Foreign Portfolio Holdings of

U.S. Securities

as of June 28, 2019

Department of the Treasury

Federal Reserve Bank of New York

Board of Governors of the Federal Reserve System

April 2020
Contents

Introduction 1

Chapter 1. Results of the June 28, 2019 Survey 3

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

Exhibit 1: Foreign Holdings of U.S. Securities by Security Type . . . . . . 3

Exhibit 1T: Foreign Holdings of U.S. Securities by Security Type (table). . . 4

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

Exhibit 2: Foreign Holdings of U.S. Long-Term Securities Outstanding by

Security Type. . . . . . . . . . . . . . . . . . . . . . . . . . 6

Accounting for Year-to-Year Changes in Foreign Holdings of U.S. Securities . . . . . 7

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

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

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

Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Exhibit 4: Foreign Holdings of U.S. Long-Term Securities as Measured by the

TIC SHL Survey and the TIC SLT . . . . . . . . . . . . . . . . 10

Comparison with U.S. Holdings of Foreign Long-Term Securities. . . . . . . . . . 11

Exhibit 5: Net Asset Position of U.S. Residents in Long-Term Securities . . 12

Foreign Holdings of U.S. Securities by Country of Holder . . . . . . . . . . . . . 12

Exhibit 6: Foreign Holdings of U.S. Securities By Major Investing Country . 13

Exhibit 7: Foreign Holdings of U.S. Securities by Major Investing Countries . 14

i
Holdings by Country Over Time . . . . . . . . . . . . . . . . . . . . . . . 16

Holdings of U.S. Securities by Foreign Official Institutions . . . . . . . . . . . . 16

Exhibit 8: Foreign Holdings of U.S. Long-Term Corporate and Agency Debt

by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Exhibit 9: Foreign Holdings of U.S. Long-Term Securities by Type of Holder . 18

Exhibit 10: Foreign Holdings of U.S. Short-Term Securities by Type of Holder 21

Details on Foreign Holdings of Different Types of U.S. Securities. . . . . . . . . . 22

Foreign Holdings of U.S. Treasury Securities, by Type of Security . . . . . . . 22

Exhibit 11A: Foreign Holdings of U.S. Treasuries by Major Investing Country 23

Exhibit 11B: Foreign Holdings of U.S. Treasuries by Type of Treasury Issue . 24

Foreign Holdings of Equities by Type . . . . . . . . . . . . . . . . . . . 25

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

and Equity Type . . . . . . . . . . . . . . . . . . . . . . . . 26

Foreign Holdings of Corporate Asset-Backed Securities . . . . . . . . . . . . 27

Exhibit 13: Foreign Holdings of U.S. Long-term Corporate Asset-Backed Securities By Major Investing Country . . . . . . . . . . . . . . . . 28

Portfolio Investment by Region and Survey Year . . . . . . . . . . . . . . 29

Maturity Structure of Foreign Holdings of U.S. Long-Term Debt Securities . . . 29

Exhibit 14: Foreign Holdings of U.S. Securities by Region . . . . . . . . . 30

Exhibit 15: Maturity Structure of Foreign-Held U.S. Long-Term Debt . . . . 31

ii
Currency Composition of Foreign Holdings of U.S. Debt Securities . . . . . . . 31

Exhibit 16. Foreign Holdings of U.S. Debt by Currency and Type of Holder

and Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Exhibit 17. Foreign-Held U.S. Long-Term Corporate Debt by Currency . . . 34

Foreign Holdings of U.S. Securities by Industry of Issuer . . . . . . . . . . . 34

Exhibit 18: Foreign Holdings of U.S. Securities by Industry . . . . . . . . 35

Exhibit 19: Forms of Foreign Portfolio Investment in the United States . . . 36

Different Types of Foreign Investment in the United States as of Selected Dates . 36

Exhibit 19T: Forms of Foreign Portfolio Investment in the United States

(table). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Chapter 2. Survey Methodology 38

Data Collection Methodology. . . . . . . . . . . . . . . . . . . . . . . . . 38

Data Analysis and Editing . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Adjustments and Calculation of Total Foreign Holdings of U.S. Securities . . . . . . 39

Exhibit 20: Adjustments to Account for Over-reporting and Omitted Reporting 40

Treatment of Repurchase and Securities Lending Agreements . . . . . . . . . . . 41

Acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Appendix A: Statistical Appendix A-1

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

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

Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-7

iii
Table A3. Foreign Holdings of U.S. Treasury Securities, by Country and Type of

Treasury Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-12

Table A4. Foreign Holdings of U.S. Equities, by Country and Equity Type . . . . . A-16

Table A5. Foreign Holdings of U.S. Long-Term Asset-Backed Securities, by Country

and Security Type . . . . . . . . . . . . . . . . . . . . . . . . . . . A-21

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

Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-24

Table A7. Foreign Holdings of U.S. Securities by Country . . . . . . . . . . . . A-28

Table A8. Foreign Holdings of U.S. Equities by Country . . . . . . . . . . . . . A-33

Table A9. Foreign Holdings of U.S. Long-Term Debt Securities by Country . . . . . A-38

Table A10. Foreign Holdings of U.S. Short-Term Debt Securities by Country . . . . A-43

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

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

Data for Exhibit 1: Foreign Holdings of U.S. Securities by Security Type . . . . . . B-2

Data for Exhibit 2: Foreign and U.S. Holdings of U.S. Long-Term Securities Outstanding by Security Type . . . . . . . . . . . . . . . . . . . . . . . . . . B-3

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

Data for Exhibit 7: Foreign Holdings of U.S. Securities by Major Investing Countries . B-5

Data for Exhibit 8: Foreign Holdings of U.S. Long-Term Corporate and Agency Debt

by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-6

Data for Exhibit 9: Foreign Holdings of U.S. Long-Term Securities by Type of Holder B-7

Data for Exhibit 10: Foreign Holdings of U.S. Short-Term Securities by Type of HolderB-8

iv
Data for Exhibit 11A: Foreign Holdings of U.S. Treasuries by Major Investing Country B-9

Data for Exhibit 11B: Foreign Holdings of U.S. Treasuries by Type of Treasury SecurityB-10

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

and Equity Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-11

Data for Exhibit 15: Maturity Structure of Foreign-Held U.S. Long-Term Debt, By

Remaining Maturity. . . . . . . . . . . . . . . . . . . . . . . . . . . B-12

Appendix C: Forms and Instructions C-1

v
Introduction

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

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

U.S. securities as of June 28, 2019. 1 2 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. From 1974 to 2000, benchmark surveys, covering

all significant securities holders, of foreign portfolio investment in U.S. long-term securities

were conducted approximately every five years. 3 4 Beginning in 2002, benchmark surveys

have been conducted every five years as of the end of June, and annual surveys, covering

a smaller set of respondents, have been conducted as of the end of June in every nonBenchmark year. In addition, surveys beginning in 2002 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 report at least 95 percent of the market value

of foreign holdings as measured by the preceding benchmark survey. Since 2013, the annual

survey panel has been adjusted each year based on reporting from TIC form SLT, “Aggregate

Holdings of Long-Term Securities by U.S. and Foreign Residents.” The June 2019 survey

was a benchmark survey; the next full benchmark survey is planned for June 2024.

The 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.

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 a business

enterprise. See “direct investment” in the TIC Glossary at

https://ticdata.treasury.gov/Publish/ticglossary-2018march.pdf.

2 For earlier survey reports and historical data files, see the TIC Securities (C) webpage at

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

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

in 1934 and 1937 by the Department of Commerce. Those surveys, collected from a comprehensive panel

of reporters, measured foreign holdings only of long-term U.S. securities.

4 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.

1
The surveys are conducted under the authority of the International Investment and Trade

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

meeting the survey 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,

excluding accrued interest.5

The surveys are part of the U.S. system to measure banking and securities positions and flows

between the United States and the rest of the world, known as the Treasury International

Capital (TIC) reporting system. This data system is based on location, or country of legal

residence of the issuer, holder, buyer, or seller. In addition to surveys of foreign ownership of

U.S. securities conducted annually as of the end of June, the TIC system also conducts annual

surveys of U.S. holdings of foreign 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 form S, “Purchases and

Sales of Long-Term Securities by Foreign Residents,” collects monthly data on U.S. residents’

cross-border transactions in long-term securities. The TIC form SLT, “Aggregate Holdings of

Long-Term Securities by U.S. and Foreign Residents,” has, since late 2011, collected monthly

aggregate data on foreign holdings of U.S long-term securities and U.S. holdings of foreign

long-term securities.6

Acknowledgments

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

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

whose efforts and information have made this report possible.

5 While the IMF’s Balance of Payments Manual 6 (BPM6) indicates that “dirty” prices (which include

accrued interest) are preferred, the TIC system uses clean prices because they are more readily available

to respondents and data compilers.

6 The TIC data are published monthly on the Department of the Treasury’s website at

https://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 https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/articles.aspx. See also 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 28, 2019 Survey

Primary Findings from the Survey

The survey measured foreign holdings of U.S. securities as of June 28, 2019 at $20,534 billion,

an increase of $1.1 trillion from the previous year’s survey (Exhibit 1).

7 Over 95 percent of

these foreign holdings were U.S. long-term securities ($19,622).

0

5,000

10,000

15,000

20,000

Billions of dollars

20062007200820092010201120122013201420152016201720182019

Total U.S. securities

0

5,000

10,000

15,000

20,000

Billions of dollars

20062007200820092010201120122013201420152016201720182019

Total U.S. securities by type

Short−term debt

Long−term debt

Equities

0

5,000

10,000

Billions of dollars

20062007200820092010201120122013201420152016201720182019

Long−term U.S. debt

Corporate*

U.S. agency*

U.S. Treasury

0

500

1,000

1,500

Billions of dollars

20062007200820092010201120122013201420152016201720182019

Short−term U.S. debt

Corporate*

U.S. agency*

U.S. Treasury

*See Exhibit 1T for notes.

As of End−June

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

7 Data in this exhibit and subsequent exhibits for prior years may differ in several ways from previous

reports due to slight revisions. Data for all exhibits are available at

https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/fpis.aspx. Data for graphical

exhibits are provided in table form in Appendix B.

3
Foreign holdings of equities increased $491 billion to $8,630 billion. The increase was driven

by valuation gains from the rise in U.S. equity prices. Foreigners also increased their holdings

of long-term U.S. Treasury, agency, and corporate debt securities. Taken together, foreign

holdings of U.S. long-term debt securities increased by $709 billion between the two surveys

to $10,991 billion in June 2019. By contrast, foreign holdings of U.S. short-term securities

declined by $67 billion, to $913 billion. See Exhibit 3 below for more details on the change

in holdings of long-term securities between the two years.

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

As of End-June

Billions of dollars

2012 2013 2014 2015 2016 2017 2018 2019

Long-term securities 12,451 13,532 15,539 16,202 16,230 17,481 18,421 19,622

Equities1 4,237 5,070 6,356 6,655 6,186 7,189 8,139 8,630

Debt 8,213 8,462 9,183 9,547 10,044 10,292 10,282 10,991

U.S. Treasury 4,673 4,916 5,382 5,450 5,585 5,468 5,467 5,903

U.S. agency2 991 874 827 880 954 980 1,024 1,145

Corporate3 2,549 2,672 2,974 3,217 3,505 3,844 3,790 3,943

Short-term debt 811 878 878 932 909 930 980 913

U.S. Treasury 637 679 633 697 683 678 734 709

U.S. agency2 29 25 42 49 32 17 20 14

Corporate3 145 173 203 186 195 236 226 190

Total 13,261 14,410 16,417 17,134 17,139 18,412 19,400 20,534

1. Equities include common and preferred stock; all types of investment company shares, such as open-end

funds, closed-end funds, money market mutual funds, and hedge funds; interests in limited partnerships

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

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

such as the Federal National Mortgage Association.

3. Corporate debt includes securities issued by U.S. corporations as well as small amounts of negotiable

certificates of deposit with maturity over one year, debt issued by state and local governments, and debt

issued by nonprofit organizations.

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

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

Exhibit 2 shows 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

charts show the face value outstanding of each type of U.S. long-term debt security, foreign

4
ownership of these U.S. long-term debt securities is presented at market value. Moreover,

the “equities” category includes foreign holdings of common and preferred stock; all types of

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

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

may not involve stocks or shares. It is difficult to know how much of some of these types

of equity are outstanding. Thus, although the following comparisons will be somewhat

imprecise, they do indicate long-term trends.

At $19,622 billion, foreign holdings of U.S. long-term securities reached a new high, but

as the total outstanding grew at roughly the same rate, the proportion of U.S. long-term

securities outstanding held by foreigners was about unchanged from the previous survey at

20 percent, about the same share held since 2011. The proportion of U.S. Treasury securities

owned by foreigners remains higher than that for other long-term securities largely because

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

and shown in Exhibit 9.

Notwithstanding the relative stability in the overall share of U.S. long-term securities held

by foreigners, the composition of these holdings relative to the amounts outstanding has

gradually shifted over the last decade. Relative to 2008, foreigners own a smaller share

of Treasuries and agency securities outstanding, and a larger share of corporate debt and

equities outstanding. Despite having ticked up from 42.6 percent to 43.2 percent since the

previous survey, the foreign-owned share of marketable long-term Treasuries has generally

trended down since 2008, as foreign purchases of Treasuries has not kept pace with issuance.

Foreign investors owned 13 percent of agency securities in June 2019, continuing the slight

upward trend of the last few years and keeping pace with the more moderate rate of agency

debt issuance. Agency securities are a popular asset for both official and private foreign

investors who seek higher returns than Treasuries and more liquidty than corporate bonds.

5
0

20

40

60

80

100

Trillions of dollars

20062007200820092010201120122013201420152016201720182019

Total long−term securities

U.S.−owned

Foreign−owned

0

10

20

30

40

50

60

70

80

90

100

Percent

20062007200820092010201120122013201420152016201720182019

Total long−term

Treasury debt

Agency debt

Corporate debt

Equities

Share of securities outstanding

held by foreign residents

0

5

10

15

Trillions of dollars

20062007200820092010201120122013201420152016201720182019

Source: Monthly Statement of the Public Debt of the United States, Table 1, Summary of Treasury

Securities Outstanding, Total Marketable less Bills. Includes holdings of the Federal Reserve

System.

Treasury debt

U.S.−owned

Foreign−owned

0

2

4

6

8

10

Trillions of dollars

20062007200820092010201120122013201420152016201720182019

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 

Financial Account of the United States Z.1 Table L211, 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 $486 billion as of June 2019. 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.

Agency debt

U.S.−owned

Foreign−owned

0

5

10

15

Trillions of dollars

20062007200820092010201120122013201420152016201720182019

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

Table L213 row 1, minus Table L133 row 29, plus Table L107 row 21.

Corporate debt

U.S.−owned

Foreign−owned

0

20

40

60

Trillions of dollars

20062007200820092010201120122013201420152016201720182019

Source: Federal Reserve Statistical Release Z.1, Financial Accounts of the United States, Table L223 row 1,

minus Table L133 row 44, plus Table L234 row 1, plus Table L206 row 1.

Equities

U.S.−owned

Foreign−owned

As of End−June

Exhibit 2: Foreign Holdings of U.S. Long−Term Securities Outstanding by Security Type

6
U.S. corporate debt has also remained an attractive investment for foreign residents: The

foreign ownership share of corporate debt securities has trended up more noticably since

2009, rising from 20 percent in June 2009 to 29.1 percent in June 2019 even as corporate

debt oustanding, including U.S. corporate debt issued abroad, has risen.8 The share of

foreign holdings of equities has also risen notably since 2009, reaching 14 percent in June

2019, about the same as in the past few years, even as equities outstanding grew strongly,

largely due to valuation gains.

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

Securities

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

between June 2018 and June 2019, shown in column 3, into four components: net purchases

of U.S. long-term securities during the period based on reported net transactions (purchases

less sales) on the TIC form S (column 4); estimated stock swaps (column 5); estimated

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

5); and estimated valuation adjustments (column 6).9 Column 7 is the residual change in

holdings not explained by any of the other four factors.

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

rose by $1,201 billion (column 3), from $18,421 billion (column 1) to $19,622 billion (column

2). Net purchases as reported on the TIC S for the year (column 4) came to $98 billion,

offset by declines of $164 billion for stock swaps and ABS repayments (column 5). The

overall change was dominated, though, by valuation gains of $1,099 billion (column 6), with

most valuation gains in equity at $682 billion. Debt securities showed estimated valuation

gains totaling $418 billion: $211 billion for Treasuries, $31 billion for agencies, and $176

billion for corporate debt. For Treasuries, while the TIC S indicates net sales of Treasuries

by foreign investors, the position gain of $436 billion is well above the $211 billion estimated

valuation gain, suggesting that there were net purchases of Treasury securities by foreigners

not reported in the TIC form S.

8 Of the $3,943 billion held by foreigners in the “Corporate debt” category, nearly all of the securities are

issued by corporations. About $17 billion consists of negotiable certificates of deposit with a maturity of

over one year, and about $95 billion represents foreign holdings of state and local government debt

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

report, this category will be referred to simply as “corporate debt.”

9 Asset-backed securities (ABS) typically prepay principal to bondholders when the underlying loans are

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

part through an exchange of equity (a “stock swap”), U.S. residents who held stock in the target

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

stock swap can increase foreign holdings of U.S. equity.

7
Exhibit 3: Accounting for Changes in Foreign Holdings of U.S. Long-Term Securities

Billions of dollars

Of which:

Type of

security

Measured,

June 2018

Measured,

June 2019

Change,

June 2018

to June 2019

Net

purch.1

Stock swaps

and ABS

repayments

Val.

adj. Other2

(1) (2) (3 = 2 − 1) (4) (5) (6) (7)

Treasury debt 5,467 5,903 436 -62 n.a. 211 288

Agency debt 1,024 1,145 121 243 -142 31 -11

Corporate debt 3,790 3,943 153 53 -35 176 -42

Equities 8,139 8,630 491 -136 13 682 -68

Total 18,421 19,622 1,201 98 -164 1,099 167

n.a. Not applicable.

1. As reported on TIC S.

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

For example, after incorporating valuation and other adjustments, the Bureau of Economic

Analyis’s (BEA) balance of payments figures show that, for the period between the SHL

2018 and SHL 2019, foreigners purchased $248 billion in long-term Treasuries, $66 billion in

long-term U.S. agency debt, $42 billion in long-term corporate bonds, whereas they sold $91

billion in equity.10

Column 7 shows that the increase in total holdings was $167 billion larger than indicated by

the factors shown in columns 4 through 6. These “other” changes, computed as residuals,

were most pronounced for Treasuries ($288 billion) and equities ($-68 billion). They reflect

measurement uncertainty from a variety of sources: net purchases as reported on the TIC

S may be under- or over-reported, estimates of valuation adjustments may be imprecise,

or ABS repayment flows may be under- or over-estimated. In addition, the survey values

themselves may be somewhat imprecise due to missed reporting, reporting errors, or survey

weaknesses regarding short sales. Finally, reported transactions may include transaction

costs as well as the cost of securities purchased or sold.

The difference in column 7 for Treasuries may in part be attributable to cross-border short

sales of Treasuries between U.S. and foreign investors.11 Short sales in which foreign investors

10 The Bureau of Economic Analysis publishes the official U.S. data on international transactions quarterly.

See ITA Table 7.1 at https://www.bea.gov/data/intl-trade-investment/international-transactions.

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

8
borrow Treasuries from U.S. residents and then sell those securities to other U.S. residents

may result in smaller net foreign purchases reported on the TIC S form because any initial

borrowing of Treasury securities by foreign investors is excluded. On the TIC S form (as well

as on other TIC securities forms such as the SHL and SHC surveys), securities borrowing or

lending activity is not considered a change in actual ownership. Thus the initial borrowing

(that is, the foreign purchase) is not reportable as a securities transaction; however, all sales

of securities (whether initially borrowed or not) are reportable simply as sales.12 With regard

to the survey data, on the other hand, the borrowing and lending exclusion may result in

larger reported foreign holdings because the survey may capture the foreign holding after

the initial borrowing. Such a larger holding is contrary to the intent of the exclusion, which

is to exclude activities related to securities borrowing and lending.

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

Annual Survey Reports

Exhibit 4 compares foreign holdings of long-term U.S. securities in June 2019 as measured

by the annual TIC SHL and the monthly TIC SLT.13 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 crossborder securities holdings on a timelier basis, without resorting to the monthly estimates

previously constructed from reported transactions and valuation estimates based on price

indexes.14 As shown in the table, the SLT reports total foreign holdings of U.S. long-term

securities of $19,493 billion, $129 billion (0.7 percent) lower than the $19,622 billion reported

in the survey.

The June 2019 SHL was a benchmark survey. Benchmark survey measurements are typically

greater than SLT measurements for the same date because the benchmark panel is much

broader and is designed to cover the full universe of U.S. securities holdings by foreign

residents. Chapter 2 provides more detail about the reporting panel.

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.

12 Chapter 2 discusses further some of the survey weaknesses in correctly distinguishing actual purchases or

sales of securities from changes in holdings resulting from securities lending activities. This weakness

might result in an over-estimate of Treasury securities held by foreign investors.

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

holdings of U.S. securities in September 2011.

14 SLT data corresponding to the SHL 2019 survey date of June 28, 2019 for Treasuries were first released in

mid-August 2019; June 2019 SLT data for other security types were first released in mid-September 2019.

9
Relative to the SLT reporting panel, additional benchmark respondents contributed about

$240 billion to the SHL, about $220 billion in equity and about $20 billion in debt. At the

country level, the additional reporting is visible in the higher SHL equity positions in the

Cayman Islands, Netherlands, Canada, Japan, and the United Kingdom compared to the

SLT.

Exhibit 4: Foreign Holdings of U.S. Long-Term Securities

As Measured by the TIC SHL Survey and the TIC SLT

As of June 28, 2019

Billions of dollars

Total long-term Equity Long-term debt

Country SHL SLT Diff SHL SLT Diff SHL SLT Diff

Japan 2,218 2,208 10 596 583 13 1,622 1,624 -2

Cayman Islands 1,778 1,725 53 1,084 1,046 38 694 679 15

United Kingdom 1,718 1,735 -17 1,002 982 20 716 754 -38

China1 1,539 1,534 5 189 184 5 1,350 1,350 0

Luxembourg 1,534 1,568 -34 663 658 5 871 910 -39

Canada 1,245 1,241 4 956 941 15 289 300 -11

Ireland 976 977 -1 456 455 1 520 521 -1

Switzerland 772 770 2 450 448 2 322 322 0

Belgium 753 804 -51 58 58 0 695 746 -51

Taiwan 622 622 0 68 68 0 554 554 0

Norway 451 449 2 309 305 4 143 144 -1

Netherlands 417 396 21 284 264 20 133 132 1

Germany 385 381 4 191 187 4 194 194 0

Hong Kong 367 366 1 110 109 1 257 257 0

Korea, South 359 357 2 153 150 3 206 207 -1

France 354 357 -3 177 176 1 177 181 -4

Singapore 351 346 5 180 174 6 171 172 -1

Australia 336 335 1 262 258 4 74 77 -3

Bermuda 323 323 0 111 111 0 213 213 0

Brazil 319 318 1 5 5 0 313 313 0

Country Unknown 56 4 52 1 1 0 55 3 52

Rest of world 2,747 2,678 69 1,325 1,255 70 1,422 1,424 -2

Total 19,622 19,493 129 8,630 8,417 213 10,991 11,077 -86

Of which: Holdings of

foreign official institutions 5,796 5,782 14 1,117 1,097 20 4,679 4,685 -6

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

10
The security-level detail of the survey data allows for adjustments to be made, as discussed in

more detail in Chapter 2. For debt, the $86 billion difference between the SHL and SLT debt

data reflects two offsetting adjustments to survey data as well as the expanded benchmark

panel. First, the SLT data for corporate debt are typically higher than the SHL data because

the individual security-level data on the survey are adjusted downward to account for overreporting – which can be seen in countries with negative numbers in the difference column.15

Thus, the SLT position is greater than SHL in the countries where U.S. firms commonly

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

these three countries, the SHL positions are $38 billion to $51 billion smaller than on the

SLT.

The second type of adjustment, which partially offsets the downward over-reporting adjustments, is an upward adjustment to account for unreported securities issued abroad. The

SHL includes data on U.S. securities directly issued into overseas markets, commonly known

as Eurobonds. It is assumed that such bonds are held by foreign investors, and holdings

are assigned to Country Unknown. As a result, the SHL position for debt held by Country

Unknown is $52 billion larger than that for the SLT. Finally, in some cases, review of the

security-level data indicates that some foreign securities have been included in reporter submissions. These securities can be easily removed from the SHL data, but cannot always be

removed from the corresponding SLT filings. Aside from the differences related to adjustments described above and the additional reporting from the expanded benchmark panel, the

country-level distribution is largely preserved across the two reports.16 In both the survey

and the SLT, Japan is the largest investor country, followed by the Cayman Islands, United

Kingdom, and China.

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

Exhibit 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. At $19,622 billion, foreign

holdings of U.S. long-term securities remained considerably larger than the $11,920 billion

in foreign securities held by U.S. residents at end-June 2019, largely due to the significant

foreign official holdings of U.S. debt not matched by U.S. official demand for foreign debt.17

15 Over-reporting occurs when securities issued directly into the foreign market are reported by the

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

foreign-owned.

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

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

17 As of end-June 2019, U.S. official holdings of foreign securities were $13 billion; see table 2 in

https://www.newyorkfed.org/medialibrary/media/newsevents/news/markets/2019/fxq219.pdf. These

11
The increase in U.S. holdings of foreign securities ($302 billion) between June 2018 and June

2019 was considerably smaller than the increase in foreign holdings of U.S. securities ($1,201

billion), which grew due to a mix of factors such as valuation gains on equity and purchases

of long-term debt as explained in the discussion of Exhibit 3. The difference also reflects the

strength of foreign official demand for U.S. debt from June 2018 to June 2019 (see Exhibit

9).

−20,000

−15,000

−10,000

−5,000

0

5,000

10,000

15,000

Billions of dollars

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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

Foreign holdings (U.S. liabilities)

Net position*

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

As of End−June

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

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

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

countries with the highest levels of reported investment, and Statistical Appendix Tables A1

through A6 show holdings of different types of U.S. securities for all countries as of June 2019.

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

holdings are included in the complementary annual TIC SHC survey.

12
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 such as Belgium, Luxembourg, Switzerland, and

the United Kingdom.

Exhibit 6: Foreign Holdings of U.S. Securities by Major Investing Country

As of June 28, 2019

Billions of dollars

Country Total Equities Treas.

LT debt

Agency LT debt Corp. LT debt ST

debt

ABS1 Other ABS1 Other

Japan 2,280 596 1,065 294 3 25 236 62

Cayman Islands 1,877 1,084 134 30 5 92 432 99

United Kingdom 1,776 1,002 286 6 2 16 406 58

Luxembourg 1,623 663 183 44 4 40 601 89

China2 1,543 189 1,109 222 6 3 11 4

Canada 1,262 956 99 5 1 30 154 16

Ireland 1,081 456 224 38 8 35 215 105

Switzerland 813 450 195 10 1 10 107 41

Belgium 780 58 175 3 3 8 507 27

Taiwan 626 68 172 265 * 2 115 4

Country Unknown 56 1 * * * * 55 *

Rest of world 6,816 3,108 2,262 161 35 79 766 406

Total 20,534 8,630 5,903 1,077 68 340 3,604 913

Of which: Holdings of

foreign official institutions 6,112 1,117 3,852 628 30 13 155 316

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

13
0

5,000

10,000

15,000

20,000

Billions of dollars

20062007200820092010201120122013201420152016201720182019

Total

0

500

1,000

1,500

2,000

2,500

0

500

1,000

1,500

2,000

2,500

0

500

1,000

1,500

2,000

2,500

2006200720082009201020112012201320142015201620172018201920062007200820092010201120122013201420152016201720182019

2006200720082009201020112012201320142015201620172018201920062007200820092010201120122013201420152016201720182019

2006200720082009201020112012201320142015201620172018201920062007200820092010201120122013201420152016201720182019

Japan Cayman Islands

United Kingdom Luxembourg

China Canada

Debt Equity

Billions of dollars

Top 6 Countries as of 2019

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

As of End−June

Exhibit 7: Foreign Holdings of U.S. Securities by Major Investing Countries

14
Among the ten countries with the largest holdings of U.S. securities on the most recent survey, six–the Cayman Islands, the United Kingdom, Luxembourg, Ireland, Switzerland, and

Belgium–are financial centers in which substantial amounts of securities owned by residents

of other countries are managed or held in custody.18 Moreover, three of these countries—the

Cayman Islands, Luxembourg, and Ireland—are major locations for international investment funds whose holders need not be and likely often are not residents of the funds’ home

countries.

Finally, many U.S. securities are issued directly abroad, and such securities can be issued in

registered or bearer form.19 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 typically report only the

country where the ICSD is located and thus large foreign holdings are attributed to these

countries. 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 $56 billion in securities attributed

to “Country Unknown” in Exhibit 6 are either Eurobonds added as part of our adjustment

process (see Chapter 2 and the discussion of Exhibit 4) or bearer securities.

Bearing these caveats in mind, the data show that, at $2,280 billion, total holdings attributed

to Japan exceeded those attributed to any other country. Entities resident in the Cayman

Islands had the next largest holdings, at $1,877 billion, and were the largest holders of equity.

United Kingdom investors had the third-largest total securities holdings, with $1,776 billion.

China, in fifth position with $1,543 billion, was the largest holder of Treasuries. Japanese

and Chinese investors were the largest holders of debt, accounting for a combined total of

$3,038 billion.

Exhibit 6 also splits foreign holdings of agency and corporate long-term debt into assetbacked securities (ABS) and other debt. 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.

Among the top investing countries, the country distribution of ABS holdings are broadly in

18 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. See the article cited in footnote 6, “Understanding U.S.

Cross-Border Securities Data.”

19 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.

15
line with overall foreign debt holdings, with most countries’ investors holding between 2

percent and 19 percent of their U.S. debt in the form of ABS. On the low end are the United

Kingdom, Switzerland, and Belgium, whose ABS holdings are at or below 6 percent of their

debt holdings. The outlier on the high side is Taiwan, whose ABS holdings—almost entirely

U.S. government agency ABS—comprised nearly half of their overall debt holdings.

Holdings by Country Over Time

Exhibit 7 shows total foreign holdings of U.S. securities by broad security type for each

survey since 2006 in the top panel and the same breakdown for the top six holders as of

June 2019 in the following panels. As noted above, overall foreign holdings of both debt and

equity increased, supported by valuation gains in equity. The distribution across debt and

equity varies substantially: Japan and China’s holdings are dominated by debt, but Canada’s

holdings are dominated by equity and the holdings of the financial centers (Cayman Islands,

United Kingdom, and Luxembourg) are more evenly split. Statistical Appendix Tables A7,

A8, A9 and A10 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.

Exhibit 8 shows foreign holdings of long-term corporate and agency debt from 2006 to 2019.

In June 2019, foreign investors held $1,077 billion in U.S. agency ABS, an increase of $123

billion from June 2018 and the sixth year in a row that foreign holdings of agency ABS

increased. The share of ABS in total foreign-held agency debt has increased consistently

since 2006, rising from below half in 2007 to 94 percent in 2019. The increasing share of

agency debt held in the form of ABS is largely due to declining issuance of non-ABS debt

by government agencies since 2007. In contrast, the ABS share of foreign holdings of U.S.

corporate debt has declined notably from 33 percent just before the 2008 financial crisis to

just below 9 percent in 2019.

Holdings of U.S. Securities by Foreign Official Institutions

The TIC liabilities surveys collect information on holdings of U.S. securities by foreign official institutions separately from holdings by private investors to capture differences in their

investment patterns. 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.20

20 See https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/foihome.aspx for a partial

list of foreign official institutions.

16
Distinguishing official from private holders in the surveys can be difficult for the same reasons that obtaining accurate information on the country of foreign owners of U.S. securities

is difficult: in both cases, chains of financial intermediaries can obscure the true foreign holders. Thus, some holdings attributed to private intermediaries, especially in major custodial

centers, may actually reflect holdings of foreign official institutions.

599

386

1,427

594

735

570

1,835

902

691

773

2,060

760

444

752

1,931

508

372

713

2,047

445

317

714

2,225

426

274

717

2,145

404

217

657

2,268

403

159

668

2,578

396

138

742

2,805

412

123

832

3,149

356

90

891

3,473

371

71

954

3,427

363

68

1,077

3,604

340

0

1,000

2,000

3,000

4,000

5,000

Billions of dollars

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

As of End−June

Exhibit 8: Foreign Holdings of U.S. Long−Term Corporate and Agency Debt by Type

Corporate ABS

Corporate non−ABS

Agency ABS

Agency non−ABS

Exhibit 9 summarizes foreign official holdings of U.S. securities. Foreign official investors

held $5,796 billion in U.S. long-term securities in June 2019. The share of foreign holdings

owned by official investors increased rapidly immediately after the 2008 financial crisis, from

28 percent in 2007 to nearly 40 percent in 2010, but gradually declined and has been just

below 30 percent since June 2017.21

21 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 also accounted for about 40 percent

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

17
0

5

10

15

20

Trillions of dollars

20062007200820092010201120122013201420152016201720182019

Total

Foreign private

Foreign official

0

10

20

30

40

50

60

70

80

90

100

Percentage

20062007200820092010201120122013201420152016201720182019

Total Treasury debt

Agency debt Corporate debt

Equities

Share held by foreign official institutions

0

2

4

6

Trillions of dollars

20062007200820092010201120122013201420152016201720182019

Treasury debt

Private

Foreign official

0

.5

1

1.5

Trillions of dollars

20062007200820092010201120122013201420152016201720182019

Agency debt

Private

Foreign official

0

1

2

3

4

Trillions of dollars

20062007200820092010201120122013201420152016201720182019

Corporate debt

Private

Foreign official

0

2

4

6

8

Trillions of dollars

20062007200820092010201120122013201420152016201720182019

Equities

Private

Foreign official

As of End−June

Exhibit 9: Foreign Holdings of U.S. Long−Term Securities by Type of Holder

18
The majority of the foreign official portfolio is long-term Treasury securities ($3,852 billion),

and foreign official holdings of Treasuries account for two-thirds of all foreign Treasury holdings. Foreign official Treasury holdings grew markedly in the lead-up to the financial crisis,

and increased especially rapidly immediately following the crisis. Indeed, from June 2007 to

June 2010, foreign official holdings increased by $1,165 billion, accounting for 85 percent of

the $1,378 billion overall increase in total foreign holdings of long-term Treasuries.

In the years since 2010, however, the contribution of foreign private investment to Treasury

demand rebounded. From June 2010 to June 2015, foreign private investment in longterm Treasury securities accounted for nearly half of the $2,107 billion increase in foreign

Treasury holdings over that period. From June 2015 to June 2018, the foreign official position

declined by $155 billion while the foreign private sector’s Treasury portfolio increased by $172

billion. The drop in foreign official holdings over this period in large part reflected sizable

foreign exchange reserve sales, largely invested in U.S. Treasuries, by several emerging market

economies during the financial stresses in these economies in 2015 and 2016. The most recent

survey year saw a return to the patterns of 2010 to 2015, with official and private holdings

increasing in roughly equal amounts.

Foreign official institutions also purchased U.S. agency securities in the years prior to the

financial crisis. Between the 2006 and 2008 surveys, foreign official holdings of long-term

U.S. agency debt securities increased from less than 50 percent to two-thirds of all foreign

holdings of long-term agency securities. Since the crisis, the foreign official share of all

foreign holdings of U.S. agency debt has declined on net, but remains above the 2006 precrisis share. The data for June 2019 show a noticable step-up in foreign official holdings of

agencies, possibly reflecting a desire by foreign official investors to hold high-credit-quality

U.S. dollar assets, but with somewhat higher returns than U.S. Treasuries.22 Foreign official

holdings of agency debt in June 2019 accounted for more than half of all foreign holdings

of long-term agency debt. The foreign official position in long-term corporate bonds and

equities has generally increased over the time period shown in Exhibit 9, but these holdings

account for only 22 percent of foreign official holdings of U.S. long-term securities.

