The U.S. net international investment position at the end of the first quarter of 2014, year 2013, and annual revisions.

Nguyen, Elena L.

THIS ARTICLE presents the U.S. international investment position (IIP) statistics for the first quarter of 2014 along with detailed annual statistics for 2013, including changes in position resulting from financial-account 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.). In addition, revisions to historical IIP statistics are presented. Both quarterly and annual statistics are revised to reflect newly available and more complete source data, changes in estimation methodology, and changes in definitions and classifications. (See the box "Comprehensive Restructuring of the U.S. International Economic Accounts.")

The U.S. international investment position is a statistical balance sheet that shows 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 international investment position represents a U.S. net liability to the rest of the world. The net liability position rises as the net international investment position declines or 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 2014

* The U.S. net international investment position declined $156.3 billion (became more negative), reflecting a $108.3 billion decrease in the value of U.S. assets and a $48.0 billion increase in the value of U.S. liabilities.

* The $156.3 billion decline in the U.S. net investment position reflected net financial-account transactions of -$70.4 billion and other changes in position--such as price changes, exchange-rate changes, and changes in volume and valuation n.i.e.--of -$86.0 billion.

* At the end of the first quarter of 2014, the U.S. net liability position was 2.81 percent of the value of all U.S. financial assets as reported in the flow of funds accounts of the United States; at the end of 2013, it was 2.76 percent. (1)

Highlights for the year 2013

* Net U.S. incurrence of liabilities (financial inflows) exceeded net U.S. acquisition of assets (financial outflows) by $370.7 billion.

* Net U.S. incurrence of portfolio investment liabilities were about half of all financial inflows. Net incurrence of direct investment and other investment liabilities were also significant.

* Net U.S. acquisition of portfolio and direct investment assets were partly offset by net U.S. sales of other investment assets.

* The price appreciation of U.S. liabilities exceeded the price appreciation of U.S. assets by $182.7 billion, partly as a result of the price depreciation of U.S. monetary gold.

* The appreciation of foreign stock prices raised the value of U.S. equity assets in direct investment and portfolio investment, more than accounting for the total price appreciation of U.S. assets. Price appreciation of equity was partly offset by price depreciation of debt securities.

* The appreciation of U.S. stock prices raised the value of U.S. equity liabilities in direct investment and portfolio investment, more than accounting for the total price appreciation of U.S. liabilities. Price appreciation of equity was partly offset by price depreciation of debt securities.

* The depreciation of major foreign currencies against the U.S. dollar reduced the value of U.S. assets and contributed to the decrease in the U.S. net international investment position.

* Changes in volume and valuation n.i.e. mostly reflected the incorporation of newly available and revised source data.

* The U.S. net liability position was 2.8 percent of the value of all U.S. financial assets at the end of 2013, up from 2.6 percent at the end of 2012.

First Quarter of 2014

The U.S. net international investment position at the end of the first quarter of 2014 was -$5,539.3 billion (preliminary) as the value of U.S. liabilities exceeded the value of U.S. assets (chart 1). (2) At the end of the fourth quarter of 2013, the net investment position was -$5,383.0 billion (revised). The $156.3 billion decrease reflected a $108.3 billion decrease in the value of U.S. assets and a $48.0 billion increase in the value of U.S. liabilities. The net investment position decreased 2.9 percent in the first quarter, compared with a decrease of 7.8 percent in the fourth quarter and an average quarterly decrease of 7.4 percent from the first quarter of 2011 through the fourth quarter of 2013.

U.S. assets. U.S. assets were $23,601.5 billion at the end of the first quarter, compared with $23,709.8 billion at the end of the fourth quarter (chart 2). The $108.3 billion decrease reflected a $402.0 billion decrease in the value of financial derivatives that was partly offset by a $293.6 billion increase in the value of assets excluding financial derivatives.

U.S. assets excluding financial derivatives were $21,183.6 billion at the end of the first quarter, compared with $20,890.0 billion at the end of the fourth quarter. The $293.6 billion increase reflected a $153.1 billion increase resulting from financial transactions and a $140.5 billion increase resulting from other changes in position (table A). (3) other changes in position were mostly attributable to an increase in foreign stock and bond prices that raised the value of U.S. portfolio investment assets and to an increase in the market price of gold that raised the value of U.S. reserve assets.

[GRAPHIC 1 OMITTED]

[GRAPHIC 2 OMITTED]

U.S. liabilities. U.S. liabilities were $29,140.8 billion at the end of the first quarter, compared with $29,092.8 billion at the end of the fourth quarter (chart 2). The $48.0 billion increase reflected a $444.6 billion increase in the value of liabilities excluding financial derivatives that was partly offset by a $396.6 billion decrease in the value of financial derivatives.

U.S. liabilities excluding financial derivatives were $26,791.1 billion at the end of the first quarter, compared with $26,346.6 billion at the end of the fourth quarter. The $444.6 billion increase reflected a $231.0 billion increase resulting from financial transactions and a $213.6 billion increase resulting from other changes in position. other changes in position were mostly attributable to increases in U.S. stock and bond prices that raised the value of foreign portfolio investment in the United States.

Year 2013

The U.S. net international investment position was -$5,383.0 billion (revised) at the end of 2013, compared with -$4,578.2 billion (revised) at the end of 2012 (chart 1). The $804.8 billion decrease in the net position reflected a $1,994.2 billion increase in the value of U.S. liabilities that exceeded a $1,189.5 billion increase in the value of U.S. assets. The net investment position decreased 17.6 percent from the end of 2012 to the end of 2013, compared with a 2.8 percent decrease from the end of 2011 to the end of 2012.

In 2013, net financial-account transactions of -$370.7 billion (net U.S. borrowing) resulted from net U.S. acquisition of assets excluding financial derivatives of $644.8 billion less net U.S. incurrence of liabilities excluding financial derivatives of $1,017.7 billion plus net transactions in financial derivatives of $2.2 billion. Net U.S. acquisition of assets (financial outflows) excluding financial derivatives was $644.8 billion, up from $171.4 billion in 2012. In 2013, financial outflows for portfolio and direct investment assets were partly offset by financial inflows for other investment and reserve assets. Net U.S. incurrence of liabilities (financial inflows) excluding financial derivatives was $1,017.7 billion, up from $602.0 billion in 2012. In 2013, financial inflows for portfolio investment accounted for nearly half of total inflows. Inflows for direct investment and other investment were also significant.

Other changes in the U.S. net international investment position included -$231.3 billion in exchange-rate changes, -$182.7 billion in price changes, and -$33.6 billion in changes in volume and valuation n.i.e. Price changes led to a decrease of $182.7 billion in the net investment position, reflecting price appreciation of U.S. liabilities that exceeded price appreciation of U.S. assets that was moderated by the price depreciation of U.S. monetary gold. Exchange-rate changes led to a decrease of $231.3 billion in the net investment position, as reflected in the 3.9 percent depreciation of a trade-weighted index of major foreign currencies. (4) Exchange-rate changes lowered the dollar value of U.S. assets more than they lowered the dollar value of U.S. liabilities denominated in foreign currencies. Changes in volume and valuation n.i.e. led to a decrease of $33.6 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. (See "Annual Revisions" on page 8 for more information on the TIC source data.)

U.S. assets

U.S. assets were $23,709.8 billion at the end of 2013, compared with $22,520.3 billion at the end of 2012 (table B). The $1,189.5 billion increase reflected a $1,989.4 billion increase in the value of assets excluding financial derivatives that was partly offset by a $799.9 billion decrease in the value of financial derivatives.

U.S. assets excluding financial derivatives were $20,890.0 billion at the end of 2013, compared with $18,900.6 billion at the end of 2012. The $1,989.4 billion increase reflected financial outflows of $644.8 billion and other changes in position of $1,344.7 billion (table C). other changes in position were attributable to $1,616.5 billion in price changes resulting from rising foreign equity prices that was partly offset by -$260.5 billion in exchange-rate changes resulting from the depreciation of major foreign currencies against the dollar and by -$11.4 billion in changes in volume and valuation n.i.e.

Direct investment. Direct investment assets at market value were $7,080.1 billion at the end of 2013, compared with $5,938.3 billion at the end of 2012 (table D). (See the box on page 5.) The $1,141.7 billion increase reflected financial outflows of $408.2 billion, mostly from net equity investment that was primarily attributable to reinvestment of earnings, and price changes of $775.0 billion (table 2). These increases were partly offset by exchange-rate changes of -$15.8 billion and changes in volume and valuation n.i.e. of -$25.7 billion.

Portfolio investment. Portfolio investment assets (U.S. holdings of foreign securities) were $9,183.1 billion at the end of 2013, compared with $7,967.0 billion at the end of 2012 (table E). The $1,216.0 billion increase reflected financial outflows of $489.9 billion, price changes of $960.1 billion, and changes in volume and valuation n.i.e. of $3.7 billion (table 2). These increases were partly offset by exchange-rate changes of -$237.6 billion.

U.S. holdings of foreign equity and investment fund shares were $6,444.2 billion at the end of 2013, compared with $5,311.5 billion at the end of 2012. The $1,132.7 billion increase was mostly attributable to price changes of $1,054.9 billion resulting from the appreciation of foreign equity prices as many major foreign markets rallied in 2013. The increase was also attributable to net U.S. purchases of $275.2 billion and changes in volume and valuation n.i.e. of $11.8 billion. These increases were partly offset by exchange-rate changes of -$209.3 billion. In 2013, net U.S. purchases of foreign equity and investment fund shares were more than double net purchases of $103.3 billion in 2012.

U.S. holdings of foreign debt securities, mostly of long-term bonds and notes, were $2,738.8 billion at the end of 2013, compared with $2,655.5 billion at the end of 2012. The $83.3 billion increase reflected net U.S. purchases of foreign debt securities of $214.6 billion that were largely offset by price changes, exchange-rate changes, and changes in volume and valuation n.i.e. Net U.S. purchases of foreign debt securities in 2013 were up from net purchases of $136.5 billion in 2012.

Financial derivatives. Financial derivatives other than reserves held as assets (gross positive fair value) were $2,819.8 billion at the end of 2013, compared with $3,619.8 billion at the end of 2012 (table F). (5) The $799.9 billion decrease was mostly attributable to decreases in the value of single-currency interest-rate contracts, partly reflecting declining market volatility. (6) By area, most U.S. positions were with counterparties in Europe, predominantly in the United Kingdom.

