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| **Contents**                                                          |
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|                                                                       |
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|                                                                       |
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| FINANCIAL OPERATIONS                                                  |
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|                                                                       |
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| **PROFILE OF THE ECONOMY**                                            |
|                                                                       |
| Analysis.---Summary of Economic Indicators 3                          |
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|                                                                       |
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| **FEDERAL FISCAL OPERATIONS**                                         |
|                                                                       |
| Introduction.---Federal Fiscal Operations 8                           |
|                                                                       |
| Analysis.---Budget Results and Financing of the U.S. Government and   |
| First-Quarter Receipts by Source 9                                    |
|                                                                       |
| FFO-A.---Chart: Monthly Receipts and Outlays 11                       |
|                                                                       |
| FFO-B.---Chart: Budget Receipts by Source 11                          |
|                                                                       |
| FFO-1.---Summary of Fiscal Operations 12                              |
|                                                                       |
| FFO-2.---On-Budget and Off-Budget Receipts by Source 13               |
|                                                                       |
| FFO-3.---On-Budget and Off-Budget Outlays by Agency 15                |
|                                                                       |
| FFO-4.---Summary of U.S. Government Receipts by Source and Outlays by |
| Agency 17                                                             |
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|                                                                       |
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| **ACCOUNT OF THE U.S. TREASURY**                                      |
|                                                                       |
| Introduction.--- Source and Availability of the Balance in the        |
| Account of the U.S. Treasury 18                                       |
|                                                                       |
| UST-1.---Elements of Change in Federal Reserve and Tax and Loan Note  |
| Account Balances 18                                                   |
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|                                                                       |
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| **FEDERAL DEBT**                                                      |
|                                                                       |
| Introduction.---Federal Debt 20                                       |
|                                                                       |
| FD-1.---Summary of Federal Debt 21                                    |
|                                                                       |
| FD-2.---Debt Held by the Public 22                                    |
|                                                                       |
| FD-3.---Government Account Series 23                                  |
|                                                                       |
| FD-4.---Interest-Bearing Securities Issued by Government Agencies 24  |
|                                                                       |
| FD-5.---Maturity Distribution and Average Length of Marketable        |
| Interest-Bearing Public Debt Held by                                  |
|                                                                       |
| Private Investors 25                                                  |
|                                                                       |
| FD-6.---Debt Subject to Statutory Limit 26                            |
|                                                                       |
| FD-7.---Treasury Holdings of Securities Issued by Government          |
| Corporations and Other Agencies 27                                    |
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|                                                                       |
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| **PUBLIC DEBT OPERATIONS**                                            |
|                                                                       |
| Introduction.---Public Debt Operations 29                             |
|                                                                       |
| TREASURY FINANCING 30                                                 |
|                                                                       |
| PDO-1.---Offerings of Regular Weekly Treasury Bills 36                |
|                                                                       |
| PDO-2.---Offerings of Marketable Securities Other than Regular Weekly |
| Treasury Bills 37                                                     |
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|                                                                       |
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| **OWNERSHIP OF FEDERAL SECURITIES**                                   |
|                                                                       |
| Introduction.---Ownership of Federal Securities 38                    |
|                                                                       |
| OFS-1.---Distribution of Federal Securities by Class of Investors and |
| Type of Issues 39                                                     |
|                                                                       |
| OFS-2.---Estimated Ownership of U.S. Treasury Securities 40           |
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|                                                                       |
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| **MARKET YIELDS**                                                     |
|                                                                       |
| Introduction.---Market Yields 41                                      |
|                                                                       |
| MY-1.---Treasury Market Bid Yields at Constant Maturities: Bills,     |
| Notes, and Bonds 41                                                   |
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|                                                                       |
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| **U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION**             |
|                                                                       |
| Introduction.---U.S. Currency and Coin Outstanding and in Circulation |
| 42                                                                    |
|                                                                       |
| USCC-1.---Amounts Outstanding and in Circulation; Currency, Coins 42  |
|                                                                       |
| USCC-2.---Amounts Outstanding and in Circulation; by Denomination,    |
| Per Capita Comparative Totals 43                                      |
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|                                                                       |
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| INTERNATIONAL STATISTICS                                              |
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|                                                                       |
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| **INTERNATIONAL FINANCIAL STATISTICS**                                |
