000.

n.a. Not available.

A-23
Table A4. Value of foreign holdings of U.S. equities, by country and type of equities,

as of June 30, 2014 (continued)

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Vietnam 35 22 12 *

 Wallis and Futuna 2 1 * *

 West Bank and Gaza 6 1 1 4

 Western Sahara 11 10 1 0

 Yemen 3 1 2 0

 Zambia 8 4 3 *

 Zimbabwe 5 4 2 0

 International and Regional Organizations 5,067 1,189 3,237 641

 African Oil Exporters5158 99 37 22

 Middle East Oil Exporters6317,539 240,978 60,932 15,629

 Country Unknown 3,093 845 907 1,341

 Total 6,355,852 4,849,306 1,039,102 467,444

 of which: Holdings of foreign official

 institutions 955,715 836,762 85,964 32,989

 Totals by Region:

 Total Africa 15,902 11,016 4,327 559

 Total Asia 1,367,291 1,044,516 225,316 97,459

 Total Caribbean 1,106,875 643,395 254,260 209,221

 Total Europe 2,784,636 2,342,295 329,465 112,875

 Total Latin America 120,604 27,919 88,419 4,267

 Canada 769,396 633,082 108,516 27,798

 Total Other Countries 182,989 145,051 24,654 13,283

 Country Unknown 3,093 845 907 1,341

 International and Regional Organizations 5,067 1,189 3,237 641

* Greater than zero but less than $500,000.

n.a. Not available.

1. Separate reporting for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten began with the 2014 survey.

 In previous years, these entries were reported together as Netherlands Antilles.

2. Excludes Hong Kong and Macau, which are reported separately.

3. Separate reporting for Guadeloupe and for Saint Martin and Saint Barthelemy began with the 2014 survey.

 In previous years, entries for Guadeloupe included Saint Martin and Saint Barthelemy.

4. Separate reporting for Kosovo, Montenegro, and Serbia began with the 2014 survey.

 In previous years, entries for Serbia included Kosovo and Montenegro.

5. Includes Algeria, Gabon, Libya, and Nigeria.

6. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

A-24
Table A5. Foreign holdings of U.S. long-term asset-backed securities, by country and

type of security, as of June 30, 2014

 Millions of dollars

Total Agency Corporate ABS

 Countries and Regions LT ABS ABS Total MBS NonMBS 

 Afghanistan * * 0 0 0

 Albania * * 0 0 0

 Andorra * * * * 0

 Angola * * 0 0 0

 Anguilla 141 62 78 57 21

 Antigua and Barbuda * * * * 0

 Argentina 293 25 268 117 151

 Armenia * * 0 0 0

 Aruba 101 48 53 1 53

 Australia 5,337 1,295 4,042 2,279 1,763

 Austria 202 167 35 12 23

 Bahamas 765 424 342 184 157

 Barbados 502 160 342 215 127

 Belgium 26,136 2,635 23,501 3,049 20,452

 Belize 1 1 * * *

 Bermuda 43,517 24,463 19,054 7,313 11,741

 Bolivia 3 3 * * 0

 Botswana 1 1 0 0 0

 Brazil 5 3 2 2 *

 British Virgin Islands 3,702 296 3,406 2,906 500

 Brunei 329 29 299 34 265

 Bulgaria * * 0 0 0

 Burma * * 0 0 0

 Canada 28,577 1,701 26,877 18,397 8,479

 Cayman Islands 118,453 16,602 101,850 73,199 28,652

 Chile 6 5 1 1 *

 China, mainland2196,067 188,495 7,572 3,749 3,823

 Colombia 470 458 13 1 11

 Cook Islands * * 0 0 0

 Costa Rica 32 10 22 2 20

 Croatia * * 0 0 0

 Curacao1163 45 118 10 108

 Czech Republic * * * 0 *

 Denmark 1,170 40 1,130 608 522

 Dominica * 0 * * 0

 Dominican Republic 13 10 3 3 *

 Ecuador 22 5 17 1 16

 Egypt 6 2 5 * 4

 El Salvador 8 8 * * *

 Federated States of Micronesia 10 10 * * *

 Finland 2 * 2 1 1

 France 12,119 5,015 7,104 4,461 2,642

* Greater than zero but less than $500,000.

n.a. Not available.

A-25
Table A5. Foreign holdings of U.S. long-term asset-backed securities, by country and

type of security, as of June 30, 2014 (continued)

 Millions of dollars

Total Agency Corporate ABS

 Countries and Regions LT ABS ABS Total MBS NonMBS 

 French Polynesia 1 * * * *

 Germany 34,119 3,823 30,296 7,410 22,886

 Ghana 12 0 12 0 12

 Gibraltar 22 0 22 0 22

 Greece 65 2 64 42 22

 Guatemala 8 3 5 * 5

 Guernsey 1,043 205 838 276 562

 Guyana * * * 0 *

 Haiti 12 1 10 * 10

 Honduras 3 3 * * *

 Hong Kong 8,438 7,375 1,063 201 862

 Hungary 255 255 0 0 0

 Iceland * * 0 0 0

 India * * * * *

 Indonesia 2,071 2,048 23 0 23

 Ireland 65,820 22,434 43,386 18,249 25,137

 Isle of Man 1 1 * * 0

 Israel 2,086 1,886 200 97 103

 Italy 73 40 33 5 28

 Jamaica 2 2 * * 0

 Japan 148,318 136,564 11,753 3,370 8,383

 Jersey 1,307 123 1,184 673 510

 Jordan * * 0 0 0

 Korea, South 30,404 29,188 1,216 349 867

 Latvia 365 224 141 27 114

 Lebanon * * 0 0 0

 Liberia 36 26 10 * 10

 Liechtenstein 25 20 5 1 4

 Luxembourg 56,201 17,695 38,506 9,931 28,575

 Macau 236 120 116 14 102

 Macedonia * * 0 0 0

 Malawi * * * 0 *

 Malaysia 12,001 10,365 1,636 2 1,634

 Malta 157 83 74 41 33

 Marshall Islands 1 1 1 * *

 Mauritius 26 3 24 2 21

 Mexico 4,245 3,991 254 9 246

 Monaco 151 138 13 12 1

 Morocco 2 2 0 0 0

 Mozambique 16 0 16 0 16

 Netherlands 13,951 7,213 6,738 3,395 3,343

 New Zealand 741 531 210 120 90

* Greater than zero but less than $500,000.

n.a. Not available.

A-26
Table A5. Foreign holdings of U.S. long-term asset-backed securities, by country and

type of security, as of June 30, 2014 (continued)

 Millions of dollars

Total Agency Corporate ABS

 Countries and Regions LT ABS ABS Total MBS NonMBS 

 Nicaragua * * * * *

 Norway 969 4 965 307 658

 Pakistan * * * * *

 Palau 14 13 * 0 *

 Panama 1,083 906 177 29 148

 Paraguay 1 1 * * 0

 Peru 44 2 42 * 42

 Philippines 9 9 0 0 0

 Portugal * * * * 0

 Romania * * 0 0 0

 Russia 1 * 1 * *

 Saint Kitts and Nevis 12 8 4 3 1

 Saint Lucia * * * 0 *

 Samoa * 0 * * 0

 Seychelles * * 0 0 0

 Singapore 6,123 1,802 4,322 820 3,502

 Sint Maarten16 6 * * *

 Slovenia 1 0 1 * *

 South Africa 604 589 15 15 *

 Spain 229 225 4 1 3

 Suriname 1 1 * * *

 Sweden 860 92 768 48 720

 Switzerland 21,774 9,955 11,819 4,455 7,363

 Taiwan 146,762 145,959 802 206 597

 Tanzania * * * 0 *

 Thailand 682 650 33 14 19

 Togo * * 0 0 0

 Trinidad and Tobago 1,367 686 682 80 602

 Turkey * * 0 0 0

 Turks and Caicos Islands 28 21 7 * 6

 Uganda 28 24 4 0 4

 Ukraine * * 0 0 0

 United Kingdom 33,928 7,770 26,158 13,010 13,149

 Uruguay 271 249 22 1 21

 Venezuela 81 43 38 17 21

 Yemen * * 0 0 0

 Zimbabwe 1 1 0 0 0

 International and Regional Organizations 13,647 3,611 10,036 714 9,322

 African Oil Exporters59 9 * 0 *

 Middle East Oil Exporters614,956 8,794 6,162 1,298 4,864

 Country Unknown 2 * 1 0 1

* Greater than zero but less than $500,000.

n.a. Not available.