Exhibit 10 shows foreign official holdings of short-term debt by type of security. Foreign

official investors held 35 percent ($316 billion) of the U.S. short-term securities owned by

22 In contrast to the increase shown in this survey, the increase shown for 2018 is the result of a data

revision discussed in the SHL 2018 report. As of the June 2018 survey and the December 2017 SLT, data

on agency holdings were revised to correct a reporting error. This revision shifted about $120 billion in

long-term agency debt securities from private holders to official holders. As a result, about $120 billion

of the increase for official holders shown in Exhibit 9 is attributable to this revision.

19
foreigners in June 2019 ($913 billion). Of the short-term securities held by foreign official

institutions, $286 billion, or 91 percent, were U.S. Treasury bills and certificates.

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

and certificates rose substantially, with the amount of Treasury short-term debt outstanding

more than doubling between June 2007 and June 2009. Reflecting this shift in the pattern of

issuance, foreign official investors more than tripled their holdings of U.S. Treasury bills and

certificates—from $159 billion to $572 billion—between the June 2007 and June 2009 surveys.

This increase accounted for the bulk of the rise in total foreign holdings of U.S. Treasury bills

and certificates. From 2009 to 2012, total foreign holdings of Treasury bills and certificates

decreased as issuance slowed, with foreign official investors accounting for the decline. Since

June 2013, foreign demand for short-term Treasury debt has been relatively stable, with lower

official demand offset by higher private demand even as short-term Treasury debt issuance

began to pick up in 2016 (see Exhibit 11B). This trend continued in the most recent survey

year. From 2018 to 2019, foreign official holdings of short-term Treasuries fell substantially,

by $47 billion, and foreign private holdings only partially offset this drop, increasing by $22

billion.

While official holdings of short-term Treasury debt remain above pre-crisis levels, official

holdings of short-term agency debt have fallen dramatically, from $130 billion in 2008 to $1

billion in June 2019. This decline is largely attributable to sharp drops in short-term debt

issuance by U.S. government agencies over this period.

Total foreign holdings of short-term U.S. corporate debt also rose sharply before the 2008

crisis and then plummeted thereafter, and have generally remained below their 2006 levels,

rising above that level only briefly in 2017 and 2018. Foreign official holdings of short-term

debt remain small, but have increased as a share of overall foreign holdings since June 2012.

Additional data on foreign official holdings are presented in Statistical Appendix Tables A1

through A6.

20
0

500

1,000

1,500

Billions of dollars

20062007200820092010201120122013201420152016201720182019

Total

Foreign private

Foreign official

0

10

20

30

40

50

60

70

80

90

100

Percentage

20062007200820092010201120122013201420152016201720182019

Total

Treasuries

Agencies

Corporate debt

Share held by foreign official institutions

0

200

400

600

800

Billions of dollars

20062007200820092010201120122013201420152016201720182019

Treasury debt

Foreign private

Foreign official

0

50

100

150

200

Billions of dollars

20062007200820092010201120122013201420152016201720182019

Agency debt

Foreign private

Foreign official

0

100

200

300

Billions of dollars

20062007200820092010201120122013201420152016201720182019

Corporate debt

Foreign private

Foreign official

As of End−June

Exhibit 10: Foreign Holdings of U.S. Short−Term Securities by Type of Holder

21
Details on Foreign Holdings of Different Types of U.S. Securities

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

Exhibit 11A reports total holdings of U.S. Treasury securities by type of security for the

countries with the largest holdings, and Exhibit 11B reports total foreign official and private

holdings of Treasuries by type of issue over time. The majority of foreign investment–

63 percent–comes from official institutions. Japan and China remain the largest country

holders, at $1,125 and $1,113 billion respectively, or over one-third of total foreign holdings

of Treasury securities.

Treasury Inflation-Protected Securities (TIPS), which, as of June 2019, were $1.43 trillion

of the $15.9 trillion in marketable Treasury securities outstanding, have been increasing in

popularity with some foreign investors. In June 2019, foreign investors held a bit less than

half ($661 billion) of the total TIPS outstanding, about the same as last year (46 percent)

and up from 31 percent in 2011. China holds the largest amount of TIPS, $218 billion or 20

percent of its Treasury portfolio. Likewise, TIPS accounted for a significant share of total

foreign holdings of Treasury securities for several other countries: 13 percent for the United

Kingdom and 14 percent for Switzerland.

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. FRNs were initially popular with foreign investors,

who held $37 billion (nearly half of the amount outstanding) in June 2014 and $132 billion

(over half of outstanding) in June 2015. But foreign holdings of FRNs have declined steadily

since 2015 even as FRNs outstanding have grown. As of June 2019, foreigners held only

18%, or $75 billion of the $410 billion outstanding. Because FRNs have a maturity of two

years, foreign holdings of FRNs are included in nominal long-term debt in Exhibit 11A.

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

for all countries as of June 2019.

22
0

2,000

4,000

6,000

8,000

Billions of dollars

201120122013201420152016201720182019

Total

0

500

1,000

1,500

0

500

1,000

1,500

0

500

1,000

1,500

201120122013201420152016201720182019201120122013201420152016201720182019

201120122013201420152016201720182019201120122013201420152016201720182019

201120122013201420152016201720182019201120122013201420152016201720182019

Japan China

United Kingdom Brazil

Ireland Switzerland

Long−term nominal Short−term TIPS FRN

Billions of dollars

Top 6 Countries as of 2019

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

As of End−June

Exhibit 11A: Foreign Holdings of U.S. Treasuries by Major Investing Country

23
0

5,000

10,000

15,000

Billions of dollars

201120122013201420152016201720182019

Total Treasuries

Foreign official

 Foreign private

Domestic

0

10

20

30

40

50

60

70

80

90

100

Percentage

201120122013201420152016201720182019

Total Treasuries

Long−term nominal

TIPS

FRN

Short−term

Share of Treasuries outstanding

held by foreign residents

0

5,000

10,000

15,000

Billions of dollars

201120122013201420152016201720182019

Long−term nominal

Foreign official

Foreign private

Domestic

0

500

1,000

1,500

Billions of dollars

201120122013201420152016201720182019

TIPS

Foreign official

Foreign private

Domestic

0

100

200

300

400

Billions of dollars

201120122013201420152016201720182019

Floating−rate notes (FRN) 

Foreign official

Foreign private

Domestic

0

500

1,000

1,500

2,000

2,500

Billions of dollars

201120122013201420152016201720182019

Short−term (Bills)

Foreign official

Foreign private

Domestic

As of End−June

Exhibit 11B: Foreign Holdings of U.S. Treasuries by Type of Treasury Issue

24
Foreign Holdings of Equities by Type

Exhibit 12 provides additional detail on total foreign holdings of U.S. equities for each survey

since 2007 in the top panel and the same breakdown for the top six holders as of June 2019 in

the following panels. Three-fourths of total foreign holdings of U.S. equities are in the form

of common stock, accounting for $6,587 billion of the total $8,630 billion held. Fund shares

($1,389 billion) account for just over two-thirds of the remaining equities held by foreign

investors. Foreign holdings of U.S. equities increased $491 billion from last year, of which

the majority was a $286 billion increase in foreign holdings of common stock. Recorded

holdings of “other” equity increased markedly, by $160 billion. This increase in “other

equity” is largely the result of reporting by benchmark panel reporters that are not part of

the SLT and annual survey panels.

As noted in a previous section, “funds” include many different types of investment company

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

market mutual funds, hedge funds, and exchange-traded funds (ETFs). Such funds may

invest in a variety of assets, including bonds, real estate, commodities, and foreign-issued

equities as well as U.S. equities; however, the data reported are for foreign holdings of the

fund shares and not the underlying securities held by the funds. The residual “other equity”

column includes preferred stock as well as interests in limited partnerships and other equity

interests.

Foreign holdings of ETF shares have grown in value in recent years, consistent with their

growth in global markets. ETFs accounted for about $474 billion in equity reporting in 2019,

up from about $352 billion in 2014. However, the share of foreign-held funds that are ETFs

has been fairly stable—about one-third—over the past five years.

The top five foreign holders of equity (Cayman Islands, United Kingdom, Canada, Luxembourg, and Japan) account for about half of total foreign holdings of U.S. equities. The

Cayman Islands, a major center for offshore incorporation of managed funds, holds relatively

more fund shares and “other” equity than other countries. Statistical Appendix Table A4

shows holdings of these different types of equity for all countries as of June 2019.

25
0

2,000

4,000

6,000

8,000

Billions of dollars

2007200820092010201120122013201420152016201720182019

Total

0

200

400

600

800

1,000

0

200

400

600

800

1,000

0

200

400

600

800

1,000

20072008200920102011201220132014201520162017201820192007200820092010201120122013201420152016201720182019

20072008200920102011201220132014201520162017201820192007200820092010201120122013201420152016201720182019

20072008200920102011201220132014201520162017201820192007200820092010201120122013201420152016201720182019

Cayman Islands United Kingdom

Canada Luxembourg

Japan Ireland

Common stock Fund shares Other

Billions of dollars

Top 6 Countries as of 2019

As of End−June

Exhibit 12: Foreign Holdings of U.S. Equities by Major Investing Country and Equity Type

26
Foreign Holdings of Corporate Asset-Backed Securities

Exhibit 13 splits foreign holdings of U.S. long-term corporate ABS as shown in Exhibit 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.23 The top panel shows this breakdown

for all countries since 2007, and the following panels show the same breakdown for the top

six holders as of June 2019.

Overall, foreign holdings of long-term corporate ABS decreased slightly from June 2018

to June 2019, by $24 billion, continuing the downward trend that began with the 2008

crisis. The Cayman Islands hold the most corporate ABS, more than a quarter of all foreign

holdings, as has been the case in previous years. Foreign investment in corporate ABS,

especially MBS, fell sharply in the years following the financial crisis, consistent with a

sharp drop in issuance. In June 2007, foreign holdings of corporate ABS amounted to $902

billion, with nearly two-thirds in MBS. In June 2019, foreign investors held $340 billion

in corporate ABS, more than half MBS. Besides mortgages, the remainder of ABS held in

June 2019 were backed by student loans (about 20 percent of the remainder) and to a lesser

extent automobile loans, credit card receivables, and other assets, including a small amount

of U.S.-issued CLOs (about $7 billion).24

Statistical Appendix Table A5 presents the same country-level information on holdings of

U.S. long-term corporate asset-backed securities as in Exhibit 13 but for all countries as

of June 2019. Foreign investors also held a small amount of short-term ABS in the form

of asset backed commercial paper (ABCP); 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 2019.

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

of residential home mortgages.

24 Many U.S. leveraged loans are repackaged into CLOs and issued by entities resident in foreign countries

(such as the Cayman Islands) and so are not considered U.S. securities in residence-based reporting. For

details on how CLOs are reported in the TIC data, see Liu, Emily and Tim Schmidt-Eisenlohr

(2019).“Who Owns U.S. CLO Securities?,” FEDS Notes. Washington: Board of Governors of the Federal

Reserve System, July 19, 2019,

https://www.federalreserve.gov/econres/notes/feds-notes/who-owns-us-clo-securities-20190719.htm.

27
0

200

400

600

800

1,000

Billions of dollars

2007200820092010201120122013201420152016201720182019

Total

0

50

100

150

200

0

50

100

150

200

0

50

100

150

200

20072008200920102011201220132014201520162017201820192007200820092010201120122013201420152016201720182019

20072008200920102011201220132014201520162017201820192007200820092010201120122013201420152016201720182019

20072008200920102011201220132014201520162017201820192007200820092010201120122013201420152016201720182019

Cayman Islands Luxembourg

Ireland Canada

Bermuda Japan

MBS Non−MBS

Billions of dollars

Top 6 Countries as of 2019

By Major Investing Country, As of End−June

Exhibit 13: Foreign Holdings of U.S. Long−term Corporate Asset−Backed Securities 

28
Portfolio Investment by Region and Survey Year

Exhibit 14 shows holdings of U.S. securities by region and security type as of the last eight

surveys. Total foreign holdings of long-term securities grew by $1,201 billion from June 2018

to June 2019, with increases in all regions except Africa (Panel A).25 Panels B, C, and D

show holdings of U.S. equities, long-term debt, and short-term debt respectively, with the

same regional breakdown as in Panel A. In percentage terms, gains were similar for longterm debt and equity, and were in a similar range for the regions accounting for the bulk of

holdings—Europe, Asia, and the Americas. In contrast to long-term securities, holdings of

short-term debt, shown in Panel D, declined over the survey period, also consistently across

all regions.

Holdings of long-term securities by foreign residents in the Americas increased by $246 billion

to $4,207 billion. Of these countries, the Bahamas, Bermuda, the British Virgin Islands,

the Cayman Islands, Panama, Cura ̧cao, and Bonaire, Sint Eustatius, and Saba—referred to

collectively in the tables and charts as the Caribbean financial centers—continued to account

for about half of all investment attributed to the Americas region.

For the two largest groups of holders by region—Europe and Asia—the composition of holdings is noticeably different: European investors hold half of their U.S. long-term securities

in the form of equity, while Asian investors hold about three-quarters in debt. Shares in

long-term debt relative to total long-term holdings have trended down since 2010 across all

regions, but the patterns across regions have been broadly stable over time. Since the 2010

survey, Asia has held the highest level of U.S. long-term debt securities, followed by Europe.

Likewise, since the 2010 survey, Europe has held the highest level of U.S. equities, followed

by the Americas.

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

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

shown in Exhibit 15. The blue dotted lines represent the cumulative maturity distribution of

foreign official holdings, and the red dashed lines represent that of foreign private holdings.

The remaining years to maturity should be read as the upper bound: the “1 year” point

represents securities maturing up to one year from the June 28, 2019 survey date, the “2

year” point represents securities maturing up to two years from the survey date, and so on.

25 The decrease in “Country Unknown” reflects improved reporting. As noted in the discussion of Exhibit

4, nearly all of the reporting in the “Country Unknown” category consists of Eurobonds added as part of

the survey data adjustment process. As more Eurobond issuers join the SHL panel (and especially in a

benchmark survey), the dollar amount of those adjustments declines.

29
Exhibit 14: Foreign Holdings of U.S. Securities by Region, End-June

Billions of dollars

2012 2013 2014 2015 2016 2017 2018 2019

A. Long-term securities

Total Europe 4,592 5,119 6,161 6,500 6,679 7,388 7,748 8,180

Of which: Euro area1 2,364 2,721 3,455 3,592 3,714 4,213 4,507 4,682

Total Asia 4,928 5,117 5,566 5,746 5,698 5,897 6,182 6,682

Americas 2,537 2,900 3,331 3,466 3,398 3,717 3,961 4,207

Of which: Carib. fin. ctrs.2 1,386 1,543 1,810 1,884 1,910 2,108 2,159 2,331

Australia/Oceania 169 213 245 253 249 291 327 375

Total Africa 41 41 49 50 41 49 58 55

Intl. and regional orgs. 96 90 102 89 82 73 66 67

Country Unknown 89 51 85 99 82 64 79 56

Total 12,451 13,532 15,539 16,202 16,230 17,481 18,421 19,622

B. Equity

Total Europe 1,856 2,194 2,785 3,011 2,887 3,350 3,829 4,072

Of which: Euro area1 821 998 1,307 1,390 1,345 1,572 1,858 1,954

Total Asia 996 1,146 1,367 1,393 1,262 1,481 1,682 1,819

Americas 1,253 1,559 1,997 2,035 1,834 2,118 2,355 2,420

Of which: Carib. fin. ctrs.2 696 832 1,094 1,126 1,019 1,172 1,290 1,349

Australia/Oceania 120 158 183 190 184 215 249 292

Total Africa 8 9 16 21 14 20 18 18

Intl. and regional orgs. 4 4 5 5 4 5 5 9

Country Unknown * * 3 1 * 1 1 1

Total 4,237 5,070 6,356 6,655 6,186 7,189 8,139 8,630

C. Long-term debt

Total Europe 2,736 2,926 3,376 3,489 3,792 4,039 3,918 4,108

Of which: Euro area1 1,543 1,723 2,148 2,202 2,369 2,641 2,649 2,728

Total Asia 3,932 3,971 4,198 4,353 4,436 4,416 4,500 4,863

Americas 1,284 1,341 1,334 1,431 1,564 1,599 1,606 1,786

Of which: Carib. fin. ctrs.2 690 710 716 758 890 936 869 983

Australia/Oceania 49 55 62 63 65 76 78 83

Total Africa 32 32 33 30 27 30 40 38

Intl. and regional orgs. 92 86 97 84 78 68 61 58

Country Unknown 88 51 81 98 82 64 79 55

Total 8,213 8,462 9,183 9,547 10,044 10,292 10,282 10,991

D. Short-term debt

Total Europe 327 377 378 421 446 425 422 389

Of which: Euro area1 217 237 252 259 320 284 308 267

Total Asia 285 264 248 270 221 276 280 269

Americas 178 209 227 217 217 198 213 199

Of which: Carib. fin. ctrs.2 119 134 130 139 150 143 156 148

Australia/Oceania 9 17 14 11 9 9 11 10

Total Africa 3 2 3 3 3 8 33 28

Intl. and regional orgs. 9 9 8 9 14 15 20 17

Country Unknown * * * 0 0 0 * *

Total 811 878 878 932 909 930 980 913

* Greater than zero but less than $500 million.

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

Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain; also Latvia from 2014 and Lithuania from 2015.

2. Bahamas; Bermuda; Bonaire, Sint Eustatius, and Saba; British Virgin Islands; Cayman Islands; Cura ̧cao; and

Panama.

30
Similar to the June 2018 survey, about half of U.S. long-term debt securities held by foreigners

matures in five years or less. Foreign holdings of long-term Treasury debt securities are more

concentrated at shorter maturities than are holdings of agency debt or corporate debt, with

63 percent of Treasury holdings maturing in five years or less. The median maturity of

corporate securities is just over six years, while the median maturity of agency securities is

more than 25 years.

Foreign official holdings of U.S. long-term debt securities have a shorter average maturity

than foreign private holdings. For foreign official holdings, the median maturity is between

four and five years; for private holdings, the comparable figure is about six 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 securities, foreign official holdings are more concentrated at shorter maturities than are foreign

private holdings.

0

25

50

75

100

Percentage

0 5 10 15 20 25 30 Over 30

Years to maturity

Total

Private

Foreign official

Total debt

0

25

50

75

100

Percentage

0 5 10 15 20 25 30 Over 30

Years to maturity

Total

Private

Foreign official

Treasury debt

0

25

50

75

100

Percentage

0 5 10 15 20 25 30 Over 30

Years to maturity

Total

Private

Foreign official

Agency debt

0

25

50

75

100

Percentage

0 5 10 15 20 25 30 Over 30

Years to maturity

Total

Private

Foreign official

Corporate debt

By Remaining Maturity, As of June 28, 2019 

Exhibit 15: Maturity Structure of Foreign−Held U.S. Long−Term Debt

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

U.S. debt held by foreigners is largely denominated in dollars: of the $10,991 billion in

U.S. long-term debt securities held by foreigners as of June 28, 2019, $10,168 billion, or 93

31
percent, are denominated in U.S. dollars (Exhibit 16, lower panel). However, the currency

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

issuer: all U.S. Treasury securities, almost all U.S. agency securities, and all municipal

debt securities owned by foreigners are denominated in U.S. dollars, whereas 21 percent

of U.S. long-term corporate debt securities owned by foreigners are denominated in foreign

currencies. Within the corporate sector, depository institutions are somewhat more likely

to issue non-U.S. dollar debt, with nearly 30 percent of long-term debt in other currencies.

Long-term debt securities issued in euros account for 71 percent of the long-term foreign

currency-denominated debt held by foreigners, though this share is lower—62 percent—for

other financial issuers and higher—77 percent for nonfinancial issuers. Holdings of foreign

official institutions are nearly exclusively (more than 99.7 percent) denominated in U.S.

dollars.

Foreign holdings of U.S. short-term debt securities (upper panel) are even more concentrated

in U.S.-dollar-denominated securities: $887 billion of the $913 billion held (97 percent) are

dollar-denominated. As with their holdings of U.S. long-term debt securities, foreign official

holdings of U.S. short-term securities are almost entirely U.S. dollar-denominated.

Exhibit 17 shows the currency composition of total foreign-owned U.S. long-term corporate

debt securities (the third through sixth columns in Exhibit 16) for the most recent eight

surveys. During the June 2012 to June 2019 period covered by the table, the share of

foreign-owned U.S. long-term debt securities denominated in U.S. dollars trended up until

June 2016, from 75 percent in 2012 to 82 percent in 2016, but dropped back a bit since then,

to 79 percent as of June 2019. Of course, some of these movements are due to exchange

rate movements: these trends track the appreciation of the dollar until 2016 and then its

depreciation until 2018. Throughout the period, the euro has been the second most widely

used currency for foreign holdings of U.S. long-term debt securities by a wide margin, and

its share has increased since 2015 amid robust U.S. corporate issuance of euro-denominated

bonds.

32
Exhibit 16. Foreign Holdings of U.S. Debt by Currency and Type of Holder and Issuer

As of June 28, 2019

Billions of dollars

Currency U.S.

Treasury

U.S.

agencies

State/local

govts

Depository

institutions

Other

financial

Nonfinancial Total

Short-term 709 14 0 106 37 47 913

Foreign official 298 1 0 21 8 5 333

U.S. dollar 298 1 0 21 8 5 332

Euro 0 0 0 0 0 1 1

Private 411 13 0 85 29 41 580

U.S. dollar 411 13 0 81 24 26 555

Euro 0 0 0 0 2 14 16

Japanese yen 0 0 0 0 1 0 1

U.K. pound 0 0 0 3 1 2 5

Other 0 0 0 0 2 0 2

Long-term 5,903 1,145 95 556 953 2,340 10,991

Foreign official 3,893 662 3 39 43 96 4,736

U.S. dollar 3,893 662 3 35 39 90 4,722

Euro 0 0 0 3 3 5 10

Japanese yen 0 0 0 0 2 0 2

U.K. pound 0 0 0 0 0 0 1

Australian dollar 0 0 0 0 0 0 1

Private 2,010 483 92 517 910 2,244 6,255

U.S. dollar 2,010 480 91 356 695 1,812 5,446

Euro 0 0 0 111 134 330 575

Chinese yuan 0 0 0 0 1 0 1

Japanese yen 0 0 0 8 21 10 39

U.K. pound 0 2 0 18 33 54 107

Swiss franc 0 0 0 4 4 11 19

Canadian dollar 0 0 0 9 7 12 28

Australian dollar 0 0 0 8 6 13 27

Other 0 0 0 3 9 2 14

Total 6,612 1,159 95 661 990 2,387 11,904

* Entries for holdings less than $500 million are omitted.

33
Exhibit 17. Foreign-Held U.S. Long-Term Corporate Debt by Currency

As of End-June

Share of Total

Currency 2012 2013 2014 2015 2016 2017 2018 2019

U.S. dollar 75.0 77.9 80.4 81.9 82.3 80.9 80.2 79.2

Euro 14.5 12.7 11.6 11.4 11.8 13.5 14.3 14.9

U.K. pound 4.4 4.2 3.3 2.9 2.3 2.3 2.4 2.7

Japanese yen 3.0 1.9 1.6 1.2 1.3 0.9 1.0 1.0

Australian dollar 0.6 0.7 0.8 0.7 0.7 0.7 0.7 0.7

Canadian dollar 0.7 0.7 0.6 0.6 0.5 0.5 0.7 0.7

Swiss franc 1.0 0.8 0.6 0.6 0.6 0.5 0.5 0.5

Chinese yuan 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0

Other 0.7 1.0 1.0 0.7 0.6 0.5 0.3 0.4

Memo: Total holdings, $ billion 2,549 2,672 2,974 3,217 3,505 3,844 3,790 3,943

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

Exhibit 18 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 North American

Industry Classification System (NAICS) developed by the U.S. Census Bureau.26 Additional

detail is in Statistical Appendix Table A11, which provides data on holdings with a more

disaggregated breakout of industries.

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

short-term and long-term government securities at $6,668 billion, nearly all of which were

in the form of debt. The government sector accounted for about a third of all foreign holdings of U.S. securities in June 2019. The second-largest sector for foreign investment, also

concentrated in debt, remains the “Other financial” sector, with total foreign holdings of

$2,650 billion, which includes primarily U.S. agency-backed real estate finance and investment banking.

Other sectors attracting considerable foreign investment were “funds, trusts, and financial vehicles” ($1,833 billion); services ($1,132 billion); depository credit intermediation (banking)

($971 billion); computer and electronic product manufacturing ($926 billion); publishing and

broadcasting ($922 billion); and chemical manufacturing ($768 billion), of which $585 billion

26 Reports through 2014 classified securities using GICS (Global Industry Classification Standard) codes,

developed by Morgan Stanley Capital International and Standard & Poor’s. Beginning with the SHL

2015 report, NAICS codes have been used.

34
is pharmaceuticals (see Statistical Appendix Table 11). Except for banking, investment in

these sectors was concentrated in equity.27

Exhibit 18: Foreign Holdings of U.S. Securities by Industry

As of June 28, 2019

Billions of dollars

NAICS code1Industry Total Equity

Debt

Long-term Short-term

21 Mining, quarrying, and oil and gas extraction 286 176 110 *

22-23 Utilities and construction 401 223 174 3

31 Consumer goods manufacturing 486 285 196 4

325 Chemical manufacturing 768 558 203 6

326-333 Other primary and machinery manufacturing 296 182 109 5

334-335 Computer and electronic product manufacturing 926 734 190 2

336-339 All other manufacturing 537 343 190 3

42 Wholesale trade 211 143 63 5

44-45 Retail trade 613 483 129 1

48-49 Transportation and cargo 239 144 94 2

511-515 Publishing and broadcasting 922 735 187 *

517-519 Telecommunications and information services 772 515 257 1

5221 Depository credit intermediation (banking) 971 365 509 97

5222-5239 Other financial 2,650 758 1,846 46

524 Insurance 477 328 147 1

525 Funds, trusts, and other financial vehicles 1,833 1,763 64 6

53-81 Services 1,132 721 400 10

92 Government2 6,668 * 5,958 709

All other industries 347 174 164 10

Total 20,534 8,630 10,991 913

* Greater than zero but less than $500 million.

1. Stands for North American Industry Classification System.

2. The government sector includes primarily U.S. Treasuries and also some bonds issued by state and local governments. When state and local bonds are clearly associated with a particular industry, such as utilities or

education, they are classified by that industry.

27 The “all other industries” category also has a relatively low equity share, but by definition this sector is

difficult to characterize.

35
0

5,000

10,000

15,000

20,000

25,000

Billions of dollars

1984 1989 1994 2000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

* See Exhibit 19T for notes.

As of End−June

Exhibit 19: Forms of Foreign Portfolio Investment in the United States

U.S. short−term securities

U.S. long−term securities

Investment in U.S. non−financial entities*

Investment in U.S. financial entities*

Different Types of Foreign Investment in the United States as of Selected Dates

Exhibit 19 presents a more comprehensive time series of foreign investment in the United

States than earlier exhibits and compares different types of foreign investment, omitting

direct investment.28 The exhibit shows the growing importance of securities in foreign investment. In December 1984, foreign holdings of U.S. securities and other investments (such

as loans and deposits) were about equal, but foreign holdings of U.S. securities have increased

far more rapidly over time, reaching $20,534 billion at end-June 2019, more than four times

as large as other investment ($4,843 billion).

28 This comparison includes investment that is categorized in the Financial Account of the U.S. Balance of

Payments as “portfolio investment” and “other investment”.

36
Exhibit 19T: Forms of Foreign Portfolio Investment in the United States

As of End-June

Billions of dollars

Securities Other investment1

Date Total

Investment

Total Longterm

Shortterm

Total Reported by2

Financial

entities

Non-financial

entities

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 13,111 9,641 8,492 1,149 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 20,868 16,417 15,539 878 4,452 4,361 90

June 2015 21,341 17,134 16,202 932 4,206 4,121 85

June 2016 21,361 17,139 16,230 909 4,221 4,137 84

June 2017 22,676 18,412 17,481 930 4,265 4,181 83

June 2018 23,978 19,400 18,421 980 4,577 4,474 103

June 2019 25,377 20,534 19,622 913 4,843 4,738 104

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.

37
Chapter 2. Survey Methodology

Data Collection Methodology

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

surveys, with “benchmark” surveys every five years. The benchmark surveys collect crossborder portfolio investment data from a large number of institutions (custodians and issuers)

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

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

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

survey. Prior to 2013, the panel for each of the four years was kept largely unchanged, with

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

benchmark. Since 2013, the annual panels have been selected based on TIC form SLT

(“Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents”) reporting.

Reporters are still generally chosen based on the overall size of their positions, but the panel

is also selected to ensure relatively complete coverage across countries and asset classes.

The 2019 survey was collected during a benchmark year. For the 2019 survey, data were

submitted by 711 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. A minority of this

group, 167 institutions, was exempt because their holdings were either reported by another

respondent or below the reporting threshhold of $100 million. Within the group of 544

reporting institutions, holdings were very concentrated: the 10 largest custodians comprised

85 percent of the total market value. Respondents submitted a total of about 3.5 million

records, of which about 2.1 million were equity records and about 1.4 million were debt

records.

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 28, 2019, 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 August 31, 2019. A copy of the forms and instructions is

included in Appendix C.

Data Analysis and Editing

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

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

38
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 TIC SLT and TIC BL-2 forms to identify and reconcile any major discrepancies

between the respondents’ reports as of June 28, 2019.

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

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

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

or low prices or price changes relative to SHL 2018, and those comprising a large percentage

of the total amount outstanding.

The third phase was to analyze the data according to various cumulative or “macro” groupings. At this level, the data were aggregated by categories such as country of foreign owner,

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

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

impact on a small category. This analysis was performed to explain significant year-over-year

trends or anomalies based on business practices or economic developments, and to identify

the primary contributors driving the shifts in the macro data. Additionally, as with the

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

potential systemic issues.

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

Two important types of adjustments were made to the survey data; the dollar value of the

adjustments is summarized in Exhibit 20. First, the data were adjusted downward to remove

identified cases of over-reporting, which can occur if an issuer reported debt securities issued

directly into foreign markets and U.S. custodians also reported foreign holdings of those

securities. For the 2019 survey, as in surveys since 2014, reporter-level data were used to

identify securities for which both issuers and custodians reported positions. If the total

amount reported for a given security by the issuer and all custodians combined exceeded the

amount of the security issued, the survey position was reduced by the amount of the excess,

with the adjustment generally assigned to the country into which the security was issued.

For the 2019 survey, a total of $162 billion was deducted to account for over-reporting.

39
Exhibit 20: Adjustments to Account for Over-reporting and Omitted

Reporting

As of June 28, 2019

Millions of dollars

Type of security

and foreign holder

Over-reporting

adjustment

Unreported U.S.

issuance abroad

Total value

of adjustments

Equity

Total 0 0 0

Foreign official holders 0 0 0

Other holders 0 0 0

Treasury

Total 0 0 0

Foreign official holders 0 0 0

Other holders 0 0 0

Agency

Total 0 0 0

Foreign official holders 0 0 0

Other holders 0 0 0

Corporate

Total -162,470 70,627 -91,843

Foreign official holders 0 0 0

Other holders -162,470 70,627 -91,843

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

collected by the Federal Reserve Board of Governors based on news reports and commercial

data sources. Issuance of these bonds, also known as Eurobonds, has been quite strong in

recent years, and in principle should be reported in the SHL by the issuers. However, in

non-benchmark survey years, the survey reporting panel is limited to respondents selected

by the Federal Reserve Bank of New York. Many of the issuers are not already on the panels,

and the process of bringing new reporters to the panel is fairly lengthy. Thus, for SHL 2014

through SHL 2019, adjustments to account for the most significant securities and issuers

were constructed by the Board of Governors. In SHL 2019, these adjustments amounted to

$71 billion.

40
Treatment of Repurchase and Securities Lending Agreements

Repurchase and securities lending agreements pose a problem for accurately measuring crossborder holdings of securities. Following international standards, repurchase and securities

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

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

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

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

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

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

instructed not to report them as holdings of the borrower.

However, reporting entities may not always have sufficient information to report as survey forms request. That is, custodians may not always be able to distinguish (a) securities

transferred in or transferred out through repurchase and lending activity from (b) those originating from outright purchases and sales. Thus, correct reporting by custodians, given the

information they have, can result in reporting “errors” from the viewpoint of data collectors

and those compiling balance of payments and international investment position statistics.

This type of reporting error could result in measured foreign holdings being either over- or

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

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

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

U.S. custodian of the foreign resident delivers out the security and thus would not report the

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

it holds a U.S. security on behalf of a U.S. resident and not a foreign resident. On the other

hand, over-reporting might occur if a U.S. resident lends a U.S. security to a foreign entity

and again neither custodian is informed that the transaction is a loan rather than a sale. In

this case, the U.S. custodian for the foreign resident would report foreign ownership of the

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

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

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

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

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

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

of U.S. Treasury securities that is foreign-owned.

41
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.

Data compilers, including those for the TIC system, have considered a wide range of approaches to mitigating this problem. For example, the IMF has suggested that if a security

taker sells the security acquired under a security loan, then a negative (or “short”) position

be recorded in the security, reflecting the obligation to return the security to the security

provider. However, this approach would likely require expanding the TIC reporting panel to

a very large set of security takers in order to capture all relevant activity. Another suggestion would be for the TIC system to deviate from the international reporting standard to

exclude repurchase agreements (repos) and securities lending based on economic ownership,

and instead require reporting based on legal ownership. However, such a deviation from

international reporting standards is not being considered at this time.

Acknowledgements

The Department of the Treasury, the Federal Reserve Bank of New York, and the Federal Reserve Board 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. Staff members responsible for the data analysis were Kenneth Aberbach

and, under the direction of Jamie Ferkov: Khaled Ahmed, Karla Cruz, Sriniketh Gande,

Andrea Garrido, Hilda Hyman, Vincent Simpson, and Ani Qosja. Under the direction of

Edward Sapozhnikov and Richard Wang, automation staff in conjunction with the business

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

and updates were: Sowmya Gadiraju, Joseph Lovell, Jorge Mancebo, Paula Webster, David

Carley, Amador Castelo, Navin Persaud, and Cecelia Valentin-Doval. Under the direction of

Galina Zalmanovich, Application Development staff responsible for the application support

were: Nowshad Mohamed, and Ashish Sharma. Staff members involved from TSG Quality

management office were Sowmya Damera and Arun Nachimuthu. Under the direction of

Victoria Williams, staff responsible for timely data entry are: Rita Cek-Dagostin, Natasha

Fair, and Sharon Trowers. Federal Reserve Board staff responsible for additional data analysis and review and the final production and drafting of this report were Ruth Judson, Colin

Weiss, Nyssa Kim, Andrew Loucky, Lucille Conrad, and Estelle Ou.