Other investment. other investment assets, mostly in currency and deposits and in loans, were $4,178.6 billion at the end of 2013, compared with $4,422.9 billion at the end of 2012 (table g). The $244.3 billion decrease was more than accounted for by financial inflows of $250.3 billion, which reflected net reductions in loans and in deposits.

Reserve assets. Reserve assets were $448.3 billion at the end of 2013, compared with $572.4 billion at the end of 2012. The $124.0 billion decrease was mostly attributable to price changes of -$118.5 billion resulting from the price depreciation of U.S. monetary gold.

U.S. liabilities

U.S. liabilities were $29,092.8 billion at the end of 2013, compared with $27,098.6 billion at the end of 2012 (chart 2). The $1,994.2 billion increase reflected a $2,809.9 billion increase in the value of liabilities excluding financial derivatives that was partly offset by an $815.7 billion decrease in the value of financial derivatives.

U.S. liabilities excluding financial derivatives were $26,346.6 billion at the end of 2013, compared with $23,536.6 billion at the end of 2012. The $2,809.9 billion increase reflected financial inflows of $1,017.7 billion, price changes of $1,799.3 billion, and changes in volume and valuation n.i.e. of $22.2 billion (table H). These increases were partly offset by exchange-rate changes of -$29.2 billion.

Direct investment. Direct investment liabilities at market value were $5,790.6 billion at the end of 2013, compared with $4,670.9 billion at the end of 2012 (table I). The $1,119.6 billion increase reflected financial inflows of $295.0 billion, mostly from net equity investment, and price changes of $871.1 billion (table 2). These increases were partly offset by changes in volume and valuation n.i.e. of -$46.5 billion.

Portfolio investment. Portfolio investment liabilities (foreign holdings of U.S. securities) were $15,503.2 billion at the end of 2013, compared with $13,978.9 billion at the end of 2012 (table J). Foreign holdings were predominantly in U.S. debt securities. The $1,524.3 billion increase reflected (1) financial inflows of $490.9 billion resulting from net foreign purchases of U.S. debt securities that were partly offset by net foreign sales of U.S. equity and investment fund shares, (2) price changes of $928.2 billion resulting from the appreciation of U.S. stock prices that was partly offset by the depreciation of U.S. bond prices, and (3) changes in volume and valuation n.i.e. of $131.5 billion (table 2). These increases were partly offset by exchange-rate changes of -$26.3 billion as some of the U.S. debt securities are denominated in foreign currencies.

Foreign holdings of U.S. equity and investment fund shares were $5,821.5 billion at the end of 2013, compared with $4,545.4 billion at the end of 2012. The $1,276.1 billion increase was more than accounted for by price changes of $1,285.4 billion resulting from the appreciation of U.S. stock prices. Net foreign transactions in U.S. equity and investment fund shares shifted to net sales of $85.4 billion in 2013 from net purchases of $239.1 billion in 2012.

Foreign holdings of U.S. Treasury securities were $5,794.9 billion at the end of 2013, compared with $5,571.5 billion at the end of 2012 (table J). The $223.4 billion increase primarily reflected net foreign purchases that were partly offset by price depreciation. Net foreign purchases of U.S. Treasury securities decreased to $431.3 billion in 2013 from $589.7 billion in 2012.

Foreign holdings of other U.S. debt securities, mostly of U.S. corporate and agency bonds and long-term notes, were $3,886.8 billion at the end of 2013, compared with $3,862.0 billion at the end of 2012 (table J). The $24.8 billion increase reflected net foreign purchases and changes in volume and valuation n.i.e. that were mostly offset by price and exchange-rate changes. Net foreign purchases of other U.S. debt securities were $145.1 billion in 2013, a shift from net sales of $81.8 billion in 2012.

Financial derivatives. Financial derivatives other than reserves held as liabilities (gross negative fair value) were $2,746.3 billion at the end of 2013, compared with $3,562.0 billion at the end of 2012 (table K). The $815.7 billion decrease was mostly attributable to decreases in the value of single-currency interest-rate contracts, partly reflecting declining market volatility. By area, most U.S. positions were with counter-parties in Europe, predominantly in the United Kingdom.

Other investment. other investment liabilities, mostly in currency and deposits and in loans, were $5,052.8 billion at the end of 2013, compared with $4,886.8 billion at the end of 2012 (table L). The $166.0 billion increase, mostly in currency and deposits, was more than accounted for by financial inflows of $231.8 billion.

Annual Revisions

Through annual revisions, BEA introduces newly available and revised source data, new definitions and classifications, and new and improved estimation methodology. Together, these changes improve the accuracy and consistency of the statistics and address important new developments in the U.S. economy and in international economies. With this annual revision, BEA has introduced new table presentations of the U.S. international investment position (IIP) statistics, reflecting the comprehensive restructuring of the IIP accounts. The restructuring incorporates changes in definitions and classifications and improved estimation methodology for quarterly IIP statistics from the fourth quarter of 2005 to the first quarter of 2014 and for annual statistics from yearend 1976 to yearend 2013. These new tables are available on the BEA Web site. The previous table presentations, which present statistics through the first quarter of 2014, will not be updated with future releases of the IIP statistics.

Revisions to the IIP statistics that reflect newly available and revised source data affect statistics for the fourth quarter of 2009 through the fourth quarter of 2013. The revisions for 2011-2013 in table M use the previous standard presentation to distinguish between these revisions and the revisions due to changes in definitions and classifications. Revisions reflect data from BEA's surveys of direct investment and data from three Treasury International Capital surveys conducted by the Federal Reserve Board and the U.S. Department of the Treasury: Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents (SLT), the Annual Survey of U.S. ownership of Foreign Securities (SHCA) at End-December 2012, and the Annual Survey of Foreign Portfolio Holdings of U.S. Securities (SHLA) at End-June 2013.

Revisions to the quarterly U.S. net international investment position are negligible for 2009, 2010, and 2012 and average less than 1 percent for 2011 and 2013.

On a yearend basis, the U.S. net international investment position is revised upward by $0.1 billion for 2009, $1.1 billion for 2010, $60.8 billion for 2011, and $12.2 billion for 2013. It is revised downward by $3.2 billion for 2012.

* The upward revisions to the net investment position for 2009 and 2010 reflect downward revisions to other investment liabilities incurred by the U.S. government; no other accounts are revised for these years.

* U.S. assets are revised downward by $42.6 billion for 2011, $82.7 billion for 2012, and $49.9 billion for 2013 (table M). U.S. liabilities are revised downward by $103.4 billion for 2011, $79.5 billion for 2012, and $62.1 billion for 2013. These revisions are mostly attributable to the incorporation of additional data from BEA's annual surveys of inward and outward direct investment.

Changes in presentations, definitions, and classifications

The presentation of the international investment position accounts has been significantly restructured. The two major categories of holdings are renamed: U.S. assets replaces U.S.-owned assets abroad, and U.S. liabilities replaces foreign-owned assets in the United States. U.S. assets and liabilities are classified into five functional categories: direct investment, portfolio investment, other investment, reserve assets (assets only), and financial derivatives other than reserves.

* Direct investment on a market-value basis is the new featured measure in the U.S. international investment position statistics. (7) The market-value basis values owners' equity at current-period prices using indexes of stock market prices. In the previous presentation, direct investment was presented on a current-cost basis that valued 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. (8) In addition, direct investment is now presented on a gross basis according to whether the investment reflects an asset or a liability. In the previous presentation, direct investment was classified on a directional basis--outward or inward--according to whether the direct investor was a domestic resident or a foreign resident. The directional basis will continue to be used to compute direct investment statistics by country and area.

* Portfolio and other investment assets include positions from the previous categories of U.S. government assets other than official reserve assets and U.S. private assets.

** Portfolio investment assets includes equity and short- and long-term debt securities issued by foreign residents. In the previous presentation, foreign stocks and long-term debt were presented under foreign securities, and short-term debt securities were commingled under U.S. banks' and nonbanks' claims.

** other investment assets includes currency and deposits, loans, insurance technical reserves, and trade credit and advances that are debts of foreign residents to U.S. residents. In the previous presentation, these assets were categorized among banks' and nonbanks' claims and U.S. government assets other than reserve assets.

* Portfolio and other investment liabilities each include positions from the old categories of foreign official assets in the United States and other foreign assets in the United States.

** Portfolio investment liabilities includes equity and short- and long-term debt securities issued by U.S. residents. In the previous presentation, these liabilities were categorized among foreign official holdings and foreign private holdings of Treasury securities, U.S. stocks, and U.S. long-term corporate and agency debt securities. Foreign holdings of U.S. short-term debt securities were commingled under U.S. banks' and nonbanks' liabilities.

** Other investment liabilities includes currency and deposits, loans, insurance technical reserves, trade credit and advances, and special drawing rights allocations that are debts of U.S. residents to foreign residents. In the previous presentation, these liabilities were categorized among banks' and nonbanks' liabilities to foreign official and private residents, other U.S. government liabilities to foreign official residents, and U.S. currency held by foreign residents.

* U.S. portfolio and other investment liabilities to foreign official agencies (foreign official assets in the United States) will continue to be presented in a supplemental table (table 3.1).

* Investment assets and liabilities are also classified by instrument (such as equity and investment fund shares, short- and long-term debt securities, currency and deposits, loans, and trade credit and advances) within each functional category in the new presentation.

Comprehensive Restructuring of the U.S. International Economic Accounts

In this article, BEA introduces a new presentation of the international investment position (IIP) statistics as part of a comprehensive restructuring of BEA's international economic accounts. This change in presentation, combined with changes in definitions and classifications, enhances the quality and usefulness of the accounts and brings the statistics into closer alignment with international guidelines. In addition, the IIP statistics now feature direct investment at market value instead of at current cost (see the box on page 5). See also "Comprehensive Restructuring of the International Economic Accounts" in the March 2014 Survey of Current Business. Tables for the restructured and previous presentations are available at www.bea.gov/itable/index_ita.cfm.

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, and Elena L. Nguyen, Chief of the Investment Position Section directed the revision. Sarahelen Thompson, Associate Director for International Accounts, provided overall supervision.

The following BEA staff made significant contributions to the revision.

Direct investment: Douglas B. Weinberg.

