The U.S. net international investment position at the end of the first quarter of 2015, year 2014, and annual revisions.

Nguyen, Elena L.

THIS ARTICLE presents the U.S. international investment position (IIP) statistics for the first quarter of 2015 along with detailed annual statistics for 2014, including changes in position resulting from financial transactions and other changes in position such as price changes, exchange-rate changes, and changes in volume and valuation not included elsewhere (n.i.e.). (1) In addition, revisions to historical IIP statistics are presented. Both quarterly and annual statistics for 2012-2014 were revised to reflect newly available and more complete source data. (2)

The U.S. international investment position is a statistical balance sheet that presents the dollar value of U.S. external financial assets and liabilities at a specific point in time. The U.S. net international investment position is defined as the value of U.S. assets less the value of U.S. liabilities. The negative net investment position represents a U.S. net liability to the rest of the world. The net liability position rises as the net investment position becomes more negative. The U.S. net liability position relative to the size of the U.S. financial sector is a measure of U.S. financial condition and creditworthiness.

Highlights for the first quarter of 2015

* The U.S. net international investment position increased $225.7 billion from the end of the fourth quarter of 2014 to the end of the first quarter of 2015, reflecting a $728.8 billion increase in the value of U.S. assets that exceeded a $503.1 billion increase in the value of U.S. liabilities.

* The $225.7 billion increase in the net investment position reflected net price changes, exchange-rate changes, and other changes in volume and valuation of $268.9 billion that were partly offset by net financial transactions of -$43.2 billion.

* The increase in the net investment position was mostly attributable to the increase in foreign equity prices that raised the value of U.S. direct investment assets and portfolio investment assets; these price increases were partly offset by the depreciation of major foreign currencies against the U.S. dollar that lowered the value of foreign-currency-denominated U.S. assets in dollar terms.

* The net investment position increased 3.2 percent in the first quarter, compared with a decrease of 13.1 percent in the fourth quarter and an average quarterly decrease of 6.9 percent from the first quarter of 2011 through the third quarter of 2014.

* The net investment position was equal to 3.3 percent of the value of all U.S. financial assets at the end of the first quarter, down from 3.5 percent at the end of the fourth quarter.3

Highlights for the year 2014

* The U.S. net international investment position decreased $1,692.2 billion from the end of 2013 to the end of 2014, reflecting a $2,128.6 billion increase in the value of U.S. liabilities that exceeded a $436.4 billion increase in the value of U.S. assets.

* The $1,692.2 billion decrease in the net investment position was mostly attributable to net exchange-rate changes of -$1,206.4 billion as major foreign currencies depreciated against the U.S. dollar.

* Net financial transactions of -$239.6 billion and net price changes of -$353.6 billion also contributed to the decrease in the net investment position.

* The net investment position decreased 31.8 percent from the end of 2013 to the end of 2014, compared with a 17.9 percent decrease from the end of 2012 to the end of 2013.

The U.S. net international investment position at the end of the first quarter of 2015 was -$6,794.0 billion (preliminary); the value of U.S. liabilities exceeded the value of U.S. assets (chart 1). At the end of the fourth quarter of 2014, the net investment position was -$7,019.7 billion (revised). The $225.7 billion increase in the net investment position reflected a $728.8 billion increase in the value of U.S. assets that exceeded a $503.1 billion increase in the value of U.S. liabilities (table 1).

U.S. assets. U.S. assets were $25,324.4 billion at the end of the first quarter, compared with $24,595.5 billion at the end of the fourth quarter (chart 2). The $728.8 billion increase reflected a $577.0 billion increase in the value of assets excluding financial derivatives and a $151.9 billion increase in the value of financial derivatives.

[ILLUSTRATION OMITTED]

[ILLUSTRATION OMITTED]

U.S. assets excluding financial derivatives were $21,948.0 billion at the end of the first quarter, compared with $21,371.0 billion at the end of the fourth quarter. The $577.0 billion increase reflected a $331.2 billion increase resulting from financial transactions and a $245.8 billion increase resulting from other changes in position (table A).4 Other changes in position were mostly attributable to the increase in foreign equity prices that raised the value of U.S. direct investment assets and portfolio investment assets. These increases were partly offset by the depreciation of major foreign currencies against the U.S. dollar that lowered the value of U.S. assets in dollar terms. (5)

U.S.liabilities. U.S. liabilities were $32,118.3 billion at the end of the first quarter, compared with $31,615.2 billion at the end of the fourth quarter (chart 2). The $503.1 billion increase reflected a $356.1 billion increase in the value of liabilities excluding financial derivatives and a $146.9 billion increase in the value of financial derivatives.

U.S. liabilities excluding financial derivatives were $28,820.7 billion at the end of the first quarter, compared with $28,464.6 billion at the end of the fourth quarter. The $356.1 billion increase reflected a $334.2 billion increase resulting from financial transactions and a $21.9 billion increase resulting from other changes in position. Other changes in position reflected increases in U.S. equity and bond prices that raised the value of U.S. portfolio investment liabilities. These increases were partly offset by decreases in the value of U.S. liabilities denominated in foreign currencies as the U.S. dollar continued to strengthen in the first quarter.

Year 2014

The U.S. net international investment position was -$7,019.7 billion (revised) at the end of 2014 compared with -$5,327.5 billion (revised) at the end of 2013 (chart 1). The $1,692.2 billion decrease in the net investment position reflected a $2,128.6 billion increase in the value of U.S. liabilities that exceeded a $436.4 billion increase in the value of U.S. assets (table 2).

In 2014, net financial transactions of -$239.6 billion (net U.S. borrowing) resulted from net U.S. acquisition of assets, excluding financial derivatives, of $792.1 billion, less net U.S. incurrence of liabilities, excluding financial derivatives, of $977.4 billion, plus net transactions in financial derivatives of -$54.4 billion. Net U.S. acquisition of assets excluding financial derivatives was $792.1 billion, up from $643.9 billion in 2013. In 2014, net acquisitions of portfolio and direct investment assets were partly offset by net sales of other investment and reserve assets. Net U.S. incurrence of liabilities excluding financial derivatives was $977.4 billion, down from $1,042.0 billion in 2013. In 2014, net foreign purchases of U.S. equity and debt securities accounted for most of the net incurrence of liabilities.

Other changes in the U.S. net international investment position for 2014 included -$1,206.4 billion in exchange-rate changes, -$353.6 billion in price changes, and $56.6 billion in changes in volume and valuation n.i.e. Price changes led to a decrease of $353.6 billion in the net investment position, reflecting price appreciation of U.S. liabilities that exceeded price appreciation of U.S. assets. Exchange-rate changes led to a decrease of $1,206.4 billion in the net investment position, reflecting the depreciation of major foreign currencies against the U.S. dollar. Exchange-rate changes lowered the dollar value of U.S. assets substantially more than the dollar value of U.S. liabilities. Changes in volume and valuation n.i.e. led to an increase of $56.6 billion in the net investment position. These changes reflected the incorporation of newly available source data on aggregate holdings of long-term securities by U.S. and foreign residents from the Treasury International Capital reporting system (TIC), more complete TIC reporting of the nonbanking and banking data, capital gains and losses from the sale of direct investment assets, and other adjustments to source data. (For more information on the TIC source data, see the section on annual revisions.)

U.S. assets

U.S. assets were $24,595.5 billion at the end of 2014, compared with $24,159.1 billion at the end of 2013 (table B). The $436.4 billion increase reflected a $231.6 billion increase in the value of assets excluding financial derivatives and a $204.8 billion increase in the value of financial derivatives.

U.S. assets excluding financial derivatives were $21,371.0 billion at the end of 2014, compared with $21,139.4 billion at the end of 2013. The $231.6 billion increase reflected a $792.1 billion increase resulting from financial transactions that was partly offset by a $560.5 billion decrease resulting from other changes in position (table C). Other changes in position were attributable to exchange-rate changes of -$1,308.4 billion that were partly offset by price changes of $725.1 billion and changes in volume and valuation n.i.e. of $22.8 billion.

Direct investment assets. Direct investment assets at market value were $7,124.0 billion at the end of 2014, compared with $7,117.3 billion at the end of 2013 (table D). The $6.8 billion increase reflected financial transactions of $357.2 billion, mostly attributable to reinvestment of earnings, and price changes of $102.8 billion. These increases were nearly offset by exchange-rate changes of -$442.1 billion and changes in volume and valuation n.i.e. of -$11.1 billion (table 2).

Portfolio investment assets. Portfolio investment assets (U.S. holdings of foreign securities) were $9,572.5 billion at the end of 2014, compared with $9,206.5 billion at the end of 2013 (table E). The $366.0 billion increase reflected (1) financial transactions of $538.1 billion, mostly from net U.S. purchases of foreign equity and investment fund shares, (2) price changes of $621.9 billion, mostly from increases in foreign equity prices, and (3) changes in volume and valuation n.i.e. of $34.8 billion. These increases were partly offset by exchange-rate changes of -$828.7 billion as major foreign currencies depreciated against the U.S. dollar (table 2).

U.S. holdings of foreign equity and investment fund shares were $6,719.7 billion at the end of 2014, compared with $6,472.9 billion at the end of 2013. The $246.8 billion increase reflected price changes of $516.7 billion, financial transactions of $436.5 billion, and changes in volume and valuation n.i.e. of $40.8 billion that were partly offset by exchange-rate changes of -$747.2 billion. Net U.S. purchases of foreign equity and investment fund shares in 2014 were up 54 percent from those in 2013.