42
Appendix A: Statistical Appendix

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

of June 28, 2019

 Millions of dollars

Debt (LT = long-term; ST = short-term)

Total LT LT LT LT 

 Countries and Regions (LT and ST) Equities Total Treasury Agency Corp ST 

 Afghanistan 1,612 9 1,603 1,602 0 1 *

 Albania 463 3 460 460 0 0 0

 Algeria 705 26 2 1 0 1 677

 Andorra 1,610 754 766 159 0 607 90

 Angola 2,561 504 2,057 1,945 0 111 0

 Anguilla 5,747 4,942 345 4 2 339 460

 Antigua and Barbuda 239 170 59 21 4 35 10

 Argentina 18,671 6,171 6,799 4,905 18 1,876 5,701

 Armenia 783 23 670 670 0 1 89

 Aruba 1,178 419 726 89 157 481 33

 Australia 344,334 262,316 73,593 33,422 4,000 36,171 8,426

 Austria 27,518 19,510 6,876 3,315 428 3,134 1,131

 Azerbaijan 7,017 1,965 4,639 807 0 3,832 413

 Bahamas 39,079 23,296 11,338 3,770 495 7,073 4,445

 Bahrain 1,804 973 328 183 7 139 502

 Bangladesh 1,004 8 1 0 0 1 995

 Barbados 13,479 2,270 10,365 1,232 1,006 8,127 845

 Belarus 164 18 145 145 0 0 0

 Belgium 780,170 57,732 695,292 174,593 5,581 515,118 27,147

 Belize 1,275 775 369 79 6 285 130

 Benin 1 1 * 0 0 * 0

 Bermuda 349,418 110,559 212,750 49,163 29,365 134,223 26,108

 Bhutan 100 50 50 50 0 0 0

 Bolivia 2,951 539 760 378 3 379 1,652

 Bonaire, Sint Eustatius & Saba1100 42 27 8 * 19 31

 Bosnia and Herzegovina 2 2 * 0 0 * 0

 Botswana 1,629 350 1,276 820 44 412 3

 Brazil 322,101 5,487 313,145 308,911 3,073 1,161 3,469

 British Indian Ocean Territory * * * 0 0 * 0

 British Virgin Islands 178,368 111,816 52,177 27,353 1,520 23,304 14,375

 Brunei 4,367 3,182 1,179 451 10 718 6

 Bulgaria 289 225 63 38 1 24 1

 Burkina Faso 18 15 0 0 0 0 3

 Burma 148 3 145 145 * 0 0

 Burundi * * 0 0 0 0 0

 Cambodia 2,441 34 2,403 2,228 0 175 4

 Cameroon 1 1 0 0 0 0 0

 Canada 1,261,512 955,893 289,251 98,855 6,100 184,297 16,368

 Cape Verde 256 236 15 15 0 * 5

 Cayman Islands 1,876,792 1,084,455 693,664 134,312 34,968 524,385 98,673

 Central African Republic * * 0 0 0 0 0

 Chad 1 1 0 0 0 0 0

 Chile 56,369 22,300 29,765 26,121 600 3,044 4,304

 China, mainland21,543,397 189,307 1,350,086 1,108,673 227,357 14,056 4,005

 Colombia 49,586 13,121 35,100 29,742 1,975 3,382 1,365

 Comoros 6 6 1 0 0 1 0

 Congo (Brazzaville) 1 1 * 0 0 * 0

 Congo (Kinshasa) 67 1 66 0 0 66 0

 Cook Islands 475 435 39 1 0 38 1

 Costa Rica 4,310 1,934 2,080 1,343 37 700 296

* Greater than zero but less than $500,000.

n.a. Not available.

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

of June 28, 2019 (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 

 Cote d‘Ivoire (Ivory Coast) 5 5 0 0 0 0 0

 Croatia 1,969 624 1,320 1,316 0 5 25

 Cuba 2 2 0 0 0 0 0

 Curacao17,360 3,871 2,288 549 332 1,406 1,202

 Cyprus 1,454 1,027 350 141 * 210 76

 Czech Republic 27,433 3,951 23,478 23,418 1 59 4

 Denmark 137,960 99,952 37,407 16,626 389 20,392 602

 Djibouti 1 1 0 0 0 0 0

 Dominica 77 42 20 1 * 19 14

 Dominican Republic 3,126 484 2,523 2,144 5 374 120

 East Timor 11,494 3,595 7,899 7,899 0 * 0

 Ecuador 1,472 581 588 152 33 403 303

 Egypt 20,088 453 2,081 2,061 * 20 17,554

 El Salvador 1,941 333 828 649 17 162 780

 Equatorial Guinea 1 1 * 0 0 * 0

 Eritrea * * 0 0 0 0 0

 Estonia 936 320 565 560 * 5 51

 Ethiopia 10 10 * * 0 * *

 Falkland Islands 26 20 5 4 0 2 0

 Faroe Islands 1 * * * 0 * 0

 Federated States of Micronesia 158 71 87 34 15 38 *

 Fiji 26 6 10 0 10 0 10

 Finland 50,712 37,967 12,501 6,398 1 6,102 245

 France 373,060 176,722 177,130 113,761 3,004 60,366 19,207

 French Guiana 14 12 2 0 0 2 0

 French Polynesia 50 46 2 * * 2 2

 Gabon 80 29 51 40 0 10 0

 Gambia 55 33 0 0 0 0 22

 Georgia 6 6 0 0 0 0 0

 Germany 395,986 191,355 193,703 68,545 4,712 120,446 10,927

 Ghana 1,505 14 1,235 1,191 0 44 256

 Gibraltar 670 176 465 309 1 155 29

 Greece 6,213 2,433 2,766 2,477 6 283 1,014

 Greenland * * 0 0 0 0 0

 Grenada 125 76 49 * 3 46 1

 Guadeloupe316 15 * 0 0 * 0

 Guatemala 8,720 961 7,673 5,615 1,122 936 87

 Guernsey 56,186 42,702 11,279 5,021 149 6,110 2,205

 Guinea 223 23 * 0 0 * 200

 Guyana 121 32 89 9 71 9 1

 Haiti 1,784 185 1,579 194 476 909 21

 Holy See (Vatican) 39 9 29 12 0 17 0

 Honduras 1,721 352 1,351 1,246 11 94 18

 Hong Kong 396,961 109,919 256,913 189,579 12,721 54,613 30,128

 Hungary 5,115 1,049 3,591 1,245 2,310 36 475

 Iceland 3,410 1,364 1,925 1,905 20 * 120

 India 167,853 4,474 161,141 160,557 151 432 2,239

 Indonesia 30,069 334 27,786 21,729 4,007 2,050 1,950

 Iran 4 4 0 0 0 0 0

 Iraq 34,671 48 16,279 16,279 0 0 18,344

* Greater than zero but less than $500,000.

n.a. Not available.

A-3
Table A1. Foreign Holdings of U.S. Securities, by Country and Security Type, as

of June 28, 2019 (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 

 Ireland 1,081,499 455,841 520,276 223,890 45,828 250,557 105,383

 Isle of Man 2,999 1,460 1,066 796 14 257 473

 Israel 113,968 65,410 46,455 37,576 2,083 6,797 2,103

 Italy 100,943 35,153 59,331 39,541 2,118 17,672 6,460

 Jamaica 1,499 254 1,167 642 9 516 78

 Japan 2,279,716 595,729 1,622,183 1,064,707 297,016 260,461 61,804

 Jersey 25,325 17,569 6,543 1,425 484 4,635 1,213

 Jordan 766 75 667 666 * 1 24

 Kazakhstan 8,680 29 1,906 1,291 72 542 6,745

 Kenya 3,522 44 3,478 3,466 1 10 *

 Kiribati 439 439 0 0 0 0 0

 Korea, South 366,184 153,359 205,725 111,281 42,879 51,566 7,100

 Kosovo42 2 * 0 0 * 0

 Kuwait 287,409 197,380 64,850 37,710 6,591 20,549 25,179

 Kyrgyzstan 5 * 0 0 0 0 5

 Laos 1 1 * 0 0 * 0

 Latvia 2,399 155 2,103 224 1,323 557 141

 Lebanon 302 247 17 1 * 16 38

 Lesotho 64 0 59 59 0 0 5

 Liberia 906 553 348 78 5 266 5

 Libya 5,224 37 437 150 0 287 4,750

 Liechtenstein 2,226 1,295 922 226 60 636 9

 Lithuania 2,146 23 2,077 2,068 * 9 46

 Luxembourg 1,623,075 662,678 871,307 183,333 47,646 640,329 89,090

 Macau 4,470 1,504 2,822 1,527 216 1,079 144

 Macedonia 69 1 67 66 0 1 0

 Madagascar 889 11 878 878 0 0 *

 Malawi 95 5 90 88 0 2 0

 Malaysia 40,911 14,306 26,479 12,323 12,167 1,988 127

 Maldives 11 1 10 10 0 0 0

 Mali * * 0 0 0 0 0

 Malta 2,335 1,079 1,170 453 10 707 87

 Marshall Islands 1,279 793 239 12 3 224 247

 Martinique 1 1 * 0 0 * 0

 Mauritania 166 * 166 166 0 * 0

 Mauritius 2,785 515 2,113 894 8 1,211 157

 Mexico 90,174 24,482 56,702 41,193 11,903 3,606 8,990

 Moldova 1,049 9 1,040 1,040 0 0 0

 Monaco 1,682 1,334 198 164 * 33 150

 Mongolia 364 26 257 257 0 * 80

 Montenegro43 3 * 0 0 * 0

 Montserrat 25 22 3 2 0 1 0

 Morocco 4,977 292 4,682 4,678 * 4 3

 Mozambique 310 10 300 289 * 10 *

 Namibia 627 584 43 43 0 * *

 Nauru 5 5 0 0 0 0 0

 Nepal 795 18 628 599 0 29 149

 Netherlands 420,760 284,296 133,008 46,189 14,074 72,745 3,456

 New Caledonia 9 9 * 0 * * 0

 New Zealand 37,719 27,472 9,370 5,924 619 2,826 876

* Greater than zero but less than $500,000.

n.a. Not available.

A-4
Table A1. Foreign Holdings of U.S. Securities, by Country and Security Type, as

of June 28, 2019 (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 

 Nicaragua 302 84 138 46 * 92 79

 Niger 2 2 0 0 0 0 0

 Nigeria 5,504 106 5,227 4,593 497 137 171

 Niue * * 0 0 0 0 0

 Norway 452,003 308,578 142,884 98,019 129 44,736 541

 Oman 18,543 9,544 8,502 7,074 4 1,424 497

 Pakistan 747 61 438 399 * 39 248

 Palau 226 153 67 16 8 43 6

 Panama 27,898 14,388 10,513 1,751 1,059 7,703 2,997

 Papua New Guinea 122 2 25 25 0 0 95

 Paraguay 513 166 315 217 7 91 32

 Peru 36,486 12,892 23,081 20,739 792 1,550 513

 Philippines 37,644 4,100 29,911 28,511 76 1,325 3,632

 Pitcairn Island * * 0 0 0 0 0

 Poland 30,043 1,050 25,323 24,386 0 937 3,670

 Portugal 8,618 5,158 3,215 2,402 4 810 245

 Qatar 33,058 12,678 2,650 1,766 377 506 17,730

 Reunion * * 0 0 0 0 0

 Romania 7,668 130 7,355 7,205 * 150 184

 Russia 11,344 395 5,407 5,297 * 109 5,542

 Rwanda 291 * 291 291 0 0 0

 Saint Kitts and Nevis 7,780 5,570 1,562 324 24 1,215 647

 Saint Lucia 500 242 239 13 2 224 20

 Saint Martin & Saint Barthelemy323 20 3 * 0 3 0

 Saint Vincent and the Grenadines 206 106 97 89 0 8 3

 Samoa 275 257 18 1 1 16 0

 San Marino 16 * 16 0 0 16 0

 Sao Tome and Principe 4 4 0 0 0 0 0

 Saudi Arabia 288,926 93,169 149,728 130,352 5,852 13,523 46,030

 Senegal 6 6 * * 0 0 0

 Serbia and Montenegro41,753 13 1,551 1,551 0 * 188

 Seychelles 475 268 191 172 * 19 17

 Sierra Leone 91 1 0 0 0 0 90

 Singapore 363,335 180,239 170,867 132,540 5,046 33,281 12,228

 Sint Maarten1131 82 47 14 5 28 3

 Slovakia 576 41 449 394 1 55 85

 Slovenia 2,340 1,309 941 380 3 558 91

 Solomon Islands 10 * 5 5 0 * 5

 Somalia * * 0 0 0 0 0

 South Africa 26,292 12,280 10,233 8,788 730 714 3,780

 Spain 67,993 20,864 45,395 40,952 825 3,619 1,733

 Sri Lanka 2,212 35 2,176 2,175 0 1 1

 Sudan * * 0 0 0 0 *

 Suriname 547 97 88 20 15 53 363

 Swaziland 46 3 42 42 0 0 0

 Sweden 235,935 180,384 55,050 48,751 174 6,126 500

 Switzerland 813,175 449,986 322,422 194,570 11,034 116,819 40,767

 Syria 3 3 * 0 0 * 0

 Taiwan 626,382 67,591 554,333 172,218 265,525 116,591 4,458

 Tajikistan * * 0 0 0 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-5
Table A1. Foreign Holdings of U.S. Securities, by Country and Security Type, as

of June 28, 2019 (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 

 Tanzania 1,383 11 1,372 1,370 0 2 0

 Thailand 103,893 10,659 77,387 67,872 6,679 2,836 15,848

 Togo 2 1 2 0 0 2 0

 Tokelau * * 0 0 0 0 0

 Tonga * * 0 0 0 0 0

 Trinidad and Tobago 11,064 3,518 6,589 2,508 889 3,193 957

 Tunisia 1,399 1,102 297 296 0 1 0

 Turkey 2,854 992 1,610 1,538 15 58 252

 Turkmenistan * * * 0 0 * 0

 Turks and Caicos Islands 1,235 828 371 70 37 263 36

 Uganda 1,237 20 577 453 35 90 640

 Ukraine 4,005 44 3,962 3,961 0 1 *

 United Arab Emirates 160,331 100,643 46,223 37,507 1,009 7,708 13,465

 United Kingdom 1,776,236 1,001,855 715,979 286,457 7,834 421,688 58,401

 Uruguay 12,968 2,447 7,306 5,317 680 1,309 3,216

 Uzbekistan 12 12 * 0 0 * 0

 Vanuatu 23 3 7 7 0 0 13

 Venezuela 6,554 3,737 2,518 162 39 2,317 298

 Vietnam 24,868 40 24,826 24,823 * 3 1

 Wallis and Futuna * * 0 0 0 0 0

 West Bank and Gaza 6 6 * 0 0 * 0

 Yemen * * * * 0 * 0

 Zambia 128 2 125 125 0 * 0

 Zimbabwe 8 6 2 * 0 2 0

 International and regional organizations 84,207 9,184 58,013 40,961 4,051 13,001 17,010

 Country Unknown 56,089 1,058 54,761 52 66 54,643 270

 Total 20,534,384 8,630,310 10,991,368 5,903,162 1,144,971 3,943,234 912,706

 of which: Holdings of foreign official

 institutions 6,111,822 1,116,660 4,678,973 3,852,190 658,184 168,598 316,188

 Totals by Region:

 Total Africa 83,651 17,576 37,737 32,993 1,319 3,424 28,338

 Total Asia 6,950,769 1,818,766 4,862,946 3,381,269 889,770 591,907 269,057

 Total Caribbean 2,499,354 1,353,285 997,989 222,502 69,298 706,189 148,081

 Total Europe 8,568,930 4,071,628 4,107,995 1,638,484 148,248 2,321,263 389,307

 Total Latin America 644,720 110,912 499,214 448,599 21,461 29,154 34,594

 Canada 1,261,512 955,893 289,251 98,855 6,100 184,297 16,368

 Australia/Oceania 385,152 292,008 83,463 39,448 4,658 39,357 9,681

 Country Unknown 56,089 1,058 54,761 52 66 54,643 270

 International and regional organizations 84,207 9,184 58,013 40,961 4,051 13,001 17,010

* Greater than zero but less than $500,000.

n.a. Not available.

1. Separate reporting for certain country groups began with the 2014 survey.

 Entries for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten were previously reported together as Netherlands Antilles.

 Entries for Guadeloupe and for Saint Martin and Saint Barthelemy were previously reported together as Guadeloupe.

 Entries for Kosovo, Montenegro, and Serbia were previously reported together as Serbia.

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

A-6
Table A2. Foreign Holdings of U.S. Long-Term Securities, by Country and Security

Type, as of June 28, 2019

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Afghanistan 1,612 9 1,602 0 0 1 0

 Albania 463 3 460 0 0 0 0

 Algeria 28 26 1 0 0 1 0

 Andorra 1,520 754 159 0 0 607 0

 Angola 2,561 504 1,945 0 0 111 0

 Anguilla 5,287 4,942 4 * 2 299 40

 Antigua and Barbuda 229 170 21 4 * 35 *

 Argentina 12,970 6,171 4,905 11 7 1,863 13

 Armenia 694 23 670 0 0 1 0

 Aruba 1,146 419 89 76 81 277 203

 Australia 335,908 262,316 33,422 130 3,870 31,927 4,243

 Austria 26,386 19,510 3,315 4 423 3,090 43

 Azerbaijan 6,604 1,965 807 0 0 3,832 0

 Bahamas 34,634 23,296 3,770 90 405 6,878 195

 Bahrain 1,301 973 183 4 2 108 30

 Bangladesh 9 8 0 0 0 1 0

 Barbados 12,635 2,270 1,232 95 911 4,897 3,229

 Belarus 164 18 145 0 0 0 0

 Belgium 753,024 57,732 174,593 2,789 2,792 506,728 8,390

 Belize 1,144 775 79 5 1 284 1

 Benin 1 1 0 0 0 * 0

 Bermuda 323,310 110,559 49,163 2,971 26,394 107,489 26,734

 Bhutan 100 50 50 0 0 0 0

 Bolivia 1,298 539 378 2 1 378 1

 Bonaire, Sint Eustatius & Saba169 42 8 * 0 19 0

 Bosnia and Herzegovina 2 2 0 0 0 * 0

 Botswana 1,626 350 820 * 44 322 90

 Brazil 318,632 5,487 308,911 3,072 1 1,127 33

 British Indian Ocean Territory * * 0 0 0 * 0

 British Virgin Islands 163,992 111,816 27,353 143 1,377 21,985 1,318

 Brunei 4,361 3,182 451 * 10 597 121

 Bulgaria 288 225 38 0 1 24 0

 Burkina Faso 15 15 0 0 0 0 0

 Burma 148 3 145 0 * 0 0

 Burundi * * 0 0 0 0 0

 Cambodia 2,437 34 2,228 0 0 167 8

 Cameroon 1 1 0 0 0 0 0

 Canada 1,245,144 955,893 98,855 866 5,234 154,213 30,083

 Cape Verde 251 236 15 0 0 * 0

 Cayman Islands 1,778,119 1,084,455 134,312 5,071 29,896 431,966 92,419

 Central African Republic * * 0 0 0 0 0

 Chad 1 1 0 0 0 0 0

 Chile 52,065 22,300 26,121 26 574 3,013 32

 China, mainland21,539,393 189,307 1,108,673 5,619 221,738 10,771 3,285

 Colombia 48,221 13,121 29,742 541 1,434 3,282 100

 Comoros 6 6 0 0 0 1 0

 Congo (Brazzaville) 1 1 0 0 0 * 0

 Congo (Kinshasa) 67 1 0 0 0 66 0

 Cook Islands 474 435 1 0 0 35 3

 Costa Rica 4,014 1,934 1,343 35 2 698 1

* Greater than zero but less than $500,000.

n.a. Not available.

A-7
Table A2. Foreign Holdings of U.S. Long-Term Securities, by Country and Security

Type, as of June 28, 2019 (continued)

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Cote d‘Ivoire (Ivory Coast) 5 5 0 0 0 0 0

 Croatia 1,944 624 1,316 0 0 5 0

 Cuba 2 2 0 0 0 0 0

 Curacao16,159 3,871 549 312 20 1,361 45

 Cyprus 1,378 1,027 141 * 0 210 *

 Czech Republic 27,429 3,951 23,418 1 * 59 *

 Denmark 137,359 99,952 16,626 47 341 20,021 370

 Djibouti 1 1 0 0 0 0 0

 Dominica 63 42 1 * 0 19 *

 Dominican Republic 3,006 484 2,144 2 3 373 1

 East Timor 11,494 3,595 7,899 0 0 * 0

 Ecuador 1,169 581 152 20 14 402 1

 Egypt 2,534 453 2,061 * * 20 *

 El Salvador 1,161 333 649 * 17 162 *

 Equatorial Guinea 1 1 0 0 0 * 0

 Eritrea * * 0 0 0 0 0

 Estonia 885 320 560 * 0 5 0

 Ethiopia 10 10 * 0 0 * 0

 Falkland Islands 26 20 4 0 0 1 *

 Faroe Islands 1 * * 0 0 * 0

 Federated States of Micronesia 158 71 34 14 2 38 0

 Fiji 16 6 0 10 0 0 0

 Finland 50,468 37,967 6,398 1 * 6,099 3

 France 353,852 176,722 113,761 611 2,393 54,747 5,619

 French Guiana 14 12 0 0 0 2 0

 French Polynesia 48 46 * * * 2 0

 Gabon 80 29 40 0 0 10 0

 Gambia 33 33 0 0 0 0 0

 Georgia 6 6 0 0 0 0 0

 Germany 385,059 191,355 68,545 305 4,407 106,320 14,127

 Ghana 1,250 14 1,191 0 0 44 0

 Gibraltar 641 176 309 1 0 155 0

 Greece 5,199 2,433 2,477 5 2 283 *

 Greenland * * 0 0 0 0 0

 Grenada 125 76 * 3 0 46 0

 Guadeloupe316 15 0 0 0 * 0

 Guatemala 8,633 961 5,615 271 851 934 2

 Guernsey 53,981 42,702 5,021 57 91 5,868 242

 Guinea 23 23 0 0 0 * 0

 Guyana 121 32 9 71 * 9 *

 Haiti 1,764 185 194 474 2 904 4

 Holy See (Vatican) 39 9 12 0 0 17 0

 Honduras 1,702 352 1,246 11 * 94 *

 Hong Kong 366,832 109,919 189,579 2,743 9,978 51,540 3,073

 Hungary 4,640 1,049 1,245 24 2,285 36 0

 Iceland 3,290 1,364 1,905 20 0 * 0

 India 165,614 4,474 160,557 9 142 432 *

 Indonesia 28,120 334 21,729 80 3,927 1,975 74

 Iran 4 4 0 0 0 0 0

 Iraq 16,327 48 16,279 0 0 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-8
Table A2. Foreign Holdings of U.S. Long-Term Securities, by Country and Security

Type, as of June 28, 2019 (continued)

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Ireland 976,116 455,841 223,890 8,155 37,674 215,068 35,489

 Isle of Man 2,526 1,460 796 13 1 256 *

 Israel 111,865 65,410 37,576 568 1,514 6,574 222

 Italy 94,484 35,153 39,541 483 1,635 17,636 36

 Jamaica 1,421 254 642 9 0 516 0

 Japan 2,217,912 595,729 1,064,707 3,354 293,662 235,897 24,564

 Jersey 24,112 17,569 1,425 7 477 4,322 314

 Jordan 743 75 666 * 0 1 0

 Kazakhstan 1,935 29 1,291 72 * 542 0

 Kenya 3,522 44 3,466 1 * 10 0

 Kiribati 439 439 0 0 0 0 0

 Korea, South 359,085 153,359 111,281 7,910 34,969 49,565 2,001

 Kosovo42 2 0 0 0 * 0

 Kuwait 262,229 197,380 37,710 371 6,220 19,174 1,376

 Kyrgyzstan * * 0 0 0 0 0

 Laos 1 1 0 0 0 * 0

 Latvia 2,258 155 224 10 1,312 19 538

 Lebanon 264 247 1 0 * 16 0

 Lesotho 59 0 59 0 0 0 0

 Liberia 901 553 78 3 2 251 15

 Libya 474 37 150 0 0 287 0

 Liechtenstein 2,217 1,295 226 19 41 634 3

 Lithuania 2,100 23 2,068 * 0 9 0

 Luxembourg 1,533,985 662,678 183,333 3,668 43,978 600,555 39,774

 Macau 4,326 1,504 1,527 1 214 900 179

 Macedonia 69 1 66 0 0 1 0

 Madagascar 889 11 878 0 0 0 0

 Malawi 95 5 88 0 0 2 0

 Malaysia 40,784 14,306 12,323 286 11,881 1,874 115

 Maldives 11 1 10 0 0 0 0

 Mali * * 0 0 0 0 0

 Malta 2,249 1,079 453 10 * 703 4

 Marshall Islands 1,032 793 12 2 1 223 1

 Martinique 1 1 0 0 0 * 0

 Mauritania 166 * 166 0 0 * 0

 Mauritius 2,628 515 894 2 6 1,200 12

 Mexico 81,184 24,482 41,193 5,871 6,032 3,583 23

 Moldova 1,049 9 1,040 0 0 0 0

 Monaco 1,532 1,334 164 * 0 33 0

 Mongolia 284 26 257 0 0 * 0

 Montenegro43 3 0 0 0 * 0

 Montserrat 25 22 2 0 0 1 0

 Morocco 4,974 292 4,678 * 0 4 0

 Mozambique 310 10 289 * 0 10 0

 Namibia 627 584 43 0 0 * 0

 Nauru 5 5 0 0 0 0 0

 Nepal 646 18 599 0 0 29 0

 Netherlands 417,303 284,296 46,189 170 13,904 69,184 3,561

 New Caledonia 9 9 0 * 0 * 0

 New Zealand 36,843 27,472 5,924 27 593 2,668 158

* Greater than zero but less than $500,000.

n.a. Not available.

A-9
Table A2. Foreign Holdings of U.S. Long-Term Securities, by Country and Security

Type, as of June 28, 2019 (continued)

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Nicaragua 222 84 46 * * 92 0

 Niger 2 2 0 0 0 0 0

 Nigeria 5,333 106 4,593 198 298 97 40

 Niue * * 0 0 0 0 0

 Norway 451,462 308,578 98,019 122 7 44,473 264

 Oman 18,047 9,544 7,074 0 4 1,420 5

 Pakistan 499 61 399 * * 39 0

 Palau 220 153 16 6 2 42 *

 Panama 24,901 14,388 1,751 145 914 7,499 204

 Papua New Guinea 27 2 25 0 0 0 0

 Paraguay 481 166 217 5 1 91 *

 Peru 35,973 12,892 20,739 788 4 1,550 *

 Philippines 34,011 4,100 28,511 31 45 1,324 *

 Pitcairn Island * * 0 0 0 0 0

 Poland 26,373 1,050 24,386 0 0 937 0

 Portugal 8,373 5,158 2,402 3 1 808 2

 Qatar 15,328 12,678 1,766 * 377 449 57

 Reunion * * 0 0 0 0 0

 Romania 7,485 130 7,205 * 0 150 *

 Russia 5,801 395 5,297 * 0 109 1

 Rwanda 291 * 291 0 0 0 0

 Saint Kitts and Nevis 7,133 5,570 324 11 13 1,212 3

 Saint Lucia 480 242 13 2 0 224 *

 Saint Martin & Saint Barthelemy323 20 * 0 0 3 0

 Saint Vincent and the Grenadines 203 106 89 0 0 8 *

 Samoa 275 257 1 1 0 16 *

 San Marino 16 * 0 0 0 16 0

 Sao Tome and Principe 4 4 0 0 0 0 0

 Saudi Arabia 242,897 93,169 130,352 905 4,947 12,009 1,514

 Senegal 6 6 * 0 0 0 0

 Serbia and Montenegro41,565 13 1,551 0 0 * 0

 Seychelles 458 268 172 0 * 19 *

 Sierra Leone 1 1 0 0 0 0 0

 Singapore 351,106 180,239 132,540 1,475 3,571 29,920 3,361

 Sint Maarten1128 82 14 1 3 28 *

 Slovakia 491 41 394 1 0 55 0

 Slovenia 2,250 1,309 380 3 0 558 0

 Solomon Islands 5 * 5 0 0 * 0

 Somalia * * 0 0 0 0 0

 South Africa 22,513 12,280 8,788 4 726 714 *

 Spain 66,260 20,864 40,952 309 516 2,822 797

 Sri Lanka 2,211 35 2,175 0 0 1 0

 Sudan * * 0 0 0 0 0

 Suriname 185 97 20 15 * 52 *

 Swaziland 46 3 42 0 0 0 0

 Sweden 235,434 180,384 48,751 33 141 5,749 376

 Switzerland 772,408 449,986 194,570 903 10,131 107,244 9,575

 Syria 3 3 0 0 0 * 0

 Taiwan 621,924 67,591 172,218 290 265,234 115,024 1,567

 Tajikistan * * 0 0 0 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-10
Table A2. Foreign Holdings of U.S. Long-Term Securities, by Country and Security

Type, as of June 28, 2019 (continued)

 Millions of dollars

Total Agency Corporate

 Countries and Regions LT Equities Treasury NonABS ABS NonABS ABS 

 Tanzania 1,383 11 1,370 0 0 2 0

 Thailand 88,046 10,659 67,872 35 6,644 2,823 13

 Togo 2 1 0 0 0 2 0

 Tokelau * * 0 0 0 0 0

 Tonga * * 0 0 0 0 0

 Trinidad and Tobago 10,108 3,518 2,508 177 713 2,513 680

 Tunisia 1,399 1,102 296 0 0 1 0

 Turkey 2,602 992 1,538 1 13 53 5

 Turkmenistan * * 0 0 0 * 0

 Turks and Caicos Islands 1,199 828 70 12 25 258 5

 Uganda 597 20 453 4 30 36 55

 Ukraine 4,005 44 3,961 0 0 1 0

 United Arab Emirates 146,866 100,643 37,507 77 932 7,359 349

 United Kingdom 1,717,834 1,001,855 286,457 2,033 5,800 405,726 15,962

 Uruguay 9,753 2,447 5,317 227 453 1,294 15

 Uzbekistan 12 12 0 0 0 * 0

 Vanuatu 10 3 7 0 0 0 0

 Venezuela 6,255 3,737 162 25 13 2,309 8

 Vietnam 24,866 40 24,823 * 0 3 0

 Wallis and Futuna * * 0 0 0 0 0

 West Bank and Gaza 6 6 0 0 0 * 0

 Yemen * * * 0 0 * 0

 Zambia 128 2 125 0 0 * 0

 Zimbabwe 8 6 * 0 0 2 0

 International and regional organizations 67,197 9,184 40,961 2,488 1,563 10,701 2,301

 Country Unknown 55,819 1,058 52 63 3 54,642 1

 Total 19,621,678 8,630,310 5,903,162 68,055 1,076,916 3,603,512 339,722

 of which: Holdings of foreign official

 institutions 5,795,633 1,116,660 3,852,190 29,969 628,215 155,349 13,249

 Totals by Region:

 Total Africa 55,313 17,576 32,993 213 1,106 3,213 211

 Total Asia 6,681,712 1,818,766 3,381,269 23,760 866,011 549,994 41,913

 Total Caribbean 2,351,274 1,353,285 222,502 9,451 59,847 581,311 124,877

 Total Europe 8,179,623 4,071,628 1,638,484 19,882 128,366 2,185,769 135,494

 Total Latin America 610,126 110,912 448,599 11,142 10,319 28,718 436

 Canada 1,245,144 955,893 98,855 866 5,234 154,213 30,083

 Australia/Oceania 375,471 292,008 39,448 190 4,468 34,951 4,406

 Country Unknown 55,819 1,058 52 63 3 54,642 1

 International and regional organizations 67,197 9,184 40,961 2,488 1,563 10,701 2,301

* Greater than zero but less than $500,000.

n.a. Not available.

1. Separate reporting for certain country groups began with the 2014 survey.

 Entries for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten were previously reported together as Netherlands Antilles.

 Entries for Guadeloupe and for Saint Martin and Saint Barthelemy were previously reported together as Guadeloupe.

 Entries for Kosovo, Montenegro, and Serbia were previously reported together as Serbia.

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

A-11
Table A3. Foreign Holdings of U.S. Treasury Securities, by Country and

Type of Treasury Security, as of June 28, 2019

 Millions of dollars

Treasury LT debt** 

of which: of which: of which: Treasury 

 Countries and Regions Total Total Nominal TIPS FRN ST debt** 

 Afghanistan 1,602 1,602 1,602 0 0 *

 Albania 460 460 459 1 0 0

 Algeria 678 1 1 0 0 677

 Andorra 249 159 154 5 0 89

 Angola 1,945 1,945 1,945 0 0 0

 Anguilla 465 4 4 * * 460

 Antigua and Barbuda 31 21 21 0 0 10

 Argentina 10,547 4,905 4,783 118 3 5,642

 Armenia 759 670 633 0 37 89

 Aruba 94 89 89 * 0 5

 Australia 39,884 33,422 27,379 4,600 1,443 6,461

 Austria 3,894 3,315 3,048 206 61 579

 Azerbaijan 906 807 792 16 0 99

 Bahamas 7,393 3,770 3,657 111 2 3,623

 Bahrain 686 183 155 28 * 502

 Bangladesh 995 0 0 0 0 995

 Barbados 2,000 1,232 1,229 3 0 768

 Belarus 145 145 145 0 0 0

 Belgium 199,052 174,593 160,264 13,597 732 24,459

 Belize 201 79 76 3 * 123

 Bermuda 69,792 49,163 46,333 1,537 1,292 20,629

 Bhutan 50 50 50 0 0 0

 Bolivia 566 378 376 2 0 188

 Bonaire, Sint Eustatius & Saba139 8 8 0 0 31

 Botswana 823 820 732 44 44 2

 Brazil 311,815 308,911 278,559 29,652 700 2,904

 British Virgin Islands 40,399 27,353 24,100 3,204 49 13,045

 Brunei 457 451 294 157 0 6

 Bulgaria 39 38 38 * 0 1

 Burkina Faso 3 0 0 0 0 3

 Burma 145 145 145 0 0 0

 Cambodia 2,232 2,228 2,208 20 0 4

 Canada 111,701 98,855 80,509 15,908 2,438 12,846

 Cape Verde 20 15 10 0 5 5

 Cayman Islands 224,581 134,312 90,744 36,674 6,893 90,270

 Chile 28,918 26,121 22,548 3,281 292 2,797

 China, mainland21,112,503 1,108,673 890,893 217,581 198 3,830

 Colombia 31,038 29,742 27,521 2,095 126 1,295

 Cook Islands 1 1 1 0 0 0

 Costa Rica 1,608 1,343 1,339 4 * 265

 Croatia 1,340 1,316 1,314 2 0 24

 Curacao11,749 549 519 30 1 1,199

 Cyprus 216 141 141 0 0 76

 Czech Republic 23,420 23,418 23,406 11 * 3

 Denmark 17,188 16,626 15,573 1,053 0 561

 Dominica 15 1 1 0 0 14

 Dominican Republic 2,240 2,144 2,029 1 114 96

 East Timor 7,899 7,899 7,899 0 0 0

 Ecuador 421 152 150 2 * 269

 Egypt 19,615 2,061 2,061 0 0 17,554

* Greater than zero but less than $500,000.

n.a. Not available.