A-27
Table A5. Foreign holdings of U.S. long-term asset-backed securities, by country and

type of security, as of June 30, 2014 (continued)

 Millions of dollars

Total Agency Corporate ABS

 Countries and Regions LT ABS ABS Total MBS NonMBS 

 Total 1,063,865 667,816 396,049 181,850 214,199

 of which: Holdings of foreign official

 institutions 363,284 341,260 22,024 6,263 15,762

 Totals by Region:

 Total Africa 741 655 86 17 69

 Total Asia 568,482 533,284 35,197 10,154 25,043

 Total Caribbean 168,786 42,835 125,951 83,972 41,978

 Total Europe 270,947 78,161 192,785 66,015 126,770

 Total Latin America 6,579 5,717 862 180 682

 Canada 28,577 1,701 26,877 18,397 8,479

 Total Other Countries 6,104 1,850 4,254 2,400 1,854

 Country Unknown 2 * 1 0 1

 International and Regional Organizations 13,647 3,611 10,036 714 9,322

* Greater than zero but less than $500,000.

n.a. Not available.

1. Separate reporting for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten began with the 2014 survey.

 In previous years, these entries were reported together as Netherlands Antilles.

2. Excludes Hong Kong and Macau, which are reported separately.

3. Separate reporting for Guadeloupe and for Saint Martin and Saint Barthelemy began with the 2014 survey.

 In previous years, entries for Guadeloupe included Saint Martin and Saint Barthelemy.

4. Separate reporting for Kosovo, Montenegro, and Serbia began with the 2014 survey.

 In previous years, entries for Serbia included Kosovo and Montenegro.

5. Includes Algeria, Gabon, Libya, and Nigeria.

6. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

A-28
Table A6. Foreign holdings of U.S. short-term securities, by country and type of security, as

of June 30, 2014

 Millions of dollars

of which: Commercial Paper 

Total Asset-backed 

 Countries and Regions Total ST Treasury Agency Corporate Total CP CP 

 Andorra 1 * 0 1 * 0

 Anguilla 150 60 0 90 90 0

 Antigua and Barbuda 15 10 0 5 3 0

 Argentina 171 151 0 21 0 0

 Armenia 43 43 0 0 0 0

 Aruba 6 * 3 3 0 0

 Australia 13,793 12,715 679 400 297 0

 Austria 488 469 4 15 0 0

 Azerbaijan 473 0 9 463 362 49

 Bahamas 3,409 2,140 1,028 241 159 2

 Bangladesh 1,070 1,070 0 0 0 0

 Barbados 3,852 3,588 218 46 44 0

 Belgium 12,930 10,322 48 2,560 171 30

 Belize 39 39 0 * 0 0

 Bermuda 24,796 14,104 1,821 8,871 8,321 2,092

 Bolivia 1,725 115 0 1,610 31 0

 Bonaire, Sint Eustatius & Saba1* 0 0 * 0 0

 Botswana 9 9 0 0 0 0

 Brazil 26,291 25,778 55 457 65 0

 British Virgin Islands 16,531 14,667 181 1,683 1,357 137

 Brunei 8 0 8 0 0 0

 Canada 23,744 17,435 545 5,763 3,203 60

 Cape Verde 10 10 0 0 0 0

 Cayman Islands 84,471 70,381 7,088 7,002 5,052 872

 Chile 9,510 6,862 256 2,392 263 0

 China, mainland28,699 7,999 673 28 1 0

 Colombia 2,273 1,294 30 949 491 0

 Cook Islands 1 0 0 1 0 0

 Costa Rica 992 819 0 173 41 4

 Croatia 1,395 1,395 0 0 0 0

 Curacao1300 294 0 6 0 0

 Cyprus 17 17 * * 0 0

 Denmark 648 564 83 1 0 0

 Dominica * * 0 * 0 0

 Dominican Republic 5 2 0 3 0 0

 Ecuador 255 195 0 60 58 0

 Egypt 1,406 1,406 * * 0 0

 El Salvador 81 39 0 41 0 0

 Estonia * * * 0 0 0

 Federated States of Micronesia 3 3 0 0 0 0

 Fiji 28 0 0 28 10 0

 Finland 565 172 1 392 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-29
Table A6. Foreign holdings of U.S. short-term securities, by country and type of security, as

of June 30, 2014 (continued)

 Millions of dollars

of which: Commercial Paper 

Total Asset-backed 

 Countries and Regions Total ST Treasury Agency Corporate Total CP CP 

 France 11,993 10,393 347 1,253 396 201

 French Polynesia 1 0 0 1 0 0

 Georgia 15 15 0 0 0 0

 Germany 4,591 4,418 74 99 68 25

 Ghana 356 356 0 0 0 0

 Gibraltar 11 11 0 0 0 0

 Greece 1,944 1,912 1 31 0 0

 Guatemala 6 1 0 5 2 0

 Guernsey 2,455 2,142 280 32 22 1

 Guyana 1 0 0 1 0 0

 Haiti * * 0 0 0 0

 Honduras 11 * 0 11 0 0

 Hong Kong 50,494 50,346 110 38 16 0

 Hungary 266 237 28 1 0 0

 Iceland 364 359 0 5 0 0

 India 3,894 3,852 0 43 0 0

 Indonesia 4,085 3,548 376 161 0 0

 Ireland 128,637 35,223 7,012 86,402 40,788 16,010

 Isle of Man 40 40 0 0 0 0

 Israel 4,723 4,601 18 104 85 0

 Italy 381 270 8 102 100 100

 Jamaica 9 8 0 1 0 0

 Japan 62,108 59,762 1,497 849 302 0

 Jersey 2,342 1,934 55 354 353 0

 Kazakhstan 21,351 21,346 5 0 0 0

 Korea, South 13,073 10,042 271 2,761 495 0

 Latvia 60 25 13 22 22 0

 Liberia 1 0 0 1 0 0

 Luxembourg 79,642 34,891 8,362 36,390 18,018 7,398

 Macau 270 9 18 243 80 44

 Malaysia 414 413 0 2 0 0

 Malta 191 117 74 0 0 0

 Marshall Islands 84 84 0 * 0 0

 Mauritius 3 * 0 2 2 0

 Mexico 25,384 20,738 1,615 3,032 845 0

 Monaco 96 84 0 12 12 0

 Morocco * 0 0 * 0 0

 Mozambique 33 0 0 33 7 0

 Nepal 150 150 0 0 0 0

 Netherlands 8,763 4,097 1,947 2,720 2,202 29

 New Caledonia * 0 0 * 0 0

 New Zealand 251 230 16 5 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-30
Table A6. Foreign holdings of U.S. short-term securities, by country and type of security, as

of June 30, 2014 (continued)

 Millions of dollars

of which: Commercial Paper 

Total Asset-backed 

 Countries and Regions Total ST Treasury Agency Corporate Total CP CP 

 Nicaragua 80 0 0 80 53 0

 Norway 1,658 1,386 62 210 199 0

 Pakistan 340 338 0 2 0 0

 Panama 469 155 3 310 138 0

 Paraguay 1 1 0 0 0 0

 Peru 312 75 110 127 8 0

 Philippines 673 649 0 23 16 0

 Portugal 78 77 1 0 0 0

 Russia * 0 0 * 0 0

 Saint Kitts and Nevis 24 17 0 8 0 0

 Saint Lucia 6 6 0 0 0 0

 Serbia and Montenegro4530 530 0 0 0 0

 Singapore 10,437 2,566 1,337 6,534 3,555 650

 Sint Maarten1* * 0 0 0 0

 Slovakia 1 1 * 0 0 0

 Slovenia 1 1 * 0 0 0

 South Africa 128 68 0 61 11 0

 Spain 1,569 724 720 125 0 0

 Suriname 21 0 21 1 0 0

 Swaziland 20 0 0 20 0 0

 Sweden 4,813 4,449 0 365 100 0

 Switzerland 23,670 21,956 265 1,449 1,069 58

 Taiwan 1,310 1,191 62 56 0 0

 Thailand 28,006 27,967 5 35 0 0

 Trinidad and Tobago 782 760 0 22 21 0

 Turkey 28,329 28,322 0 6 5 0

 Turks and Caicos Islands 17 10 0 7 7 0

 Uganda 336 336 0 0 0 0

 United Kingdom 37,376 27,729 1,162 8,486 4,226 3,214

 Uruguay 1,250 863 256 131 26 0

 Venezuela 171 25 * 146 62 0

 Vietnam * 0 0 * 0 0

 International and Regional Organizations 7,823 2,987 168 4,668 1,885 0

 African Oil Exporters5817 752 0 65 18 0

 Middle East Oil Exporters658,111 43,308 2,978 11,825 6,447 2,650

 Country Unknown 157 7 0 150 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-31
Table A6. Foreign holdings of U.S. short-term securities, by country and type of security, as

of June 30, 2014 (continued)

 Millions of dollars

of which: Commercial Paper 

Total Asset-backed 

 Countries and Regions Total ST Treasury Agency Corporate Total CP CP 

 Total 878,019 633,080 42,006 202,933 101,679 33,624

 of which: Holdings of foreign official

 institutions 371,576 340,902 7,702 22,972 8,141 2,740

 Totals by Region:

 Total Africa 3,120 2,937 * 183 39 0

 Total Asia 247,868 217,811 7,354 22,703 10,997 3,344

 Total Caribbean 134,375 106,049 10,339 17,987 15,053 3,103

 Total Europe 377,728 215,673 20,560 141,495 68,114 27,114

 Total Latin America 69,043 57,150 2,345 9,548 2,082 4

 Canada 23,744 17,435 545 5,763 3,203 60

 Total Other Countries 14,162 13,032 695 435 306 *

 Country Unknown 157 7 0 150 0 0

 International and Regional Organizations 7,823 2,987 168 4,668 1,885 0

* Greater than zero but less than $500,000.

n.a. Not available.