U.S. holdings of foreign debt securities, mostly of long-term bonds and notes, were $2,852.8 billion at the end of 2014, compared with $2,733.6 billion at the end of 2013. The $119.2 billion increase reflected net U.S. purchases of foreign debt securities of $101.5 billion and price changes of $105.3 billion that were partly offset by decreases resulting from exchange-rate changes and changes in volume and valuation n.i.e. Net U.S. purchases of foreign debt securities in 2014 were down 47 percent from those in 2013.

Financial derivatives. Financial derivatives held as assets (gross positive fair value) were $3,224.5 billion at the end of 2014, compared with $3,019.8 billion at the end of 2013 (table F). (6) The $204.8 billion increase was mostly attributable to increases in the value of foreign exchange and single-currency interest rate contracts. By area, most U.S. positions were with counterparties in Europe, predominantly in the United Kingdom. (7)

Other investment assets. Other investment assets, mostly in deposits and loans, were $4,240.2 billion at the end of 2014, compared with $4,367.3 billion at the end of 2013 (table G). The $127.1 billion decrease was mostly attributable to financial transactions of -$99.5 billion resulting from a reduction in deposits placed abroad. Exchange-rate changes of -$26.7 billion also contributed to the decrease.

Reserve assets. Reserve assets were $434.3 billion at the end of 2014, compared with $448.3 billion at the end of 2013. The $14.1 billion decrease was mostly attributable to exchange-rate changes of -$10.9 billion.

U.S. liabilities

U.S. liabilities were $31,615.2 billion at the end of 2014, compared with $29,486.6 billion at the end of 2013. The $2,128.6 billion increase reflected a $1,920.3 billion increase in the value of liabilities excluding financial derivatives and a $208.3 billion increase in the value of financial derivatives.

U.S. liabilities excluding financial derivatives were $28,464.6 billion at the end of 2014, compared with $26,544.2 billion at the end of 2013. The $1,920.3 billion increase reflected a $977.4 billion increase resulting from financial transactions and a $942.9 billion increase resulting from other changes in position (table H). Other changes in position reflected price changes of $1,078.7 billion as a result of increased U.S. equity and bond prices. These increases were partly offset by exchange-rate changes of -$102.0 billion and changes in volume and valuation n.i.e. of -$33.8 billion.

Direct investment liabilities. Direct investment liabilities at market value were $6,228.8 billion at the end of 2014, compared with $5,780.6 billion at the end of 2013 (table I). The $448.2 billion increase reflected financial transactions of $131.8 billion and price changes of $342.1 billion. These increases were partly offset by changes in volume and valuation n.i.e. of -$25.7 billion (table 2).

Portfolio investment liabilities. Portfolio investment liabilities (foreign holdings of U.S. securities) were $16,917.1 billion at the end of 2014, compared with $15,542.5 billion at the end of 2013 (table J). The $1,374.7 billion increase reflected financial transactions of $705.0 billion, mostly from net foreign purchases of U.S. debt securities, and price changes of $736.7 billion as a result of increased U.S. equity and bond prices (table 2). These increases were partly offset by exchange-rate changes that lowered the value of U.S. debt securities denominated in foreign currencies by $60.7 billion.

Foreign holdings of U.S. equity and investment fund shares were $6,665.2 billion at the end of 2014, compared with $5,864.6 billion at the end of 2013. The $800.6 billion increase was mostly attributable to price changes of $622.4 billion. Net foreign transactions in U.S. equity and investment fund shares shifted to net purchases of $155.1 billion in 2014 from net sales of $67.5 billion in 2013.

Foreign holdings of U.S. Treasury securities were $6,156.2 billion at the end of 2014, compared with $5,793.8 billion at the end of 2013 (table J). The $362.3 billion increase was mostly attributable to net foreign purchases of $330.7 billion in U.S. Treasury bonds and long-term notes. Net foreign purchases of U.S. Treasury securities in 2014 decreased 25 percent from those in 2013, reflecting lower net purchases of bonds and long-term notes and a shift to net sales of bills and certificates.

Foreign holdings of other U.S. debt securities, mostly of long-term U.S. corporate and agency bonds and notes, were $4,095.8 billion at the end of 2014, compared with $3,884.0 billion at the end of 2013 (table J). The $211.7 billion increase was more than accounted for by net foreign purchases of $232.6 billion. Net foreign purchases of other U.S. debt securities in 2014 increased 61 percent from those in 2013.

Financial derivatives. Financial derivatives held as liabilities (gross negative fair value) were $3,150.7 billion at the end of 2014, compared with $2,942.4 billion at the end of 2013 (table K). The $208.3 billion increase was mostly attributable to increases in the value of foreign exchange and single-currency interest rate contracts. By area, most U.S. positions were with counterparties in Europe, predominantly in the United Kingdom.

Other investment liabilities. Other investment liabilities, mostly in deposits and loans, were $5,318.6 billion at the end of 2014, compared with $5,221.1 billion at the end of 2013 (table L). The $97.5 billion increase was more than accounted for by financial transactions of $140.6 billion that were partly offset by exchange-rate changes of -$41.3 billion.

Annual Revisions

The U.S. international investment position statistics were revised from the first quarter of 2012 to the fourth quarter of 2014 to reflect newly available and revised source data primarily from BEA's surveys of direct investment and data from the Treasury International Capital (TIC) reporting system of the U.S. Department of the Treasury.

Direct investment assets and liabilities. Direct investment assets and liabilities for 2012-2014 were revised to incorporate newly available and revised data from BEA's quarterly and annual direct investment surveys.

Portfolio investment assets and liabilities. Portfolio investment assets and liabilities for 2012-2014 were revised to incorporate newly available and revised data from these TIC surveys: Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents (SLT), Foreign Residents' Holdings of U.S. Securities, Including Selected Money Market Instruments (SHL), and Report of U.S. Ownership of Foreign Securities, Including Selected Money Market Instruments (SHCA).

Other investment assets and liabilities. Other investment assets and liabilities for 2012-2014 were revised to incorporate revisions from several sources.

* Newly available and revised data from these TIC surveys: Reports by Financial Institutions of Liabilities to, and Claims on, Foreign Residents by U.S. Residents (forms BC, BL-1, BL-2 BQ-1, and BQ-2), which cover debt claims and liabilities excluding long-term debt securities, and Reports of Liabilities to, and Claims on, Unaffiliated Foreign Residents by U.S. Resident Non-Financial Institutions (forms CQ-1 and CQ-2), which cover debt claims and liabilities excluding long-term debt securities.

* Revisions for 2012-2014 also incorporated newly available and revised U.S. government administrative data.

* Revisions for 2012-2013 incorporated newly available and revised data on transactions of U.S. financial intermediaries with foreign financial intermediaries from BEA's quarterly and annual direct investment surveys that were recorded in other investment.

Financial derivatives. Financial derivatives for 2013 and 2014 were revised to incorporate newly available and revised data from the TIC survey Report of Holdings of, and Transactions in, Financial Derivatives Contracts with Foreign Residents (form D).

The quarterly U.S. net international investment position was revised upward an average of 1.0 percent for 2012 and 1.7 percent for 2013 and revised downward an average of 0.8 percent for 2014. On a yearend basis, the net investment position was revised upward $60.4 billion or 1.3 percent for 2012 and $55.5 billion or 1.0 percent for 2013. It was revised downward $104.4 billion or 1.5 percent for 2014 (table M).

* U.S. assets were revised upward $41.6 billion for 2012 and $449.3 billion for 2013 and revised downward $97.7 billion for 2014.

* Revisions to other investment assets and liabilities at the end of 2013 reflected an increase in the panel of respondents on the TIC B-forms that improved the coverage of loans and deposits. Starting with December 2013, all financial companies reporting assets and liabilities are included in the TIC system data. Before December 2013, financial companies other than (1) banks, (2) bank and financial holding companies, and (3) securities brokers and dealers reported only assets and liabilities with unaffiliated foreigners in the TIC system, and they reported assets and liabilities with affiliates to BEA in surveys of direct investment as intercompany debt. (8) Financial companies that had not been reporting other investment assets or liabilities on TIC system reports also began reporting in December 2013. The increase in the panel of respondents at the end of 2013 was reflected in changes in volume and valuation n.i.e. in 2013.

* Revisions to financial derivatives assets and liabilities at the end of 2013 reflected an increase in the panel of respondents on the TIC D-form.

* Revisions to other investment and financial derivatives were similar in size for both assets and liabilities; they did not have large effects on the net investment position.

Acknowledgments

Paul W. Farello, Chief of the Balance of Payments Division, supervised the preparation of this year's annual revision of the international investment position accounts. Christopher A. Gohrband, Chief of the Financial Accounts Branch, Elena L. Nguyen, Chief of the Investment Position Section, and Patricia E. Abaroa, Chief of the Direct Investment Division directed major parts of the revision. Sarahelen Thompson, Associate Director for International Accounts, provided overall supervision.

The following BEA staff contributed significantly to the revision.

Direct investment: Douglas B. Weinberg and see "Acknowledgments" in "Direct Investment Positions for 2014" in this issue of the SURVEY OF CURRENT BUSINESS.

Portfolio investment: Barbara H. Berman, Erin M. Whitaker, and Cavan J. Wilk.

Financial derivatives: Kyle L. Westmoreland.

Other investment: Barbara H. Berman, Eric A. Bryda, and Kyle S. Toman.

Reserve assets: Dena A. Holland and Cavan J. Wilk.

Computer systems and operations for direct investment: Diane Young, Kevin Smith, Karen Poffel, Paula Brown, Dan Powell, and Mingshan Zheng.

Reengineering of systems for statistical production and data dissemination: Benjamin P. Kavanaugh, Douglas Weinberg, Marina Melnik, Anna Libkhen, Walter Kampas, Gentian Cala, Steve Holliday, Paul Kilday, Kenneth Pond, and Shirley Zhou.

Secretarial and program assistance: Sheila L. Johnson.