A-12
Table A3. Foreign Holdings of U.S. Treasury Securities, by Country and

Type of Treasury Security, as of June 28, 2019 (continued)

 Millions of dollars

Treasury LT debt** 

of which: of which: of which: Treasury 

 Countries and Regions Total Total Nominal TIPS FRN ST debt** 

 El Salvador 1,408 649 648 1 0 759

 Estonia 611 560 397 163 0 51

 Ethiopia * * * 0 0 *

 Falkland Islands 4 4 3 1 0 0

 Faroe Islands * * * 0 0 0

 Federated States of Micronesia 34 34 34 0 * *

 Finland 6,537 6,398 5,703 694 0 140

 France 130,362 113,761 90,129 22,884 747 16,601

 French Polynesia 2 * * 0 * 2

 Gabon 40 40 40 0 0 0

 Gambia 22 0 0 0 0 22

 Germany 78,718 68,545 60,914 7,539 92 10,173

 Ghana 1,447 1,191 1,119 66 7 256

 Gibraltar 337 309 303 6 0 28

 Greece 3,489 2,477 2,465 8 3 1,013

 Grenada 1 * * 0 0 1

 Guatemala 5,656 5,615 5,594 19 1 41

 Guernsey 7,196 5,021 4,854 167 * 2,176

 Guinea 200 0 0 0 0 200

 Guyana 10 9 9 0 0 1

 Haiti 213 194 193 1 * 19

 Holy See (Vatican) 12 12 12 0 0 0

 Honduras 1,251 1,246 1,246 * 0 5

 Hong Kong 218,973 189,579 165,384 8,442 15,753 29,394

 Hungary 1,688 1,245 1,244 2 0 443

 Iceland 2,025 1,905 1,905 0 0 120

 India 162,727 160,557 160,557 * 0 2,169

 Indonesia 23,530 21,729 21,714 15 0 1,800

 Iraq 34,623 16,279 16,279 0 0 18,344

 Ireland 258,848 223,890 192,313 19,605 11,972 34,957

 Isle of Man 1,175 796 790 6 0 379

 Israel 39,495 37,576 36,469 577 530 1,920

 Italy 45,944 39,541 37,569 1,838 134 6,403

 Jamaica 720 642 635 7 0 78

 Japan 1,125,348 1,064,707 1,031,240 31,698 1,769 60,641

 Jersey 2,348 1,425 639 633 153 924

 Jordan 688 666 666 0 * 22

 Kazakhstan 8,036 1,291 1,291 0 0 6,745

 Kenya 3,466 3,466 3,466 0 0 0

 Korea, South 114,629 111,281 102,116 6,608 2,557 3,348

 Kuwait 44,109 37,710 18,944 17,546 1,220 6,399

 Kyrgyzstan 5 0 0 0 0 5

 Latvia 355 224 224 0 0 132

 Lebanon 36 1 1 0 0 35

 Lesotho 64 59 59 0 0 5

 Liberia 82 78 78 0 0 5

 Libya 4,900 150 150 0 0 4,750

 Liechtenstein 235 226 226 0 0 9

 Lithuania 2,114 2,068 1,868 200 0 46

 Luxembourg 230,492 183,333 157,526 20,229 5,578 47,160

* Greater than zero but less than $500,000.

n.a. Not available.

A-13
Table A3. Foreign Holdings of U.S. Treasury Securities, by Country and

Type of Treasury Security, as of June 28, 2019 (continued)

 Millions of dollars

Treasury LT debt** 

of which: of which: of which: Treasury 

 Countries and Regions Total Total Nominal TIPS FRN ST debt** 

 Macau 1,575 1,527 1,381 146 0 48

 Macedonia 66 66 66 0 0 0

 Madagascar 878 878 878 0 0 *

 Malawi 88 88 88 0 0 0

 Malaysia 12,448 12,323 11,082 1,225 17 124

 Maldives 10 10 10 0 0 0

 Malta 493 453 445 8 0 41

 Marshall Islands 255 12 12 1 0 243

 Mauritania 166 166 166 0 0 0

 Mauritius 1,048 894 785 109 0 154

 Mexico 48,579 41,193 39,520 880 793 7,386

 Moldova 1,040 1,040 1,038 2 0 0

 Monaco 264 164 151 14 * 100

 Mongolia 337 257 257 0 0 80

 Montserrat 2 2 2 0 0 0

 Morocco 4,681 4,678 4,678 1 * 3

 Mozambique 290 289 289 0 0 *

 Namibia 43 43 43 0 0 *

 Nepal 748 599 599 0 0 149

 Netherlands 47,798 46,189 37,753 8,418 19 1,609

 New Zealand 6,777 5,924 5,760 120 45 853

 Nicaragua 81 46 46 0 0 36

 Nigeria 4,752 4,593 4,423 170 0 159

 Norway 98,173 98,019 87,500 10,219 300 154

 Oman 7,571 7,074 7,017 58 0 497

 Pakistan 646 399 339 59 0 247

 Palau 16 16 16 * 0 *

 Panama 4,171 1,751 1,665 78 8 2,420

 Papua New Guinea 120 25 25 0 0 95

 Paraguay 244 217 214 2 * 27

 Peru 21,059 20,739 20,738 1 0 320

 Philippines 32,135 28,511 27,948 563 0 3,624

 Poland 28,055 24,386 24,383 2 0 3,670

 Portugal 2,622 2,402 2,400 1 * 221

 Qatar 19,488 1,766 1,757 9 0 17,722

 Romania 7,205 7,205 7,205 * 0 0

 Russia 10,839 5,297 2,100 * 3,197 5,542

 Rwanda 291 291 291 0 0 0

 Saint Kitts and Nevis 941 324 322 1 * 617

 Saint Lucia 31 13 13 * * 18

 Saint Martin & Saint Barthelemy3* * * 0 0 0

 Saint Vincent and the Grenadines 92 89 89 0 0 3

 Samoa 1 1 1 0 0 0

 Saudi Arabia 175,571 130,352 119,902 10,334 117 45,219

 Senegal * * 0 * 0 0

 Serbia and Montenegro41,739 1,551 1,551 0 0 188

 Seychelles 189 172 170 2 0 17

 Sierra Leone 90 0 0 0 0 90

 Singapore 138,771 132,540 84,775 47,112 654 6,230

 Sint Maarten116 14 14 0 * 2

* Greater than zero but less than $500,000.

n.a. Not available.

A-14
Table A3. Foreign Holdings of U.S. Treasury Securities, by Country and

Type of Treasury Security, as of June 28, 2019 (continued)

 Millions of dollars

Treasury LT debt** 

of which: of which: of which: Treasury 

 Countries and Regions Total Total Nominal TIPS FRN ST debt** 

 Slovakia 479 394 394 * 0 85

 Slovenia 470 380 380 0 0 91

 Solomon Islands 10 5 5 0 0 5

 South Africa 12,567 8,788 6,184 2,385 219 3,779

 Spain 42,567 40,952 39,250 1,695 6 1,615

 Sri Lanka 2,177 2,175 2,175 0 0 1

 Sudan * 0 0 0 0 *

 Suriname 383 20 20 0 0 362

 Swaziland 42 42 42 0 0 0

 Sweden 49,243 48,751 45,208 3,543 1 493

 Switzerland 232,520 194,570 161,660 32,043 867 37,950

 Taiwan 175,099 172,218 160,478 11,658 81 2,882

 Tanzania 1,370 1,370 1,370 0 0 0

 Thailand 83,716 67,872 62,820 5,042 10 15,844

 Trinidad and Tobago 3,314 2,508 2,388 82 38 806

 Tunisia 296 296 296 0 0 0

 Turkey 1,780 1,538 1,538 * 0 243

 Turks and Caicos Islands 103 70 63 7 0 33

 Uganda 1,082 453 448 4 0 630

 Ukraine 3,961 3,961 3,961 0 0 0

 United Arab Emirates 50,914 37,507 26,173 9,980 1,354 13,407

 United Kingdom 334,140 286,457 228,970 44,975 12,511 47,683

 Uruguay 7,762 5,317 5,280 35 2 2,445

 Vanuatu 20 7 7 0 0 13

 Venezuela 328 162 155 7 * 166

 Vietnam 24,824 24,823 24,823 0 0 *

 Yemen * * * * 0 0

 Zambia 125 125 125 0 0 0

 Zimbabwe * * * 0 0 0

 International and regional organizations 53,282 40,961 39,761 992 207 12,321

 Country Unknown 87 52 52 0 0 35

 Total 6,612,179 5,903,162 5,166,884 660,886 75,392 709,017

 of which: Holdings of foreign official

 institutions 4,138,076 3,852,190 3,385,017 438,591 28,583 285,886

 Totals by Region:

 Total Africa 61,304 32,993 29,937 2,782 275 28,310

 Total Asia 3,616,755 3,381,269 2,988,152 368,857 24,259 235,486

 Total Caribbean 354,229 222,502 172,454 41,659 8,388 131,728

 Total Europe 1,891,652 1,638,484 1,412,288 189,785 36,411 253,168

 Total Latin America 476,048 448,599 410,490 36,182 1,926 27,449

 Canada 111,701 98,855 80,509 15,908 2,438 12,846

 Australia/Oceania 47,120 39,448 33,240 4,720 1,488 7,673

 Country Unknown 87 52 52 0 0 35

 International and regional organizations 53,282 40,961 39,761 992 207 12,321

* 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 certain country groups began with the 2014 survey.

 Entries for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten were previously reported together as Netherlands Antilles.

 Entries for Guadeloupe and for Saint Martin and Saint Barthelemy were previously reported together as Guadeloupe.

 Entries for Kosovo, Montenegro, and Serbia were previously reported together as Serbia.

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

A-15
Table A4. Foreign Holdings of U.S. Equities, by Country and Equity Type,

as of June 28, 2019

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Afghanistan 9 2 7 *

 Albania 3 2 1 *

 Algeria 26 24 1 *

 Andorra 754 571 151 32

 Angola 504 476 3 26

 Anguilla 4,942 4,608 318 15

 Antigua and Barbuda 170 122 43 5

 Argentina 6,171 2,644 3,098 428

 Armenia 23 6 2 15

 Aruba 419 184 228 7

 Australia 262,316 204,287 35,604 22,425

 Austria 19,510 17,824 1,567 120

 Azerbaijan 1,965 1,853 49 63

 Bahamas 23,296 12,570 8,585 2,141

 Bahrain 973 745 206 23

 Bangladesh 8 5 3 *

 Barbados 2,270 604 1,614 53

 Belarus 18 18 * *

 Belgium 57,732 44,192 13,170 370

 Belize 775 277 305 193

 Benin 1 * 1 *

 Bermuda 110,559 30,902 73,064 6,593

 Bhutan 50 * 50 0

 Bolivia 539 331 195 13

 Bonaire, Sint Eustatius & Saba142 18 22 2

 Bosnia and Herzegovina 2 1 1 *

 Botswana 350 314 29 7

 Brazil 5,487 3,433 1,900 154

 British Indian Ocean Territory * * * 0

 British Virgin Islands 111,816 54,564 47,787 9,465

 Brunei 3,182 1,784 988 410

 Bulgaria 225 148 76 1

 Burkina Faso 15 15 1 0

 Burma 3 * 2 *

 Burundi * * 0 0

 Cambodia 34 30 4 *

 Cameroon 1 1 * 0

 Canada 955,893 739,254 167,823 48,816

 Cape Verde 236 236 * *

 Cayman Islands 1,084,455 589,204 253,645 241,606

 Central African Republic * 0 0 *

 Chad 1 * * 0

 Chile 22,300 3,567 17,679 1,054

 China, mainland2189,307 128,278 12,430 48,599

 Colombia 13,121 622 11,274 1,225

 Comoros 6 1 5 *

 Congo (Brazzaville) 1 1 * 0

 Congo (Kinshasa) 1 * 1 0

 Cook Islands 435 339 94 1

 Costa Rica 1,934 650 1,203 81

* Greater than zero but less than $500,000.

n.a. Not available.

A-16
Table A4. Foreign Holdings of U.S. Equities, by Country and Equity Type,

as of June 28, 2019 (continued)

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Cote d‘Ivoire (Ivory Coast) 5 3 2 *

 Croatia 624 344 280 *

 Cuba 2 2 * *

 Curacao13,871 1,942 1,343 586

 Cyprus 1,027 554 355 119

 Czech Republic 3,951 3,455 489 7

 Denmark 99,952 79,410 13,517 7,025

 Djibouti 1 1 * *

 Dominica 42 7 34 1

 Dominican Republic 484 196 247 41

 East Timor 3,595 3,515 78 2

 Ecuador 581 195 354 31

 Egypt 453 331 120 2

 El Salvador 333 104 178 51

 Equatorial Guinea 1 1 * 0

 Eritrea * * * 0

 Estonia 320 78 239 3

 Ethiopia 10 5 5 *

 Falkland Islands 20 20 * *

 Faroe Islands * * * 0

 Federated States of Micronesia 71 56 14 2

 Fiji 6 2 3 *

 Finland 37,967 16,069 16,963 4,935

 France 176,722 160,177 13,556 2,989

 French Guiana 12 7 5 *

 French Polynesia 46 40 6 *

 Gabon 29 3 26 *

 Gambia 33 6 26 *

 Georgia 6 4 2 *

 Germany 191,355 166,405 10,668 14,282

 Ghana 14 10 4 *

 Gibraltar 176 131 36 9

 Greece 2,433 1,718 686 28

 Greenland * * 0 0

 Grenada 76 48 27 *

 Guadeloupe315 14 1 *

 Guatemala 961 748 180 32

 Guernsey 42,702 21,558 7,084 14,059

 Guinea 23 * 23 *

 Guyana 32 9 21 1

 Haiti 185 116 42 27

 Holy See (Vatican) 9 1 4 4

 Honduras 352 165 175 12

 Hong Kong 109,919 73,735 27,306 8,878

 Hungary 1,049 214 834 1

 Iceland 1,364 541 668 155

 India 4,474 3,595 813 66

 Indonesia 334 267 61 6

 Iran 4 3 1 0

 Iraq 48 * 48 *

* Greater than zero but less than $500,000.

n.a. Not available.

A-17
Table A4. Foreign Holdings of U.S. Equities, by Country and Equity Type,

as of June 28, 2019 (continued)

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Ireland 455,841 421,337 27,729 6,774

 Isle of Man 1,460 619 601 240

 Israel 65,410 35,143 24,929 5,338

 Italy 35,153 32,656 2,053 444

 Jamaica 254 126 121 7

 Japan 595,729 497,741 86,150 11,839

 Jersey 17,569 9,941 3,954 3,674

 Jordan 75 54 20 2

 Kazakhstan 29 18 10 1

 Kenya 44 18 26 *

 Kiribati 439 * 361 78

 Korea, South 153,359 111,541 25,683 16,135

 Kosovo42 1 * *

 Kuwait 197,380 178,997 8,788 9,594

 Kyrgyzstan * * * *

 Laos 1 * 1 0

 Latvia 155 126 28 *

 Lebanon 247 152 51 44

 Liberia 553 170 347 36

 Libya 37 1 * 36

 Liechtenstein 1,295 449 516 330

 Lithuania 23 18 4 *

 Luxembourg 662,678 610,253 36,515 15,910

 Macau 1,504 1,119 382 3

 Macedonia 1 1 * *

 Madagascar 11 * 11 0

 Malawi 5 3 2 *

 Malaysia 14,306 13,217 399 690

 Maldives 1 1 0 0

 Mali * * * 0

 Malta 1,079 672 355 52

 Marshall Islands 793 291 441 61

 Martinique 1 * 1 *

 Mauritania * * * 0

 Mauritius 515 361 146 8

 Mexico 24,482 7,321 15,674 1,487

 Moldova 9 8 1 0

 Monaco 1,334 455 817 62

 Mongolia 26 4 23 *

 Montenegro43 2 * *

 Montserrat 22 20 2 *

 Morocco 292 257 32 2

 Mozambique 10 9 1 0

 Namibia 584 540 42 1

 Nauru 5 4 1 0

 Nepal 18 3 7 9

 Netherlands 284,296 186,068 76,184 22,044

 New Caledonia 9 1 8 0

 New Zealand 27,472 21,746 5,589 138

 Nicaragua 84 32 39 13

* Greater than zero but less than $500,000.

n.a. Not available.

A-18
Table A4. Foreign Holdings of U.S. Equities, by Country and Equity Type,

as of June 28, 2019 (continued)

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Niger 2 1 1 0

 Nigeria 106 72 19 16

 Niue * * * 0

 Norway 308,578 289,493 18,790 294

 Oman 9,544 1,718 7,260 566

 Pakistan 61 43 18 *

 Palau 153 99 47 8

 Panama 14,388 7,278 5,886 1,224

 Papua New Guinea 2 2 * *

 Paraguay 166 71 86 9

 Peru 12,892 473 12,038 380

 Philippines 4,100 750 3,107 243

 Pitcairn Island * * * 0

 Poland 1,050 928 116 6

 Portugal 5,158 2,169 2,928 62

 Qatar 12,678 10,646 809 1,223

 Reunion * * * 0

 Romania 130 109 20 1

 Russia 395 255 134 6

 Rwanda * * * 0

 Saint Kitts and Nevis 5,570 1,417 3,924 229

 Saint Lucia 242 68 163 10

 Saint Martin & Saint Barthelemy320 13 7 1

 Saint Vincent and the Grenadines 106 47 57 1

 Samoa 257 47 202 7

 San Marino * 0 * 0

 Sao Tome and Principe 4 4 1 *

 Saudi Arabia 93,169 57,225 23,876 12,069

 Senegal 6 3 2 1

 Serbia and Montenegro413 8 5 *

 Seychelles 268 81 150 36

 Sierra Leone 1 * 1 0

 Singapore 180,239 138,816 22,978 18,446

 Sint Maarten182 39 39 3

 Slovakia 41 29 11 1

 Slovenia 1,309 913 393 3

 Solomon Islands * * * 0

 Somalia * * * 0

 South Africa 12,280 9,446 2,531 303

 Spain 20,864 15,847 4,095 922

 Sri Lanka 35 25 10 *

 Sudan * * * 0

 Suriname 97 16 71 10

 Swaziland 3 1 2 *

 Sweden 180,384 165,945 8,172 6,267

 Switzerland 449,986 382,219 57,882 9,885

 Syria 3 1 2 0

 Taiwan 67,591 31,108 33,678 2,805

 Tajikistan * * * 0

 Tanzania 11 4 7 *

* Greater than zero but less than $500,000.

n.a. Not available.

A-19
Table A4. Foreign Holdings of U.S. Equities, by Country and Equity Type,

as of June 28, 2019 (continued)

 Millions of dollars

Total Common Preferred 

 Countries and Regions Equities Stock Funds and Other 

 Thailand 10,659 4,135 6,418 105

 Togo 1 1 * 0

 Tokelau * * 0 0

 Tonga * * * *

 Trinidad and Tobago 3,518 2,415 1,060 42

 Tunisia 1,102 10 1,092 *

 Turkey 992 396 585 10

 Turkmenistan * * * *

 Turks and Caicos Islands 828 227 547 54

 Uganda 20 17 3 0

 Ukraine 44 12 28 4

 United Arab Emirates 100,643 84,517 9,194 6,933

 United Kingdom 1,001,855 858,140 85,685 58,030

 Uruguay 2,447 1,017 1,142 288

 Uzbekistan 12 * 11 *

 Vanuatu 3 * 3 0

 Venezuela 3,737 2,132 1,276 329

 Vietnam 40 28 11 *

 Wallis and Futuna * * 0 0

 West Bank and Gaza 6 4 2 *

 Yemen * * * 0

 Zambia 2 2 1 0

 Zimbabwe 6 1 6 0

 International and regional organizations 9,184 3,870 3,688 1,626

 Country Unknown 1,058 423 599 36

 Total 8,630,310 6,586,787 1,388,672 654,852

 of which: Holdings of foreign official

 institutions 1,116,660 974,385 98,109 44,166

 Totals by Region:

 Total Africa 17,576 12,431 4,671 474

 Total Asia 1,818,766 1,378,946 295,792 144,027

 Total Caribbean 1,353,285 699,473 392,923 260,890

 Total Europe 4,071,628 3,494,364 408,020 169,244

 Total Latin America 110,912 31,112 72,783 7,018

 Canada 955,893 739,254 167,823 48,816

 Australia/Oceania 292,008 226,915 42,374 22,720

 Country Unknown 1,058 423 599 36

 International and regional organizations 9,184 3,870 3,688 1,626

* Greater than zero but less than $500,000.

n.a. Not available.

1. Separate reporting for certain country groups began with the 2014 survey.

 Entries for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten were previously reported together as Netherlands Antilles.

 Entries for Guadeloupe and for Saint Martin and Saint Barthelemy were previously reported together as Guadeloupe.

 Entries for Kosovo, Montenegro, and Serbia were previously reported together as Serbia.

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

A-20
Table A5. Foreign Holdings of U.S. Long-Term Asset-Backed Securities, by Country and

Security Type, as of June 28, 2019

 Millions of dollars

Total Agency Corporate ABS

 Countries and Regions LT ABS ABS Total MBS NonMBS 

 Anguilla 42 2 40 14 26

 Antigua and Barbuda * * * * *

 Argentina 20 7 13 * 13

 Aruba 284 81 203 1 202

 Australia 8,113 3,870 4,243 3,008 1,236

 Austria 467 423 43 5 39

 Bahamas 600 405 195 138 57

 Bahrain 33 2 30 8 23

 Barbados 4,140 911 3,229 1,815 1,414

 Belgium 11,183 2,792 8,390 3,811 4,580

 Belize 1 1 1 0 1

 Bermuda 53,128 26,394 26,734 17,065 9,668

 Bolivia 2 1 1 * *

 Botswana 133 44 90 69 21

 Brazil 34 1 33 * 33

 British Virgin Islands 2,695 1,377 1,318 727 592

 Brunei 131 10 121 43 78

 Bulgaria 1 1 0 0 0

 Burma * * 0 0 0

 Cambodia 8 0 8 0 8

 Canada 35,317 5,234 30,083 20,093 9,990

 Cayman Islands 122,315 29,896 92,419 65,203 27,216

 Chile 605 574 32 6 26

 China, mainland2225,023 221,738 3,285 2,134 1,151

 Colombia 1,535 1,434 100 13 87

 Cook Islands 3 0 3 0 3

 Costa Rica 3 2 1 * 1

 Curacao166 20 45 15 30

 Cyprus * 0 * 0 *

 Czech Republic 1 * * 0 *

 Denmark 712 341 370 60 310

 Dominica * 0 * * 0

 Dominican Republic 4 3 1 1 *

 Ecuador 14 14 1 1 *

 Egypt * * * * 0

 El Salvador 17 17 * * *

 Falkland Islands * 0 * 0 *

 Federated States of Micronesia 2 2 0 0 0

 Finland 3 * 3 0 3

 France 8,012 2,393 5,619 2,168 3,451

 French Polynesia * * 0 0 0

 Germany 18,533 4,407 14,127 519 13,607

 Greece 2 2 * 0 *

 Guatemala 853 851 2 0 2

 Guernsey 333 91 242 107 134

 Guyana * * * 0 *

 Haiti 7 2 4 * 4

 Honduras 1 * * * 0

 Hong Kong 13,051 9,978 3,073 1,675 1,398

 Hungary 2,285 2,285 0 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-21
Table A5. Foreign Holdings of U.S. Long-Term Asset-Backed Securities, by Country and

Security Type, as of June 28, 2019 (continued)

 Millions of dollars

Total Agency Corporate ABS

 Countries and Regions LT ABS ABS Total MBS NonMBS 

 India 142 142 * * *

 Indonesia 4,001 3,927 74 18 57

 Ireland 73,163 37,674 35,489 22,323 13,166

 Isle of Man 1 1 * 0 *

 Israel 1,737 1,514 222 114 108

 Italy 1,670 1,635 36 19 17

 Japan 318,226 293,662 24,564 6,412 18,152

 Jersey 790 477 314 259 55

 Kazakhstan * * 0 0 0

 Kenya * * 0 0 0

 Korea, South 36,970 34,969 2,001 1,062 939

 Kuwait 7,595 6,220 1,376 803 572

 Latvia 1,850 1,312 538 12 527

 Lebanon * * 0 0 0

 Liberia 17 2 15 3 12

 Liechtenstein 44 41 3 0 3

 Luxembourg 83,752 43,978 39,774 21,269 18,505

 Macau 394 214 179 64 115

 Malaysia 11,995 11,881 115 15 100

 Malta 4 * 4 0 4

 Marshall Islands 2 1 1 1 *

 Mauritius 17 6 12 5 7

 Mexico 6,055 6,032 23 1 22

 Netherlands 17,465 13,904 3,561 2,343 1,218

 New Zealand 751 593 158 95 63

 Nicaragua * * 0 0 0

 Nigeria 338 298 40 1 39

 Norway 271 7 264 128 136

 Oman 8 4 5 0 5

 Pakistan * * 0 0 0

 Palau 2 2 * * *

 Panama 1,119 914 204 90 114

 Paraguay 2 1 * 0 *

 Peru 4 4 * * *

 Philippines 45 45 * * *

 Portugal 2 1 2 0 2

 Qatar 434 377 57 40 17

 Romania * 0 * 0 *

 Russia 1 0 1 * 1

 Saint Kitts and Nevis 16 13 3 * 2

 Saint Lucia * 0 * 0 *

 Saint Vincent and the Grenadines * 0 * 0 *

 Samoa * 0 * * 0

 Saudi Arabia 6,461 4,947 1,514 758 756

 Seychelles * * * 0 *

 Singapore 6,931 3,571 3,361 575 2,786

 Sint Maarten14 3 * 0 *

 South Africa 726 726 * * 0

 Spain 1,313 516 797 7 789

 Suriname * * * 0 *

* Greater than zero but less than $500,000.

n.a. Not available.

A-22
Table A5. Foreign Holdings of U.S. Long-Term Asset-Backed Securities, by Country and

Security Type, as of June 28, 2019 (continued)

 Millions of dollars

Total Agency Corporate ABS

 Countries and Regions LT ABS ABS Total MBS NonMBS 

 Sweden 517 141 376 102 274

 Switzerland 19,706 10,131 9,575 7,336 2,239

 Taiwan 266,801 265,234 1,567 1,106 461

 Thailand 6,657 6,644 13 7 6

 Trinidad and Tobago 1,392 713 680 61 619

 Turkey 18 13 5 0 5

 Turks and Caicos Islands 31 25 5 * 5

 Uganda 85 30 55 24 30

 United Arab Emirates 1,281 932 349 321 28

 United Kingdom 21,763 5,800 15,962 4,953 11,009

 Uruguay 468 453 15 * 15

 Venezuela 21 13 8 7 1

 International and regional organizations 3,863 1,563 2,301 260 2,041

 Country Unknown 4 3 1 1 0

 Total 1,416,638 1,076,916 339,722 189,294 150,429

 of which: Holdings of foreign official

 institutions 641,465 628,215 13,249 5,263 7,986

 Totals by Region:

 Total Africa 1,318 1,106 211 101 110

 Total Asia 907,924 866,011 41,913 15,155 26,758

 Total Caribbean 184,724 59,847 124,877 85,040 39,838

 Total Europe 263,860 128,366 135,494 65,420 70,074

 Total Latin America 10,755 10,319 436 120 316

 Canada 35,317 5,234 30,083 20,093 9,990

 Australia/Oceania 8,873 4,468 4,406 3,104 1,302

 Country Unknown 4 3 1 1 0

 International and regional organizations 3,863 1,563 2,301 260 2,041

* Greater than zero but less than $500,000.

n.a. Not available.

1. Separate reporting for certain country groups began with the 2014 survey.

 Entries for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten were previously reported together as Netherlands Antilles.

 Entries for Guadeloupe and for Saint Martin and Saint Barthelemy were previously reported together as Guadeloupe.

 Entries for Kosovo, Montenegro, and Serbia were previously reported together as Serbia.

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

A-23
Table A6. Foreign Holdings of U.S. Short-Term Securities, by Country and Security Type, as

of June 28, 2019

 Millions of dollars

of which: Commercial Paper 

Total Asset-backed 

 Countries and Regions Total ST Treasury Agency Corporate Total CP CP 

 Afghanistan * * 0 0 0 0

 Algeria 677 677 0 0 0 0

 Andorra 90 89 0 * 0 0

 Anguilla 460 460 0 0 0 0

 Antigua and Barbuda 10 10 0 0 0 0

 Argentina 5,701 5,642 0 60 15 0

 Armenia 89 89 0 0 0 0

 Aruba 33 5 0 28 9 0

 Australia 8,426 6,461 464 1,501 718 58

 Austria 1,131 579 0 552 2 0

 Azerbaijan 413 99 0 314 228 9

 Bahamas 4,445 3,623 2 819 404 8

 Bahrain 502 502 0 * 0 0

 Bangladesh 995 995 0 0 0 0

 Barbados 845 768 0 76 76 0

 Belgium 27,147 24,459 4 2,684 460 0

 Belize 130 123 * 8 0 0

 Bermuda 26,108 20,629 888 4,591 4,181 768

 Bolivia 1,652 188 0 1,464 40 0

 Bonaire, Sint Eustatius & Saba131 31 0 * 0 0

 Botswana 3 2 0 * 0 0

 Brazil 3,469 2,904 0 565 114 4

 British Virgin Islands 14,375 13,045 65 1,265 1,126 32

 Brunei 6 6 0 0 0 0

 Bulgaria 1 1 0 * 0 0

 Burkina Faso 3 3 0 0 0 0

 Cambodia 4 4 0 0 0 0

 Canada 16,368 12,846 867 2,656 1,610 420

 Cape Verde 5 5 0 0 0 0

 Cayman Islands 98,673 90,270 2,626 5,777 3,230 308

 Chile 4,304 2,797 0 1,507 118 0

 China, mainland24,005 3,830 63 112 7 0

 Colombia 1,365 1,295 16 54 43 0

 Cook Islands 1 0 0 1 0 0

 Costa Rica 296 265 0 31 25 0

 Croatia 25 24 0 1 0 0

 Curacao11,202 1,199 0 2 * 0

 Cyprus 76 76 0 * 0 0

 Czech Republic 4 3 0 1 0 0

 Denmark 602 561 27 13 1 0

 Dominica 14 14 0 0 0 0

 Dominican Republic 120 96 0 24 0 0

 Ecuador 303 269 2 32 10 0

 Egypt 17,554 17,554 0 * 0 0

 El Salvador 780 759 0 21 17 0

 Estonia 51 51 0 0 0 0

 Ethiopia * * 0 0 0 0

 Federated States of Micronesia * * 0 * 0 0

 Fiji 10 0 0 10 0 0

 Finland 245 140 0 105 102 31

* Greater than zero but less than $500,000.

n.a. Not available.

A-24
Table A6. Foreign Holdings of U.S. Short-Term Securities, by Country and Security Type, as

of June 28, 2019 (continued)

 Millions of dollars

of which: Commercial Paper 

Total Asset-backed 

 Countries and Regions Total ST Treasury Agency Corporate Total CP CP 

 France 19,207 16,601 3 2,603 921 0

 French Polynesia 2 2 0 * 0 0

 Gambia 22 22 0 0 0 0

 Germany 10,927 10,173 90 664 398 233

 Ghana 256 256 0 * 0 0

 Gibraltar 29 28 0 1 1 0

 Greece 1,014 1,013 0 2 0 0

 Grenada 1 1 0 * 0 0

 Guatemala 87 41 1 46 9 0

 Guernsey 2,205 2,176 * 29 29 0

 Guinea 200 200 0 0 0 0

 Guyana 1 1 0 0 0 0

 Haiti 21 19 0 2 0 0

 Honduras 18 5 0 13 0 0

 Hong Kong 30,128 29,394 582 152 77 33

 Hungary 475 443 32 * 0 0

 Iceland 120 120 0 0 0 0

 India 2,239 2,169 0 69 0 0

 Indonesia 1,950 1,800 0 149 40 0

 Iraq 18,344 18,344 0 0 0 0

 Ireland 105,383 34,957 3,573 66,852 26,437 7,244

 Isle of Man 473 379 0 93 93 7

 Israel 2,103 1,920 5 179 82 5

 Italy 6,460 6,403 * 57 49 45

 Jamaica 78 78 0 * 0 0

 Japan 61,804 60,641 205 958 811 399

 Jersey 1,213 924 117 173 169 7

 Jordan 24 22 0 1 0 0

 Kazakhstan 6,745 6,745 0 0 0 0

 Kenya * 0 0 * 0 0

 Korea, South 7,100 3,348 79 3,672 763 0

 Kuwait 25,179 6,399 53 18,728 9,585 3,609

 Kyrgyzstan 5 5 0 0 0 0

 Latvia 141 132 3 6 6 0

 Lebanon 38 35 0 3 0 0

 Lesotho 5 5 0 0 0 0

 Liberia 5 5 0 1 0 0

 Libya 4,750 4,750 0 0 0 0

 Liechtenstein 9 9 0 * * 0

 Lithuania 46 46 0 0 0 0

 Luxembourg 89,090 47,160 2,817 39,114 15,900 2,772

 Macau 144 48 28 68 4 0

 Madagascar * * 0 0 0 0

 Malaysia 127 124 0 3 2 0

 Malta 87 41 0 46 33 11

 Marshall Islands 247 243 0 4 1 0

 Mauritius 157 154 0 2 2 0

 Mexico 8,990 7,386 14 1,590 520 9

 Monaco 150 100 0 50 50 0

 Mongolia 80 80 0 0 0 0

* Greater than zero but less than $500,000.

n.a. Not available.

A-25
Table A6. Foreign Holdings of U.S. Short-Term Securities, by Country and Security Type, as

of June 28, 2019 (continued)

 Millions of dollars

of which: Commercial Paper 

Total Asset-backed 

 Countries and Regions Total ST Treasury Agency Corporate Total CP CP 

 Morocco 3 3 0 * 0 0

 Mozambique * * 0 0 0 0

 Namibia * * 0 0 0 0

 Nepal 149 149 0 0 0 0

 Netherlands 3,456 1,609 118 1,728 1,577 386

 New Zealand 876 853 22 2 0 0

 Nicaragua 79 36 0 44 31 0

 Nigeria 171 159 0 12 11 0

 Norway 541 154 2 384 381 0

 Oman 497 497 0 0 0 0

 Pakistan 248 247 0 * 0 0

 Palau 6 * * 6 0 0

 Panama 2,997 2,420 25 553 397 0

 Papua New Guinea 95 95 0 0 0 0

 Paraguay 32 27 0 5 2 0

 Peru 513 320 0 193 88 0

 Philippines 3,632 3,624 1 7 0 0

 Poland 3,670 3,670 0 * 0 0

 Portugal 245 221 0 24 0 0

 Qatar 17,730 17,722 7 0 0 0

 Romania 184 0 0 184 0 0

 Russia 5,542 5,542 0 1 0 0

 Saint Kitts and Nevis 647 617 0 30 11 0

 Saint Lucia 20 18 0 2 0 0

 Saint Vincent and the Grenadines 3 3 0 0 0 0

 Saudi Arabia 46,030 45,219 65 746 599 312

 Serbia and Montenegro4188 188 0 0 0 0

 Seychelles 17 17 0 * 0 0

 Sierra Leone 90 90 0 0 0 0

 Singapore 12,228 6,230 319 5,679 677 0

 Sint Maarten13 2 0 * 0 0

 Slovakia 85 85 0 0 0 0

 Slovenia 91 91 0 * 0 0

 Solomon Islands 5 5 0 0 0 0

 South Africa 3,780 3,779 0 1 0 0

 Spain 1,733 1,615 0 118 0 0

 Sri Lanka 1 1 0 0 0 0

 Sudan * * 0 0 0 0

 Suriname 363 362 0 * 0 0

 Sweden 500 493 0 8 7 0

 Switzerland 40,767 37,950 62 2,754 1,932 0

 Taiwan 4,458 2,882 53 1,524 472 0

 Thailand 15,848 15,844 0 4 0 0

 Trinidad and Tobago 957 806 0 151 125 0

 Turkey 252 243 0 10 8 0

 Turks and Caicos Islands 36 33 * 3 0 0

 Uganda 640 630 0 10 5 5

 Ukraine * 0 0 * 0 0

 United Arab Emirates 13,465 13,407 51 7 * 0

 United Kingdom 58,401 47,683 498 10,221 6,625 625

* Greater than zero but less than $500,000.

n.a. Not available.

