The international investment position of the United States at the end of the fourth quarter and year 2013.

Nguyen, Elena L.

Fourth quarter

The net international investment position of the United States at the end of the fourth quarter of 2013 was--$4,577.5 billion (preliminary), compared with--$4,171.8 billion (revised) at the end of the third quarter (chart 1 and table 1 on page 4). (1) The $405.7 billion decrease in the net position reflected a $777.8 billion increase in the value of foreign-owned assets in the United States that exceeded a $372.1 billion increase in the value of U.S.-owned assets abroad. (2) The lower net position was attributable (1) to the valuation changes of foreign-owned assets in the United States that were $211.7 billion larger than the combined valuation changes of U.S.-owned assets abroad and financial derivatives, net and (2) to net inflows of $194.0 billion (table A).

The U.S. net international investment position decreased 9.7 percent in the fourth quarter, compared with a 6.4 percent increase in the third quarter and an average quarterly decrease of 6.3 percent from the first quarter of 2011 through the third quarter of 2013. The net position was equal to 2.4 percent of the value of all U.S. financial assets at the end of the fourth quarter, up from 2.2 percent at the end of the third quarter. (3)

U.S.-owned assets abroad. U.S.-owned assets abroad were $21,963.8 billion at the end of the fourth quarter, compared with $21,591.7 billion at the end of the third quarter (chart 2). The $372.1 billion increase reflected a $318.4 billion increase in the value of U.S.-owned assets abroad excluding financial derivatives and a $53.7 billion increase in the value of financial derivatives (gross positive fair value). (4)

U.S.-owned assets abroad excluding financial derivatives were $19,148.7 billion at the end of the fourth quarter, compared with $18,830.2 billion at the end of the third quarter. The $318.4 billion increase reflected a $196.4 billion increase resulting from valuation changes and a $122.1 billion increase resulting from financial outflows (table A). (5) Valuation changes were mainly attributable to an increase in foreign stock prices that raised the value of U.S. holdings of foreign stocks.

Foreign-owned assets in the United States. Foreign-owned assets in the United States were $26,541.3 billion at the end of the fourth quarter, compared with $25,763.5 billion at the end of the third quarter (chart 2). The $777.8 billion increase reflected a $749.3 billion increase in the value of foreign-owned assets in the United States excluding financial derivatives and a $28.5 billion increase in the value of financial derivatives (gross negative fair value).

Foreign-owned assets in the United States excluding financial derivatives were $23,799.4 billion at the end of the fourth quarter, compared with $23,050.0 billion at the end of the third quarter. The $749.3 billion increase reflected a $430.6 billion increase resulting from valuation changes and a $318.8 billion increase resulting from financial inflows (table A). Valuation changes were mostly attributable to increases in U.S. stock prices that raised the value of foreign holdings of U.S. stocks. The rise in the value of U.S. stocks was partly offset by declines in the value of U.S. debt securities due to falling bond prices.

[GRAPHIC 1 OMITTED]

Revisions

The U.S. net international investment position at the end of the third quarter of 2013 was revised to -$4,171.8 billion from a previously published value of -$4,165.6 billion. The $6.2 billion downward revision to the net position reflected a $6.9 billion upward revision to foreign-owned assets in the United States that exceeded a $0.7 billion upward revision to U.S.-owned assets abroad.

U.S.-owned assets abroad at the end of the third quarter were revised to $21,591.7 billion from $21,590.9 billion, and foreign-owned assets in the United States were revised to $25,763.5 billion from $25,756.5 billion. These revisions reflect revised source data from the Treasury International Capital (TIC) reporting system and from quarterly surveys of direct investment conducted by the Bureau of Economic Analysis (BEA).