1. Separate reporting for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten began with the 2014 survey.

 In previous years, these entries were reported together as Netherlands Antilles.

2. Excludes Hong Kong and Macau, which are reported separately.

3. Separate reporting for Guadeloupe and for Saint Martin and Saint Barthelemy began with the 2014 survey.

 In previous years, entries for Guadeloupe included Saint Martin and Saint Barthelemy.

4. Separate reporting for Kosovo, Montenegro, and Serbia began with the 2014 survey.

 In previous years, entries for Serbia included Kosovo and Montenegro.

5. Includes Algeria, Gabon, Libya, and Nigeria.

6. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

A-32
Table A7. Foreign holdings of U.S. securities, by country, as of selected survey dates

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Afghanistan * * * 1 1 1 1 1

 Albania * * * * * * 1 1

 Andorra 1 1 1 1 2 1 2 2

 Angola * 1 * 1 2 1 1 1

 Anguilla 2 4 8 11 17 16 23 17

 Antigua and Barbuda * * * * * * * *

 Argentina 9 9 10 9 9 8 8 8

 Armenia * * * * * * * *

 Aruba 1 1 1 1 1 1 2 1

 Australia 165 137 105 118 161 161 215 238

 Austria 26 20 10 9 12 13 13 16

 Azerbaijan 1 3 5 3 5 7 5 8

 Bahamas 30 30 29 29 33 29 29 33

 Bangladesh 1 * 2 2 2 1 1 1

 Barbados 25 22 15 19 12 14 13 13

 Belarus * * * * * * * *

 Belgium 396 456 415 408 443 447 490 713

 Belize * * * * * * * 1

 Benin * * * * * * * *

 Bermuda 238 210 199 249 272 300 325 355

 Bhutan * * * * * * * *

 Bolivia 2 2 3 2 1 1 1 3

 Bonaire, Sint Eustatius & Saba1n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Bosnia and Herzegovina * * * * * * * *

 Botswana 2 3 3 3 3 3 2 2

 Brazil 106 162 156 169 221 252 261 263

 British Indian Ocean Territory * * * * * * * *

 British Virgin Islands 108 107 83 85 107 131 139 176

 Brunei 2 2 2 2 3 4 3 4

 Bulgaria * * * * * * * *

 Burkina Faso * * * * * * * *

 Burma * * * * * * * *

 Burundi * * * * * * * *

 Cambodia * 1 1 1 1 1 1 *

 Cameroon * * * * * * * *

 Canada 475 441 337 424 559 635 814 988

 Cape Verde * * * * * * * *

 Cayman Islands 740 832 650 743 889 1,031 1,168 1,409

 Central African Republic * * * * * * * *

 Chad * * * * * * * *

 Chile 25 29 28 28 43 48 55 60

 China, mainland2922 1,205 1,464 1,611 1,727 1,592 1,735 1,817

* Greater than zero but less than $500 million.

n.a. Not available.

A-33
Table A7. Foreign holdings of U.S. securities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Colombia 16 19 20 25 32 36 42 48

 Comoros * * * * * * * 1

 Congo (Brazzaville) * * * * * * * *

 Congo (Kinshasa) * * * * * * * *

 Cook Islands * * * * * * * *

 Costa Rica 2 3 2 2 2 2 3 3

 Cote d‘Ivoire (Ivory Coast) * * * * * * * *

 Croatia 1 1 2 2 2 2 2 2

 Cuba * * * * * * * *

 Curacao1n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4

 Cyprus 1 1 * * * * 1 1

 Czech Republic 5 5 6 7 7 8 8 8

 Denmark 50 46 38 49 63 76 88 98

 Djibouti * * * * * * * *

 Dominica * * * * * * * *

 Dominican Republic 2 2 2 1 1 1 1 1

 East Timor 2 3 5 6 8 10 12 13

 Ecuador 2 1 2 2 2 1 1 1

 Egypt 11 16 13 27 13 4 2 6

 El Salvador 1 2 2 2 2 1 1 1

 Equatorial Guinea * * * * * * * *

 Eritrea * * * * * * * *

 Estonia * * * * * * * *

 Ethiopia * * * * * * * *

 Falkland Islands * * * * * * * *

 Faroe Islands * * * * * * * *

 Federated States of Micronesia * * * * * * * *

 Fiji * * * * * * * *

 Finland 12 13 11 14 19 19 22 29

 France 221 222 139 194 249 225 214 269

 French Guiana * * * * * * * *

 French Polynesia * * * * * * * *

 Gambia * * * * * * * *

 Georgia * * * * 1 1 1 1

 Germany 266 247 182 195 238 227 265 319

 Ghana * * * * * 1 1 1

 Gibraltar 1 1 * 1 1 * 1 1

 Greece 2 2 2 2 5 9 9 10

 Greenland * * * * * * * *

 Grenada * * * * * * * *

 Guadeloupe3* * * * * * * *

 Guatemala 4 4 4 4 4 4 4 3

* Greater than zero but less than $500 million.

n.a. Not available.

A-34
Table A7. Foreign holdings of U.S. securities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Guernsey 14 11 18 22 22 30 29 38

 Guinea * * * * * * * *

 Guinea-Bissau * * * * * * * *

 Guyana * * * * * * * *

 Haiti 1 1 * 1 1 1 2 1

 Holy See (Vatican) * * * * * * * *

 Honduras * 1 1 1 1 1 1 1

 Hong Kong 138 147 222 293 292 223 215 263

 Hungary 1 2 2 1 3 3 3 2

 Iceland 2 1 1 1 1 1 2 2

 India 21 26 57 41 45 55 62 75

 Indonesia 19 12 25 33 47 36 26 28

 Ireland 342 400 348 356 405 453 575 675

 Isle of Man 2 1 5 4 3 2 2 2

 Israel 25 26 30 37 47 53 61 67

 Italy 50 35 35 41 42 52 63 70

 Jamaica 1 1 1 1 * * 1 1

 Japan 1,197 1,250 1,269 1,393 1,585 1,835 1,766 1,917

 Jersey 67 38 34 29 34 28 25 27

 Jordan 1 1 4 2 2 1 1 1

 Kazakhstan 14 18 18 23 24 33 31 43

 Kenya * * * * * * 1 1

 Kiribati * * * * * * * *

 Korea, South 138 131 113 122 133 148 155 180

 Kosovo4n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Kyrgyzstan * * * * * * * *

 Laos * * * * * * * *

 Latvia 2 1 1 1 1 1 1 1

 Lebanon * * * 1 1 3 1 1

 Lesotho * * * * * * * *

 Liberia 2 2 2 2 2 1 1 1

 Liechtenstein 4 5 2 2 3 2 3 4

 Lithuania * * * * * * * *

 Luxembourg 703 656 578 622 817 837 990 1,198

 Macau 2 3 1 1 1 1 1 2

 Macedonia * * * * * * * *

 Madagascar * * * * * * * *

 Malawi * * * * * * * *

 Malaysia 27 35 32 31 41 46 43 36

 Maldives * * * * * * * *

 Mali * * * * * * * *

 Malta 1 1 * 1 1 2 2 2

* Greater than zero but less than $500 million.

n.a. Not available.

A-35
Table A7. Foreign holdings of U.S. securities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Marshall Islands * * * * * * 1 1

 Martinique * * * * * * * *

 Mauritania * * * * * * * *

 Mauritius * 4 * * 1 2 2 3

 Mayotte * * * * * * * *

 Mexico 107 133 81 84 97 122 131 144

 Moldova * * * * * * * 1

 Monaco 2 2 1 1 2 2 2 3

 Mongolia * * * * * * * *

 Montenegro4n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Montserrat * * * * * * * *

 Morocco 1 1 1 1 1 1 1 1

 Mozambique * * * * * * 1 1

 Namibia 1 1 * * * * * *

 Nauru * * * * * * * *

 Nepal 1 1 1 * * * * *

 Netherlands 321 312 233 247 260 251 270 303

 Netherlands Antilles127 8 7 14 11 7 6 n.a.