|                                                                       |
| Introduction.---International Financial Statistics 47                 |
|                                                                       |
| IFS-1.---U.S. Reserve Assets 47                                       |
|                                                                       |
| IFS-2.---Selected U.S. Liabilities to Foreigners 48                   |
|                                                                       |
| IFS-3.---Nonmarketable U.S. Treasury Bonds and Notes Issued to        |
| Official Institutions and Other                                       |
|                                                                       |
| Residents of Foreign Countries 49                                     |
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|                                                                       |
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| **CAPITAL MOVEMENTS**                                                 |
|                                                                       |
| Introduction.---Capital Movements 50                                  |
|                                                                       |
| SECTION I.---Liabilities to Foreigners Reported by Banks in the       |
| United States                                                         |
|                                                                       |
| CM-I-1.---Total Liabilities by Type and Holder 53                     |
|                                                                       |
| CM-I-2.---Total Liabilities by Country 54                             |
|                                                                       |
| CM-I-3.---Total Liabilities by Type and Country 56                    |
|                                                                       |
| CM-A.---Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, |
| Brokers, and Dealers                                                  |
|                                                                       |
| with Respect to Selected Countries 58                                 |
|                                                                       |
| SECTION II.---Claims on Foreigners Reported by Banks in the United    |
| States                                                                |
|                                                                       |
| CM-II-1.---Total Claims by Type 59                                    |
|                                                                       |
| CM-II-2.---Total Claims by Country 60                                 |
|                                                                       |
| CM-II-3.---Total Claims on Foreigners by Type and Country 62          |
|                                                                       |
| CM-B.---Chart: U.S. Claims on Foreigners Reported by U.S. Banks,      |
| Brokers, and Dealers                                                  |
|                                                                       |
| with Respect to Selected Countries 64                                 |
|                                                                       |
| SECTION III.---Liabilities to, and Claims on, Foreigners Reported by  |
| Nonbanking Business Enterprises                                       |
|                                                                       |
| in the United States                                                  |
|                                                                       |
| CM-III-1.---Total Liabilities and Claims by Type 65                   |
|                                                                       |
| CM-III-2.---Total Liabilities to Unaffiliated Foreigners by Country   |
| 66                                                                    |
|                                                                       |
| CM-III-3.---Total Claims on Unaffiliated Foreigners by Country 68     |
|                                                                       |
| CM-III-4.---Total Liabilities to, and Claims on, Unaffiliated         |
| Foreigners, by Type and Country 70                                    |
|                                                                       |
| SECTION IV.---U.S. International Transactions in Long-Term Securities |
|                                                                       |
| CM-IV-1.---U.S. Transactions with Foreigners in Long-Term Domestic    |
| Securities by Type 72                                                 |
|                                                                       |
| CM-IV-2.---U.S. Transactions with Foreigners in Long-Term Foreign     |
| Securities by Type 73                                                 |
|                                                                       |
| CM-IV-3.---Net Foreign Transactions in Long-Term Domestic Securities  |
| by Type and Country 74                                                |
|                                                                       |
| CM-IV-4.---U.S. Transactions with Foreigners in Long-Term Domestic    |
| and Foreign Securities, by Type                                       |
|                                                                       |
| and Country, during (fourth quarter) 76                               |
|                                                                       |
| CM-IV-5.---U.S. Transactions with Foreigners in Long-Term Domestic    |
| and Foreign Securities, by Type                                       |
|                                                                       |
| and Country, during (calendar year) 78                                |
|                                                                       |
| CM-C.---Chart: Net Purchases of Long-Term Domestic Securities by      |
| Foreigners, Selected Countries 80                                     |
|                                                                       |
| CM-D.---Chart: Net Purchases of Long-Term Foreign Securities by U.S.  |
| Investors 81                                                          |
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|                                                                       |
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| SECTION V.---Holdings of, and Transactions in, Derivatives Contracts  |
| with Foreigners Reported by                                           |
|                                                                       |
| Businesses in the United States                                       |
|                                                                       |
| CM-V-1.---Gross Totals of Holdings with Positive and Negative Fair    |
| Values by Type of Contract 82                                         |
|                                                                       |
| CM-V-2.---Gross Total of Holdings with Negative Fair Values, by       |
| Country 83                                                            |
|                                                                       |
| CM-V-3.---Gross Total of Holdings with Positive Fair Values, by       |
| Country 84                                                            |
|                                                                       |
| CM-V-4.---Net Cash Settlements Received by U.S. Residents from        |
| Foreign Residents, by Type of Contract 85                             |
|                                                                       |
| CM-V-5.---Net Cash Settlements Received by U.S. Residents from        |
| Foreign Residents, by Type of Country 86                              |
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| **FOREIGN CURRENCY POSITIONS**                                        |
|                                                                       |
| Introduction.---Foreign Currency Positions 87                         |
|                                                                       |
| SECTION I.---Canadian Dollar Positions                                |
|                                                                       |
| FCP-I-1.---Weekly Report of Major Market Participants 88              |
