The international investment position of the United States at yearend 2011.

Nguyen, Elena L.

THE NET international investment position of the United States was -$4,030.3 billion (preliminary) at yearend 2011, compared with -$2,473.6 billion (revised) at yearend 2010 (chart 1, table 1). At yearend 2011, the value of foreign-owned assets in the United States exceeded the value of U.S.-owned assets abroad more than at yearend 2010. The -$1,556.7 billion change in the U.S. net international investment position from yearend 2010 to yearend 2011 was mainly attributable to net price changes of-$802.1 billion and net financial flows of-$556.3 billion.

The impact of changes in U.S. and foreign asset prices of-$802.1 billion accounted for over half of the -$1.6 trillion change in the U.S. net international investment position. In 2011, increases in the prices of U.S. Treasury bonds and other U.S. debt raised the value of foreign investment in the United States, and declines in foreign stock prices lowered the value of U.S. investment abroad. U.S. stock prices were virtually unchanged.

Most of the rest of the change in the U.S. net international investment position reflected foreign acquisitions of U.S. assets (including over $400 billion in U.S. Treasury securities) that exceeded U.S. acquisitions of foreign assets. U.S. acquisitions of foreign assets were reduced by an unusual decline in U.S. claims on foreigners as reported by U.S. banks and securities brokers.

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Exchange-rate changes led to a -$23.0 billion change in the U.S. net international investment position, reflecting the depreciation of major foreign currencies against the U.S. dollar from yearend 2010 to yearend 2011, as indicated by a trade-weighted index. (1) The depreciation of foreign currencies lowered the dollar value of foreign-currency-denominated U.S.-owned assets abroad. It also lowered the dollar value of foreign-owned assets in the United States denominated in foreign currencies, but by a smaller amount, because most of these investments are denominated in dollars.

Other valuation changes led to a -$175.3 billion change in the U.S. net international investment position. In 2011, these changes included more complete reporting of the Treasury International Capital position data, the incorporation of new reporters from the U.S. Treasury Department's annual survey of foreign portfolio holdings of U.S. securities as of June 2011, capital gains and losses from the sale of direct investment assets, and other adjustments to source data.

The U.S. net international investment position was equal to 2.6 percent of the value of all U.S. financial assets at the end of 2011, up from 1.6 percent in 2010 and up from the recent peak of 2.3 percent in 2008. (2)

Changes in the International Investment Position

In 2011, U.S.-owned assets abroad increased $834.0 billion to $21,132.4 billion, and foreign-owned assets in the United States increased $2,390.6 billion to $25,162.6 billion (table A). The increase in U.S.-owned assets reflected an increase in the value of financial derivatives that was partly offset by a decline in the value of all other assets. The increase in foreign-owned assets reflected increases in the value of financial derivatives and in all other foreign-owned assets.

U.S. holdings of financial derivatives held as assets (with gross positive fair value) increased $1,052.4 billion; U.S. holdings of financial derivatives held as liabilities (with gross negative fair value) increased $1,036.5 billion? These increases were mainly due to increases in the value of single-currency interest-rate swap contracts. In 2011, declining yields on these swap contracts caused the fair values of existing swaps to rise significantly, accounting for most of the increases in total U.S. holdings of financial derivatives with gross positive and gross negative fair values. For detailed statistics on financial derivatives, see "International Transactions and Positions in Financial Derivatives" in this issue.

U.S.-owned assets abroad excluding financial derivatives

U.S.-owned assets abroad excluding financial derivatives decreased $218.4 billion to $16,427.7 billion in 2011, reflecting falling asset prices, depreciation of foreign currencies, and other valuation changes that exceeded U.S. acquisitions of foreign assets.

U.S. acquisitions of foreign assets raised the value of U.S.-owned assets abroad by $483.7 billion (table B). In 2011, U.S. official reserve assets, U.S. government assets other than official reserve assets, and direct investment abroad increased, and U.S. purchases of foreign securities exceeded sales. These U.S. acquisitions were partly offset by decreases in claims of U.S. banks and securities brokers on foreign residents.

Valuation adjustments lowered the value of U.S.-owned assets abroad by $702.0 billion. The decrease reflected -$519.5 billion in price changes, mostly from price decreases of foreign stocks, -$28.9 billion in exchange-rate changes, and -$153.6 billion in other valuation changes as a result of more complete reporting of the Treasury International Capital position data, capital gains and losses from the sale of direct investment assets, and other adjustments to source data.

Foreign-owned assets in the United States excluding financial derivatives

Foreign-owned assets in the United States excluding financial derivatives increased $1,354.1 billion to $20,584.2 billion in 2011, mainly from foreign acquisitions of U.S. assets and increases in asset prices.

Foreign acquisitions of U.S. assets raised the value of foreign-owned assets in the United States by $1,001.0 billion (table C). In 2011, foreign official assets in the United States, U.S. banks' and securities brokers' liabilities to foreign residents, and foreign direct investment in the United States increased, and foreign purchases of U.S. Treasury securities exceeded sales. These foreign acquisitions were partly offset by foreign sales of U.S. corporate and agency bonds that exceeded purchases.

Valuation adjustments raised the value of foreign-owned assets in the United States by $353.1 billion (table C). The increase reflected $282.5 billion in price changes, mostly from price increases of U.S. Treasury bonds, -$5.9 billion in exchange-rate changes, and $76.5 billion in other valuation changes, mostly from the incorporation of new reporters from the U.S. Treasury Department's annual survey of foreign portfolio holdings of U.S. securities as of June 2011, capital gains and losses from the sale of direct investment assets, more complete reporting of the Treasury International Capital position data, and other adjustments to source data.

Changes in U.S.-owned assets by major component

Financial derivatives. U.S. holdings of financial derivatives held as assets (gross positive fair value) increased $1,052.4 billion to $4,704.7 billion (table D). Most of the increase was attributable to increases in holdings of over-the-counter, single-currency interestrate contracts, mostly swap contracts. By area, most U.S. positions were with counterparties in Europe, predominantly in the United Kingdom.

U.S. official reserve assets and other U.S. government assets. U.S. official reserve assets increased $47.4 billion to $536.0 billion in 2011, mostly from increases in the market value of the official U.S. gold stock. The value of the U.S. gold stock increased $32.8 billion to $400.4 billion, reflecting a 9 percent increase in the market price of gold in 2011. The U.S. reserve position in the International Monetary Fund (IMF) increased $17.6 billion, a record increase due to IMF drawings on U.S. currency. These increases were partly offset by declines in U.S. holdings of special drawing rights and foreign currencies. U.S. foreign currency reserves decreased as a result of the sale of yen reserves in coordination with intervention sales by other Group of Seven governments to stabilize the yen after Japan's earthquake disaster in March 2011.

U.S. government assets other than official reserve assets increased $103.7 billion to $178.9 billion, mainly as a result of increases in U.S. foreign currency holdings from central bank liquidity swaps between the U.S. Federal Reserve and foreign central banks.

Bank and nonbank claims. U.S. claims on foreigners reported by U.S. banks and securities brokers decreased $251.8 billion to $4,312.4 billion. The decrease was mainly attributable to financial flows of-$213.6 billion that were mostly accounted for by decreases in claims of domestic customers.

Dollar-denominated claims reported by these banks and securities brokers for their own accounts decreased $74.4 billion to $3,173.7 billion (table E). The decrease was more than accounted for by a $168.3 billion decrease in foreign-owned banks' claims, mostly in deposit withdrawals from affiliated offices in Western Europe. Decreases in claims of foreign-owned U.S. banks were partly offset by increases in claims of U.S. securities brokers and U.S.-owned banks.

Dollar-denominated claims reported for their domestic customers decreased $170.4 billion to $722.8 billion, reflecting decreases in deposits and brokerage balances, loans, and holdings of foreign commercial paper and other short-term instruments.

U.S. claims payable in foreign currencies decreased $7.0 billion to $415.9 billion.

U.S. claims on foreigners reported by U.S. nonbanking concerns--such as finance companies, insurance companies, exporters and importers, and industrial firms--decreased $77.9 billion to $796.8 billion.

Foreign securities. U.S. holdings of foreign securities decreased $414.4 billion to $5,922.0 billion as a result of declines in foreign stock prices that more than offset U.S. net purchases of foreign securities. In 2011, prices of foreign stocks decreased sharply compared with prices of U.S. stocks, which were virtually unchanged.

U.S. holdings of foreign stocks decreased $488.7 billion to $4,158.2 billion, mostly due to price depreciation of $569.2 billion, as many major foreign stock markets weakened considerably as a result of heightened concerns about the European sovereign debt crisis and its impact on global growth. Foreign stock prices decreased 15 percent in 2011. (4) Exchange-rate changes lowered the value of U.S. holdings of foreign stocks by $8.5 billion, as major foreign currencies depreciated less than 1 percent on a trade-weighted basis against the U.S. dollar. U.S. net purchases of foreign stocks raised U.S. holdings by $89.0 billion, partly offsetting the impact of price and exchange-rate changes.

At yearend 2011, U.S. residents' largest foreign stock holdings were in European stocks, which were valued at $1,914.6 billion and accounted for nearly half of total U.S. holdings of foreign stocks (table F). The second-largest holdings were in Asian stocks, which were valued at $979.7 billion and accounted for 24 percent of total holdings.

U.S. holdings of foreign bonds increased $74.3 billion to $1,763.8 billion, reflecting $57.8 billion in net purchases and $17.4 billion in price appreciation that were partly offset by a $0.9 billion decline in value caused by exchange-rate changes.

At yearend 2011, U.S. residents' largest foreign bond holdings were in European bonds, which were valued at $822.3 billion and accounted for nearly half of total U.S. holdings of foreign bonds (table G). The second-largest holdings were in Canadian bonds, which were valued at $288.8 billion and accounted for 16 percent of the total. The third-largest were holdings of foreign bonds in Caribbean financial centers, mostly in the Cayman Islands, which were valued at $213.9 billion and accounted for 12 percent of the total.