 New Caledonia * * * * * * * *

 New Zealand 12 10 11 12 13 15 15 19

 Nicaragua * * * * 1 1 * *

 Niger * * * * * * * *

 Niue * * * * * * * *

 Norway 109 127 119 136 181 213 254 297

 Pakistan 1 2 1 2 2 2 2 1

 Palau * * * * * * * *

 Panama 12 17 16 13 14 15 15 16

 Papua New Guinea * * * * * * * *

 Paraguay * * * * * * * *

 Peru 5 13 15 12 17 21 31 26

 Philippines 11 15 13 21 30 37 39 37

 Pitcairn Island * * * * * * * *

 Poland 18 22 24 28 33 32 35 33

 Portugal 6 5 5 5 6 5 6 7

 Reunion * * * * * * * *

 Romania 1 1 6 6 8 6 6 7

 Russia 148 223 150 170 154 165 139 115

 Rwanda * * * * * * * *

 Saint Helena * * * * 0 * 0 0

 Saint Kitts and Nevis 1 1 1 1 1 2 2 2

 Saint Lucia * * * * * * * *

 Saint Martin & Saint Barthelemy3n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

* Greater than zero but less than $500 million.

n.a. Not available.

A-36
Table A7. Foreign holdings of U.S. securities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Saint Pierre and Miquelon * * * * * * * *

 Saint Vincent and the Grenadines * * * * * * * *

 Samoa * * * * * * * *

 San Marino * * * * * * * *

 Sao Tome and Principe * * * 0 * 0 * *

 Senegal * * * * * * * *

 Serbia and Montenegro42 2 2 2 2 2 2 2

 Seychelles * * * * * * * *

 Sierra Leone * * * * * * * *

 Singapore 175 160 145 176 212 241 272 307

 Sint Maarten1n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Slovakia 1 1 * * * * * *

 Slovenia 1 1 1 1 1 1 1 2

 Solomon Islands * * * * 0 0 * *

 Somalia * * * * * * * *

 South Africa 5 10 11 17 14 17 18 24

 South Sudan n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Spain 25 27 23 26 28 38 34 37

 Sri Lanka * * * 1 1 1 1 1

 Sudan * * * * * * * *

 Suriname * * * * * * * *

 Swaziland * * * * * * * *

 Sweden 99 88 66 81 108 112 135 157

 Switzerland 329 314 328 397 488 566 581 634

 Syria * * * * * * * *

 Taiwan 121 150 194 228 232 369 372 397

 Tajikistan * * * * * * * *

 Tanzania 1 1 1 1 1 1 2 2

 Thailand 22 32 29 38 58 57 54 46

 Togo * * * * * * * *

 Tokelau * * * * * 0 * *

 Tonga * * * * * * * *

 Trinidad and Tobago 4 4 5 7 8 9 10 10

 Tunisia * * 2 1 * * 1 1

 Turkey 29 31 28 26 43 29 59 53

 Turkmenistan * * * * * * * *

 Turks and Caicos Islands 1 * * * 1 1 * 1

 Tuvalu * * * * * * 0 0

 Uganda 1 1 * * 1 1 1 1

 Ukraine 5 6 4 7 8 7 6 2

 United Kingdom 921 864 788 798 982 1,008 1,116 1,289

 Uruguay 6 6 9 9 9 12 11 12

* Greater than zero but less than $500 million.

n.a. Not available.

A-37
Table A7. Foreign holdings of U.S. securities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Uzbekistan * * * * * * * *

 Vanuatu * * * * * * * *

 Venezuela 9 10 9 9 9 9 9 9

 Vietnam 9 11 11 5 4 7 10 14

 Wallis and Futuna * * * * * * * *

 West Bank and Gaza * * * * * * * *

 Western Sahara * * * * * * * *

 Yemen * * 1 1 1 1 1 1

 Zambia * * * * * * * *

 Zimbabwe * * * * * * * *

 International and Regional Organizations 42 47 70 78 96 105 99 110

 African Oil Exporters52 5 5 7 9 9 10 6

 Middle East Oil Exporters6308 391 353 350 419 489 545 601

 Country Unknown 214 185 110 138 138 89 51 85

 Total 9,772 10,322 9,641 10,691 12,440 13,261 14,410 16,417

* Greater than zero but less than $500,000.

n.a. Not available.

1. Separate reporting for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten began with the 2014 survey.

 In previous years, these entries were reported together as Netherlands Antilles.

2. Excludes Hong Kong and Macau, which are reported separately.

3. Separate reporting for Guadeloupe and for Saint Martin and Saint Barthelemy began with the 2014 survey.

 In previous years, entries for Guadeloupe included Saint Martin and Saint Barthelemy.

4. Separate reporting for Kosovo, Montenegro, and Serbia began with the 2014 survey.

 In previous years, entries for Serbia included Kosovo and Montenegro.

5. Includes Algeria, Gabon, Libya, and Nigeria.

6. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

A-38
Table A8. Foreign holdings of U.S. equities, by country, as of selected survey dates

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Afghanistan * * * * * * * *

 Albania * * * * * * * *

 Andorra 1 1 * 1 1 1 1 1

 Angola * 1 * 1 2 1 1 *

 Anguilla 1 3 8 11 16 15 21 17

 Antigua and Barbuda * * * * * * * *

 Argentina 3 3 4 4 5 5 5 5

 Armenia * * * * * * * *

 Aruba 1 1 * * * * * *

 Australia 87 81 61 74 106 112 149 170

 Austria 13 13 5 5 7 7 7 9

 Azerbaijan * * * * * * * *

 Bahamas 16 17 15 17 19 18 19 22

 Bangladesh * * * * * * * *

 Barbados 1 1 1 1 1 1 1 1

 Belarus * * * * * * * *

 Belgium 25 20 17 19 25 22 29 34

 Belize * * * * * * * 1

 Benin * * * * * * * *

 Bermuda 90 52 39 44 59 68 74 93

 Bhutan * * * * * * * *

 Bolivia * * * 1 * * * *

 Bonaire, Sint Eustatius & Saba1n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Bosnia and Herzegovina * * * * * * * *

 Botswana 1 1 1 1 1 1 1 1

 Brazil 1 2 1 2 2 4 4 7

 British Indian Ocean Territory * * * * * * * *

 British Virgin Islands 67 53 36 42 61 84 101 128

 Brunei 2 2 1 1 2 2 2 4

 Bulgaria * * * * * * * *

 Burkina Faso * * * * * * * *

 Burma * * * * * * * *

 Burundi * * * * * * * *

 Cambodia * * * * * * * *

 Cameroon * * * * * * * *

 Canada 347 321 242 298 415 471 617 769

 Cape Verde * * * * * * * *

 Cayman Islands 279 317 227 290 393 516 628 838

 Central African Republic * * * * * * * *

 Chad * * * * * * * *

 Chile 9 9 9 13 18 17 22 27

 China, mainland229 100 78 127 159 221 261 320

* Greater than zero but less than $500 million.

n.a. Not available.

A-39
Table A8. Foreign holdings of U.S. equities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Colombia 2 2 2 4 7 6 7 11

 Comoros * * * * * * * 1

 Congo (Brazzaville) * * * * * * * *

 Congo (Kinshasa) * * * * * * * *

 Cook Islands * * * * * * * *

 Costa Rica * * 1 1 1 1 1 1

 Cote d‘Ivoire (Ivory Coast) * * * * * * * *

 Croatia * * * * * * * *

 Cuba * * * * * * * *

 Curacao1n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2

 Cyprus * * * * * * * 1

 Czech Republic * 1 1 1 1 1 2 2

 Denmark 31 28 19 26 34 37 48 53

 Djibouti * * * * * * * *

 Dominica * * * * * * * *

 Dominican Republic * * * * * * * *

 East Timor * * * * * 1 2 3

 Ecuador * * * * * * * *

 Egypt * * * * * * * *

 El Salvador * * * * * * * *

 Equatorial Guinea * * * * * * * *

 Eritrea * * * * * * * *

 Estonia * * * * * * * *

 Ethiopia * * * * * * * *

 Falkland Islands * * * * * * * *

 Faroe Islands * * * * * * * *

 Federated States of Micronesia * * * * * * * *

 Fiji * * * * * * * *

 Finland 8 7 6 9 14 12 14 21

 France 132 133 81 115 140 120 115 157

 French Guiana * * * * * * * *

 French Polynesia * * * * * * * *

 Gambia * * * * * * * *

 Georgia * * * * * * * *

 Germany 100 71 45 57 81 79 111 137

 Ghana * * * * * * * *

 Gibraltar 1 1 * 1 * * * *

 Greece 1 1 1 1 2 3 4 5

 Greenland * * * * * * * *

 Grenada * * * * * * * *

 Guadeloupe3* * * * * * * *

 Guatemala * * * * * * * *

* Greater than zero but less than $500 million.

n.a. Not available.