U.S.assets

U.S.assets were $24,595.5 billion at the end of 2014, compared with $24,159.1 billion at the end of 2013 (table B). The $436.4 billion increase reflected a $231.6 billion increase in the value of assets excluding financial derivatives and a $204.8 billion increase in the value of financial derivatives.

Market Value: The Featured Measure of Direct Investment Positions in the International Investment Position

Investment positions for direct investment are valued at current-period prices based on a revaluation of book values reported on BEA's direct investment surveys. Direct investment at market value became BEA's featured measure of direct investment at current-period prices with the June 2014 comprehensive restructuring of the international economic accounts.(1) The market-value measure values owners' equity at current-period prices using indexes of stock market prices. (2) Direct investment positions at market value are presented on an asset/liability basis according to whether the positions are assets or liabilities. Assets include U.S. parent and U.S. affiliate claims, and liabilities include U.S. affiliate and U.S. parent liabilities.

(1.) BEA also publishes direct investment at current cost and at historical cost. Direct investment at current cost is an alternative cur-rent-price measure that values the U.S. and foreign parent shares of their affiliates' investment in (1) plant and equipment using the current cost of capital equipment, (2) land using general price indexes, and (3) inventories using estimates of their replacement cost (table 2.1). Direct investment at historical cost, including country and industry detail, is discussed in "Direct Investment Positions for 2014: Country and Industry Detail" in this issue of the SURVEY OF CURRENT BUSINESS.

2. For additional information on the market-value and current-cost methods, see "Valuation of the U.S. Net International Investment Position," SURVEY 71 (May 1991): 40-49.

By Elena L. Nguyen

(1.) For information on the valuation of U.S. assets and liabilities and a description of the estimation methods, see "International Investment Position Accounts" in International Economic Accounts: Concepts and Methods.

(2.)For comprehensive IIP statistics, including annual statistics beginning with 1976 and quarterly statistics beginning with the fourth quarter of 2005, see BEA's interactive tables.

(3.) Board of Governors of the Federal Reserve System (FRS), "Table L.5 Total Liabilities and Its Relation to Total Financial Assets," in Financial Accounts of the United States, First Quarter 2015, Z.1. Statistical Release (Washington, DC: FRS, June 11, 2015): 11. According to the June release, at the end of the first quarter, the value of all U.S. financial assets was $205,023.8 billion. The value of U.S. assets abroad was $25,324.4 billion, or 12.4 percent of all U.S. assets, up from 12.1 percent at the end of the fourth quarter and down from the 14.1 percent series peak at the end of the first quarter of 2008.

(4.) For the statistics on financial transactions, see the financial account in table 1.2 of the U.S. international transactions accounts. Quarterly financial transactions presented in this article are not seasonally adjusted. Detail on other changes in position such as price changes, exchange-rate changes, and other changes in volume and valuation is only presented for annual statistics.

(5.) According to the Federal Reserve Board's major currencies index, foreign currencies depreciated 7.5 percent against the U.S. dollar from the end of the fourth quarter of 2014 to the end of the first quarter of 2015; from the end of the year 2013 to the end of the year 2014, foreign currencies depreciated 10.5 percent. The major currencies index is a weighted average of the foreign exchange values of the U.S. dollar against a subset of the broad index currencies that circulate widely outside the country of issue. See FRS, "Nominal Major Currencies Dollar Index" in "Foreign Exchange Rates--H.10" (weekly release of daily data).

(6.) A derivatives contract with a positive fair value represents the amount that a foreign resident would have to pay to a U.S. counterparty if the contract were terminated or settled. A contract with a negative fair value represents the amount that a U.S. resident would have to pay to a foreign counterparty if the contract were terminated or settled. The gross positive (negative) fair value is the sum of all contracts with positive (negative) fair values. Fair values differ from notional values, which are the underlying amounts used to calculate payments on contracts.

(7.) For details, see "International Transactions and Positions in Financial Derivatives Other Than Reserves" in this issue of the SURVEY OF CURRENT BUSINESS.

(8.) Additional information on the 2013 series break in the TIC B-forms is available on the Treasury Web site.

Table A. Change in the U.S. Net International Investment Position
[Billions of dollars, not seasonally adjusted]




                                                  Position,
                                                  2014:IV

U.S. net international
investment position                              -7,019.7
  Net international investment
  position excluding financial
  derivatives                                    -7,093.5
  Financial derivatives other
  than reserves, net                                 73.8
U.S. assets                                      24,595.5
   Assets excluding financial
   derivatives                                   21,371.0
   Financial derivatives other
   than reserves, gross positive
   fair value                                     3,224.5
U.S. liabilities                                 31,615.2
   Liabilities excluding financial
   derivatives                                   28,464.6
   Financial derivatives other than
   reserves, gross negative fair value            3,150.7

                                           Change in position in 2015:I
                                           Attributable to:

                                                   Total


U.S. net international
investment position                                225.7
  Net international investment
  position excluding financial
  derivatives                                      220.8
  Financial derivatives other
  than reserves, net                                 4.9
U.S. assets                                        728.8
   Assets excluding financial
   derivatives                                     577.0
   Financial derivatives other
   than reserves, gross positive
   fair value                                      151.9
U.S. liabilities                                   503.1
   Liabilities excluding financial
   derivatives                                     356.1
   Financial derivatives other than
   reserves, gross negative fair value             146.9

                                         Change in position in 2015:I
                                         Attributable to:

                                         Financial-account  Other change
                                         transactions       in position

U.S. net international
investment position                         -43.2               268.9
  Net international investment
  position excluding financial
  derivatives                                -3.0               223.8
  Financial derivatives other
  than reserves, net                        -40.1                45.1
U.S. assets                                  (1)                 (1)
   Assets excluding financial
   derivatives                              331.2               245.8
   Financial derivatives other
   than reserves, gross positive
   fair value                                (1)                 (1)
U.S. liabilities                             (1)                 (1)
   Liabilities excluding financial
   derivatives                              334.2                21.9
   Financial derivatives other than
   reserves, gross negative fair value       (1)                 (1)

(1.) Financial transactions and other changes in financial derivatives
positions are available only on a net basis; they are not separately
available for gross positive fair values and gross negative fair values
of financial derivatives.

Table B. U.S. Net International Investment Position at Yearend
[Billions of dollars]

                                     2013       2014       Change:
                                                           2013-2014

U.S. net international
investment position               -5,327.5     -7,019.7     -1,692.2
 Net international investment
 position excluding
  financial derivatives           -5,404.8     -7,093.5     -1,688.7
 Financial derivatives other
 than reserves, net                   77.3         73.8         -3.5
 U.S. assets                      24,159.1     24,595.5        436.4
  Assets excluding financial
  derivatives                     21,139.4     21,371.0        231.6
  Financial derivatives other
  than reserves, gross
   positive fair value             3,019.8      3,224.5        204.8
U.S. liabilities                  29,486.6     31,615.2      2,128.6
  Liabilities excluding
  financial derivatives           26,544.2     28,464.6      1,920.3
  Financial derivatives other
  than reserves, gross
   negative fair value             2,942.4      3,150.7        208.3

Table C. U.S. Assets Excluding Financial Derivatives,
Change in Yearend Position
[Billions of dollars]

                                   2013           2014

Total change in position           2,197.2        231.6
  Financial-account transactions     643.9        792.1
  Other changes in position        1,553.3       -560.5
   Price changes                   1,672.6        725.1
   Exchange-rate changes            -268.3     -1,308.4
   Changes in volume and
   valuation not included
   elsewhere                         148.9         22.8

Table D. U.S. Direct Investment Assets at Market Value
[Billions of dollars]

                                   2013         2014         Change:
                                                             2013-2014

Total position at yearend          7,117.3      7,124.0          6.8
 Equity                            6,052.1      6,052.0         -0.1
 Debt instruments                  1,065.2      1,072.0          6.9

Table E. U.S. Portfolio Investment Assets
[Billions of dollars]

                                   2013         2014          Change:
                                                              2013-2014

Total position at yearend          9,206.5      9,572.5        366.0
 Equity and investment fund
 shares                            6,472.9      6,719.7        246.8
 Debt securities                   2,733.6      2,852.8        119.2
  Short term                         450.1        450.2          0.1
  Long term                        2,283.5      2,402.7        119.1

Table F. Gross Positive Fair Value of Financial Derivatives Other Than
Reserves
[Billions of dollars]

                                   2013         2014           Change:
                                                              2013-2014

Total position at yearend          3,019.8      3,224.5        204.8
 Over-the-counter contracts        2,983.0      3,156.6        173.6
  Single-currency interest-rate
  contracts                        2,390.9      2,453.6         62.7
  Foreign exchange contracts         308.1        425.5        117.4
  Other                              283.9        277.4         -6.5
Exchange-traded contracts             36.8         67.9         31.2

Table G. U.S. Other Investment Assets
[Billions of dollars]

                                   2013         2014          Change:
                                                              013-2014

Total position at yearend          4,367.3      4,240.2       -127.1
 Currency and deposits             1,991.7      1,785.4       -206.3
 Loans                             2,322.2      2,408.6         86.4
 Insurance technical reserves          n.a.         n.a.         n.a.
 Trade credit and advances            53.4         46.2         -7.2
 n.a. Not available

Table H. U.S. Liabilities Excluding Financial Derivatives, Change in
Yearend Position
[Billions of dollars]

                                     2013        2014

Total change in position           3,026.4      1,920.3
 Financial-account transactions    1,042.0        977.4
 Other changes in position         1,984.4        942.9
  Price changes                    1,821.4      1,078.7
  Exchange-rate changes              -26.2       -102.0
  Changes in volume and
  valuation not included
  elsewhere                          189.2        -33.8

Table I. U.S. Direct Investment Liabilities at Market Value
[Billions of dollars]

                                   2013         2014         Change:
                                                             2013-2014

Total position at yearend          5,780.6      6,228.8        448.2
 Equity                            4,441.0      4,839.4        398.4
 Debt instruments                  1,339.6      1,389.4         49.8

Table J. U.S. Portfolio Investment Liabilities
[Billions of dollars]

                                   2013         2014         Change:
                                                            2013-2014

Total position at yearend         15,542.5     16,917.1      1,374.7
 Equity and investment fund
 shares                            5,864.6      6,665.2        800.6
 Debt securities                   9,677.9     10,251.9        574.1
  Treasury securities              5,793.8      6,156.2        362.3
  Other securities                 3,884.0      4,095.8        211.7

NOTE. The most recent monthly data on foreign holdings of U.S. equity
and long-term debt securities by selected countries are available on
the Treasury Web site.