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

Financial derivatives: Kyle L. Westmoreland.

Other investment: Barbara H. Berman and Eric A. Bryda.

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

Direct investment abroad and in the United States: See "Acknowledgments" in "Direct Investment Positions for 2013" in this issue.

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

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.

RELATED ARTICLE: Market value: the new featured measure of direct investment positions.

Direct investment at market value is the new featured measure of direct investment in the U.S. international investment position (IIP) statistics. The market-value basis values owners' equity at current-period prices using indexes of stock market prices. (1) In addition, direct investment is now presented on an asset/liability basis. (2)

In the previous presentation of the IIP, the featured measure of direct investment was at current cost and on a directional basis. (3) The current-cost basis 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. Current-cost and historical-cost positions will continue to be available on BEA's Web site. (4)

Market-value positions for 1976-1981 are on a directional basis, and the positions for 1982, when source data first became available, forward are on an asset/liability basis. The shift to an asset/liability basis in 1982 increases direct investment assets and liabilities, but it has no effect on the net direct investment position. The change to feature direct investment positions at market value affects the IIP statistics beginning in 1976; direct investment positions for 2009-2013 are shown in the table below.

(1.) For additional information on the market-value and current-cost methods, see J. Steven Landefeld and Ann M. Lawson, "valuation of the U.S. Net International Investment Position," Survey of Current Business 71 (May 1991): 40-49.

(2.) Positions on an asset/liability basis are organized 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.

(3.) Positions on a directional basis are organized according to whether the positions are outward investment (U.S. direct investment abroad) or inward investment (foreign direct investment in the United States). The outward position includes U.S. parent claims less U.S. parent liabilities. The inward position includes U.S. affiliate liabilities less U.S. affiliate claims.

(4.) BEA publishes direct investment positions at historical cost with owners' equity at the book value reported on BEA's surveys. Historical-cost positions are on a directional basis. Country and industry detail for direct investment are available only on a historical-cost basis (see www.bea.gov/iTable/index_MNC.cfm).

Direct Investment Positions at Yearend on the Newly Featured Market-
Value Basis and on the Previously Featured Current-Cost Basis

[Millions of dollars]

             Type of investment                   2009         2010

Net direct investment position:
  At market value on an asset/liability
    basis                                      1,326,662    1,387,294
  At current cost on a directional basis       1,679,161    1,649,913
  Amount of change                              -352,499     -262,619
  Direct investment assets:
    At market value on an asset/liability
      basis (table 2.1, line 1)                4,945,292    5,486,391
    At current cost on a directional basis
      (table 2.1, line 39)                     4,077,369    4,273,559
    Amount of change                             867,923    1,212,832
  Direct investment liabilities:
    At market value on an asset/liability
      basis (table 2.1, line 18)               3,618,630    4,099,097
    At current cost on a directional basis
      (table 2.1, line 44)                     2,398,208    2,623,646
    Amount of change                           1,220,422    1,475,451

             Type of investment                   2011         2012

Net direct investment position:
  At market value on an asset/liability
    basis                                      1,015,601    1,267,385
  At current cost on a directional basis       1,800,817    1,978,584
  Amount of change                              -785,216     -711,199
  Direct investment assets:
    At market value on an asset/liability
      basis (table 2.1, line 1)                5,214,826    5,938,327
    At current cost on a directional basis
      (table 2.1, line 39)                     4,599,498    4,972,925
    Amount of change                             615,328      965,402
  Direct investment liabilities:
    At market value on an asset/liability
      basis (table 2.1, line 18)               4,199,225    4,670,942
    At current cost on a directional basis
      (table 2.1, line 44)                     2,798,681    2,994,341
    Amount of change                           1,400,544    1,676,601

             Type of investment                   2013

Net direct investment position:
  At market value on an asset/liability
    basis                                      1,289,507
  At current cost on a directional basis       2,107,169
  Amount of change                              -817,662
  Direct investment assets:
    At market value on an asset/liability
      basis (table 2.1, line 1)                7,080,058
    At current cost on a directional basis
      (table 2.1, line 39)                     5,284,046
    Amount of change                           1,796,012
  Direct investment liabilities:
    At market value on an asset/liability
      basis (table 2.1, line 18)               5,790,551
    At current cost on a directional basis
      (table 2.1, line 44)                     3,176,877
    Amount of change                           2,613,674

(1.) 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 2014, Release Z.1, (Washington, DC: FRS, June 5, 2014): 11. According to the June release, at the end of the first quarter of 2014, the value of all U.S. financial assets was $197,226.3 billion; at the end of 2013, it was $195,161.9 billion.

(2.) For comprehensive international investment position statistics, including annual statistics beginning with 1976 and quarterly statistics beginning with the fourth quarter of 2005, see the latest detailed statistics at www.bea.gov.

(3.) For statistics on financial transactions, see the financial account in table 1.2 of the U.S. International Transactions Accounts. Quarterly financial transactions discussed in this release are not seasonally adjusted. Detail on other changes in position such as price changes, exchange-rate changes, and changes in volume and valuation n.i.e. are available only for annual statistics.

(4.) Federal Reserve Board Foreign Exchange Rates--H10 (weekly release of daily data), Nominal Major Currencies Index at www.federalreserve.gov. The major currencies index is the weighted average of the foreign exchange value of the U.S. dollar against a subset of the broad index currencies that circulate widely outside the country of issue.

(5.) 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.

(6.) The Chicago Board of Exchange Volatility Index (VIX) fell 24 percent from the end of 2012 to the end of 2013; www.cboe.com.

(7.) See box on page 5 for details on the new featured measure of direct investment in IIP statistics.

(8.) BEA will continue to report direct investment on a current-cost basis as supplemental data in table 2.1.

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

                                                      Change in
                                                      position
                                         Position,    in 2014:1
                                          2013:IV
                                                        Total

U.S. net international investment
    position                              -5,383.0      -156.3
  Net international investment
    position excluding financial
    derivatives                           -5,456.5      -150.9
  Financial derivatives other than
    reserves, net                             73.5        -5.4

  U.S. assets                             23,709.8      -108.3
    Assets excluding financial
      derivatives                         20,890.0       293.6
    Financial derivatives other than
      reserves, gross positive fair
      value                                2,819.8      -402.0

  U.S. liabilities                        29,092.8        48.0
    Liabilities excluding financial
      derivatives                         26,346.6       444.6
    Financial derivatives other than
      reserves, gross negative fair
      value                                2,746.3      -396.6

                                         Change in position in 2014:1

                                               Attributable to:

                                          Financial-     Other changes
                                            account       in position
                                         transactions

U.S. net international investment
    position                                    -70.4           -86.0
  Net international investment
    position excluding financial
    derivatives                                 -77.8           -73.1
  Financial derivatives other than
    reserves, net                                 7.5           -12.9

  U.S. assets                                     (1)             (1)
    Assets excluding financial
      derivatives                               153.1           140.5
    Financial derivatives other than
      reserves, gross positive fair
      value                                       (1)             (1)

  U.S. liabilities                                (1)             (1)
    Liabilities excluding financial
      derivatives                               231.0           213.6
    Financial derivatives other than
      reserves, gross negative fair
      value                                       (1)             (1)

                                         Position,
                                           2014:I

U.S. net international investment
    position                              -5,539.3
  Net international investment
    position excluding financial
    derivatives                           -5,607.5
  Financial derivatives other than
    reserves, net                             68.1

  U.S. assets                             23,601.5
    Assets excluding financial
      derivatives                         21,183.6
    Financial derivatives other than
      reserves, gross positive fair
      value                                2,417.9

  U.S. liabilities                        29,140.8
    Liabilities excluding financial
      derivatives                         26,791.1
    Financial derivatives other than
      reserves, gross negative fair
      value                                2,349.7

(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]

                                                             Change:
                                        2012       2013     2012-2013

U.S. net international investment
    position                          -4,578.2   -5,383.0      -804.8
  Net international investment
    position excluding financial
    derivatives                       -4,636.0   -5,456.5      -820.5
  Financial derivatives other than
    reserves, net                         57.8       73.5        15.8
  U.S. assets                         22,520.3   23,709.8     1,189.5
    Assets excluding financial
      derivatives                     18,900.6   20,890.0     1,989.4
    Financial derivatives other than
      reserves, gross positive fair
      value                            3,619.8    2,819.8      -799.9
  U.S. liabilities                    27,098.6   29,092.8     1,994.2
    Liabilities excluding financial
      derivatives                     23,536.6   26,346.6     2,809.9
    Financial derivatives other than
      reserves, gross negative fair
      value                            3,562.0    2,746.3      -815.7

Table C. U.S. Assets Excluding Financial Derivatives,
Change in Yearend Position

[Billions of dollars]

                                             2012       2013

Total change in position                   1,408.3    1,989.4
  Financial-account transactions             171.4      644.8
  Other changes in position                1,236.8    1,344.7
    Price changes                          1,140.9    1,616.5
    Exchange-rate changes                     32.4     -260.5
    Changes in volume and valuation not
      included elsewhere                      63.6      -11.4

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

                               2012       2013      Change:
                                                   2012-2013

Total position at yearend    5,938.3    7,080.1      1,141.7
  Equity                     4,981.0    6,070.0      1,089.0
  Debt instruments             957.3    1,010.1         52.7

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

                                                             Change:
                                        2012       2013     2012-2013

Total position at yearend             7,967.0    9,183.1      1,216.0
  Equity and investment fund shares   5,311.5    6,444.2      1,132.7
  Debt securities                     2,655.5    2,738.8         83.3
    Short term                          414.9      446.7         31.8
    Long term                         2,240.6    2,292.1         51.5

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

                                      2012       2013

Financial derivatives other than
    reserves                        3,619.8    2,819.8
  By type:
    Over-the-counter contracts      3,585.8    2,783.0
      Single-currency interest-
        rate contracts              2,973.2    2,207.7
      Foreign exchange contracts      280.2      291.9
      Other                           332.3      283.4
    Exchange-traded contracts          34.0       36.8
  By area:
    Europe                          3,306.0    2,573.0
      Of which: United Kingdom      2,477.6    2,105.5
    Canada                             53.5       39.1
    Caribbean financial centers        44.2       44.0
      Of which: Cayman Islands         31.2       32.4
    Latin America, excluding
      Caribbean financial centers       9.1       10.2
    Asia                              149.5      111.6
      Of which: Japan                  99.5       71.4
    Africa                             34.7       16.7
    Other                              22.8       25.2