A-40
Table A8. Foreign holdings of U.S. equities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Guernsey 8 5 5 10 12 21 21 24

 Guinea * * * * * * * *

 Guinea-Bissau * * * * * * * *

 Guyana * * * * * * * *

 Haiti * * * * * * * *

 Holy See (Vatican) * * * * * * * *

 Honduras * * * * * * * *

 Hong Kong 31 29 28 33 43 47 56 74

 Hungary * * * 1 1 * 1 1

 Iceland 1 1 * * * * 1 1

 India 1 1 1 1 1 1 1 2

 Indonesia 1 * * * * * * *

 Ireland 81 75 60 77 105 108 141 204

 Isle of Man 1 1 * 1 1 1 1 1

 Israel 10 11 9 13 20 23 30 35

 Italy 26 19 12 13 15 15 21 27

 Jamaica * * * * * * * *

 Japan 220 199 182 224 302 314 316 361

 Jersey 13 10 6 8 14 11 14 17

 Jordan * * * * * * * *

 Kazakhstan 2 2 1 1 2 3 5 6

 Kenya * * * * * * * *

 Kiribati * * * * * * * *

 Korea, South 5 8 8 13 20 24 36 59

 Kosovo4n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Kyrgyzstan * * * * * * * *

 Laos * * * * * * * *

 Latvia * * * * * * * *

 Lebanon * * * * 1 1 1 1

 Lesotho * * * * * * * *

 Liberia 1 1 1 1 1 1 1 1

 Liechtenstein 4 4 2 2 3 2 3 4

 Lithuania * * * * * * * *

 Luxembourg 235 191 137 172 291 292 378 502

 Macau * * * * * * * 1

 Macedonia * * * * * * * *

 Madagascar * * * * * * * *

 Malawi * * * * * * * *

 Malaysia 1 2 1 2 4 7 8 12

 Maldives * * * * * * * *

 Mali * * * * * * * *

 Malta 1 1 * * * * 1 1

* Greater than zero but less than $500 million.

n.a. Not available.

A-41
Table A8. Foreign holdings of U.S. equities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Marshall Islands * * * * * * * 1

 Martinique * * * * * * * *

 Mauritania * * * * * * * *

 Mauritius * 4 * * 1 2 2 3

 Mayotte * * * * * * * *

 Mexico 19 18 9 17 25 23 32 42

 Moldova * * * * * * * *

 Monaco 1 1 1 1 1 2 2 2

 Mongolia * * * * * * * *

 Montenegro4n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Montserrat * * * * * * * *

 Morocco * * * * * * * *

 Mozambique * * * * * * * *

 Namibia * * * * * * * *

 Nauru * * * * * * * *

 Nepal * * * * * * * *

 Netherlands 185 188 128 152 165 151 164 195

 Netherlands Antilles123 3 3 7 6 2 2 n.a.

 New Caledonia * * * * * * * *

 New Zealand 8 6 4 6 8 7 8 12

 Nicaragua * * * * * * * *

 Niger * * * * * * * *

 Niue * * * * * * * *

 Norway 56 76 73 90 124 124 154 176

 Pakistan * * * * * * * *

 Palau * * * * * * * *

 Panama 5 10 8 6 8 8 10 11

 Papua New Guinea * * * * * * * *

 Paraguay * * * * * * * *

 Peru 1 3 2 2 3 4 6 10

 Philippines 1 2 1 1 1 1 1 2

 Pitcairn Island * * * * * * * *

 Poland 1 * * * * 1 2 3

 Portugal 3 2 2 2 3 2 3 3

 Reunion * * * * * * * *

 Romania * * * * * * * *

 Russia * * * * * * * *

 Rwanda * * * * * * * *

 Saint Helena * * * * 0 * 0 0

 Saint Kitts and Nevis * * * * 1 1 1 1

 Saint Lucia * * * * * * * *

 Saint Martin & Saint Barthelemy3n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

* Greater than zero but less than $500 million.

n.a. Not available.

A-42
Table A8. Foreign holdings of U.S. equities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Saint Pierre and Miquelon * * * * * * * *

 Saint Vincent and the Grenadines * * * * * * * *

 Samoa * * * * * * * *

 San Marino * * * * * * * *

 Sao Tome and Principe 0 * * 0 * 0 * *

 Senegal * * * * * * * *

 Serbia and Montenegro4* * * * * * * *

 Seychelles * * * * * * * *

 Sierra Leone * * * * * * * *

 Singapore 108 94 73 91 107 106 129 142

 Sint Maarten1n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Slovakia * * * * * * * *

 Slovenia 1 1 * 1 1 1 1 1

 Solomon Islands * * * * 0 0 * *

 Somalia * * * * * * * *

 South Africa 2 2 2 2 3 3 4 8

 South Sudan n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Spain 9 7 6 6 10 7 8 10

 Sri Lanka * * * * * * * *

 Sudan * * * * * * * *

 Suriname * * * * * * * *

 Swaziland * * * * * * * *

 Sweden 60 53 37 49 65 70 90 113

 Switzerland 174 162 130 162 226 263 266 331

 Syria * * * * * * * *

 Taiwan 11 11 11 12 16 18 23 31

 Tajikistan * * * * * * * *

 Tanzania * * * * * * * *

 Thailand 1 1 1 1 2 3 3 3

 Togo * * * * * * * *

 Tokelau * * * * * 0 * *

 Tonga * * * * * * * *

 Trinidad and Tobago * * * 1 1 1 2 2

 Tunisia * * * * * * 1 1

 Turkey * * * * * * * *

 Turkmenistan * * * * * * * *

 Turks and Caicos Islands * * * * * * * *

 Tuvalu * * * * * * 0 0

 Uganda * * * * * * * *

 Ukraine * * * * * * * *

 United Kingdom 421 376 279 324 441 495 584 741

 Uruguay 1 1 2 2 2 2 2 2

* Greater than zero but less than $500 million.

n.a. Not available.

A-43
Table A8. Foreign holdings of U.S. equities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Uzbekistan * * * * * * * *

 Vanuatu * * * * * * * *

 Venezuela 2 2 1 2 2 2 2 3

 Vietnam * * * * * * * *

 Wallis and Futuna * * * * * * * *

 West Bank and Gaza * * * * * * * *

 Western Sahara * * * * * * * *

 Yemen * * * * * * * *

 Zambia * * * * * * * *

 Zimbabwe * * * * * * * *

 International and Regional Organizations 3 3 6 5 3 4 4 5

 African Oil Exporters5* * * * * * * *

 Middle East Oil Exporters6139 141 110 128 188 226 275 318

 Country Unknown * 1 2 1 2 * * 3

 Total 3,130 2,969 2,252 2,814 3,830 4,237 5,070 6,356

* Greater than zero but less than $500,000.

n.a. Not available.

1. Separate reporting for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten began with the 2014 survey.

 In previous years, these entries were reported together as Netherlands Antilles.

2. Excludes Hong Kong and Macau, which are reported separately.

3. Separate reporting for Guadeloupe and for Saint Martin and Saint Barthelemy began with the 2014 survey.

 In previous years, entries for Guadeloupe included Saint Martin and Saint Barthelemy.

4. Separate reporting for Kosovo, Montenegro, and Serbia began with the 2014 survey.

 In previous years, entries for Serbia included Kosovo and Montenegro.

5. Includes Algeria, Gabon, Libya, and Nigeria.

6. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

A-44
Table A9. Foreign holdings of U.S. long-term debt securities, by country, as of selected survey dates

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Afghanistan * * * 1 1 1 1 1

 Albania * * * * * * 1 1

 Andorra * * * 1 1 1 1 1

 Angola * * * * * * * *

 Anguilla 1 1 * * * 1 2 *

 Antigua and Barbuda * * * * * * * *

 Argentina 5 4 4 4 4 3 3 3

 Armenia * * * * * * * *

 Aruba * * 1 1 1 * 1 1

 Australia 70 49 36 38 48 43 49 55

 Austria 11 7 4 4 5 5 6 7

 Azerbaijan 1 3 5 3 5 5 4 7

 Bahamas 12 10 10 10 11 9 9 8

 Bangladesh * * * * * * * *

 Barbados 8 7 4 6 7 9 9 8

 Belarus * * * * * * * *

 Belgium 369 431 391 383 412 414 448 666

 Belize * * * * * * * *

 Benin * 0 0 0 0 * * *

 Bermuda 133 136 133 176 185 210 225 238

 Bhutan * * * * * 0 0 0

 Bolivia 1 * * * * * * 1

 Bonaire, Sint Eustatius & Saba1n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Bosnia and Herzegovina * * * * * * * *

 Botswana 1 2 2 2 2 2 1 2

 Brazil 103 159 114 135 214 239 237 229

 British Indian Ocean Territory * * * * * * * *

 British Virgin Islands 34 36 28 27 29 34 27 31

 Brunei 1 1 1 1 1 1 1 1

 Bulgaria * * * * * * * *

 Burkina Faso * * * * * * * 0

 Burma * 0 0 0 * 0 * *

 Burundi * * * * * * * *

 Cambodia * * * * * * * *

 Cameroon * * * * * * * 0

 Canada 106 103 82 114 131 148 174 195

 Cayman Islands 422 457 350 371 416 432 444 486

 Central African Republic 0 * * * * 0 0 *

 Chad * * 0 0 0 0 0 *

 Chile 10 16 14 11 17 20 22 23

 China, mainland2870 1,075 1,226 1,479 1,563 1,363 1,469 1,489

 Colombia 9 12 12 8 11 30 34 34

* Greater than zero but less than $500 million.

n.a. Not available.