U.S. direct investment abroad. The stock of U.S. direct investment abroad at current cost increased $374.7 billion to $4,681.6 billion, mainly as a result of especially strong acquisitions that were mostly accounted for by reinvested earnings. U.S. acquisitions raised U.S. direct investment abroad by $419.3 billion, including reinvested earnings of $348.6 billion (table H). U.S. direct investors also increased their equity investment by $52.4 billion and intercompany debt claims by $18.3 billion.

Changes in foreign-owned assets by major component

Financial derivatives. U.S. holdings of financial derivatives held as liabilities (gross negative fair value) increased $1,036.5 billion to $4,578.4 billion (table I). Like U.S. holdings of financial derivatives held as assets, most of the increase was attributable to increases in over-the-counter, single-currency interest-rate contracts, mostly swap contracts. By area, most U.S. positions were with counterparties in Europe, predominantly in the United Kingdom.

Foreign official assets. Foreign official assets in the United States increased $338.1 billion to $5,250.8 billion, mostly as a result of net purchases and price appreciation of U.S. Treasury securities. Foreign official holdings of U.S. Treasury securities increased $288.3 billion to $3,653.1 billion, reflecting net purchases of $171.2 billion and price appreciation of $117.1 billion. U.S. banks' and securities brokers' liabilities increased $30.0 billion to $209.6 billion, reflecting increases in securities repurchase agreements and deposits placed by foreign official agencies. Other foreign official assets increased $15.1 billion to $644.5 billion, mostly as a result of net purchases of U.S. corporate bonds and stocks.

Bank and nonbank liabilities. U.S. liabilities to private foreign residents and international financial institutions reported by U.S. banks and securities brokers increased $313.4 billion to $4,011.6 billion. The increase was mostly attributable to foreign acquisitions of $309.2 billion that were more than accounted for by increases in liabilities of foreign-owned banks in the United States.

Dollar-denominated liabilities reported by these banks and securities brokers for their own accounts increased $257.1 billion to $3,412.5 billion (table J). Foreign-owned U.S. banks' liabilities increased $311.6 billion to $1,319.7 billion, mostly as a result of an increase in deposits at U.S. banks from banks in Western Europe and the Caribbean. U.S. securities brokers' liabilities increased $52.9 billion to $868.5 billion; an increase in repurchase agreements was partly offset by a reduction in loans from foreign banks. These increases in liabilities were partly offset by decreases in dollar-denominated liabilities of U.S.-owned banks and in customers' accounts. Liabilities of U.S.-owned banks decreased $107.4 billion to $1,224.3 billion as they reduced their loan liabilities to affiliated banks, mainly in the Caribbean. Liabilities reported by U.S. banks and securities brokers for their domestic customers decreased $13.3 billion to $359.8 billion.

U.S. liabilities payable in foreign currencies increased $69.6 billion to $239.3 billion, reflecting an increase in deposits at U.S. banks. More than half of the increase in deposits was from the euro zone.

U.S. liabilities to foreign residents reported by U.S. nonbanking concerns--such as finance companies, insurance companies, exporters and importers, and industrial firms--decreased $13.9 billion to $629.7 billion.

U.S. Treasury securities. Total foreign official and private holdings of U.S. Treasury securities increased $604.5 billion to $5,071.1 billion (table K). The increase reflected $412.1 billion in net purchases and

$192.5 billion in price appreciation. In 2011, U.S. Treasury bond prices surpassed other U.S. bond prices as investors sought the safety of U.S. Treasury bonds in response to increased strains in the world credit market.

At yearend 2011, China remained the largest foreign investor in U.S. Treasury securities with holdings valued at $1,283.7 billion, an increase of $6.3 billion from yearend 2010. Japan was the second-largest investor with holdings valued at $1,050.1 billion, an increase of $189.2 billion from yearend 2010. Together, China and Japan accounted for nearly half of total foreign holdings of U.S. Treasury securities. Other large holders of U.S. Treasury securities at yearend 2011 included Belgium and Luxembourg, whose combined holdings increased $72.0 billion to $239.7 billion, the United Kingdom, whose holdings increased $78.9 billion to $180.7 billion, and Brazil, whose holdings increased $41.0 billion to $222.7 billion.

Other U.S. securities. Foreign private holdings of U.S. securities other than U.S. Treasury securities increased $34.2 billion to $5,968.2 billion, reflecting price appreciation, mostly from price increases of U.S. bonds, and other valuation changes resulting from the incorporation of newly available data from the U.S. Treasury Department's annual survey of foreign portfolio holdings of U.S. securities as of June 2011. These increases were partly offset by net sales and very small exchange-rate changes.

Foreign holdings of U.S. corporate and agency bonds decreased $5.7 billion to $2,910.0 billion, reflecting $68.8 billion in net sales that more than offset $53.3 billion in price appreciation. In 2011, foreign sales of U.S. corporate and agency bonds exceeded purchases in every quarter as uncertainties related to the European sovereign debt crisis and global economic growth caused substantial strains in the world credit market, especially in the second half of the year.

At yearend 2011, investors from Europe, mostly from Western Europe, accounted for $1,763.6 billion or 61 percent of total foreign holdings of U.S. corporate and agency bonds (table L). Outside of Europe, investment funds in the Caribbean financial centers accounted for $556.5 billion, or 19 percent of total foreign holdings, and investors from Asia, mostly from Japan, accounted for $423.8 billion or 15 percent of the total.

Foreign holdings of U.S. stocks increased $40.0 billion to $3,058.2 billion, reflecting small net purchases and price changes. In 2011, the $12.4 billion in net purchases of U.S stocks was the lowest since 1996, and the value of the U.S. stock market as measured by the Standard and Poor's 500 U.S. stock index was virtually unchanged, compared with a 13 percent increase in 2010. In the first half of 2011, the U.S. stock market rallied in response to healthy corporate earnings and modest, but positive, economic growth. However, the market took a plunge in the third quarter as the European sovereign debt crisis intensified and raised fears of systemic risk and a double-dip recession. The market subsequently recovered in the fourth quarter to end the year flat.

At yearend 2011, investors from Europe, mostly from Western Europe, accounted for $1,533.0 billion or 50 percent of total foreign holdings of U.S. stocks (table M). Outside of Europe, investment funds in the Caribbean financial centers accounted for $532.9 billion or 17 percent of total holdings. Investors from Asia, mostly from Japan, accounted for $416.8 billion or 14 percent of the total, and investors from Canada accounted for $392.6 billion or 13 percent of the total.

U.S. currency. U.S. currency held by foreigners increased $55.0 billion to $397.1 billion. In 2011, net U.S. currency shipments to foreigners increased to a record level as demand for dollars surged, possibly due to heightened concerns about the European sovereign debt crisis and strained international financial conditions.

Foreign direct investment in the United States. The stock of foreign direct investment in the United States at current cost increased $311.1 billion to $2,908.8 billion, mainly due to foreign acquisitions of $234.0 billion that were mostly accounted for by equity investment and reinvested earnings. In 2011, inter-company debt and reinvested earnings increased, but equity investment decreased as compared with 2010 (table N).

Revisions to the Statistics

The U.S. international investment position statistics for 2009 and 2010 presented in this article have been revised to incorporate newly available source data that are also incorporated into the annual revision of the U.S. international transactions accounts. The revisions reflected newly available data from the U.S. Treasury Department's annual survey of foreign portfolio holdings of U.S. securities--Foreign-Residents' Holdings of U.S. Securities as of June 2011 and from its annual survey of U.S. portfolio holdings of foreign securities--U.S. Ownership of Foreign Securities as of December 2010. The revisions also reflected other newly available and revised data from the Treasury International Capital reporting system and from BEA's quarterly and annual surveys of direct investment.

The revisions for 2009 and 2010 did not significantly affect the trend in the U.S. net investment position for these years. The U.S. net international investment position was revised from -$2,396.4 billion to -$2,321.8 billion for 2009, and from -$2,471.0 billion to -$2,473.6 billion for 2010 (table 0). U.S.-owned assets abroad were revised up $24.6 billion for 2009 and down $16.9 billion for 2010. Foreign-owned assets in the United States were revised down $50.0 billion for 2009 and down $14.3 billion for 2010.

U.S.-owned assets abroad were revised up for 2009, mainly as a result of an upward revision to U.S. claims reported by U.S. nonbanking concerns that was partly offset by a downward revision to U.S direct investment abroad. The downward revision for 2010 was mostly due to a downward revision to U.S. direct investment abroad and was partly offset by an upward revision to U.S. holdings of foreign securities.

Foreign-owned assets in the United States were revised down for 2009, mainly as a result of a downward revision to direct investment. The downward revision for 2010 was mostly due to downward revisions to U.S. liabilities reported by U.S. nonbanking concerns and foreign direct investment in the United States that was partly offset by an upward revision to foreign holdings of U.S. securities.

RELATED ARTICLE: Valuing direct investment positions and other components of the U.S. international investment position.

All of the categories in the international investment position accounts except direct investment positions can be directly estimated with reference to readily observable prices.

Investment positions for long-term portfolio securities are based on market values from annual surveys conducted by the Treasury International Capital (TIC) reporting system of the U.S. Department of the Treasury. Investment positions for financial derivatives are reported quarterly at fair market value through surveys conducted by the TIC reporting system. Investment positions for claims and liabilities reported by banks, securities brokers, and other nonbanks are based on monthly and quarterly surveys conducted by the TIC reporting system with supplementary data for U.S. nonbanks from foreign central banks. Quarterly positions published by the Bureau of Economic Analysis (BEA) reflect the contractual (face) values of these instruments as reported by financial institutions for their own accounts or for the accounts of their customers.