                                                    Changes

                                                     2013

                                       I        II       III      IV

Financial derivatives other than
    reserves                        -371.4    -423.3    -63.7    58.4
  By type:
    Over-the-counter contracts      -373.2    -433.8    -60.5    64.8
      Single-currency interest-
        rate contracts              -356.7    -411.0    -34.4    36.6
      Foreign exchange contracts      -3.8      -7.8    -10.6    33.9
      Other                          -12.7     -15.1    -15.5    -5.7
    Exchange-traded contracts          1.8      10.5     -3.1    -6.4
  By area:
    Europe                          -342.5    -395.2    -47.3    52.1
      Of which: United Kingdom      -267.0    -222.1     21.7    95.2
    Canada                            -2.5      -5.3     -5.4    -1.2
    Caribbean financial centers       -1.1       3.0     -4.6     2.5
      Of which: Cayman Islands        -2.1       4.3     -3.8     2.9
    Latin America, excluding
      Caribbean financial centers      0.9      -0.2      0.2     0.2
    Asia                             -19.3     -23.7     -0.8     5.9
      Of which: Japan                -13.8     -19.1     -3.2     8.0
    Africa                            -5.0     -12.7      0.3    -0.6
    Other                             -1.9      10.9     -6.1    -0.6

                                     Changes

                                    2012-2013

Financial derivatives other than
    reserves                           -799.9
  By type:
    Over-the-counter contracts         -802.7
      Single-currency interest-
        rate contracts                 -765.6
      Foreign exchange contracts         11.7
      Other                             -48.9
    Exchange-traded contracts             2.8
  By area:
    Europe                             -732.9
      Of which: United Kingdom         -372.2
    Canada                              -14.4
    Caribbean financial centers          -0.2

      Of which: Cayman Islands            1.3
    Latin America, excluding
      Caribbean financial centers         1.1
    Asia                                -37.9
      Of which: Japan                   -28.1
    Africa                              -18.0
    Other                                 2.4

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

                                    2012       2013      Change:
                                                        2012-2013

Total position at yearend         4,422.9    4,178.6       -244.3
  Currency and deposits           2,053.0    1,972.1        -80.8
  Loans                           2,314.2    2,161.1       -153.0
  Insurance technical reserves       n.a.       n.a.         n.a.
  Trade credit and advances          55.7       45.3        -10.4

n.a. Not available

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

                                              2012       2013

Total change in position                   1,503.3    2,809.9
  Financial-account transactions             602.0    1,017.7
  Other changes in position                  901.3    1,792.3
    Price changes                            731.4    1,799.3
    Exchange-rate changes                     -0.6      -29.2
    Changes in volume and valuation not
      included elsewhere                     170.5       22.2

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

                                                    Change:
                               2012       2013     2012-2013

Total position at yearend    4,670.9    5,790.6      1,119.6
  Equity                     3,409.9    4,462.0      1,052.1
  Debt instruments           1,261.0    1,328.6         67.5

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

                                                             Change:
                                        2012       2013     2012-2013

Total position at yearend             13,978.9   15,503.2     1,524.3
  Equity and investment fund shares    4,545.4    5,821.5     1,276.1
  Debt securities                      9,433.5    9,681.7       248.2
    Treasury securities                5,571.5    5,794.9       223.4
    Other securities                   3,862.0    3,886.8        24.8

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

                                         2012       2013

Financial derivatives other than
    reserves                           3,562.0    2,746.3
  By type:
    Over-the-counter contracts         3,527.7    2,709.7
      Single-currency interest-rate
        contracts                      2,912.1    2,142.9
      Foreign exchange contracts         295.2      290.8
      Other                              320.4      276.1
    Exchange-traded contracts             34.3       36.5
  By area:
    Europe                             3,251.6    2,501.7
      Of which: United Kingdom         2,469.8    2,072.2
    Canada                                53.4       36.5
    Caribbean financial centers           45.5       47.6
      Of which: Cayman Islands            32.7       36.3
    Latin America, excluding
      Caribbean financial centers          7.7        9.6
    Asia                                 147.4      109.7
      Of which: Japan                     96.0       65.7
    Africa                                32.1       14.2
    Other                                 24.3       27.0

                                                      Changes

                                                       2013

                                          I       II      III     IV

Financial derivatives other than
    reserves                           -353.6   -442.6   -52.3   32.8
  By type:
    Over-the-counter contracts         -354.6   -455.4   -50.5   42.6
      Single-currency interest-rate
        contracts                      -348.4   -411.4   -38.3   28.8
      Foreign exchange contracts          5.0    -28.0    -1.4   20.0
      Other                             -11.2    -15.9   -10.8   -6.3
    Exchange-traded contracts             1.0     12.7    -1.8   -9.7
  By area:
    Europe                             -329.4   -420.1   -31.8   31.4
      Of which: United Kingdom         -256.0   -246.8    34.8   70.4
    Canada                               -1.7     -5.8    -6.8   -2.5
    Caribbean financial centers          -0.7      6.1    -7.4    4.1
      Of which: Cayman Islands           -1.5      7.3    -6.6    4.4
    Latin America, excluding
      Caribbean financial centers         0.9     -0.2     0.4    0.8
    Asia                                -15.8    -22.1     0.1    0.1
      Of which: Japan                   -12.0    -18.2    -3.0    3.0
    Africa                               -4.6    -12.9     0.5   -0.9
    Other                                -2.4     12.4    -7.2   -0.2

                                       2012-2013

Financial derivatives other than
    reserves                              -815.7
  By type:
    Over-the-counter contracts            -817.9
      Single-currency interest-rate
        contracts                         -769.3
      Foreign exchange contracts            -4.4
      Other                                -44.3
    Exchange-traded contracts                2.2
  By area:
    Europe                                -749.8
      Of which: United Kingdom            -397.5
    Canada                                 -16.9
    Caribbean financial centers              2.1
      Of which: Cayman Islands               3.6
    Latin America, excluding
      Caribbean financial centers            1.9
    Asia                                   -37.7
      Of which: Japan                      -30.2
    Africa                                 -17.9
    Other                                    2.7

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

                                                              Change:
                                         2012       2013     2012-2013

Total position at yearend              4,886.8    5,052.8        166.0
  Currency and deposits                2,601.7    2,758.1        156.5
  Loans                                2,090.4    2,095.9          5.5
  Insurance technical reserves            n.a.       n.a.         n.a.
  Trade credit and advances              140.5      144.4          3.9
  Special drawing rights allocations      54.3       54.4          0.1

n.a. Not available

Table M. Revisions to the U.S. Net International Investment Position
at Yearend, 2011-2013 (1)
[Billions of dollars]

                                                  2011
Line   Type of investment
                                     Revised   Previously   Amount of
                                                published    revision

   1   Net international
           investment position of
           the United States
           (lines 2+3)              -3,669.8     -3,730.6        60.8
   2     Financial derivatives,
           net (line 5 less line
           25)                          86.0         86.0         0.0
   3     Net international
           investment position,
           excluding financial
           derivatives (line 6
           less line 26)            -3,755.8     -3,816.6        60.8

   4     U.S.-owned assets abroad
             (lines 5+6)            21,593.6     21,636.2       -42.6
   5       Financial derivatives
             (gross positive fair
             value)                  4,716.6      4,716.6         0.0
   6       U.S.-owned assets
             abroad, excluding
             financial derivatives
             (lines 7+12+17)        16,877.0     16,919.6       -42.6
   7       U.S. official reserve
               assets                  537.0        537.0         0.0
   8         Gold                      400.4        400.4         0.0
   9         Special drawing
               rights                   55.0         55.0         0.0
  10         Reserve position in
               the International
               Monetary Fund            30.1         30.1         0.0
  11         Foreign currencies         51.6         51.6         0.0
  12       U.S. government assets,
               other than official
               reserve assets          178.9        178.9         0.0
  13         U.S. credits and
                 other long-term
                 assets                 78.4         78.4         0.0
  14           Repayable in
                 dollars                78.1         78.1         0.0
  15           Other                     0.3          0.3         0.0
  16         U.S. foreign currency
               holdings and U.S.
               short-term assets       100.5        100.5         0.0
  17       U.S. private assets      16,161.1     16,203.6       -42.6
  18         Direct investment at
               current cost          4,599.5      4,663.1       -63.6
  19         Foreign securities      6,441.4      6,441.4         0.0
  20           Bonds                 1,939.9      1,939.9         0.0
  21           Corporate stocks      4,501.4      4,501.4         0.0
  22         U.S. claims on
               unaffiliated
               foreigners reported
               by U.S. nonbanking
               concerns                792.8        793.0        -0.1
  23         U.S. claims reported
               by U.S. banks and
               securities brokers,
               not included
               elsewhere             4,327.4      4,306.2        21.2

  24     Foreign-owned assets in
             the United States
             (lines 25+26)          25,263.3     25,366.7      -103.4
  25       Financial derivatives
             (gross negative fair
             value)                  4,630.5      4,630.5         0.0
  26       Foreign-owned assets in
             the United States,
             excluding financial
             derivatives (lines
             27+34)                 20,632.8     20,736.2      -103.4

  27       Foreign official assets
               in the United
               States                5,244.2      5,256.4       -12.2
  28         U.S. government
                 securities          4,235.9      4,235.9         0.0
  29           U.S. Treasury
                 securities          3,620.6      3,620.6         0.0
  30           Other                   615.3        615.3         0.0
  31         Other U.S. government
               liabilities             118.2        120.0        -1.7
  32         U.S. liabilities
               reported by U.S.
               banks and
               securities brokers,
               not included
               elsewhere               206.0        206.0         0.0
  33         Other foreign
               official assets         684.1        694.5       -10.4