A-26
Table A6. Foreign Holdings of U.S. Short-Term Securities, by Country and Security Type, as

of June 28, 2019 (continued)

 Millions of dollars

of which: Commercial Paper 

Total Asset-backed 

 Countries and Regions Total ST Treasury Agency Corporate Total CP CP 

 Uruguay 3,216 2,445 0 770 752 0

 Vanuatu 13 13 0 0 0 0

 Venezuela 298 166 0 132 74 0

 Vietnam 1 * 0 1 0 0

 International and regional organizations 17,010 12,321 138 4,551 2,965 114

 Country Unknown 270 35 0 235 -65 0

 Total 912,706 709,017 13,987 189,702 85,194 17,455

 of which: Holdings of foreign official

 institutions 316,188 285,886 592 29,710 11,221 3,753

 Totals by Region:

 Total Africa 28,338 28,310 0 28 19 5

 Total Asia 269,057 235,486 1,510 32,061 13,120 4,358

 Total Caribbean 148,081 131,728 3,583 12,770 9,161 1,117

 Total Europe 389,307 253,168 7,348 128,791 55,409 11,370

 Total Latin America 34,594 27,449 57 7,088 2,257 13

 Canada 16,368 12,846 867 2,656 1,610 420

 Australia/Oceania 9,681 7,673 486 1,523 718 58

 Country Unknown 270 35 0 235 -65 0

 International and regional organizations 17,010 12,321 138 4,551 2,965 114

* Greater than zero but less than $500,000.

n.a. Not available.

1. Separate reporting for certain country groups began with the 2014 survey.

 Entries for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten were previously reported together as Netherlands Antilles.

 Entries for Guadeloupe and for Saint Martin and Saint Barthelemy were previously reported together as Guadeloupe.

 Entries for Kosovo, Montenegro, and Serbia were previously reported together as Serbia.

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

A-27
Table A7. Foreign Holdings of U.S. Securities, by Country, as of End-June

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Afghanistan 1 1 1 1 1 1 2 2

 Albania * 1 1 * * * * *

 Algeria 1 1 1 1 1 1 1 1

 Andorra 1 2 2 2 3 2 2 2

 Angola 1 1 1 1 1 1 1 3

 Anguilla 16 23 17 20 18 17 3 6

 Antigua and Barbuda * * * * * * * *

 Argentina 8 8 8 7 7 7 11 19

 Armenia * * * * * 1 1 1

 Aruba 1 2 1 1 1 1 1 1

 Australia 161 215 238 242 237 271 303 344

 Austria 13 13 16 18 19 20 23 28

 Azerbaijan 7 5 8 8 7 7 8 7

 Bahamas 29 29 33 37 42 52 36 39

 Bahrain 3 3 3 3 2 2 2 2

 Bangladesh 1 1 1 1 * 1 1 1

 Barbados 14 13 13 16 23 24 21 13

 Belarus * * * * * * * *

 Belgium 447 490 713 602 589 691 739 780

 Belize * * 1 1 1 1 1 1

 Benin * * * * * * * *

 Bermuda 300 325 301 287 307 318 317 349

 Bhutan * * * * * * * *

 Bolivia 1 1 3 3 2 2 2 3

 Bonaire, Sint Eustatius & Saba1n.a. n.a. * * * * * *

 Bosnia and Herzegovina * * * * * * * *

 Botswana 3 2 2 2 2 2 2 2

 Brazil 252 261 263 268 259 277 310 322

 British Indian Ocean Territory * * * * * * * *

 British Virgin Islands 131 139 176 173 161 166 175 178

 Brunei 4 3 4 3 3 5 6 4

 Bulgaria * * * * * * * *

 Burkina Faso * * * * * * * *

 Burma * * * * * * * *

 Burundi * * * * * * * *

 Cambodia 1 1 * 2 2 2 2 2

 Cameroon * * * * * * * *

 Canada 635 814 988 992 951 1,061 1,210 1,262

 Cape Verde * * * * * * * *

 Cayman Islands 1,031 1,168 1,409 1,506 1,525 1,687 1,757 1,877

 Central African Republic * * * * * * * *

 Chad * * * * * * * *

 Chile 48 55 60 64 59 57 55 56

 China, mainland21,592 1,735 1,817 1,844 1,630 1,541 1,607 1,543

 Colombia 36 42 48 59 48 45 44 50

 Comoros * * 1 1 * * * *

 Congo (Brazzaville) * * * * * * * *

 Congo (Kinshasa) * * * * * * * *

 Cook Islands * * * * * 1 1 *

 Costa Rica 2 3 3 4 3 3 3 4

* Greater than zero but less than $500 million.

n.a. Not available.

A-28
Table A7. Foreign Holdings of U.S. Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Cote d‘Ivoire (Ivory Coast) * * * * * * * *

 Croatia 2 2 2 2 2 2 2 2

 Cuba * * * * * * * *

 Curacao1n.a. n.a. 4 4 6 6 7 7

 Cyprus * 1 1 1 * 1 1 1

 Czech Republic 8 8 8 8 11 24 23 27

 Denmark 76 88 98 105 117 125 123 138

 Djibouti * * * * * * * *

 Dominica * * * * * * * *

 Dominican Republic 1 1 1 2 2 2 3 3

 East Timor 10 12 13 12 11 11 12 11

 Ecuador 1 1 1 1 1 1 1 1

 Egypt 4 2 6 5 3 9 21 20

 El Salvador 1 1 1 1 1 2 2 2

 Equatorial Guinea * * * * * * * *

 Eritrea * * * * * * * *

 Estonia * * * 1 1 * 1 1

 Ethiopia * * * * * * * *

 Falkland Islands * * * * * * * *

 Faroe Islands * * * * * * * *

 Federated States of Micronesia * * * * * * * *

 Fiji * * * * * * * *

 Finland 19 22 29 32 37 45 47 51

 France 225 214 269 274 229 292 329 373

 French Guiana * * * * * * * *

 French Polynesia * * * * * * * *

 Gabon * * * * * * * *

 Gambia * * * * * * * *

 Georgia 1 1 1 1 1 * * *

 Germany 227 265 319 344 373 427 456 396

 Ghana 1 1 1 1 1 1 2 2

 Gibraltar * 1 1 1 1 1 1 1

 Greece 9 9 10 9 6 4 4 6

 Greenland * * * * * * * *

 Grenada * * * * * * * *

 Guadeloupe3* * * * * * * *

 Guatemala 4 4 3 3 3 5 5 9

 Guernsey 30 29 38 40 38 43 43 56

 Guinea * * * * * * * *

 Guinea-Bissau * * * 0 0 0 0 0

 Guyana * * * * * * * *

 Haiti 1 2 1 1 1 2 2 2

 Holy See (Vatican) * * * * * * * *

 Honduras 1 1 1 1 1 1 1 2

 Hong Kong 223 215 263 298 305 350 364 397

 Hungary 3 3 2 2 3 3 3 5

 Iceland 1 2 2 2 3 3 3 3

 India 55 62 75 119 119 133 152 168

 Indonesia 36 26 28 25 25 34 29 30

 Iran * * * * * * * *

* Greater than zero but less than $500 million.

n.a. Not available.

A-29
Table A7. Foreign Holdings of U.S. Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Iraq 49 45 26 30 15 16 26 35

 Ireland 453 575 729 831 931 1,068 1,149 1,081

 Isle of Man 2 2 2 2 2 3 2 3

 Israel 53 61 67 69 76 88 92 114

 Italy 52 63 70 67 78 78 90 101

 Jamaica * 1 1 1 1 1 1 1

 Japan 1,835 1,766 1,917 1,903 1,960 1,998 2,044 2,280

 Jersey 28 25 27 27 30 25 25 25

 Jordan 1 1 1 1 * 1 1 1

 Kazakhstan 33 31 43 39 27 29 12 9

 Kenya * 1 1 1 1 1 3 4

 Kiribati * * * * * * * *

 Korea, South 148 155 180 209 236 282 316 366

 Kosovo4n.a. n.a. * * * * * *

 Kuwait 122 156 187 191 189 230 269 287

 Kyrgyzstan * * * * * * * *

 Laos * * * * * * * *

 Latvia 1 1 1 2 2 2 2 2

 Lebanon 3 1 1 * * * * *

 Lesotho * * * * * * * *

 Liberia 1 1 1 1 1 1 1 1

 Libya 4 5 1 * * 1 4 5

 Liechtenstein 2 3 4 3 3 4 5 2

 Lithuania * * * * * * 3 2

 Luxembourg 837 990 1,198 1,297 1,349 1,398 1,494 1,623

 Macau 1 1 2 3 4 4 5 4

 Macedonia * * * * * * * *

 Madagascar * * * * * * * 1

 Malawi * * * * * * * *

 Malaysia 46 43 36 33 36 41 42 41

 Maldives * * * * * * * *

 Mali * * * * * * * *

 Malta 2 2 2 2 1 1 2 2

 Marshall Islands * 1 1 1 1 1 1 1

 Martinique * * * * * * * *

 Mauritania * * * * * * * *

 Mauritius 2 2 3 8 3 8 3 3

 Mayotte * * * * 0 0 0 0

 Mexico 122 131 144 157 117 97 117 90

 Moldova * * 1 * * 1 1 1

 Monaco 2 2 3 2 2 2 2 2

 Mongolia * * * * * * 1 *

 Montenegro4n.a. n.a. * * * * * *

 Montserrat * * * * * * * *

 Morocco 1 1 1 2 3 2 3 5

 Mozambique * 1 1 * * * * *

 Namibia * * * 1 1 1 1 1

 Nauru * * * * * * * *

 Nepal * * * 1 1 1 1 1

 Netherlands 251 270 303 318 350 398 413 421

* Greater than zero but less than $500 million.

n.a. Not available.

A-30
Table A7. Foreign Holdings of U.S. Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Netherlands Antilles17 6 n.a. n.a. n.a. n.a. n.a. n.a.

 New Caledonia * * * * * * * *

 New Zealand 15 15 19 20 19 27 32 38

 Nicaragua 1 * * 1 1 * 1 *

 Niger * * * * * * * *

 Nigeria 4 4 4 3 3 3 4 6

 Niue * * * * 0 0 * *

 Norway 213 254 297 309 306 340 370 452

 Oman 21 26 28 29 22 23 23 19

 Pakistan 2 2 1 2 2 4 3 1

 Palau * * * * * * * *

 Panama 15 15 16 17 19 22 23 28

 Papua New Guinea * * * * * * * *

 Paraguay * * * * * * * 1

 Peru 21 31 26 29 28 29 32 36

 Philippines 37 39 37 42 46 43 36 38

 Pitcairn Island * * * * * * * *

 Poland 32 35 33 32 37 36 43 30

 Portugal 5 6 7 6 9 8 7 9

 Qatar 4 8 7 7 10 7 11 33

 Reunion * * * * * * * *

 Romania 6 6 7 2 4 3 8 8

 Russia 165 139 115 73 91 103 15 11

 Rwanda * * * * * * * *

 Saint Helena * 0 0 0 0 0 0 0

 Saint Kitts and Nevis 2 2 2 2 3 3 4 8

 Saint Lucia * * * * * * * *

 Saint Martin & Saint Barthelemy3n.a. n.a. * * * * * *

 Saint Pierre and Miquelon * * * 0 0 0 0 0

 Saint Vincent and the Grenadines * * * * * * * *

 Samoa * * * * * * * *

 San Marino * * * * * * * *

 Sao Tome and Principe 0 * * 0 0 0 * *

 Saudi Arabia 154 170 194 184 152 202 233 289

 Senegal * * * * * * * *

 Serbia and Montenegro42 2 2 2 2 2 2 2

 Seychelles * * * * * * * *

 Sierra Leone * * * * * * * *

 Singapore 241 272 307 331 321 348 353 363

 Sint Maarten1n.a. n.a. * * * * * *

 Slovakia * * * * * * * 1

 Slovenia 1 1 2 2 2 2 2 2

 Solomon Islands 0 * * * * * * *

 Somalia * * * * * * * *

 South Africa 17 18 24 21 20 22 39 26

 South Sudan n.a. n.a. * * * * * 0

 Spain 38 34 37 48 59 60 55 68

 Sri Lanka 1 1 1 * * 1 3 2

 Sudan * * * * * * * *

 Suriname * * * * * * * 1

* Greater than zero but less than $500 million.

n.a. Not available.

A-31
Table A7. Foreign Holdings of U.S. Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Swaziland * * * * * * * *

 Sweden 112 135 157 169 165 180 216 236

 Switzerland 566 581 634 708 742 824 813 813

 Syria * * * * * * * *

 Taiwan 369 372 397 454 519 565 577 626

 Tajikistan * * * * * * * *

 Tanzania 1 2 2 2 1 2 2 1

 Thailand 57 54 46 37 55 79 77 104

 Togo * * * * * * * *

 Tokelau 0 * * * * * * *

 Tonga * * * * * * * *

 Trinidad and Tobago 9 10 10 10 9 10 10 11

 Tunisia * 1 1 1 1 1 1 1

 Turkey 29 59 53 76 59 59 30 3

 Turkmenistan * * * * * * * *

 Turks and Caicos Islands 1 * 1 1 1 1 1 1

 Tuvalu * 0 0 * 0 0 0 0

 Uganda 1 1 1 1 1 1 1 1

 Ukraine 7 6 2 4 6 2 4 4

 United Arab Emirates 136 138 155 167 161 147 156 160

 United Kingdom 1,008 1,116 1,289 1,448 1,427 1,493 1,598 1,776

 Uruguay 12 11 12 12 10 10 11 13

 Uzbekistan * * * * * * * *

 Vanuatu * * * * * * * *

 Venezuela 9 9 9 6 5 6 6 7

 Vietnam 7 10 14 14 14 14 20 25

 Wallis and Futuna * * * * * * * *

 West Bank and Gaza * * * * * * * *

 Western Sahara * * * * 0 0 0 0

 Yemen 1 1 1 1 * * * *

 Zambia * * * * * * * *

 Zimbabwe * * * * * * * *

 International and regional organizations 105 99 110 98 96 88 86 84

 Country Unknown 89 51 85 99 82 64 79 56

 Total 13,261 14,410 16,417 17,134 17,139 18,412 19,400 20,534

* Greater than zero but less than $500 million.

n.a. Not available.

1. Separate reporting for certain country groups began with the 2014 survey.

 Entries for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten were previously reported together as Netherlands Antilles.

 Entries for Guadeloupe and for Saint Martin and Saint Barthelemy were previously reported together as Guadeloupe.

 Entries for Kosovo, Montenegro, and Serbia were previously reported together as Serbia.

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

A-32
Table A8. Foreign Holdings of U.S. Equities, by Country, as of End-June

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Afghanistan * * * * * * * *

 Albania * * * * * * * *

 Algeria * * * * * * * *

 Andorra 1 1 1 1 1 1 1 1

 Angola 1 1 * * * 1 * 1

 Anguilla 15 21 17 19 16 15 2 5

 Antigua and Barbuda * * * * * * * *

 Argentina 5 5 5 5 4 5 5 6

 Armenia * * * * * * * *

 Aruba * * * * * 1 * *

 Australia 112 149 170 176 171 193 223 262

 Austria 7 7 9 8 9 11 14 20

 Azerbaijan * * * 1 1 1 2 2

 Bahamas 18 19 22 21 17 21 20 23

 Bahrain 1 1 1 1 1 1 1 1

 Bangladesh * * * * * * * *

 Barbados 1 1 1 2 2 1 2 2

 Belarus * * * * * * * *

 Belgium 22 29 34 34 31 38 54 58

 Belize * * 1 1 * * 1 1

 Benin * * * * * * * *

 Bermuda 68 74 93 89 86 95 102 111

 Bhutan * * * * * * * *

 Bolivia * * * * * * * 1

 Bonaire, Sint Eustatius & Saba1n.a. n.a. * * * * * *

 Bosnia and Herzegovina * * * * * * * *

 Botswana 1 1 1 1 * 1 1 *

 Brazil 4 4 7 8 5 5 6 5

 British Indian Ocean Territory * * * * * * * *

 British Virgin Islands 84 101 128 119 105 112 114 112

 Brunei 2 2 4 2 2 4 5 3

 Bulgaria * * * * * * * *

 Burkina Faso * * * * * * * *

 Burma * * * * * * * *

 Burundi * * * * * * * *

 Cambodia * * * * * * * *

 Cameroon * * * * * * * *

 Canada 471 617 769 761 695 810 928 956

 Cape Verde * * * * * * * *

 Cayman Islands 516 628 838 884 796 928 1,038 1,084

 Central African Republic * * * * * * * *

 Chad * * * * * * * *

 Chile 17 22 27 29 21 24 21 22

 China, mainland2221 261 320 330 178 194 217 189

 Colombia 6 7 11 18 13 13 13 13

 Comoros * * 1 1 * * * *

 Congo (Brazzaville) * * * * * * * *

 Congo (Kinshasa) * * * * * * * *

 Cook Islands * * * * * 1 1 *

 Costa Rica 1 1 1 2 1 1 1 2

* Greater than zero but less than $500 million.

n.a. Not available.

A-33
Table A8. Foreign Holdings of U.S. Equities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Cote d‘Ivoire (Ivory Coast) * * * * * * * *

 Croatia * * * * * * * 1

 Cuba * * * * * * * *

 Curacao1n.a. n.a. 2 2 3 3 4 4

 Cyprus * * 1 * * * 1 1

 Czech Republic 1 2 2 2 2 3 3 4

 Denmark 37 48 53 61 68 83 87 100

 Djibouti * * * * * * * *

 Dominica * * * * * * * *

 Dominican Republic * * * * * * * *

 East Timor 1 2 3 4 4 4 4 4

 Ecuador * * * 1 1 * * 1

 Egypt * * * * * * 1 *

 El Salvador * * * * * * * *

 Equatorial Guinea * * * * * * * *

 Eritrea * * * * * * * *

 Estonia * * * * * * 1 *

 Ethiopia * * * * * * * *

 Falkland Islands * * * * * * * *

 Faroe Islands * * * * * * * *

 Federated States of Micronesia * * * * * * * *

 Fiji * * * * * * * *

 Finland 12 14 21 18 21 28 34 38

 France 120 115 157 168 120 154 166 177

 French Guiana * * * * * * * *

 French Polynesia * * * * * * * *

 Gabon * * * * * * * *

 Gambia * * * * * * * *

 Georgia * * * * * * * *

 Germany 79 111 137 159 155 208 239 191

 Ghana * * * * * * * *

 Gibraltar * * * * * * * *

 Greece 3 4 5 4 2 2 2 2

 Greenland * * * * * * * *

 Grenada * * * * * * * *

 Guadeloupe3* * * * * * * *

 Guatemala * * * * * * * 1

 Guernsey 21 21 24 26 27 32 32 43

 Guinea * * * * * * * *

 Guinea-Bissau * * * 0 0 0 0 0

 Guyana * * * * * * * *

 Haiti * * * * * * * *

 Holy See (Vatican) * * * * * * * *

 Honduras * * * * * * * *

 Hong Kong 47 56 74 77 75 96 113 110

 Hungary * 1 1 1 1 1 1 1

 Iceland * 1 1 1 1 1 1 1

 India 1 1 2 2 2 3 4 4

 Indonesia * * * * * * * *

 Iran * * * * * * * *

* Greater than zero but less than $500 million.

n.a. Not available.

A-34
Table A8. Foreign Holdings of U.S. Equities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Iraq * * * * * * * *

 Ireland 108 141 204 235 238 296 393 456

 Isle of Man 1 1 1 1 1 1 1 1

 Israel 23 30 35 41 37 49 55 65

 Italy 15 21 27 26 24 27 33 35

 Jamaica * * * * * * * *

 Japan 314 316 361 391 428 490 543 596

 Jersey 11 14 17 18 17 16 15 18

 Jordan * * * * * * * *

 Kazakhstan 3 5 6 7 5 6 * *

 Kenya * * * * * * * *

 Kiribati * * * * * * * *

 Korea, South 24 36 59 62 75 102 125 153

 Kosovo4n.a. n.a. * * * * * *

 Kuwait 83 112 136 136 131 160 185 197

 Kyrgyzstan * * * * * * * *

 Laos * * * * * * * *

 Latvia * * * * * * * *

 Lebanon 1 1 1 * * * * *

 Lesotho * * * * 0 0 0 0

 Liberia 1 1 1 1 1 1 1 1

 Libya * * * * * * * *

 Liechtenstein 2 3 4 3 3 3 4 1

 Lithuania * * * * * * * *

 Luxembourg 292 378 502 518 516 532 617 663

 Macau * * 1 1 1 1 2 2

 Macedonia * * * * * * * *

 Madagascar * * * * * * * *

 Malawi * * * * * * * *

 Malaysia 7 8 12 11 10 13 14 14

 Maldives * * * * * * * *

 Mali * * * * * * * *

 Malta * 1 1 1 1 1 1 1

 Marshall Islands * * 1 1 1 1 1 1

 Martinique * * * * * * * *

 Mauritania * * * * * * * *

 Mauritius 2 2 3 6 1 4 1 1

 Mayotte * * * * 0 0 0 0

 Mexico 23 32 42 41 36 47 58 24

 Moldova * * * * * * * *

 Monaco 2 2 2 2 2 1 1 1

 Mongolia * * * * * * * *

 Montenegro4n.a. n.a. * * * * * *

 Montserrat * * * * * * * *

 Morocco * * * * * * * *

 Mozambique * * * * * * * *

 Namibia * * * * 1 1 1 1

 Nauru * * * * * * * *

 Nepal * * * * * * * *

 Netherlands 151 164 195 202 210 254 280 284

* Greater than zero but less than $500 million.

n.a. Not available.

A-35
Table A8. Foreign Holdings of U.S. Equities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Netherlands Antilles12 2 n.a. n.a. n.a. n.a. n.a. n.a.

 New Caledonia * * * * * * * *

 New Zealand 7 8 12 13 12 19 23 27

 Nicaragua * * * * * * * *

 Niger * * * * * * * *

 Nigeria * * * * * * * *

 Niue * * * * 0 0 * *

 Norway 124 154 176 199 201 239 277 309

 Oman 4 4 7 7 6 7 10 10

 Pakistan * * * * * * * *

 Palau * * * * * * * *

 Panama 8 10 11 11 11 12 12 14

 Papua New Guinea * * * * * * * *

 Paraguay * * * * * * * *

 Peru 4 6 10 11 9 11 12 13

 Philippines 1 1 2 2 2 3 3 4

 Pitcairn Island * * * * * * * *

 Poland 1 2 3 3 3 2 2 1

 Portugal 2 3 3 3 3 3 4 5

 Qatar 1 2 1 1 5 3 3 13

 Reunion * * * * * * * *

 Romania * * * * * * * *

 Russia * * * * * * * *

 Rwanda * * * * * * * *

 Saint Helena * 0 0 0 0 0 0 0

 Saint Kitts and Nevis 1 1 1 1 1 2 2 6

 Saint Lucia * * * * * * * *

 Saint Martin & Saint Barthelemy3n.a. n.a. * * * * * *

 Saint Pierre and Miquelon * * * 0 0 0 0 0

 Saint Vincent and the Grenadines * * * * * * * *

 Samoa * * * * * * * *

 San Marino * * * * * * * *

 Sao Tome and Principe 0 * * 0 0 0 * *

 Saudi Arabia 65 68 78 52 35 46 57 93

 Senegal * * * * * * * *

 Serbia and Montenegro4* * * * * * * *

 Seychelles * * * * * * * *

 Sierra Leone * * * * * * * *

 Singapore 106 129 142 145 136 167 180 180

 Sint Maarten1n.a. n.a. * * * * * *

 Slovakia * * * * * * * *

 Slovenia 1 1 1 1 1 1 1 1

 Solomon Islands 0 * * * * * * *

 Somalia * * * * * * * *

 South Africa 3 4 8 10 9 10 12 12

 South Sudan n.a. n.a. * * * * * 0

 Spain 7 8 10 12 13 18 18 21

 Sri Lanka * * * * * * * *

 Sudan * * * * * * * *

 Suriname * * * * * * * *

* Greater than zero but less than $500 million.

n.a. Not available.

A-36
Table A8. Foreign Holdings of U.S. Equities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Swaziland * * * * * * * *

 Sweden 70 90 113 119 117 130 164 180

 Switzerland 263 266 331 344 351 413 452 450

 Syria * * * * * * * *

 Taiwan 18 23 31 36 43 56 65 68

 Tajikistan * * * * * * * *

 Tanzania * * * * * * * *

 Thailand 3 3 3 2 2 3 6 11

 Togo * * * * * * * *

 Tokelau 0 * * * * * * *

 Tonga * * * * * * * *

 Trinidad and Tobago 1 2 2 2 2 3 3 4

 Tunisia * 1 1 1 1 1 1 1

 Turkey * * * * 1 1 1 1

 Turkmenistan * * * * * * * *

 Turks and Caicos Islands * * * * * * * 1

 Tuvalu * 0 0 * 0 0 0 0

 Uganda * * * * * * * *

 Ukraine * * * * * * 3 *

 United Arab Emirates 72 89 94 89 87 80 89 101

 United Kingdom 495 584 741 832 741 844 924 1,002

 Uruguay 2 2 2 2 2 2 3 2

 Uzbekistan * * * * * * * *

 Vanuatu * * * * * * * *

 Venezuela 2 2 3 4 3 3 3 4

 Vietnam * * * * * * * *

 Wallis and Futuna * * * * * * * *

 West Bank and Gaza * * * * * * * *

 Western Sahara * * * * 0 0 0 0

 Yemen * * * * * * * *

 Zambia * * * * * * * *

 Zimbabwe * * * * * * * *

 International and regional organizations 4 4 5 5 4 5 5 9

 Country Unknown * * 3 1 * 1 1 1

 Total 4,237 5,070 6,356 6,655 6,186 7,189 8,139 8,630

* Greater than zero but less than $500 million.

n.a. Not available.

1. Separate reporting for certain country groups began with the 2014 survey.

 Entries for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten were previously reported together as Netherlands Antilles.

 Entries for Guadeloupe and for Saint Martin and Saint Barthelemy were previously reported together as Guadeloupe.

 Entries for Kosovo, Montenegro, and Serbia were previously reported together as Serbia.

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

A-37
Table A9. Foreign Holdings of U.S. Long-Term Debt Securities, by Country, as of End-June

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Afghanistan 1 1 1 1 1 1 2 2

 Albania * 1 1 * * * * *

 Algeria * * * * * * * *

 Andorra 1 1 1 1 1 1 1 1

 Angola * * * 1 * * 1 2

 Anguilla 1 2 * * * * * *

 Antigua and Barbuda * * * * * * * *

 Argentina 3 3 3 2 2 2 4 7

 Armenia * * * * * 1 1 1

 Aruba * 1 1 1 1 1 1 1

 Australia 43 49 55 56 58 69 70 74

 Austria 5 6 7 9 10 9 8 7

 Azerbaijan 5 4 7 7 6 5 5 5

 Bahamas 9 9 8 12 21 25 11 11

 Bahrain 2 2 1 1 1 1 1 *

 Bangladesh * * * * * * * *

 Barbados 9 9 8 13 21 22 19 10

 Belarus * * * * * * * *

 Belgium 414 448 666 555 497 638 654 695

 Belize * * * * * * * *

 Benin * * * 0 * * * *

 Bermuda 210 225 184 175 193 199 193 213

 Bhutan 0 0 0 0 0 * * *

 Bolivia * * 1 1 * 1 1 1

 Bonaire, Sint Eustatius & Saba1n.a. n.a. * * * * * *

 Bosnia and Herzegovina * * * * * * * *

 Botswana 2 1 2 2 2 1 1 1

 Brazil 239 237 229 239 240 253 297 313

 British Indian Ocean Territory * * * * 0 * * *

 British Virgin Islands 34 27 31 38 41 43 48 52

 Brunei 1 1 1 1 1 1 1 1

 Bulgaria * * * * * * * *

 Burkina Faso * * 0 * 0 0 0 0

 Burma 0 * * * * * * *

 Burundi * * * 0 0 0 0 0

 Cambodia * * * 2 2 2 2 2

 Cameroon * * 0 0 0 0 0 0

 Canada 148 174 195 207 235 238 263 289

 Cape Verde 0 0 0 0 * * * *

 Cayman Islands 432 444 486 525 626 657 604 694

 Central African Republic 0 0 * 0 0 0 0 0

 Chad 0 0 * 0 0 0 0 0

 Chile 20 22 23 25 30 24 23 30

 China, mainland21,363 1,469 1,489 1,510 1,450 1,344 1,385 1,350

 Colombia 30 34 34 39 34 32 29 35

 Comoros 0 0 0 0 0 0 0 *

 Congo (Brazzaville) * 0 * * * 0 0 *

 Congo (Kinshasa) * * * * * * * *

 Cook Islands * * * * * * * *

 Costa Rica 2 2 2 2 2 2 2 2

* Greater than zero but less than $500 million.

n.a. Not available.

A-38
Table A9. Foreign Holdings of U.S. Long-Term Debt Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Croatia * * * 1 1 1 1 1

 Curacao1n.a. n.a. 2 2 2 2 2 2

 Cyprus * * * * * * * *

 Czech Republic 6 6 6 6 9 21 19 23

 Denmark 36 35 45 43 47 40 36 37

 Dominica * * * * * * * *

 Dominican Republic 1 1 1 1 2 1 2 3

 East Timor 8 10 10 8 8 8 8 8

 Ecuador 1 * * * * * * 1

 Egypt 3 1 4 4 1 2 2 2

 El Salvador 1 1 1 1 1 1 1 1

 Equatorial Guinea 0 0 0 * 0 0 0 *

 Estonia * * * * * * * 1

 Ethiopia * * * * * * * *

 Falkland Islands * * * * * * * *

 Faroe Islands 0 0 * 0 0 * * *

 Federated States of Micronesia * * * * * * * *

 Fiji * * 0 * * * * *

 Finland 7 8 8 13 15 17 12 13

 France 93 89 100 98 97 122 144 177

 French Guiana * * * * * * * *

 French Polynesia * * * * * * * *

 Gabon * * * * * * * *

 Gambia * 0 0 0 0 0 0 0

 Georgia 1 1 1 1 1 * * 0

 Germany 142 148 177 180 196 215 209 194

 Ghana 1 1 1 1 1 1 1 1

 Gibraltar * * * * * * * *

 Greece 5 3 3 2 2 2 2 3

 Grenada * * * * * * * *

 Guadeloupe3* * * * 0 0 * *

 Guatemala 4 4 3 2 3 4 4 8

 Guernsey 8 7 12 11 10 10 10 11

 Guinea * 0 0 * * * * *

 Guyana * * * * * * * *

 Haiti 1 1 1 1 1 1 2 2

 Holy See (Vatican) * * * * * * * *

 Honduras 1 1 1 1 1 1 1 1

 Hong Kong 136 124 138 162 182 191 210 257

 Hungary 1 2 1 1 2 1 2 4

 Iceland 1 1 1 1 2 2 2 2

 India 42 57 69 101 110 115 142 161

 Indonesia 31 22 23 23 23 31 27 28

 Iran 0 0 0 0 0 0 * 0

 Iraq * 2 7 12 7 6 11 16

 Ireland 241 321 396 476 578 640 622 520

 Isle of Man 1 1 1 1 1 1 1 1

 Israel 20 22 27 23 36 37 35 46

 Italy 36 40 42 41 53 49 54 59

 Jamaica * * 1 1 * 1 1 1

* Greater than zero but less than $500 million.

n.a. Not available.

A-39
Table A9. Foreign Holdings of U.S. Long-Term Debt Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Japan 1,458 1,387 1,494 1,437 1,470 1,450 1,436 1,622

 Jersey 13 9 8 8 7 6 7 7

 Jordan 1 1 1 * * * 1 1

 Kazakhstan 8 10 15 12 17 8 4 2

 Kenya * 1 1 1 1 1 3 3

 Kiribati * * * * 0 0 0 0

 Korea, South 119 108 108 133 151 170 174 206

 Kosovo4n.a. n.a. 0 0 * * * *

 Kuwait 31 36 42 43 46 49 61 65

 Laos * 0 0 0 0 0 * *

 Latvia * * 1 1 1 2 2 2

 Lebanon * * * * * * * *

 Lesotho * * * * * * * *

 Liberia 1 1 * * 1 * * *

 Libya 4 5 1 0 0 * 1 *

 Liechtenstein * * * * * 1 1 1

 Lithuania * * * * * * 3 2

 Luxembourg 474 532 617 681 738 771 774 871

 Macau 1 1 1 2 2 2 3 3

 Macedonia * * * * * * * *

 Madagascar * * * * * * * 1

 Malawi * * * * * * * *

 Malaysia 39 34 24 22 25 28 28 26

 Maldives 0 0 0 0 0 0 * *

 Mali 0 0 * 0 0 0 0 0

 Malta 1 1 2 1 1 1 1 1

 Marshall Islands * * * * * * * *

 Martinique * * * * * * * *

 Mauritania 0 0 * * * * * *

 Mauritius * * * 1 2 3 2 2

 Mayotte * * * * 0 0 0 0

 Mexico 88 87 77 100 64 44 49 57

 Moldova * * 1 * * 1 1 1

 Monaco * * * * * * * *

 Mongolia * * * * * * * *

 Montenegro4n.a. n.a. 0 0 0 * * *

 Montserrat * 0 0 0 * * * *

 Morocco 1 1 1 2 2 2 2 5

 Mozambique * * * * * * * *

 Namibia * * * * * * * *

 Nauru * 0 * 0 0 0 0 0

 Nepal * * * 1 1 1 1 1

 Netherlands 97 100 99 107 130 129 123 133

 Netherlands Antilles14 3 n.a. n.a. n.a. n.a. n.a. n.a.

 New Caledonia * * * * * * * *

 New Zealand 6 6 7 7 7 7 8 9

 Nicaragua * * * * * * * *

 Niger 0 0 0 * 0 0 0 0

 Nigeria 4 4 4 3 3 2 4 5

 Niue * 0 0 0 0 0 0 0

* Greater than zero but less than $500 million.

n.a. Not available.

A-40
Table A9. Foreign Holdings of U.S. Long-Term Debt Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Norway 88 99 119 109 104 101 93 143

 Oman 15 19 17 15 16 16 12 9

 Pakistan 1 1 1 1 1 1 1 *

 Palau * * * * * * * *

 Panama 6 5 5 6 7 9 9 11

 Papua New Guinea * * * * * * * *

 Paraguay * * * * * * * *

 Peru 16 24 17 17 18 18 20 23

 Philippines 35 37 34 40 42 39 32 30

 Poland 28 32 30 29 35 34 41 25

 Portugal 3 3 4 3 6 5 3 3

 Qatar * * * 1 * 2 2 3

 Reunion 0 * 0 0 0 0 0 0

 Romania 6 6 7 2 4 3 8 7

 Russia 159 139 115 72 91 97 9 5

 Rwanda * * * * * * * *

 Saint Kitts and Nevis 1 1 1 1 1 1 2 2

 Saint Lucia * * * * * * * *

 Saint Martin & Saint Barthelemy3n.a. n.a. * * * * * *

 Saint Pierre and Miquelon * 0 0 0 0 0 0 0

 Saint Vincent and the Grenadines * * * * * * * *

 Samoa * * * * * * * *

 San Marino * * 0 0 0 0 0 *

 Saudi Arabia 85 95 108 126 112 114 121 150

 Senegal * * 0 0 * * * *

 Serbia and Montenegro41 1 1 1 1 2 2 2

 Seychelles * * * * * * * *

 Sierra Leone * * * 0 0 0 0 0

 Singapore 127 138 155 174 171 164 162 171

 Sint Maarten1n.a. n.a. * * * * * *

 Slovakia * * * * * * * *

 Slovenia * * * 1 1 1 1 1

 Solomon Islands 0 0 * * * * * *

 Somalia * * 0 0 0 0 0 0

 South Africa 14 14 15 11 11 12 18 10

 Spain 25 23 26 35 44 41 36 45

 Sri Lanka 1 1 1 * * 1 3 2

 Suriname * * * * * * * *

 Swaziland * * * * * * * *

 Sweden 41 36 40 44 46 50 53 55

 Switzerland 277 284 279 338 359 378 331 322

 Syria * * * * * * * *

 Taiwan 349 346 364 416 473 505 510 554

 Tanzania 1 2 2 2 1 2 2 1

 Thailand 20 12 15 16 25 64 54 77

 Togo * * * * * * * *

 Tonga 0 0 0 * * * * 0

 Trinidad and Tobago 6 6 7 7 7 7 6 7

 Tunisia * * * * * * * *

 Turkey 12 18 25 19 25 23 13 2

* Greater than zero but less than $500 million.

n.a. Not available.