A-45
Table A9. Foreign holdings of U.S. long-term debt securities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Comoros 0 0 * 0 0 0 0 0

 Congo (Brazzaville) * 0 0 * * * 0 *

 Congo (Kinshasa) * * * * * * * *

 Cook Islands * * * * * * * *

 Costa Rica 1 1 1 1 1 2 2 2

 Cote d‘Ivoire (Ivory Coast) * * * * * 0 0 0

 Croatia 1 1 1 * * * * *

 Curacao1n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2

 Cyprus * * * * * * * *

 Czech Republic 4 3 4 5 6 6 6 6

 Denmark 18 18 19 20 26 36 35 45

 Djibouti * * * * * 0 0 0

 Dominica * * * * * * * *

 Dominican Republic 1 2 1 1 1 1 1 1

 East Timor 1 3 4 6 7 8 10 10

 Ecuador 1 1 1 1 1 1 * *

 Egypt 9 13 7 2 3 3 1 4

 El Salvador * * * * 1 1 1 1

 Equatorial Guinea * * * 0 * 0 0 0

 Eritrea * * * * 0 0 0 0

 Estonia * * * * * * * *

 Ethiopia * * * * * * * *

 Falkland Islands * * * 0 0 * * *

 Faroe Islands * 0 0 0 0 0 0 *

 Federated States of Micronesia * * * * * * * *

 Fiji * * * * * * * 0

 Finland 4 4 4 4 5 7 8 8

 France 84 75 53 69 94 93 89 100

 French Guiana * 0 0 * * * * *

 French Polynesia * * * * * * * *

 Gambia * * * * 0 * 0 0

 Georgia * * * * 1 1 1 1

 Germany 155 166 127 130 150 142 148 177

 Ghana * * * * * 1 1 1

 Gibraltar * * * * * * * *

 Greece 1 1 1 1 3 5 3 3

 Greenland * * * * 0 0 0 0

 Grenada * * * * * * * *

 Guadeloupe3* * * * * * * *

 Guatemala 3 4 3 4 4 4 4 3

 Guernsey 5 4 11 11 7 8 7 12

 Guinea * * * * * * 0 0

* Greater than zero but less than $500 million.

n.a. Not available.

A-46
Table A9. Foreign holdings of U.S. long-term debt securities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Guinea-Bissau 0 0 * 0 0 0 0 0

 Guyana * * * * * * * *

 Haiti 1 1 * 1 1 1 1 1

 Holy See (Vatican) * * * * * * * *

 Honduras * * 1 1 1 1 1 1

 Hong Kong 99 101 141 172 182 136 124 138

 Hungary 1 1 1 1 1 1 2 1

 Iceland 1 * * * * 1 1 1

 India 8 16 25 24 27 42 57 69

 Indonesia 16 10 10 9 19 31 22 23

 Ireland 176 189 173 180 186 241 321 342

 Isle of Man 1 * 4 3 1 1 1 1

 Israel 12 9 8 13 18 20 22 27

 Italy 24 16 19 27 25 36 40 42

 Jamaica 1 * * * * * * 1

 Japan 901 986 1,019 1,100 1,216 1,458 1,387 1,494

 Jersey 54 27 16 20 19 13 9 8

 Jordan 1 1 3 1 1 1 1 1

 Kazakhstan 11 9 9 13 9 8 10 15

 Kenya * * * * * * 1 1

 Kiribati * * * * * * * *

 Korea, South 118 113 98 103 109 119 108 108

 Kyrgyzstan * 0 * * 0 0 0 0

 Laos * * 0 0 0 * 0 0

 Latvia 1 1 1 1 1 * * 1

 Lebanon * * * * * * * *

 Lesotho * * * * * * * *

 Liberia 1 * 1 * * 1 1 *

 Liechtenstein 1 1 * * * * * *

 Lithuania * * * * * * * *

 Luxembourg 424 395 361 369 457 474 532 617

 Macau 2 2 1 1 1 1 1 1

 Macedonia * * * * * * * *

 Madagascar * * * * * * * *

 Malawi * * * * * * * *

 Malaysia 25 32 29 28 37 39 34 24

 Mali 0 * 0 0 0 0 0 *

 Malta * * * 1 1 1 1 2

 Marshall Islands * * * * * * * *

 Martinique * * * * * * * *

 Mauritania * * 0 0 0 0 0 *

 Mauritius * * * * * * * *

* Greater than zero but less than $500 million.

n.a. Not available.

A-47
Table A9. Foreign holdings of U.S. long-term debt securities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Mayotte 0 0 0 0 0 * * *

 Mexico 76 98 58 62 68 88 87 77

 Moldova * * * * * * * 1

 Monaco 1 1 1 * * * * *

 Mongolia * * * * * * * *

 Montserrat * * * * * * 0 0

 Morocco 1 1 1 1 1 1 1 1

 Mozambique * * * * * * * *

 Namibia * * * * * * * *

 Nauru * * * 0 0 * 0 *

 Nepal * * * * * * * *

 Netherlands 123 115 92 90 89 97 100 99

 Netherlands Antilles12 3 2 5 6 4 3 n.a.

 New Caledonia * * * * * * * *

 New Zealand 4 3 3 4 4 6 6 7

 Nicaragua * * * * * * * *

 Niger * * 0 0 0 0 0 0

 Niue * * * * * * 0 0

 Norway 48 49 40 46 57 88 99 119

 Pakistan 1 2 1 1 1 1 1 1

 Palau * * * * * * * *

 Panama 5 6 5 6 6 6 5 5

 Papua New Guinea * * * * * * * *

 Paraguay * * * * * * * *

 Peru 3 9 10 9 12 16 24 17

 Philippines 9 12 10 19 27 35 37 34

 Poland 12 11 19 22 27 28 32 30

 Portugal 3 2 2 2 2 3 3 4

 Reunion 0 0 * * 0 0 * 0

 Romania 1 1 4 3 8 6 6 7

 Russia 109 139 87 122 138 159 139 115

 Rwanda * * * * * * * *

 Saint Kitts and Nevis * * * * * 1 1 1

 Saint Lucia * * * * * * * *

 Saint Martin & Saint Barthelemy3n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Saint Pierre and Miquelon * 0 * * * * 0 0

 Saint Vincent and the Grenadines * * * * * * * *

 Samoa * * * * * * * *

 San Marino * * * * * * * 0

 Sao Tome and Principe * * * 0 0 0 0 0

 Senegal * * * * * * * 0

 Serbia and Montenegro41 2 2 2 2 1 1 1

* Greater than zero but less than $500 million.

n.a. Not available.

A-48
Table A9. Foreign holdings of U.S. long-term debt securities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Seychelles * * * * * * * *

 Sierra Leone * * * * * * * *

 Singapore 65 62 61 78 98 127 138 155

 Sint Maarten1n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Slovakia 1 1 * * * * * *

 Slovenia 1 1 * * * * * *

 Solomon Islands 0 0 0 0 0 0 0 *

 Somalia * * 0 * * * * 0

 South Africa 2 8 9 15 11 14 14 15

 Spain 15 19 15 16 15 25 23 26

 Sri Lanka * * * 1 1 1 1 1

 Sudan 0 0 0 0 * 0 0 0

 Suriname * * * * * * * *

 Swaziland * * * * * * * *

 Sweden 35 33 27 27 41 41 36 40

 Switzerland 140 131 159 210 246 277 284 279

 Syria * * * * * * * *

 Taiwan 107 136 180 213 213 349 346 364

 Tajikistan * * * * * 0 0 0

 Tanzania 1 1 1 1 1 1 2 2

 Thailand 18 16 13 12 18 20 12 15

 Togo * * * * * * * *

 Trinidad and Tobago 3 3 3 5 7 6 6 7

 Tunisia * * * * * * * *

 Turkey 17 14 13 9 12 12 18 25

 Turkmenistan * * 0 0 0 0 0 0

 Turks and Caicos Islands * * * * * * * *

 Uganda * * * * * * * 1

 Ukraine 5 6 3 7 8 7 6 2

 United Kingdom 476 464 486 452 524 491 502 511

 Uruguay 3 4 5 5 6 10 9 8

 Uzbekistan * * * * * * * *

 Vanuatu * * * * * * 0 0

 Venezuela 6 6 6 7 6 6 6 5

 Vietnam 6 11 11 5 4 7 10 14

 Wallis and Futuna * * * 0 0 0 0 0

 West Bank and Gaza 0 0 * 0 0 0 * *

 Western Sahara 0 0 0 0 0 0 0 *

 Yemen * 0 * 1 1 1 1 1

 Zambia * * * * * * * *

 Zimbabwe * * * * * * * *

 International and Regional Organizations 35 38 56 68 86 92 86 97

* Greater than zero but less than $500 million.

n.a. Not available.

