Financial Accounts of the United States (Z.1) · Treasury securities held as assets, by holder, end of quarter
Which sectors hold US Treasury securities?
The quarter ended : of the 14 lines, the change over a year was largest for Exchange-traded funds, up 27.0%, and smallest for Rest of the world, up 1.9%.
Treasury securities held, by holder, foreign holders and the federal reserve, each quarter
- Rest of the world9.276.00 to 9.35
- Central bank4.082.32 to 6.05
Treasury securities held, by holder, funds and pensions, each quarter
- Money market funds3.280.56 to 3.52
- Mutual funds1.740.90 to 1.74
- Exchange-traded funds0.810.09 to 0.81
- Private pension funds0.590.30 to 0.59
- State and local government employee defined benefit pension funds0.560.18 to 0.57
Treasury securities held, by holder, banks, households and others, each quarter
- U.S.-chartered depository institutions1.800.46 to 1.82
- Security brokers and dealers0.570.12 to 0.62
- Households and nonprofit organizations2.830.30 to 2.83
- State and local governments1.650.52 to 1.65
- Property-casualty insurance companies0.380.11 to 0.43
- Life insurance companies0.230.17 to 0.25
- Government-sponsored enterprises0.270.10 to 0.28
Each row is one line of the page over the last ten years, one quarter to a point, on a scale shared by the rows of the tab, with its newest value and its range printed beside it and a dashed line at zero. A gap is a quarter with no value. Pointing at the chart shows the quarter and the value.
Observed .
Right now
Over a year to the second quarter of 2026, of the 14 lines on this page the change was largest for Exchange-traded funds, up 27.0%, and smallest for Rest of the world, up 1.9%.
Of these lines, 14 rose, 0 fell and 0 did not change over the year (ours, from the published values).
By lineOver a year, ours
Treasury securities held, by holder, change over a year, by line
- Foreign holders and the Federal Reserve
- Funds and pensions
- Banks, households and others
Each bar is the change in one line over a year, the largest first, with its rank at the left and its newest value under the figure. A line with its own page links it from its name. A change below zero runs to the left of the zero line. The colour says which section of the page a line is in.
Observed .
Treasury securities held, by holder, change over a year in each quarter
| Line | ||||||||
|---|---|---|---|---|---|---|---|---|
| Rest of the world | +16.7 | +8.6 | +11.7 | +9.6 | +5.4 | +7.5 | +3.3 | +1.9 |
| Central bank | −7.3 | −13.2 | −8.2 | −4.6 | −5.4 | +0.9 | +4.4 | +7.1 |
| Money market funds | +50.5 | +32.0 | +12.4 | +6.7 | +21.5 | +17.5 | +18.9 | +25.5 |
| Mutual funds | +14.9 | +9.1 | +9.9 | +8.3 | +8.4 | +11.2 | +12.2 | +13.0 |
| Exchange-traded funds | +21.2 | +10.7 | +19.9 | +21.5 | +18.7 | +27.0 | +29.0 | +27.0 |
| Private pension funds | +15.3 | +3.9 | +7.9 | +8.7 | +7.3 | +11.8 | +9.6 | +10.9 |
| State and local government employee defined benefit pension funds | +33.7 | +15.7 | +14.6 | +6.1 | +3.7 | +16.0 | +15.8 | +14.4 |
| U.S.-chartered depository institutions | +18.5 | +15.6 | +8.6 | +16.5 | +17.3 | +13.5 | +17.6 | +9.9 |
| Security brokers and dealers | +25.3 | +38.2 | +24.8 | +43.1 | +25.8 | +19.4 | +27.3 | +10.4 |
| Households and nonprofit organizations | +12.9 | +0.4 | +12.8 | +13.3 | +8.4 | +14.3 | +4.6 | +7.1 |
| State and local governments | +12.8 | +5.3 | +5.3 | +6.2 | +4.1 | +5.8 | +4.5 | +4.7 |
| Property-casualty insurance companies | +66.5 | +37.5 | +29.0 | −6.8 | −8.0 | +1.7 | +8.8 | +11.5 |
| Life insurance companies | +12.1 | +2.9 | +4.7 | +4.9 | +5.2 | +11.3 | +14.0 | +17.8 |
| Government-sponsored enterprises | +26.6 | +36.9 | +46.0 | +51.7 | +33.4 | +8.7 | +4.4 | +6.3 |
Each chip is one quarter's change from the same quarter a year earlier. The mark in its middle is zero: a fill to the right of it is a rise and a fill to the left a fall. A longer, brighter fill is a larger change, in five steps up to 29.0 and over. Every chip prints its figure and sign.