Investment positions for direct investment are based on BEA's quarterly and annual direct investment surveys. Investment positions for direct investment typically involve illiquid ownership interests in companies that may possess unique attributes, such as customer base, management, and ownership of intangible assets. The values of these attributes in the current period are difficult to determine, because shares in direct investment affiliates typically are not traded separately from those of their parent companies and because there is no widely accepted standard for revaluing company financial statements at historical cost into prices of the current period.

Direct investment at current cost is BEA's measure of direct investment in current-period prices. The current-cost method values the U.S. and foreign parents' shares of their affiliates' investment (1) in plant and equipment using the current cost of capital equipment, (2) in land using general price indexes, and (3) in inventories using estimates of their replacement cost. Direct investment at market value is an alternative measure of direct investment in current-period prices. The market-value method values the owners' equity share of direct investment using indexes of stock market prices. (For additional information, 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.)

BEA also publishes direct investment at historical cost, which values assets and liabilities at their book value. Country and industry detail can be reported for direct investment only at historical cost.

For detailed statistics on direct investment at historical cost by country and industry, see "Direct Investment Positions for 2011: Country and Industry Detail" in this issue.

(1.) Federal Reserve Board (FRB), Foreign Exchange Rates--H10 (weekly release of daily data), Nominal Major Currencies Index. 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.

(2.) Federal Reserve Board (FRB), "Table L.5. Total Liabilities and Its Relation to Total Financial Assets;' in Flow of Funds Accounts of the United States, Flows and Outstandings, First Quarter 2012, Release Z.1. (Washington, DC: FRB, June 7, 2012): 66. According to this release, the value of all U.S. financial assets was $156,861.7 billion at the end of 2011. U.S. assets abroad from the international investment position were $21,132.4 billion, 13.5 percent of all U.S. assets, up from 13.2 percent in 2010, but down from the 13.8 percent series peak in 2008.

(3.) 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 (or negative) fair value is the sum of all contracts with positive (or negative) fair values. Fair values differ from notional values, which are the underlying amounts used to calculate payments on contracts.

(4.) Morgan Stanley Capital International All Country World Index Excluding the United States in local currencies.

Table A. U.S. Net International Investment Position at Yearend

[Billions of dollars]

 2009 2010 2011

Net position -2,321.8 -2,473.6 -4,030.3
 Financial derivatives, net 126.3 110.4 126.3
 Net position, excluding
 financial derivatives -2,448.1 -2,584.0 -4,156.5

U.S. owned assets abroad 18,511.7 20,298.4 21,132.4
 Financial derivatives (gross
 positive fair value) 3,489.8 3,652.3 4,704.7
 U.S.-owned assets abroad,
 excluding financial
 derivatives 15,021.9 16,646.1 16,427.7

Foreign-owned assets in the
 United States 20,833.5 22,772.0 25,162.6
 Financial derivatives (gross
 negative fair value) 3,363.4 3,541.9 4,578.4
 Foreign-owned assets in the
 United States, excluding
 financial derivatives 17,470.0 19,230.1 20,584.2

Table B. Changes in U.S.-Owned Assets Abroad,
Excluding Financial Derivatives

[Billions of dollars]

 2010 2011

Total change 1,624.2 -218.4
Financial flows 939.5 483.7
Valuation adjustments 684.7 -702.0
Price changes 705.7 -519.5
Exchange-rate changes -30.5 -28.9
Other valuation changes 9.6 -153.6

Table C. Changes in Foreign-Owned Assets in the United States,
Excluding Financial Derivatives

[Billions of dollars]

 2010 2011

Total change 1,760.1 1,354.1
Financial flows 1,308.3 1,001.0
Valuation adjustments 451.8 353.1
Price changes 604.6 282.5
Exchange-rate changes -9.4 -5.9
Other valuation changes -143.4 76.5

Table D. Gross Positive Fair Value of Financial Derivatives

[Billions of dollars]

 Changes

 2010 2011 2011

 I II

Financial derivatives 3,652.3 4,704.7 -467.0 272.2
 By type:
 Over-the-counter
 contracts 3,621.8 4,656.6 -470.0 274.9
 Single-currency
 interest-rate
 contracts 2,844.5 3,854.0 -437.7 286.2
 Foreign exchange
 contracts 330.3 314.9 -12.6 -4.3
 Other 447.0 487.7 -19.8 -7.0
 Exchange-traded contracts 30.5 48.1 3.0 -2.7
 By area:
 Europe 3,334.8 4,364.0 -439.1 269.5
 Of which: United
 Kingdom 2,503.2 3,300.4 -335.0 199.5
 Canada 46.3 63.8 1.2 -1.1
 Caribbean financial
 centers 74.8 62.1 -12.1 -4.6
 Of which: Cayman
 Islands 60.3 47.6 -12.1 -3.0
 Latin America, excluding
 Caribbean financial
 centers 12.0 10.5 -1.3 -0.4
 Asia 140.1 150.6 -12.6 6.2
 Of which: Japan 104.2 118.7 -7.7 7.7
 Africa 21.0 31.4 -1.5 1.0
 Other 23.3 22.2 -1.7 1.6

 Changes

 2011
 2010-
 III IV 2011

Financial derivatives 1,734.6 -487.4 1,052.4
 By type:
 Over-the-counter
 contracts 1,702.7 -472.8 1,034.8
 Single-currency
 interest-rate
 contracts 1,444.2 -283.3 1,009.4
 Foreign exchange
 contracts 111.8 -110.3 -15.4
 Other 146.7 -79.2 40.7
 Exchange-traded contracts 31.9 -14.7 17.5
 By area:
 Europe 1,646.3 -447.6 1,029.2
 Of which: United
 Kingdom 1,276.2 -343.5 797.2
 Canada 21.2 -3.8 17.5
 Caribbean financial
 centers 21.8 -17.8 -12.7
 Of which: Cayman
 Islands 18.2 -15.8 -12.7
 Latin America, excluding
 Caribbean financial
 centers 3.6 -3.3 -1.4
 Asia 30.8 -13.9 10.5
 Of which: Japan 21.6 -7.0 14.5
 Africa 8.0 2.9 10.4
 Other 2.9 -3.8 -1.1

Table E. U.S. Claims Reported by U.S. Banks and
Securities Brokers and U.S. Nonbanks at Yearend

[Billions of dollars]

 2009 2010 2011

U.S. claims reported by U.S. banks
 and securities brokers 4,009.9 4,564.2 4,312.4

 Claims for own accounts,
 denominated in dollars 2,807.6 3,248.1 3,173.7
 U.S.-owned banks' claims 1,090.3 1,125.8 1,170.8
 Foreign-owned banks claims 1,363.0 1,345.0 1,176.7
 Brokers' and dealers' claims 354.3 777.3 826.2
 Claims for customers' accounts,
 denominated in dollars 819.6 893.2 722.8
 Claims, denominated in foreign
 currencies 382.7 422.9 415.9

U.S. claims reported by U.S.
 nonbanking concerns 930.3 874.8 796.8

Table F. U.S. Holdings of Foreign Stocks
by Major Area and Country at Yearend

[Billions of dollars]

 2009 2010 2011

Total holdings 3,995.3 4,846.9 4,158.2
 Europe 1,961.9 2,113.4 1,914.6
 Of which:
 United Kingdom 592.4 659.1 650.1
 Switzerland 298.3 319.4 264.5
 France 250.7 244.2 213.5
 Germany 192.7 206.8 174.8
 Ireland 79.2 101.4 114.4
 Netherlands 108.8 120.5 110.6
 Spain 87.4 65.5 56.7
 Belgium and Luxembourg 59.8 61.5 56.2
 Sweden 44.0 63.2 55.1
 Canada 295.1 408.6 375.0
 Caribbean financial centers 334.7 395.8 381.8
 Of which
 Cayman Islands 147.5 166.4 175.2
 Bermuda 121.1 134.1 117.1
 Latin America, excluding Caribbean
 financial centers 276.6 314.8 275.3
 Of which:
 Brazil 180.3 193.9 181.3
 Mexico 65.1 76.6 56.2
 Asia 929.3 1,167.6 979.7
 Of which:
 Japan 370.8 450.1 374.7
 Korea, Republic of 87.9 122.4 113.0
 Hong Kong 91.4 132.5 108.1
 China 101.6 100.6 91.3
 Taiwan 76.6 94.3 71.9
 Africa 58.0 82.7 69.7
 Of which: South Africa 49.5 70.3 59.5
 Other countries 139.6 163.9 162.2
 Of which: Australia 127.9 149.7 149.4

Table G. U.S. Holdings of Foreign Bonds
by Major Area and Country at Yearend

[Billions of dollars]

 2009 2010 2011

Total holdings 1,570.3 1,689.5 1,763.8
 Europe 741.4 767.6 822.3
 Of which:
 United Kingdom 254.4 265.0 327.4
 Belgium and Luxembourg 64.6 69.0 147.4
 Netherlands 106.2 103.2 95.5
 France 76.1 76.6 71.9
 Ireland 25.8 27.4 53.8
 Germany 76.0 70.6 29.2
 Sweden 25.5 29.8 23.7
 Canada 219.5 252.8 288.8
 Caribbean financial centers 251.0 230.7 213.9
 Of which:
 Cayman Islands 217.5 196.5 184.0
 Bermuda 26.8 25.4 23.8
 Latin America, excluding Caribbean
 financial centers 94.2 117.7 133.0
 Of which:
 Mexico 22.6 32.1 50.3
 Brazil 32.4 40.6 35.5
 Asia 101.0 134.1 117.4
 Of which:
 Japan 26.6 30.5 32.5
 Korea, Republic of 16.3 24.9 18.7
 Africa 9.3 12.7 13.2
 Other countries 153.9 173.8 175.1
 Of which: Australia 107.3 123.0 125.8

Table H. U.S. Direct Investment Abroad

[Billions of dollars]

