49

INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are
public debt securities such as savings bonds, bills, notes, and
bonds that the Treasury issues. The tables also detail debt
issued by other Federal agencies under special financing
authorities. [See the Federal debt (FD) tables for a more
complete description of the Federal debt.]
Effective January 1, 2001, Treasurys Bureau of the
Public Debt revised formats, titles, and column headings in
the Monthly Statement of the Public Debt of the United
States, Table I: Summary of Treasury Securities
Outstanding and Table II: Statutory Debt Limit. These
changes should reduce confusion and bring the publication
more in line with the publics use of terms.
Treasurys Financial Management Service (FMS)
compiles data in the Treasury Bulletin table OFS-1 from
the Monthly Statement of the Public Debt of the United
States. Effective June 2001, FMS revised procedures and
categories in this table to agree with the Bureau of the Public
Debts publication changes.

Table OFS-1 presents Treasury marketable and

nonmarketable securities and debt issued by other Federal
agencies held by Government accounts, the FRBs, and
private investors. Social Security and Federal retirement
trust fund investments comprise much of the Government
account holdings.
The FRBs acquire Treasury securities in the market as a
means of executing monetary policy.
Table OFS-2 presents the estimated ownership of
U.S. Treasury securities. Information is primarily obtained
from the Federal Reserve Board of Governors Flow of Funds
data, Table L209. State, local, and foreign holdings include
special issues of nonmarketable securities to municipal
entities and foreign official accounts. They also include
municipal, foreign official, and private holdings of
marketable Treasury securities. (See footnotes to the table
for description of investor categories.)

December 2011

OWNERSHIP OF FEDERAL SECURITIES

50

TABLE OFS-1.Distribution of Federal Securities by Class of Investors and Type of Issues

[In millions of dollars. Source: Financial Management Service]

End of
fiscal year
or month

Total
Federal
securities
outstanding
(1)

Public debt securities

Held by U.S. Government accounts
Total
outstanding
(2)

Total
(3)

Marketable
(4)

Nonmarketable
(5)

Public issues
held by Federal
Reserve banks
(6)

2007 ................................................
2008 ................................................
2009 ................................................
2010 ................................................
2011 ................................................

9,030,612
10,047,828
11,933,031
13,585,596
14,815,328

9,007,653
10,024,725
11,909,828
13,561,622
14,790,340

3,958,417
4,210,491
4,355,292
4,534,014
4,658,307

1
-

3,958,416
4,210,491
4,355,292
4,534,014
4,658,307

774,913
484,486
827,126
909,910
1,689,186

2010 - Sept ......................................

Oct .......................................
Nov ......................................
Dec ......................................
2011 - Jan .......................................
Feb ......................................
Mar ......................................
Apr .......................................
May......................................
June.....................................
July ......................................
Aug ......................................
Sept .....................................

13,585,596
13,692,910
13,884,806
14,049,381
14,155,425
14,219,364
14,294,579
14,312,261
14,369,297
14,367,591
14,367,889
14,709,806
14,815,328

13,561,622
13,668,825
13,860,773
14,025,215
14,131,050
14,194,764
14,270,114
14,287,629
14,344,667
14,343,087
14,342,369
14,684,292
14,790,340

4,534,014
4,594,673
4,581,398
4,629,808
4,640,544
4,624,079
4,613,547
4,627,930
4,616,651
4,596,214
4,581,748
4,655,154
4,658,307

4,534,014
4,594,673
4,581,398
4,629,808
4,640,544
4,624,079
4,613,547
4,627,930
4,616,651
4,596,214
4,581,748
4,655,154
4,658,307

909,910
935,625
1,004,438
1,112,948
1,218,348
1,316,019
1,427,405
1,506,178
1,614,484
1,702,065
1,719,555
1,732,525
1,689,186

Public debt securities, con.

Held by private investors

Agency securities 1
Held by
Government
accounts
(12)

Total
(7)

Marketable
(8)

Nonmarketable
(9)

Total
outstanding
(10)

Held by
private
investors
(11)

2007 ....................................................................
2008 ....................................................................
2009 ....................................................................
2010 ....................................................................
2011 ....................................................................

4,274,323
5,329,748
6,727,410
8,117,698
8,442,847

3,673,220
4,751,490
6,182,607
7,588,415
7,935,360

601,103
578,258
544,804
529,284
507,488

22,959
23,104
23,203
23,974
24,988

22,953
23,098
23,202
23,971
24,982

6
6
1
3
6

2010 - Sept ..........................................................

Oct ...........................................................
Nov ..........................................................
Dec ..........................................................
2011 - Jan ...........................................................
Feb ..........................................................
Mar ..........................................................
Apr ...........................................................
May..........................................................
June.........................................................
July ..........................................................
Aug ..........................................................
Sept .........................................................