A-41
Table A9. Foreign Holdings of U.S. Long-Term Debt Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Turkmenistan 0 0 0 0 0 0 0 *

 Turks and Caicos Islands * * * * * * * *

 Uganda * * 1 * 1 1 * 1

 Ukraine 7 6 2 4 6 2 1 4

 United Arab Emirates 40 34 50 65 63 58 57 46

 United Kingdom 491 502 511 574 646 608 629 716

 Uruguay 10 9 8 8 6 6 7 7

 Uzbekistan * * * * * * * *

 Vanuatu * 0 0 0 0 * * *

 Venezuela 6 6 5 2 2 2 2 3

 Vietnam 7 10 14 14 14 14 20 25

 West Bank and Gaza 0 * * 0 0 0 0 *

 Western Sahara 0 0 * * 0 0 0 0

 Yemen 1 1 1 1 * * * *

 Zambia * * * * * * * *

 Zimbabwe * * * * * * * *

 International and regional organizations 92 86 97 84 78 68 61 58

 Country Unknown 88 51 81 98 82 64 79 55

 Total 8,213 8,462 9,183 9,547 10,044 10,292 10,282 10,991

* Greater than zero but less than $500 million.

n.a. Not available.

1. Separate reporting for certain country groups began with the 2014 survey.

 Entries for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten were previously reported together as Netherlands Antilles.

 Entries for Guadeloupe and for Saint Martin and Saint Barthelemy were previously reported together as Guadeloupe.

 Entries for Kosovo, Montenegro, and Serbia were previously reported together as Serbia.

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

A-42
Table A10. Foreign Holdings of U.S. Short-Term Debt Securities, by Country, as of End-June

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Afghanistan 0 * 0 0 * 0 0 *

 Albania * 0 0 * 0 0 0 0

 Algeria 1 1 1 1 1 1 1 1

 Andorra * * * * * * * *

 Angola 0 0 0 * * 0 * 0

 Anguilla 1 1 * * 2 1 * *

 Antigua and Barbuda * * * * * * * *

 Argentina * * * * * * 2 6

 Armenia 0 0 * 0 0 0 0 *

 Aruba * * * * * * * *

 Australia 7 16 14 10 9 8 10 8

 Austria * * * 1 * * * 1

 Azerbaijan 1 1 * 1 1 1 1 *

 Bahamas 2 2 3 3 4 5 5 4

 Bahrain * * * * * * * 1

 Bangladesh 1 1 1 1 * 1 1 1

 Barbados 3 3 4 1 1 1 1 1

 Belarus 0 0 0 0 * 0 0 0

 Belgium 11 13 13 13 61 15 31 27

 Belize * * * * * * * *

 Bermuda 22 25 25 22 27 24 21 26

 Bolivia * 1 2 2 1 1 1 2

 Bonaire, Sint Eustatius & Saba1n.a. n.a. * * * * * *

 Botswana * * * * * * * *

 Brazil 9 20 26 21 13 18 8 3

 British Indian Ocean Territory 0 0 0 0 0 0 * 0

 British Virgin Islands 12 11 17 16 14 11 13 14

 Brunei * * * * * * * *

 Bulgaria 0 * 0 0 0 0 * *

 Burkina Faso 0 0 0 0 0 * * *

 Cambodia * * 0 0 * * * *

 Canada 15 24 24 24 20 13 19 16

 Cape Verde 0 0 * * * * * *

 Cayman Islands 83 96 84 97 103 102 115 99

 Chile 11 11 10 10 8 9 10 4

 China, mainland29 5 9 3 2 3 5 4

 Colombia 1 1 2 1 1 * 2 1

 Cook Islands * * * 0 * * 0 *

 Costa Rica * 1 1 * * * * *

 Croatia 1 1 1 * * * * *

 Curacao1n.a. n.a. * * 1 1 1 1

 Cyprus * * * * * * * *

 Czech Republic 0 * 0 * * * * *

 Denmark 4 5 1 1 1 1 1 1

 Dominica * * * * * * * *

 Dominican Republic * * * * * * * *

 East Timor * * 0 * 0 * 0 0

 Ecuador * * * * * * * *

 Egypt 1 * 1 1 1 6 18 18

 El Salvador * * * * * * * 1

* Greater than zero but less than $500 million.

n.a. Not available.

A-43
Table A10. Foreign Holdings of U.S. Short-Term Debt Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Estonia * * * * * * * *

 Ethiopia 0 0 0 0 * 0 * *

 Federated States of Micronesia * * * * 0 * * *

 Fiji 0 * * * * * * *

 Finland * 1 1 * * * * *

 France 13 11 12 8 13 16 18 19

 French Polynesia * * * * * * * *

 Gabon 0 * 0 0 0 0 0 0

 Gambia * * 0 0 0 0 0 *

 Georgia * 0 * * 0 0 0 0

 Germany 6 5 5 5 22 5 7 11

 Ghana * * * * 0 * * *

 Gibraltar * * * 0 * 1 * *

 Greece 2 2 2 3 3 1 * 1

 Grenada * 0 0 * * * 0 *

 Guatemala * * * * * * * *

 Guernsey 1 1 2 3 2 1 1 2

 Guinea 0 0 0 0 0 0 0 *

 Guyana 0 * * 0 0 * 0 *

 Haiti * * * * * * * *

 Honduras * * * * * * * *

 Hong Kong 40 35 50 59 48 64 42 30

 Hungary 1 1 * * * * * *

 Iceland * * * * * * * *

 India 12 4 4 16 7 16 6 2

 Indonesia 5 4 4 2 1 3 2 2

 Iraq 49 43 19 18 8 10 16 18

 Ireland 104 114 129 120 115 132 134 105

 Isle of Man * * * * * 1 * *

 Israel 10 9 5 4 2 1 2 2

 Italy 1 2 * 1 1 2 2 6

 Jamaica * * * 0 * * * *

 Japan 63 63 62 75 62 58 65 62

 Jersey 4 2 2 2 5 3 2 1

 Jordan * * 0 * * 0 * *

 Kazakhstan 21 16 21 20 6 15 8 7

 Kenya * 0 0 0 0 0 * *

 Korea, South 5 12 13 13 10 10 17 7

 Kosovo4n.a. n.a. 0 0 * 0 0 0

 Kuwait 7 8 9 13 11 21 23 25

 Kyrgyzstan 0 0 0 0 0 0 * *

 Latvia * * * * * * * *

 Lebanon 3 * 0 0 0 0 * *

 Lesotho 0 0 0 0 0 * * *

 Liberia * * * * * * * *

 Libya 0 0 0 0 0 0 3 5

 Liechtenstein * * 0 * 0 * * *

 Lithuania 0 0 0 * * * * *

 Luxembourg 72 80 80 98 94 95 103 89

 Macau * * * * * * 1 *

* Greater than zero but less than $500 million.

n.a. Not available.

A-44
Table A10. Foreign Holdings of U.S. Short-Term Debt Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Macedonia * 0 0 0 0 0 0 0

 Madagascar 0 0 0 0 0 0 0 *

 Malaysia * * * * * * * *

 Malta * * * * * * * *

 Marshall Islands * * * * * * * *

 Mauritania 0 0 0 0 0 0 * 0

 Mauritius * * * * * 1 * *

 Mexico 11 11 25 15 18 6 9 9

 Monaco * * * * * * * *

 Mongolia 0 * 0 0 0 0 * *

 Montenegro4n.a. n.a. 0 0 0 0 * 0

 Morocco * * * 0 * 0 0 *

 Mozambique * * * * 0 0 0 *

 Namibia 0 0 0 0 0 0 0 *

 Nepal * * * * * * * *

 Netherlands 3 6 9 9 10 15 9 3

 Netherlands Antilles11 * n.a. n.a. n.a. n.a. n.a. n.a.

 New Caledonia * * * * 0 0 0 0

 New Zealand 2 1 * 1 1 * * 1

 Nicaragua * * * * * * * *

 Niger 0 * 0 0 0 0 0 0

 Nigeria * * * * * * * *

 Norway * 2 2 1 1 1 1 1

 Oman 3 2 4 8 * 0 * *

 Pakistan 1 1 * * 1 2 2 *

 Palau 0 0 0 0 0 * * *

 Panama * * * * 1 1 2 3

 Papua New Guinea 0 0 0 0 0 0 * *

 Paraguay * * * * * * * *

 Peru 1 * * 1 1 1 1 1

 Philippines 1 1 1 1 1 1 1 4

 Poland 3 1 0 * * * * 4

 Portugal * * * * * * * *

 Qatar 3 6 5 5 5 3 5 18

 Romania * 0 0 0 0 0 * *

 Russia 5 * * * * 6 6 6

 Saint Kitts and Nevis * * * * * * * 1

 Saint Lucia * * * * 0 0 * *

 Saint Martin & Saint Barthelemy3n.a. n.a. 0 0 * * * 0

 Saint Vincent and the Grenadines 0 0 0 0 * 0 0 *

 Samoa * * 0 * * * * 0

 San Marino * 0 0 0 0 0 0 0

 Saudi Arabia 5 7 8 5 5 42 54 46

 Serbia and Montenegro4* * 1 1 * * * *

 Seychelles 0 0 0 0 * 0 * *

 Sierra Leone 0 0 0 0 0 0 * *

 Singapore 9 5 10 12 14 16 10 12

 Sint Maarten1n.a. n.a. * 0 * * * *

 Slovakia * * * * * * * *

 Slovenia * * * * * * * *

* Greater than zero but less than $500 million.

n.a. Not available.

A-45
Table A10. Foreign Holdings of U.S. Short-Term Debt Securities, by Country, as of End-June

 (continued)

 Billions of dollars

June June June June June June June June 

 Countries and Regions 2012 2013 2014 2015 2016 2017 2018 2019

 Solomon Islands 0 0 0 0 0 0 0 *

 South Africa * * * * * * 9 4

 Spain 6 3 2 1 1 1 2 2

 Sri Lanka 0 0 0 0 0 0 0 *

 Sudan 0 0 0 0 0 0 0 *

 Suriname * * * * * * * *

 Swaziland 0 0 * 0 0 0 0 0

 Sweden 1 8 5 6 2 * * 1

 Switzerland 26 32 24 27 32 34 30 41

 Syria * * 0 0 0 0 0 0

 Taiwan 2 3 1 2 3 4 2 4

 Thailand 34 39 28 19 28 12 16 16

 Tonga 0 0 0 0 0 * 0 0

 Trinidad and Tobago 2 2 1 1 * * 1 1

 Tunisia 0 * 0 0 0 0 0 0

 Turkey 17 41 28 57 34 36 16 *

 Turks and Caicos Islands * * * * * * * *

 Uganda * * * * * 1 * 1

 Ukraine * * 0 0 * * * *

 United Arab Emirates 24 15 11 13 11 9 10 13

 United Kingdom 22 30 37 42 40 41 45 58

 Uruguay * 1 1 1 1 1 2 3

 Vanuatu 0 0 0 * * * * *

 Venezuela * * * * * * * *

 Vietnam * * * * * * * *

 Yemen * 0 0 0 0 0 0 0

 Zambia * 0 0 * 0 0 0 0

 International and regional organizations 9 9 8 9 14 15 20 17

 Country Unknown * * * 0 0 0 * *

 Total 811 878 878 932 909 930 980 913

* Greater than zero but less than $500 million.

n.a. Not available.

1. Separate reporting for certain country groups began with the 2014 survey.

 Entries for Bonaire, Sint Eustatius, and Saba; Curacao; and Sint Maarten were previously reported together as Netherlands Antilles.

 Entries for Guadeloupe and for Saint Martin and Saint Barthelemy were previously reported together as Guadeloupe.

 Entries for Kosovo, Montenegro, and Serbia were previously reported together as Serbia.

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

A-46
Table A11: Foreign Holdings of U.S. Securities by Industry

As of June 28, 2019

Billions of dollars

Industry NAICS code1 Total Equity

Debt

Longterm

Shortterm

Mining, quarrying, and oil and gas extraction 21 286 176 110 *

Oil and gas extraction 2111 182 113 69 *

Metal ore mining 2122 36 23 13 0

Oil and gas well drilling and support 213111-213112 51 28 24 *

Support activities for metal mining 213114 1 1 1 0

Other 15 12 3 0

Utilities and construction 22-23 401 223 174 3

Electric power generation and distribution 2211 282 147 131 3

Natural gas distribution 2212 66 44 22 *

Water, sewage, and other systems 2213 12 10 2 *

Construction 23 40 22 18 *

Consumer goods manufacturing 31 486 285 196 4

Food manufacturing 311 149 77 69 3

Beverage manufacturing 3121 179 101 78 1

Tobacco product manufacturing 3122 92 48 44 0

Other 65 59 6 *

Chemical manufacturing 325 768 558 203 6

Pharmaceutical and medicine manufacturing 3254 585 442 143 1

Other 182 116 61 5

Other primary and machinery manufacturing 326-333 296 182 109 5

Primary metal manufacturing 331 29 17 13 *

Machinery manufacturing 333 194 124 66 5

Other 72 41 30 *

Computer and electronic product manufacturing 334-335 926 734 190 2

Computer and peripheral equipment manufacturing 3341 345 263 81 *

Communications equipment manufacturing 3342 33 15 17 1

Semiconductor and other electronic component mfg. 3344 289 242 47 1

Navigational, measuring, electromed., control instr. mfg. 3345 195 163 32 *

Electrical equipment, appliance, and component mfg. 335 57 43 12 1

Other 8 7 1 0

All other manufacturing 336-339 537 343 190 3

Motor vehicle manufacturing 3361 164 43 119 2

Motor vehicle parts manufacturing 3363 30 23 7 *

Aircraft manufacturing 3364 125 94 29 1

Rail, ship, and other transportation manufacturing 3365-3369 11 8 3 *

Medical equipment and supplies manufacturing 3391 185 159 26 *

Other 21 16 5 *

Wholesale trade 42 211 143 63 5

Merchant wholesalers, durable goods 423 69 39 28 2

Merchant wholesalers, nondurable goods 424-425 142 104 35 4

Retail trade 44-45 613 483 129 1

Food and beverage stores 445 16 10 6 0

Clothing and clothing accessories stores 448 49 43 6 0

Other 549 431 117 1

A-47
Table A11: Foreign Holdings of U.S. Securities by industry

As of June 28, 2019 (continued)

Billions of dollars

Industry NAICS code1 Total Equity

Debt

Longterm

Shortterm

Transportation and cargo 48-49 239 144 94 2

Air transportation 481 25 21 5 *

Rail transportation 482 79 58 21 *

Water transportation 483 3 2 1 *

Pipeline transportation 486 68 23 45 1

Support activities for transportation 488 15 11 4 0

Other 49 29 19 1

Publishing and broadcasting 511-515 922 735 187 *

Publishing industries (except internet) 511 592 511 82 0

Motion picture and sound recording industries 512 64 43 21 0

Broadcasting (except internet) 515 266 181 85 *

Telecommunications and information services 517-519 772 515 257 1

Wired telecommunications carriers 5171 30 6 24 0

Wireless telecommunications carriers (except satellite) 5172 32 11 21 *

Other telecommunications 5179 275 100 174 1

Other information services 519 338 330 8 0

Other 97 67 30 *

Depository credit intermediation (banking) 5221 971 365 509 97

Other financial 5222-5239 2,650 758 1,846 46

Real estate credit 522292 1,096 2 1,093 1

Other credit intermed 52239 374 5 359 10

Inv. banking 5231 274 60 202 12

Other 906 691 192 23

Insurance 524 477 328 147 1

Funds, trusts, and other financial vehicles 525 1,833 1,763 64 6

Services 53-81 1,132 721 400 10

Real estate rental and leasing 531 118 55 63 *

Architectural, engineering, and related services 5413 16 14 2 0

Computer systems design and related services 5415 202 157 45 *

Management, scientific, and technical consulting services 5416 42 38 4 *

Offices of bank and other holding companies 5511 16 10 5 *

Administrative and support services 561 174 120 50 5

Education, health care, and social services 61-62 132 70 61 1

Arts, entertainment, and recreation 71 34 23 10 *

Accommodation and food services 72 175 123 51 *

Other 224 112 108 3

Government2 92 6,668 * 5,958 709

Industry classification unknown 133 21 108 4

All other industries 193 137 50 6

Total 20,534 8,630 10,991 913

1 Stands for North American Industry Classification System.

2 The government sector includes primarily U.S. Treasuries and also some bonds issued by state and local

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

or education, they are classified by that industry. Debt issued by international and regional organizations

is classified as private.

A-48
Appendix B: Data for Exhibits Shown in Graphica

B-1
Billions of dollars

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Long-term securities 7,162 9,136 9,463 8,492 9,736 11,561 12,451 13,532 15,539 16,202 16,230 17,481 18,421 19,622

Equities1 2,430 3,130 2,969 2,252 2,814 3,830 4,237 5,070 6,356 6,655 6,186 7,189 8,139 8,630

Debt 4,733 6,007 6,494 6,240 6,921 7,731 8,213 8,462 9,183 9,547 10,044 10,292 10,282 10,991

U.S. Treasury 1,727 1,965 2,211 2,604 3,343 4,049 4,673 4,916 5,382 5,450 5,585 5,468 5,467 5,903

U.S. agency2 984 1,304 1,464 1,196 1,086 1,031 991 874 827 880 954 980 1,024 1,145

Corporate3 2,021 2,738 2,820 2,440 2,493 2,651 2,549 2,672 2,974 3,217 3,505 3,844 3,790 3,943

Short-term debt 615 635 858 1,149 956 878 811 878 878 932 909 930 980 913

U.S. Treasury 253 229 379 862 743 658 637 679 633 697 683 678 734 709

U.S. agency2 147 109 174 90 61 43 29 25 42 49 32 17 20 14

Corporate3 215 297 306 197 152 177 145 173 203 186 195 236 226 190

Total 7,778 9,772 10,322 9,641 10,691 12,440 13,261 14,410 16,417 17,134 17,139 18,412 19,400 20,534

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

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

2. Agencies include U.S. government agencies and corporations as well as federally sponsored enterprises, such as the Federal National Mortgage Association.

3. Corporate debt includes all other non-Treasury and non-agency debt, such as certificates of deposit with a maturity of over one year, and U.S. municipal debt securities.

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

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

As of End-June

B-2
Trillions of dollars

Security Type 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Equities

Total outstanding1 28.0 33.3 30.2 23.8 26.3 32.5 32.7 38.3 45.8 47.6 47.1 53.0 58.6 61.8

Foreign-owned 2.4 3.1 3.0 2.3 2.8 3.8 4.2 5.1 6.4 6.7 6.2 7.2 8.1 8.6

Percent foreign-owned 8.7 9.4 9.8 9.5 10.7 11.8 13.0 13.2 13.9 14.0 13.1 13.6 13.9 14.0

Marketable U.S. Treasury debt

Total outstanding2 3.3 3.5 3.6 4.6 6.3 7.8 8.9 9.8 10.7 11.3 11.9 12.3 12.8 13.7

Foreign-owned 1.7 2.0 2.2 2.6 3.3 4.0 4.7 4.9 5.4 5.4 5.6 5.5 5.5 5.9

Percent foreign-owned 51.7 56.6 60.8 56.5 52.9 51.9 52.4 50.0 50.3 48.2 46.8 44.5 42.6 43.2

U.S. government agency debt

Total outstanding3 5.7 6.3 7.0 7.3 7.0 7.1 7.1 7.2 7.3 7.4 7.7 8.2 8.5 8.8

Foreign-owned 1.0 1.3 1.5 1.2 1.1 1.0 1.0 0.9 0.8 0.9 1.0 1.0 1.0 1.1

Percent foreign-owned 17.2 20.7 20.8 16.4 15.4 14.6 13.9 12.1 11.4 11.9 12.4 12.0 12.1 13.0

Corporate and other debt

Total outstanding4 10.2 11.3 12.0 12.2 11.9 12.0 11.9 12.0 12.3 12.7 12.8 13.1 13.2 13.6

Foreign-owned 2.0 2.7 2.8 2.4 2.5 2.7 2.5 2.7 3.0 3.2 3.5 3.8 3.8 3.9

Percent foreign-owned 19.7 24.2 23.4 20.0 21.0 22.2 21.5 22.2 24.2 25.3 27.3 29.4 28.6 29.1

Total U.S. long-term securities

Total outstanding 47.3 54.4 52.9 47.9 51.5 59.3 60.6 67.4 76.0 79.0 79.6 86.6 93.2 97.8

Foreign-owned 7.2 9.1 9.5 8.5 9.7 11.6 12.5 13.5 15.5 16.2 16.2 17.5 18.4 19.6

Percent foreign-owned 15.1 16.8 17.9 17.7 18.9 19.5 20.5 20.1 20.4 20.5 20.4 20.2 19.8 20.1

1. Source: Federal Reserve Statistical Release Z.1, Financial Accounts of the United States, Table L223, row 1, minus Table L133, row 37,

plus Table L224, 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 Financial Accounts of the United States Z.1 Table L211, 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 $486 billion as of June 2019. 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 213 line 1, minus Table 133 line 27, plus

Table 107 line 21.

Exhibit 2: Foreign Holdings of U.S. Long-Term Securities Outstanding by Security Type // As of End-June

B-3
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 6,834 12,451 0.55 -5,616

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

Jun. 2014 9,531 15,539 0.61 -6,008

Jun. 2015 9,730 16,202 0.60 -6,473

Jun. 2016 9,170 16,230 0.56 -7,060

Jun. 2017 10,734 17,481 0.61 -6,747

Jun. 2018 11,618 18,421 0.63 -6,802

Jun. 2019 11,920 19,622 0.61 -7,702

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.

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

As of End-June

B-4
Billions of dollars

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

A. Debt

Japan 911.9 976.3 1,051.8 1,087.7 1,169.2 1,283.2 1,521.5 1,450.2 1,556.5 1,512.5 1,532.1 1,508.1 1,500.7 1,684.0

Cayman Islands 307.0 460.7 515.0 422.7 453.2 495.6 514.9 540.0 570.6 622.1 728.3 758.8 719.1 792.3

United Kingdom 339.9 499.6 488.0 509.3 474.1 540.2 512.8 532.2 547.9 616.2 686.1 649.1 674.6 774.4

Luxembourg 356.0 468.9 465.6 441.0 450.7 525.6 545.3 612.5 696.3 779.0 832.1 865.9 876.3 960.4

China1 695.1 893.5 1,105.5 1,386.3 1,484.2 1,567.8 1,371.3 1,474.3 1,497.3 1,513.5 1,451.8 1,346.6 1,390.0 1,354.1

Canada 108.1 128.0 120.2 94.8 126.4 144.0 163.7 197.7 219.0 231.0 255.2 250.8 281.9 305.6

All Other 2,630.2 3,215.1 3,606.5 3,446.6 3,719.4 4,053.2 4,394.2 4,533.3 4,973.4 5,204.8 5,467.9 5,842.8 5,818.6 6,033.3

Total 5,348.0 6,642.2 7,352.5 7,388.4 7,877.1 8,609.7 9,023.9 9,340.2 10,060.9 10,479.1 10,953.7 11,222.1 11,261.2 11,904.1

B. Equity

Japan 194.5 220.2 198.6 181.6 224.2 301.9 313.6 315.8 360.8 390.6 427.5 490.2 543.2 595.7

Cayman Islands 178.1 279.5 316.8 227.3 290.0 393.3 516.4 627.9 838.2 883.7 796.2 927.7 1,038.2 1,084.5

United Kingdom 299.7 421.0 375.9 278.6 324.3 441.5 494.8 584.1 741.3 832.1 740.6 844.2 923.8 1,001.9

Luxembourg 193.1 234.6 190.6 136.9 171.7 290.9 292.2 377.6 501.5 517.6 516.4 531.9 617.4 662.7

China1 3.8 28.5 99.5 77.7 126.5 158.8 220.9 260.5 319.7 330.5 177.7 194.0 216.8 189.3

Canada 273.8 347.2 320.6 241.8 297.7 415.4 471.0 616.8 769.4 761.0 695.4 810.0 928.1 955.9

All Other 1,286.5 1,598.6 1,467.1 1,108.2 1,379.9 1,828.2 1,928.5 2,287.5 2,825.0 2,939.9 2,831.7 3,391.5 3,871.7 4,140.4

Total 2,429.5 3,129.5 2,969.3 2,252.2 2,814.3 3,829.9 4,237.4 5,070.3 6,355.9 6,655.3 6,185.6 7,189.4 8,139.2 8,630.3

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

Exhibit 7: Foreign Holdings of U.S. Long- and Short-term Securities by Major Investing Country as of End-June

B-5
Billions of dollars except as noted

Agency debt Corporate debt

Total ABS Non-ABS ABS share (%) Total ABS Non-ABS ABS share (%)

Jun. 2006 984 386 599 39.0 2,021 594 1,427 29.0

Jun. 2007 1,304 570 735 44.0 2,738 902 1,835 33.0

Jun. 2008 1,464 773 691 53.0 2,820 760 2,060 27.0

Jun. 2009 1,196 752 444 63.0 2,440 508 1,931 21.0

Jun. 2010 1,086 713 372 66.0 2,493 445 2,047 18.0

Jun. 2011 1,031 714 317 69.0 2,651 426 2,225 16.0

Jun. 2012 991 717 274 72.0 2,549 404 2,145 16.0

Jun. 2013 874 657 217 75.0 2,672 403 2,268 15.0

Jun. 2014 827 668 159 81.0 2,974 396 2,578 13.0

Jun. 2015 880 742 138 84.0 3,217 412 2,805 13.0

Jun. 2016 954 832 123 87.0 3,505 356 3,149 10.0

Jun. 2017 980 891 90 91.0 3,844 371 3,473 10.0

Jun. 2018 1,024 954 71 93.0 3,790 363 3,427 10.0

Jun. 2019 1,145 1,077 68 94.0 3,943 340 3,604 9.0

Exhibit 8: Foreign Holdings of U.S. Long-Term Corporate and Agency Debt by Type

As of End-June

B-6
Billions of dollars

Security Type 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Equities1

Total foreign holdings 2,430 3,130 2,969 2,252 2,814 3,830 4,237 5,070 6,356 6,655 6,186 7,189 8,139 8,630

Of which: Foreign official 215 266 363 311 426 567 630 799 956 961 821 952 1,042 1,117

Percent foreign official 8.8 8.5 12.2 13.8 15.1 14.8 14.9 15.8 15.0 14.4 13.3 13.2 12.8 12.9

Treasury debt

Total foreign holdings 1,727 1,965 2,211 2,604 3,343 4,049 4,673 4,916 5,382 5,450 5,585 5,468 5,467 5,903

Of which: Foreign official 1,213 1,452 1,684 2,054 2,617 3,103 3,489 3,648 3,765 3,806 3,761 3,663 3,651 3,852

Percent foreign official 70.2 73.9 76.2 78.9 78.3 76.6 74.7 74.2 70.0 69.8 67.3 67.0 66.8 65.3

Agency debt

Total foreign holdings 984 1,304 1,464 1,196 1,086 1,031 991 874 827 880 954 980 1,024 1,145

Of which: Foreign official 473 750 966 794 721 635 543 452 434 456 446 426 579 658

Percent foreign official 48.0 57.5 66.0 66.4 66.4 61.6 54.8 51.7 52.5 51.9 46.7 43.5 56.5 57.5

Corporate debt

Total foreign holdings 2,021 2,738 2,820 2,440 2,493 2,651 2,549 2,672 2,974 3,217 3,505 3,844 3,790 3,943

Of which: Foreign official 96 99 106 107 97 104 110 127 156 167 173 171 156 169

Percent foreign official 4.8 3.6 3.7 4.4 3.9 3.9 4.3 4.7 5.2 5.2 4.9 4.4 4.1 4.3

All long-term securities

Total foreign holdings 7,162 9,136 9,463 8,492 9,736 11,561 12,451 13,532 15,539 16,202 16,230 17,481 18,421 19,622

Of which: Foreign official 1,997 2,567 3,119 3,266 3,862 4,409 4,772 5,025 5,311 5,391 5,201 5,212 5,428 5,796

Percent foreign official 27.9 28.1 33.0 38.5 39.7 38.1 38.3 37.1 34.2 33.3 32.0 29.8 29.5 29.5

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 open-end 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.

Exhibit 9: Foreign Holdings of U.S. Long-Term Securities by Type of Holder

As of End-June

B-7
Billions of dollars

Security Type 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Treasury debt

Total foreign holdings 253 229 379 862 743 658 637 679 633 697 683 678 734 709

Of which: Foreign official 183 159 226 572 454 414 366 363 341 367 272 329 333 286

Percent foreign official 72.2 69.6 59.6 66.3 61.2 62.9 57.5 53.4 53.8 52.6 39.9 48.6 45.4 40.3

Agency debt

Total foreign holdings 147 109 174 90 61 43 29 25 42 49 32 17 20 14

Of which: Foreign official 110 80 130 34 24 16 5 3 8 12 6 0 0 1

Percent foreign official 74.7 73.2 74.8 37.3 38.7 37.7 17.2 11.9 18.3 24.9 20.1 2.5 2.2 4.2

Corporate debt

Total foreign holdings 215 297 306 197 152 177 145 173 203 186 195 236 226 190

Of which: Foreign official 12 17 18 9 6 8 6 15 23 24 25 33 33 30

Percent foreign official 5.4 5.6 5.9 4.7 3.9 4.4 3.8 8.7 11.3 12.9 12.7 14.1 14.4 15.7

All short-term securities

Total foreign holdings 615 635 858 1,149 956 878 811 878 878 932 909 930 980 913

Of which: Foreign official 304 256 373 614 484 438 377 381 372 403 303 363 366 316

Percent foreign official 49.5 40.3 43.5 53.5 50.6 49.9 46.5 43.4 42.3 43.2 33.4 39.0 37.4 34.6

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

shown in this table.