Year 2013

The net international investment position of the United States was -$4,577.5 billion (preliminary) at the end of 2013, compared with -$3,863.9 billion at the end of 2012. The $713.6 billion decrease in the net position reflected a $1,039.8 billion increase in the value of foreign-owned assets in the United States that exceeded a $326.1 billion increase in the value of U.S.-owned assets abroad (chart 1, table 1). The U.S. net international investment position decreased 18.5 percent from the end of 2012 to the end of 2013, compared with a 3.6 percent decrease from yearend 2011 to yearend 2012. The decrease in the net position in 2013 was attributable to the valuation changes of foreign-owned assets in the United States that were $362.4 billion larger than the combined valuation changes of U.S.-owned assets abroad and financial derivatives, net and to net inflows of $351.2 billion (table B).

U.S.-owned assets abroad. U.S.-owned assets abroad were $21,963.8 billion at the end of 2013, compared with $21,637.6 billion at the end of 2012. The $326.1 billion increase reflected a $1,130.8 billion increase in the value of U.S.-owned assets abroad excluding financial derivatives that was partly offset by an $804.7 billion decrease in the value of financial derivatives (gross positive fair value).

U.S.-owned assets abroad excluding financial derivatives were $19,148.7 billion at the end of 2013, compared with $18,017.9 billion at the end of 2012. The $1,130.8 billion increase reflected a $577.8 billion increase resulting from valuation changes and a $553.0 billion increase resulting from financial outflows (table B). Valuation changes were mainly attributable to the increase in foreign stock prices that raised the value of U.S. holdings of foreign stocks.

Foreign-owned assets in the United States. Foreign-owned assets in the United States were $26,541.3 billion at the end of 2013, compared with $25,501.5 billion at the end of 2012. The $1,039.8 billion increase reflected a $1,859.8 billion increase in the value of foreign-owned assets in the United States excluding financial derivatives that was partly offset by an $820.1 billion decrease in the value of financial derivatives (gross negative fair value).

Foreign-owned assets in the United States excluding financial derivatives were $23,799.4 billion at the end of 2013, compared with $21,939.5 billion at the end of 2012. The $1,859.8 billion increase reflected a $953.8 billion increase resulting from valuation changes and a $906.1 billion increase resulting from financial inflows (table B). Valuation changes were mostly attributable to increases in U.S. stock prices that raised the value of foreign holdings of U.S. stocks. The rise in the value of U.S. stocks was partly offset by declines in the value of U.S. debt securities due to falling bond prices.

Comprehensive Restructuring of the U.S. International Economic Accounts

On June 30, 2014, BEA will release "U.S. Net International Investment Position: End of the First Quarter 2014, Year 2013, and Annual Revisions." The statistics will be revised to reflect newly available and more complete source data, changes in estimation methods, and changes in definitions and classifications. In addition, for direct investment at current-period prices, the Bureau of Economic Analysis (BEA) will feature direct investment at market value instead of at current cost in the U.S net international investment position statistics. Data for direct investment positions at current cost will be discontinued beginning with the second quarter of 2014 and will no longer be included in the international investment position tables.

BEA will also introduce a new presentation of the international investment position statistics as part of a comprehensive restructuring of the U.S. international economic accounts. This change in presentation, combined with changes in definitions and classifications, will enhance the quality and usefulness of the accounts for customers and bring the statistics into closer alignment with international guidelines. For the details, see "The Comprehensive Restructuring of the International Economic Accounts: Changes in Definitions, Classifications, and Presentations" in the March 2014 Survey of Current Business. Table templates for the restructured presentation, along with information on the earliest quarter and year for which statistics will be available in each table, are available at www.bea.gov/international/modern.htm.

(1.) For comprehensive international investment position statistics, including annual statistics beginning with 1976 and quarterly statistics beginning with the fourth quarter of 2005, see the table "International Investment Position, 1976-2013" at www.bea.gov.

(2.) For information on the valuation of U.S-owned and foreign-owned assets, see "Valuing the Components of the U.S. International Investment Position" at www.bea.gov.