Table K. Gross Negative Fair Value of Financial Derivatives Other Than
Reserves
[Billions of dollars]

                                   2013         2014        Change:
                                                            2013-2014

Total position at yearend          2,942.4      3,150.7        208.3
 Over-the-counter contracts        2,905.9      3,086.3        180.5
  Single-currency interest-rate
  contracts                        2,322.6      2,401.5         78.9
  Foreign exchange contracts         306.6        414.7        108.0
Exchange-traded contracts             36.5         64.3         27.8

Table L. U.S. Other Investment Liabilities
[Billions of dollars]

                                   2013         2014        Change:
                                                            2013-2014

Total position at yearend          5,221.1      5,318.6         97.5
 Currency and deposits             2,799.9      2,837.6         37.7
 Loans                             2,218.0      2,266.9         49.0
 Insurance technical reserves          n.a.         n.a.         n.a.
 Trade credit and advances           148.8        162.9         14.0
 Special drawing rights
 allocations                          54.4         51.2         -3.2

n.a. Not available

Table M. Revisions to the U.S. Net International Investment Position
at Yearend, 2012-2014
[Billions of dollars]
                                                      2012
Line  Type of Investment                Revised    Previously  Amount of
                                                   published   revision

 1    U.S. net international
      investment position
      (line 4 less line 35)              -4,517.9   -4,578.2     60.4
 2     Net international investment
       position excluding financial
       derivatives (line 5 less
       line 36)                          -4,575.7   -4,636.0     60.4
 3     Financial derivatives
       other than
      reserves, net (line 6
      less line 37)                          57.8       57.8      0.0
 4    U.S. assets                        22,561.9   22,520.3     41.6
 5      Assets excluding financial
        derivatives (sum of lines
        7, 10, 21, and 26)               18,942.2   18,900.6     41.6
 6      Financial derivatives
        other than
        reserves, gross positive fair
        value (line 15)                   3,619.8    3,619.8      0.0
       By functional category:
 7      Direct investment at
        market value                      5,968.5    5,938.3     30.2
 8       Equity                           4,983.9    4,981.0      2.9
 9       Debt instruments                   984.6      957.3     27.3
10    Portfolio investment                7,984.0    7,967.0     16.9
11    Equity and investment fund
      shares                              5,321.9    5,311.5     10.3
12    Debt securities                     2,662.1    2,655.5      6.6
13     Short term                           414.9      414.9      0.0
14     Long term                          2,247.2    2,240.6      6.6
15    Financial derivatives
      other than
      reserves, gross
      positive fair value                 3,619.8    3,619.8      0.0
16     Over-the-counter contracts         3,585.8    3,585.8      0.0
17      Single-currency interest rate
        contracts                         2,973.2    2,973.2      0.0
18      Foreign exchange contracts          280.2      280.2      0.0
19      Other contracts                     332.3      332.3      0.0
20     Exchange-traded contracts             34.0       34.0      0.0
21    Other investment                    4,417.4    4,422.9     -5.5
22     Currency and deposits              2,062.1    2,053.0      9.1
23     Loans                              2,299.5    2,314.2     14.7
24     Insurance technical reserves       n.a.       n.a.        n.a.
25     Trade credit and advances             55.7       55.7      0.0
26    Reserve assets                        572.4      572.4      0.0
27     Monetary gold                        433.4      433.4      0.0
28     Special drawing rights                55.1       55.1      0.0
29     Reserve position in the
       International Monetary Fund           34.2       34.2      0.0
30     Other reserve assets                  49.7       49.7      0.0
31      Currency and deposits                24.9       24.9      0.0
32      Securities                           23.5       23.5      0.0
33      Financial derivatives
34      Other claims                          1.3        1.3      0.0
35    U.S. liabilities                   27,079.8   27,098.6    -18.8
36     Liabilities excluding financial
       derivatives (sum of
       lines 38, 41, and 56)             23,517.8   23,536.6    -18.8
37    Financial derivatives other than
      reserves, gross negative
      fair value (line 50)                3,562.0    3,562.0      0.0
       By functional category:
38      Direct investment at
        market value                      4,661.2    4,670.9     -9.8
39       Equity                           3,407.3    3,409.9     -2.6
40       Debt instruments                 1,253.9    1,261.0     -7.1
41      Portfolio investment             13,978.9   13,978.9      0.0
42      Equity and investment fund
        shares                            4,545.4    4,545.4      0.0
43       Debt securities                  9,433.5    9,433.5      0.0
44        Short term                        844.7      844.7      0.0
45        Treasury bills and
          certificates                      661.7      661.7      0.0
46         Other short-term
           securities                       183.1      183.1      0.0
47       Long term                        8,588.8    8,588.8      0.0
48        Treasury bonds and notes        4,909.8    4,909.8      0.0
49        Other long-term securities      3,678.9    3,678.9      0.0
50     Financial derivatives other
       than reserves, gross
       negative fair value                3,562.0    3,562.0      0.0
51      Over-the-counter contracts        3,527.7    3,527.7      0.0
52       Single-currency interest rate
         contracts                        2,912.1    2,912.1      0.0
53       Foreign exchange contracts         295.2      295.2      0.0
54       Other contracts                    320.4      320.4      0.0
55      Exchange-traded contracts            34.3       34.3      0.0
56     Other investment                   4,877.8    4,886.8     -9.0
57      Currency and deposits             2,601.7    2,601.7      0.0
58     Loans                              2,081.4    2,090.4     -9.0
69     Insurance technical reserves       n.a.       n.a. n       n.a.
60     Trade credit and advances            140.5      140.5      0.0
61     Special drawing rights
       allocations                           54.3       54.3      0.0

                                                     2013
Line  Type of Investmen                 Revised    Previously  Amount of
                                        published  revision

 1     U.S. net international
       investment position
       (line 4 less line 35)             -5,327.5   -5,383.0       55.5
 2      Net international investment
        position excluding financial
        derivatives (line 5 less
        line 36)                         -5,404.8   -5,456.5       51.7
 3      Financial derivatives
        other than
       reserves, net (line 6
       less line 37)                         77.3       73.5        3.8
 4     U.S. assets                       24,159.1   23,709.8      449.3
 5       Assets excluding financial
         derivatives (sum of lines
         7, 10, 21, and 26)              21,139.4   20,890.0      249.4
 6       Financial derivatives
         other than
         reserves, gross positive fair
         value (line 15)                  3,019.8    2,819.8      199.9
        By functional category:
 7       Direct investment at
         market value                     7,117.3    7,080.1       37.2
 8        Equity                          6,052.1    6,070.0      -17.9
 9        Debt instruments                1,065.2    1,010.1       55.1
10    Portfolio investment                9,206.5    9,183.1       23.4
11    Equity and investment fund
      shares                              6,472.9    6,444.2       28.6
12    Debt securities                     2,733.6    2,738.8       -5.2
13     Short term                           450.1      446.7        3.4
14     Long term                          2,283.5    2,292.1       -8.6
15    Financial derivatives
      other than
      reserves, gross
      positive fair value                 3,019.8    2,819.8      199.9
16     Over-the-counter contracts         2,983.0    2,783.0      199.9
17      Single-currency interest rate
        contracts                         2,390.9    2,207.7      183.2
18      Foreign exchange contracts          308.1      291.9       16.2
19      Other contracts                     283.9      283.4        0.5
20     Exchange-traded contracts             36.8       36.8        0.0
21    Other investment                    4,367.3    4,178.6      188.7
22     Currency and deposits              1,991.7    1,972.1       19.5
23     Loans                              2,322.2    2,161.1      161.1
24     Insurance technical reserves       n.a.       n.a.         n.a.
25     Trade credit and advances             53.4       45.3        8.1
26    Reserve assets                        448.3      448.3        0.0
27     Monetary gold                        315.0      315.0        0.0
28     Special drawing rights                55.2       55.2        0.0
29     Reserve position in the
       International Monetary Fund           30.8       30.8        0.0
30     Other reserve assets                  47.4       47.4        0.0
31      Currency and deposits                20.9       20.9        0.0
32      Securities                           21.4       21.4        0.0
33      Financial derivatives
34      Other claims                          5.1        5.1        0.0
35    U.S. liabilities                   29,486.6   29,092.8      393.8
36     Liabilities excluding financial
       derivatives (sum of
       lines 38, 41, and 56)             26,544.2   26,346.6     197.7
37    Financial derivatives other than
      reserves, gross negative
      fair value (line 50)                2,942.4    2,746.3     196.1
       By functional category:
38      Direct investment at
        market value                      5,780.6    5,790.6      -9.9
39       Equity                           4,441.0    4,462.0     -20.9
40       Debt instruments                 1,339.6    1,328.6      11.0
41      Portfolio investment             15,542.5   15,503.2      39.3
42      Equity and investment fund
        shares                            5,864.6    5,821.5      43.1
43       Debt securities                  9,677.9    9,681.7      -3.8
44        Short term                        891.1      892.7      -1.6
45        Treasury bills and
          certificates                      685.0      686.0      -1.1
46         Other short-term
           securities                       206.1      206.6      -0.5
47       Long term                        8,786.8    8,789.1      -2.3
48        Treasury bonds and notes        5,108.9    5,108.9       0.0
49        Other long-term securities      3,677.9    3,680.2      -2.3
50     Financial derivatives other
       than reserves, gross
       negative fair value                2,942.4    2,746.3     196.1
51      Over-the-counter contracts        2,905.9    2,709.7     196.1
52       Single-currency interest rate
         contracts                        2,322.6    2,142.9     179.8
53       Foreign exchange contracts         306.6      290.8      15.8
54       Other contracts                    276.6      276.1       0.5
55      Exchange-traded contracts            36.5       36.5       0.0
56     Other investment                   5,221.1    5,052.8     168.3
57      Currency and deposits             2,799.9    2,758.1      41.8
58     Loans                              2,218.0    2,095.9     122.1
69     Insurance technical reserves       n.a.       n.a.        n.a.
60     Trade credit and advances            148.8      144.4       4.4
61     Special drawing rights
       allocations                           54.4       54.4       0.0