Exhibit 10: Foreign Holdings of U.S. Short-Term Securities by Type of Holder

As of end-June

B-8
Billions of dollars

2011 2012 2013 2014 2015 2016 2017 2018 2019

A. Long Term Nominal

Japan 805 1,030 1,004 1,135 1,089 1,044 993 929 1,031

China1 1,266 1,061 1,165 1,117 1,097 1,068 949 973 891

United Kingdom 108 98 112 114 146 154 148 173 229

Brazil 201 224 221 216 205 217 234 270 279

Ireland 28 63 83 122 157 199 224 205 192

Switzerland 97 138 145 139 173 182 190 174 162

All Other 1,339 1,772 1,844 2,108 1,943 2,025 2,018 2,015 2,383

Total 3,843 4,384 4,575 4,951 4,810 4,889 4,756 4,739 5,167

B. Short Term

Japan 64 61 60 60 73 61 56 63 61

China1 5 8 5 8 3 2 2 4 4

United Kingdom 13 17 22 28 32 29 35 40 48

Brazil 4 9 19 26 18 13 17 6 3

Ireland 24 22 30 35 43 35 44 54 35

Switzerland 12 20 23 22 25 31 31 28 38

All Other 538 500 520 455 502 512 492 539 521

Total 658 637 679 633 697 683 678 734 709

C. TIPS

Japan 13 18 19 25 34 42 39 39 32

China1 37 78 107 143 170 170 195 215 218

United Kingdom 10 13 18 19 25 41 33 39 45

Brazil 11 12 13 12 13 13 13 20 30

Ireland 3 6 8 9 13 20 24 24 20

Switzerland 10 14 12 15 17 24 22 32 32

All Other 123 148 164 208 236 260 267 244 285

Total 206 289 342 431 508 569 593 613 661

D. Floating rate notes (FRN)2

Japan n.a. n.a. n.a. n.a. 0 1 1 2 2

China1 n.a. n.a. n.a. n.a. 0 0 0 0 0

United Kingdom n.a. n.a. n.a. n.a. 1 4 19 17 13

Brazil n.a. n.a. n.a. n.a. 20 8 5 3 1

Ireland n.a. n.a. n.a. n.a. 4 16 12 18 12

Switzerland n.a. n.a. n.a. n.a. 2 1 1 1 1

All Other n.a. n.a. n.a. n.a. 105 97 80 74 47

Total n.a. n.a. n.a. n.a. 132 127 118 115 75

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

Exhibit 11A: Foreign Holdings of U.S. Treasuries by Major Investing Country

As of End-June

B-9
Billions of dollars

2011 2012 2013 2014 2015 2016 2017 2018 2019

Total treasuries

Total outstanding 9,335 10,497 11,395 12,084 12,711 13,431 14,009 14,982 15,931

FOI 3,518 3,855 4,010 4,106 4,173 4,034 3,992 3,984 4,138

Private 1,190 1,455 1,585 1,909 1,974 2,234 2,153 2,216 2,474

Foreign share outstanding, % 50 51 49 50 48 47 44 41 42

Long Term Nominal

Total outstanding 7,138 8,127 8,912 9,595 9,968 10,404 10,689 11,121 11,838

FOI 2,968 3,292 3,412 3,437 3,346 3,322 3,221 3,196 3,385

Private 875 1,093 1,163 1,477 1,465 1,567 1,535 1,543 1,782

Foreign share outstanding, % 54 54 51 51 48 47 44 43 44

TIPS

Total outstanding 666 798 913 1,019 1,102 1,187 1,262 1,346 1,432

FOI 136 197 236 299 348 359 381 405 439

Private 70 91 106 132 160 210 212 208 222

Foreign share outstanding, % 31 36 37 42 46 48 47 46 46

Floating rate notes (FRN)1

Total outstanding n.a. n.a. n.a. 82 246 332 341 358 410

FOI n.a. n.a. n.a. 29 113 80 60 50 29

Private n.a. n.a. n.a. 8 19 47 58 66 47

Foreign share outstanding, % . . . 45 53 38 35 32 18

ST Bills

Total outstanding 1,531 1,571 1,570 1,388 1,395 1,508 1,718 2,158 2,251

FOI 414 366 363 341 367 272 329 333 286

Private 244 271 317 292 330 410 348 400 423

Foreign share outstanding, % 43 41 43 46 50 45 39 34 31

1. Floating rate notes were first issued in January 2014.

Exhibit 11B: Value of foreign holdings of U.S. Treasury securities, by Type of Treasury Issue, as of end-June

B-10
Billions of dollars

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

A. Common stock

Cayman Islands 246 257 152 201 298 282 373 493 563 441 531 606 589

United Kingdom 381 340 247 281 388 408 495 639 715 625 721 802 858

Canada 311 279 202 246 343 373 517 633 636 562 641 736 739

Luxembourg 221 175 122 145 260 258 341 456 480 472 484 571 610

Japan 192 176 164 182 240 243 249 286 332 325 394 458 498

Ireland 74 70 54 70 97 95 125 183 217 213 265 357 421

All Other 1,245 1,172 830 1,068 1,439 1,414 1,762 2,159 2,279 2,027 2,419 2,770 2,871

Total 2,670 2,469 1,771 2,192 3,065 3,072 3,862 4,849 5,223 4,665 5,454 6,301 6,587

B. Fund shares

Cayman Islands 20 47 46 53 58 159 91 164 143 199 236 267 254

United Kingdom 35 27 24 31 38 58 58 71 59 67 73 75 86

Canada 33 37 30 40 60 81 74 109 96 105 134 155 168

Luxembourg 10 11 10 19 22 27 27 31 24 36 38 35 37

Japan 26 20 14 30 57 64 61 68 48 96 88 77 86

Ireland 6 5 5 6 7 11 12 17 11 19 24 28 28

All Other 270 271 220 293 356 517 485 579 543 551 659 705 731

Total 400 418 350 471 598 917 807 1,039 923 1,073 1,252 1,344 1,389

C. Other equity

Cayman Islands 13 14 30 36 37 75 163 181 178 156 161 165 242

United Kingdom 5 9 8 13 16 29 32 32 58 48 50 46 58

Canada 3 5 9 12 12 18 26 28 29 28 35 37 49

Luxembourg 3 5 5 8 9 8 10 15 14 8 10 11 16

Japan 2 2 3 13 6 7 7 6 11 7 8 8 12

Ireland 1 0 1 1 1 3 3 4 7 6 7 8 7

All Other 31 48 76 68 87 110 160 202 214 194 212 221 272

Total 59 83 131 152 167 249 401 467 509 448 483 495 655

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

As of End-June

B-11
Billions of dollars

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

A. Mortgage backed securities (MBS)

Cayman Islands 157 164 92 87 91 97 86 85 81 72 81 73 65

Luxembourg 39 22 12 15 16 13 11 16 21 18 17 20 21

Ireland 33 28 18 22 19 17 18 21 17 18 23 24 22

Canada 11 8 5 4 6 13 15 23 26 21 21 20 20

Bermuda 20 21 12 10 11 10 9 11 13 12 12 13 17

Japan 17 16 8 7 7 8 6 5 4 5 5 5 6

All Other 317 200 119 111 106 85 65 67 77 56 50 41 37

Total 594 458 266 257 256 243 211 228 240 202 208 196 189

B. Non MBS

Cayman Islands 32 29 15 12 11 16 22 17 15 19 23 29 27

Luxembourg 42 39 23 20 23 31 31 23 26 25 22 23 19

Ireland 23 30 28 29 14 14 22 23 20 20 21 21 13

Canada 11 7 3 3 3 2 4 3 5 5 4 7 10

Bermuda 13 14 9 8 9 8 9 8 9 10 10 11 10

Japan 13 26 32 8 6 8 13 7 9 6 9 9 18

All Other 174 157 132 107 105 82 91 88 87 69 75 66 54

Total 308 301 242 188 170 161 193 169 172 154 163 167 150

Exhibit 13: Foreign Holdings of U.S. Long-Term Corporate Asset-Backed Securities by Major Investing Country

As of End-June

B-12
Percent

Total U.S. Treasuries U.S. agencies U.S. corporate

Years to maturity Total FOI Private Total FOI Private Total FOI Private Total FOI Private

One year or less 9.7 10.8 8.8 13.3 12.4 15.1 1.8 1.7 1.9 6.6 10.4 6.4

1 to 2 years 11.9 14.6 9.8 16.4 17.2 15.0 1.2 0.9 1.6 8.2 9.7 8.1

2 to 3 years 10.3 12.6 8.5 12.8 14.6 9.3 1.1 1.3 0.9 9.2 10.6 9.1

3 to 4 years 8.9 9.3 8.6 10.2 10.8 8.9 0.4 0.3 0.5 9.4 9.0 9.4

4 to 5 years 8.6 9.8 7.7 10.5 11.5 8.5 0.4 0.3 0.6 8.2 8.9 8.2

5 to 6 years 6.8 6.9 6.7 7.6 8.1 6.7 0.6 0.2 1.2 7.3 7.2 7.4

6 to 7 years 6.2 6.4 6.0 7.0 7.5 6.0 0.3 0.1 0.5 6.7 6.3 6.8

7 to 8 years 4.3 3.1 5.3 3.6 3.4 4.0 0.4 0.1 0.7 6.5 5.9 6.5

8 to 9 years 3.6 3.2 3.8 3.9 3.7 4.4 0.5 0.2 1.0 3.9 4.1 3.9

9 to 10 years 3.7 3.0 4.2 4.2 3.4 5.6 0.9 0.2 1.8 3.8 4.7 3.8

10 to 15 years 2.5 0.6 3.9 0.4 0.2 0.7 3.6 1.7 6.3 5.2 3.9 5.3

15 to 20 years 3.5 0.8 5.5 0.6 0.3 1.2 2.9 2.6 3.4 7.9 4.4 8.0

20 to 25 years 5.8 5.9 5.7 4.4 4.1 5.0 15.7 17.8 13.0 5.1 2.9 5.2

25 to 30 years 13.2 12.8 13.5 5.1 2.8 9.6 68.3 72.3 62.9 9.2 8.1 9.2

More than 30 years 1.2 0.2 1.9 0.0 0.0 0.0 1.7 0.3 3.7 2.8 3.9 2.7

Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Exhibit 15: Maturity Structure of Foreign-Held U.S. Long-Term Debt // By Remaining Maturity, as of June 28, 2019

B-13
Appendix C: Forms and Instructions

C-1

B-14
OMB Control Number: 1505-0123 

Approval Expires: 10/31/2021 

QUINQUENNIAL REPORT TO THE FEDERAL RESERVE BANK OF NEW YORK

REPORT OF FOREIGN-RESIDENTS’ HOLDINGS OF

U.S. SECURITIES, INCLUDING SELECTED MONEY 

MARKET INSTRUMENTS (SHL(2019)) 

As of the last day of June 2019

Mandatory Report Response Required 

By Law (22 U.S.C. 3101 et seq.) 

3 

Department of the Treasury 

Federal Reserve Bank of New York 

Board of Governors of the Federal Reserve System

June 2019
TABLE OF CONTENTS

Page

I. INTRODUCTION 1-3

A. PURPOSE 1

B. AUTHORITY 2

C. CONFIDENTIALITY OF DATA REPORTED 2

D. PENALITIES FOR FAILURE TO REPORT 2

E. PAPERWORK REDUCTION ACT NOTICE 2

II. GENERAL INSTRUCTIONS 4-6

A. WHO MUST REPORT 4

B. CONSOLIDATION RULES 5

C. REPORTING DATES 5

D. SUBMISSION INSTRUCTIONS AND CONTACT INFORMATION 5

III. WHAT SECURITIES MUST BE REPORTED 7-17

A. FOREIGN-RESIDENT OWNERSHIP 7

B. REPORTABLE U.S. SECURITIES 8

C. DO NOT REPORT 9

D. ASSET-BACKED SECURITIES 10

E. FUNDS AND RELATED EQUITY OWNERSHIP 10

F. SECURITIES INVOLVED IN REPURCHASE AND SECURITIES LENDING 13 

ARRANGEMENTS

G. STRIPPED SECURITIES 13

H. U.S. GOVERNMENT AGENCIES OR FEDERALLY SPONSORED 13

ENTERPRISES

I. DIRECT INVESTMENT 14

J. SECURITIES HELD BY U.S. CENTRAL SECURITIES DEPOSITORIES 14

K. LIMITED PARTNERSHIPS 15

L. ACCOUNTING RULES, VALUATION OF SECURITIES, AND 16

CALCULATION OF U.S. DOLLAR VALUES

M. DATA RETENTION PERIOD 17

N. REVIEW OF DATA AND REQUEST FOR REVISED DATA 17

IV. LINE-BY-LINE INSTRUCTIONS FOR SCHEDULE 1-REPORTER 18-20

CONTACT INDENTIFICATION AND SUMMARY OF 

FINANCIAL INFORMATION

V. LINE-BY-LINE INSTRUCTIONS FOR SCHEDULE 2-DETAILS OF 21-25

SECURITIES
APPENDICES

A. SAMPLE REPORTING SCHEDULES

B. FLOWCHARTS 

SHOWING REPORTING

RESPONSIBILITY DETERMINING 

REPORTABLE SECURITIES

26

27-28

C. LIST OF COUNTRY CODES AND CODES FOR 30

INTERNATIONAL AND REGIONAL ORGANIZATIONS

D. LIST OF FOREIGN OFFICIAL INSTITUTIONS 31

E. LIST OF CURRENCY CODES 32-33

F. GLOSSARY 34

G. TECHNICAL INFORMATION FOR ELECTRONIC SUBMISSION 35

H. LIST OF FEDERAL AGENCIES AND FEDERALLY SPONSORED 36

ENTERPRISES
4

1. INTRODUCTION

A. PURPOSE

The Department of the Treasury, with the assistance of the Board of Governors of the Federal Reserve System and 

the Federal Reserve Bank of New York (FRBNY), is conducting a mandatory quinquennial survey of holdings of 

U.S. securities, including selected money markets instruments, by foreign residents as of June 30, 2019. The data 

will be collected by the FRBNY, acting as fiscal agent for the Department of the Treasury. The data collected will 

be used by the U.S. Government in the computation of the U.S. balance of payments accounts, the U.S. international 

investment position, and in the formulation of international economic and financial policies. These data also will be 

used to provide aggregate information to the public on these foreign portfolio investments and to meet international 

reporting commitments.

In order to reduce reporting burden and costs to the government, there will be a substantial reduction in the number 

of reporters in four out of every five years. A benchmark survey Report of Foreign Holdings of U.S. Securities, 

Including Selected Money Market Instruments (Form SHL) of all significant U.S.-resident custodians and issuers 

will continue to be held approximately every five years. In non-benchmark years, the Annual Report of Foreign 

Holdings of U.S. Securities, Including Selected Money Market Instruments (Form SHLA) will require reports from 

only the largest U.S.-resident custodians and issuers. The data reported under these annual surveys (Form SHLA) 

will be used in conjunction with the results of the previous benchmark survey to compute estimates for the nonbenchmark years. The June 30, 2019 report as of date is a full Benchmark survey.

B. AUTHORITY

This mandatory survey is conducted under the authority of the International Investment andTrade in Services Survey 

Act (22 U.S.C. 3101 et seq., [the Act]) and Executive Order 11961 of January 19, 1977. The Act specifies that the 

President has the authority to conduct a regular data collection program, including such studies and reports as may 

be necessary and feasible, to secure current information on international investment, including (but not limited to) 

such information as may be necessary for computing and analyzing the balance of payments accounts and the 

international investment position of the United States (22 U.S.C. 3103). In Executive Order 11961 §2, the President 

designated the Secretary of the Treasury to be responsible for collecting data on portfolio investment required by 

the Act.

C. CONFIDENTIALITY OF DATAREPORTED

The information collected by this survey may be used only for analytical and statistical purposes and to enforce the 

Act. Access to the information is available only to officials and employees (including consultants and contractors 

and their employees) designated to perform functions under the Act. Persons having access to individual company 

information submitted pursuant to the Act are subject to penalties for unauthorized disclosure (22 U.S.C. §3104 and 
5

18 U.S.C. §1905). The results of this survey will be made available to the general public at an aggregated level so 

that neither the U.S. persons or organizations providing information nor individual or organizational ownership of 

U.S. securities can beidentified.

D. PENALTIES FOR FAILURE TOREPORT

Reporting as directed in this package is mandatory for any U.S.-resident person or entity subject to the reporting 

requirements set forth in the report instructions. Failure by an entity to provide timely and accurate data can result 

in a civil penalty of not less than $2,500 and not more than $25,000, or injunctive relief ordering such person to 

comply, or both (22 U.S.C. §3105 (a) and (b)).

Willfully failing to submit any required information under the Act can result in a fine of not more than $10,000; 

and, if an individual, may result in imprisonment for not more than a year, or both. Any officer, director, employee 

or agent who knowingly participates in such violation, upon conviction, may be punished by a like fine, 

imprisonment, or both (22 U.S.C. §3105(c)).

E. PAPERWORK REDUCTION ACTNOTICE

This report titled “Foreign Holdings of U.S. Securities, Including Selected Money Market Instruments” in the 

Federal Register Notice and has been reviewed and approved by the Office of Management and Budget in 

accordance with the Paperwork Reduction Act of 1995 and assigned OMB Control Number 1505-0123. The purpose 

is to collect accurate and complete data that will enable the Treasury Department to fulfill its responsibility under 

the Act. While the burden will vary widely from respondent to respondent, the estimated average burden associated 

with this collection of information is 321 hours per report for each U.S.-resident custodian reporting detailed 

information on Schedule 2, 61 hours per report for each U.S.-resident issuer of U.S. securities providing detailed

information on Schedule 2, and 17 hours per report for those who file as exempt. The amount of time required to 

complete the report will vary depending on the amount of data to report. Comments concerning the accuracy of 

these burden estimates and suggestionsfor reducing the reporting burden should be directed to:

Administrator, International Portfolio Investment Data Systems

U.S. Department of the Treasury

1500 Pennsylvania Avenue NW, Room 5422MT

Washington, DC 20220, or

The Office of Management and Budget 

Paperwork Reduction Project (1505-0123) 

Washington, DC 20503

No person is required to respond to any U.S. Government collection of information unless it displays a currently 

valid OMB control number.
6

II. GENERAL INSTRUCTIONS

A. WHO MUST REPORT

All U.S.-resident entities must report detailed information on Schedule 2, unless the total fair (market) 

value of the reportable U.S. securities owned by foreign residents is less than $100 million as of the 

close of business on June 30, 2019. 

All U.S.-resident entities that receive a copy of this report booklet must submit a Schedule 1, 

regardless of the size of their consolidated holdings.1

To determine if your entity must also submit data on Schedule 2, you must: 

1. Identify all U.S.-resident business lines or entities (units) of your entity that may have reportable

U.S. security data;

2. Consolidate the reportable U.S. security data for all of these U.S.-resident units of your entity (see

the Consolidation Rules section); and

3. Determine if you have exceeded this report’s exemption level ($100 million). If so, your entity is

responsible for submitting Schedule 2 data.

Types of reporting entities include U.S.-resident custodians (including U.S.-resident central securities 

depositories) and U.S.-resident issuers. Entities that provide multiple services (i.e., provide custodial 

services and issue securities) should report securities that meet the reporting criteria for each role and 

ensure that securities are not double counted. 

• U.S.-resident custodians, including brokers and dealers, must report all U.S. securities they

hold in custody (or manage the safekeeping of) for the account of foreign residents (including

their own foreign branches, subsidiaries, and affiliates). These securities must be reported by the

U.S.-resident custodian even if the securities are in turn held at DTC, Euroclear, or another central

securities depository, since the central securities depository knows only that it is holding securities

on behalf of the U.S.-resident custodian, whereas the U.S.-resident custodian knows that it is

holding these securities on behalf of a foreign resident. However, if a U.S.-resident custodian uses

a U.S.-resident sub-custodian, the custodian should report if (and only if), it does not maintain

separate accounts at and disclose the clients to the sub-custodian. (If the custodian does maintain

separate accounts at and disclose the clients to the sub-custodian, it should not report, to prevent

double counting.)

1 All entities must submit this report if they exceed the exemption level, whether or not they 

have been mailed this report package by the Federal Reserve Bank of New York. Reporting 

requirements for this report have been published in the Federal Register, which constitutes legal

notification of the requirement to complete this report.
7

• U.S.-resident central securities depositories, must report all U.S. securities they hold in custody 

(or manage the safekeeping of) directly on behalf of foreign residents with which they have 

established direct relationships, including foreign-resident brokers, dealers, exchanges, and 

central securities depositories.

• U.S.-resident issuers, must report all securities issued by U.S.-resident units , which are:

1. Owned by foreign residents for which neither a U.S.-resident custodian nor a U.S.-

resident central securities depository is used. Transfer or paying agents should be ableto 

provide the U.S.-resident issuer with thisinformation;

2. In book entry form that are held at a foreign-resident central securities depository; or

3. Bearer securities.

Please refer to Section III, What Securities Must Be Reported, to identify reportable U.S. securities.

B. CONSOLIDATION RULES

U.S.-resident organizations, including bank holding companies (BHC), financial holding companies (FHC), 

and intermediate holding companies (IHC) should include all reportable securities for all U.S.-resident parts 

of their organization, including all U.S.-resident branches and subsidiaries. U.S. residents include entities 

located in the Commonwealth of Puerto Rico and the U.S. territories. Please see Appendix F for the 

complete definition of United States. It is the responsibility of the U.S. parent entity in each organization to 

ensure that its report includes all applicable entities within its organization.

Securities issued by U.S.-resident trusts and special purpose entities (SPEs) for which the reporter is the 

trustee or primary beneficiary should be included. Shares of U.S.-resident funds that are managed by the 

reporting entity should be included unless a U.S.-resident custodian other than the reporting entity is used.

U.S. branches and agencies of a foreign bank located in the same state and within the same Federal Reserve 

District should submit a consolidated report for these offices. U.S. branches and agencies of a foreignbank 

that are located in either different states or different Federal Reserve Districts, should submit separate reports.
8

C. REPORTING DATES

Report data as of the last business day of June. All data should be submitted to the Federal Reserve Bank of 

New York no later than the last business day of August.

D. SUBMISSION INSTRUCTIONS AND CONTACT INFORMATION

If your organization is submitting 100 or more Schedule 2 records, the Schedule 2 data must be submitted 

electronically.

Federal Reserve Reporting Central System:

• Submit the SHL(A) report using the Federal Reserve Reporting Central System. The Reporting Central 

System is fast, easy to use, and secure. You can submit reports quickly and easily either using online 

data entry or via XML file transfer. Reporting Central provides a confirmation of data receipt at the 

Federal Reserve Bank and checks the validity of your submission. Reporting Central saves time and 

delivery costs, avoids possible mail delays, and eliminates paper and fax transmissions.

• For more information on how to submit data using the Reporting Central system, log on to

https://www.frbservices.org/centralbank/reportingcentral/index.html, or contact the SHL staff at 212-

720-6300 or at SHLA.Help@ny.frb.org. A n application to register for Reporting Central can be 

obtained at: https://www.frbservices.org/centralbank/reportingcentral/application_setup.html

Completed applications should be sent to:

Federal Reserve Bank of New York

Data and Statistics Function, 6th Floor

33 Liberty Street

New York, NY 10045-0001

or faxed to (212) 720-2598

Alternative Methods of Reporting:

• If your organization is submitting less than 100 Schedule 2 records, these records may be 

submitted using Reporting Central or on paper, using the form contained in Appendix A. Data 

may also be reported on computer printouts in the same format as the printed reports. Schedule 1

must be submitted in the same package as the Schedule 2 data.
9

Please contact FRBNY staff with questions pertaining to the report or if any of the following conditions 

apply:

1. Your entity requires additional time to complete your report.

2. Your entity received a copy of the report booklet and is not the U.S. parent entity in your 

organization.

3. Your entity cannot submit a single report for its entire organization.

4. Your reporter contact information or technical contact information changes after you submit your 

Schedule 1 report.

Reports can be mailed or sent by courier to:

Federal Reserve Bank of New York 

Data and Statistics Function, 6th Floor

33 Liberty Street

New York, NY 10045-0001

FRBNY staff can be reached at:

Phone: 212-720-6300 or 646-720-6300

Email: SHLA.Help@ny.frb.org

Additional copies of the reporting forms and instructions may be printed from the Internet at:

https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-sh.aspx#shl
8

III. WHAT SECURITIES MUST BEREPORTED

This report collects information on securities issued by U.S.-residents that are owned by foreign residents, including

U.S. equities (including shares in funds), U.S. short-term debt securities (including selected money market 

instruments), U.S. long-term debt securities, and U.S. asset-backed debt securities.

Reportable securities may be traded or issued in the United States or in foreign countries, and may be denominated 

in any currency. Neither the country in which the securities are traded or issued, nor the currency in which the 

securities are denominated, is relevant in determining whether the securities are reportable. Securities held as part of 

a direct investment relationship should not be reported. (See Section III.I.)

A. FOREIGN-RESIDENTOWNERSHIP

Securities are considered to be foreign owned if, according to the reporter's records; the holder of record is not a 

resident of the United States. In addition, all outstanding bearer bonds should be assumed to be owned by foreign 

residents and reported by the U.S.-resident issuer. Bearer bonds should also be reported by U.S.-resident custodians, 

but only if the reporter’s records indicate a foreign-resident owner (or foreign-resident custodian).

The following are considered to be foreign residents:

• Residents of foreign countries, including foreign-resident custodians and foreign-resident central securities 

depositories. (These include residents of Canada, Mexico, and offshore centers.)

• International organizations with extra-territorial status (even if located in the United States), such as the 

International Bank for Reconstruction and Development (World Bank), the International Monetary Fund 

(IMF) and the Inter-American Development Bank. 1 (See Appendix C for a complete list of these 

organizations. Most are in the regional group codes: 72907, 73903, 74918, 74942, 75906, 76902, and 77909.)

• Foreign subsidiaries of U.S. entities and foreign-resident branches of U.S. banks.

• Offshore and other non-U.S.funds.

• Entities or individuals that file an IRS Form W-8, indicating that they are foreign residents. Please note that

there may be exceptions (such as Puerto Rico). However, if an IRS Form is not available, the mailing address 

can be used to determineresidency.

1 Pension plans of international and regional organizations, if located in the United States, are U.S.-resident entities; therefore, any securities owned by these 

pension plans should be excluded from this report.
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B. REPORTABLE U.S. SECURITIES

U.S. securities are securities issued by U.S.-resident entities, with the exception of Depositary Receipts (DRs) that 

are backed by foreign securities and securities issued by international organizations that have extra-territorialstatus, 

such as the World Bank and the Inter-American Development Bank. U.S. securities can be issued in any country, 

denominated in any currency, and traded on any exchange.

U.S.-resident entities include U.S.-resident branches of foreign banks and U.S.-resident subsidiaries of foreign 

companies. Securities issued by foreign branches or subsidiaries of U.S. entities are not U.S. securities unless, due 

to merger, reorganization, or default, a U.S.-resident entity assumes direct responsibility for the payment of a 

previously issued foreign security.

Reportable securities include:

Equity Securities

• Common stock

• Preferred stock (participating and nonparticipating preference shares)

• Restricted stock

• U.S.-resident fund shares (open-end and closed-end), REITS, money market mutual funds, index- linked 

equity securitiesincluding unit investment trusts (including SPDRs, DIAMONDs, etc.)

• All other equity, including shares or units of ownership in unincorporated business enterprises, such as 

limited partnerships

Debt Securities

• Debt, registered and bearer, including bonds and notes (unstripped and stripped) and bonds with multiple 

call options

• Convertible debt and debt with attachedwarrants

• Zero-coupon debt and discountnotes

• Index-linked debt securities(e.g., property index certificates)

• Commercial paper (including asset-backed commercial paper)

• Bankers' acceptances and tradeacceptances

• Negotiable certificates of deposit, bank notes, and deposit notes

• Notes, including those issued under note issuance facilities and revolving underwriting facilities mediumterm notes, promissory notes, deep-discounted, currency-linked (e.g., dual-currency), floating rate notes 

(FRN), such as perpetual notes (PRN), variable rate notes (VRN), structured FRN, reverse FRN, collared
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FRN, step up recovery FR (SURF), and range/corridor/accrual notes

• Asset-backed securities (see SectionIII.D)

• All other long-term and short-term debtsecurities

(Note: U.S. debt securities that are still outstanding as of June 30 should be reported even if the maturity date has 

passed.)

C. DO NOT REPORT

Do not report any:

• Derivative contracts (including futures, forwards, swaps, options and warrants) meeting the definition of a 

derivative under ASC 815 (formerly FAS 133). Embedded derivatives that are not bifurcated under ASC 

815 should be included in the value of the host contract. However, if an embedded derivative is bifurcated 

the derivative should be excluded fromthe report.

• Securities which have been temporarily received as collateral under resale agreements or similar financing 

agreements (see Section III.F)

• Loans and loan participationcertificates

• Letters of credit

• Non-negotiable certificates ofdeposit

• Bank deposits, including time (except for negotiable CDs) and demand deposits

• Annuities, including variable rateannuities

• Foreign securities, including:

1. Depositary receipts (DRs) backed by foreign securities, including ADRs (American Depositary 

Receipts), ADSs (American Depositary Shares), GDRs (Global Depositary Receipts), and IDRs 

(International DepositaryReceipts).

2. Securities issued by international and regional organizations with extra-territorial status, such as the 

International Bank for Reconstruction and Development (IBRD or World Bank) or the InterAmerican Development Bank (IDB). (See Appendix C for a list of these organizations.)

3. Securities issued in the United States by foreign-resident entities (e.g., Canadian or Mexican 

entities), even if they are denominated in U.S. dollars and traded on U.S. securities exchanges.

4. Securities issued by foreign subsidiaries of U.S. entities (e.g., GMAC Canada) or foreign branches 

of U.S. banks, even if they are guaranteed by the U.S. parent company, or issued in the United States.

5. Securitiesissued by foreign-resident entities under Section 144A of the SEC Act.

6. Securities issued by corporations that were incorporated outside of the United States by the report
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as of date, including companies incorporated offshore in countries such as the Cayman Islands and 

Bermuda.

D. ASSET-BACKED SECURITIES

Asset-backed securities (ABS) are securitized interests in a pool of assets, which give the purchaser a claim against 

the cash flows generated by the underlying assets. Securities backed by revolving credits, such as pools of credit card 

receivables, are reported as ABS if the return to the owner is based upon these credits, (i.e., the credits do not merely 

serve as collateral). Foreign-owned ABS should be reported if the issuer securitizing the assets is a U.S. resident. 

The underlying asset should not be used to determine if the ABS are reportable.

Include as ABS all collateralized mortgage obligations (CMOs), collateralized bond obligations (CBOs), 

collateralized loan obligations (CLOs), collateralized debt obligations (CDOs), and other securities backed by pools 

of:

• mortgages;

• credit card receivables;

• automobile loans;

• consumer and personal loans;

• commercial and industrial loans and other whole loans; and

• other assets.

E. FUNDS AND RELATED EQUITYOWNERSHIP

Report foreign-residents’ ownership of shares/units of funds and investment trusts legally established in the 

United States (U.S.-resident funds) as equity securities. All foreign-residents’ ownership of U.S.-resident fund 

shares should be assigned security type = 3 (fund shares), and not categorized as a debt security, regardless of the 

types of securities held by the fund.

For purposes of this report, funds include all investment vehicles that pool investors’ money and invest the pooled 

money in one or more of a variety of assets. Funds include, but are not limited to:

• mutual funds (including both open-end and closed-end mutual funds);

• money market funds;

• investment trusts;

• index-linked funds;

• exchange-traded funds(ETFs);
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• hedge funds; and

• common trust funds.

• private funds

The determination of whether a fund’s shares are a U.S. security is based on the country in which the fund is legally 

established, not based on the residence of the issuers of the securities the fund purchases. For example, if a foreign 

resident owns shares in a fund organized in New York, these shares are reportable U.S. securities, whether or not the 

fund purchases foreign securities. Conversely, foreign-resident ownership of shares of “offshore” or other foreignresident funds that purchase U.S. securities should not be reported.

Many funds established outside of the United States have names that are similar to U.S.-resident fund names. This 

often occurs when the fund is managed by a group that also manages many U.S.-resident funds and therefore may 

be thought of as managing only U.S.-resident funds. If there is doubt as to whether the investment should be classified 

as a fund or whether a fund is U.S. or foreign, please contact FRBNY staff at 212-720-6300 or 646-720- 6300.

Report the ownership of U.S. securities by foreign-resident funds. Although ownership of shares of foreignresident funds are excluded from this report, any U.S. securities owned by foreign-resident funds for their portfolio 

are reportable. These are distinct investments and, therefore, are not duplicate reporting. U.S. securities owned by 

foreign-resident funds should be classified as either equity, debt, or asset-backed securities, as indicated in Section 

III.B.

Reporting guidelines for Hedge Funds and other alternative investments

Investment advisors, managers, administrators or similar types of legal entities that create master and feeder

funds both outside and inside the U.S. should report as follows:

• Investments between the U.S. and foreigner entities (affiliates) of a hedge fund that the investment manager 

establishes and the investments the manager makes in these entities, are portfolio investment and should be 

reported on this report as long as they meet the criteria for the direct investment exception for private funds 

described below.

Example 1

A U.S. investment manager creates a hedge fund comprised of a U.S. Master Fund, a Cayman Feeder Fund, and 

a U.S Feeder Fund. The investment that the foreign feeder fund has in the master fund is portfolio investment 

and should be reported in the TIC system. Purchase and sales of the master fund shares by the
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foreign feeder fund should be reported on the TIC S by the U.S. based master fund and the master fund should 

report the ownership of their “shares” by the foreign feeder funds as issuer of the “domestic security” on the 

SHL(A) report. If a U.S. custodian is involved in the holding the “domestic security” then the reporting 

responsibility would be on the U.S. custodian to report on the SHL(A).

Example 2

A foreign hedge fund creates a U.S. based Master Fund, a Cayman Feeder Fund, and a U.S. Feeder Fund. 

The investment that the foreign feeder fund has in the master fund is portfolio investment and should be 

reported in the TIC system. Purchase and sales of the master fund shares by the foreign feeder fund should 

be reported on the TIC S by the U.S. based master fund and the master fund should also report the ownership 

of their “shares” by the foreign feeder funds as issuer of the “domestic security” on the SHL(A) report. If a 

U.S. custodian is involved in the holding of the “domestic security” then the reporting responsibility would 

be on the U.S. custodian to report on the SHL(A).

Direct investment exception for private funds (see Direct Investment in the glossary)

While investments in U.S. entities of 10 percent or more of their voting interest by a foreign entity are typically 

excluded from TIC reports, investments in private funds, or between the entities of a private fund, are included in 

TIC surveys regardless of ownership share if they meet BOTH of the following criteria:

• The private fund does not own, directly or indirectly through another business enterprise, an 

“operating company” – i.e., a business enterprise that is not a private fund or a holding company— in 

which the foreign parent owns at least 10 percent of the voting interest,

AND

• If the private fund is owned indirectly (through one or more other U.S. business enterprises), there 

are no “operating companies” between the foreign parent and the indirectly-owned privatefund.

Note: The descriptions of the various examples are based on common master/feeder fund structures. It is possible 

for there to be different types of structures when creating these funds and they may be called different names by 

some entities. Ultimately, if the entity 1) has less than 10% voting interest, 2) non-voting interest in the U.S. private 

fund, or 3) meets the criteria above regarding “operating companies”, it is not a direct investment and will fall into the

category of portfolio investment and needs to be reported as part of the TIC system.

F. SECURITIES INVOLVED IN REPURCHASE AND SECURITIES LENDING ARRANGEMENTS

A repurchase agreement (repo) is an arrangement involving the sale of securities at a specified price with a
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commitment to repurchase the same or similar securities at a specified price on a future date. A reverse repo is an 

agreement whereby a security is purchased at a specified price with a commitment to resell the same or similar 

securities at a specified price on a specified future date. Securities lending/borrowing arrangements are agreements 

whereby the ownership of a security is transferred in return for collateral, usually another security or cash, under 

condition that the security or similar security will revert to its original owner at a future date.

Securities "sold" by foreign residents under repurchase agreements or buy/sell back agreements, lent under securities 

lending arrangements, or delivered out as collateral as part of a reverse repurchase agreement or security borrowing 

agreement should be reported as if the securities were continuously held by the foreign resident. That is, the security 

lender’s U.S. custodian should report the U.S. security as if no repurchase agreement or buy/sell back agreement 

occurred.

Securities temporarily acquired by foreign residents as collateral under reverse repurchase agreements, securities 

lending or borrowing arrangements, or buy/sell back agreements should NOT be reported. That is, the security 

borrower’s U.S. custodian should exclude the U.S. security as if no resale agreement or buy/sell back agreement 

occurred.

However, if cash was temporarily received as collateral and was used to purchase securities, those securities should 

be reported.

G. STRIPPED SECURITIES

Separate Trading of Registered Interest and Principal Securities (STRIPS) and other similar instruments are securities 

that have been transformed from a principal amount with periodic interest coupons into a series of zero- coupon 

securities, with the range of maturities matching the coupon payment dates and the redemption date of the principal 

amount.

The residency of the STRIPS and similar instruments is the residence of the entity that issued the stripped security. 

However, the type of issuer of STRIPS and similar instruments is based upon the type of issuer of the underlying 

security. For example, U.S. Treasury STRIPS should be classified as U.S. Treasury securities even though the 

Treasury does not issue or sell STRIPS directly to investors. In addition, all ‘teddy bears’ (TBRs), ‘tigers’ (TIGRs),

‘cats’ (CATS) and ‘cougars’ (COUGRs) should also be classified as U.S. Treasury securities. Holdings of TIPS and 

Floating Rate Notes should be reported at fair market value and should not include inflation accretion.

Foreign holdings of stripped securities where the underlying security is not an ABS, both the interest-only (IO) 

component and the principal-only (PO) component, should be reported as security type = 10 (bond or note, stripped).
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Foreign holdings of stripped securities where the underlying security is an ABS, tranches of stripped ABS, any IO 

component, and any PO component, should be reported as security type = 12 (asset-backed security).

H. U.S. GOVERNMENT AGENCIES OR FEDERALLY SPONSORED ENTERPRISES

Securities that are issued by U.S. government agencies or federally sponsored enterprises and owned by foreign 

residents are reportable. In addition, foreign owned securities that are issued by a U.S.-resident entity and guaranteed

by U.S. government agencies or federally sponsored enterprises are reportable. For purposes of Schedule 2, item 11 

(type of issuer), all these securities should be coded as type 2 (agencies). For example, securities that are guaranteed 

by the Government National Mortgage Association (GNMA) or the Small Business Administration (SBA) should 

be reported as U.S. government agency securities.

I. DIRECT INVESTMENT

Please review the definition of Direct Investment in the TIC glossary and the list of excluded investments in these 

instructions (see sections III.C, III.E (direct investment exception), and III.K (Limited Partnerships)) to determine 

which investments are direct investments reportable to the Bureau of Economic Analysis of the Department of 

Commerce, and not reportable on the TIC SHL(A) and the TIC SLT reports. All holdings known to be direct 

investment should be excluded from TIC reports.

J. SECURITIES HELD BY U.S. CENTRAL SECURITIES DEPOSITORIES

U.S.-resident central securities depositories must report all U.S. securities they are holding in custody (or managing 

the safekeeping of) directly on behalf of foreign residents, such as foreign-resident brokers and dealers who may be 

members of the depository, or foreign-resident securities exchanges or depositories that have established direct 

relationships with the U.S.-resident central securities depository.
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U.S.-resident custodians should report all U.S. securities that are shown on their records as being owned by foreign 

residents (or held in custody by its foreign-resident custodian) even if the safekeeping or settlement of the security 

is done at a U.S.-resident central securities depository.

K. LIMITED PARTNERSHIPS

Foreign-resident limited partner ownership interests in U.S.-resident limited partnerships should be reported as 

security type = 4 (All other equity). Limited partners’ ownership interests do not carry voting rights; therefore, all 

ownership interests, even those greater than 10%, are reportable. The Number of Shares field on Schedule 2 (item

18) should be defaulted to the value reported in the US$ Fair Value field (item 16) because limited partnerships do 

not issue shares.

General partner ownership interests may be considered to be direct investment, in which case such interests should 

be excluded from this report (see Section III.I for a more complete definition of direct investment.)

L. ACCOUNTING RULES, VALUATION OF SECURITIES, AND CALCULATION OF U.S. DOLLAR 

VALUES

Accounting Rules

All securities should be reported using settlement date accounting. Gross long positions should be reported. Do not

net any short positions from long positions. Do not enter decimals or negative values in any cells.

Valuation of Securities

Report the fair value of securities as of close of business on the last business day of June. The fair value follows the 

definition under ASC 820 (formerly FAS 157). For coupon bonds, valuations should be based on “clean” prices, that 

is, excluding accrued interest.

