Financial ownership
Who holds what?
At 2026:Q1, these Federal Reserve instrument tables identify the sectors holding Treasury securities, corporate equities, and mortgages. Every holder total below is reconciled to the published all-sectors asset line.
Data as of 2026:Q1, June 11, 2026 (2026:Q1 Z.1 release)
Treasury securities
Holder assets reconcile to the all-sectors asset total. Marketable and nonmarketable federal liabilities, and the instrument discrepancy between marketable liabilities and holder assets, remain separate published lines.
| Holder | USD trillions | Share of published total |
|---|---|---|
| Rest of the world; Treasury securities; asset | 9.32 | 32.1% |
| Central bank; total Treasury securities; asset | 4.00 | 13.8% |
| Money market funds; Treasury securities; asset | 3.43 | 11.8% |
| Households and nonprofit organizations; Treasury securities; asset | 3.04 | 10.5% |
| U.S.-chartered depository institutions; Treasury securities; asset | 1.82 | 6.3% |
| Mutual funds; Treasury securities; asset (market value) | 1.69 | 5.8% |
| State and local governments; Treasury securities, excluding SLGS; asset | 1.56 | 5.4% |
| Exchange-traded funds; Treasury securities; asset | 0.78 | 2.7% |
| Security brokers and dealers; Treasury securities (net); asset | 0.62 | 2.1% |
| Private pension funds; Treasury securities; asset | 0.61 | 2.1% |
| State and local government employee defined benefit pension funds; Treasury securities; asset | 0.57 | 2.0% |
| Property-casualty insurance companies; Treasury securities, including those held by U.S. residual market reinsurers; asset | 0.39 | 1.3% |
| Government-sponsored enterprises; Treasury securities; asset | 0.24 | 0.8% |
| Life insurance companies; Treasury securities; asset | 0.21 | 0.7% |
| Foreign banking offices in the U.S.; Treasury securities; asset | 0.14 | 0.5% |
| Nonfinancial corporate business; Treasury securities; asset | 0.13 | 0.5% |
| Holding companies; Treasury securities; asset | 0.12 | 0.4% |
| Other financial business; Treasury securities held by central clearing counterparties; asset | 0.10 | 0.4% |
| Nonfinancial noncorporate business; total U.S. government securities; asset | 0.09 | 0.3% |
| Credit unions; Treasury securities; asset | 0.07 | 0.2% |
| Banks in U.S.-affiliated areas; Treasury securities; asset | 0.03 | 0.1% |
| Federal government pension funds; Treasury securities; asset | 0.02 | 0.1% |
| Issuers of asset-backed securities; Treasury securities; asset | 0.02 | 0.1% |
| Closed-end funds; Treasury securities; asset | 0.00 | 0.0% |
| All sectors; Treasury securities; asset | 29.00 | 100.0% |
| Reconciliation: holder sum minus the published total is -0 million dollars. | ||
| Published liability-side line | USD trillions |
|---|---|
| Federal government; total marketable Treasury securities; liability | 30.64 |
| Federal government; total nonmarketable Treasury securities; liability | 3.82 |
| Instrument discrepancies; Treasury securities (level) | 1.64 |
Corporate equities
Market values are shown by holder. The household share and every other share are recomputed from the latest published total during the build.
| Holder | USD trillions | Share of published total |
|---|---|---|
| Households and nonprofit organizations; corporate equities; asset | 44.96 | 42.1% |
| Rest of the world; U.S. corporate equities; asset | 19.44 | 18.2% |
| Mutual funds; corporate equities; asset | 16.47 | 15.4% |
| Exchange-traded funds; corporate equities; asset | 10.76 | 10.1% |
| Private pension funds, including 403(b) plans; corporate equities; asset | 5.17 | 4.8% |
| State and local government employee defined benefit pension funds; corporate equities; asset | 3.63 | 3.4% |
| Nonfinancial corporate business; corporate equities; asset | 3.37 | 3.2% |
| Life insurance companies; corporate equities; asset | 0.79 | 0.7% |
| Federal government pension funds; corporate equities; asset | 0.70 | 0.7% |
| Property-casualty insurance companies; corporate equities, including those held by U.S. residual market reinsurers; asset | 0.61 | 0.6% |
| Federal government; corporate equities; asset | 0.45 | 0.4% |
| Security brokers and dealers; corporate equities (net); asset | 0.19 | 0.2% |
| State and local governments; corporate equities; asset | 0.15 | 0.1% |
| Closed-end funds; corporate equities; asset | 0.11 | 0.1% |
| U.S.-chartered depository institutions; corporate equities, excluding Federal Reserve stock and equity in GSEs; asset | 0.10 | 0.1% |
| Other financial business; corporate equities; asset | 0.00 | 0.0% |
| Central bank; corporate equities; asset | 0.00 | 0.0% |
| Foreign banking offices in the U.S.; corporate equities; asset | 0.00 | 0.0% |
| All sectors; corporate equities; asset | 106.89 | 100.0% |
| Reconciliation: holder sum minus the published total is -0 million dollars. | ||
Total mortgages
Nested lender detail is excluded from the holder sum. In particular, private depository institutions already contain the bank and credit-union sub-lines.
| Holder | USD trillions | Share of published total |
|---|---|---|
| Government-sponsored enterprises; total mortgages; asset | 7.68 | 35.4% |
| Private depository institutions; total mortgages; asset | 7.26 | 33.5% |
| Agency-and GSE-backed mortgage pools; total mortgages; asset | 3.23 | 14.9% |
| Issuers of asset-backed securities; total mortgages; asset | 1.14 | 5.2% |
| Life insurance companies; total mortgages; asset | 0.96 | 4.4% |
| Finance companies; total mortgages; asset | 0.32 | 1.5% |
| Mortgage real estate investment trusts; total mortgages; asset | 0.31 | 1.4% |
| State and local governments; total mortgages; asset | 0.25 | 1.1% |
| Federal government; total mortgages; asset | 0.19 | 0.9% |
| Nonfinancial corporate business; total mortgages; asset | 0.14 | 0.7% |
| Nonfinancial noncorporate business; total mortgages; asset | 0.07 | 0.3% |
| Households and nonprofit organizations; total mortgages; asset | 0.06 | 0.3% |
| Property-casualty insurance companies; commercial mortgages, including those held by U.S. residual market reinsurers; asset | 0.03 | 0.2% |
| Private pension funds; total mortgages; asset | 0.03 | 0.2% |
| State and local government employee defined benefit pension funds; total mortgages; asset | 0.01 | 0.0% |
| All sectors; total mortgages; asset | 21.68 | 100.0% |
| Reconciliation: holder sum minus the published total is -0 million dollars. | ||
Source: Federal Reserve Board, Financial Accounts of the United States (Z.1). Amounts are outstanding at quarter end and are not seasonally adjusted. Values are converted from millions of dollars to USD trillions.