Financial Accounts of the United States - Z.1
F3.4.s Municipal securities 🕮 PDF
| Line | Description | Series | 2023 | 2024 | 2025 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 | 2026:Q1 | 2026:Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Total liabilities | FL383162005 | 4103.8 | 4225.4 | 4414.5 | 4260.8 | 4332.4 | 4377.0 | 4414.5 | 4466.0 | 4541.1 |
| Line 2 | State and local governments | FL213162005 | 3269.8 | 3369.6 | 3527.0 | 3396.6 | 3451.9 | 3497.4 | 3527.0 | 3572.8 | 3641.9 |
| Line 3 | Short-term(1) | FL213162400 | 26.9 | 34.6 | 38.6 | 32.1 | 31.8 | 36.5 | 38.6 | 38.2 | 40.9 |
| Line 4 | Long-term | FL213162200 | 3243.0 | 3334.9 | 3488.4 | 3364.5 | 3420.1 | 3460.9 | 3488.4 | 3534.6 | 3601.0 |
| Line 5 | Nonprofit organizations(2) | FL163162003 | 209.2 | 218.0 | 234.4 | 220.0 | 226.3 | 229.6 | 234.4 | 237.7 | 243.6 |
| Line 6 | Nonfinancial corporate business (industrial revenue bonds) | FL103162000 | 624.8 | 637.8 | 653.1 | 644.2 | 654.2 | 650.0 | 653.1 | 655.6 | 655.5 |
| Line 7 | Total assets | FL893062005 | 4010.8 | 4077.6 | 4285.9 | 4066.7 | 4106.5 | 4228.2 | 4285.9 | 4298.4 | 4415.7 |
| Line 8 | Household sector | LM153062005 | 1863.5 | 1937.4 | 2052.4 | 1938.2 | 1969.5 | 2035.8 | 2052.4 | 2046.9 | 2114.2 |
| Line 9 | Nonfinancial corporate business | LM103062003 | 24.9 | 24.3 | 25.5 | 24.2 | 24.5 | 25.2 | 25.5 | 25.6 | 26.3 |
| Line 10 | Nonfinancial noncorporate business | LM113062003 | 3.7 | 3.9 | 4.2 | 4.0 | 4.0 | 4.1 | 4.2 | 4.3 | 4.4 |
| Line 11 | State and local governments | LM213062003 | 45.1 | 47.3 | 50.0 | 47.8 | 49.1 | 50.4 | 50.0 | 49.9 | 50.2 |
| Line 12 | U.S.-chartered depository institutions | LM763062005 | 404.3 | 363.8 | 357.4 | 357.1 | 353.6 | 359.4 | 357.4 | 350.8 | 352.4 |
| Line 13 | Foreign banking offices in U.S. | LM753062003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 14 | Banks in U.S.-affiliated areas | LM743062003 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.3 | 0.2 | 0.2 | 0.2 |
| Line 15 | Credit unions | LM473062005 | 10.7 | 10.1 | 9.7 | 10.1 | 10.0 | 9.9 | 9.7 | 9.1 | 9.2 |
| Line 16 | Property-casualty insurance companies | LM513062005 | 221.7 | 206.7 | 209.8 | 199.3 | 200.8 | 205.9 | 209.8 | 212.0 | 215.1 |
| Line 17 | Life insurance companies | LM543062005 | 193.4 | 170.9 | 167.7 | 166.7 | 165.8 | 169.3 | 167.7 | 164.9 | 165.6 |
| Line 18 | Federal government pension funds | LM343062033 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 19 | State and local govt. pension funds | LM223062043 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 20 | Money market funds | FL633062000 | 129.6 | 138.5 | 155.0 | 138.3 | 140.7 | 139.7 | 155.0 | 149.9 | 154.6 |
| Line 21 | Mutual funds | LM653062003 | 756.1 | 799.8 | 835.1 | 803.7 | 805.4 | 828.4 | 835.1 | 850.7 | 861.3 |
| Line 22 | Closed-end funds | LM553062003 | 79.4 | 74.4 | 69.8 | 72.2 | 70.5 | 70.1 | 69.8 | 68.3 | 69.4 |
| Line 23 | Exchange-traded funds | LM563062003 | 122.6 | 137.9 | 184.4 | 142.2 | 149.8 | 162.9 | 184.4 | 199.3 | 219.7 |
| Line 24 | Interval and tender offer funds | LM463062005 | 4.1 | 4.5 | 4.1 | 4.5 | 4.5 | 4.6 | 4.1 | 4.3 | 4.4 |
| Line 25 | Hedge funds | LM623062003 | 19.3 | 19.4 | 15.8 | 17.4 | 15.3 | 15.5 | 15.8 | 15.2 | 16.0 |
| Line 26 | Government-sponsored enterprises | LM403062005 | 2.2 | 2.3 | 2.7 | 2.4 | 2.6 | 2.5 | 2.7 | 2.8 | 2.9 |
| Line 27 | Brokers and dealers | LM663062005 | 13.3 | 15.3 | 13.3 | 17.1 | 18.6 | 18.1 | 13.3 | 14.8 | 18.7 |
| Line 28 | Other financial business | FL503062003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 29 | Rest of the world | LM263062003 | 116.7 | 121.0 | 128.6 | 121.2 | 121.7 | 126.1 | 128.6 | 129.4 | 131.1 |
| Line 30 | Discrepancy(3) | LM903062003 | 93.0 | 147.8 | 128.6 | 194.1 | 225.8 | 148.8 | 128.6 | 167.6 | 125.4 |
Notes:
- Debt with original maturity of 13 months or less.
- Liability of the households and nonprofit organizations sector (tables S1M.s and S1M.b).
- The accumulated valuation difference between issuance and holdings.
Last Update: September 11, 2026