(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, Fourth Quarter 2013, Z.1. Statistical Release (Washington, DC: FRS, March 6, 2014): 11. According to the March release, at the end of the fourth quarter, the value of all U.S. financial assets was $193,911.9 billion. The value of U.S. assets abroad from the international investment position was $21,963.8 billion, or 11.3 percent of all U.S. assets, down from 11.4 percent at the end of the third quarter and down from the 13.5 percent series peak at the end of the third quarter of 2011.

(4.) 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.

(5.) For statistics on financial flows, see the financial account transactions in table 1 of the U.S. International Transactions Accounts. Financial flows discussed in this article are not seasonally adjusted. Detailed valuation changes such as price, exchange-rate, and other changes are available only for annual statistics in the June release.

Table A. Quarterly Changes In the
U.S. Net International Investment Position
[Billions of dollars]

                                                  Changes in position:
                                                  2013:III to 2013:IV
                                      Position,
                                      2013:III            Attributable
Line        Type of investment           (r)      Total       to:

                                                           Financial
                                                             flows

1     Net international investment
          position of the United
          States                      -4,171.8   -405.7        -194.0
2       Financial derivatives, net        48.0     25.2           2.7
3       Net international investment
          position, excluding
          financial derivatives       -4,219.8   -430.9        -196.7
4       U.S.-owned assets abroad      21,591.7    372.1          n.a.
5         Financial derivatives
            (gross positive fair
            value)                     2,761.4     53.7          n.a.
6         U.S.-owned assets abroad,
            excluding financial
            derivatives               18,830.2    318.4         122.1
7       Foreign-owned assets in
            the United States         25,763.5    777.8          n.a.
8         Financial derivatives
            (gross negative fair
            value)                     2,713.5     28.5          n.a.
9         Foreign-owned assets in
            the United States,
            excluding financial
            derivatives               23,050.0    749.3         318.8

                                       Changes in
                                       position:
                                      2013:III to
                                        2013:IV
                                                    Position,
                                      Attributable   2013:IV
Line        Type of investment            to:          (p)

                                         Other
                                        changes
                                        in value

1     Net international investment
          position of the United
          States                           -211.7   -4,577.5
2       Financial derivatives, net           22.5       73.2
3       Net international investment
          position, excluding
          financial derivatives            -234.2   -4,650.7
4       U.S.-owned assets abroad             n.a.   21,963.8
5         Financial derivatives
            (gross positive fair
            value)                           n.a.    2,815.1
6         U.S.-owned assets abroad,
            excluding financial
            derivatives                     196.4   19,148.7
7       Foreign-owned assets in
            the United States                n.a.   26,541.3
8         Financial derivatives
            (gross negative fair
            value)                           n.a.    2,741.9
9         Foreign-owned assets in
            the United States,
            excluding financial
            derivatives                     430.6   23,799.4

(p) Preliminary

(r) Revised

n.a. Transactions are possible, but data are not available.

Table B. Annual Changes in the
U.S. Net International Investment Position
[Billions of dollars]

                                                  Changes in position:
                                                   2012:IV to 2013:IV

                                      Position,            Attributable
Line        Type of investment         2012:IV    Total        to:

                                                            Financial
                                                              flows
1     Net international investment
          position of the United
          States                      -3,863.9    -713.6        -351.2
2       Financial derivatives, net        57.8      15.4           1.9
3       Net international investment
          position, excluding
          financial derivatives       -3,921.7    -729.0        -353.1
4       U.S.-owned assets abroad      21,637.6     326.1          n.a.
5         Financial derivatives
            (gross positive fair
            value)                     3,619.8    -804.7          n.a.
6         U.S.-owned assets abroad,
            excluding financial
            derivatives               18,017.9   1,130.8         553.0
7       Foreign-owned assets in
            the United States         25,501.5   1,039.8          n.a.
8         Financial derivatives
            (gross negative fair
            value)                     3,562.0    -820.1          n.a.
9         Foreign-owned assets
            in the United States,
            excluding financial
            derivatives               21,939.5   1,859.8         906.1

                                       Changes in position:
                                        2012:IV to 2013:IV

                                                    Position,
                                      Attributable   2013:IV
Line        Type of investment            to:          (p)