 2010 2011

Total position at yearend 4,306.8 4,681.6

Total change 277.4 374.7
 Financial outflows 327.9 419.3
 Equity 41.1 52.4
 Intercompany debt -28.5 18.3
 Reinvested earnings 315.3 348.6
 Price changes -8.2 -0.6
 Exchange-rate changes 12.0 -16.7
 Other valuation changes -54.3 -27.3

Table I. Gross Negative Fair Value of Financial Derivatives

[Billions of dollars]

 Changes

 2010 2011 2011

 I II

Financial derivatives 3,541.9 4,578.4 -465.9 260.9
 By type:
 Over-the-counter
 contracts 3,512.3 4,529.1 -467.6 263.1
 Single-currency
 interest-rate
 contracts 2,787.5 3,793.2 -439.3 284.8
 Foreign exchange
 contracts 304.1 288.4 -13.0 -10.1
 Other 420.7 447.5 -15.4 -11.6
 Exchange-traded
 contracts 29.6 49.3 1.7 -2.2
 By area:
 Europe 3,240.6 4,251.4 -431.6 247.1
 Of which: United
 Kingdom 2,468.7 3,269.0 -331.6 186.9
 Canada 45.3 62.3 -1.9 1.7
 Caribbean financial
 centers 63.9 51.5 -15.4 1.0
 Of which: Cayman
 Islands 48.9 37.0 -12.7 0.3
 Latin America, excluding
 Caribbean financial
 centers 9.3 8.2 1.2 -2.8
 Asia 138.5 150.1 -15.4 11.2
 Of which: Japan 106.6 120.9 -9.9 11.6
 Africa 20.5 28.0 -1.1 0.9
 Other 23.9 26.9 -1.6 1.8

 Changes

 2011
 2010-
 III IV 2011

Financial derivatives 1,726.0 -484.5 1,036.5
 By type:
 Over-the-counter
 contracts 1,694.6 -473.4 1,016.8
 Single-currency
 interest-rate
 contracts 1,453.9 -293.8 1,005.7
 Foreign exchange
 contracts 110.7 -103.2 -15.7
 Other 130.1 -76.4 26.8
 Exchange-traded
 contracts 31.3 -11.2 19.7
 By area:
 Europe 1,624.3 -429.0 1,010.8
 Of which: United
 Kingdom 1,270.3 -325.3 800.3
 Canada 21.6 -4.4 17.0
 Caribbean financial
 centers 27.1 -25.0 -12.3
 Of which: Cayman
 Islands 16.5 -16.1 -11.9
 Latin America, excluding
 Caribbean financial
 centers 3.5 -3.0 -1.1
 Asia 30.8 -15.1 11.6
 Of which: Japan 20.6 -8.0 14.3
 Africa 8.5 -0.7 7.5
 Other 10.1 -7.3 3.1

Table J. U.S. Liabilities Reported by U.S. Banks and Securities
Brokers and U.S. Nonbanks at Yearend

[Billions of dollars]

 2009 2010 2011

U.S. liabilities reported by U.S.
 banks and securities brokers 3,537.9 3,698.2 4,011.6

 Liabilities for own accounts,
 denominated in dollars 2,899.1 3,155.4 3,412.5
 U.S.-Owned banks liabilities 1.2505 1,331.7 1,224.3
 Foreign-owned banks' liabilities 971.3 1,008.1 1,319.7
 Brokers' and dealers' liabilities 677.3 815.6 868.5
 Liabilities for customers'
 accounts, denominated in dollars 416.0 373.1 359.8
 Liabilities, denominated in foreign
 currencies 222.8 169.7 239.3

U.S. liabilities reported by U.S.
 nonbanking concerns 706.4 643.6 629.7

Table K. Foreign Official and Private Holdings of
U.S. Treasury Securities by Selected Countries at Yearend

[Billion Dollars]

 2009 2010 2011

Total holdings 3,670.6 4,466.6 5,071.1
 Of which:
 China 1,036.4 1,277.4 1,283.7
 Japan 750.2 860.9 1,050.1
 Belgium and Luxembourg 111.3 167.7 239.7
 Brazil 169.5 181.7 222.7
 OPEC Asia 166.1 173.2 201.5
 United Kingdom 29.7 101.8 180.7
 Russia 156.3 169.1 152.2
 Taiwan 125.8 150.8 147.1
 Switzerland 91.0 109.0 132.2
 Cayman Islands 70.4 103.3 127.5

Table L. Foreign Private Holdings of U.S. Corporate and Agency
Bonds by Major Area and Country at Yearend

[Billions of dollars]

 2009 2010 2011

Total holdings 2,825.6 2,915.7 2,910.0
Europe 1,782.5 1,814.9 1,763.6
 Of which:
 Belgium and Luxembourg 705.7 686.8 665.5
 United Kingdom 546.4 575.0 543.7
 Ireland 154.5 154.9 150.2
 Switzerland 113.4 127.6 134.9
 Germany 85.5 86.8 89.1
 Netherlands 73.7 67.9 66.2
 France 49.0 59.7 62.1
Canada 70.1 86.0 88.7
Caribbean financial centers 516.8 534.6 556.5
 Of which:
 Cayman Islands 354.1 360.5 377.3
 Bermuda 124.1 135.4 136.9
Latin America, excluding Caribbean
 financial centers 26.7 27.9 34.0
 Of which: Mexico 4.5 4.9 10.5
Asia 377.9 405.8 423.8
 Of which:
 Japan 261.2 274.7 304.3
 Taiwan 43.5 56.1 62.1
 Hong Kong 24.6 30.9 15.8
Africa 2.7 2.5 2.5
Other countries 48.9 44.0 40.9
 Of which: Australia 25.7 24.4 23.9

Table M. Foreign Private Holdings of U.S. Corporate Stocks
by Major Area and Country at Yearend

[Billions of dollars]

 2009 2010 2011

Total holdings 2,494.3 3,018.3 3,058.2
Europe 1,281.1 1,561.6 1,533.0
 Of which:
 United Kingdom 372.0 441.2 430.2
 Belgium and Luxembourg 197.6 263.8 293.1
 Switzerland 166.0 207.8 208.4
 Netherlands 159.5 169.0 155.0
 France 116.1 152.3 111.7
 Ireland 78.3 97.7 100.3
 Germany 57.2 71.2 77.2
 Sweden 46.0 58.8 55.9
Canada 306.0 371.7 392.6
Caribbean financial centers 424.2 507.5 532.9
 Of which: Cayman Islands 299.2 355.9 380.8
Latin America, excluding Caribbean
 financial centers 54.5 66.7 68.7
 Of which: Mexico 14.5 21.5 23.4
Asia 336.4 400.6 416.8
 Of which: Japan 231.2 281.5 292.3
Africa 5.9 6.9 8.0
Other countries 86.2 103.3 106.2
 Of which: Australia 77.5 95.3 99.5

Table N. Foreign Direct Investment in the United States

[Billions of dollars]

 2010 2011

Total position at yearend 2,597.7 2,908.8

Total change 199.5 311.1
 Financial inflows 205.8 234.0
 Equity 131.6 93.2
 Intercompany debt 6.7 53.4
 Reinvested earnings 67.5 87.4
 Price changes -1.1 19.6
 Exchange-rate changes -0.6 -0.5
 Other valuation changes -4.6 57.9

Table O. Revisions to the International Investment Position of the
United States at Yearend, 2009-2010

[Billions of dollars]

 2009

Line Type of investment Previously Amount of
 Revised published revision

 1 Net international investment
 position of the United
 States (lines 2+3) -2,321,770 -2,396,426 74,656
 2 Financial derivatives,
 net (line 5 less
 line 25) 126,335 134,749 -8,414
 3 Net international
 investment position,
 excluding financial
 derivatives (line 6
 less line 26) -2,448,105 -2,531,175 83,070

 4 U.S. owned assets abroad
 (lines 5+6) 18,511,691 18,487,042 24,649
 5 Financial derivatives
 (gross positive fair
 value) 3,489,779 3,500,786 -11,007
 6 U.S. owned assets
 abroad, excluding
 financial derivatives
 (lines 7+12+17) 15,021,912 14,986,256 35,656

 7 U.S. official reserve
 assets 403,804 403,804 0
 8 Gold 284,380 284,380 0
 9 Special drawing rights 57,814 57,814 0
 10 Reserve position in
 the International
 Monetary Fund 11,385 11,385 0
 11 Foreign currencies 50,225 50,225 0

 12 U.S. government assets,
 other than official
 reserve assets 82,774 82,774 0
 13 U.S. credits and other
 long-term assets 71,830 71,830 0
 14 Repayable in dollars 71,557 71,557 0
 15 Other 273 273 0
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets 10,944 10,944 0

 17 U.S. private assets 14,535,334 14,499,678 35,656
 18 Direct investment at
 current cost 4,029,457 4,067,501 -38,044
 19 Foreign securities 5,565,636 5,565,636 0
 20 Bonds 1,570,341 1,570,341 0
 21 Corporate stocks 3,995,295 3,995,295 0
 22 U.S. claims on
 unaffiliated
 foreigners reported
 by U.S.
 nonbanking concerns 930,337 861,914 68,423
 23 U.S. claims reported by
 U.S. banks and
 securities brokers,
 not included elsewhere 4,009,904 4,004,627 5,277

 24 Foreign-owned assets in
 the United States
 (lines 25+26) 20,833,461 20,883,468 -50,007
 25 Financial derivatives
 (gross negative fair
 value) 3,363,444 3,366,037 -2,593
 26 Foreign-owned assets in
 the United States,
 excluding financial
 derivatives (lines
 27+34) 17,470,017 17,517,431 -47,414

 27 Foreign official assets
 in the United States 4,402,809 4,402,762 47
 28 U.S. government
 securities 3,588,575 3,588,574 1
 U.S. Treasury
 29 securities 2,879,612 2,879,611 1
 30 Other 708,963 708,963 0
 31 Other U.S. government
 liabilities 99,119 99,095 24
 32 U.S. liabilities
 reported by U.S. banks
 and securities
 brokers, not included
 elsewhere 187,507 187,482 25
 33 Other foreign official
 assets 527,608 527,611 -3

