President Donald Trump increased his exposure to corporate and municipal bonds this fall, according to new federal filings. The disclosures show fresh purchases in sectors that often intersect with his administration’s policy agenda, drawing renewed attention to his personal finances.
The US Office of Government Ethics released the latest reports after the recent government shutdown. These forms cover activity from late August through early October and fall under the Ethics in Government Act transparency rules.|
The filings indicate that Trump bought at least $82 million in bonds over that period. Based on the transaction ranges, the maximum value of those purchases could exceed $337 million. He reported more than 175 separate bond transactions and listed no sales.
Most of the new holdings involve debt issued by states, cities, counties, school districts, and other public agencies. Trump also added bonds from hospitals, utilities, and other entities that rely on public financing. These moves follow an earlier report in August that showed more than $100 million in bond purchases since his return to the presidency in January.
Corporate bond positions span multiple sectors. The disclosures list issuers such as Broadcom, Qualcomm, Meta Platforms, Home Depot, CVS Health, Goldman Sachs, and Morgan Stanley. The portfolio also includes debt from JPMorgan, even as Trump recently asked the Justice Department to review the bank’s past ties to Jeffrey Epstein.
Trump bought Intel bonds after his administration directed the US government to take nearly a 10% equity stake in the chipmaker. Officials described that stake as a step to support domestic semiconductor production, with Intel stating that the government would hold a passive role without board influence.
A senior White House official has said that independent financial managers handle these investments. According to earlier statements, those managers use programs that track recognized bond indexes and apply them across the president’s portfolio.
The administration maintains that neither Trump nor his family members selects individual securities. The Office of Government Ethics reviewed and accepted the structure of the filings, which provide ranges instead of exact trade sizes or prices.
Trump, who built his wealth in real estate, chose not to place his assets in a blind trust. Instead, a trust overseen by his children continues to hold his business interests. His companies operate in real estate, hospitality, licensing, and other fields that sometimes overlap with federal policy decisions.
Ethics reports released in June showed that Trump received more than $600 million in income during 2024. This money came from cryptocurrencies, golf properties, licensing deals, and other ventures. The same disclosure estimated his assets at no less than $1.6 billion.
Watchdogs and critics point to the bond purchases and ongoing business income as potential conflict-of-interest risks. They note that some of the issuers now in his portfolio also benefit from regulatory changes, federal contracts, or sector-specific policies advanced during his term.
Supporters argue that the transparency rules function as designed and that professional managers reduce any direct influence over security selection. Regulators and voters will continue to review the disclosures as more reports arrive in the coming months.