Line  Type of Investment                              2014
                                        Revised    Previously  Amount of
                                        published  revision

 1     U.S. net international
       investment position
       (line 4 less line 35)
 2      Net international investment     -7,019.7   -6,915.3     -104.4
        position excluding financial
        derivatives (line 5 less
        line 36)
 3      Financial derivatives            -7,093.5   -6,989.1     -104.4
        other than
       reserves, net (line 6
       less line 37)
 4     U.S. assets                           73.8       73.8        0.0
 5       Assets excluding financial      24,595.5   24,693.2      -97.7
         derivatives (sum of lines
         7, 10, 21, and 26)
 6       Financial derivatives           21,371.0   21,430.5      -59.5
         other than
         reserves, gross positive fair
         value (line 15)
        By functional category:           3,224.5    3,262.7      -38.1
 7       Direct investment at
         market value
 8        Equity                          7,124.0    7,161.7      -37.7
 9        Debt instruments                6,052.0    6,074.7      -22.7
10    Portfolio investment                1,072.0    1,087.0      -14.9
11    Equity and investment fund          9,572.5    9,562.4       10.2
      shares
12    Debt securities                     6,719.7    6,685.2       34.5
13     Short term                         2,852.8    2,877.2      -24.3
14     Long term                            450.2      457.7       -7.5
15    Financial derivatives               2,402.7    2,419.4      -16.8
      other than
      reserves, gross
      positive fair value
16     Over-the-counter contracts         3,224.5    3,262.7      -38.1
17      Single-currency interest rate     3,156.6    3,194.7      -38.1
        contracts
18      Foreign exchange contracts        2,453.6    2,488.2      -34.6
19      Other contracts                     425.5      429.1       -3.5
20     Exchange-traded contracts            277.4      277.4        0.0
21    Other investment                       67.9       67.9        0.0
22     Currency and deposits              4,240.2    4,272.2      -32.0
23     Loans                              1,785.4    1,797.7      -12.3
24     Insurance technical reserves       2,408.6    2,428.6      -20.0
25     Trade credit and advances            n.a.       n.a.       n.a.
26    Reserve assets                         46.2       45.9        0.3
27     Monetary gold                        434.3      434.3        0.0
28     Special drawing rights               315.4      315.4        0.0
29     Reserve position in the               51.9       51.9        0.0
       International Monetary Fund
30     Other reserve assets                  25.2       25.2        0.0
31      Currency and deposits                41.8       41.8        0.0
32      Securities                           19.0       19.0        0.0
33      Financial derivatives                22.8       22.8        0.0
34      Other claims
35    U.S. liabilities                        0.0        0.0        0.0
36     Liabilities excluding financial   31,615.2   31,608.5        6.8
       derivatives (sum of
       lines 38, 41, and 56)
37    Financial derivatives other than   28,464.6   28,419.6       44.9
      reserves, gross negative
      fair value (line 50)
       By functional category:            3,150.7    3,188.8      -38.1
38      Direct investment at
        market value
39       Equity                           6,228.8    6,253.0      -24.2
40       Debt instruments                 4,839.4    4,871.5      -32.1
41      Portfolio investment              1,389.4    1,381.5        7.9
42      Equity and investment fund       16,917.1   16,833.1       84.0
        shares
43       Debt securities                  6,665.2    6,570.2       95.0
44        Short term                     10,251.9   10,262.9      -11.0
45        Treasury bills and                912.5      912.9       -0.3
          certificates
46         Other short-term                 671.6      671.6        0.0
           securities
47       Long term                          240.9      241.2       -0.3
48        Treasury bonds and notes        9,339.4    9,350.1      -10.7
49        Other long-term securities      5,484.5    5,484.5        0.0
50     Financial derivatives other        3,854.9    3,865.5      -10.7
       than reserves, gross
       negative fair value                3,150.7    3,188.8      -38.1
51      Over-the-counter contracts        3,086.3    3,124.5      -38.1
52       Single-currency interest rate
         contracts                        2,401.5    2,436.1      -34.6
53       Foreign exchange contracts         414.7      418.2       -3.5
54       Other contracts                    270.2      270.2        0.0
55      Exchange-traded contracts            64.3       64.3        0.0
56     Other investment                   5,318.6    5,333.5      -14.9
57      Currency and deposits             2,837.6    2,711.4      126.2
58     Loans                              2,266.9    2,409.7     -142.7
69     Insurance technical reserves         n.a.       n.a.       n.a.
60     Trade credit and advances            162.9      161.3        1.6
61     Special drawing rights
       allocations                           51.2       51.2        0.0


n.a. Not available
..... Not applicable
NOTE. Details may not add to totals because of rounding.
Source: U.S. Bureau of Economic Analysis

Table 1. U.S. Net International Investment Position at the End of the
Period [Millions of dollars, not seasonally adjusted]


                                                          2013
Line  Type of investment                          IV (r)       I (r)

 1    U.S. net international investment
      position (line 4 less line 35)             -5,327,503   -5,327,503
 2     Net international investment position
       excluding financial derivatives (line
       5 less line 36)                           -5,404,844   -5,404,844
 3     Financial derivatives other than
       reserves, net (line 6 less line 37)           77,341       77,341
 4    U.S. assets                                24,159,131   24,159,131
 5     Assets excluding financial derivatives
       (sum of lines 7, 10, 21, and 26)          21,139,371   21,139,371
 6     Financial derivatives other than
       reserves, gross positive fair
       value (line 15)                            3,019,760    3,019,760
        By functional category:
 7      Direct investment at market value         7,117,278    7,183,037
 8       Equity                                   6,052,099    6,119,909
 9       Debt instruments                         1,065,179    1,063,128
10      Portfolio investment                      9,206,505    9,400,599
11      Equity and investment fund shares         6,472,877    6,627,771
12      Debt securities                           2,733,628    2,772,828
13       Short term                                 450,083      432,776
14       Long term                                2,283,544    2,340,052
15      Financial derivatives other than
        reserves, gross positive fair value       3,019,760    2,655,482
16       Over-the-counter contracts               2,982,972    2,619,651
17       Single-currency interest rate
         contracts                                2,390,937    2,074,736
18       Foreign exchange contracts                 308,086      271,949
19       Other contracts                            283,949      272,966
20     Exchange-traded contracts                     36,788       35,831
21    Other investment                            4,367,255    4,370,859
22     Currency and deposits                      1,991,663    1,937,231
23     Loans                                      2,322,222    2,387,772
24     Insurance technical reserves                  n.a.       n.a.
25     Trade credit and advances                     53,370       45,856
26    Reserve assets                                448,333      470,884
27     Monetary gold                                314,975      337,791
28     Special drawing rights                        55,184       55,394
29     Reserve position in the International
       Monetary Fund                                 30,750       29,820
30     Other reserve assets                          47,424       47,879
31      Currency and deposits                        20,889       20,930
32      Securities                                   21,436       21,727
33      Financial derivatives
34      Other claims                                  5,099        5,222
35    U.S. liabilities                           29,486,634   29,564,222
36      Liabilities excluding financial
        derivatives (sum of lines 38, 41,
        and 56)                                  26,544,215   26,978,161
37     Financial derivatives other than
       reserves, gross negative fair value
       (line 50)                                  2,942,419    2,586,061
      By functional category:
38     Direct investment at market value          5,780,621    5,683,630
39      Equity                                    4,441,033    4,370,632
40      Debt instruments                          1,339,588    1,312,998
41    Portfolio investment                       15,542,467   15,938,103
42      Equity and investment fund shares         5,864,600    6,051,072
43      Debt securities                           9,677,867    9,887,031
44       Short term                                 891,074      904,573
45        Treasury bills and certificates           684,961      689,327
46        Other short-term securities               206,113      215,246
47     Long term                                  8,786,793    8,982,458
48      Treasury bonds and notes                  5,108,877    5,260,807
49      Other long-term securities                3,677,916    3,721,651
50    Financial derivatives other than
         reserves, gross negative fair value      2,942,419    2,586,061
51      Over-the-counter contracts                2,905,876    2,552,846
52      Single-currency interest rate contracts   2,322,618    2,014,778
53      Foreign exchange contracts                  306,629      271,154
54      Other contracts                             276,629      266,914
55    Exchange-traded contracts                      36,543       33,215
56    Other investment                            5,221,127    5,356,428
57     Currency and deposits                      2,799,926    2,795,225
58     Loans                                      2,217,970    2,344,616
59     Insurance technical reserves                 n.a.       n.a.
60     Trade credit and advances                    148,845      162,002
61     Special drawing rights allocations            54,386       54,585