 34 Other foreign assets 13,067,208 13,114,669 -47,461
 Direct investment at
 35 current cost 2,398,208 2,441,705 -43,497
 36 U.S. Treasury securities 790,985 791,765 -780
 37 U.S. securities other
 than U.S. Treasury
 securities 5,319,948 5,319,867 81
 Corporate and other
 38 bonds 2,825,638 2,825,591 47
 39 Corporate stocks 2,494,310 2,494,276 34
 40 U.S. currency 313,771 313,771 0
 41 U.S. liabilities
 unaffiliated foreign
 reported by U.S.
 nonbanking concerns 706,387 707,401 -1,014
 42 U.S. liabilities
 reported by U.S.
 banks and securities
 brokers, not included
 elsewhere 3,537,909 3,540,160 -2,251

 Memoranda:
 43 Direct investment abroad at
 market value 4,287,203 4,330,914 -43,711
 44 Direct investment in the
 United States at market
 value 2,995,459 3,026,781 -31,322

 2010

Line Type of investment Previously Amount of
 Revised published revision

 1 Net international investment
 position of the United
 States (lines 2+3) -2,473,599 -2,470,989 -2,610
 2 Financial derivatives,
 net (line 5 less
 line 25) 110,382 110,421 -39
 3 Net international
 investment position,
 excluding financial
 derivatives (line 6
 less line 26) -2,583,981 581,410 -2,571

 4 U.S. owned assets abroad
 (lines 5+6) 20,298,413 20,315,359 -16,946
 5 Financial derivatives
 (gross positive fair
 value) 3,652,313 652,909 -596
 6 U.S. owned assets
 abroad, excluding
 financial derivatives
 (lines 7+12+17) 16,646,100 16,662,450 -16,350

 7 U.S. official reserve
 assets 488,673 488,673 0
 8 Gold 367,537 367,537 0
 9 Special drawing rights 56,824 56,824 0
 10 Reserve position in
 the International
 Monetary Fund 12,492 12,492 0
 11 Foreign currencies 51,820 51,820 0

 12 U.S. government assets,
 other than official
 reserve assets 75,235 75,235 0
 13 U.S. credits and other
 long-term assets 74,399 74,399 0
 14 Repayable in dollars 74,126 74,126 0
 15 Other 273 273 0
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets 836 836 0

 17 U.S. private assets 16,082,192 16,098,542 -16,350
 18 Direct investment at
 current cost 4,306,843 4,429,426 -122,583
 19 Foreign securities 6,336,370 6,222,864 113,506
 20 Bonds 1,689,462 1,737,271 -47,809
 21 Corporate stocks 4,646,908 4,485,593 161,315
 22 U.S. claims on
 unaffiliated
 foreigners reported
 by U.S.
 nonbanking concerns 874,762 873,667 1,095
 23 U.S. claims reported by
 U.S. banks and
 securities brokers,
 not included elsewhere 4,564,217 4,572,585 -8,368

 24 Foreign-owned assets in
 the United States
 (lines 25+26) 22,772,012 22,786,348 -14,336
 25 Financial derivatives
 (gross negative fair
 value) 3,541,931 3,542,488 -557
 26 Foreign-owned assets in
 the United States,
 excluding financial
 derivatives (lines
 27+34) 19,230,081 19,243,860 -13,779

 27 Foreign official assets
 in the United States 4,912,727 4,863,623 49,104
 28 U.S. government
 securities 3,993,275 3,957,204 36,071
 U.S. Treasury
 29 securities 3,364,758 3,320,694 44,064
 30 Other 628,517 636,510 -7,993
 31 Other U.S. government
 liabilities 110,464 110,243 221
 32 U.S. liabilities
 reported by U.S. banks
 and securities
 brokers, not included
 elsewhere 179,540 178,107 1,433
 33 Other foreign official
 assets 629,448 618,069 11,379

 34 Other foreign assets 14,317,354 14,380,237 -62,883
 Direct investment at
 35 current cost 2,597,707 2,658,932 -61,225
 36 U.S. Treasury securities 1,101,828 1,064,594 37,234
 37 U.S. securities other
 than U.S. Treasury
 securities 5,933,958 5,860,093 73,865
 Corporate and other
 38 bonds 2,915,698 2,868,460 47,238
 39 Corporate stocks 3,018,260 2,991,633 26,627
 40 U.S. currency 342,090 342,090 0
 41 U.S. liabilities
 unaffiliated foreign
 reported by U.S.
 nonbanking concerns 643,618 747,795 -104,177
 42 U.S. liabilities
 reported by U.S.
 banks and securities
 brokers, not included
 elsewhere 3,698,153 3,706,733 -8,580

 Memoranda:
 43 Direct investment abroad at
 market value 4,766,730 4,843,325 -76,595
 44 Direct investment in the
 United States at market
 value 3,397,411 3,451,405 -53,994

Table 1. International Investment Position of the United States at
Yearend, 2010 and 2011

[Millions of dollars]

 Changes in
 position
 in 2011

 Attributable
 to:

Line Type of investment Position,
 2010 (r)

 Financial
 flows
 (a)

 1 Net international investment
 position of the United
 States (lines 2+3) -2,473,599 -556,347
 2 Financial derivatives, net
 (line 5 less line 25) (3) 110,382 -39,010
 3 Net international
 investment position,
 excluding financial
 derivatives (line 6 less
 line 26) -2,583,981 -517,337

 4 U.S. owned assets abroad
 (lines 5+6) 20,298,413 (3)
 5 Financial derivatives
 (gross positive fair
 value) 3,652,313 (3)
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines
 7+12+17) 16,646 483,653

 7 U.S. official reserve
 assets 488,673 15,877
 8 Gold 367,537 0
 9 Special drawing rights 56,824 -1,752
 10 Reserve position in the
 International
 Monetary Fund 12,492 18,079
 11 Foreign currencies 51,820 -450

 12 U.S. government assets,
 other than official
 reserve assets 75,235 103,666
 13 U.S. credits and other lo 74,399 3,974
 14 Repayable in dollars 74,126 3,974
 15 Other (8) 273 0
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (9) 836 99,692

 17 U.S. private assets 16,082,192 364,110
 18 Direct investment at
 current cost 4,306,843 419,332
 19 Foreign securities 6,336,370 146,797
 20 Bonds 1,689,462 57,752
 21 Corporate stocks 4,646,908 89,045
 22 U.S. claims on
 unaffiliated
 foreigners reported
 by U.S. nonbanking
 concerns 874,762 11,608
 23 U.S. claims reported by
 U.S. banks and
 securities brokers,
 not included
 elsewhere 4,564,217 -213,627

 24 Foreign-owned assets in the
 United States (lines
 25+26) 22,772,012 -3
 25 Financial derivatives
 (gross negative fair
 value) 3,541,931 -3
 26 Foreign-owned assets in
 the United States,
 excluding financial
 derivatives (lines
 27+34) 19,230,081 1,000,990

 27 Foreign official assets
 in the United States 4,912,727 211,826
 28 U.S. government
 securities 3,993,275 158,735
 29 U.S. Treasury
 securities 3,364,758 171,179
 30 Other 628,517 -12,444
 31 Other U.S. government
 liabilities (10) 110,464 9,063
 32 U.S. liabilities
 reported by U.S.
 banks and securities
 brokers, not included
 elsewhere 179,540 30,010
 33 Other foreign official
 assets 629,448 14,018

 34 Other foreign assets 14,317,354 789,164
 35 Direct investment at
 current cost 2,597,707 233,988
 36 U.S. Treasury
 securities 1,101,828 240,878
 37 U.S. securities other
 than U.S. Treasury
 securities 5,933,958 -56,442
 38 Corporate and other
 bonds 2,915,698 -68,840
 39 Corporate stocks 3,018,260 12,398
 40 U.S. currency 342,090 54,996
 41 U.S. liabilities to
 unaffiliated
 foreigners
 reported by U.S.
 nonbanking concerns 643,618 6,567
 42 U.S. liabilities
 reported by U.S.
 banks and securities
 brokers, not included
 elsewhere 3,698,153 309,177

 Memoranda:
 43 Direct investment abroad at
 market value 4,766,730 419,332
 44 Direct investment in the
 United States at market
 value 3,397,411 233,988

 Changes in position in 2011

 Attributable to:

Line Type of investment Valuation adjustments

 Exchange-
 rate Other
 Price changes changes
 changes (1) (2)
 (b) (c) (d)

 1 Net international investment
 position of the United
 States (lines 2+3) -802,087 -22,959 -175,258
 2 Financial derivatives, net
 (line 5 less line 25) (3) (4) -4 454,880
 3 Net international
 investment position,
 excluding financial
 derivatives (line 6 less
 line 26) -802,087 -22,959 -230,138

 4 U.S. owned assets abroad
 (lines 5+6) (3) (3) (3)
 5 Financial derivatives
 (gross positive fair
 value) (3) (3) (3)
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines
 7+12+17) -519,543 -28,867 -153,639

 7 U.S. official reserve
 assets 32,818 -1,332 0
 8 Gold (5) 32,818 50
 9 Special drawing rights ... -116 0
 10 Reserve position in the
 International
 Monetary Fund ... -491 0
 11 Foreign currencies ... -725 0

 12 U.S. government assets,
 other than official
 reserve assets ... (*) 0
 13 U.S. credits and other lo ... (*) 0
 14 Repayable in dollars ... ... 0
 15 Other (8) ... (*) ...
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (9) ... (*) ...