A-49
Table A9. Foreign holdings of U.S. long-term debt securities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 African Oil Exporters51 3 4 6 8 8 9 5

 Middle East Oil Exporters6125 173 176 149 150 172 189 225

 Country Unknown 211 183 96 135 136 88 51 81

 Total 6,007 6,494 6,240 6,921 7,731 8,213 8,462 9,183

* Greater than zero but less than $500,000.

n.a. Not available.

1. Separate reporting for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten began with the 2014 survey.

 In previous years, these entries were reported together as Netherlands Antilles.

2. Excludes Hong Kong and Macau, which are reported separately.

3. Separate reporting for Guadeloupe and for Saint Martin and Saint Barthelemy began with the 2014 survey.

 In previous years, entries for Guadeloupe included Saint Martin and Saint Barthelemy.

4. Separate reporting for Kosovo, Montenegro, and Serbia began with the 2014 survey.

 In previous years, entries for Serbia included Kosovo and Montenegro.

5. Includes Algeria, Gabon, Libya, and Nigeria.

6. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

A-50
Table A10. Foreign holdings of U.S. short-term debt securities, by country, as of selected survey dates

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Afghanistan 0 * * * 0 0 * 0

 Albania 0 0 * * 0 * 0 0

 Andorra * * * * * * * *

 Angola * 0 * 0 0 0 0 0

 Anguilla * * * * * 1 1 *

 Antigua and Barbuda * * * * * * * *

 Argentina 1 2 2 1 1 * * *

 Armenia * * * * 0 0 0 *

 Aruba * * * * * * * *

 Australia 9 7 8 6 7 7 16 14

 Austria 2 1 1 * 1 * * *

 Azerbaijan 0 * 1 * * 1 1 *

 Bahamas 2 2 4 2 4 2 2 3

 Bangladesh * * 2 2 2 1 1 1

 Barbados 16 14 10 12 4 3 3 4

 Belarus 0 * 0 0 0 0 0 0

 Belgium 3 5 8 6 6 11 13 13

 Belize * * * * * * * *

 Bermuda 15 21 27 28 28 22 25 25

 Bhutan 0 0 * 0 * 0 0 0

 Bolivia 1 1 2 1 1 * 1 2

 Bonaire, Sint Eustatius & Saba1n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Bosnia and Herzegovina * * * 0 0 0 0 0

 Botswana * * * * * * * *

 Brazil 2 1 40 33 5 9 20 26

 British Indian Ocean Territory * 0 * 0 0 0 0 0

 British Virgin Islands 7 17 19 16 17 12 11 17

 Brunei * * 0 0 * * * *

 Bulgaria * * * * 0 0 * 0

 Burkina Faso 0 0 * 0 0 0 0 0

 Cambodia * 1 * * * * * 0

 Cameroon * * 0 0 0 0 0 0

 Canada 22 17 12 12 13 15 24 24

 Cape Verde 0 0 0 0 0 0 0 *

 Cayman Islands 38 58 73 82 80 83 96 84

 Central African Republic 0 * 0 * 0 0 0 0

 Chad * * 0 0 0 0 0 0

 Chile 6 4 5 4 8 11 11 10

 China, mainland223 30 160 5 5 9 5 9

 Colombia 5 5 6 13 14 1 1 2

 Congo (Brazzaville) 0 0 * * 0 0 0 0

 Cook Islands * 0 0 * 0 * * *

* Greater than zero but less than $500 million.

n.a. Not available.

A-51
Table A10. Foreign holdings of U.S. short-term debt securities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Costa Rica 1 1 1 1 * * 1 1

 Cote d‘Ivoire (Ivory Coast) * 0 0 0 * 0 0 0

 Croatia 1 1 1 1 1 1 1 1

 Curacao1n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Cyprus * * * * * * * *

 Czech Republic * 1 1 1 * 0 * 0

 Denmark * * * 4 4 4 5 1

 Dominica * * * * * * * *

 Dominican Republic * * 1 * * * * *

 East Timor * * * * * * * 0

 Ecuador * * 1 * * * * *

 Egypt 2 2 5 25 9 1 * 1

 El Salvador 1 1 2 1 1 * * *

 Equatorial Guinea * * 0 0 0 0 0 0

 Eritrea 0 0 * 0 0 0 0 0

 Estonia * * * * * * * *

 Ethiopia * * * * * 0 0 0

 Federated States of Micronesia * * * * * * * *

 Fiji * 0 * 0 0 0 * *

 Finland * 1 1 * * * 1 1

 France 6 14 5 10 14 13 11 12

 French Guiana 0 * 0 0 0 0 0 0

 French Polynesia * * * * * * * *

 Gambia * * 0 * * * * 0

 Georgia 0 0 0 * * * 0 *

 Germany 11 10 10 8 7 6 5 5

 Ghana * * 0 * * * * *

 Gibraltar * * * * * * * *

 Greece * * * * * 2 2 2

 Grenada * * * 0 0 * 0 0

 Guadeloupe30 * * 0 0 0 0 0

 Guatemala * * 1 * * * * *

 Guernsey 1 1 2 1 2 1 1 2

 Guyana * * * * 0 0 * *

 Haiti * * * * * * * *

 Holy See (Vatican) * * * 0 0 0 0 0

 Honduras * * * * * * * *

 Hong Kong 9 17 53 88 66 40 35 50

 Hungary * * 1 * * 1 1 *

 Iceland * * * * * * * *

 India 12 10 32 16 17 12 4 4

 Indonesia 3 2 14 23 28 5 4 4

* Greater than zero but less than $500 million.

n.a. Not available.

A-52
Table A10. Foreign holdings of U.S. short-term debt securities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Ireland 85 135 115 99 114 104 114 129

 Isle of Man * * * * * * * *

 Israel 3 7 14 11 9 10 9 5

 Italy * 1 4 2 2 1 2 *

 Jamaica * * * * * * * *

 Japan 76 66 69 69 67 63 63 62

 Jersey * 1 12 1 1 4 2 2

 Jordan * * 1 1 1 * * 0

 Kazakhstan 1 7 8 8 13 21 16 21

 Kenya * * * * * * 0 0

 Korea, South 15 10 7 6 5 5 12 13

 Latvia * * * * * * * *

 Lebanon * * * * * 3 * 0

 Lesotho * * * * * 0 0 0

 Liberia * * 1 1 1 * * *

 Liechtenstein * * * * * * * 0

 Lithuania * * * 0 0 0 0 0

 Luxembourg 44 70 80 82 69 72 80 80

 Macau * * * * * * * *

 Macedonia * * * * 0 * 0 0

 Madagascar * * 0 0 0 0 0 0

 Malawi * * * * 0 0 0 0

 Malaysia 1 * 2 1 1 * * *

 Mali * * 0 0 0 0 0 0

 Malta * * * * * * * *

 Marshall Islands * * * * * * * *

 Martinique 0 * 0 * 0 0 0 0

 Mauritius * * * * 0 * * *

 Mexico 13 17 14 5 3 11 11 25

 Moldova 0 0 0 * 0 0 0 0

 Monaco * * * * * * * *

 Mongolia * * * * * 0 * 0

 Montserrat * 0 * 0 0 0 0 0

 Morocco * * * * * * * *

 Mozambique * * * 0 * * * *

 Namibia * * * * 0 0 0 0

 Nepal 1 1 1 * * * * *

 Netherlands 13 9 13 5 5 3 6 9

 Netherlands Antilles12 3 1 2 * 1 * n.a.

 New Caledonia * * * * * * * *

 New Zealand 1 1 3 3 1 2 1 *

 Nicaragua * * * * * * * *

* Greater than zero but less than $500 million.

n.a. Not available.

A-53
Table A10. Foreign holdings of U.S. short-term debt securities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Niger 0 0 0 0 0 0 * 0

 Niue * 0 * 0 0 0 0 0

 Norway 5 1 6 1 1 * 2 2

 Pakistan * 1 * 1 1 1 1 *

 Palau * * * * 0 0 0 0

 Panama 2 2 3 1 1 * * *

 Papua New Guinea * * * 0 * 0 0 0

 Paraguay * * * * * * * *

 Peru 1 1 3 1 3 1 * *

 Philippines 2 1 1 1 1 1 1 1

 Poland 5 11 5 6 6 3 1 0

 Portugal 1 * * * * * * *

 Reunion * 0 0 0 0 0 0 0

 Romania * * 2 3 * * 0 0

 Russia 39 84 63 48 16 5 * *

 Rwanda * 0 * * 0 0 0 0

 Saint Kitts and Nevis * * * * * * * *

 Saint Lucia * * * * * * * *

 Saint Pierre and Miquelon 0 * * * 0 0 0 0

 Saint Vincent and the Grenadines * * * * 0 0 0 0

 Samoa * * * 0 0 * * 0

 San Marino * * * 0 0 * 0 0

 Senegal * * * 0 0 0 0 0

 Serbia and Montenegro4* * * * * * * 1

 Seychelles * * * * 0 0 0 0

 Singapore 3 5 12 8 7 9 5 10

 Sint Maarten1n.a. n.a. n.a. n.a. n.a. n.a. n.a. *

 Slovakia * * * * * * * *

 Slovenia * * * * * * * *

 Somalia 0 * 0 0 0 0 0 0

 South Africa 1 1 * * * * * *

 Spain 1 1 3 3 3 6 3 2

 Sri Lanka * * * * * 0 0 0

 Suriname * * * * * * * *

 Swaziland * * * * 0 0 0 *

 Sweden 4 3 2 5 2 1 8 5

 Switzerland 15 21 39 25 16 26 32 24

 Syria * * * * * * * 0

 Taiwan 3 2 3 3 3 2 3 1

 Tajikistan * * * 0 0 0 0 0

 Tanzania * * * * 0 0 0 0

 Thailand 3 16 15 24 38 34 39 28

* Greater than zero but less than $500 million.

n.a. Not available.