                                                           2014
Line  Type of investment                           II (r)      III (r)

 1    U.S. net international investment
      position (line 4 less line 35)             -5,518,617   -6,204,917
 2     Net international investment position
       excluding financial derivatives (line
       5 less line 36)                           -5,551,951   -6,259,130
 3     Financial derivatives other than
       reserves, net (line 6 less line 37)           33,334       54,213
 4    U.S. assets                                24,987,306   24,596,646
 5     Assets excluding financial derivatives
       (sum of lines 7, 10, 21, and 26)          22,280,432   21,798,389
 6     Financial derivatives other than
       reserves, gross positive fair
       value (line 15)                            2,706,874    2,798,257
        By functional category:
 7      Direct investment at market value         7,480,688    7,231,870
 8       Equity                                   6,413,204    6,155,625
 9       Debt instruments                         1,067,484    1,076,245
10      Portfolio investment                      9,997,286    9,710,959
11      Equity and investment fund shares         7,061,208    6,803,745
12      Debt securities                           2,936,078    2,907,214
13       Short term                                 479,151      471,292
14       Long term                                2,456,927    2,435,922
15      Financial derivatives other than
        reserves, gross positive fair value       2,706,874    2,798,257
16       Over-the-counter contracts               2,672,455    2,754,530
17       Single-currency interest rate
         contracts                                2,190,627    2,103,959
18       Foreign exchange contracts                 229,408      412,361
19       Other contracts                            252,420      238,210
20     Exchange-traded contracts                     34,419       43,727
21    Other investment                            4,324,592    4,411,573
22     Currency and deposits                      1,914,809    1,933,219
23     Loans                                      2,361,214    2,431,782
24     Insurance technical reserves                n.a.         n.a.
25     Trade credit and advances                     48,569       46,572
26    Reserve assets                                477,865      443,987
27     Monetary gold                                343,871      318,113
28     Special drawing rights                        55,411       53,148
29     Reserve position in the International
       Monetary Fund                                 30,535       28,358
30     Other reserve assets                          48,048       44,368
31      Currency and deposits                        24,777       22,143
32      Securities                                   21,866       22,225
33      Financial derivatives
34      Other claims                                  1,405            0
35    U.S. liabilities                           30,505,923   30,801,563
36      Liabilities excluding financial
        derivatives (sum of lines 38, 41,
        and 56)                                  27,832,383   28,057,519
37     Financial derivatives other than
       reserves, gross negative fair value
       (line 50)                                  2,673,540    2,744,044
      By functional category:
38     Direct investment at market value          5,934,993    6,023,492
39      Equity                                    4,603,276    4,639,198
40      Debt instruments                          1,331,717    1,384,294
41    Portfolio investment                       16,423,330   16,570,603
42      Equity and investment fund shares         6,352,073    6,450,520
43      Debt securities                          10,071,257   10,120,083
44       Short term                                 879,623      870,771
45        Treasury bills and certificates           627,612      614,053
46        Other short-term securities               252,011      256,718
47     Long term                                  9,191,634    9,249,312
48      Treasury bonds and notes                  5,392,941    5,458,147
49      Other long-term securities                3,798,693    3,791,165
50    Financial derivatives other than
         reserves, gross negative fair value      2,673,540    2,744,044
51      Over-the-counter contracts                2,639,871    2,700,424
52      Single-currency interest rate contracts   2,132,641    2,049,218
53      Foreign exchange contracts                  256,370      415,208
54      Other contracts                             250,860      235,998
55    Exchange-traded contracts                      33,669       43,620
56    Other investment                            5,474,060    5,463,424
57     Currency and deposits                      2,899,696    2,931,024
58     Loans                                      2,352,664    2,317,634
59     Insurance technical reserves                 n.a.       n.a.
60     Trade credit and advances                    167,107      162,407
61     Special drawing rights allocations            54,594       52,358


                                                            2015
Line  Type of investment                            IV (r)       I (p)

 1    U.S. net international investment
      position (line 4 less line 35)             -7,019,699   -6,793,958
 2     Net international investment position
       excluding financial derivatives (line
       5 less line 36)                           -7,093,546   -6,872,706
 3     Financial derivatives other than
       reserves, net (line 6 less line 37)           73,847       78,748
 4    U.S. assets                                24,595,547   25,324,361
 5     Assets excluding financial derivatives
       (sum of lines 7, 10, 21, and 26)          21,371,012   21,947,976
 6     Financial derivatives other than
       reserves, gross positive fair
       value (line 15)                            3,224,535    3,376,385
        By functional category:
 7      Direct investment at market value         7,124,034    7,260,622
 8       Equity                                   6,052,002    6,186,645
 9       Debt instruments                         1,072,032    1,073,977
10      Portfolio investment                      9,572,539   10,031,265
11      Equity and investment fund shares         6,719,690    7,118,415
12      Debt securities                           2,852,849    2,912,850
13       Short term                                 450,171      476,274
14       Long term                                2,402,678    2,436,576
15      Financial derivatives other than
        reserves, gross positive fair value       3,224,535    3,376,385
16       Over-the-counter contracts               3,156,595    3,310,198
17       Single-currency interest rate
         contracts                                2,453,622    2,581,182
18       Foreign exchange contracts                 425,534      480,916
19       Other contracts                            277,439      248,100
20     Exchange-traded contracts                     67,940       66,187
21    Other investment                            4,240,188    4,237,604
22     Currency and deposits                      1,785,396    1,770,761
23     Loans                                      2,408,601    2,422,849
24     Insurance technical reserves                 n.a.      n.a.
25     Trade credit and advances                     46,191       43,994
26    Reserve assets                                434,251      418,485
27     Monetary gold                                315,368      310,399
28     Special drawing rights                        51,941       49,459
29     Reserve position in the International
       Monetary Fund                                 25,164       19,783
30     Other reserve assets                          41,778       38,844
31      Currency and deposits                        19,003       17,440
32      Securities                                   22,775       21,404
33      Financial derivatives
34      Other claims                                      0           0
35    U.S. liabilities                           31,615,246   32,118,319
36      Liabilities excluding financial
        derivatives (sum of lines 38, 41,
        and 56)                                  28,464,558   28,820,682
37     Financial derivatives other than
       reserves, gross negative fair value
       (line 50)                                  3,150,688    3,297,637
      By functional category:
38     Direct investment at market value          6,228,795    6,394,435
39      Equity                                    4,839,384    4,981,162
40      Debt instruments                          1,389,411    1,413,273
41    Portfolio investment                       16,917,146   17,084,290
42      Equity and investment fund shares         6,665,202    6,726,695
43      Debt securities                          10,251,944   10,357,595
44       Short term                                 912,548      947,888
45        Treasury bills and certificates           671,636      702,044
46        Other short-term securities               240,912      245,844
47     Long term                                  9,339,396    9,409,707
48      Treasury bonds and notes                  5,484,544    5,473,960
49      Other long-term securities                3,854,852    3,935,747
50    Financial derivatives other than
         reserves, gross negative fair value      3,150,688    3,297,637
51      Over-the-counter contracts                3,086,341    3,233,504
52      Single-currency interest rate contracts   2,401,469    2,524,808
53      Foreign exchange contracts                  414,670      465,105
54      Other contracts                             270,202      243,591
55    Exchange-traded contracts                      64,347       64,133
56    Other investment                            5,318,617    5,341,957
57     Currency and deposits                      2,837,615    2,842,128
58     Loans                                      2,266,948    2,286,388
59     Insurance technical reserves               (.n.a.)         n.a.
60     Trade credit and advances                    162,887      164,724
61     Special drawing rights allocations            51,166       48,718

                                                 Change:      Change:
                                                 2014:IV to   2013:IV to
Line  Type of investment                         2015:I       2014:IV

 1    U.S. net international investment
      position (line 4 less line 35)             225,741     -1,692,196
 2     Net international investment position
       excluding financial derivatives (line
       5 less line 36)                           220,840     -1,688,702
 3     Financial derivatives other than
       reserves, net (line 6 less line 37)         4,901         -3,494
 4    U.S. assets                                728,814        436,416
 5     Assets excluding financial derivatives
       (sum of lines 7, 10, 21, and 26)          576,964        231,641
 6     Financial derivatives other than
       reserves, gross positive fair
       value (line 15)                           151,850        204,775
        By functional category:
 7      Direct investment at market value        136,588          6,756
 8       Equity                                  134,643            -97
 9       Debt instruments                          1,945          6,853
10      Portfolio investment                     458,726        366,034
11      Equity and investment fund shares        398,725        246,813
12      Debt securities                           60,001        119,221
13       Short term                               26,103             88
14       Long term                                33,898        119,134
15      Financial derivatives other than
        reserves, gross positive fair value      151,850        204,775
16       Over-the-counter contracts              153,603        173,623
17       Single-currency interest rate
         contracts                               127,560         62,685
18       Foreign exchange contracts               55,382        117,448
19       Other contracts                         -29,339         -6,510
20     Exchange-traded contracts                  -1,753         31,152
21    Other investment                            -2,584        127,067
22     Currency and deposits                     -14,635        206,267
23     Loans                                      14,248         86,379
24     Insurance technical reserves                n.a.         n.a.
25     Trade credit and advances                  -2,197         -7,179
26    Reserve assets                            -15,766         -14,082
27     Monetary gold                              -4,969            393
28     Special drawing rights                     -2,482         -3,243
29     Reserve position in the International
       Monetary Fund                              -5,381         -5,586
30     Other reserve assets                       -2,934         -5,646
31      Currency and deposits                     -1,563         -1,886
32      Securities                                -1,371          1,339
33      Financial derivatives
34      Other claims                                   0         -5,099
35    U.S. liabilities                           503,073      2,128,612
36      Liabilities excluding financial
        derivatives (sum of lines 38, 41,
        and 56)                                  356,124      1,920,343
37     Financial derivatives other than
       reserves, gross negative fair value
       (line 50)                                 146,949        208,269
      By functional category:
38     Direct investment at market value         165,640        448,174
39      Equity                                   141,778        398,351
40      Debt instruments                          23,862         49,823
41    Portfolio investment                       167,144      1,374,679
42      Equity and investment fund shares         61,493        800,602
43      Debt securities                          105,651        574,077
44       Short term                               35,340         21,474
45        Treasury bills and certificates         30,408        -13,325
46        Other short-term securities              4,932         34,799
47     Long term                                  70,311        552,603
48      Treasury bonds and notes                 -10,584        375,667
49      Other long-term securities                80,895        176,936
50    Financial derivatives other than
         reserves, gross negative fair value     146,949        208,269
51      Over-the-counter contracts               147,163        180,465
52      Single-currency interest rate contracts  123,339         78,851
53      Foreign exchange contracts                50,435        108,041
54      Other contracts                          -26,611         -6,427
55    Exchange-traded contracts                     -214         27,804
56    Other investment                            23,340         97,490
57     Currency and deposits                       4,513         37,689
58     Loans                                      19,440         48,978
59     Insurance technical reserves               n.a.          (n.a.
60     Trade credit and advances                   1,837         14,042
61     Special drawing rights allocations         -2,448         -3,220