 17 U.S. private assets -552,361 -27,535 -153,639
 18 Direct investment at
 current cost -611 -16,685 -27,310
 19 Foreign securities -551,750 -9,416 0
 20 Bonds 17,436 -896 0
 21 Corporate stocks -569,186 -8,520 0
 22 U.S. claims on
 unaffiliated
 foreigners reported
 by U.S. nonbanking
 concerns ... -5,813 -83,730
 23 U.S. claims reported by
 U.S. banks and
 securities brokers,
 not included
 elsewhere ... 4,379 -42,599

 24 Foreign-owned assets in the
 United States (lines
 25+26) -3 -3 -3
 25 Financial derivatives
 (gross negative fair
 value) -3 -3 -3
 26 Foreign-owned assets in
 the United States,
 excluding financial
 derivatives (lines
 27+34) 283 -5,908 76,499

 27 Foreign official assets
 in the United States 126,407 -168 0
 28 U.S. government
 securities 125,338 ... 0
 29 U.S. Treasury
 securities 117,128 ... 0
 30 Other 8,210 ... 0
 31 Other U.S. government
 liabilities (10) ... -168 0
 32 U.S. liabilities
 reported by U.S.
 banks and securities
 brokers, not included
 elsewhere ... ... 0
 33 Other foreign official
 assets 1,069 ... 0

 34 Other foreign assets 156,137 -5,740 76,499
 35 Direct investment at
 current cost 19,637 -453 57,912
 36 U.S. Treasury
 securities 75,344 ... 0
 37 U.S. securities other
 than U.S. Treasury
 securities 61,156 -1,595 31,100
 38 Corporate and other
 bonds 53,299 -1,595 11,400
 39 Corporate stocks 7,857 ... 19,700
 40 U.S. currency ... ... 0
 41 U.S. liabilities to
 unaffiliated
 foreigners
 reported by U.S.
 nonbanking concerns ... -3,141 -17,316
 42 U.S. liabilities
 reported by U.S.
 banks and securities
 brokers, not included
 elsewhere ... -551 4,803

 Memoranda:
 43 Direct investment abroad at
 market value -645,025 -34,521 -6,554
 44 Direct investment in the
 United States at market
 value -142,835 20,795

Line Type of investment Position,
 2011 (p)

 Total
 (a+b+c+d)

 1 Net international investment
 position of the United
 States (lines 2+3) -1,556,651 -4,030,250
 2 Financial derivatives, net
 (line 5 less line 25) (3) 15,870 126,252
 3 Net international
 investment position,
 excluding financial
 derivatives (line 6 less
 line 26) -1,572,521 -4,156,502

 4 U.S. owned assets abroad
 (lines 5+6) 833,957 21,132,370
 5 Financial derivatives
 (gross positive fair
 value) 1,052,353 4,704,666
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines
 7+12+17) -218,396 16,427,704

 7 U.S. official reserve
 assets 47,363 536,036
 8 Gold 32,818 400,355
 9 Special drawing rights -1,868 54,956
 10 Reserve position in the
 International
 Monetary Fund 17,588 30,080
 11 Foreign currencies -1,175 50,645

 12 U.S. government assets,
 other than official
 reserve assets 103,666 178,901
 13 U.S. credits and other lo 3,974 78,373
 14 Repayable in dollars 3,974 78,100
 15 Other (8) 0 273
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (9) 99,692 100,528

 17 U.S. private assets -369,425 15,712,767
 18 Direct investment at
 current cost 374,726 4,681,569
 19 Foreign securities -414,369 5,922,001
 20 Bonds 74,292 1,763,754
 21 Corporate stocks -488,661 4,158,247
 22 U.S. claims on
 unaffiliated
 foreigners reported
 by U.S. nonbanking
 concerns -77,935 796,827
 23 U.S. claims reported by
 U.S. banks and
 securities brokers,
 not included
 elsewhere -251,847 4,312,370

 24 Foreign-owned assets in the
 United States (lines
 25+26) 2,390,608 25,162,620
 25 Financial derivatives
 (gross negative fair
 value) 1,036,483 4,578,414
 26 Foreign-owned assets in
 the United States,
 excluding financial
 derivatives (lines
 27+34) 1,354,125 20,584,206

 27 Foreign official assets
 in the United States 338,065 5,250,792
 28 U.S. government
 securities 284,073 4,277,348
 29 U.S. Treasury
 securities 288,307 3,653,065
 30 Other -4,234 624,283
 31 Other U.S. government
 liabilities (10) 8,895 119,359
 32 U.S. liabilities
 reported by U.S.
 banks and securities
 brokers, not included
 elsewhere 30,010 209,550
 33 Other foreign official
 assets 15,087 644,535

 34 Other foreign assets 1,016,060 15,333,414
 35 Direct investment at
 current cost 311,084 2,908,791
 36 U.S. Treasury
 securities 316,222 1,418,050
 37 U.S. securities other
 than U.S. Treasury
 securities 34,219 5,968,177
 38 Corporate and other
 bonds -5,736 2,909,962
 39 Corporate stocks 39,955 3,058,215
 40 U.S. currency 54,996 397,086
 41 U.S. liabilities to
 unaffiliated
 foreigners
 reported by U.S.
 nonbanking concerns -13,890 629,728
 42 U.S. liabilities
 reported by U.S.
 banks and securities
 brokers, not included
 elsewhere 313,429 4,011,582

 Memoranda:
 43 Direct investment abroad at
 market value -266,768 4,499,962
 44 Direct investment in the
 United States at market
 value 111,948 3,509,359

(p) Preliminary

(r) Revised

(*) Less than $500,000(+/-)

... 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, primarily for bank and nonbank estimates, 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 flows, price
changes, or exchange-rate changes.

(3.) Financial flows and valuation adjustments for financial
derivatives are available only on a net basis, which is shown on line
2; they are not separately available for gross positive fair values
and gross negative fair values of financial derivatives.
Consequently, columns (a) through (d) on lines 4, 5, 24, and 25 are
not available.

(4.) Data are not separately available for the three types of
valuation adjustments; therefore, the sum of all three types is shown
in column (d).

(5.) Reflects changes in the value of the official gold stock due to
fluctuations in the market price of gold.

(6.) Reflects changes in gold stock from U.S. Treasury sales of gold
medallions and commemorative and bullion coins; also reflects
replenishment through open market purchases. These demonetizalions/
monetizations are not included in international transactions
financial flows.

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

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

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

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

Table 2. International Investment Position of the United States at
Yearend, 1998-2011

[Million of dollars]

Line Type of Investment 1998 1999 2000

 1 Net international
 investment position of
 the United
 States(lines2+3) -858,363 -731,068 -1,337,014
 2 Financial derivatives,
 net (line 5 less line
 25) (1) ... ... ...
 3 Net international
 investment position,
 excluding financial
 derivatives (line 6
 less line 26) -858,363 -731,068 -1,337,014

 4 U.S. owned assets abroad
 (lines 5+6) 5,095,546 5,974,394 6,238,785
 5 Financial derivatives
 (gross positive fair
 value) (1) ... ... ...
 6 U.S.-owned assets
 abroad, excluding
 financial
 derivatives
 (lines 7+12+17) 5,095,546 5,974,394 6,238,785

 7 U.S. official reserve
 assets 146,006 136,418 128,400
 8 Gold (2) 75,291 75,950 71,799
 9 Special drawing
 rights 10,603 10,336 10,539
 10 Reserve position in
 the International
 Monetary Fund 24,111 17,950 14,824
 11 Foreign currencies 36,001 32,182 31,238

 12 U.S. government
 assets, other
 than official
 reserve assets 86,768 84,227 85,168
 13 U.S. credits and
 other long-term
 assets (3) 84,850 81,657 82,574
 14 Repayable in
 dollars 84,528 81,367 82,293
 15 Other (4) 322 290 281
 16 U.S. foreign
 currency holdings
 and U.S. short
 term assets (5) 1,918 2,570 2,594

 17 U.S. private assets 4,862,772 5,753,749 6,025,217
 18 Direct investment at
 current costs 1,196,021 1,414,355 1,531,607
 19 Foreign
 securities (7) 2,069,383 2,551,949 2,425,534
 20 Bonds (7) 594,400 548,233 572,692
 21 Corporate
 stocks (7) 1,474,983 2,003,716 1,852,842
 22 U.S. claims on
 unaffiliated
 foreigners
 reported by U.S.
 nonbanking
 concerns (8) 588,322 704,517 836,559
 23 U.S. claims reported
 by U.S. banks and
 securities
 brokers,
 not included
 elsewhere (9) 1,009,046 1,082,928 1,231,517

 24 Foreign-owned assets in
 the United States
 (lines 25+26) 5,953,909 6,705,462 7,575,799
 25 Financial derivatives
 (gross negative fair
 value) (1) ... ... ...
 26 Foreign-owned assets
 in the United
 States, excluding
 financial
 derivatives (lines
 27+34) 5,953,909 6,705,462 7,575,799

 27 Foreign official
 assets in the
 United States 903,073 957,813 1,037,092
 28 U.S. government
 securities 669,768 693,781 756,155
 29 U.S. Treasury
 securities (10) 622,921 617,680 639,796
 30 Other (10) 46,847 76,101 116,359
 31 Other U.S.
 government
 liabilities (11) 25,285 27,866 25,700
 32 U.S. liabilities
 reported by U.S.
 banks and
 securities
 brokers, not
 included
 elsewhere 125,883 138,847 153,403
 33 Other foreign
 official
 assets (10) 82,137 97,319 101,834

 34 Other foreign assets 5,050,836 5,747,649 6,538,707
 35 Direct investment at
 current cost (12) 920,044 1,101,709 1,421,017
 36 U.S. Treasury
 securities (10) 543,323 440,685 381,630
 37 U.S. securities
 other than U.S.
 Treasury
 securities (10) 1,903,443 2,351,291 2,623,014
 38 Corporate and
 other bonds (10) 724,619 825,175 1,068,566
 39 Corporate
 stocks (10) 1,178,824 1,526,116 1,554,448
 40 U.S. currency 184,356 208,763 205,406
 41 U.S. liabilities to
 unaffiliated
 foreigners
 reported by U.S.
 nonbanking
 concerns (13) 485,675 578,046 738,904
 42 U.S. liabilities
 reported by U.S.
 banks and
 securities
 brokers, not
 included
 elsewhere (14) 1,013,995 1,067,155 1,168,736