A-54
Table A10. Foreign holdings of U.S. short-term debt securities, by country, as of selected survey dates

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2007 2008 2009 2010 2011 2012 2013 2014

 Trinidad and Tobago 1 1 1 1 1 2 2 1

 Tunisia * * 2 1 * 0 * 0

 Turkey 12 16 14 17 31 17 41 28

 Turkmenistan 0 * 0 0 0 0 0 0

 Turks and Caicos Islands * * * * * * * *

 Uganda 1 1 * * * * * *

 Ukraine * * * * * * * 0

 United Kingdom 24 24 23 22 16 22 30 37

 Uruguay 1 1 1 2 1 * 1 1

 Uzbekistan 0 * 0 0 0 0 0 0

 Vanuatu * * 0 0 * 0 0 0

 Venezuela 1 2 2 1 * * * *

 Vietnam 3 * * * * * * *

 Wallis and Futuna * * 0 0 0 0 0 0

 Yemen * * * * * * 0 0

 Zambia * * * * * * 0 0

 Zimbabwe * * * * 0 0 0 0

 International and Regional Organizations 4 6 8 6 7 9 9 8

 African Oil Exporters51 2 1 1 1 1 1 1

 Middle East Oil Exporters644 77 68 73 81 91 82 58

 Country Unknown 2 1 12 2 1 * * *

 Total 635 858 1,149 956 878 811 878 878

* Greater than zero but less than $500,000.

n.a. Not available.

1. Separate reporting for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten began with the 2014 survey.

 In previous years, these entries were reported together as Netherlands Antilles.

2. Excludes Hong Kong and Macau, which are reported separately.

3. Separate reporting for Guadeloupe and for Saint Martin and Saint Barthelemy began with the 2014 survey.

 In previous years, entries for Guadeloupe included Saint Martin and Saint Barthelemy.

4. Separate reporting for Kosovo, Montenegro, and Serbia began with the 2014 survey.

 In previous years, entries for Serbia included Kosovo and Montenegro.

5. Includes Algeria, Gabon, Libya, and Nigeria.

6. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

A-55
Table A11: Foreign Holdings of U.S. Securities, by Industry, as of June 30,

2014

Millions of dollars

GICS Code1

Industry Total Equity

Debt

Longterm

Shortterm

1010 Total Energy 603,123 452,568 147,761 2,795

101010 Energy Equipment and Services 100,623 77,076 22,174 1,373

101020 Oil and Gas 502,500 375,491 125,587 1,422

1510 Total Materials 272,678 193,095 78,698 885

151010 Chemicals 148,683 119,696 28,389 599

151020 Construction Materials 0 5,573 4,303 0

151030 Containers and Packaging 0 14,336 7,958 0

151040 Metals and Mining 67,892 38,219 29,480 193

151050 Paper and Forest Products 23,932 15,271 8,569 92

2000 Total Industrial 591,009 470,974 117,819 2,216

201010 Aerospace and Defense 120,775 103,371 17,239 165

201020 Building Products 0 8,326 6,942 0

201030 Construction and Engineering 13,681 11,868 1,756 56

201040 Electrical Equipment 0 23,932 4,861 0

201050 Industrial Conglomerates 93,501 81,074 11,272 1,155

201060 Machinery 106,390 89,586 16,790 14

201070 Trading Companies and Distributors 17,131 12,365 4,451 315

202010 Commercial Services and Supplies 0 25,577 17,206 0

202020 Professional Services 21,067 15,698 5,145 224

203010 Air Freight and Logistics 33,591 28,131 5,239 221

203020 Airlines 0 17,977 8,473 0

203030 Marine 0 1,237 703 0

203040 Road and Rail 67,446 50,193 17,201 51

203050 Transportation Infrastructure 2,193 1,638 540 15

2500 Total Consumer Discretionary 1,033,888 768,319 263,431 2,138

251010 Auto Components 46,556 37,175 9,232 148

251020 Automobiles 70,050 48,254 21,039 758

252010 Household Durables 49,509 31,272 18,141 96

252020 Leisure Equipment and Products 0 8,113 1,267 0

252030 Textiles, Apparel and Luxury Goods 0 34,192 4,118 0

253010 Hotels, Restaurants and Leisure 134,558 98,021 36,355 182

253020 Diversified Consumer Services 16,479 10,073 6,347 60

254010 Media 373,381 265,767 107,250 364

255010 Distributors 0 3,940 1,491 0

255020 Internet and Catalog Retail 73,061 67,957 4,962 142

255030 Multiline Retail 88,384 57,366 30,681 337

255040 Specialty Retail 128,790 106,191 22,549 50

3000 Total Consumer Staples 538,119 368,805 163,724 5,591

301010 Food and Staples Retailing 96,454 73,302 22,028 1,124

302010 Beverages 128,255 85,778 40,202 2,275

302020 Food Products 103,234 63,007 39,556 671

302030 Tobacco 95,154 56,959 38,050 145

303010 Household Products 97,479 74,842 21,396 1,241

303020 Personal Products 17,542 14,915 2,491 136

3500 Total Health Care 826,076 639,863 184,674 1,540

351010 Health Care Equipment and Supplies 108,015 91,090 16,879 46

351020 Health Care Providers and Services 187,202 123,137 63,555 510

351030 Health Care Technology 6,446 5,446 955 45

352010 Biotechnology 148,020 126,514 21,408 98

352020 Pharmaceuticals 336,519 260,885 74,936 697

352030 Life Sciences Tools and Services 39,875 32,791 6,940 144

A-56
Table A11: Foreign Holdings of U.S. Securities, by Industry, as of June 30,

2014 (continued)

Millions of dollars

GICS Code1

Industry Total Equity

Debt

Longterm

Shortterm

4000 Total Financial 4,590,652 2,223,570 2,185,202 181,880

401010 Commercial Banks 301,224 139,175 103,843 58,206

401020 Thrifts and Mortgage Finance 840,695 33,448 784,166 23,081

402010 Diversified Financial Services 979,084 304,147 611,331 63,606

402020 Consumer Finance 148,941 34,490 112,405 2,046

402030 Capital Markets (Mutual Funds) 1,853,186 1,365,640 455,121 32,424

403010 Insurance 241,563 171,265 68,021 2,277

404020 Real Estate Investment Trusts (REITS) 0 158,877 41,775 0

404030 Real Estate Management and Development 25,308 16,528 8,540 240

4500 Total Information Technology 1,099,288 959,809 137,416 2,063

451010 Internet Software and Services 121,566 111,419 10,078 70

451020 IT Services 218,534 196,130 21,294 1,110

451030 Software 246,989 214,021 32,595 373

452010 Communications Equipment 0 91,482 13,522 0

452020 Computers and Peripherals 225,414 197,320 27,958 136

452030 Electronic Equipment and Instruments 40,599 30,962 9,263 374

452040 Office Electronics 0 4,055 1,943 0

453010 Semiconductors and Semiconductor Equipment 0 114,420 20,764 0

5010 Total Telecommunications Services 279,257 129,904 149,180 173

501010 Diversified Telecommunication Services 138,591 97,002 41,472 117

501020 Wireless Telecommunication Services 140,666 32,902 107,708 56

5510 Total Utilities 227,178 133,399 92,394 1,384

551010 Electric Utilities 121,976 62,098 58,963 914

551020 Gas Utilities 20,381 11,224 9,035 122

551030 Multi-Utilities and Unregulated Power 59,737 47,074 12,327 337

551040 Water Utilities 4,210 3,485 713 12

551050 Independent Power Producers and Energy Traders 0 9,518 11,356 0

Government and Agencies2 6,142,381 2 5,491,558 650,821

Industry Classification Unknown 213,133 15,552 171,047 26,534

Total 16,416,781 6,355,858 9,182,904 878,019

1 Stands for Global Classification Industry Standard Code.

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-57
Appendix B: Forms and Instructions

B-1