                                         Other
                                        changes
                                        in value
1     Net international investment
          position of the United
          States                           -362.4   -4,577.5
2       Financial derivatives, net           13.6       73.2
3       Net international investment
          position, excluding
          financial derivatives            -375.9   -4,650.7
4       U.S.-owned assets abroad             n.a.   21,963.8
5         Financial derivatives
            (gross positive fair
            value)                           n.a.    2,815.1
6         U.S.-owned assets abroad,
            excluding financial
            derivatives                     577.8   19,148.7
7       Foreign-owned assets in
            the United States                n.a.   26,541.3
8         Financial derivatives
            (gross negative fair
            value)                           n.a.    2,741.9
9         Foreign-owned assets
            in the United States,
            excluding financial
            derivatives                     953.8   23,799.4

(p) Preliminary

n.a. Transactions are possible, but data are not available.

Table 1. International Investment Position of
the United States at the End of the Quarter (1)
[Millions of dollars, not seasonally adjusted]

                                                 2012

Line            Type of investment                IV

 1    Net international investment position
          of the United States (lines 2+3)    -3,863,892
 2      Financial derivatives, net (line
          5 less line 25)                         57,776
 3      Net international investment
          position, excluding financial
          derivatives (line 6 less line 26)   -3,921,668
 4      U.S.-owned assets abroad
            (lines 5+6)                       21,637,618
 5        Financial derivatives (gross
            positive fair value)               3,619,761
 6        U.S.-owned assets abroad,
            excluding financial
            derivatives (lines 7+12+17)       18,017,857
 7        U.S. official reserve assets           572,368
 8          Gold (2)                             433,434
 9          Special drawing rights                55,050
10          Reserve position in the
              International Monetary Fund         34,161
11          Foreign currencies                    49,723
12      U.S. government assets, other than
            official reserve assets               93,570
13        U.S. credits and other long-term
              assets (3)                          84,029
14          Repayable in dollars                  83,756
15          Other (4)                                273
16        U.S. foreign currency holdings
            and U.S. short-term assets (5)         9,541
17      U.S. private assets                   17,351,919
18        Direct investment at current cost    5,077,750
19        Foreign securities                   7,531,223
20          Bonds                              2,140,685
21          Corporate stocks                   5,390,538
22        U.S. claims on unaffiliated
            foreigners reported by U.S.
            nonbanking concerns                  844,752
23        U.S. claims reported by U.S.
            banks and securities brokers,
            not included elsewhere             3,898,194
24      Foreign-owned assets in the United
            States (lines 25+26)              25,501,510
25        Financial derivatives (gross
            negative fair value)               3,561,985
26        Foreign-owned assets in the
            United States, excluding
            financial derivatives
            (lines 27+34)                     21,939,525
27        Foreign official assets
              in the United States             5,692,448
28          U.S. government securities         4,526,896
29            U.S. Treasury securities         4,032,204
30            Other                              494,692
31          Other U.S. government
              liabilities (6)                    128,279
32          U.S. liabilities reported
              by U.S. banks and securities
              brokers, not included
              elsewhere                          204,401
33          Other foreign official assets        832,872
34        Other foreign assets                16,247,077
35          Direct investment at current
              cost                             3,057,326
36          U.S. Treasury securities           1,541,569
37          U.S. securities other than
                U.S. Treasury securities       6,904,050
38            Corporate and other bonds        3,061,963
39            Corporate stocks                 3,842,087
40          U.S. currency                        454,227
41          U.S. liabilities to
              unaffiliated foreigners
              reported by U.S.
              nonbanking concerns                656,522
42          U.S. liabilities reported by
              U.S. banks and securities
              brokers, not included
              elsewhere                        3,633,383
      Memoranda:
43    Direct investment abroad at
        market value                           5,249,539
44    Direct investment in the United
        States at market value                 3,923,969
45    Direct investment abroad at
        historical cost                        4,453,307
46    Direct investment in the United
        States at historical cost              2,650,832