(p) Preliminary
(r) Revised
n.a. Not available
.... Not applicable
NOTE. Details may not add to totals because of rounding.
Source: U.S. Bureau of Economic Analysis

Table 2. Change in the Yearend U.S. Net International Investment
Position
[Millions of dollars]




Line  Type of investment                           Yearend


                                                  position,
                                                  2013           Total



 1      U.S. net international investment
        position (line 4 less line 35)           -5,327,503   -1,692,196
 2        Net international investment position
          excluding financial derivatives (line
          5 less line 36)                        -5,404,844   -1,688,702
 3        Financial derivatives other than
          reserves, net (line 6 less line 37)
          (3)                                        77,341       -3,494
 4      U.S. assets                              24,159,131      436,416
 5         Assets excluding financial
           derivatives
           (sum of lines 7, 10, 21, and 26)      21,139,371      231,641
 6         Financial derivatives other than
           reserves, gross positive fair value
           (line 15)                              3,019,760      204,775
         By functional category:
 7        Direct investment at market value       7,117,278        6,756
 8         Equity                                 6,052,099          -97
 9         Debt instruments                       1,065,179        6,853
10       Portfolio investment                     9,206,505      366,034
11        Equity and investment fund shares       6,472,877      246,813
12        Debt securities                         2,733,628      119,221
13         Short term                               450,083           88
14         Long term                              2,283,544      119,134
15      Financial derivatives other than
        reserves, gross positive fair value       3,019,760      204,775
16       Over-the-counter contracts               2,982,972      173,623
17        Single-currency interest rate
          contracts                               2,390,937       62,685
18        Foreign exchange contracts                308,086      117,448
19        Other contracts                           283,949       -6,510
20      Exchange-traded contracts                    36,788       31,152
21     Other investment                           4,367,255     -127,067
22       Currency and deposits                    1,991,663     -206,267
23       Loans                                    2,322,222       86,379
24       Insurance technical reserves               n.a.        n.a.
25       Trade credit and advances                   53,370       -7,179
26     Reserve assets                               448,333      -14,082
27       Monetary gold                              314,975          393
28       Special drawing rights                      55,184       -3,243
29       Reserve position in the International
         Monetary Fund                               30,750       -5,586
30       Other reserve assets                        47,424       -5,646
31        Currency and deposits                      20,889       -1,886
32        Securities                                 21,436        1,339
33        Financial derivatives
34        Other claims                                5,099       -5,099
35    U.S. liabilities                           29,486,634    2,128,612
36      Liabilities excluding financial
        derivatives (sum of lines 38,
        41, and 56)                              26,544,215    1,920,343
37      Financial derivatives other than
        reserves, gross negative fair
        value (line 50)                           2,942,419      208,269
      By functional category:
38      Direct investment at market value         5,780,621      448,174
39        Equity                                  4,441,033      398,351
40        Debt instruments                        1,339,588       49,823
41      Portfolio investment                     15,542,467    1,374,679
42        Equity and investment fund shares       5,864,600      800,602
43        Debt securities                         9,677,867      574,077
44         Short term                               891,074       21,474
45          Treasury bills and certificates         684,961      -13,325
46          Other short-term securities             206,113       34,799
47      Long term                                 8,786,793      552,603
48         Treasury bonds and notes               5,108,877      375,667
49         Other long-term securities             3,677,916      176,936
50    Financial derivatives other than
      reserves, gross negative fair value         2,942,419      208,269
51      Over-the-counter contracts                2,905,876      180,465
52       Single-currency interest rate
         contracts     2,322,618  78,851
53       Foreign exchange contracts                 306,629      108,041
54       Other contracts                            276,629       -6,427
55     Exchange-traded contracts                     36,543       27,804
56    Other investment                            5,221,127       97,490
57     Currency and deposits                      2,799,926       37,689
58     Loans                                      2,217,970       48,978
59     Insurance technical reserves                n.a.        n.a.
60     Trade credit and advances                    148,845       14,042
61     Special drawing rights allocations            54,386       -3,220


                                                   Change in position in
                                                   2014
Line   Type of investment


                                                    Financial-account
                                                    Transaction



 1      U.S. net international investment
        position (line 4 less line 35)                -239,648
 2        Net international investment position
          excluding financial derivatives (line
          5 less line 36)                               85,276
 3        Financial derivatives other than
          reserves, net (line 6 less line 37)
          (3)                                          -54,372
 4      U.S. assets                                      (3)
 5         Assets excluding financial
           derivatives
           (sum of lines 7, 10, 21, and 26)            792,145
 6         Financial derivatives other than
           reserves, gross positive fair value
           (line 15)                                     (3)
         By functional category:
 7        Direct investment at market value            357,190
 8         Equity                                      355,622
 9         Debt instruments                              1,568
10       Portfolio investment                          538,058
11        Equity and investment fund shares            436,526
12        Debt securities                              101,531
13         Short term                                   15,299
14         Long term                                    86,232
15      Financial derivatives other than
        reserves, gross positive fair value              (3)
16       Over-the-counter contracts                      (3)
17        Single-currency interest rate
          contracts                                      (3)
18        Foreign exchange contracts                     (3)
19        Other contracts                                (3)
20      Exchange-traded contracts                        (3)
21       Other investment                              -99,520
22         Currency and deposits                      -147,354
23         Loans                                        54,595
24         Insurance technical reserves                 n.a.
25         Trade credit and advances                    -6,761
26       Reserve assets                                 -3,583
27         Monetary gold                                     0
28         Special drawing rights                           23
29         Reserve position in the International
           Monetary Fund                                -3,849
30         Other reserve assets                            243
31          Currency and deposits                            5
32          Securities                                     234
33          Financial derivatives
34          Other claims                                     4
35      U.S. liabilities                                   (3)
36        Liabilities excluding financial
          derivatives (sum of lines 38,
          41, and 56)                                  977,421
37        Financial derivatives other than
          reserves, gross negative fair
          value (line 50)                                  (3)
        By functional category:
38        Direct investment at market value            131,831
39          Equity                                      68,854
40          Debt instruments                            62,977
41        Portfolio investment                         705,030
42          Equity and investment fund shares          155,077
43          Debt securities                            549,953
44           Short term                                 22,935
45            Treasury bills and certificates          -13,325
46            Other short-term securities               36,260
47        Long term                                    527,019
48           Treasury bonds and notes                  330,705
49           Other long-term securities                196,314
50      Financial derivatives other than
        reserves, gross negative fair value            (3)
51        Over-the-counter contracts                   (3)
52         Single-currency interest rate
           contracts     2,322,618  78,851             (3)
53         Foreign exchange contracts                  (3)
54         Other contracts                             (3)
55       Exchange-traded contracts                     (3)
56       Other investment                              140,559
57       Currency and deposits                          51,031
58       Loans                                          75,265
59       Insurance technical reserves                    n.a.
60       Trade credit and advances                      14,263
61       Special drawing rights allocations                  0

                                                     Change in position
                                                     in 2014
                                                     Attributable to:
Line  Type of investment                             Other changes
                                                     in position


                                                    Total      Price
                                                               changes