8,117,698
8,138,527
8,274,937
8,282,459
8,272,158
8,254,666
8,229,162
8,153,521
8,113,532
8,044,808
8,041,066
8,296,613
8,442,847

7,588,415
7,607,094
7,743,848
7,750,313
7,746,357
7,732,196
7,705,335
7,630,392
7,647,747
7,632,583
7,658,075
7,789,280
7,935,360

529,284
531,433
531,089
532,147
525,802
522,471
523,827
523,130
465,786
412,225
382,991
507,334
507,488

23,974
24,085
24,033
24,166
24,375
24,600
24,465
24,632
24,629
24,504
25,520
25,514
24,988

23,971
24,081
24,028
24,161
24,370
24,595
24,459
24,626
24,623
24,498
25,514
25,508
24,982

3
4
5
5
5
5
6
6
6
6
6
6
6

End of
fiscal year
or month

Agency securities have been revised to show separate amounts for securities held
by private investors and those held by government accounts.

December 2011

Note. Public issues held by the Federal Reserve banks have been revised to
include Ginnie Mae and exclude the following Government-Sponsored Enterprises:
Federal National Mortgage Association, Federal Home Loan Mortgage Corporation,
and the Federal Home Loan Bank System.

OWNERSHIP OF FEDERAL SECURITIES

51

TABLE OFS-2.Estimated Ownership of U.S. Treasury Securities

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance]

End of month
2001 - Mar .........
June .......
Sept ........
Dec .........
2002 - Mar .........
June .......
Sept ........
Dec .........
2003 - Mar .........
June .......
Sept ........
Dec .........
2004 - Mar .........
June .......
Sept ........
Dec .........
2005 - Mar .........
June .......
Sept ........
Dec .........
2006 - Mar .........
June .......
Sept ........
Dec .........
2007 - Mar .........
June .......
Sept ........
Dec .........
2008 - Mar .........
June .......
Sept ........
Dec .........
2009 - Mar .........
June .......
Sept ........
Dec .........
2010 - Mar .........
June .......
Sept ........
Dec .........
2011 - Mar .........
June .......
Sept ........
1

Total
public
debt 1
(1)

Federal
Reserve and
Intragovernmental
Holdings 2
(2)

5,773.7
5,726.8
5,807.5
5,943.4
6,006.0
6,126.5
6,228.2
6,405.7
6,460.8
6,670.1
6,783.2
6,998.0
7,131.1
7,274.3
7,379.1
7,596.1
7,776.9
7,836.5
7,932.7
8,170.4
8,371.2
8,420.0
8,507.0
8,680.2
8,849.7
8,867.7
9,007.7
9,229.2
9,437.6
9,492.0
10,024.7
10,699.8
11,126.9
11,545.3
11,909.8
12,311.3
12,773.1
13,201.8
13,561.6
14,025.2
14,270.0
14,343.1
14,790.3

2,880.9
3,004.2
3,027.8
3,123.9
3,156.8
3,276.7
3,303.5
3,387.2
3,390.8
3,505.4
3,515.3
3,620.1
3,628.3
3,742.8
3,772.0
3,905.6
3,921.6
4,033.5
4,067.8
4,199.8
4,257.2
4,389.2
4,432.8
4,558.1
4,576.6
4,715.1
4,738.0
4,833.5
4,694.7
4,685.8
4,692.7
4,806.4
4,785.2
5,026.8
5,127.1
5,276.9
5,259.8
5,345.1
5,350.5
5,656.2
5,958.9
6,220.4
6,328.0

Pension funds 3
U.S.
Total
privately Depository savings
held
institutions 3, 4 bonds 5
(4)
(5)
(3)
2,892.8
2,722.6
2,779.7
2,819.5
2,849.2
2,849.8
2,924.8
3,018.5
3,070.0
3,164.7
3,267.9
3,377.9
3,502.8
3,531.5
3,607.1
3,690.5
3,855.3
3,803.0
3,864.9
3,970.6
4,114.0
4,030.8
4,074.2
4,122.1
4,273.1
4,152.6
4,269.7
4,395.7
4,742.9
4,806.2
5,332.0
5,893.4
6,341.7
6,518.5
6,782.7
7,034.4
7,513.3
7,856.7
8,211.1
8,368.9
8,311.1
8,122.7
8,462.4

188.0
188.1
189.1
181.5
187.6
204.7
209.3
222.6
153.6
145.4
146.8
153.1
162.8
158.6
138.5
125.0
141.8
126.9
125.3
117.1
113.0
119.5
113.6
114.8
119.8
110.4
119.7
129.8
125.3
112.7
130.0
105.0
129.1
140.7
199.3
206.4
274.4
270.1
328.8
322.7
328.1
284.5
n.a.