Observed .
Understanding treasury holders by sector
Where it stands today
The largest change over a year was Exchange-traded funds, up 27.0%, in the second quarter of 2026.
What do the lines of this page measure?
The Federal Reserve Board's Financial Accounts of the United States (Z.1) list, for each kind of holder, the Treasury securities it holds as assets at the end of each quarter. This page shows the largest holders: foreign holders and the central bank (the Federal Reserve), funds and pension funds, banks and dealers, households, governments and insurers.
Read more
Foreign holders are the rest of the world sector. Money market funds, mutual funds and exchange-traded funds are funds that hold securities for their investors, and the page counts what the fund holds, not what its investors hold through it.
What 500metrics adds: the change over a year of every holder, ranked across the page; the last ten years of every holder as rows of small charts; and a table of the change over a year in each of the last eight quarters.
The numbers behind the chart
What is the latest value of each line?14 lines, in the sections of the page
| Line | Section | Quarter | Value | Change over a year | Rank |
|---|---|---|---|---|---|
| Rest of the world | Foreign holders and the Federal Reserve | $9.27 trillion | +1.9% | 14 | |
| Central bank | Foreign holders and the Federal Reserve | $4.08 trillion | +7.1% | 10 | |
| Money market funds | Funds and pensions | $3.28 trillion | +25.5% | 2 | |
| Mutual funds | Funds and pensions | $1.74 trillion | +13.0% | 5 | |
| Exchange-traded funds | Funds and pensions | $0.81 trillion | +27.0% | 1 | |
| Private pension funds | Funds and pensions | $0.59 trillion | +10.9% | 7 | |
| State and local government employee defined benefit pension funds | Funds and pensions | $0.56 trillion | +14.4% | 4 | |
| U.S.-chartered depository institutions | Banks, households and others | $1.80 trillion | +9.9% | 9 | |
| Security brokers and dealers | Banks, households and others | $0.57 trillion | +10.4% | 8 | |
| Households and nonprofit organizations | Banks, households and others | $2.83 trillion | +7.1% | 10 | |
| State and local governments | Banks, households and others | $1.65 trillion | +4.7% | 13 | |
| Property-casualty insurance companies | Banks, households and others | $0.38 trillion | +11.5% | 6 | |
| Life insurance companies | Banks, households and others | $0.23 trillion | +17.8% | 3 | |
| Government-sponsored enterprises | Banks, households and others | $0.27 trillion | +6.3% | 12 |
The table scrolls sideways; the first column stays in place.
What do these figures leave out, and how are they cited?Limits, dates and how to cite
What this number cannot tell you
- The lines are the Board's estimates; most are at market value, so they move with prices. The page lists the larger holders only, so the lines do not add up to all Treasury securities outstanding.
- The households line includes nonprofit organizations, as the Board counts them together. The line for security brokers and dealers is the Board's net figure, the state and local governments line excludes the special securities they hold from the Treasury's State and Local Government Series (SLGS), and the property-casualty insurance line includes the securities held by U.S. residual market reinsurers.
- The central bank line is the Federal Reserve's holdings as the Board counts them each quarter; the Fed holdings page shows the New York Fed's weekly holdings at par, a different basis.
- Foreign holders here are all holders outside the United States. The Treasury's survey of foreign holders, by country, is on the foreign holders page and is counted on another basis.
- The Board revises past quarters in later releases; this page always shows the newest release.
- The changes and the ranks are ours, worked out from the values the Board publishes; a change is in percent.
Observed . Checked .
How to cite this
Federal Reserve Board, Financial Accounts of the United States (Z.1), Treasury securities held as assets, by holder, end of quarter, through the second quarter of 2026. Compiled by 500metrics, "Which sectors hold US Treasury securities?", https://500metrics.com/treasury-holders-by-sector.
Can the data be downloaded?treasury-holders-by-sector.csv
Download the last ten years of every line as CSV: 574 rows, to , 45,220 bytes.
Our text and compilation: CC BY 4.0.
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