 1      U.S. net international investment
        position (line 4 less line 35)           -1,452,548       (4)
 2        Net international investment position
          excluding financial derivatives (line
          5 less line 36)                        -1,503,426     -353,628
 3        Financial derivatives other than
          reserves, net (line 6 less line 37)
          (3)                                        50,878      (4)
 4      U.S. assets                                  (3)         (3)
 5         Assets excluding financial
           derivatives
           (sum of lines 7, 10, 21, and 26)        -560,504      725,084
 6         Financial derivatives other than
           reserves, gross positive fair value
           (line 15)                                 (3)         (3)
         By functional category:
 7        Direct investment at market value        -350,434      102,755
 8         Equity                                  -355,719      102,755
 9         Debt instruments                           5,285
10       Portfolio investment                      -172,024      621,937
11        Equity and investment fund shares        -189,713      516,670
12        Debt securities                            17,690      105,267
13         Short term                               -15,211
14         Long term                                 32,902      105,267
15      Financial derivatives other than
        reserves, gross positive fair value          (3)          (3)
16       Over-the-counter contracts                  (3)          (3)
17        Single-currency interest rate
          contracts                                  (3)          (3)
18        Foreign exchange contracts                 (3)          (3)
19        Other contracts                            (3)          (3)
20      Exchange-traded contracts                    (3)          (3)
21     Other investment                             -27,547
22       Currency and deposits                      -58,913
23       Loans                                       31,784
24       Insurance technical reserves                n.a.          n.a.
25       Trade credit and advances                     -418
26     Reserve assets                               -10,499          393
27       Monetary gold                                  393          393
28       Special drawing rights                      -3,266
29       Reserve position in the International
         Monetary Fund                               -1,737
30       Other reserve assets                        -5,889            0
31        Currency and deposits                      -1,891
32        Securities                                  1,105            0
33        Financial derivatives
34        Other claims                               -5,103
35    U.S. liabilities                                (3)         (3)
36      Liabilities excluding financial
        derivatives (sum of lines 38,
        41, and 56)                                 942,922    1,078,712
37      Financial derivatives other than
        reserves, gross negative fair
        value (line 50)                               (3)         (3)
      By functional category:
38      Direct investment at market value           316,343      342,053
39        Equity                                    329,497      342,053
40        Debt instruments                          -13,154
41      Portfolio investment                        669,649      736,659
42        Equity and investment fund shares         645,525      622,385
43        Debt securities                            24,124      114,274
44         Short term                                -1,461
45          Treasury bills and certificates              0
46          Other short-term securities              -1,461
47      Long term                                    25,584      114,274
48         Treasury bonds and notes                  44,962       94,022
49         Other long-term securities               -19,378       20,252
50    Financial derivatives other than
      reserves, gross negative fair value               (3)          (3)
51      Over-the-counter contracts                      (3)          (3)
52       Single-currency interest rate
         contracts     2,322,618  78,851                (3)          (3)
53       Foreign exchange contracts                     (3)          (3)
54       Other contracts                                (3)          (3)
55     Exchange-traded contracts                        (3)          (3)
56    Other investment                               -43,069
57     Currency and deposits                        -13,342
58     Loans                                        -26,287
59     Insurance technical reserves                  n.a.         n.a.
60     Trade credit and advances                       -221
61     Special drawing rights allocations            -3,220

                                                     Change in position
                                                     in 2014
                                                     Attributable to:
Line  Type of investment                             Other changes
                                                     in position

                                                 Changes in
                                                 Exchange-    volume and
                                                 rate         valuation
                                                 changes (1)  n.i.e. (2)

 1      U.S. net international investment
        position (line 4 less line 35)                 (4)           (4)
 2        Net international investment position
          excluding financial derivatives (line
          5 less line 36)                         -1,206,404      56,606
 3        Financial derivatives other than
          reserves, net (line 6 less line 37)
          (3)                                           (4)          (4)
 4      U.S. assets                                     (3)          (3)
 5         Assets excluding financial
           derivatives
           (sum of lines 7, 10, 21, and 26)       -1,308,427      22,838
 6         Financial derivatives other than
           reserves, gross positive fair value
           (line 15)                                   (3)           (3)
         By functional category:
 7        Direct investment at market value         -442,132     -11,056
 8         Equity                                   -442,132     -16,341
 9         Debt instruments                                        5,285
10       Portfolio investment                       -828,728      34,767
11        Equity and investment fund shares         -747,224      40,841
12        Debt securities                            -81,504      -6,073
13         Short term                                 -9,012      -6,199
14         Long term                                 -72,493         127
15      Financial derivatives other than
        reserves, gross positive fair value            (3)           (3)
16       Over-the-counter contracts                    (3)           (3)
17        Single-currency interest rate
          contracts                                    (3)           (3)
18        Foreign exchange contracts                   (3)           (3)
19        Other contracts                              (3)           (3)
20      Exchange-traded contracts                      (3)           (3)
21     Other investment                              -26,673        -874
22       Currency and deposits                       -13,182     -45,731
23       Loans                                       -13,074      44,858
24       Insurance technical reserves                 n.a.         n.a.
25       Trade credit and advances                      -418           0
26     Reserve assets                                -10,892           0
27       Monetary gold                                                 0
28       Special drawing rights                       -3,266           0
29       Reserve position in the International
         Monetary Fund                                -1,737           0
30       Other reserve assets                         -5,889           0
31        Currency and deposits                       -2,995       1,104
32        Securities                                  -2,875       3,980
33        Financial derivatives
34        Other claims                                   -20      -5,083
35    U.S. liabilities                                   (3)         (3)
36      Liabilities excluding financial
        derivatives (sum of lines 38,
        41, and 56)                                 -102,022     -33,768
37      Financial derivatives other than
        reserves, gross negative fair
        value (line 50)                                 (3)          (3)
      By functional category:
38      Direct investment at market value                        -25,710
39        Equity                                                 -12,556
40        Debt instruments                                       -13,154
41      Portfolio investment                         -60,711      -6,299
42        Equity and investment fund shares                0      23,140
43        Debt securities                            -60,711     -29,439
44         Short term                                 -1,461           0
45          Treasury bills and certificates                            0
46          Other short-term securities               -1,461           0
47      Long term                                    -59,251     -29,438
48         Treasury bonds and notes                              -49,060
49         Other long-term securities                -59,251      19,622
50    Financial derivatives other than
      reserves, gross negative fair value                (3)         (3)
51      Over-the-counter contracts                       (3)         (3)
52       Single-currency interest rate
         contracts     2,322,618  78,851                 (3)         (3)
53       Foreign exchange contracts                      (3)         (3)
54       Other contracts                                 (3)         (3)
55     Exchange-traded contracts                         (3)         (3)
56    Other investment                                -41,311     -1,758
57     Currency and deposits                         -14,213         871
58     Loans                                         -23,657      -2,630
59     Insurance technical reserves                   n.a.         n.a.
60     Trade credit and advances                        -221           0
61     Special drawing rights allocations             -3,220           0




Line  Type of investment


                                                      Yearend
                                                      position,
                                                      2014


 1      U.S. net international investment
        position (line 4 less line 35)                -7,019,699
 2        Net international investment position
          excluding financial derivatives (line
          5 less line 36)                             -7,093,546
 3        Financial derivatives other than
          reserves, net (line 6 less line 37)
          (3)                                             73,847
 4      U.S. assets                                   24,595,547
 5         Assets excluding financial
           derivatives
           (sum of lines 7, 10, 21, and 26)           21,371,012
 6         Financial derivatives other than
           reserves, gross positive fair value
           (line 15)                                   3,224,535
         By functional category:
 7        Direct investment at market value            7,124,034
 8         Equity                                      6,052,002
 9         Debt instruments                            1,072,032
10       Portfolio investment                          9,572,539
11        Equity and investment fund shares            6,719,690
12        Debt securities                              2,852,849
13         Short term                                    450,171
14         Long term                                   2,402,678
15      Financial derivatives other than
        reserves, gross positive fair value            3,224,535
16       Over-the-counter contracts                    3,156,595
17        Single-currency interest rate
          contracts                                    2,453,622
18        Foreign exchange contracts                     425,534
19        Other contracts                                277,439
20      Exchange-traded contracts                         67,940
21     Other investment                                4,240,188
22       Currency and deposits                         1,785,396
23       Loans                                         2,408,601
24       Insurance technical reserves                    n.a.
25       Trade credit and advances                        46,191
26     Reserve assets                                    434,251
27       Monetary gold                                   315,368
28       Special drawing rights                           51,941
29       Reserve position in the International
         Monetary Fund                                    25,164
30       Other reserve assets                             41,778
31        Currency and deposits                           19,003
32        Securities                                      22,775
33        Financial derivatives
34        Other claims                                         0
35    U.S. liabilities                                31,615,246
36      Liabilities excluding financial
        derivatives (sum of lines 38,                 28,464,558
        41, and 56)
37      Financial derivatives other than
        reserves, gross negative fair
        value (line 50)                                3,150,688
      By functional category:
38      Direct investment at market value              6,228,795
39        Equity                                       4,839,384
40        Debt instruments                             1,389,411
41      Portfolio investment                          16,917,146
42        Equity and investment fund shares            6,665,202
43        Debt securities                             10,251,944
44         Short term                                    912,548
45          Treasury bills and certificates              671,636
46          Other short-term securities                  240,912
47      Long term                                      9,339,396
48         Treasury bonds and notes                    5,484,544
49         Other long-term securities                  3,854,852
50    Financial derivatives other than
      reserves, gross negative fair value              3,150,688
51      Over-the-counter contracts                     3,086,341
52       Single-currency interest rate
         contracts     2,322,618  78,851               2,401,469
53       Foreign exchange contracts                      414,670
54       Other contracts                                 270,202
55     Exchange-traded contracts                          64,347
56    Other investment                                  5,318,617
57     Currency and deposits                           2,837,615
58     Loans                                           2,266,948
59     Insurance technical reserves                    n.a.
60     Trade credit and advances                         162,887
61     Special drawing rights allocations                 51,166



(r) Revised
n.a. Not available
..... Not applicable
(1.) Represents gains or losses on foreign-currency-denominated assets
and liabilities due to their revaluation at current exchange rates.
(2.) Includes changes due to year-to-year shifts in the composition of
reporting panels and to the incorporation of more comprehensive survey
results. Also includes capital gains and losses of direct investment
affiliates and changes in positions that cannot be allocated to
financial transactions, price changes, or exchange-rate changes.
(3.) Financial transactions and other changes in financial derivatives
positions are available only on a net basis, which is shown on line 3;
they are not separately available for gross positive fair values and
gross negative fair values of financial derivatives.
(4.) Data are not separately available for price changes, exchange-rate
changes, and changes in volume and valuation not included elsewhere.
NOTE. Details may not add to totals because of rounding.
Source: U.S. Bureau of Economic Analysis