  34       Other foreign assets     15,388.6     15,479.8       -91.2
  35         Direct investment at
               current cost          2,798.7      2,879.5       -80.9
  36         U.S. Treasury
               securities            1,383.8      1,386.3        -2.5
  37         U.S. securities other
                 than U.S.
                 Treasury
                 securities          6,152.2      6,151.6         0.7
  38           Corporate and other
                 bonds               2,892.8      2,894.6        -1.8
  39           Corporate stocks      3,259.4      3,256.9         2.5
  40         U.S. currency             397.1        397.1         0.0
  41         U.S. liabilities to
               unaffiliated
               foreigners reported
               by U.S. nonbanking
               concerns                631.7        630.9         0.8
  42         U.S. liabilities
               reported by U.S.
               banks and
               securities brokers,
               not included
               elsewhere             4,025.1      4,034.5        -9.3
       Memoranda:
  43   Direct investment abroad at
         market value                4,514.3      4,513.9         0.5
  44   Direct investment in the
         United States at market
         value                       3,498.7      3,510.4       -11.7
  45   Direct investment abroad at
         historical cost             4,050.0      4,084.7       -34.6
  46   Direct investment in the
         United States at
         historical cost             2,433.8      2,502.6       -68.8

                                                  2012
Line   Type of investment
                                     Revised   Previously   Amount of
                                                published    revision

   1   Net international
           investment position of
           the United States
           (lines 2+3)              -3,867.0     -3,863.9        -3.2
   2     Financial derivatives,
           net (line 5 less line
           25)                          57.8         57.8         0.0
   3     Net international
           investment position,
           excluding financial
           derivatives (line 6
           less line 26)            -3,924.8     -3,921.7        -3.2

   4     U.S.-owned assets abroad
             (lines 5+6)            21,554.9     21,637.6       -82.7
   5       Financial derivatives
             (gross positive fair
             value)                  3,619.8      3,619.8         0.0
   6       U.S.-owned assets
             abroad, excluding
             financial derivatives
             (lines 7+12+17)        17,935.2     18,017.9       -82.7
   7       U.S. official reserve
               assets                  572.4        572.4         0.0
   8         Gold                      433.4        433.4         0.0
   9         Special drawing
               rights                   55.1         55.1         0.0
  10         Reserve position in
               the International
               Monetary Fund            34.2         34.2         0.0
  11         Foreign currencies         49.7         49.7         0.0
  12       U.S. government assets,
               other than official
               reserve assets           93.6         93.6         0.0
  13         U.S. credits and
                 other long-term
                 assets                 84.0         84.0         0.0
  14           Repayable in
                 dollars                83.8         83.8         0.0
  15           Other                     0.3          0.3         0.0
  16         U.S. foreign currency
               holdings and U.S.
               short-term assets         9.5          9.5         0.0
  17       U.S. private assets      17,269.2     17,351.9       -82.7
  18         Direct investment at
               current cost          4,972.9      5,077.8      -104.8
  19         Foreign securities      7,547.2      7,531.2        16.0
  20           Bonds                 2,235.7      2,140.7        95.0
  21           Corporate stocks      5,311.5      5,390.5       -79.0
  22         U.S. claims on
               unaffiliated
               foreigners reported
               by U.S. nonbanking
               concerns                849.4        844.8         4.7
  23         U.S. claims reported
               by U.S. banks and
               securities brokers,
               not included
               elsewhere             3,899.7      3,898.2         1.5

  24     Foreign-owned assets in
             the United States
             (lines 25+26)          25,422.0     25,501.5       -79.5
  25       Financial derivatives
             (gross negative fair
             value)                  3,562.0      3,562.0         0.0
  26       Foreign-owned assets in
             the United States,
             excluding financial
             derivatives (lines
             27+34)                 21,860.0     21,939.5       -79.5

  27       Foreign official assets
               in the United
               States                5,681.9      5,692.4       -10.5
  28         U.S. government
                 securities          4,527.5      4,526.9         0.6
  29           U.S. Treasury
                 securities          4,032.8      4,032.2         0.6
  30           Other                   494.7        494.7         0.0
  31         Other U.S. government
               liabilities             126.7        128.3        -1.6
  32         U.S. liabilities
               reported by U.S.
               banks and
               securities brokers,
               not included
               elsewhere               204.8        204.4         0.4
  33         Other foreign
               official assets         822.9        832.9       -10.0

  34       Other foreign assets     16,178.1     16,247.1       -69.0
  35         Direct investment at
               current cost          2,994.3      3,057.3       -63.0
  36         U.S. Treasury
               securities            1,538.6      1,541.6        -2.9
  37         U.S. securities other
                 than U.S.
                 Treasury
                 securities          6,896.5      6,904.1        -7.6
  38           Corporate and other
                 bonds               3,053.5      3,062.0        -8.5
  39           Corporate stocks      3,843.0      3,842.1         0.9
  40         U.S. currency             454.2        454.2         0.0
  41         U.S. liabilities to
               unaffiliated
               foreigners reported
               by U.S. nonbanking
               concerns                660.9        656.5         4.4
  42         U.S. liabilities
               reported by U.S.
               banks and
               securities brokers,
               not included
               elsewhere             3,633.5      3,633.4         0.1
       Memoranda:
  43   Direct investment abroad at
         market value                5,196.5      5,249.5       -53.1
  44   Direct investment in the
         United States at market
         value                       3,929.1      3,924.0         5.1
  45   Direct investment abroad at
         historical cost             4,384.7      4,453.3       -68.6
  46   Direct investment in the
         United States at
         historical cost             2,605.8      2,650.8       -45.1

                                                  2013
Line   Type of investment
                                     Revised   Previously   Amount of
                                                published    revision

   1   Net international
           investment position of
           the United States
           (lines 2+3)              -4,565.3     -4,577.5        12.2
   2     Financial derivatives,
           net (line 5 less line
           25)                          73.5         73.2         0.4
   3     Net international
           investment position,
           excluding financial
           derivatives (line 6
           less line 26)            -4,638.9     -4,650.7        11.8

   4     U.S.-owned assets abroad
             (lines 5+6)            21,913.8     21,963.8       -49.9
   5       Financial derivatives
             (gross positive fair
             value)                  2,819.8      2,815.1         4.7
   6       U.S.-owned assets
             abroad, excluding
             financial derivatives
             (lines 7+12+17)        19,094.0     19,148.7       -54.7
   7       U.S. official reserve
               assets                  448.3        448.3         0.0
   8         Gold                      315.0        315.0         0.0
   9         Special drawing
               rights                   55.2         55.2         0.0
  10         Reserve position in
               the International
               Monetary Fund            30.8         30.8         0.0
  11         Foreign currencies         47.4         47.4         0.0
  12       U.S. government assets,
               other than official
               reserve assets           90.6         91.6        -1.0
  13         U.S. credits and
                 other long-term
                 assets                 90.0         91.0        -1.0
  14           Repayable in
                 dollars                89.7         90.7        -1.0
  15           Other                     0.3          0.3         0.0
  16         U.S. foreign currency
               holdings and U.S.
               short-term assets         0.6          0.6         0.0
  17       U.S. private assets      18,555.1     18,608.7       -53.7
  18         Direct investment at
               current cost          5,284.0      5,366.0       -82.0
  19         Foreign securities      8,732.2      8,715.5        16.7
  20           Bonds                 2,288.0      2,204.1        83.9
  21           Corporate stocks      6,444.2      6,511.5       -67.2
  22         U.S. claims on
               unaffiliated
               foreigners reported
               by U.S. nonbanking
               concerns                931.7        935.7        -4.0
  23         U.S. claims reported
               by U.S. banks and
               securities brokers,
               not included
               elsewhere             3,607.1      3,591.5        15.6

  24     Foreign-owned assets in
             the United States
             (lines 25+26)          26,479.2     26,541.3       -62.1
  25       Financial derivatives
             (gross negative fair
             value)                  2,746.3      2,741.9         4.4
  26       Foreign-owned assets in
             the United States,
             excluding financial
             derivatives (lines
             27+34)                 23,732.9     23,799.4       -66.5

  27       Foreign official assets
               in the United
               States                5,945.5      5,948.4        -2.9
  28         U.S. government
                 securities          4,506.9      4,506.9         0.0
  29           U.S. Treasury
                 securities          4,056.3      4,056.3         0.0
  30           Other                   450.6        450.6         0.0
  31         Other U.S. government
               liabilities             137.1        139.7        -2.6
  32         U.S. liabilities
               reported by U.S.
               banks and
               securities brokers,
               not included
               elsewhere               266.2        266.4        -0.2
  33         Other foreign
               official assets       1,035.4      1,035.5        -0.1

  34       Other foreign assets     17,787.3     17,850.9       -63.6
  35         Direct investment at
               current cost          3,176.9      3,178.7        -1.8
  36         U.S. Treasury
               securities            1,738.6      1,747.5        -8.9
  37         U.S. securities other
                 than U.S.
                 Treasury
                 securities          8,004.1      8,034.9       -30.8
  38           Corporate and other
                 bonds               3,077.6      3,059.6        18.0
  39           Corporate stocks      4,926.5      4,975.3       -48.8
  40         U.S. currency             491.9        491.9         0.0
  41         U.S. liabilities to
               unaffiliated
               foreigners reported
               by U.S. nonbanking
               concerns                603.1        598.3         4.8
  42         U.S. liabilities
               reported by U.S.
               banks and
               securities brokers,
               not included
               elsewhere             3,772.7      3,799.6       -26.9
       Memoranda:
  43   Direct investment abroad at
         market value                6,275.4      6,349.5       -74.1
  44   Direct investment in the
         United States at market
         value                       4,985.9      4,935.2        50.8
  45   Direct investment abroad at
         historical cost             4,660.9      4,741.6       -80.7
  46   Direct investment in the
         United States at
         historical cost             2,764.0      2,772.2        -8.2

(1.) Revisions due to newly available and revised source data are
presented and discussed using this previous standard presentation of
the accounts.

