. Annual report of the Secretary of the Treasury on the state of the finances for the year .. . cal 1976 amounted to $ billion, up $ billion fromfiscal 1975. Treasury bills accounted for $ billion of the increase inmarketable debt, Treasury notes $ billion, and Treasury bonds $ By the end of the transition quarter. Federal securities outstandingreached a level of $ billion, $ billion of public debt securitiesand $ billion of Federal agency issues. Ownership Private investors held $ billion of the $ billion of Federaldebt issues outstanding at

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. Annual report of the Secretary of the Treasury on the state of the finances for the year .. . cal 1976 amounted to $ billion, up $ billion fromfiscal 1975. Treasury bills accounted for $ billion of the increase inmarketable debt, Treasury notes $ billion, and Treasury bonds $ By the end of the transition quarter. Federal securities outstandingreached a level of $ billion, $ billion of public debt securitiesand $ billion of Federal agency issues. Ownership Private investors held $ billion of the $ billion of Federaldebt issues outstanding at the end of fiscal 1976. The Federal ReserveSystem and Government accounts held the remaining $ billion. NetFederal borrov^ing from the public, which includes the Federal Reserveand foreign investors, amounted to $ billion in fiscal 1976, an alltimehigh. This was $32 billion more than the $ billion borrowed in fiscal1975. In fiscal 1976 private investors acquired $ billion, or 88 percent REVIEW OF TREASURY OPERATIONS 31 PRIVATE HOLDINGS OF MARKETABLE FEDERAL SECURITIES $Bil. 20 15 10 Federal Agency Securities i September 1976 ^Participation Certificates ;

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