Private 6
(6)

184.8
185.5
186.4
190.3
191.9
192.7
193.3
194.9
196.9
199.2
201.6
203.9
204.5
204.6
204.2
204.5
204.2
204.2
203.6
205.2
206.0
205.2
203.7
202.4
200.3
198.6
197.1
196.5
195.4
195.0
194.3
194.1
194.0
193.6
192.5
191.3
190.2
189.6
188.7
187.9
186.7
186.0
185.1

Source: Monthly Statement of the Public Debt of the United States (MSPD). Face
value.
2
Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, Statement of
condition, for System Open Market Accounts; and the U. S. Treasury MSPD for
intragovernmental holdings. Federal Reserve holdings exclude Treasury securities
held under repurchase agreements.
3
Source: Federal Reserve Board of Governors, Flow of Funds Table L.209.
4
Includes commercial banks, savings institutions, and credit unions.
5
Source: Monthly Statement of the Public Debt of the United States. Current
accrual value.
6
Includes U.S. Treasury securities held by the Federal Employees Retirement System
Thrift Savings Plan "G Fund."

153.4
148.5
149.9
145.8
152.7
152.1
154.5
153.8
165.8
170.2
167.7
172.2
169.8
173.3
174.0
173.7
177.3
181.0
184.2
184.9
186.7
192.1
201.9
207.5
221.7
232.5
246.7
257.6
270.5
276.7
292.5
297.2
330.9
353.4
398.1
429.8
462.2
531.9
595.2
615.9
632.9
656.2
n.a.

State and Insurance

local
compagovernments
nies 3
(7)
(8)
177.3
183.1
166.8
155.1
163.3
153.9
156.3
158.9
162.1
161.3
155.5
148.6
143.6
134.9
140.8
151.0
158.0
171.3
164.8
153.8
153.0
150.9
154.7
156.2
158.3
159.3
138.9
141.6
142.0
141.8
143.9
146.4
150.2
159.9
167.3
174.5
179.1
182.0
185.5
185.6
187.9
186.0
n.a.

109.1
108.1
106.8
105.7
114.0
122.0
130.4
139.7
139.5
138.7
137.4
136.5
172.4
174.6
182.9
188.5
193.3
195.0
200.7
202.3
200.3
196.1
196.8
197.9
185.4
168.9
155.1
141.9
152.1
159.4
163.4
171.4
191.0
200.0
210.2
222.0
225.7
231.8
240.6
248.4
248.8
250.1
n.a.

Mutual
funds 3, 7
(9)
225.3
221.0
234.1
261.9
266.1
253.8
256.8
281.0
296.6
302.3
287.1
280.9
280.8
258.7
255.0
254.1
261.1
248.7
244.7
251.3
248.7
244.2
235.7
250.7
264.5
267.7
306.3
362.9
484.4
477.2
656.1
768.8
715.9
695.6
644.9
666.2
646.4
632.1
609.6
637.9
641.1
653.5
n.a.

State and
local
Foreign
govern- and international 8
ments 3
(11)
(10)
316.9
324.8
321.2
328.4
327.6
333.6
338.6
354.7
350.0
347.9
357.7
364.2
374.1
381.2
381.7
389.1
412.0
444.0
467.6
481.4
486.1
499.4
502.1
526.9
555.0
576.2
535.0
534.1
531.0
519.9
503.2
485.5
516.8
514.3
504.2
505.6
506.1
511.6
506.2
512.9
500.8
484.4
n.a.

1,012.5
983.3
992.2
1,040.1
1,057.2
1,123.1
1,188.6
1,235.6
1,275.2
1,371.9
1,443.3
1,523.1
1,670.0
1,735.4
1,794.5
1,849.3
1,952.2
1,877.5
1,929.6
2,033.9
2,082.1
1,977.8
2,025.3
2,103.1
2,194.8
2,192.0
2,235.3
2,353.2
2,506.3
2,587.4
2,802.4
3,077.2
3,265.7
3,460.8
3,570.6
3,685.1
3,877.9
4,070.0
4,324.2
4,435.6
4,476.1
4,500.8
n.a.

Other
investors 9
(12)
525.5
380.3
433.1
410.7
388.8
313.8
297.0
277.4
330.2
327.8
371.0
395.4
324.8
310.1
335.5
355.4
355.5
354.4
344.3
340.6
438.1
445.6
440.3
362.5
373.2
246.9
335.5
278.2
335.8
336.1
446.2
647.9
848.1
800.1
895.6
953.5
1,151.3
1,237.6
1,232.5
1,222.0
1,108.6
921.2
n.a.

Includes money market mutual funds, mutual funds, and closed-end investment companies.
Source: Federal Reserve Board Treasury International Capital Survey. Includes
nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes
Treasury securities held under repurchase agreements in custody accounts at the Federal
Reserve Bank of New York. For additional information see: http://www.treasury.gov/resourcecenter/data-chart-center/tic/Documents/mfh.txt.
9
Includes individuals, Government-sponsored enterprises, brokers and dealers, bank
personal trusts and estates, corporate and non-corporate businesses, and other investors.
8

December 2011