 Memoranda:
 43 Direct investment abroad
 at market value (6) 2,279,601 2,839,639 2,694,014
 44 Direct investment in the
 United States at market
 value (12) 2,179,035 2,798,193 2,783,235

Line Type of Investment 2001 2002 2003

 1 Net international
 investment position of
 the United
 States(lines2+3) -1,875,032 -2,044,631 -2,093,794
 2 Financial derivatives,
 net (line 5 less line
 25) (1) ... ... ...
 3 Net international
 investment position,
 excluding financial
 derivatives (line 6
 less line 26) -1,875,032 -2,044,631 -2,093,794

 4 U.S. owned assets abroad
 (lines 5+6) 6,308,681 6,649,079 7,638,086
 5 Financial derivatives
 (gross positive fair
 value) (1) ... ... ...
 6 U.S.-owned assets
 abroad, excluding
 financial
 derivatives
 (lines 7+12+17) 6,308,681 6,649,079 7,638,086

 7 U.S. official reserve
 assets 129,961 158,602 183,577
 8 Gold (2) 72,328 90,806 108,866
 9 Special drawing
 rights 10,783 12,166 12,638
 10 Reserve position in
 the International
 Monetary Fund 17,869 21,979 22,535
 11 Foreign currencies 28,981 33,651 39,538

 12 U.S. government
 assets, other
 than official
 reserve assets 85,654 85,309 84,772
 13 U.S. credits and
 other long-term
 assets (3) 83,132 82,682 81,980
 14 Repayable in
 dollars 82,854 82,406 81,706
 15 Other (4) 278 276 274
 16 U.S. foreign
 currency holdings
 and U.S. short
 term assets (5) 2,522 2,627 2,792

 17 U.S. private assets 6,093,066 6,405,168 7,369,737
 18 Direct investment at
 current costs 1,693,131 1,867,043 2,054,464
 19 Foreign
 securities (7) 2,169,735 2,076,722 2,948,370
 20 Bonds (7) 557,062 702,742 868,948
 21 Corporate
 stocks (7) 1,612,673 1,373,980 2,079,422
 22 U.S. claims on
 unaffiliated
 foreigners
 reported by U.S.
 nonbanking
 concerns (8) 839,303 901,946 594,004
 23 U.S. claims reported
 by U.S. banks and
 securities
 brokers,
 not included
 elsewhere (9) 1,390,897 1,559,457 1,772,899

 24 Foreign-owned assets in
 the United States
 (lines 25+26) 8,183,713 8,693,710 9,731,880
 25 Financial derivatives
 (gross negative fair
 value) (1) ... ... ...
 26 Foreign-owned assets
 in the United
 States, excluding
 financial
 derivatives (lines
 27+34) 8,183,713 8,693,710 9,731,880

 27 Foreign official
 assets in the
 United States 1,115,229 1,257,638 1,569,845
 28 U.S. government
 securities 847,005 970,359 1,186,500
 29 U.S. Treasury
 securities (10) 720,149 811,995 986,301
 30 Other (10) 126,856 158,364 200,199
 31 Other U.S.
 government
 liabilities (11) 23,164 23,805 23,702
 32 U.S. liabilities
 reported by U.S.
 banks and
 securities
 brokers, not
 included
 elsewhere 134,655 155,876 201,054
 33 Other foreign
 official
 assets (10) 110,405 107,598 158,589

 34 Other foreign assets 7,068,484 7,436,072 8,162,035
 35 Direct investment at
 current cost (12) 1,518,473 1,499,952 1,580,994
 36 U.S. Treasury
 securities (10) 375,059 473,503 527,223
 37 U.S. securities
 other than U.S.
 Treasury
 securities (10) 2,821,372 2,779,067 3,422,856
 38 Corporate and
 other bonds (10) 1,343,071 1,530,982 1,710,787
 39 Corporate
 stocks (10) 1,478,301 1,248,085 1,712,069
 40 U.S. currency 229,200 248,061 258,652
 41 U.S. liabilities to
 unaffiliated
 foreigners
 reported by U.S.
 nonbanking
 concerns (13) 798,314 897,335 450,884
 42 U.S. liabilities
 reported by U.S.
 banks and
 securities
 brokers, not
 included
 elsewhere (14) 1,326,066 1,538,154 1,921,426

 Memoranda:
 43 Direct investment abroad
 at market value (6) 2,314,934 2,022,588 2,729,126
 44 Direct investment in the
 United States at market
 value (12) 2,560,294 2,021,817 2,454,877

Line Type of Investment 2004 2005 2006

 1 Net international
 investment position of
 the United
 States(lines2+3) -2,253,026 -1,932,149 -2,191,653
 2 Financial derivatives,
 net (line 5 less line
 25) (1) ... 57,915 59,836
 3 Net international
 investment position,
 excluding financial
 derivatives (line 6
 less line 26) -2,253,026 -1,990,064 -2,251,489

 4 U.S. owned assets abroad
 (lines 5+6) 9,340,634 11,961,552 14,428,137
 5 Financial derivatives
 (gross positive fair
 value) (1) ... 1,190,029 1,238,995
 6 U.S.-owned assets
 abroad, excluding
 financial
 derivatives
 (lines 7+12+17) 9,340,634 10,771,523 13,189,142

 7 U.S. official reserve
 assets 189,591 188,043 219,853
 8 Gold (2) 113,947 134,175 165,267
 9 Special drawing
 rights 13,628 8,210 8,870
 10 Reserve position in
 the International
 Monetary Fund 19,544 8,036 5,040
 11 Foreign currencies 42,472 37,622 40,676

 12 U.S. government
 assets, other
 than official
 reserve assets 83,062 77,523 72,189
 13 U.S. credits and
 other long-term
 assets (3) 80,308 76,960 71,635
 14 Repayable in
 dollars 80,035 76,687 71,362
 15 Other (4) 273 273 273
 16 U.S. foreign
 currency holdings
 and U.S. short
 term assets (5) 2,754 563 554

 17 U.S. private assets 9,067,981 10,505,957 12,897,100
 18 Direct investment at
 current costs 2,498,494 2,651,721 2,948,172
 19 Foreign
 securities (7) 3,545,396 4,329,259 5,604,475
 20 Bonds (7) 984,978 1,011,554 1,275,515
 21 Corporate
 stocks (7) 2,560,418 3,317,705 4,328,960
 22 U.S. claims on
 unaffiliated
 foreigners
 reported by U.S.
 nonbanking
 concerns (8) 793,556 1,018,462 1,184,073
 23 U.S. claims reported
 by U.S. banks and
 securities
 brokers,
 not included
 elsewhere (9) 2,230,535 2,506,515 3,160,380

 24 Foreign-owned assets in
 the United States
 (lines 25+26) 11,593,660 13,893,701 16,619,790
 25 Financial derivatives
 (gross negative fair
 value) (1) ... 1,132,114 1,179,159
 26 Foreign-owned assets
 in the United
 States, excluding
 financial
 derivatives (lines
 27+34) 11,593,660 12,761,587 15,440,631

 27 Foreign official
 assets in the
 United States 2,019,508 2,313,295 2,832,999
 28 U.S. government
 securities 1,509,986 1,725,193 2,167,112
 29 U.S. Treasury
 securities (10) 1,251,943 1,340,598 1,558,317
 30 Other (10) 258,043 384,595 608,795
 31 Other U.S.
 government
 liabilities (11) 23,896 22,869 26,053
 32 U.S. liabilities
 reported by U.S.
 banks and
 securities
 brokers, not
 included
 elsewhere 270,387 296,647 297,012
 33 Other foreign
 official
 assets (10) 215,239 268,586 342,822

 34 Other foreign assets 9,574,152 10,448,292 12,607,632
 35 Direct investment at
 current cost (12) 1,742,716 1,905,979 2,154,062
 36 U.S. Treasury
 securities (10) 561,610 643,793 567,861
 37 U.S. securities
 other than U.S.
 Treasury
 securities (10) 3,995,506 4,352,998 5,372,339
 38 Corporate and
 other bonds (10) 2,035,149 2,243,135 2,824,871
 39 Corporate
 stocks (10) 1,960,357 2,109,863 2,547,468
 40 U.S. currency 271,953 280,400 282,627
 41 U.S. liabilities to
 unaffiliated
 foreigners
 reported by U.S.
 nonbanking
 concerns (13) 600,161 658,177 799,471
 42 U.S. liabilities
 reported by U.S.
 banks and
 securities
 brokers, not
 included
 elsewhere (14) 2,402,206 2,606,945 3,431,272

 Memoranda:
 43 Direct investment abroad
 at market value (6) 3,362,796 3,637,996 4,470,343
 44 Direct investment in the
 United States at market
 value (12) 2,717,383 2,817,970 3,293,053

Line Type of Investment 2007 2008 2009 (r)

 1 Net international
 investment position of
 the United
 States(lines2+3) -1,796,005 -3,260,158 -2,321,770
 2 Financial derivatives,
 net (line 5 less line
 25) (1) 71,472 159,635 126,335
 3 Net international
 investment position,
 excluding financial
 derivatives (line 6
 less line 26) -1,867,447 -3,419,793 -2,448,105

 4 U.S. owned assets abroad
 (lines 5+6) 18,399,676 19,464,717 18,511,691
 5 Financial derivatives
 (gross positive fair
 value) (1) 2,559,332 6,127,450 3,489,779
 6 U.S.-owned assets
 abroad, excluding
 financial
 derivatives
 (lines 7+12+17) 15,840,344 13,337,267 15,021,912