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

Line            Type of investment              2012          2013

                                               IV (r)         I (r)

   1    U.S. net international investment
          position (line 4 less line 35)     -4,578,245    -5,110,866
   2        Net international investment
              position excluding financial
              derivatives (line 5 less
              line 36)                       -1,636,021    -5,150,891
   3        Financial derivatives other
              than reserves, net (line 6
              less line 37)                      57,776        40,025

   4      U.S. assets                        22,520,346    22,650,385
   5          Assets excluding financial
                derivatives (sum of lines
                7, 10, 21, and 26)           18,900,585    19,402,008
   6          Financial derivatives other
                than reserves, gross
                positive fair value (line
                15)                           3,619,761     3,248,377

            By functional category:
   7          Direct investment at market
                  value                       5,938,327     6,185,179
   8            Equity                        4,980,979     5,237,927
   9            Debt instruments                957,348       947,252
  10          Portfolio investment            7,967,014     8,230,586
  11            Equity and investment fund
                  shares                      5,311,509     5,524,329
  12            Debt securities               2,655,505     2,706,257
  13              Short term                    414,909       431,424
  14              Long term                   2,240,596     2,274,833
  15          Financial derivatives other
                  than reserves, gross
                  positive fair value         3,619,761     3,248,377
  16            Over-the-counter contracts    3,585,781     3,212,569
  17              Single-currency interest
                    rate contracts            2,973,245     2,616,516
  18              Foreign exchange
                    contracts                   280,217       276,419
  19              Other contracts               332,319       319,634
  20            Exchange-traded contracts        33,980        35,808
  21          Other investment                4,422,876     4,433,184
  22            Currency and deposits         2,052,987     2,056,381
  23            Loans                         2,314,165     2,321,889
  24            Insurance technical
                  reserves                         n.a.          n.a.
  25            Trade credit and advances        55,724        54,915
  26          Reserve assets                    572,368       553,058
  27            Monetary gold                   433,434       417,941
  28            Special drawing rights           55,050        53,704
  29            Reserve position in the
                  International Monetary
                  Fund                           34,161        34,039
  30            Other reserve assets             49,723        47,374
  31              Currency and deposits          24,934        23,039
  32              Securities                     23,471        22,152
  33              Financial derivatives             ...           ...
  34              Other claims                    1,318         2,183

  35      U.S. liabilities                   27,098,591    27,761,250
  36          Liabilities excluding
                financial derivatives (sum
                of lines 38, 41, and 56)     23,536,606    24,552,898
  37          Financial derivatives other
                than reserves, gross
                negative fair value (line
                50)                           3,561,985     3,208,352

            By functional category:
  38          Direct investment at market
                  value                       4,670,942     5,018,930
  39            Equity                        3,409,913     3,753,276
  40            Debt instruments              1,261,029     1,265,654
  41          Portfolio investment           13,978,875    14,569,596
  42            Equity and investment fund
                  shares                      4,545,371     5,000,428
  43            Debt securities               9,433,504     9,569,168
  44              Short term                    844,743       914,503
  45                Treasury bills and
                      certificates              661,654       720,235
  46                Other short-term
                      securities                183,089       194,268
  47              Long term                   8,588,761     8,654,665
  48                Treasury bonds and
                      notes                   4,909,828     5,001,076
  49                Other long-term
                      securities              3,678,933     3,653,589
  50          Financial derivatives other
                  than reserves, gross
                  negative fair value         3,561,985     3,208,352
  51            Over-the-counter contracts    3,527,668     3,173,044
  52              Single-currency interest
                    rate contracts            2,912,113     2,563,709
  53              Foreign exchange
                    contracts                   295,181       300,138
  54              Other contracts               320,374       309,197
  55            Exchange-traded contracts        34,317        35,308
  56          Other investment                4,886,789     4,964,372
  57            Currency and deposits         2,601,672     2,598,915
  58            Loans                         2,090,350     2,168,736
  59            Insurance technical
                  reserves                         n.a.          n.a.
  60            Trade credit and advances       140,490       143,776
  61            Special drawing rights
                  allocations                    54,277        52,945

Line            Type of investment                      2013

                                               II (r)        III (r)

   1    U.S. net international investment
          position (line 4 less line 35)     -5,523,614    -4,994,895
   2        Net international investment
              position excluding financial
              derivatives (line 5 less
              line 36)                       -5,582,966    -5,042,858
   3        Financial derivatives other
              than reserves, net (line 6
              less line 37)                      59,352        47,963

   4      U.S. assets                        21,904,000    22,954,418
   5          Assets excluding financial
                derivatives (sum of lines
                7, 10, 21, and 26)           19,078,933    20,193,002
   6          Financial derivatives other
                than reserves, gross
                positive fair value (line
                15)                           2,825,067     2,761,416

            By functional category:
   7          Direct investment at market
                  value                       6,146,656     6,690,152
   8            Equity                        5,162,185     5,699,007
   9            Debt instruments                984,471       991,145
  10          Portfolio investment            8,146,302     8,721,240
  11            Equity and investment fund
                  shares                      5,508,752     6,037,266
  12            Debt securities               2,637,550     2,683,974
  13              Short term                    451,835       458,953
  14              Long term                   2,185,715     2,225,021
  15          Financial derivatives other
                  than reserves, gross
                  positive fair value         2,825,067     2,761,416
  16            Over-the-counter contracts    2,778,730     2,718,224
  17              Single-currency interest
                    rate contracts            2,205,507     2,171,063
  18              Foreign exchange
                    contracts                   268,643       258,064
  19              Other contracts               304,580       289,097
  20            Exchange-traded contracts        46,337        43,192
  21          Other investment                4,339,768     4,298,183
  22            Currency and deposits         2,021,105     1,977,487
  23            Loans                         2,259,549     2,276,647
  24            Insurance technical
                  reserves                         n.a.          n.a.
  25            Trade credit and advances        59,115        44,049
  26          Reserve assets                    446,207       483,426
  27            Monetary gold                   311,707       346,878
  28            Special drawing rights           53,881        54,966
  29            Reserve position in the
                  International Monetary
                  Fund                           33,860        33,462
  30            Other reserve assets             46,759        48,120
  31              Currency and deposits          21,351        21,575
  32              Securities                     21,570        22,078
  33              Financial derivatives             ...           ...
  34              Other claims                    3,838         4,467

  35      U.S. liabilities                   27,427,614    27,949,313
  36          Liabilities excluding
                financial derivatives (sum
                of lines 38, 41, and 56)     24,661,899    25,235,860
  37          Financial derivatives other
                than reserves, gross
                negative fair value (line
                50)                           2,765,715     2,713,453

            By functional category:
  38          Direct investment at market
                  value                       5,131,714     5,342,443
  39            Equity                        3,845,433     4,041,326
  40            Debt instruments              1,286,281     1,301,117
  41          Portfolio investment           14,432,860    14,882,136
  42            Equity and investment fund
                  shares                      5,076,621     5,376,543
  43            Debt securities               9,356,239     9,505,593
  44              Short term                    882,452       829,577
  45                Treasury bills and
                      certificates              675,367       645,114
  46                Other short-term
                      securities                207,085       184,463
  47              Long term                   8,473,787     8,676,016
  48                Treasury bonds and
                      notes                   4,919,659     5,009,541
  49                Other long-term
                      securities              3,554,128     3,666,475
  50          Financial derivatives other
                  than reserves, gross
                  negative fair value         2,765,715     2,713,453
  51            Over-the-counter contracts    2,717,685     2,667,187
  52              Single-currency interest
                    rate contracts            2,152,279     2,114,023
  53              Foreign exchange
                    contracts                   272,150       270,744
  54              Other contracts               293,256       282,420
  55            Exchange-traded contracts        48,030        46,266
  56          Other investment                5,097,325     5,011,281
  57            Currency and deposits         2,702,344     2,677,595
  58            Loans                         2,193,088     2,138,770
  59            Insurance technical
                  reserves                         n.a.          n.a.
  60            Trade credit and advances       148,780       140,739
  61            Special drawing rights
                  allocations                    53,113        54,177

Line            Type of investment              2013          2014

                                               IV (r)         I (p)

   1    U.S. net international investment
          position (line 4 less line 35)     -5,382,996    -5,539,346
   2        Net international investment
              position excluding financial
              derivatives (line 5 less
              line 36)                       -5,456,542    -5,607,486
   3        Financial derivatives other
              than reserves, net (line 6
              less line 37)                      73,546        68,140

   4      U.S. assets                        23,709,843    23,601,503
   5          Assets excluding financial
                derivatives (sum of lines
                7, 10, 21, and 26)           20,890,008    21,183,627
   6          Financial derivatives other
                than reserves, gross
                positive fair value (line
                15)                           2,819,835     2,417,876

            By functional category:
   7          Direct investment at market
                  value                       7,080,058     7,142,876
   8            Equity                        6,070,002     6,134,572
   9            Debt instruments              1,010,056     1,008,304
  10          Portfolio investment            9,183,060     9,380,382
  11            Equity and investment fund
                  shares                      6,444,232     6,595,284
  12            Debt securities               2,738,828     2,785,098
  13              Short term                    446,710       432,690
  14              Long term                   2,292,118     2,352,408
  15          Financial derivatives other
                  than reserves, gross
                  positive fair value         2,819,835     2,417,876
  16            Over-the-counter contracts    2,783,047     2,382,072
  17              Single-currency interest
                    rate contracts            2,207,692     1,861,636
  18              Foreign exchange
                    contracts                   291,934       248,719
  19              Other contracts               283,421       271,717
  20            Exchange-traded contracts        36,788        35,804
  21          Other investment                4,178,557     4,189,485
  22            Currency and deposits         1,972,149     1,840,196
  23            Loans                         2,161,123     2,312,756
  24            Insurance technical
                  reserves                         n.a.          n.a.
  25            Trade credit and advances        45,286        36,533
  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                   29,092,840    29,140,849
  36          Liabilities excluding
                financial derivatives (sum
                of lines 38, 41, and 56)     26,346,551    26,791,113
  37          Financial derivatives other
                than reserves, gross
                negative fair value (line
                50)                           2,746,289     2,349,736

            By functional category:
  38          Direct investment at market
                  value                       5,790,551     5,697,603
  39            Equity                        4,461,978     4,392,752
  40            Debt instruments              1,328,573     1,304,851
  41          Portfolio investment           15,503,192    15,902,746
  42            Equity and investment fund
                  shares                      5,821,487     5,993,658
  43            Debt securities               9,681,705     9,909,088
  44              Short term                    892,655       903,512
  45                Treasury bills and
                      certificates              686,036       688,859
  46                Other short-term
                      securities                206,619       214,653
  47              Long term                   8,789,050     9,005,576
  48                Treasury bonds and
                      notes                   5,108,856     5,262,440
  49                Other long-term
                      securities              3,680,194     3,743,136
  50          Financial derivatives other
                  than reserves, gross
                  negative fair value         2,746,289     2,349,736
  51            Over-the-counter contracts    2,709,746     2,316,554
  52              Single-currency interest
                    rate contracts            2,142,859     1,802,315
  53              Foreign exchange
                    contracts                   290,790       248,263
  54              Other contracts               276,097       265,976
  55            Exchange-traded contracts        36,543        33,182
  56          Other investment                5,052,808     5,190,764
  57            Currency and deposits         2,758,129     2,656,656
  58            Loans                         2,095,860     2,319,725
  59            Insurance technical
                  reserves                         n.a.          n.a.
  60            Trade credit and advances       144,433       159,798
  61            Special drawing rights
                  allocations                    54,386        54,585

