The international investment position of the United States at yearend 2010.

Nguyen, Elena L.

THE NET international investment position of the United States was -$2,471.0 billion (preliminary) at yearend 2010, compared with -$2,396.4 billion (revised) at yearend 2009 (chart 1, table 1). At yearend 2010, the value of foreign-owned assets in the United States exceeded the value of U.S.-owned assets abroad slightly more than they did at yearend 2009.

The -$74.6 billion change in the U.S. net investment position from yearend 2009 to yearend 2010 primarily reflected net foreign acquisitions of financial assets in the United States that exceeded net U.S. acquisitions of financial assets abroad. The impact of these financial flows was partly offset by the net change in valuation adjustments, which include price changes, exchange-rate changes, and other changes, such as more complete source data.

In 2010, price changes led to an $81.5 billion change in the U.S. net international investment position. Worldwide prices of financial assets--such as stocks, bonds, and government securities, including U.S. Treasury securities--increased, raising the value of both U.S. holdings of foreign securities and foreign holdings of U.S. securities by comparable amounts. Because these changes in financial asset prices were largely offsetting, the net price change for the U.S. net investment position was mostly attributable to changes in the value of the U.S. gold stock, as the market price of gold reached historical highs. Exchange-rate changes led to a -$39.6 billion change in the U.S. net international investment position. Depreciation of some major foreign currencies against the U.S. dollar from yearend 2009 to yearend 2010 lowered the dollar value of U.S.-owned assets abroad slightly more than the dollar value of foreign-currency-denominated U.S. liabilities. Other changes led to a $137.9 billion change in the U.S. net international investment position. In 2010, other valuation changes included more complete reporting of the Treasury International Capital position data by banks and nonbanks, capital gains and losses from the sale of direct investment assets, and adjustments to source data.

[GRAPHIC 1 OMITTED]

In 2010, U.S.-owned assets abroad increased $1,828.3 billion to $20,315.4 billion, and foreign-owned assets in the United States increased $1,902.9 billion to $22,786.3 billion (table A). U.S. holdings of financial derivatives as assets (with gross positive fair value) increased $152.1 billion, and U.S. holdings as liabilities (with gross negative fair value) increased $176.5 billion, following large decreases in 2009. These changes were mainly due to increases in U.S. assets and liabilities from single-currency, interest rate, and foreign exchange contracts that more than offset decreases from other contracts, mostly credit default swaps. In 2010, declining yields on single-currency interest rate swaps caused the fair values of existing swaps to rise in the second and third quarters and for the year 2010, more than accounting for increases in total U.S. holdings of financial derivatives with gross positive and gross negative fair values. In contrast, the value of other contracts, mostly credit default swaps, continued to decline from their peak in 2008.

U.S.-owned assets abroad excluding financial derivatives increased $1,676.2 billion to $16,662.5 billion in 2010.

* Financial flows excluding financial derivatives raised the value of U.S.-owned assets abroad by $1,005.2 billion (table B). In 2010, both U.S. banks' and securities brokers' claims on foreign residents and U.S. direct investment abroad increased, and U.S. residents bought more foreign securities than they sold. These financial outflows were partly offset by decreases in the U.S. government's foreign currency holdings and in U.S. nonbanks' claims on foreign residents.

* Valuation adjustments excluding those on financial derivatives raised the value of U.S.-owned assets abroad by $671.0 billion (table B). Price changes of $621.8 billion, mostly from price increases of foreign stocks, and other valuation changes of $100.8 billion were partly offset by exchange-rate changes of-$51.7 billion.

Foreign-owned assets in the United States excluding financial derivatives increased $1,726.4 billion to $19,243.9 billion in 2010.

* Financial flows excluding financial derivatives raised the value of foreign-owned assets in the United States by $1,245.7 billion (table C). In 2010, foreign residents, including foreign official institutions, purchased more U.S. securities than they sold, especially U.S. Treasury securities. Foreign direct investment in the United States and U.S. banks' and securities brokers' and U.S. nonbanks' liabilities to foreign residents increased.

* Valuation adjustments excluding those on financial derivatives raised the value of foreign-owned assets in the United States by $480.7 billion (table C). Price changes of $540.4 billion, mostly from price increases of U.S stocks, were partly offset by exchange-rate changes of-$12.0 billion and other

valuation changes of-$47.6 billion. This article presents the major changes in U.S.-owned assets abroad and in foreign-owned assets in the United States in 2010. Tables 1 and 2 at the end of this article present the yearend position statistics by type of asset.

Changes in U.S.-Owned Assets Abroad

U.S. official reserve assets and other U.S. government assets

U.S. official reserve assets increased $84.9 billion to $488.7 billion in 2010, mostly from increases in the market value of the official U.S. gold stock. The value of the U.S. gold stock increased $83.2 billion to $367.5 billion, reflecting a 29 percent increase in the market price of gold from yearend 2009 to yearend 2010. U.S. official holdings of foreign currencies and reserve position in the International Monetary Fund also increased, but by much smaller amounts. In contrast, U.S. holdings of special drawing rights decreased slightly.

U.S. government assets other than official reserve

assets decreased $7.5 billion to $75.2 billion, as a result of the reversal of nearly all remaining swaps under temporary reciprocal currency arrangements between the U.S. central bank and foreign central banks. The decrease in foreign currency holdings was partly offset by an increase in U.S. government credits to foreigners.

Financial derivatives

U.S. holdings of financial derivatives with gross positive fair value increased $152.1 billion to $3,652.9 billion in 2010 (table D). (1) Most of the increase was attributable to increases in over-the-counter, single-currency interest rate and foreign exchange contracts that more than offset decreases in other contracts, mostly credit default swaps. By area, most U.S. positions were with counterparties in Europe, predominantly the United Kingdom.

Bank and nonbank claims

U.S. claims on foreigners reported by U.S. banks and securities brokers increased $568.0 billion to $4,572.6 billion in 2010, mostly as a result of $515.0 billion in financial outflows.

U.S. banks' and securities brokers' own claims denominated in dollars increased $441.0 billion to $3,259.4 billion (table E). Most of the increase reflected increases in U.S. securities brokers' claims, mostly in the form of resale agreements, and in U.S.-owned banks' claims, mostly in the form of deposit placements and loans to affiliated offices overseas.

U.S. banks' domestic customers' claims denominated in dollars increased $89.9 billion to $895.3 billion, reflecting increases in U.S. holdings of foreign commercial paper and other short-term instruments, deposits and brokerage balances, and other claims that more than offset decreases in U.S. holdings of foreign negotiable certificates of deposit. U.S. banks' claims payable in foreign currencies increased $37.1 billion to $417.9 billion, mostly as a result of increases in banks' customers' claims.

U.S. claims on foreigners reported by U.S. nonbanking concerns increased $11.8 billion to $873.7 billion.

Foreign securities

U.S. holdings of foreign securities increased $657.2 billion to $6,222.9 billion in 2010, mostly as a result of price appreciation of foreign stocks and, to a lesser extent, of foreign bonds. U.S. net purchases of foreign securities also raised U.S. holdings. In contrast, exchange-rate changes resulting from the depreciation of some major foreign currencies against the U.S. dollar from yearend 2009 to yearend 2010 lowered the value of U.S. holdings. In 2010, price appreciation of foreign securities, particularly of foreign stocks, was not as strong as in 2009. Major foreign currencies depreciated 1 percent against the U.S. dollar, compared with an appreciation of 9 percent in 2009. (2)

U.S. holdings of foreign stocks increased $490.3 billion to $4,485.6 billion, mostly as a result of $450.3 billion in price appreciation, as global stock markets continued to recover from the financial crisis. The Morgan Stanley Capital International World (excluding the United States) stock index in local currency rose 5 percent in 2010, following a 28 percent increase in 2009. U.S. net purchases of foreign stocks raised U.S. holdings by $79.1 billion. In contrast, exchange-rate changes lowered U.S. holdings by $39.1 billion.

At yearend 2010, the largest U.S. holdings were in European stocks, which stood at $2,031.8 billion, or 45 percent of total U.S. holdings of foreign stocks (table F). U.S. holdings of Asian stocks were $1,153.5 billion, or 26 percent of the total.

U.S. holdings of foreign bonds increased $166.9 billion to $1,737.3 billion, reflecting $98.1 billion in price appreciation and $72.8 billion in net purchases that were partly offset by a small decline in value caused by exchange-rate changes.

At yearend 2010, the largest U.S. holdings were in European bonds, which stood at $771.7 billion, or 44 percent of total U.S. holdings of foreign bonds (table G). U.S. holdings of Canadian bonds were $283.9 billion, or 16 percent of the total. Holdings of foreign bonds in Caribbean financial centers, mostly in the Cayman Islands, were $265.9 billion, or 15 percent of the total.

U.S. direct investment abroad

The stock of U.S. direct investment abroad increased $361.9 billion to $4,429.4 billion in 2010. Financial outflows raised U.S. direct investment abroad by $351.4 billion, mostly as a result of very strong reinvested earnings (table H). Net equity investment increased from a multiyear low and intercompany debt shifted to inflows from outflows.

Changes in Foreign-Owned Assets in the United States

Financial derivatives

U.S. holdings of financial derivatives with gross negative fair value increased $176.5 billion to $3,542.5 billion (table I). As with U.S. holdings of financial derivatives with gross positive fair value, most of the increase was attributable to increases in over-the-counter, single-currency interest rate and foreign exchange contracts. In contrast, other contracts, mostly credit default swaps, decreased. By area, most U.S. positions were with counterparties in Europe, predominantly the United Kingdom.

Foreign official assets

Foreign official assets in the United States increased $460.9 billion to $4,863.6 billion, mostly as a result of strong net purchases of U.S. Treasury securities. Foreign official holdings of U.S. Treasury securities increased $441.1 billion to $3,320.7 billion, reflecting net purchases of $397.8 billion and price appreciation of $43.3 billion. Holdings of U.S. corporate bonds and stocks increased $90.5 billion to $618.1 billion (other foreign official assets, table 1, line 33), reflecting price appreciation of $60.4 billion, mostly from price increases of U.S. stocks, and net purchases of $30.0 billion. Other U.S. government liabilities to foreign official institutions increased $11.1 billion to $110.2 billion. In contrast, foreign official holdings of U.S. agency bonds decreased $72.5 billion to $636.5 billion (line 30), reflecting $80.8 billion in net sales that were partly offset by small price increases. U.S. banks' and securities brokers' liabilities to foreign official institutions decreased $9.4 billion to $178.1 billion.