                                                         2013

Line            Type of investment                 I           II

 1    Net international investment position
          of the United States (lines 2+3)    -4,236,559   -4,455,040
 2      Financial derivatives, net (line
          5 less line 25)                         40,025       59,352
 3      Net international investment
          position, excluding financial
          derivatives (line 6 less line 26)   -4,276,584   -1,514,392
 4      U.S.-owned assets abroad
            (lines 5+6)                       21,590,055   20,969,405
 5        Financial derivatives (gross
            positive fair value)               3,248,377    2,825,067
 6        U.S.-owned assets abroad,
            excluding financial
            derivatives (lines 7+12+17)       18,341,678   18,144,338
 7        U.S. official reserve assets           553,058      446,207
 8          Gold (2)                             417,941      311,707
 9          Special drawing rights                53,704       53,881
10          Reserve position in the
              International Monetary Fund         34,039       33,860
11          Foreign currencies                    47,374       46,759
12      U.S. government assets, other than
            official reserve assets               94,016       90,901
13        U.S. credits and other long-term
              assets (3)                          85,433       88,636
14          Repayable in dollars                  85,160       88,363
15          Other (4)                                273          273
16        U.S. foreign currency holdings
            and U.S. short-term assets (5)         8,583        2,265
17      U.S. private assets                   17,694,604   17,607,230
18        Direct investment at current cost    5,123,775    5,194,622
19        Foreign securities                   7,823,264    7,719,064
20          Bonds                              2,174,582    2,086,978
21          Corporate stocks                   5,648,682    5,632,086
22        U.S. claims on unaffiliated
            foreigners reported by U.S.
            nonbanking concerns                  906,061      974,663
23        U.S. claims reported by U.S.
            banks and securities brokers,
            not included elsewhere             3,841,504    3,718,881
24      Foreign-owned assets in the United
            States (lines 25+26)              25,826,614   25,424,445
25        Financial derivatives (gross
            negative fair value)               3,208,352    2,765,715
26        Foreign-owned assets in the
            United States, excluding
            financial derivatives
            (lines 27+34)                     22,618,262   22,658,730
27        Foreign official assets
              in the United States             5,814,441    5,744,199
28          U.S. government securities         4,561,428    4,460,203
29            U.S. Treasury securities         4,090,723    4,009,152
30            Other                              470,705      451,051
31          Other U.S. government
              liabilities (6)                    128,554      132,268
32          U.S. liabilities reported
              by U.S. banks and securities
              brokers, not included
              elsewhere                          224,462      215,107
33          Other foreign official assets        899,997      936,621
34        Other foreign assets                16,803,821   16,914,531
35          Direct investment at current
              cost                             3,074,647    3,101,291
36          U.S. Treasury securities           1,631,056    1,585,232
37          U.S. securities other than
                U.S. Treasury securities       7,296,277    7,258,691
38            Corporate and other bonds        3,056,573    2,940,348
39            Corporate stocks                 4,239,704    4,318,343
40          U.S. currency                        459,184      468,670
41          U.S. liabilities to
              unaffiliated foreigners
              reported by U.S.
              nonbanking concerns                632,919      626,418
42          U.S. liabilities reported by
              U.S. banks and securities
              brokers, not included
              elsewhere                        3,709,738    3,874,229
      Memoranda:
43    Direct investment abroad at
        market value                           5,500,811    5,435,081
44    Direct investment in the United
        States at market value                 4,251,181    4,333,762
45    Direct investment abroad at
        historical cost                        4,499,331    4,570,179
46    Direct investment in the United
        States at historical cost              2,668,153    2,694,796

                                                         2013

Line            Type of investment              III (r)      IV (p)