Line            Type of investment            Change:     Change:
                                             2013:IV-    2012:IV-
                                              2014:I      2013:IV

   1    U.S. net international investment
          position (line 4 less line 35)     -156,349    -804,751
   2        Net international investment
              position excluding financial
              derivatives (line 5 less
              line 36)                       -150,943    -820,521
   3        Financial derivatives other
              than reserves, net (line 6
              less line 37)                    -5,406      15,770

   4      U.S. assets                        -108,340    1,189,497
   5          Assets excluding financial
                derivatives (sum of lines
                7, 10, 21, and 26)            293,619    1,989,423
   6          Financial derivatives other
                than reserves, gross
                positive fair value (line
                15)                          -401,959    -799,926

            By functional category:
   7          Direct investment at market
                  value                        62,818    1,141,731
   8            Equity                         64,570    1,089,023
   9            Debt instruments               -1,752      52,708
  10          Portfolio investment            197,323    1,216,046
  11            Equity and investment fund
                  shares                      151,052    1,132,723
  12            Debt securities                46,271      83,323
  13              Short term                  -14,019      31,801
  14              Long term                    60,290      51,522
  15          Financial derivatives other
                  than reserves, gross
                  positive fair value        -401,959    -799,926
  16            Over-the-counter contracts   -400,975    -802,734
  17              Single-currency interest
                    rate contracts           -346,056    -765,553
  18              Foreign exchange
                    contracts                 -43,215      11,717
  19              Other contracts             -11,704     -48,898
  20            Exchange-traded contracts        -984       2,808
  21          Other investment                 10,927    -244,319
  22            Currency and deposits        -131,953     -80,838
  23            Loans                         151,633    -153,042
  24            Insurance technical
                  reserves                       n.a.        n.a.
  25            Trade credit and advances      -8,753     -10,438
  26          Reserve assets                   22,551    -124,035
  27            Monetary gold                  22,816    -118,459
  28            Special drawing rights            210         134
  29            Reserve position in the
                  International Monetary
                  Fund                           -930      -3,411
  30            Other reserve assets              455      -2,299
  31              Currency and deposits            41      -4,045
  32              Securities                      291      -2,035
  33              Financial derivatives           ...         ...
  34              Other claims                    123       3,781

  35      U.S. liabilities                     48,009    1,994,249
  36          Liabilities excluding
                financial derivatives (sum
                of lines 38, 41, and 56)      444,562    2,809,945
  37          Financial derivatives other
                than reserves, gross
                negative fair value (line
                50)                          -396,553    -815,696

            By functional category:
  38          Direct investment at market
                  value                       -92,948    1,119,609
  39            Equity                        -69,226    1,052,065
  40            Debt instruments              -23,722      67,544
  41          Portfolio investment            399,554    1,524,317
  42            Equity and investment fund
                  shares                      172,171    1,276,116
  43            Debt securities               227,383     248,201
  44              Short term                   10,857      47,912
  45                Treasury bills and
                      certificates              2,823      24,382
  46                Other short-term
                      securities                8,034      23,530
  47              Long term                   216,526     200,289
  48                Treasury bonds and
                      notes                   153,584     199,028
  49                Other long-term
                      securities               62,942       1,261
  50          Financial derivatives other
                  than reserves, gross
                  negative fair value        -396,553    -815,696
  51            Over-the-counter contracts   -393,192    -817,922
  52              Single-currency interest
                    rate contracts           -340,544    -769,254
  53              Foreign exchange
                    contracts                 -42,527      -4,391
  54              Other contracts             -10,121     -44,277
  55            Exchange-traded contracts      -3,361       2,226
  56          Other investment                137,956     166,019
  57            Currency and deposits        -101,473     156,457
  58            Loans                         223,865       5,510
  59            Insurance technical
                  reserves                       n.a.        n.a.
  60            Trade credit and advances      15,365       3,943
  61            Special drawing rights
                  allocations                     199         109

(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]

                                             Yearend
Line          Type of investment            position,
                                              2012

   1   U.S. net international investment
         position (line 4 less line 35)    -4,578,245
   2       Net international investment
             position excluding
             financial derivatives (line
             5 less line 36)               -4,636,021
   3       Financial derivatives other
             than reserves, net (line 6
             less line 37) (3)                 57,776

   4     U.S. assets                       22,520,346
   5         Assets excluding financial
               derivatives (sum of lines
               7, 10, 21, and 26)          18,900,585
   6         Financial derivatives other
               than reserves, gross
               positive fair value
               (line 15)                    3,619,761

           By functional category:
   7         Direct investment at market
                 value                      5,938,327
   8           Equity                       4,980,979
   9           Debt instruments               957,348
  10         Portfolio investment           7,967,014
  11           Equity and investment
                 fund shares                5,311,509
  12           Debt securities              2,655,505
  13             Short term                   414,909
  14             Long term                  2,240,596
  15         Financial derivatives other
                 than reserves, gross
                 positive fair value        3,619,761
  16           Over-the-counter
                   contracts                3,585,781
  17             Single-currency
                   interest rate
                   contracts                2,973,245
  18             Foreign exchange
                   contracts                  280,217
  19             Other contracts              332,319
  20           Exchange-traded contracts       33,980
  21         Other investment               4,422,876
  22           Currency and deposits        2,052,987
  23           Loans                        2,314,165
  24           Insurance technical
                 reserves                        n.a.
  25           Trade credit and advances       55,724
  26         Reserve assets                   572,368
  27           Monetary gold                  433,434
  28           Special drawing rights          55,050
  29           Reserve position in the
                 International Monetary
                 Fund                          34,161
  30           Other reserve assets            49,723
  31             Currency and deposits         24,933
  32             Securities                    23,471
  33             Financial derivatives            ...
  34             Other claims                   1,319

  35     U.S. liabilities                  27,098,591
  36         Liabilities excluding
               financial derivatives
               (sum of lines 38, 41, and
               56)                         23,536,606
  37         Financial derivatives other
               than reserves, gross
               negative fair value (line
               50)                          3,561,985

           By functional category:
  38         Direct investment at market
                 value                      4,670,942
  39           Equity                       3,409,913
  40           Debt instruments             1,261,029
  41         Portfolio investment          13,978,875
  42           Equity and investment
                 fund shares                4,545,371
  43           Debt securities              9,433,504
  44             Short term                   844,743
  45               Treasury bills and
                     certificates             661,654
  46               Other short-term
                     securities               183,089
  47             Long term                  8,588,761
  48               Treasury bonds and
                     notes                  4,909,828
  49               Other long-term
                     securities             3,678,933
  50         Financial derivatives other
                 than reserves, gross
                 negative fair value        3,561,985
  51           Over-the-counter
                   contracts                3,527,668
  52             Single-currency
                   interest rate
                   contracts                2,912,113
  53             Foreign exchange
                   contracts                  295,181
  54             Other contracts              320,374
  55           Exchange-traded contracts       34,317
  56         Other investment               4,886,789
  57           Currency and deposits        2,601,672
  58           Loans                        2,090,350
  59           Insurance technical
                 reserves                        n.a.
  60           Trade credit and advances      140,490
  61           Special drawing rights
                 allocations                   54,277

                                           Change in position in 2013

                                                        Attributable
Line          Type of investment             Total           to:

                                                         Financial-
                                                           account
                                                        transactions

   1   U.S. net international investment
         position (line 4 less line 35)     -804,751        -370,658
   2       Net international investment
             position excluding
             financial derivatives (line
             5 less line 36)                -820,521        -372,906
   3       Financial derivatives other
             than reserves, net (line 6
             less line 37) (3)                15,770           2,248

   4     U.S. assets                       1,189,497             (3)
   5         Assets excluding financial
               derivatives (sum of lines
               7, 10, 21, and 26)          1,989,423         644,763
   6         Financial derivatives other
               than reserves, gross
               positive fair value
               (line 15)                    -799,926             (3)

           By functional category:
   7         Direct investment at market
                 value                     1,141,731         408,243
   8           Equity                      1,089,023         352,106
   9           Debt instruments               52,708          56,137
  10         Portfolio investment          1,216,046         489,877
  11           Equity and investment
                 fund shares               1,132,723         275,244
  12           Debt securities                83,323         214,633
  13             Short term                   31,801          45,373
  14             Long term                    51,522         169,260
  15         Financial derivatives other
                 than reserves, gross
                 positive fair value        -799,926             (3)
  16           Over-the-counter
                   contracts                -802,734             (3)
  17             Single-currency
                   interest rate
                   contracts                -765,553             (3)
  18             Foreign exchange
                   contracts                  11,717             (3)
  19             Other contracts             -48,898             (3)
  20           Exchange-traded contracts       2,808             (3)
  21         Other investment               -244,319        -250,260
  22           Currency and deposits         -80,838        -115,641
  23           Loans                        -153,042        -137,978
  24           Insurance technical
                 reserves                       n.a.            n.a.
  25           Trade credit and advances     -10,438           3,359
  26         Reserve assets                 -124,035          -3,097
  27           Monetary gold                -118,459               0
  28           Special drawing rights            134              22
  29           Reserve position in the
                 International Monetary
                 Fund                         -3,411          -3,438
  30           Other reserve assets           -2,299             319
  31             Currency and deposits        -4,044               3
  32             Securities                   -2,035             315
  33             Financial derivatives           ...             ...
  34             Other claims                  3,780               1

  35     U.S. liabilities                  1,994,249             (3)
  36         Liabilities excluding
               financial derivatives
               (sum of lines 38, 41, and
               56)                         2,809,945       1,017,669
  37         Financial derivatives other
               than reserves, gross
               negative fair value (line
               50)                          -815,696             (3)