Bank and nonbank liabilities

U.S. liabilities to private foreign residents and international financial institutions reported by U.S. banks and securities brokers increased $166.6 billion to $3,706.7 billion in 2010. The increase reflected financial inflows of $177.1 billion, a sharp reversal from financial outflows of $317.1 billion in 2009 and $428.3 billion in 2008.

Dollar-denominated liabilities for U.S. banks' and securities brokers' own accounts increased $247.0 billion to $3,149.0 billion (table 1). The increase reflected a shift to inflows of funds after 2 years of substantial outflows, as the effects of the financial crisis subsided. In 2010, U.S. securities brokers' liabilities to foreign banks, mostly in the form of repurchase agreements and brokerage balances, increased considerably. Both U.S.-owned and foreign-owned banks' liabilities also increased, mostly as a result of interoffice transfers of funds in the form of loans and deposits from affiliated banks in the United Kingdom and the Caribbean.

In contrast, dollar-denominated liabilities for customers' accounts decreased $51.1 billion to $364.9 billion, reflecting cutbacks in foreign loans to U.S. customers and decreases in foreign holdings of U.S. negotiable certificates of deposit. U.S. banks' liabilities payable in foreign currencies decreased $29.4 billion to $192.8 billion, reflecting cutbacks in loans to U.S. banks.

U.S. liabilities to foreign residents reported by U.S. nonbanking concerns increased $40.4 billion to $747.8 billion. The increase reflected $77.5 billion in financial inflows that were partly offset by decreases in U.S. liabilities resulting from exchange-rate changes and other valuation changes that included more complete reporting of position data by nonbanking financial intermediaries in BEA's surveys of direct investment.

U.S. Treasury securities

Total foreign official and private holdings of U.S. Treasury securities increased $713.9 billion to $4,385.3 billion in 2010 (table K). The increase reflected strong net purchases and price appreciation of U.S Treasury securities.

At yearend 2010, China remained the largest foreign investor in U.S. Treasury securities with its holdings valued at $1,280.1 billion, an increase of $243.7 billion from yearend 2009. Japan was the second-largest investor with its holdings valued at $871.5 billion, an increase of $121.3 billion from yearend 2009. Together, China and Japan accounted for 49 percent of total foreign holdings of U.S. Treasury securities.

Other U.S. securities

Foreign private holdings of U.S. securities other than U.S. Treasury securities increased $540.2 billion to $5,860.1 billion in 2010. The increase reflected price appreciation, mostly from price increases of U.S. stocks, and net purchases that more than offset a small decrease in U.S. holdings resulting from exchange-rate changes.

Foreign holdings of U.S. corporate and agency bonds increased $42.9 billion to $2,868.5 billion. The increase reflected $73.8 billion in price appreciation that was partly offset by $22.7 billion in net sales and $8.3 billion in exchange-rate depreciation of foreign-currency-denominated U.S. corporate bonds. In 2010, net sales of corporate bonds slowed sharply from a record level and net transactions in agency bonds shifted to small net purchases after 3 consecutive years of net sales.

At yearend 2010, investors from Europe, mostly from Western Europe, accounted for $1,762.2 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 $536.9 billion, or 19 percent of total holdings, and investors from Asia, mostly from Japan, accounted for $403.6 billion, or 14 percent of the total.

Foreign holdings of U.S. stocks increased $497.4 billion to $2,991.6 billion, reflecting $354.2 billion in price appreciation and $143.1 billion in net purchases. For 2010, the S&P 500 stock index rose 13 percent, following a 23 percent increase for 2009.

At yearend 2010, investors from Europe, mostly from Western Europe, accounted for $1,550.4 billion, or 52 percent of total foreign holdings of U.S. stocks (table M). Outside of Europe, investment funds in the Caribbean financial centers accounted for $511.2 billion, or 17 percent of total holdings. Investors from Asia, mostly from Japan, accounted for $391.3 billion, or 13 percent of the total, and investors from Canada accounted for $365.7 billion, or 12 percent of the total.

U.S. currency

U.S. currency held by foreigners increased $28.3 billion to $342.1 billion in 2010. Net U.S. currency shipments to foreigners increased to a near-record level as demand for dollars picked up, partly as a result of heightened concerns about the stability and solvency of banks in some smaller European countries.

Foreign direct investment in the United States

The stock of foreign direct investment in the United States increased $217.2 billion to $2,658.9 billion in 2010. Financial inflows raised foreign direct investment in the United States by $236.2 billion, mostly as a result of net equity investment and reinvested earnings (table N).

Valuing Direct Investment Positions and Other Components of the U.S, International Investment Position

Virtually all of the categories in the international investment position accounts except direct investment positions can be directly estimated with reference to readily observable market prices. For example, the value of positions in portfolio investment securities, gold, loans, currencies, and bank deposits can be directly estimated based on face values or market prices of recent transactions. In contrast, direct investment positions typically involve illiquid ownership interests in companies that may possess many unique attributes--such as customer base, management, and ownership of intangible assets--whose values 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 BENs featured measure of direct investment in current-period prices. The current-cost method values the U.S. and foreign parents' shares of their affiliates' investment in plant and equipment, using the current cost of capital equipment; in land, using general price indexes; and 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. BEA also publishes direct investment at historical cost, which values assets and liabilities at their book value. Country and industry detail can be shown only for direct investment at historical cost. (For additional information, see ]. Steven Landefeld and Ann M. Lawson, "Valuation of the U.S. Net International Investment Position;' SURVEY OF CURRENT BUSINESS 71 (May 1991): 40-49.)

In this article, BEA features the current-cost method, because the statistics prepared using this method are comparable with BEA's current-cost statistics of the net stock of fixed assets and consumer durable goods and with the Federal Reserve Board's statistics of domestic net worth (the sum of tangible assets located in the United States, including plant and equipment, inventories, and land). Furthermore, BEA's calculation of direct investment income includes a current-cost adjustment to depreciation; this adjustment converts depreciation as reported on company financial statements to the preferred economic accounts measure, which is based on the current cost, rather than on the historical cost, of assets.

For detailed data on direct investment at historical cost by country and industry, see "Direct Investment Positions for 2010: Country and Industry Detail" in this issue.

Revisions to the Statistics

Statistics on the U.S. international investment position presented in this article have been revised for 2007 to 2009 to incorporate newly available source data and methodological changes that are related to the improvements to the annual revision of the U.S. international transactions accounts.

The revised position statistics reflect the incorporation of results from BEA's benchmark survey of foreign direct investment in the United States for 2007 and the U.S. Treasury Department's annual surveys of U.S. Ownership of Foreign Securities for December 2009 and Foreign-Residents' Holdings of U.S. Securities for June 2010. The revisions also reflect new and updated source data from BEA's quarterly and annual surveys of direct investment, the Treasury International Capital reporting system, and other sources.

Revisions for 2007 to 2009 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 -$1,915.7 billion to -$1,796.0 billion for 2007, from -$3,493.9 billion to -$3,260.2 billion for 2008, and from -$2,737.8 billion to -$2,396.4 billion for 2009 (see table below). In each year, U.S.-owned assets abroad were revised up, and foreign-owned assets in the United States were revised down.

U.S.-owned assets abroad were revised up, mainly because of upward revisions to U.S. claims reported by U.S. nonbanking concerns for 2007, to U.S. claims reported by U.S. nonbanking concerns and by U.S. banks and securities brokers for 2008, and to U.S investment in foreign securities for 2009. Improved source data from the BEA 2007 benchmark survey of foreign direct investment in the United States and from other sources led to the upward revisions to the U.S. claims of nonbanking financial intermediaries for 2007-2009.1 Updated source data from the Treasury International Capital reporting system led to the upward revision to U.S. claims reported by U.S. banks and securities brokers for 2008 and to the downward revision for 2009. U.S. holdings of foreign securities for 2009 were revised upward to incorporate the results from the U.S. Treasury Department's December 2009 survey of U.S. Ownership of Foreign Securities.

Foreign-owned assets in the United States were revised down mainly because of downward revisions to foreign direct investment based on results from the BEA 2007 benchmark survey of foreign direct investment in the United States. For 2008, the large downward revision to foreign direct investment was mostly offset by upward revisions to U.S. liabilities reported by U.S. banks and securities brokers and by U.S. nonbanking concerns.

For additional information on the sources of revisions to positions, see "Annual Revision of the U.S. International Transactions Accounts" in this issue.

(1.) U.S. claims and liabilities reported by U.S. nonbanking concerns include intercompany debt between affiliated financial intermediaries that is collected in surveys of direct investment and reclassified to the nonbank accounts, as recommended by international statistical standards.

Revisions to the International Investment Position of the United
States at Yearend, 2007-2009
[Billions of dollars]

 Type of investment 2007 2008 2009

Net international investment
 position of the United States
 Revised -1,796.0 -3,260.2 -2,396.4
 Previously published -1,915.7 -3,493.9 -2,737.8
 Amount of revision 119.7 233.7 341.4

 U.S. owned assets abroad
 Revised 18,399.7 19,464.7 18,487.0
 Previously published 18.339.9 19,244.9 18,379.1
 Amount of revision 59.8 219.8 108.0

 Foreign securities
 Revised 6.835.1 3,985.7 5,565.6
 Previously published 6,835.1 3,985.7 5,471.0
 Amount of revision 0.0 0.0 94.6

 U.S. claims on unaffiliated
 foreigners reported by
 U.S. nonbanking concerns
 Revised 1,233.3 930.9 861.9
 Previously published 1,173.7 794.7 794.2
 Amount of revision 59.6 136.2 67.7

 U.S. claims reported by U.S.
 banks and securities
 brokers, not included
 elsewhere
 Revised 3,847.1 3,754.3 4,004.6
 Previously published 3,847.1 3,676.3 4,064.1
 Amount of revision 0.0 78.0 -59.5

 Foreign-owned assets in the
 United States
 Revised 20,195.7 22,724.9 20,883.5
 Previously published 20,255.6 22,738.8 21,116.9
 Amount of revision -59.9 -13.9 -233.5

 Direct investment at current
 cost
 Revised 2,345.9 2,397.4 2,441.7
 Previously published 2,410.5 2,521.4 2,672.8
 Amount of revision -64.6 -124.0 -231.1

 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns
 Revised 863.1 740.6 707.4
 Previously published 864.6 731.5 665.5
 Amount of revision -1.4 9.0 41.9

 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere
 Revised 3,985.2 3,901.0 3,540.2
 Previously published 3,979.0 3,805.2 3,593.6
 Amount of revision 6.2 95.8 -53.5

(1.) 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 was 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 was terminated or settled. The gross positive (or negative) fair value is the sum of all contracts with positive (or negative) fair values. Fair values are different from notional values, which are the underlying amounts used to calculate payments on contracts.