 7 U.S. official reserve
 assets 277,211 293,732 403,804
 8 Gold (2) 218,025 227,439 284,380
 9 Special drawing
 rights 9,476 9,340 57,814
 10 Reserve position in
 the International
 Monetary Fund 4,244 7,683 11,385
 11 Foreign currencies 45,466 49,270 50,225

 12 U.S. government
 assets, other
 than official
 reserve assets 94,471 624,099 82,774
 13 U.S. credits and
 other long-term
 assets (3) 70,015 69,877 71,830
 14 Repayable in
 dollars 69,742 69,604 71,557
 15 Other (4) 273 273 273
 16 U.S. foreign
 currency holdings
 and U.S. short
 term assets (5) 24,456 554,222 10,944

 17 U.S. private assets 15,468,662 12,419,436 14,535,334
 18 Direct investment at
 current costs 3,553,095 3,748,512 4,029,457
 19 Foreign
 securities (7) 6,835,079 3,985,712 5,565,636
 20 Bonds (7) 1,587,089 1,237,284 1,570,341
 21 Corporate
 stocks (7) 5,247,990 2,748,428 3,995,295
 22 U.S. claims on
 unaffiliated
 foreigners
 reported by U.S.
 nonbanking
 concerns (8) 1,233,341 930,909 930,337
 23 U.S. claims reported
 by U.S. banks and
 securities
 brokers,
 not included
 elsewhere (9) 3,847,147 3,754,303 4,009,904

 24 Foreign-owned assets in
 the United States
 (lines 25+26) 20,195,681 22,724,875 20,833,461
 25 Financial derivatives
 (gross negative fair
 value) (1) 2,487,860 5,967,815 3,363,444
 26 Foreign-owned assets
 in the United
 States, excluding
 financial
 derivatives (lines
 27+34) 17,707,821 16,757,060 17,470,017

 27 Foreign official
 assets in the
 United States 3,411,831 3,943,862 4,402,809
 28 U.S. government
 securities 2,540,062 3,264,139 3,588,575
 29 U.S. Treasury
 securities (10) 1,736,687 2,400,516 2,879,612
 30 Other (10) 803,375 863,623 708,963
 31 Other U.S.
 government
 liabilities (11) 31,860 40,694 99,119
 32 U.S. liabilities
 reported by U.S.
 banks and
 securities
 brokers, not
 included
 elsewhere 406,031 256,355 187,507
 33 Other foreign
 official
 assets (10) 433,878 382,674 527,608

 34 Other foreign assets 14,295,990 12,813,198 13,067,208
 35 Direct investment at
 current cost (12) 2,345,923 2,397,396 2,398,208
 36 U.S. Treasury
 securities (10) 639,755 852,458 790,985
 37 U.S. securities
 other than U.S.
 Treasury
 securities (10) 6,190,018 4,620,661 5,319,948
 38 Corporate and
 other bonds (10) 3,289,070 2,770,606 2,825,638
 39 Corporate
 stocks (10) 2,900,948 1,850,055 2,494,310
 40 U.S. currency 271,952 301,139 313,771
 41 U.S. liabilities to
 unaffiliated
 foreigners
 reported by U.S.
 nonbanking
 concerns (13) 863,140 740,553 706,387
 42 U.S. liabilities
 reported by U.S.
 banks and
 securities
 brokers, not
 included
 elsewhere (14) 3,985,202 3,900,991 3,537,909

 Memoranda:
 43 Direct investment abroad
 at market value (6) 5,274,991 3,102,418 4,287,203
 44 Direct investment in the
 United States at market
 value (12) 3,551,307 2,486,446 2,995,459

Line Type of Investment 2010 (r) 2010 (p)

 1 Net international
 investment position of
 the United
 States(lines2+3) -2,473,599 -4,030,250
 2 Financial derivatives,
 net (line 5 less line
 25) (1) 110,382 126,252
 3 Net international
 investment position,
 excluding financial
 derivatives (line 6
 less line 26) -2,583,981 -4,156,502

 4 U.S. owned assets abroad
 (lines 5+6) 20,298,413 21,132,370
 5 Financial derivatives
 (gross positive fair
 value) (1) 3,652,313 4,704,666
 6 U.S.-owned assets
 abroad, excluding
 financial
 derivatives
 (lines 7+12+17) 16,646,100 16,427,704

 7 U.S. official reserve
 assets 488,673 536,036
 8 Gold (2) 367,537 400,355
 9 Special drawing
 rights 56,824 54,956
 10 Reserve position in
 the International
 Monetary Fund 12,492 30,080
 11 Foreign currencies 51,820 50,645

 12 U.S. government
 assets, other
 than official
 reserve assets 75,235 178,901
 13 U.S. credits and
 other long-term
 assets (3) 74,399 78,373
 14 Repayable in
 dollars 74,126 78,100
 15 Other (4) 273 273
 16 U.S. foreign
 currency holdings
 and U.S. short
 term assets (5) 836 100,528

 17 U.S. private assets 16,082,192 15,712,767
 18 Direct investment at
 current costs 4,306,843 4,681,569
 19 Foreign
 securities (7) 6,336,370 5,922,001
 20 Bonds (7) 1,689,462 1,763,754
 21 Corporate
 stocks (7) 4,646,908 4,158,247
 22 U.S. claims on
 unaffiliated
 foreigners
 reported by U.S.
 nonbanking
 concerns (8) 874,762 796,827
 23 U.S. claims reported
 by U.S. banks and
 securities
 brokers,
 not included
 elsewhere (9) 4,564,217 4,312,370

 24 Foreign-owned assets in
 the United States
 (lines 25+26) 22,772,012 25,162,620
 25 Financial derivatives
 (gross negative fair
 value) (1) 3,541,931 4,578,414
 26 Foreign-owned assets
 in the United
 States, excluding
 financial
 derivatives (lines
 27+34) 19,230,081 20,584,206

 27 Foreign official
 assets in the
 United States 4,912,727 5,250,792
 28 U.S. government
 securities 3,993,275 4,277,348
 29 U.S. Treasury
 securities (10) 3,364,758 3,653,065
 30 Other (10) 628,517 624,283
 31 Other U.S.
 government
 liabilities (11) 110,464 119,359
 32 U.S. liabilities
 reported by U.S.
 banks and
 securities
 brokers, not
 included
 elsewhere 179,540 209,550
 33 Other foreign
 official
 assets (10) 629,448 644,535

 34 Other foreign assets 14,317,354 15,333,414
 35 Direct investment at
 current cost (12) 2,597,707 2,908,791
 36 U.S. Treasury
 securities (10) 1,101,828 1,418,050
 37 U.S. securities
 other than U.S.
 Treasury
 securities (10) 5,933,958 5,968,177
 38 Corporate and
 other bonds (10) 2,915,698 2,909,962
 39 Corporate
 stocks (10) 3,018,260 3,058,215
 40 U.S. currency 342,090 397,086
 41 U.S. liabilities to
 unaffiliated
 foreigners
 reported by U.S.
 nonbanking
 concerns (13) 643,618 629,728
 42 U.S. liabilities
 reported by U.S.
 banks and
 securities
 brokers, not
 included
 elsewhere (14) 3,698,153 4,011,582

 Memoranda:
 43 Direct investment abroad
 at market value (6) 4,766,730 4,499,962

 44 Direct investment in the
 United States at market
 value (12) 3,397,411 3,509,359

(p) Preliminary

(r) Revised

... Not applicable

(1.) A break in series in 2005 reflects the introduction of U.S.
Department of the Treasury data on financial derivatives.

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

(3.) Also includes paid-in capital subscriptions to international
under foreign assistance programs requiring repayment over several
years. Excludes World War I debts that are not being serviced.
financial institutions and resources provided to foreigners

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

(5.) Beginning in 2007, includes foreign-currency-denominated assets
obtained through temporary reciprocal currency arrangements between
the Federal Reserve System and foreign central banks.

(6.) A break in series in 1994 reflects the reclassification from the
direct investment accounts to the nonbank investment accounts of
intercompany debt positions between parent companies and affiliates
that are not depository institutions and that are primarily engaged
in financial intermediation. Estimates for 1976 forward are linked to
the 1977, 1982, 1989, 1994, 1999, and 2004 benchmark surveys of U.S.
direct investment abroad.

(7.) Estimates include results of the 1994, 1997, 2001, and 2006
Benchmark Surveys of U.S. Portfolio Holdings of Foreign Securities,
and the results of the 2003-2005 and 2007-2010 Annual Surveys of U.S.
Holdings of Foreign Securities, conducted by the U.S. Department of
the Treasury.

(8.) A break in series in 1983 reflects the introduction of
counterparty data from the United Kingdom and from the Bank for
International Settlements (BIS) for several European countries,
Caribbean banking centers, and Asian banking centers. Additional
coverage from BIS data was introduced in 1986, 1989, 1993, and 1994.
In 1994, intercompany debt positions between parent companies and
affiliates that are not depository institutions and that are primarily
engaged in financial intermediation are reclassified from the direct
investment accounts to the nonbank investment accounts. A break in
series in 2003 reflects the reclassification of assets reported by
U.S. securities brokers from nonbank-reported assets to bank- reported
assets, and a reduction in counterparty balances to eliminate double
counting. A break in series in 2005 reflects the addition of
previously unreported claims of U.S. financial intermediaries on their
foreign parents associated with the issuance of asset-backed
commercial paper in the United States.

(9.) A break in series in 1988 reflects the introduction of data on
holdings of foreign commercial paper. A break in series in 2003
reflects the reclassification of assets reported by U.S. securities
brokers from nonbank-reported assets to bank- reported assets.

(10.) Estimates include results of the 1978, 1984, 1989, 1994, 2000,
2004, and 2009 Benchmark Surveys of Foreign Portfolio Investment in
the United States, and the results of the 2002-2003, 2005-2008, and
2010-2011 Annual Surveys of Foreign Holdings of U.S. Securities,
conducted by the U.S. Department of the Treasury.

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