U.S.-resident custodians should, at a minimum, report the fair value to the extent that it is available as part of the 

services provided to their customers, even if the price available is for a date prior to the last business day of June. If 

there is doubt as to whether to report the available fair value or to report a fair value of zero, please contact FRBNY 

report staff at 212-720-6300 or646-720-6300.
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For asset-backed securities (ABS), the value of the unpaid principal amount outstanding at close of business on the 

last business day of June should be reported; if principal has been repaid, this value will not be the same as the 

original face value, revalued at end-period market prices.

Foreign Currency Denominated Securities – CALCULATION OF U.S. DOLLAR VALUES

If the security is not denominated in U.S. dollars (US$) and a U.S. dollar fair value is not available in your system, 

convert the foreign currency denominated fair value into US$ using the spot exchange rate as of the close of business 

on the last business day of June. If you need assistance locating an exchange rate, please contact FRBNY staff at 

212-720-6300 or 646-720-6300.

If the exchange rate is normally quoted in units of foreign currency per US$, such as ¥105.75/US$, divide foreign 

currency values by the foreign exchange rate to obtain the US$ values. For example, if the value of a U.S. security 

issued in Japan is ¥ 200,000, and the exchange rate is ¥105.75/US$, divide ¥ 200,000 by 105.75 to obtain US$ 1,891.

If the exchange rate is normally quoted in US$ per units of the foreign currency, such as US$1.75/UK£, multiply 

foreign currency values by the US$ exchange rate value of the foreign currency to obtain the US$ values. For 

example, if the value of a U.S. security issued in the United Kingdom is UK £1,000 and the exchange rate is 

US$1.75/UK£, multiply UK £1,000 by 1.75 to obtain US$ 1,750.

M. DATA RETENTION PERIOD

All data used to create this report must be retained by the reporter for a period of 36 months from the date of the 

report's submission.

N. REVIEW OF DATA AND REQUEST FOR REVISED DATA

Data submitted on the reporting schedules are reviewed by FRBNY staff. As a result of this review, the reporter may 

be asked by FRBNY staff to provide supplemental information, including reasons for significant data changes 

between reporting periods, or corrected data. In addition, FRBNY staff may request: (1) information to ensure that

all reportable U.S. securities have been reported; (2) information to ensure that all reported U.S. securities are owned 

by foreign residents (or held by foreign-resident custodians or foreign-resident central securities depositories); or (3) 

other information that helps to explain or corroborate the submitted data.
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Reporters filing data on electronic media that are not formatted per the specifications in Appendix G will be required

to resubmit the data in the proper format.

Each quarter, FRBNY staff obtains a list of debt securities issued abroad by U.S. companies. Experience has shown 

that most such issues are largely or completely foreign held. FRBNY staff will compare this information with the 

reports submitted by U.S.-resident issuers of foreign placed debt securities to ensure that foreign-issued securities 

are being properly reported. FRBNY will ask the issuers of such securities for additional information in cases of 

apparent under- or over-reporting.
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IV. LINE-BY-LINEINSTRUCTIONS FOR SCHEDULE 1- REPORTER CONTACT IDENTIFICATION 

AND SUMMARY OF FINANCIALINFORMATION

A Schedule 1 must be completed by all entities that receive this report booklet. This schedule is used to provide basic 

identifying information and summaries of data reported on Schedule 2 records. Please type or print all information.

(Please enter your ten-digit Reporter Identification Number (RSSD)at the top of each page of Schedule 1.) 

REPORTER CONTACT IDENTIFICATION AND SUMMARY OF FINANCIAL INFORMATION

1. Reporter Identification Number (RSSD)- Enter the ten-digit Reporter Identification Number that. If you do 

not know the Reporter Identification Number for your entity, please contact FRBNY staff at 212-720-6300 or 

646-720-6300.

2. Organization Name - Enter the full legal name of the reporting entity.

For items 3 through 6, enter reporting entity’s full mailing address.

7. Reporting Status - Select “1” only if your parent organization has received authorization to file an 

unconsolidated report but you are exempt (meaning you have no reportable securities in custody or have not 

issued any reportable securities). All other entities should select "2" and file the appropriate Schedule 2 

records.

8. Reporter Type - Enter one of the following that best describes your organization (Refer to Appendix F -

Glossary for specific definition of reporter type)

1 = Depository Institution 4 = Insurance Company 7 = Foundation, Trust, or Estate

2 = Fund/Fund Manager/Sponsor 5 = Other Financial Organization 8 = Institution of HigherLearning 

(excluding a pension fund) (including BHC,FHC, IHC, broker/dealers) (e.g., university)

3 = Pension Fund 6= Non-Financial Organization 9 = Other (not listed above)

9. Name of Contact - Enter the name of the person who will be the primary contact for this report and can 

answer questions about the datareported.

10. For items 10 through 12, enter title, telephone number and email address of the contact identified in item9.

13. Name of Service Provider or Vendor Used - If a service provider or vendor was used to prepare the data 

reported, enter the name of the service provider.
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14. Name of Technical Contact - Enter the name of a person who will serve as a contact should any technical 

issues, such as incorrect file formats. If a service provider was used to prepare the data reported, the 

technical contact may be a vendor employee.

15. For items 15 through 17, enter title, telephone number and email address of the contact identified in item14.

18. Valuation Technique(s) Used to Determine Fair Value - For each reporting unit, describe the valuation 

technique(s) used to calculate the reported fair values. If securities are automatically valued at zero after a 

specified time period of inactivity, please specify the time period and whether this applies to the security or to 

the client’s holdings of the security. Also, please specify how securities not actively traded on the report date 

and those with internally generated security identification numbers are valued. If your organization has more 

than four reporting units, please attach additional copies of Schedule 1, page 2, with item 18 completed.

SUMMARY OF SCHEDULE 2 INFORMATION

This section contains summary data for the information reported on Schedule 2 records.

19. Total Number of Schedule 2 Records Submitted - Enter the total number of Schedule 2 records 

submitted.

20. Total U.S. $ Fair Value of All Equity Securities reported on Schedule 2 records - Enter the sum of the 

U.S.$ fair value of all equity security records (records with Schedule 2, Item 18 = security types 1, 2, 3, or 

4), rounded to the nearest U.S.dollar.

21. Total U.S. $ Fair Value of All Short-Term Debt Securities(excluding asset-backed securities) reported 

on Schedule 2 records - Enter the sum of the U.S. $ fair value of all such security records (records with 

Schedule 2, Item 19 = security types 5, 6, 7, 8, 9, 10, or 11), rounded to the nearest U.S. dollar.

22. Total U.S. $ Fair Value of All Long-Term Debt Securities(excluding asset-backed securities) reported 

on Schedule 2 records - Enter the sum of the U.S. $ fair value of all such security records (records with 

Schedule 2, Item 19 = security types 5, 6, 7, 8, 9, 10, or 11), rounded to the nearest U.S. dollar.

23. Total U.S. $ Fair Value of All Asset-Backed Securities reported on Schedule 2 records - Enter the sum 

of the U.S. $ fair value of all such security records (records with Schedule 2, Item 20 = security type 12), 

rounded to the nearest U.S.dollar.
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CERTIFICATION INFORMATION

This section must be completed by all reporters.

By signing and dating the certification, the Certifier acknowledges that:

• He/she has read and understood the reporting requirements of this report;

• He/she is aware that both civil and criminal penalties may be imposed for filing a false report; and

• He/she is sufficiently knowledgeable about the activities and functions of this entity that he/she can 

knowingly and with reasonable confidence certify that the information provided in this report is both 

accurate and complete.

For items 24 through 28. Sign and date the form. Enter the name, job title, telephone number, and email address of 

the person in your organization who certifies that the information provided is complete and accurate.
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V. LINE-BY-LINEINSTRUCTIONS FOR SCHEDULE 2 - DETAILS OF SECURITIES

(Please enter your ten-digit Reporter Identification Number (RSSD) at the top of each page of Schedule 2.)

1. Reporter Identification Number (RSSD) - Enter the ten-digit Reporter Identification Number that is printed 

on the mailing label on the report booklet. If you do not know the Reporter Identification Number for your 

entity, please contact FRBNY staff at 212-720-6300 or 646-720-6300.

2. Sequence Number - Enter the sequence number of this record, right justified. The first record should be 

assigned sequence number 1 and each subsequent Schedule 2 record should be sequentially numbered.

3. Reporting Unit Code - If data being submitted are collected from multiple databases or reporting systems, 

please report an internal code that will enable you to identify the database or system from which the 

information on this Schedule 2 came. This information will greatly reduce the costs of identifying and fixing 

any reporting errors that mayoccur.

4. Name of Reporting Unit - Enter a description or name of the reporting unit or area that correspondsto the 

code reported in item3.

5. Reporting as - Enter "1" for issuer if your entity issued this security (even if you are also acting as the 

custodian). Enter "2" if your entity did not issue thissecurity.

6. Security ID - Enter the security ID code used to identify the security reported on this Schedule 2. CUSIP 

codes are strongly preferred. If the CUSIP is not available, please try to provide the ISIN, CINS, Common 

code or SEDOL. Do not use internally generated codes unless this security has not been assigned a code 

by any recognized numbering agency (e.g., limited partnerships). Records for securitiesfor which a portion 

is restricted and a portion is not restricted should be reported with the numbering agency code assigned to the 

unrestricted portion. If excessive internal codes are used, we may have to contact your institution to help 

identify characteristics of certain individual securities. Please include the security ID’s check digit

and exclude any internal coding characters added to the CUSIP or other numbering agency code.

7. Security ID System - Select the appropriate number from the list shown on the form. For example, if the 

security ID number entered in Item 6 is a CUSIP number, enter “1”; if it is a CINS, enter “3.” If the security 

ID system used is not listed, enter a code of "7" (Other) and provide the name of the organization generating 

the code in item8.
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8. Comment Line - If you entered a code of "7" (Other) in item 7 you must provide the name of the 

organization generating the security ID code.

9. Security Description - Briefly describe the security, providing any relevant descriptive information available. 

Ideally, this would include the type of security, the maturity date if debt or ABS, and: (a) for preferred stock 

the annual dividend; (b) for debt securities, the interest rate; (c) for floating rate notes, how the interest rate is 

calculated (e.g., Libor plus 1.5); and (d) for stripped securities the type of security/tranche. This informationis 

particularly important for securities with an internally generated or other security ID not generated by a 

recognized numbering agency, (i.e., security ID system codes = 6 or 7).

10. Name of Issuer - Enter the name of the entity that issued the security. Please try to provide the full legal 

name of the issuer. For branches of banks, please provide the location of the branch.

11. Type of Issuer –

• Enter “1” if the security was issued by the United States government or Federal Financing Bank.

• Enter “2” if the security was issued or guaranteed by a federal agency (e.g., Government National 

Mortgage Association (GNMA)) or issued by or guaranteed by a federally sponsored enterprise (e.g., 

Federal National Mortgage Association (FNMA)). See Appendix H for a list of these entities.

• Enter "3" if the security was issued by a state or local government (e.g., New York State bonds).

• Enter "4" if the security was issued by a depositoryinstitution.

• Enter "5" if the security was issued by all other financial organizations (including BHC, FHC and 

IHC)

• Enter "6" if the security was issued by a nonfinancialorganization.

12. Security Type - Enter the security type code from the list below that most closely describes the type of security

being reported. (Refer to Appendix F - Glossary for specific definition of SecurityType)

Equity Debt (excluding asset-backed securities) Asset-backed securities

1. Common stock

2. Preferred stock

3. Fund shares

4. All other equity

5. Commercial paper 9. Bond or note, unstripped

6. Negotiable CD 10. Bond or note,stripped

7. Convertible debt security 11. All other debt

8. Zero-coupon bond or note

12. Asset-backed security

Type 1 should be used to report all common stock, including restricted common shares.

Type 2 should be used to report all preferred stock, including participating preference shares, 

nonparticipating preference shares, convertible preferred stock, and restricted preferred shares.

Type 3 should be used to report all shares of funds, including funds that invest primarily or exclusively in 

money market instruments and in long-term debt, exchange traded funds, open-end and closed – end
24

mutual funds, and unit investment trusts. (See Section III.E)

Type 4 should be used to report all other types of equity, including foreign-resident limited partner 

ownership of U.S.-resident limited partnerships and any other form of equity not specified in security 

types 1, 2, and 3.

Type 5 should be used to report all commercial paper, including asset-backed commercial paper.

Type 6 should be used to report long-term and short-term negotiable certificates of deposits, including 

negotiable bank notes and negotiable deposit notes issued by U.S. institutions, including U.S. 

branches of U.S. or foreign banks. Non-negotiable certificates of deposit are not reportable.

Type 7 should be used to report all convertible debt securities, including convertible bonds and zerocoupon convertible debt. However, non-convertible debt securities with embedded warrants or 

options should be reported as either type 8 (if a zero-coupon bond or note) or type 9.

Type 8 should be used to report bonds and notes that do not provide interest payments, such as discount 

notes. However: (1) zero-coupon convertible debt should be reported as type 7; (2) stripped nonasset-backed securities, both the interest-only (IO) and principal-only (PO) components, should be 

reported as type 10; (3) U.S. Treasury bills should be reported as type 11; and (4) stripped assetbacked securities, the tranches, and the IO and PO components, should be reported as type 12.

Type 9 should be used to report bonds or notes that: (1) cannot be converted to equity securities, (2) 

provide interest payments, (3) have not been stripped (i.e., not an IO or PO), and (4) do not give the 

owner a claim against the cash flows generated by the underlying assets (i.e., ABS). These bonds 

and notes are commonly referred to as “straight debt.”

Type 10 should be used to report all components of stripped securities, including the IO and PO 

components. However, all tranches of stripped asset-backed securities should be reported as type 

12.

Type 11 should include all debt other than asset-backed securities that is not covered in types 5-10, 

including U.S. Treasury bills, TBRs, TIGRs, CATS, and COUGRs.

Type 12 should include only short-term and long-term securities that represent securitized interests in a 

pool of assets and give the investor a claim against the cash flows generated by the underlying 

assets. All tranches of stripped asset-backed securities, as well as unstripped asset-backed securities, 

should be reported as type 12. Debt which is collateralized by assets (real or financial), but only 

give the investor a claim against the underlying interest if the issuer defaults, should be reported as 

types5-11, as appropriate.

13. Country of Residence of Foreign Holder - Enter the country code from Appendix C that correspondsto 

the country of residence of the owner of the security. If the country of residence of the owner is not 

known, report the country of residence of the foreign-resident custodian or foreign-resident central 

securities depository. Positions of international and multinationalregional organizations, whether located 

in the United States or elsewhere,should be reported opposite the classification “International,” if
25

worldwide, or opposite the classifications “European,” “Latin American,” “Caribbean,” “Asian,” 

“African,” or “Middle Eastern” regional organizations as indicated in Appendix D. If no country 

information is available (as will often be the case with bearer bonds), enter code 88862. If an excessive 

number of "country unknowns" is reported for securities other than bearer bonds, we will contact your 

institution for further information.

14. Currency of Denomination - Enter the ISO code from Appendix E that correspondsto the currency in 

which the security is denominated.

15. Type of Foreign Holder

• Enter "1" if the owner is an official institution (see Appendix C or D) even if the account is held in the 

name of a foreign custodian or other foreign nominee.

• Enter “2” for all other owners, including personal trusts and other investment vehicles even if the 

beneficial owner is an individual.

16. U.S. $ Fair Value- Enter the U.S. $ fair value of foreign-residents' ownership of this security, rounded to 

the nearest U.S. dollar. (See Section III.L, Valuation of Securities, for more information on how to 

calculate the fair value.)

17. Fair Value in Currency of Denomination - Enter the fair value of foreign-residents' ownership of this 

security, rounded to the nearest currency unit. For ABS, the fair value should be calculated based on the 

remaining principal outstanding (item 19) rather than the original face value. If the currency of issue is 

US$, report the same value as in item 20. (See Section III.L, Valuation of Securities, for more information 

on how to calculate the fair value.)

FOR EQUITY SECURITIES ONLY

18. Number of Shares - Enter the number of shares owned by foreigners, including fractional shares, rounded to 

the nearest share. Wherever possible, combine partial shares with other ownership shares of the same security 

to reduce reporting disparities introduced by rounding partial shares. Securities for which the amount foreign 

owned is zero should not bereported.

FOR ALL DEBT SECURITIES (NON-ABS AND ABS)

19. Face Value or Remaining Principal in Currency of Denomination - Enter the face value held in the 

currency of denomination, rounded to the nearest whole currency unit. If a security is traded in units, then
26

calculate the face value as: (face value of each unit) * (the number of units held) and report the result in this 

field. Securities for which the amount held is zero should not be reported or Enter the remaining principal 

outstanding as of June 30, in the currency of denomination, rounded to the nearest whole currency unit. This 

will equal the original face value if no principal has been repaid. If a security is traded in units, then calculate 

the remaining face value as: (remaining face value of each unit) * (the number of units held) and report the 

result in this field. Securities for which the amount held is zero should not bereported.

FOR ASSET-BACKED SECURITIES ONLY

20. Original Face Value in Currency of Denomination - Enter the original face value owned by foreigners in the 

currency of denomination, rounded to the nearest whole currency unit. This is the value that is (would have 

been) outstanding if no principal has been (had been) repaid. If a security is traded in units, then calculate the 

original face value as: (original face value of each unit) * (the number of units) and report the result in this field.

FOR ALL DEBT SECURITIES (NON-ASSET BACKED AND ASSET-BACKED SECURITIES)

21. Issue Date - Enter the issue date of this security in MMDDYYYY format. For example, if the security was 

issued on October 4, 1985, enter 10041985. If there are multiple issue dates, enter the first such issue date.

22. Maturity Date - Enter the final maturity date (when all remaining principal and interest are due) of this 

security in MMDDYYYY format. For example, if the security's final maturity date is January 5, 2010, enter 

01052010.
27

APPENDIX A

SAMPLE REPORTING FORM SHL/SHLA

This form is also available separately at the following Treasury website:

https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms-sh.aspx
SHL(A) Schedule 1, Page 1 of 3

.

Department of the Treasury OMB No. 1505-0123 Approval Expires 10/31/2021

Report of Foreign Holdings of U.S. Securities, Including Selected Money Market Instruments 

(SHL(A))

SCHEDULE 1: REPORTER CONTACT IDENTIFICATION AND 

SUMMARY OF FINANCIAL INFORMATION

1. Reporter Identification Number (RSSD):....................................................

2. Organization Name:

3. Street Address: 

4. City: 5. State: 6. Zip Code:

7. Reporting Status:.............................................................................................................................

1 = Exempt - Under the exemption level

2 = Not Exempt - Schedule 2 records being submitted

8. Reporter Type:................................................................................................................................

1 = Depository Institution 4 = Insurance Company 7 = Foundation, trust, estate

2 = Fund/Fund Manager/Sponsor 

(excluding pension fund)

5 = Other Financial Organization 

(includingBHC, FHC, broker/dealers)

8= Institution of higher learning 

(e.g., university)

3 = Pension Fund 6 = Non-financial Organization 9 = Other (not listed above)

If you would like to provide more than one contact name, please attach additional copies of page 1, Schedule 1, with items 9 

through 13 completed.

Business Contact Information:

9. Name: 

10. Title:

11. Telephone Number:

12. Email Address: 

13. Name of Service Provider or Vendor Used (ifapplicable): 

Technical Contact Information:

14. Name: 15. Title:

16. Telephone Number: 17. Email Address:
SHL(A) Schedule 1, Page 2 of 3

Department of the Treasury OMB No. 1505-0123 Approval Expires 10/31/2021

Reporter Identification Number (RSSD):.........................................................

18. Valuation Technique(s) Used to Determine FairValues

For each reporting unit, please describe the valuation technique(s) used to determine reported fair values. If securities are

automatically valued at zero after a specified time period of inactivity, please specify the time period and whether this applies 

to the security or to the client’s holdings of the security. Also, please specify how securities not actively traded on the report 

date and those with internally generated security identification numbers are valued.

Reporting Unit Valuation Description

.
SHL(A) Schedule 1, Page 3 of 3

.

Department of the Treasury OMB No. 1505-0123 Approval Expires 10/31/2021

Reporter Identification Number (RSSD)......................................................

19. Total Number of Schedule 2s Submitted............................................................... , ,

20. Total US$ Fair Value of All Equity Securities ................... , , , , 

Reported on Schedule 2(s)

21. Total US$ Fair Value of All Short-TermDebt Securities... , , , , 

(excluding asset-backed securities) Reported on Schedule 2(s)

22. Total US$ Fair Value of All Long-TermDebt Securities.... , , , , 

(excluding asset-backed securities) Reported on Schedule 2(s)

23. Total US$ Fair Value of All Asset-Backed................... , , , , 

Securities Reported on Schedule 2(s)

CERTIFICATION INFORMATION

By signing the certification below you acknowledge that:

• You have read and understood the reporting requirements of this report;

• You are aware that both civil and criminal penalties may be imposed for filing a false report; and

• You are sufficiently knowledgeable about the activities and functions of your organization that you can knowingly and 

with reasonable confidence certify that the information provided in this report is both accurate and complete.

Certifier's Signature: 24. Date Signed:

25. Certifier's Name:

26. Certifier'sTitle:

27. Certifier's TelephoneNumber:

28. Certifier's EmailAddress:

SUMMARY OF SCHEDULE 2 INFORMATION

.
SHL(A) Schedule 2, Page 1 of 2

.... .......

......... ...

... , ,

...

....

Department of the Treasury OMB No. 1505-0123 Approval Expires 10/31/2021

1. Reporter Identification Number (RSSD):......................................................

2. Sequence Number: ......................................................................................... , ,

3. Reporting Unit:.....................................................................................................................

4. Name of Reporting Unit:

5. Reporting As: .............................................................................................................................. 

1 = Issuer 2 = Custodian

6. Security ID....................................................................................

7. Security ID System: .......................................................................................................................

1 = CUSIP 2 = ISIN 3 = CINS 4 = Common Code 5 = SEDOL

6 = Internally Generated 7 = Other (provide answer to 8)

8. For code of Other (7) enter the name of the organization or system that assigned the Security ID:

9. SecurityDescription:

10. Name of Issuer:

11. Type of Issuer: ...........................................................................................................................

1 = United States Treasury and Federal Financing Bank 4 = Depository institution

2 = Federal agency or federally sponsored enterprise 5 = Other financial organization (including BHC, FHC, broker/dealer) 

3 = State or local government, includingtheir subdivisions 6 = Nonfinancial organization

12. Security Type: ....................................................................................................................

Equities Debt (excluding asset-backed securities) Asset-Backed Securities

1 = Common stock 

2 = Preferred stock

3 = Fund shares

5 = Commercial paper 9 = Bond or note, unstripped

6 = Negotiable CD 10 = Bond or note,stripped 

7 = Convertible debt security 11 = All other debt

12 = Asset-backed security

4 = All other equity 8 = Zero-coupon bond or note

13. Country of Residence of Foreign Holder: (Refer to Appendix C).............................................

14. Currency of Denomination: (Refer to AppendixE).....................................................................

15. Type of Foreign Holder: (Refer to Appendix C and D)............................................................................

1 = Official 2 = Other

SCHEDULE 2: DETAILS OF SECURITIES

.

...
SHL(A) Schedule 2, Page 2 of 2

...

... ...

......

, , ,

.....

Department of the Treasury OMB No. 1505-0123 Approval Expires 10/31/2021

Reporter Identification Number (RSSD): ..........................................................

16. US$ Fair Value of Security:..................................................... , , ,

17. Fair Value of Security in the Currency of Denomination:.................. , , ,

(Security Types 1, 2, 3 or 4)

18. Number of Shares:....................................................................... , , ,

(Security Types 5, 6, 7, 8, 9, 10, 11, or 12)

19. Face Value (for non-ABS) or Remaining Principal Outstanding (for ABS)

in the Currency of Denomination: ............................................. , , ,

(Security Type 12)

20. Original Face Value in the Currency ofDenomination: ...................... , , ,

(Security Types 5, 6, 7, 8, 9, 10, 11, or 12)

21. Issue Date: (MMDDYYYY)..............................................................................

22. Maturity Date: (MMDDYYYY)..........................................................................

FOR EQUITIES ONLY

FOR ALL DEBT SECURITIES

(NON-ASSET-BACKED AND ASSET-BACKED SECURITIES)

FOR ASSET-BACKED SECURITIES ONLY

FOR ALL DEBT SECURITIES

(NON-ASSET-BACKED AND ASSET-BACKED SECURITIES)

...
28

APPENDIX B - FLOWCHARTS SHOWING REPORTING RESPONSIBILITY

A. FLOWCHART FOR U.S.-RESIDENT CUSTODIANS (all securities, including all bookentry securities held at a U.S.-resident central securities depository)

1. A foreign-resident investor or custodian uses U.S.-resident custodian to hold U.S. securities for its accountand 

the U.S.-resident custodian does not use a U.S.-residentsub-custodian.

Reports on Schedule 2 Reports only if no U.S.-resident

custodian is used

2. A foreign-resident investor or custodian uses U.S.-resident custodian to hold U.S. securities for its account and 

the U.S.-resident custodian uses a U.S.-resident sub-custodian.

Reports on Schedule 2 if 

they don’t fully disclose the 

client information to the 

sub-custodian

Reports on Schedule 2 if they 

know the foreign client

U.S.-resident 

custodian

Foreign-resident 

owner

or

Foreign-resident 

custodian

U.S.-resident 

custodian

U.S.-resident 

central securities 

depository

Foreign-resident 

owner

or 

Foreign-resident

custodian

U.S.-resident sub- custodian
29

↓ ↓

B. FLOWCHART FOR U.S.-RESIDENT ISSUERS (registered securities, including all book-entry 

securities not issued directly into a foreign market)

U.S. registered security is held directly by a foreigner (i.e., no U.S.-resident custodian and no U.S.-resident 

central securities depository is used).

Reports on Schedule 2

C. FLOWCHART FOR SECURITIES ISSUED DIRECTLY INTO THE FOREIGN MARKET

Issuers should assume that the entire issue is held directly by foreign residents. U.S.-resident custodians should 

report all securities held in custody that are foreign owned.

Reports ENTIRE issue on Schedule 2 Reports amounts owned by foreigners on Schedule 2

Note: FRBNY eliminates double reporting on a security-by-security basis. Custodial information is used 

to provide information on the geographical distribution of the owners of these securities.

Foreign-resident 

owner

or 

Foreign-resident

custodian 

or

Foreign-resident central 

securities depository

U.S.-resident 

issuer

Foreign-resident 

owner

U.S.-resident 

issuer

U.S.-resident 

custodian
30

FLOWCHART FOR DETERMINING REPORTABLE SECURITIES

Is this an equity security, a

debt security (including NO

ABS), or a reportable money

market instrument?

YES

Is this security

issued by a U.S. NO

resident?

(See Note)

YES

Is the owner ofthe

U.S. security a 

foreign resident?

NO

YES

If a U.S. equity security,

does the investment NO

represent less than 10% of

the issuer’s voting equity?

YES

This security is reportable. Please refer to 

Flowcharts A through C to determine 

who is responsible for reporting

detailed Schedule 2 data.

Note: Depositary receipts/shares backed by foreign securities are considered “foreign.” In addition, all securities 

issued by the multinational organizations listed in Appendix Dare considered foreign.

In most cases, do 

not report 

investments that 

represent 10% or 

more of the 

issuer’s voting

equity, i.e., direct 

investments. (See 

Section III.I for a 

complete 

definition of 

direct 

investment.)

Do not report 

U.S. securities 

owned by U.S. 

residents because 

this investment 

does not represent 

a cross-border 

investment.

Do not report 

securities issued 

by foreign 

residents, 

including foreign 

branches and 

subsidiaries of

U.S. entities.

Do not report 

non- securities 

such as 

derivatives, loans, 

and nonnegotiable 

deposits
APPENDIX C 

DEPARTMENT OF THE TREASURY

GEOGRAPHICAL CLASSIFICATION

CODES FOR COUNTRIES, AREAS & INTERNATIONAL/REGIONAL ORGANIZATIONS 

TO BE USED FOR PURPOSES OF REPORTING ON

TREASURY INTERNATIONAL CAPITAL FORMS

The most recent version of this appendix is now a separate document.

A copy is in Column A on the Treasury website at:

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

31
32

APPENDIX D 

DEPARTMENT OF THE TREASURY

CERTAIN FOREIGN INSTITUTIONS CLASSIFIED AS OFFICIAL, 

A LIST TO BE USED ONLY FOR PURPOSES OF REPORTING ON 

TREASURY INTERNATIONAL CAPITAL (TIC) FORMS

The most recent version of this appendix is now a separate document.

A copy is in column B on the Treasury website at:

https://www.treasury.gov/resource-center/data-chart-center/tic/Pages/foihome.aspx
33

APPENDIX E: LIST OF CURRENCY CODES

Code Currency Code Currency

AFN Afghan Afghani CYP Cypriot Pound

ALL Albanian Lek CZK Czech Koruna

DZD Algerian Dinar DKK Danish Krone

ADP Andorran Peseta DJF Djiboutian Franc

AOA Angolan Kwanza DOP Dominican Peso

ARS Argentine Peso XCD East Caribbean Dollar

AMD Armenian Dram EGP Egyptian Pound

AWG Aruban Guilder SVC Salvador Colon

AUD Australian Dollar ERN Eritrean Nakfa

AZN Azerbaijani Manat EEK Estonian Kroon

BSD Bahamian Dollar ETB Ethiopian Birr

BHD Bahraini Dinar EUR Euro

BDT Bangladeshi Taka FKP Falkland Islands Pound

BBD Barbadian Dollar FJD Fijian Dollar

BYR Belarusian Ruble GMD Gambian Dalasi

BZD Belizian Dollar GEL Georgian Lari

BMD Bermudian Dollar GHS Ghanaian Cedi

BTN Bhutanese Ngultrum GIP Gibraltar Pound

BOB Bolivian Boliviano GTQ Guatemalan Quetzal

BWP Botswana Pula GWP Guinea-Bissau Peso

BAM Bosnia & Herzegovina GNF Guinean Franc

Convertible Mark GYD Guyana Dollar

BRL Brazilian Real HTG Hatian Gourde

BND Bruneian Dollar HNL Honduran Lempira

BGN Bulgarian Lev HKD Hong Kong Dollar

BIF Burundian Franc HUF Hungarian Forint

KHR Cambodian Riel ISK Icelandic Krona

CAD Canadian Dollar INR Indian Rupee

CVE Cape Verdean Escudo IDR Indonesian Rupiah

KYD Cayman Islands Dollar IRR Iranian Rial

XOF CFA Franc BCEAO IQD Iraqi Dinar

XAF CFA Franc BEAC JMD Jamaican Dollar

XPF CFP Franc JPY Japanese Yen

CLP Chilean Peso JOD Jordanian Dinar

CNY Chinese Yuan Renminbi KZT Kazakhstani Tenge

COP Colombian Peso KES Kenyan Shilling

KMF Comorian Franc KWD Kuwaiti Dinar

CDF Congolese Franc KGS Kyrgyzstani Som

CRC Costa Rican Colon LAK Laotian Kip

HRK Croatian Kuna LVL Latvian Lats

CUP Cuban Peso
34

Code Currency Code Currency

LBP Lebanese Pound STD Sao Tome & Principe Dora

LSL Lesotho Loti SAR Saudi Arabian Riyal

LRD Liberian Dollar RSD Serbian Dinar

LYD Libyan Dinar SCR Seychelles Rupee

LTL Lithuanian Litas SLL Sierra Leonean Leone

MOP Macau Pataca SGD Singapore Dollar

MKD Macedonian Denar SKK Slovak Koruna

MGA Malagasy Ariary SIT Slovenian Tolar

MWK Malawian Kwacha SBD Solomon Islands Dollar

MYR Malaysian Ringgit SOS Somali Shilling

MVR Maldivian Rufiyaa ZAR South African Rand

MTL Maltese Lira KRW South Korean Won

MRO Mauritanian Ouguiya LKR Sri Lankan Rupee

MUR Mauritiuian Rupee SDG Sudanese Pound

MXN Mexican Peso SRG Surinamese Dollar

MDL Moldovan Leu SZL Swazi Lilangeni

MNT Mongolian Tugrik SEK Swedish Krona

MAD Moroccan Dirham CHF Swiss Franc

MZM Mozambican Metical SYP Syrian Pound

MMK Burmese Kyat TWD Taiwan New Dollar

NAD Namibian Dollar TJS Tajikistani Somoni

NPR Nepalese Rupee TZS Tanzanian Shilling

ANG Netherlands Antillean Guilder THB Thailand Baht

ILS Israeli New Shekel TOP Tongan Pa'anga

TWD New Taiwan Dollar TTD Trinidad and Tobago Dollar

NZD New Zealand Dollar TND Tunisian Dinar

NIO Nicaraguan Cordoba Oro TRY Turkish Lira

NGN Nigerian Naira TMT Turkmenistani Manat

KPW North Korean Won UGX Ugandan Shilling

NOK Norwegian Krone UAH Ukrainian Hryvnia

OMR Omani Rial AED United Arab Emirates Dirham

PKR Pakistani Rupee USD United States Dollar

PAB Panamanian Balboa UYU Uruguayan Peso

PGK Papua New Guinean Kina UZS Uzbekistani Sum

PYG Paraguayan Guarani VUV Vanuatu Vatu

PEN Peruvian Sol VEF Venezuelan Bolivar

PHP Philippine Peso VND Vietnamese Dong

PLN Polish Zloty YER Yemeni Rial

GBP Pound Sterling YUM Yugoslavian Dinar

QAR Qatari Riyal ZMW Zambian Kwacha

RON Romanian Leu

RUB Russian Ruble

RWF Rwandan Franc

SHP Saint Helena Pound

WST Samoan Tala
35

APPENDIX – F

GLOSSARY

The most recent version of this appendix is now a separate document.

A copy is on the TIC website at:

http://ticdata.treasury.gov/Publish/ticglossary-2018march.pdf
36

APPENDIX – G

Technical Information for Electronic Submission

The instruction guide on how to submit through Reporting Central can be found at the link below: 

https://www.frbservices.org/files/reporting/pdf/external_user_guide.pdf

APPENDIX – H
37

LIST OF FEDERAL AGENCIES AND FEDERALLY SPONSORED ENTERPRISES

A. U.S. FEDERAL GOVERNMENT AGENCIES and CORPORATIONS

Architect of the Capital

Commodity Credit Corporation (CCC)

Department of Agriculture, including former Rural Electrification Administration (REA), and

former Farmers Housing Administration (FmHA).

Department of Defense and Military Services (e.g. Air Force) 

Department of Housing and Urban Development (HUD) 

Department of Interior

Export-Import Bank of the United States (Ex-Im Bank) 

Federal Communication Commission (FCC)

Farm Credit System Financial Assistance Corporation (FCSFAC)

Federal Deposit Insurance Corporation (FDIC), including FSLIC Resolution Fund 

Federal Housing Administration (FHA)

Financing Corporation (FICO)

General Services Administration (GSA)

Government National Mortgage Association (GNMA or Ginnie Mae) 

Maritime Administration

National Archives and Records Administration (NARA) 

National Consumer Cooperative Bank

Overseas Private Investment Corporation (OPIC)

Resolution Funding Corporation (REFCORP)

Rural Telephone Bank

Small Business Administration (SBA)

Tennessee Valley Authority (TVA), including lease obligations 

Washington Metropolitan Area Transit Authority (WMATA)

B. FEDERALLY SPONSOREDENTERPRISES

Farm Credit System:

Agricultural Credit Bank (ACB) 

Farm Credit Banks (FCB)

Federal Agricultural Mortgage Corporation (FAMC or Farmer Mac) 

Federal Home Loan Banks (FHLB)

Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) 

Federal National Mortgage Association (FNMA or Fannie Mae)