(2.) The Federal Reserve Board's monthly index of the foreign exchange value of the U.S. dollar against major foreign currencies was used to measure the appreciation or depreciation of foreign currencies against the U.S. dollar.

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

 2008 2009 2010

Net position -3,260.2 -2396.4 -2,471.0
 Financial derivatives, net 159.6 134.7 110.4
 Net position, excluding
 financial derivatives -3,419.8 -2,531.2 -2,581.4

 U.S.-owned assets abroad 19,464.7 18,487.0 20,315.4
 Financial derivatives (gross
 positive fair value) 6,127.5 3,500.8 3,652.9
 U.S.-owned assets abroad,
 excluding financial
 derivative 13,337.3 14,986.3 16,662.5

 Foreign-owned assets in the
 United States 22,724.9 20,883.5 22,786.3
 Financial derivatives (gross
 negative fair value) 5,967.8 3,366.0 3,542.5
 Foreign-owned assets in the
 United States, excluding
 financial derivatives 16,757.1 17,517.4 19,243.9

Table B. Changes in U.S. Owned Assets Abroad,
Excluding Financial Derivatives
[Billions of dollars]

 2009 2010

Total change 1,649.0 1,676.2

 Financial flows 139.3 1,005.2

 Valuation adjustments 1,509.7 671.0
 Price changes 1,091.6 621.8
 Exchange-rate changes 395.5 -51.7
 Other valuation changes 22.5 100.8

Table C. Changes in Foreign-Owned Assets in the United States,
Excluding Financial Derivatives
[Billions of dollars]

 2009 2010

Total change 760.4 1,726.4

 Financial flows 335.8 1,245.7

 Valuation adjustments 424.6 480.7
 Price changes 544.7 540.4
 Exchange-rate changes 89.2 -12.0
 Other valuation changes -209.3 -47.6

Table D. Gross Positive Fair Value of Financial Derivatives
[Billions of dollars]

 Changes

 2009 2010 2010

 I II

Financial derivatives 3,500.8 3,652.9 -71.7 881.3
 By type:
 Over-the-counter
 contracts 3,471.7 3,622.4 -85.6 893.0
 Single-currency
 interest rate
 contracts 2,596.8 2,844.9 16.8 824.3
 Foreign exchange
 contracts 282.6 330.3 -29.6 45.5
 Other 592.3 447.2 -72.8 23.1
 Exchange-traded
 contracts 29.1 30.5 13.8 -11.7
 By area:
 Europe 3,192.0 3,335.4 -72.0 860.1
 Of which: United
 Kingdom 2,391.9 2,503.6 -57.1 696.1
 Canada 44.3 46.4 0.2 4.9
 Caribbean financial
 centers 76.7 74.8 15.7 -7.7
 Of which: Cayman
 Islands 63.0 60.3 14.7 -8.3
 Latin America,
 excluding
 Caribbean
 financial
 centers 10.7 12.0 0.6 0.5
 Asia 128.4 140.1 -3.8 19.9
 Of which: Japan 92.7 104.2 -2.0 15.0
 Africa 16.7 21.0 0.6 3.0
 Other 32.1 23.3 -13.0 0.4

 Changes

 2010 2009-
 2010
 III IV

Financial derivatives 473.4 -1,130.8 152.1
 By type:
 Over-the-counter
 contracts 475.5 -1,132.2 150.7
 Single-currency
 interest rate
 contracts 477.3 -1,070.3 248.1
 Foreign exchange
 contracts 59.7 -27.9 47.7
 Other -61.5 -34.0 -145.1
 Exchange-traded
 contracts -2.1 1.4 1.4
 By area:
 Europe 435.0 -1,079.7 143.4
 Of which: United
 Kingdom 299.7 -827.0 111.7
 Canada 7.0 -10.0 2.1
 Caribbean financial
 centers -2.2 -7.7 -1.9
 Of which: Cayman
 Islands 4.5 -4.6 -2.6
 Latin America,
 excluding
 Caribbean
 financial
 centers 1.8 -1.6 1.2
 Asia 21.4 -25.8 11.8
 Of which: Japan 17.0 -18.5 11.5
 Africa 4.9 4.2 4.3
 Other 5.4 -1.7 -8.8

Table E. U.S. Claims Reported by U.S. Banks
and Securities Brokers and U.S. Nonbanks at Yearend
[Billions of dollars]

 2008 2009 2010

U.S. claims reported by U.S. banks
 and securities brokers 3,754.3 4,004.6 4,572.6

 Claims for own accounts,
 denominated in dollars 2,605.5 2,818.4 3,259.4
 U.S. owned banks' claims 932.0 952.0 1,139.0
 Foreign-owned banks' claims 1,179.3 1,344.1 1,341.6
 Brokers' and dealers' claims 494.2 522.3 778.8
 Claims for customers' accounts,
 denominated in dollars 782.3 805.4 895.3
 Claims, denominated in foreign
 currencies 366.5 380.8 417.9

U.S. claims reported by U.S.
 nonbanking concerns 930.9 861.9 873.7

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

 2008 2009 2010

Total holdings 2,748.4 3,995.3 4,485.6
 Europe 1,378.9 1,961.9 2,031.8
 Of which:
 United Kingdom 393.3 592.4 638.7
 Switzerland 214.3 298.3 328.2
 France 212.2 250.7 235.9
 Germany 159.9 192.7 205.7
 Netherlands 76.6 108.8 111.1
 Spain 63.3 87.4 70.4
 Ireland 22.3 79.2 62.2
 Sweden 30.3 44.0 58.4
 Belgium and Luxembourg 31.6 59.8 56.4
 Canada 180.2 295.1 359.5
 Caribbean financial centers 283.1 334.7 377.4
 Of which:
 Cayman Islands 95.2 147.5 168.1
 Bermuda 143.3 121.1 132.1
 Latin America, excluding Caribbean
 financial centers 137.3 276.6 331.5
 Of which:
 Brazil 72.1 180.3 211.4
 Mexico 46.0 65.1 82.9
 Asia 659.2 929.3 1,153.5
 Of which:
 Japan 347.6 370.8 441.1
 Hong Kong 61.5 91.4 138.6
 Korea, Republic of 45.3 87.9 122.4
 China 53.3 101.6 104.4
 Taiwan 41.2 76.6 97.5
 Africa 35.6 58.0 72.8
 Of which: South Africa 29.6 49.5 66.0
 Other countries 74.1 139.8 159.2
 Of which: Australia 65.2 127.9 144.2

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

 2008 2009 2010

Total holdings 1,237.3 1,570.3 1,737.3
 Europe 575.3 741.4 771.7
 Of which:
 United Kingdom 193.0 254.4 244.7
 Belgium and Luxembourg 43.4 64.6 123.0
 Netherlands 74.9 106.2 109.0
 France 52.7 76.1 79.2
 Germany 75.9 76.0 46.1
 Ireland 22.6. 25.8 38.1
 Sweden 20.2 25.5 33.0
 Canada 16S.9 219.5 283.9
 Caribbean financial centers 227.2 251.0 265.9
 Of which:
 Cayman Islands 202.4 217.5 226.6
 Bermuda 19.2 26.8 29.9
 Latin America, excluding Caribbean
 financial centers 65.9 94.2 114.5
 Of which:
 Brazil 18.9 32.4 35.3
 Mexico 19.0 22.6 34.5
 Asia 98.9 101.0 109.6
 Of which:
 Japan 39.7 26.6 34.9
 Korea, Republic of 10.5 16.3 17.1
 Africa 6.4 9.3 11.6
 Other countries 97.7 153.9 180.0
 Of which: Australia 71.0 107.3 131.7

Table H. U.S. Direct Investment Abroad
[Billions of dollars]

 2009 2010

Total position at yearend 4,067.5 4,429.4

Total change 319.0 361.9
 Financial outflows 303.6 351.4
 Equity 24.5 47.7
 Intercompany debt 41.4 -16.9
 Reinvested earnings 237.7 320.5
 Price changes -29.5 -9.7
 Exchange-rate changes 83.3 6.2
 Other valuation changes -38.5 14.1

Table I. Gross Negative Fair Value of Financial Derivatives
[Billions of dollars]

 2009 2010

Financial derivatives 3,366.0 3,542.5
 By type:
 Over-the-counter contracts 3,336.4 3,512.9
 Single-currency interest
 rate contracts 2,532.6 2,788.0
 Foreign exchange contracts 250.3 304.1
 Other 553.6 420.9
 Exchange-traded contracts 29.6 29.6
 By area:
 Europe 3,087.9 3,241.2
 Of which: United Kingdom 2,357.4 2,469.1
 Canada 40.3 45.3
 Caribbean financial centers 58.0 63.9
 Of which: Cayman Islands 46.1 48.9
 Latin America, excluding
 Caribbean financial centers 7.9 9.3
 Asia 123.2 138.5
 Of which: Japan 92.5 106.6
 Africa 16.6 20.5
 Other 32.0 23.9

 Changes

 2010

 I II

Financial derivatives -50.2 895.3
 By type:
 Over-the-counter contracts -62.6 906.1
 Single-currency interest
 rate contracts 23.9 823.8
 Foreign exchange contracts -17.7 66.6
 Other -68.9 15.6
 Exchange-traded contracts 12.4 -10.8
 By area:
 Europe -56.5 859.9
 Of which: United Kingdom -51.9 691.6
 Canada 2.3 5.5
 Caribbean financial centers 17.9 -5.1
 Of which: Cayman Islands 16.1 -9.2
 Latin America, excluding
 Caribbean financial centers -0.2 0.6
 Asia -2.0 25.4
 Of which: Japan -1.2 18.0
 Africa 0.1 3.8
 Other -11.8 5.2

 Changes

 2010 2009-
 2010
 III IV

Financial derivatives 468.1 -1,136.7 176.5
 By type:
 Over-the-counter contracts 469.3 -1,136.3 176.5
 Single-currency interest
 rate contracts 474.9 -1,067.3 255.3
 Foreign exchange contracts 44.2 -39.3 53.8
 Other -49.8 -29.7 -132.7
 Exchange-traded contracts -1.2 -0.4 0.0
 By area:
 Europe 432.4 -1,082.6 153.2
 Of which: United Kingdom 305.7 -833.8 111.7
 Canada 8.1 -10.9 5.0
 Caribbean financial centers -0.4 -6.5 5.8
 Of which: Cayman Islands -3.0 -1.2 2.8
 Latin America, excluding
 Caribbean financial centers 1.0 0.0 1.4
 Asia 20.4 -28.4 15.3
 Of which: Japan 16.2 -19.0 14.1
 Africa 4.3 -4.3 3.9
 Other 2.3 -3.9 -82.0