 1    Net international investment position
          of the United States (lines 2+3)    -4,171,798   -4,577,504
 2      Financial derivatives, net (line
          5 less line 25)                         47,963       73,178
 3      Net international investment
          position, excluding financial
          derivatives (line 6 less line 26)   -4,219,761   -4,650,682
 4      U.S.-owned assets abroad
            (lines 5+6)                       21,591,657   21,963,763
 5        Financial derivatives (gross
            positive fair value)               2,761,416    2,815,095
 6        U.S.-owned assets abroad,
            excluding financial
            derivatives (lines 7+12+17)       18,830,241   19,148,668
 7        U.S. official reserve assets           483,426      448,333
 8          Gold (2)                             346,878      314,975
 9          Special drawing rights                54,966       55,184
10          Reserve position in the
              International Monetary Fund         33,462       30,750
11          Foreign currencies                    48,120       47,424
12      U.S. government assets, other than
            official reserve assets               91,043       91,596
13        U.S. credits and other long-term
              assets (3)                          89,912       90,951
14          Repayable in dollars                  89,639       90,678
15          Other (4)                                273          273
16        U.S. foreign currency holdings
            and U.S. short-term assets (5)         1,131          645
17      U.S. private assets                   18,255,772   18,608,739
18        Direct investment at current cost    5,309,596    5,366,043
19        Foreign securities                   8,286,838    8,715,531
20          Bonds                              2,129,377    2,204,052
21          Corporate stocks                   6,157,461    6,511,479
22        U.S. claims on unaffiliated
            foreigners reported by U.S.
            nonbanking concerns                  987,104      935,682
23        U.S. claims reported by U.S.
            banks and securities brokers,
            not included elsewhere             3,672,234    3,591,483
24      Foreign-owned assets in the United
            States (lines 25+26)              25,763,455   26,541,267
25        Financial derivatives (gross
            negative fair value)               2,713,453    2,741,917
26        Foreign-owned assets in the
            United States, excluding
            financial derivatives
            (lines 27+34)                     23,050,002   23,799,350
27        Foreign official assets
              in the United States             5,844,774    5,948,424
28          U.S. government securities         4,486,853    4,506,863
29            U.S. Treasury securities         4,017,000    4,056,266
30            Other                              469,853      450,597
31          Other U.S. government
              liabilities (6)                    137,100      139,693
32          U.S. liabilities reported
              by U.S. banks and securities
              brokers, not included
              elsewhere                          245,160      266,372
33          Other foreign official assets        975,661    1,035,496
34        Other foreign assets                17,205,228   17,850,926
35          Direct investment at current
              cost                             3,130,534    3,178,693
36          U.S. Treasury securities           1,637,655    1,747,512
37          U.S. securities other than
                U.S. Treasury securities       7,616,011    8,034,920
38            Corporate and other bonds        3,035,289    3,059,590
39            Corporate stocks                 4,580,722    4,975,330
40          U.S. currency                        481,334      491,949
41          U.S. liabilities to
              unaffiliated foreigners
              reported by U.S.
              nonbanking concerns                576,222      598,286
42          U.S. liabilities reported by
              U.S. banks and securities
              brokers, not included
              elsewhere                        3,763,472    3,799,566
      Memoranda:
43    Direct investment abroad at
        market value                           5,973,419    6,349,512
44    Direct investment in the United
        States at market value                 4,515,937    4,935,167
45    Direct investment abroad at
        historical cost                        4,685,154    4,741,601
46    Direct investment in the United
        States at historical cost              2,724,040    2,772,199

                                                Change:      Change:
                                               2013:III      2012:IV
Line            Type of investment            to 2013:IV   to 2013:IV