           By functional category:
  38         Direct investment at market
                 value                     1,119,609         294,972
  39           Equity                      1,052,065         226,834
  40           Debt instruments               67,544          68,138
  41         Portfolio investment          1,524,317         490,943
  42           Equity and investment
                 fund shares               1,276,116         -85,407
  43           Debt securities               248,201         576,351
  44             Short term                   47,912          46,718
  45               Treasury bills and
                     certificates             24,382          24,382
  46               Other short-term
                     securities               23,530          22,336
  47             Long term                   200,289         529,632
  48               Treasury bonds and
                     notes                   199,028         406,876
  49               Other long-term
                     securities                1,261         122,756
  50         Financial derivatives other
                 than reserves, gross
                 negative fair value        -815,696             (3)
  51           Over-the-counter
                   contracts                -817,922             (3)
  52             Single-currency
                   interest rate
                   contracts                -769,254             (3)
  53             Foreign exchange
                   contracts                  -4,391             (3)
  54             Other contracts             -44,277             (3)
  55           Exchange-traded contracts       2,226             (3)
  56         Other investment                166,019         231,753
  57           Currency and deposits         156,457         172,286
  58           Loans                           5,510          47,606
  59           Insurance technical
                 reserves                       n.a.            n.a.
  60           Trade credit and advances       3,943          11,861
  61           Special drawing rights
                 allocations                     109               0

                                           Change in position in 2013

                                               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)     -434,093            (4)
   2       Net international investment
             position excluding
             financial derivatives (line
             5 less line 36)                -447,615       -182,734
   3       Financial derivatives other
             than reserves, net (line 6
             less line 37) (3)                13,522            (4)

   4     U.S. assets                             (3)            (3)
   5         Assets excluding financial
               derivatives (sum of lines
               7, 10, 21, and 26)          1,344,660      1,616,523
   6         Financial derivatives other
               than reserves, gross
               positive fair value
               (line 15)                         (3)            (3)

           By functional category:
   7         Direct investment at market
                 value                       733,488        775,024
   8           Equity                        736,917        775,024
   9           Debt instruments               -3,429            ...
  10         Portfolio investment            726,169        960,123
  11           Equity and investment
                 fund shares                 857,479      1,054,948
  12           Debt securities              -131,310        -94,825
  13             Short term                  -13,572            ...
  14             Long term                  -117,738        -94,825
  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                  5,941            ...
  22           Currency and deposits          34,803            ...
  23           Loans                         -15,064            ...
  24           Insurance technical
                 reserves                       n.a.           n.a.
  25           Trade credit and advances     -13,797            ...
  26         Reserve assets                 -120,938       -118,624
  27           Monetary gold                -118,459       -118,459
  28           Special drawing rights            112            ...
  29           Reserve position in the
                 International Monetary
                 Fund                             27            ...
  30           Other reserve assets           -2,618           -165
  31             Currency and deposits        -4,047            ...
  32             Securities                   -2,350           -165
  33             Financial derivatives           ...            ...
  34             Other claims                  3,779            ...

  35     U.S. liabilities                        (3)            (3)
  36         Liabilities excluding
               financial derivatives
               (sum of lines 38, 41, and
               56)                         1,792,276      1,799,257
  37         Financial derivatives other
               than reserves, gross
               negative fair value (line
               50)                               (3)            (3)

           By functional category:
  38         Direct investment at market
                 value                       824,637        871,100
  39           Equity                        825,231        871,100
  40           Debt instruments                 -594            ...
  41         Portfolio investment          1,033,374        928,157
  42           Equity and investment
                 fund shares               1,361,523      1,285,442
  43           Debt securities              -328,150       -357,285
  44             Short term                    1,194            ...
  45               Treasury bills and
                     certificates                  0            ...
  46               Other short-term
                     securities                1,194            ...
  47             Long term                  -329,343       -357,285
  48               Treasury bonds and
                     notes                  -207,848       -221,130
  49               Other long-term
                     securities             -121,495       -136,155
  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                     (3)            (3)
  53             Foreign exchange
                   contracts                     (3)            (3)
  54             Other contracts                 (3)            (3)
  55           Exchange-traded contracts         (3)            (3)
  56         Other investment                -65,734            ...
  57           Currency and deposits         -15,829            ...
  58           Loans                         -42,096            ...
  59           Insurance technical
                 reserves                       n.a.           n.a.
  60           Trade credit and advances      -7,918            ...
  61           Special drawing rights
                 allocations                     109            ...

                                           Change in position in 2013

                                               Attributable to:
Line          Type of investment
                                            Other changes in position

                                            Exchange-     Changes in
                                               rate       volume and
                                           changes (1)     valuation
                                                          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)                  -231,287       -33,596
   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)             -260,451       -11,412
   6         Financial derivatives other
               than reserves, gross
               positive fair value
               (line 15)                           (3)           (3)

           By functional category:
   7         Direct investment at market
                 value                         -15,791       -25,745
   8           Equity                          -15,791       -22,316
   9           Debt instruments                    ...        -3,429
  10         Portfolio investment             -237,606         3,652
  11           Equity and investment
                 fund shares                  -209,309        11,840
  12           Debt securities                 -28,297        -8,188
  13             Short term                     -1,705       -11,866
  14             Long term                     -26,591         3,678
  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                   -4,740        10,682
  22           Currency and deposits               798        34,005
  23           Loans                            -5,422        -9,642
  24           Insurance technical
                 reserves                         n.a.          n.a.
  25           Trade credit and advances          -116       -13,681
  26         Reserve assets                     -2,314             0
  27           Monetary gold                       ...             0
  28           Special drawing rights              112             0
  29           Reserve position in the
                 International Monetary
                 Fund                               27             0
  30           Other reserve assets             -2,453             0
  31             Currency and deposits            -567        -3,480
  32             Securities                     -2,079          -106
  33             Financial derivatives             ...           ...
  34             Other claims                      193         3,586

  35     U.S. liabilities                          (3)           (3)
  36         Liabilities excluding
               financial derivatives
               (sum of lines 38, 41, and
               56)                             -29,164        22,184
  37         Financial derivatives other
               than reserves, gross
               negative fair value (line
               50)                                 (3)           (3)

           By functional category:
  38         Direct investment at market
                 value                             ...       -46,463
  39           Equity                              ...       -45,869
  40           Debt instruments                    ...          -594
  41         Portfolio investment              -26,306       131,523
  42           Equity and investment
                 fund shares                         0        76,081
  43           Debt securities                 -26,306        55,441
  44             Short term                          9         1,185
  45               Treasury bills and
                     certificates                  ...             0
  46               Other short-term
                     securities                      9         1,185
  47             Long term                     -26,315        54,257
  48               Treasury bonds and
                     notes                         ...        13,282
  49               Other long-term
                     securities                -26,315        40,975
  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                       (3)           (3)
  53             Foreign exchange
                   contracts                       (3)           (3)
  54             Other contracts                   (3)           (3)
  55           Exchange-traded contracts           (3)           (3)
  56         Other investment                   -2,859       -62,875
  57           Currency and deposits            -1,418       -14,412
  58           Loans                            -1,550       -40,546
  59           Insurance technical
                 reserves                         n.a.          n.a.
  60           Trade credit and advances             0        -7,918
  61           Special drawing rights
                 allocations                       109             0

                                             Yearend
Line          Type of investment            position,
                                              2013

   1   U.S. net international investment
         position (line 4 less line 35)    -5,382,996
   2       Net international investment
             position excluding
             financial derivatives (line
             5 less line 36)               -5,456,542
   3       Financial derivatives other
             than reserves, net (line 6
             less line 37) (3)                 73,546

   4     U.S. assets                       23,709,843
   5         Assets excluding financial
               derivatives (sum of lines
               7, 10, 21, and 26)          20,890,008
   6         Financial derivatives other
               than reserves, gross
               positive fair value
               (line 15)                    2,819,835

           By functional category:
   7         Direct investment at market
                 value                      7,080,058
   8           Equity                       6,070,002
   9           Debt instruments             1,010,056
  10         Portfolio investment           9,183,060
  11           Equity and investment
                 fund shares                6,444,232
  12           Debt securities              2,738,828
  13             Short term                   446,710
  14             Long term                  2,292,118
  15         Financial derivatives other
                 than reserves, gross
                 positive fair value        2,819,835
  16           Over-the-counter
                   contracts                2,783,047
  17             Single-currency
                   interest rate
                   contracts                2,207,692
  18             Foreign exchange
                   contracts                  291,934
  19             Other contracts              283,421
  20           Exchange-traded contracts       36,788
  21         Other investment               4,178,557
  22           Currency and deposits        1,972,149
  23           Loans                        2,161,123
  24           Insurance technical
                 reserves                        n.a.
  25           Trade credit and advances       45,286
  26         Reserve assets                   448,333
  27           Monetary gold                  314,975
  28           Special drawing rights          55,184
  29           Reserve position in the
                 International Monetary
                 Fund                          30,750
  30           Other reserve assets            47,424
  31             Currency and deposits         20,889
  32             Securities                    21,436
  33             Financial derivatives            ...
  34             Other claims                   5,099

  35     U.S. liabilities                  29,092,840
  36         Liabilities excluding
               financial derivatives
               (sum of lines 38, 41, and
               56)                         26,346,551
  37         Financial derivatives other
               than reserves, gross
               negative fair value (line
               50)                          2,746,289

           By functional category:
  38         Direct investment at market
                 value                      5,790,551
  39           Equity                       4,461,978
  40           Debt instruments             1,328,573
  41         Portfolio investment          15,503,192
  42           Equity and investment
                 fund shares                5,821,487
  43           Debt securities              9,681,705
  44             Short term                   892,655
  45               Treasury bills and
                     certificates             686,036
  46               Other short-term
                     securities               206,619
  47             Long term                  8,789,050
  48               Treasury bonds and
                     notes                  5,108,856
  49               Other long-term
                     securities             3,680,194
  50         Financial derivatives other
                 than reserves, gross
                 negative fair value        2,746,289
  51           Over-the-counter
                   contracts                2,709,746
  52             Single-currency
                   interest rate
                   contracts                2,142,859
  53             Foreign exchange
                   contracts                  290,790
  54             Other contracts              276,097
  55           Exchange-traded contracts       36,543
  56         Other investment               5,052,808
  57           Currency and deposits        2,758,129
  58           Loans                        2,095,860
  59           Insurance technical
                 reserves                        n.a.
  60           Trade credit and advances      144,433
  61           Special drawing rights
                 allocations                   54,386

(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