Table J. U.S. Liabilities Reported by U.S. Banks and
Securities Brokers and U.S. Nonbanks at Yearend
[Billions of dollars]

 2008 2009 2010

U.S. liabilities reported by U.S.
 banks and securities brokers 3,901.0 3,540.2 3,706.7

 Liabilities for own accounts,
 denominated in dollars 3,063.2 2,902.0 3,149.0
 U.S.-owned banks' liabilities 1,375.1 1,267.0 1,325.0
 Foreign-owned banks' liabilities 993.5 957.3 1,008.3
 Brokers' and dealers'
 liabilities 694.6 677.7 815.7
 Liabilities for customers'
 accounts, denominated in
 dollars 537.2 416.0 364.9
 Liabilities, denominated in
 foreign currencies 300.6 222.2 192.8

U.S. liabilities reported by U.S.
 nonbanking concerns 740.6 707.4 747.8

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

 2008 2009 2010

Total holdings 3,253.0 3,671.4 4,385.3
 Of which
 China 808.3 1,036.4 1,280.1
 Japan 660.1 750.2 871.5
 Brazil 140.1 170.3 184.7
 Russia 133.8 156.3 169.4
 OPEC Asia 180.6 166.1 165.8
 Taiwan 94.5 125.8 153.7
 Hong Kong 78.2 145.9 133.5
 Belgium and Luxembourg 112.9 111.3 117.7
 Switzerland 73.6 91.0 105.5
 United Kingdom 84.7 29.7 98.5

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

 2008 2009 2010

Total holdings 2,770.6 2,825.6 2,868.5
Europe 1,753.3 1.782.6 1,762.2
 Of which:
 Belgium and Luxembourg 668.9 705.7 677.2
 United Kingdom 566.0 546.4 549.6
 Ireland 153.0 154.5 151.0
 Switzerland 98.8 113.4 121.2
 Germany 90.5 85.5 83.7
 Netherlands 84.7 73.7 66.8
 France 41.0 49.0 59.8
Canada 63.8 70.1 87.7
Caribbean financial centers 480.2 516.8 536.9
 Of which:
 Cayman Islands 336.8 354.1 363.8
 Bermuda 109.5 124.1 131.4
Latin America, excluding
 Caribbean financial centers 33.8 26.6 32.2
Asia 387.9 377.9 403.6
 Of which:
 Japan 265.2 261.2 270.5
 Taiwan 36.4 43.5 52.2
 Hong Kong 23.4 24.6 31.9
Africa 3.4 2.7 2.4
Other countries 48.2 48.9 43.5
 Of which: Australia 28.9 25.7 23.5

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

 2008 2009 2010

Total holdings 1,850.1 2,494.3 2,991.6
Europe 964.4 1,281.1 1,550.4
 Of which:
 United Kingdom 282.7 372.0 451.8
 Belgium and Luxembourg 147.4 197.6 231.6
 Switzerland 118.0 166.0 202.7
 Netherlands 124.6 159.5 179.9
 France 87.3 116.1 163.6
 Ireland 56.0 78.3 95.3
 Germany 45.3 57.2 67.4
 Sweden 31.4 46.0 57.9
Canada 234.1 306.0 365.7
Caribbean financial centers 305.0 424.2 511.2
 Of which: Cayman Islands 214.9 299.2 357.8
Latin America, excluding Caribbean
 financial centers 39.1 54.5 65.4
 Of which: Mexico 10.3 14.5 20.8
Asia 239.6 336.4 391.3
 Of which: Japan 161.9 231.2 275.0
Africa 5.1 5.9 6.6
Other countries 62.8 86.2 101.0
 Of which: Australia 57.3 77.5 91.5

Table N. Foreign Direct Investment in the United States
[Billions of dollars]

 2009 2010

Total position at yearend 2,441.7 2,658.9

Total change 44.3 217.2
 Financial inflows 158.6 236.2
 Equity 134.3 114.7
 Intercompany debt 10.8 27.8
 Reinvested earnings 13.5 93.7
Price changes -28.4 -16.2
Exchange-rate changes 4.1 0.0
Other valuation changes -90.0 -2.8

Table 1. International Investment Position of the United
States at Yearend, 2009 and 2010
[Millions of dollars]

Line Type of Investment Position,
 2009 (r)

 1 Net international investment
 position of the United
 States (lines 2+3) -2,396,426
 2 Financial derivatives, net
 (line 5 less line 25) (3) 134,749
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) -2,531,175

 4 U.S. owned assets abroad
 (lines 5+6) 18,487,042
 5 Financial derivatives (gross
 positive fair value) 3,500,786
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines
 7+12+17) 14,986,256

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

 12 U.S. government assets,
 other than official
 reserve assets 82,774
 13 U.S. credits and other
 long-term assets (7) 71,830
 14 Repayable in dollars 71,557
 15 Other (8) 273
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (9) 10,944

 17 U.S. private assets 14,499,678
 18 Direct investment at
 current cost 4,067,501
 19 Foreign securities 5,565,636
 20 Bonds 1,570,341
 21 Corporate stocks 3,995,295
 22 U.S. claims on unaffiliated
 foreigners reported by
 U.S. nonbanking concerns 8,619,141
 23 U.S. claims reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 4,004,627

 24 Foreign-owned assets in the
 United States (lines 25+26) 20,883,468
 25 Financial derivatives (gross
 negative fair value) 3,366,037
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) 17,517,431

 27 Foreign official assets in
 the United States 4,402,762
 28 U.S. government securities 3,588,574
 29 U.S. Treasury securities 2,879,611
 30 Other 708,963
 31 Other U.S. government
 liabilities (10) 99,095
 32 U.S. liabilities reported
 by U.S. banks and
 securities brokers, not
 included elsewhere 187,482
 33 Other foreign official
 assets 527,611

 34 Other foreign assets 13,114,669
 35 Direct investment at
 current cost 2,441,705
 36 U.S. Treasury securities 791,765
 37 U.S. securities other than
 U.S. Treasury
 securities 5,319,867
 38 Corporate and other
 bonds 2,825,591
 39 Corporate stocks 2,494,276
 40 U.S. currency 313,771
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns 707,401
 42 U.S. liabilities reported
 by U.S. banks and
 securities brokers, not
 included elsewhere 3,540,160

 Memoranda:
 43 Direct investment abroad at
 market value 4,330,914
 44 Direct investment in the United
 States at market value 3,026,781

 Changes in position in 2010

 Attributable to:

Line Type of Investment Valuation
 adjustments

 Financial Price
 flows changes
 (a) (b)

 1 Net international investment
 position of the United
 States (lines 2+3) -254,289 81,479
 2 Financial derivatives, net
 (line 5 less line 25) (3) -13,735 (4)
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) -240,554 81,479

 4 U.S. owned assets abroad
 (lines 5+6) (3) (3)
 5 Financial derivatives (gross
 positive fair value) (3) (3)
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines
 7+12+17) 1,005,182 621,838

 7 U.S. official reserve assets 1,834 83,157
 8 Gold 0 (5) 83,157
 9 Special drawing rights 31 ...
 10 Reserve position in the
 International Monetary
 Fund 1,293 ...
 11 Foreign currencies 510 ...

 12 U.S. government assets,
 other than official
 reserve assets -7,540 ...
 13 U.S. credits and other
 long-term assets (7) 2,568 ...
 14 Repayable in dollars 2,568 ...
 15 Other (8) 0 ...
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (9) -10,108 ...

 17 U.S. private assets 1,010,888 538,681
 18 Direct investment at
 current cost 351,350 -9,710
 19 Foreign securities 151,916 548,391
 20 Bonds 72,785 98,087
 21 Corporate stocks 79,131 450,304
 22 U.S. claims on unaffiliated
 foreigners reported by
 U.S. nonbanking concerns -7,421 ...
 23 U.S. claims reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 515,043 ...

 24 Foreign-owned assets in the
 United States (lines 25+26) (3) (3)
 25 Financial derivatives (gross
 negative fair value) (3) (3)
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) 1,245,736 540,359

 27 Foreign official assets in
 the United States 349,754 112,083
 28 U.S. government securities 316,980 51,650
 29 U.S. Treasury securities 397,797 43,286
 30 Other -80,817 8,364
 31 Other U.S. government
 liabilities (10) 12,124 ...
 32 U.S. liabilities reported
 by U.S. banks and
 securities brokers, not
 included elsewhere -9,375 ...
 33 Other foreign official
 assets 30,025 60,433

 34 Other foreign assets 895,982 428,276
 35 Direct investment at
 current cost 236,226 -16,187
 36 U.S. Treasury securities 256,428 16,401
 37 U.S. securities other than
 U.S. Treasury
 securities 120,453 428,062
 38 Corporate and other
 bonds -22,691 73,849
 39 Corporate stocks 143,144 354,213
 40 U.S. currency 28,319 ...
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns 77,456 ...
 42 U.S. liabilities reported
 by U.S. banks and
 securities brokers, not
 included elsewhere 177,100 ...

 Memoranda:
 43 Direct investment abroad at
 market value 351,350 144,877
 44 Direct investment in the United
 States at market value 236,226 200,654

 Changes in position in 2010

 Attributable to:

Line Type of Investment Valuation adjustments

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

 1 Net international investment
 position of the United
 States (lines 2+3) -39,633 137,880
 2 Financial derivatives, net
 (line 5 less line 25) (3) (4) (4) -10,593
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) -39,633 148,473

 4 U.S. owned assets abroad
 (lines 5+6) (3) (3)
 5 Financial derivatives (gross
 positive fair value) (3) (3)
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines
 7+12+17) -51,673 100,847

 7 U.S. official reserve assets -122 0
 8 Gold ... (6) 0
 9 Special drawing rights -1,021 0
 10 Reserve position in the
 International Monetary
 Fund -186 0
 11 Foreign currencies 1,085 0

 12 U.S. government assets,
 other than official
 reserve assets (*) 1
 13 U.S. credits and other
 long-term assets (7) (*) 1
 14 Repayable in dollars ... 1
 15 Other (8) (*) ...
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (9) (*) ...