 1    Net international investment position
          of the United States (lines 2+3)      -405,706     -713,612
 2      Financial derivatives, net (line
          5 less line 25)                         25,215       15,402
 3      Net international investment
          position, excluding financial
          derivatives (line 6 less line 26)     -430,921     -729,014
 4      U.S.-owned assets abroad
            (lines 5+6)                          372,106      326,145
 5        Financial derivatives (gross
            positive fair value)                  53,679     -804,666
 6        U.S.-owned assets abroad,
            excluding financial
            derivatives (lines 7+12+17)          318,427    1,130,811
 7        U.S. official reserve assets           -35,093     -124,035
 8          Gold (2)                             -31,903     -118,459
 9          Special drawing rights                   218          134
10          Reserve position in the
              International Monetary Fund         -2,712       -3,411
11          Foreign currencies                      -696       -2,299
12      U.S. government assets, other than
            official reserve assets                  553       -1,974
13        U.S. credits and other long-term
              assets (3)                           1,039        6,922
14          Repayable in dollars                   1,039        6,922
15          Other (4)                                  0            0
16        U.S. foreign currency holdings
            and U.S. short-term assets (5)          -486       -8,896
17      U.S. private assets                      352,967    1,256,820
18        Direct investment at current cost       56,447      288,293
19        Foreign securities                     428,693    1,184,308
20          Bonds                                 74,675       63,367
21          Corporate stocks                     354,018    1,120,941
22        U.S. claims on unaffiliated
            foreigners reported by U.S.
            nonbanking concerns                  -51,422       90,930
23        U.S. claims reported by U.S.
            banks and securities brokers,
            not included elsewhere               -80,751     -306,711
24      Foreign-owned assets in the United
            States (lines 25+26)                 777,812    1,039,757
25        Financial derivatives (gross
            negative fair value)                  28,464     -820,068
26        Foreign-owned assets in the
            United States, excluding
            financial derivatives
            (lines 27+34)                        749,348    1,859,825
27        Foreign official assets
              in the United States               103,650      255,976
28          U.S. government securities            20,010      -20,033
29            U.S. Treasury securities            39,266       24,062
30            Other                              -19,256      -44,095
31          Other U.S. government
              liabilities (6)                      2,593       11,414
32          U.S. liabilities reported
              by U.S. banks and securities
              brokers, not included
              elsewhere                           21,212       61,971
33          Other foreign official assets         59,835      202,624
34        Other foreign assets                   645,698    1,603,849
35          Direct investment at current
              cost                                48,159      121,367
36          U.S. Treasury securities             109,857      205,943
37          U.S. securities other than
                U.S. Treasury securities         418,909    1,130,870
38            Corporate and other bonds           24,301       -2,373
39            Corporate stocks                   394,608    1,133,243
40          U.S. currency                         10,615       37,722
41          U.S. liabilities to
              unaffiliated foreigners
              reported by U.S.
              nonbanking concerns                 22,064      -58,236
42          U.S. liabilities reported by
              U.S. banks and securities
              brokers, not included
              elsewhere                           36,094      166,183
      Memoranda:
43    Direct investment abroad at
        market value                             376,093    1,099,973
44    Direct investment in the United
        States at market value                   419,230    1,011,198
45    Direct investment abroad at
        historical cost                           56,447      288,294
46    Direct investment in the United
        States at historical cost                 48,159      121,367

(p) Preliminary

(r) Revised

(1.) The statistics for each quarter are the values as of the last
day of the quarter; the first quarter ends on March 31; the second
quarter ends on June 30; the third quarter ends on September 30;
and the fourth quarter ends on December 31 of the year.

(2.) U.S. official gold stock is valued at market price.

(3.) Also includes paid-in capital subscriptions to international
financial institutions and outstanding amounts of miscellaneous
claims that have been settled through international agreements to
be payable to the U.S. government over periods in excess of 1 year.
Excludes World War I debts that are not being serviced.

(4.) Includes indebtedness that the borrower may contractually, or
at its option, repay with its currency, with a third country's
currency, or by delivery of materials or transfer of services.

(5.) Includes foreign-currency-denominated assets obtained through
temporary reciprocal currency arrangements between the Federal
Reserve System and foreign central banks. These assets are included
in the investment position at the dollar value established at the
time they were received, reflecting the valuation of these assets
in the Federal Reserve System's balance sheet. Changes in exchange
rates do not affect this valuation.

(6.) Includes U.S. government liabilities associated with military
sales contracts and U.S. government reserve-related liabilities
from allocations of special drawing rights (SDRs).

Source: Bureau of Economic Analysis