 17 U.S. private assets -51,551 100,846
 18 Direct investment at
 current cost 6,163 14,122
 19 Foreign securities -43,079 0
 20 Bonds -3,942 0
 21 Corporate stocks -39,137 0
 22 U.S. claims on unaffiliated
 foreigners reported by
 U.S. nonbanking concerns -9,551 28,725
 23 U.S. claims reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 5,084 57,999

 24 Foreign-owned assets in the
 United States (lines 25+26) (3) (3)
 25 Financial derivatives (gross
 negative fair value) (3) (3)
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) -12,040 -47,626

 27 Foreign official assets in
 the United States -976 0
 28 U.S. government securities ... 0
 29 U.S. Treasury securities ... 0
 30 Other ... 0
 31 Other U.S. government
 liabilities (10) -976 0
 32 U.S. liabilities reported
 by U.S. banks and
 securities brokers, not
 included elsewhere ... 0
 33 Other foreign official
 assets ... 0

 34 Other foreign assets -11,064 -47,626
 35 Direct investment at
 current cost 35 -2,847
 36 U.S. Treasury securities ... 0
 37 U.S. securities other than
 U.S. Treasury
 securities -8,289 0
 38 Corporate and other
 bonds -8,289 0
 39 Corporate stocks ... 0
 40 U.S. currency ... 0
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns -2,283 -34,779
 42 U.S. liabilities reported
 by U.S. banks and
 securities brokers, not
 included elsewhere -527 -10,000

 Memoranda:
 43 Direct investment abroad at
 market value 13,526 2,658
 44 Direct investment in the United
 States at market value ... -12,256

 Changes in
 position
 in 2010

Line Type of Investment Position,
 Total 2010 (p)
 (a+b+c+d)

 1 Net international investment
 position of the United
 States (lines 2+3) -74,563 -2,470,989
 2 Financial derivatives, net
 (line 5 less line 25) (3) -24,328 110,421
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) -50,235 -2,581,410

 4 U.S. owned assets abroad
 (lines 5+6) 1,828,317 20,315,359
 5 Financial derivatives (gross
 positive fair value) 152,123 3,652,909
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines
 7+12+17) 1,676,194 16,662,450

 7 U.S. official reserve assets 84,869 488,673
 8 Gold 83,157 367,537
 9 Special drawing rights -990 56,824
 10 Reserve position in the
 International Monetary
 Fund 1,107 12,492
 11 Foreign currencies 1,595 51,820

 12 U.S. government assets,
 other than official
 reserve assets -7,539 75,235
 13 U.S. credits and other
 long-term assets (7) 2,569 74,399
 14 Repayable in dollars 2,569 74,126
 15 Other (8) 0 273
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (9) -10,108 836

 17 U.S. private assets 1,598,864 16,098,542
 18 Direct investment at
 current cost 361,925 4,429,426
 19 Foreign securities 657,228 6,222,864
 20 Bonds 166,930 1,737,271
 21 Corporate stocks 490,298 4,485,593
 22 U.S. claims on unaffiliated
 foreigners reported by
 U.S. nonbanking concerns 11,753 873,667
 23 U.S. claims reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 567,958 4,572,585

 24 Foreign-owned assets in the
 United States (lines 25+26) 1,902,880 22,786,348
 25 Financial derivatives (gross
 negative fair value) 176,451 3,542,488
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) 1,726,429 19,243,860

 27 Foreign official assets in
 the United States 460,861 4,863,623
 28 U.S. government securities 368,630 3,957,204
 29 U.S. Treasury securities 441,083 3,320,694
 30 Other -72,453 636,510
 31 Other U.S. government
 liabilities (10) 11,148 110,243
 32 U.S. liabilities reported
 by U.S. banks and
 securities brokers, not
 included elsewhere -9,375 178,107
 33 Other foreign official
 assets 90,458 618,069

 34 Other foreign assets 1,265,568 14,380,237
 35 Direct investment at
 current cost 217,227 2,658,932
 36 U.S. Treasury securities 272,829 1,064,594
 37 U.S. securities other than
 U.S. Treasury
 securities 540,226 5,860,093
 38 Corporate and other
 bonds 42,869 2,868,460
 39 Corporate stocks 497,357 2,991,633
 40 U.S. currency 28,319 342,090
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns 40,394 747,795
 42 U.S. liabilities reported
 by U.S. banks and
 securities brokers, not
 included elsewhere 166,573 3,706,733

 Memoranda:
 43 Direct investment abroad at
 market value 512,411 4,843,325
 44 Direct investment in the United
 States at market value 424,624 3,451,405

(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
demonetizations/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 System's 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
[Millions

Line Type of investment 1979 1980

 1 Net international investment
 position of the United States
 (lines 2+3) 315,663 360,347
 2 Financial derivatives, net (line
 5 less line 25) (1) ... ...
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) 315,663 360,347

 4 U.S. owned assets abroad
 (lines 5+6) 786,701 929,806
 5 Financial derivatives (gross
 positive fair value) (1) ... ...
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines 7+12+17) 786,701 929,806

 7 U.S. official reserve assets 143,260 171,412
 8 Gold (2) 135,476 155,816
 9 Special drawing rights 2,724 2,610
 10 Reserve position in the
 International Monetary
 Fund 1,253 2,852
 11 Foreign currencies 3,807 10,134

 12 U.S. government assets, other
 than official reserve
 assets 58,851 65,573
 13 U.S. credits and other
 long-term assets (3) 57,909 63,731
 14 Repayable in dollars 54,616 60,731
 15 Other (4) 3,293 3,000
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (5) 942 1,842

 17 U.S. private assets 584,590 692,821
 18 Direct investment at
 current cost (6) 336,301 388,072
 19 Foreign securities (7) 56,769 62,454
 20 Bonds (7) 41,966 43,524
 21 Corporate stocks (7) 14,803 18,930
 22 U.S. claims on unaffiliated
 foreigners reported by U.S.
 nonbanking concerns (8) 34,491 38,429
 23 U.S. claims reported by U.S.
 banks and securities
 brokers, not included
 elsewhere (9) 157,029 203,866

 24 Foreign-owned assets in the
 United States (lines 25+26) 471,038 569,459
 25 Financial derivatives (gross
 negative fair value) (1) ... ...
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) 471,038 569,459

 27 Foreign official assets in
 the United States 164,025 181,217
 28 U.S. government securities 106,640 118,189
 29 U.S. Treasury
 securities (10) 101,748 111,336
 30 Other (10) 4,892 6,853
 31 Other U.S. government
 liabilities (11) 16,922 18,522
 32 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 30,540 30,381
 33 Other foreign official
 assets (10) 9,923 14,125

 34 Other foreign assets 307,013 388,242
 35 Direct investment at current
 cost (12) 88,579 127,105
 36 U.S. Treasury
 securities (10) 14,210 16,113
 37 U.S. securities other than
 U.S. Treasury
 securities (13) 58,587 74,114
 38 Corporate and other
 bonds (10) 10,269 9,545
 39 Corporate stocks (10) 48,318 64,569
 40 U.S. currency 16,642 19,415
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns (13) 18,669 30,426
 42 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere (14) 110,326 121,069

 Memoranda:
 43 Direct investment abroad at
 market value (6) ... ...
 44 Direct investment in the United
 States at market value (12) ... ...

Line Type of investment 1981 1982

 1 Net international investment
 position of the United States
 (lines 2+3) 340,385 331,373
 2 Financial derivatives, net (line
 5 less line 25) (1) ... ...
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) 340,385 331,373

 4 U.S. owned assets abroad
 (lines 5+6) 1,001,667 1,108,436
 5 Financial derivatives (gross
 positive fair value) (1) ... ...
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines 7+12+17) 1,001,667 1,108,436

 7 U.S. official reserve assets 124,568 143,445
 8 Gold (2) 105,644 120,635
 9 Special drawing rights 4,096 5,250
 10 Reserve position in the
 International Monetary
 Fund 5,054 7,348
 11 Foreign currencies 9,774 10,212

 12 U.S. government assets, other
 than official reserve
 assets 70,893 76,903
 13 U.S. credits and other
 long-term assets (3) 69,320 75,105
 14 Repayable in dollars 66,591 72,635
 15 Other (4) 2,729 2,470
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (5) 1,573 1,798

 17 U.S. private assets 806,206 888,088
 18 Direct investment at
 current cost (6) 407,804 374,059
 19 Foreign securities (7) 62,142 74,046
 20 Bonds (7) 45,675 56,604
 21 Corporate stocks (7) 16,467 17,442
 22 U.S. claims on unaffiliated
 foreigners reported by U.S.
 nonbanking concerns (8) 42,752 35,405
 23 U.S. claims reported by U.S.
 banks and securities
 brokers, not included
 elsewhere (9) 293,508 404,578

 24 Foreign-owned assets in the
 United States (lines 25+26) 661,282 777,063
 25 Financial derivatives (gross
 negative fair value) (1) ... ...
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) 661,282 777,063

 27 Foreign official assets in
 the United States 186,128 194,514
 28 U.S. government securities 125,130 132,587
 29 U.S. Treasury
 securities (10) 117,004 124,929
 30 Other (10) 8,126 7,658
 31 Other U.S. government
 liabilities (11) 18,732 19,044
 32 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 26,737 24,989
 33 Other foreign official
 assets (10) 15,529 17,894

 34 Other foreign assets 475,154 582,549
 35 Direct investment at current
 cost (12) 164,623 184,842
 36 U.S. Treasury
 securities (10) 18,505 25,758
 37 U.S. securities other than
 U.S. Treasury
 securities (13) 75,085 92,988
 38 Corporate and other
 bonds (10) 10,694 16,709
 39 Corporate stocks (10) 64,391 76,279
 40 U.S. currency 20,974 23,441
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns (13) 30,606 27,532
 42 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere (14) 165,361 227,988

 Memoranda:
 43 Direct investment abroad at
 market value (6) ... 226,638
 44 Direct investment in the United
 States at market value (12) ... 130,428

Line Type of investment 1983 1984

 1 Net international investment
 position of the United States
 (lines 2+3) 302,404 166,747
 2 Financial derivatives, net (line
 5 less line 25) (1) ... ...
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) 302,404 166,747

 4 U.S. owned assets abroad
 (lines 5+6) 1,210,974 1,204,900
 5 Financial derivatives (gross
 positive fair value) (1) ... ...
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines 7+12+17) 1,210,974 1,204,900

 7 U.S. official reserve assets 123,110 105,040
 8 Gold (2) 100,484 81,202
 9 Special drawing rights 5,025 5,641
 10 Reserve position in the
 International Monetary
 Fund 11,312 11,541
 11 Foreign currencies 6,289 6,656

 12 U.S. government assets, other
 than official reserve
 assets 81,664 86,945
 13 U.S. credits and other
 long-term assets (3) 79,852 84,857
 14 Repayable in dollars 77,618 82,819
 15 Other (4) 2,234 2,038
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (5) 1,812 2,088

 17 U.S. private assets 1,006,200 1,012,915
 18 Direct investment at
 current cost (6) 355,643 348,342
 19 Foreign securities (7) 84,723 88,804
 20 Bonds (7) 58,569 62,810
 21 Corporate stocks (7) 26,154 25,994
 22 U.S. claims on unaffiliated
 foreigners reported by U.S.
 nonbanking concerns (8) 131,329 130,138
 23 U.S. claims reported by U.S.
 banks and securities
 brokers, not included
 elsewhere (9) 434,505 445,631

 24 Foreign-owned assets in the
 United States (lines 25+26) 908,570 1,038,153
 25 Financial derivatives (gross
 negative fair value) (1) ... ...
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) 908,570 1,038,153

 27 Foreign official assets in
 the United States 199,598 204,481
 28 U.S. government securities 136,987 144,665
 29 U.S. Treasury
 securities (10) 129,716 138,168
 30 Other (10) 7,271 6,497
 31 Other U.S. government
 liabilities (11) 19,361 19,762
 32 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 25,534 26,090
 33 Other foreign official
 assets (10) 17,716 13,964

 34 Other foreign assets 708,972 833,672
 35 Direct investment at current
 cost (12) 193,708 223,538
 36 U.S. Treasury
 securities (10) 33,846 62,121
 37 U.S. securities other than
 U.S. Treasury
 securities (13) 113,811 128,477
 38 Corporate and other
 bonds (10) 17,454 32,421
 39 Corporate stocks (10) 96,357 96,056
 40 U.S. currency 27,546 29,942
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns (13) 61,731 77,415
 42 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere (14) 278,330 312,179

 Memoranda:
 43 Direct investment abroad at
 market value (6) 274,342 270,574
 44 Direct investment in the United
 States at market value (12) 153,318 172,377

Line Type of investment 1985 1986

 1 Net international investment
 position of the United States
 (lines 2+3) 61,739 -27,759
 2 Financial derivatives, net (line
 5 less line 25) (1) ... ...
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) 61,739 -27,759

 4 U.S. owned assets abroad
 (lines 5+6) 1,287,396 1,469,396
 5 Financial derivatives (gross
 positive fair value) (1) ... ...
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines 7+12+17) 1,287,396 1,469,396

 7 U.S. official reserve assets 117,930 139,875
 8 Gold (2) 85,834 102,428
 9 Special drawing rights 7,293 8,395
 10 Reserve position in the
 International Monetary
 Fund 11,947 11,730
 11 Foreign currencies 12,856 17,322

 12 U.S. government assets, other
 than official reserve
 assets 89,792 91,850
 13 U.S. credits and other
 long-term assets (3) 87,854 90,923
 14 Repayable in dollars 85,978 89,271
 15 Other (4) 1,876 1,652
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (5) 1,938 927

 17 U.S. private assets 1,079,674 1,237,671
 18 Direct investment at
 current cost (6) 371,036 404,818
 19 Foreign securities (7) 119,403 158,123
 20 Bonds (7) 75,020 85,724
 21 Corporate stocks (7) 44,383 72,399
 22 U.S. claims on unaffiliated
 foreigners reported by U.S.
 nonbanking concerns (8) 141,872 167,392
 23 U.S. claims reported by U.S.
 banks and securities
 brokers, not included
 elsewhere (9) 447,363 507,338

 24 Foreign-owned assets in the
 United States (lines 25+26) 1,225,657 1,497,155
 25 Financial derivatives (gross
 negative fair value) (1) ... ...
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) 1,225,657 1,497,155

 27 Foreign official assets in
 the United States 207,864 247,219
 28 U.S. government securities 145,063 178,916
 29 U.S. Treasury
 securities (10) 138,438 173,310
 30 Other (10) 6,625 5,606
 31 Other U.S. government
 liabilities (11) 21,185 23,986
 32 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 26,734 27,920
 33 Other foreign official
 assets (10) 14,882 16,397

 34 Other foreign assets 1,017,793 1,249,936
 35 Direct investment at current
 cost (12) 247,223 284,701
 36 U.S. Treasury
 securities (10) 87,954 96,078
 37 U.S. securities other than
 U.S. Treasury
 securities (13) 207,868 309,803
 38 Corporate and other
 bonds (10) 82,290 140,863
 39 Corporate stocks (10) 125,578 168,940
 40 U.S. currency 33,258 35,679
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns (13) 86,993 90,703
 42 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere (14) 354,497 432,972

 Memoranda:
 43 Direct investment abroad at
 market value (6) 386,352 530,074
 44 Direct investment in the United
 States at market value (12) 219,996 272,966

Line Type of investment 1987 1988

 1 Net international investment
 position of the United States
 (lines 2+3) -70,919 -167,458
 2 Financial derivatives, net (line
 5 less line 25) (1) ... ...
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) -70,919 -167,458

 4 U.S. owned assets abroad
 (lines 5+6) 1,646,527 1,829,665
 5 Financial derivatives (gross
 positive fair value) (1) ... ...
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines 7+12+17) 1,829,665 1,829,665

 7 U.S. official reserve assets 162,370 144,179
 8 Gold (2) 127,648 107,434
 9 Special drawing rights 10,283 9,637
 10 Reserve position in the
 International Monetary
 Fund 11,349 9,745
 11 Foreign currencies 13,090 17,363

 12 U.S. government assets, other
 than official reserve
 assets 90,681 87,892
 13 U.S. credits and other
 long-term assets (3) 89,900 87,163
 14 Repayable in dollars 88,344 85,768
 15 Other (4) 1,556 1,395
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (5) 781 729

 17 U.S. private assets 1,393,476 1,597,594
 18 Direct investment at
 current cost (6) 478,062 513,761
 19 Foreign securities (7) 188,589 232,849
 20 Bonds (7) 93,889 104,187
 21 Corporate stocks (7) 94,700 128,662
 22 U.S. claims on unaffiliated
 foreigners reported by U.S.
 nonbanking concerns (8) 177,368 197,757
 23 U.S. claims reported by U.S.
 banks and securities
 brokers, not included
 elsewhere (9) 549,457 653,227

 24 Foreign-owned assets in the
 United States (lines 25+26) 1,717,446 1,997,123
 25 Financial derivatives (gross
 negative fair value) (1) ... ...
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) 1,717,446 1,997,123

 27 Foreign official assets in
 the United States 290,009 328,629
 28 U.S. government securities 220,548 260,934
 29 U.S. Treasury
 securities (10) 213,713 252,962
 30 Other (10) 6,835 7,972
 31 Other U.S. government
 liabilities (11) 22,618 21,793
 32 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 31,838 31,520
 33 Other foreign official
 assets (10) 15,005 14,382

 34 Other foreign assets 1,427,437 1,668,494
 35 Direct investment at current
 cost (12) 334,552 401,766
 36 U.S. Treasury
 securities (10) 82,588 100,877
 37 U.S. securities other than
 U.S. Treasury
 securities (13) 341,732 392,292
 38 Corporate and other
 bonds (10) 166,089 191,314
 39 Corporate stocks (10) 175,643 200,978
 40 U.S. currency 39,545 43,656
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns (13) 110,187 144,548
 42 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere (14) 518,833 585,355

 Memoranda:
 43 Direct investment abroad at
 market value (6) 590,246 692,461
 44 Direct investment in the United
 States at market value (12) 316,200 391,530

Line Type of investment 1989 1990

 1 Net international investment
 position of the United States
 (lines 2+3) -246,232 -230,375
 2 Financial derivatives, net (line
 5 less line 25) (1) ... ...
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) -246,232 -230,375

 4 U.S. owned assets abroad
 (lines 5+6) 2,070,868 2,178,978
 5 Financial derivatives (gross
 positive fair value) (1) ... ...
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines 7+12+17) 2,070,868 2,178,978

 7 U.S. official reserve assets 168,714 174,664
 8 Gold (2) 105,164 102,406
 9 Special drawing rights 9,951 10,989
 10 Reserve position in the
 International Monetary
 Fund 9,048 9,076
 11 Foreign currencies 44,551 52,193

 12 U.S. government assets, other
 than official reserve
 assets 86,643 84,344
 13 U.S. credits and other
 long-term assets (3) 86,057 83,716
 14 Repayable in dollars 84,734 82,602
 15 Other (4) 1,323 1,114
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (5) 586 628

 17 U.S. private assets 1,815,511 1,919,970
 18 Direct investment at
 current cost (6) 553,093 616,655
 19 Foreign securities (7) 314,294 342,313
 20 Bonds (7) 116,949 144,717
 21 Corporate stocks (7) 197,345 197,596
 22 U.S. claims on unaffiliated
 foreigners reported by U.S.
 nonbanking concerns (8) 234,307 265,315
 23 U.S. claims reported by U.S.
 banks and securities
 brokers, not included
 elsewhere (9) 713,817 695,687

 24 Foreign-owned assets in the
 United States (lines 25+26) 2,317,100 2,409,353
 25 Financial derivatives (gross
 negative fair value) (1) ... ...
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) 2,317,100 2,409,353

 27 Foreign official assets in
 the United States 348,185 380,263
 28 U.S. government securities 263,612 291,228
 29 U.S. Treasury
 securities (10) 257,201 285,911
 30 Other (10) 6,411 5,317
 31 Other U.S. government
 liabilities (11) 21,813 24,213
 32 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 36,495 39,880
 33 Other foreign official
 assets (10) 26,265 24,942

 34 Other foreign assets 1,968,915 2,029,090
 35 Direct investment at current
 cost (12) 467,886 505,346
 36 U.S. Treasury
 securities (10) 166,541 152,452
 37 U.S. securities other than
 U.S. Treasury
 securities (13) 482,864 460,644
 38 Corporate and other
 bonds (10) 231,673 238,903
 39 Corporate stocks (10) 251,191 221,741
 40 U.S. currency 47,405 63,991
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns (13) 167,093 213,406
 42 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere (14) 637,126 633,251

 Memoranda:
 43 Direct investment abroad at
 market value (6) 832,460 731,762
 44 Direct investment in the United
 States at market value (12) 534,734 539,601

Line Type of investment 1991 1992

 1 Net international investment
 position of the United States
 (lines 2+3) -291,754 -411,021
 2 Financial derivatives, net (line
 5 less line 25) (1) ... ...
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) -291,754 -411,021

 4 U.S. owned assets abroad
 (lines 5+6) 2,286,456 2,331,696
 5 Financial derivatives (gross
 positive fair value) (1) ... ...
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines 7+12+17) 2,286,456 2,331,696

 7 U.S. official reserve assets 159,223 147,435
 8 Gold (2) 92,561 87,168
 9 Special drawing rights 11,240 8,503
 10 Reserve position in the
 International Monetary
 Fund 9,488 11,759
 11 Foreign currencies 45,934 40,005

 12 U.S. government assets, other
 than official reserve
 assets 81,422 83,022
 13 U.S. credits and other
 long-term assets (3) 79,776 81,352
 14 Repayable in dollars 78,814 80,498
 15 Other (4) 962 854
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (5) 1,646 1,670

 17 U.S. private assets 2,045,811 2,101,239
 18 Direct investment at
 current cost (6) 643,364 663,830
 19 Foreign securities (7) 455,750 515,083
 20 Bonds (7) 176,774 200,817
 21 Corporate stocks (7) 278,976 314,266
 22 U.S. claims on unaffiliated
 foreigners reported by U.S.
 nonbanking concerns (8) 256,295 254,303
 23 U.S. claims reported by U.S.
 banks and securities
 brokers, not included
 elsewhere (9) 690,402 668,023

 24 Foreign-owned assets in the
 United States (lines 25+26) 2,578,210 2,742,717
 25 Financial derivatives (gross
 negative fair value) (1) ... ...
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) 2,578,210 2,742,717

 27 Foreign official assets in
 the United States 405,546 444,000
 28 U.S. government securities 311,199 329,317
 29 U.S. Treasury
 securities (10) 305,994 322,600
 30 Other (10) 5,205 6,717
 31 Other U.S. government
 liabilities (11) 25,618 27,538
 32 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 38,396 54,967
 33 Other foreign official
 assets (10) 30,333 32,178

 34 Other foreign assets 2,172,664 2,298,717
 35 Direct investment at current
 cost (12) 533,404 540,270
 36 U.S. Treasury
 securities (10) 170,295 197,739
 37 U.S. securities other than
 U.S. Treasury
 securities (13) 546,008 599,447
 38 Corporate and other
 bonds (10) 274,136 299,287
 39 Corporate stocks (10) 271,872 300,160
 40 U.S. currency 76,804 87,890
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns (13) 208,908 220,666
 42 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere (14) 637,245 652,705

 Memoranda:
 43 Direct investment abroad at
 market value (6) 827,537 798,630
 44 Direct investment in the United
 States at market value (12) 669,137 696,177

Line Type of investment 1993 1994

 1 Net international investment
 position of the United States
 (lines 2+3) -284,460 -298,458
 2 Financial derivatives, net (line
 5 less line 25) (1) ... ...
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) -284,460 -298,458

 4 U.S. owned assets abroad
 (lines 5+6) 2,753,648 2,987,118
 5 Financial derivatives (gross
 positive fair value) (1) ... ...
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines 7+12+17) 2,753,648 2,987,118

 7 U.S. official reserve assets 164,945 163,394
 8 Gold (2) 102,556 100,110
 9 Special drawing rights 9,039 10,039
 10 Reserve position in the
 International Monetary
 Fund 11,818 12,030
 11 Foreign currencies 41,532 41,215

 12 U.S. government assets, other
 than official reserve
 assets 83,382 83,908
 13 U.S. credits and other
 long-term assets (3) 81,435 81,884
 14 Repayable in dollars 80,660 81,389
 15 Other (4) 775 495
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (5) 1,947 2,024

 17 U.S. private assets 2,505,321 2,739,816
 18 Direct investment at
 current cost (6) 723,526 786,565
 19 Foreign securities (7) 853,528 937,153
 20 Bonds (7) 309,666 310,391
 21 Corporate stocks (7) 543,862 626,762
 22 U.S. claims on unaffiliated
 foreigners reported by U.S.
 nonbanking concerns (8) 242,022 322,980
 23 U.S. claims reported by U.S.
 banks and securities
 brokers, not included
 elsewhere (9) 686,245 693,118

 24 Foreign-owned assets in the
 United States (lines 25+26) 3,038,108 3,285,576
 25 Financial derivatives (gross
 negative fair value) (1) ... ...
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) 3,038,108 3,285,576

 27 Foreign official assets in
 the United States 516,152 542,380
 28 U.S. government securities 381,687 407,152
 29 U.S. Treasury
 securities (10) 373,050 396,887
 30 Other (10) 8,637 10,265
 31 Other U.S. government
 liabilities (11) 28,843 30,831
 32 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 69,721 73,386
 33 Other foreign official
 assets (10) 35,901 31,011

 34 Other foreign assets 2,521,956 2,743,196
 35 Direct investment at current
 cost (12) 593,313 617,982
 36 U.S. Treasury
 securities (10) 221,501 235,684
 37 U.S. securities other than
 U.S. Treasury
 securities (13) 696,449 739,695
 38 Corporate and other
 bonds (10) 355,822 368,077
 39 Corporate stocks (10) 340,627 371,618
 40 U.S. currency 104,508 125,093
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns (13) 229,038 239,817
 42 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere (14) 677,147 784,925

 Memoranda:
 43 Direct investment abroad at
 market value (6) 1,061,299 1,114,582
 44 Direct investment in the United
 States at market value (12) 768,398 757,853

Line Type of investment 1995 1996

 1 Net international investment
 position of the United States
 (lines 2+3) -430,194 -463,338
 2 Financial derivatives, net (line
 5 less line 25) (1) ... ...
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) -430,194 -463,338

 4 U.S. owned assets abroad
 (lines 5+6) 3,486,272 4,032,307
 5 Financial derivatives (gross
 positive fair value) (1) ... ...
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines 7+12+17) 3,486,272 4,032,307

 7 U.S. official reserve assets 176,061 160,739
 8 Gold (2) 101,279 96,698
 9 Special drawing rights 11,037 10,312
 10 Reserve position in the
 International Monetary
 Fund 14,649 15,435
 11 Foreign currencies 49,096 38,294

 12 U.S. government assets, other
 than official reserve
 assets 85,064 86,123
 13 U.S. credits and other
 long-term assets (3) 82,802 83,999
 14 Repayable in dollars 82,358 83,606
 15 Other (4) 444 393
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (5) 2,262 2,124

 17 U.S. private assets 3,225,147 3,785,445
 18 Direct investment at
 current cost (6) 885,506 989,810
 19 Foreign securities (7) 1,203,925 1,487,546
 20 Bonds (7) 413,310 481,411
 21 Corporate stocks (7) 790,615 1,006,135
 22 U.S. claims on unaffiliated
 foreigners reported by U.S.
 nonbanking concerns (8) 367,567 450,578
 23 U.S. claims reported by U.S.
 banks and securities
 brokers, not included
 elsewhere (9) 768,149 857,511

 24 Foreign-owned assets in the
 United States (lines 25+26) 3,916,466 4,495,645
 25 Financial derivatives (gross
 negative fair value) (1) ... ...
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) 3,916,466 4,495,645

 27 Foreign official assets in
 the United States 690,156 827,868
 28 U.S. government securities 507,460 631,088
 29 U.S. Treasury
 securities (10) 489,952 606,427
 30 Other (10) 17,508 24,661
 31 Other U.S. government
 liabilities (11) 30,856 29,637
 32 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 107,394 113,098
 33 Other foreign official
 assets (10) 44,446 54,045

 34 Other foreign assets 3,226,310 3,667,777
 35 Direct investment at current
 cost (12) 680,066 745,619
 36 U.S. Treasury
 securities (10) 326,995 433,903
 37 U.S. securities other than
 U.S. Treasury
 securities (13) 969,849 1,165,113
 38 Corporate and other
 bonds (10) 459,080 539,308
 39 Corporate stocks (10) 510,769 625,805
 40 U.S. currency 133,933 148,084
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns (13) 300,424 346,810
 42 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere (14) 815,043 828,248

 Memoranda:
 43 Direct investment abroad at
 market value (6) 1,363,792 1,608,340
 44 Direct investment in the United
 States at market value (12) 1,005,726 1,229,118

Line Type of investment 1997 1998

 1 Net international investment
 position of the United States
 (lines 2+3) -786,174 -858,363
 2 Financial derivatives, net (line
 5 less line 25) (1) ... ...
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) -786,174 -858,363

 4 U.S. owned assets abroad
 (lines 5+6) 4,567,906 5,095,546
 5 Financial derivatives (gross
 positive fair value) (1) ... ...
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines 7+12+17) 4,567,906 5,095,546

 7 U.S. official reserve assets 134,836 146,006
 8 Gold (2) 75,929 75,291
 9 Special drawing rights 10,027 10,603
 10 Reserve position in the
 International Monetary
 Fund 18,071 24,111
 11 Foreign currencies 30,809 36,001

 12 U.S. government assets, other
 than official reserve
 assets 86,198 86,768
 13 U.S. credits and other
 long-term assets (3) 84,130 94,850
 14 Repayable in dollars 83,780 84,528
 15 Other (4) 350 322
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (5) 2,068 1,918

 17 U.S. private assets 4,346,872 4,862,772
 18 Direct investment at
 current cost (6) 1,068,063 1,196,021
 19 Foreign securities (7) 1,751,183 2,069,383
 20 Bonds (7) 543,396 594,400
 21 Corporate stocks (7) 1,207,787 1,474,983
 22 U.S. claims on unaffiliated
 foreigners reported by U.S.
 nonbanking concerns (8) 545,524 588,322
 23 U.S. claims reported by U.S.
 banks and securities
 brokers, not included
 elsewhere (9) 982,102 1,009,046

 24 Foreign-owned assets in the
 United States (lines 25+26) 5,354,080 5,953,909
 25 Financial derivatives (gross
 negative fair value) (1) ... ...
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) 5,354,080 5,953,909

 27 Foreign official assets in
 the United States 880,327 903,073
 28 U.S. government securities 648,188 669,768
 29 U.S. Treasury
 securities (10) 615,076 622,921
 30 Other (10) 33,112 46,847
 31 Other U.S. government
 liabilities (11) 28,323 25,285
 32 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 135,384 125,883
 33 Other foreign official
 assets (10) 68,432 82,137

 34 Other foreign assets 4,473,753 5,050,836
 35 Direct investment at current
 cost (12) 824,136 920,044
 36 U.S. Treasury
 securities (10) 538,137 543,323
 37 U.S. securities other than
 U.S. Treasury
 securities (13) 1,512,725 1,903,443
 38 Corporate and other
 bonds (10) 618,837 724,619
 39 Corporate stocks (10) 893,888 1,178,824
 40 U.S. currency 170,509 184,356
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns (13) 459,407 485,675
 42 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere (14) 968,839 1,013,995

 Memoranda:
 43 Direct investment abroad at
 market value (6) 1,879,285 2,279,601
 44 Direct investment in the United
 States at market value (12) 1,637,408 2,179,035

Line Type of investment 1999 2000

 1 Net international investment
 position of the United States
 (lines 2+3) -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) -731,068 -1,337

 4 U.S. owned assets abroad
 (lines 5+6) 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) 5,974,394 6,238,785

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

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

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

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

 27 Foreign official assets in
 the United States 957,813 1,037,092
 28 U.S. government securities 693,781 756,155
 29 U.S. Treasury
 securities (10) 617,680 6,397,961
 30 Other (10) 76,101 116,359
 31 Other U.S. government
 liabilities (11) 27,866 25,700
 32 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 138,847 153,403
 33 Other foreign official
 assets (10) 97,319 101,834

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

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

Line Type of investment 2001 2002

 1 Net international investment
 position of the United States
 (lines 2+3) -1,875,032 -2,044,631
 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

 4 U.S. owned assets abroad
 (lines 5+6) 6,308,681 6,649,079
 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 U.S. official reserve assets 129,961 158,602
 8 Gold (2) 72,328 90,806
 9 Special drawing rights 10,783 12,166
 10 Reserve position in the
 International Monetary
 Fund 17,869 21,979
 11 Foreign currencies 28,981 33,651

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

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

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

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

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

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

Line Type of investment 2003 2004

 1 Net international investment
 position of the United States
 (lines 2+3) -2,093,794 -2,253,026
 2 Financial derivatives, net (line
 5 less line 25) (1) ... ...
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) -2,093,794 -2,253,026

 4 U.S. owned assets abroad
 (lines 5+6) 7,638,086 9,340,634
 5 Financial derivatives (gross
 positive fair value) (1) ... ...
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines 7+12+17) 7,638,086 9,340,634

 7 U.S. official reserve assets 183,577 189,591
 8 Gold (2) 108,866 113,947
 9 Special drawing rights 12,638 13,628
 10 Reserve position in the
 International Monetary
 Fund 22,535 19,544
 11 Foreign currencies 39,538 42,472

 12 U.S. government assets, other
 than official reserve
 assets 84,772 83,062
 13 U.S. credits and other
 long-term assets (3) 81,980 80,308
 14 Repayable in dollars 81,706 80,035
 15 Other (4) 274 273
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (5) 2,792 2,754

 17 U.S. private assets 7,369,737 9,067,981
 18 Direct investment at
 current cost (6) 2,054,464 2,498,494
 19 Foreign securities (7) 2,948,370 3,545,396
 20 Bonds (7) 868,948 984,978
 21 Corporate stocks (7) 2,079,422 2,560,418
 22 U.S. claims on unaffiliated
 foreigners reported by U.S.
 nonbanking concerns (8) 594,004 793,556
 23 U.S. claims reported by U.S.
 banks and securities
 brokers, not included
 elsewhere (9) 1,772,899 2,230,535

 24 Foreign-owned assets in the
 United States (lines 25+26) 9,731,880 11,593,660
 25 Financial derivatives (gross
 negative fair value) (1) ... ...
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) 9,731,880 11,593,660

 27 Foreign official assets in
 the United States 1,569,845 2,019,508
 28 U.S. government securities 1,186,500 1,509,986
 29 U.S. Treasury
 securities (10) 986,301 1,251,943
 30 Other (10) 200,199 258,043
 31 Other U.S. government
 liabilities (11) 23,702 23,896
 32 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 201,054 270,387
 33 Other foreign official
 assets (10) 158,589 215,239

 34 Other foreign assets 8,162,035 9,574,152
 35 Direct investment at current
 cost (12) 1,580,994 1,742,716
 36 U.S. Treasury
 securities (10) 527,223 561,610
 37 U.S. securities other than
 U.S. Treasury
 securities (13) 3,422,856 3,995,506
 38 Corporate and other
 bonds (10) 1,710,787 2,035,149
 39 Corporate stocks (10) 1,712,069 1,960,357
 40 U.S. currency 258,652 271,953
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns (13) 450,884 600,161
 42 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere (14) 1,921,426 2,402,206

 Memoranda:
 43 Direct investment abroad at
 market value (6) 2,729,126 3,362,796
 44 Direct investment in the United
 States at market value (12) 2,454,877 2,717,383

Line Type of investment 2005 2006

 1 Net international investment
 position of the United States
 (lines 2+3) -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) -1,990,064 -2,251,489

 4 U.S. owned assets abroad
 (lines 5+6) 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

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

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

 17 U.S. private assets 10,505,957 12,897,100
 18 Direct investment at
 current cost (6) 2,651,721 2,948,172
 19 Foreign securities (7) 4,329,259 5,604,475
 20 Bonds (7) 1,011,554 1,275,515
 21 Corporate stocks (7) 3,317,705 4,328,960
 22 U.S. claims on unaffiliated
 foreigners reported by U.S.
 nonbanking concerns (8) 1,018,462 1,184,073
 23 U.S. claims reported by U.S.
 banks and securities
 brokers, not included
 elsewhere (9) 2,506,515 3,160,380

 24 Foreign-owned assets in the
 United States (lines 25+26) 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
 Unites States, excluding
 financial derivatives
 (lines 27+34) 12,761,587 15,440,631

 27 Foreign official assets in
 the United States 2,313,295 2,832,999
 28 U.S. government securities 1,725,193 2,167,112
 29 U.S. Treasury
 securities (10) 1,340,598 1,558,317
 30 Other (10) 394,595 608,795
 31 Other U.S. government
 liabilities (11) 22,869 26,053
 32 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 296,647 297,012
 33 Other foreign official
 assets (10) 268,586 342,822

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

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

Line Type of investment 2007 (r) 2008 (r)

 1 Net international investment
 position of the United States
 (lines 2+3) -1,796,005 -3,260,158
 2 Financial derivatives, net (line
 5 less line 25) (1) 71,472 159,635
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) -1,867,477 -3,419,793

 4 U.S. owned assets abroad
 (lines 5+6) 18,399,676 19,464,717
 5 Financial derivatives (gross
 positive fair value) (1) 2,559,332 6,127,450
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines 7+12+17) 13,189,142 13,337,267

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

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

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

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

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

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

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

Line Type of investment 2009 (r) 2010 (p)

 1 Net international investment
 position of the United States
 (lines 2+3) -2,396,426 -2,470,989
 2 Financial derivatives, net (line
 5 less line 25) (1) 134,749 110,421
 3 Net international investment
 position, excluding financial
 derivatives (line 6 less
 line 26) -2,531,175 -2,581,410

 4 U.S. owned assets abroad
 (lines 5+6) 18,487,042 20,315,359
 5 Financial derivatives (gross
 positive fair value) (1) 3,500,786 3,652,909
 6 U.S.-owned assets abroad,
 excluding financial
 derivatives (lines 7+12+17) 14,986,256 16,662,450

 7 U.S. official reserve assets 403,804 488,673
 8 Gold (2) 284,380 367,537
 9 Special drawing rights 57,814 56,824
 10 Reserve position in the
 International Monetary
 Fund 11,385 12,492
 11 Foreign currencies 50,225 51,820

 12 U.S. government assets, other
 than official reserve
 assets 82,774 75,235
 13 U.S. credits and other
 long-term assets (3) 71,830 74,399
 14 Repayable in dollars 71,557 74,126
 15 Other (4) 273 273
 16 U.S. foreign currency
 holdings and U.S.
 short-term assets (5) 10,944 836

 17 U.S. private assets 14,499,678 16,098,542
 18 Direct investment at
 current cost (6) 4,067,501 4,429,426
 19 Foreign securities (7) 5,565,636 6,222,864
 20 Bonds (7) 1,570,341 1,737,271
 21 Corporate stocks (7) 3,995,295 4,485,593
 22 U.S. claims on unaffiliated
 foreigners reported by U.S.
 nonbanking concerns (8) 861,914 873,667
 23 U.S. claims reported by U.S.
 banks and securities
 brokers, not included
 elsewhere (9) 4,004,627 4,572,585

 24 Foreign-owned assets in the
 United States (lines 25+26) 20,883,468 22,786,348
 25 Financial derivatives (gross
 negative fair value) (1) 3,366,037 3,542,488
 26 Foreign-owned assets in the
 Unites States, excluding
 financial derivatives
 (lines 27+34) 17,517,431 19,243,860

 27 Foreign official assets in
 the United States 4,402,762 4,863,623
 28 U.S. government securities 3,588,574 3,957,204
 29 U.S. Treasury
 securities (10) 2,879,611 3,320,694
 30 Other (10) 708,963 636,510
 31 Other U.S. government
 liabilities (11) 99,095 110,243
 32 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere 187,482 178,107
 33 Other foreign official
 assets (10) 527,611 618,069

 34 Other foreign assets 13,114,669 14,380,237
 35 Direct investment at current
 cost (12) 2,441,705 2,658,932
 36 U.S. Treasury
 securities (10) 791,765 1,064,594
 37 U.S. securities other than
 U.S. Treasury
 securities (13) 5,319,867 5,860,093
 38 Corporate and other
 bonds (10) 2,825,591 2,868,460
 39 Corporate stocks (10) 2,494,276 2,991,633
 40 U.S. currency 313,771 342,090
 41 U.S. liabilities to
 unaffiliated foreigners
 reported by U.S.
 nonbanking concerns (13) 707,401 747,795
 42 U.S. liabilities reported by
 U.S. banks and securities
 brokers, not included
 elsewhere (14) 3,540,160 3,706,733

 Memoranda:
 43 Direct investment abroad at
 market value (6) 4,330,914 4,843,325
 44 Direct investment in the United
 States at market value (12) 3,026,781 3,451,405

(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
financial institutions and resources provided to foreigners under
foreign assistance programs requiring repayment over several years.
Excludes World War I debts that are not being serviced.

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

(5.) 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, 2004, 2005, 2007, 2008, and 2009 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 inter mediation 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, 2006,
2007, 2008, and 2010 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).

(12.) 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 1980, 1987, 1992, 1997, 2002, and 2007 benchmark surveys of
foreign direct investment in the United States.

(13.) A break in series in 1983 reflects the introduction of
counterparty data from the United Kingdom. A break in series in 1994
reflects the reclassification of intercompany debt positions between
parent companies and affiliates that are not depository institutions
and that are primarily engaged in financial intermediation from the
direct investment accounts to the nonbank investment accounts. A
break in series in 1996 reflects the introduction of counterparty
data from the Bank of International Settlements (BIS) for several
European countries. A break in series in 2003 reflects the
reclassification of liabilities reported by U.S. securities brokers
from nonbank-reported liabilities to bank-reported liabilities, and
a reduction in counterparty balances to eliminate double counting.

(14.) A break in series in 2003 reflects the reclassification of
liabilities reported by U.S. securities brokers from nonbank
reported liabilities to bank-reported liabilities.