|                                                                       |
| FCP-I-2.---Monthly Report of Major Market Participants 89             |
|                                                                       |
| FCP-I-3.---Quarterly Report of Large Market Participants 89           |
|                                                                       |
| SECTION II.---Japanese Yen Positions                                  |
|                                                                       |
| FCP-II-1.---Weekly Report of Major Market Participants 90             |
|                                                                       |
| FCP-II-2.---Monthly Report of Major Market Participants 91            |
|                                                                       |
| FCP-II-3.---Quarterly Report of Large Market Participants 91          |
|                                                                       |
| SECTION III.---Swiss Franc Positions                                  |
|                                                                       |
| FCP-III-1.---Weekly Report of Major Market Participants 92            |
|                                                                       |
| FCP-III-2.---Monthly Report of Major Market Participants 93           |
|                                                                       |
| FCP-III-3.---Quarterly Report of Large Market Participants 93         |
|                                                                       |
| SECTION IV.---Sterling Positions                                      |
|                                                                       |
| FCP-IV-1.---Weekly Report of Major Market Participants 94             |
|                                                                       |
| FCP-IV-2.---Monthly Report of Major Market Participants 95            |
|                                                                       |
| FCP-IV-3.---Quarterly Report of Large Market Participants 95          |
|                                                                       |
| SECTION V.---U.S. Dollar Positions                                    |
|                                                                       |
| FCP-V-1.---Weekly Report of Major Market Participants 96              |
|                                                                       |
| FCP-V-2.---Monthly Report of Major Market Participants 97             |
|                                                                       |
| FCP-V-3.---Quarterly Report of Large Market Participants 97           |
|                                                                       |
| SECTION VI.---Euro Positions                                          |
|                                                                       |
| FCP-VI-1.---Weekly Report of Major Market Participants 98             |
|                                                                       |
| FCP-VI-2.---Monthly Report of Major Market Participants 99            |
|                                                                       |
| FCP-VI-3.---Quarterly Report of Large Market Participants 99          |
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| **EXCHANGE STABILIZATION FUND**                                       |
|                                                                       |
| Introduction.---Exchange Stabilization Fund 100                       |
|                                                                       |
| ESF-1.---Balance Sheet 100                                            |
|                                                                       |
| ESF-2.---Income and Expense 101                                       |
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|                                                                       |
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| SPECIAL REPORTS                                                       |
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| **FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT**         |
|                                                                       |
| Introduction.---Financial Report Excerpt 105                          |
|                                                                       |
| Financial Report Excerpt 106                                          |
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| **TRUST FUNDS**                                                       |
|                                                                       |
| Introduction.---Airport and Airway Trust Fund 119                     |
|                                                                       |
| TF-1.---Airport and Airway Trust Fund 120                             |
|                                                                       |
| Introduction.---Uranium Enrichment Decontamination and                |
| Decommissioning Fund 121                                              |
|                                                                       |
| TF-2.---Uranium Enrichment Decontamination and Decommissioning Fund   |
| 122                                                                   |
|                                                                       |
| Introduction.---Black Lung Disability Trust Fund 123                  |
|                                                                       |
| TF-3.---Black Lung Disability Trust Fund 123                          |
|                                                                       |
| Introduction.---Harbor Maintenance Trust Fund 125                     |
|                                                                       |
| TF-4.---Harbor Maintenance Trust Fund 125                             |
|                                                                       |
| Introduction.---Hazardous Substance Superfund 127                     |
|                                                                       |
| TF-5.---Hazardous Substance Superfund 127                             |
|                                                                       |
| Introduction.---Highway Trust Fund 129                                |
|                                                                       |
| TF-6.---Highway Trust Fund 130                                        |
|                                                                       |
| Introduction.---Inland Waterways Trust Fund 133                       |
|                                                                       |
| TF-7.---Inland Waterways Trust Fund 133                               |
|                                                                       |
| Introduction.---Leaking Underground Storage Tank Trust Fund 134       |
|                                                                       |
| TF-8.---Leaking Underground Storage Tank Trust Fund 134               |
|                                                                       |
| Introduction.---Nuclear Waste Fund 135                                |
|                                                                       |
| TF-9.---Nuclear Waste Fund 135                                        |
|                                                                       |
| TF-A.---Chart: Major Trust Funds, Interest on Investments 136         |
|                                                                       |
| TF-B.---Chart: Major Trust Funds, Receipts and Expenses 136           |
|                                                                       |
| Introduction.---Reforestation Trust Fund 137                          |
|                                                                       |
| TF-10.---Reforestation Trust Fund 137                                 |
|                                                                       |
| Introduction.--- Sport Fish Restoration and Boating Safety Trust Fund |
| 138                                                                   |
|                                                                       |
| TF-11.---Sport Fish Restoration and Boating Safety Trust Fund 139     |
|                                                                       |
| Introduction.---Oil Spill Liability Trust Fund 141                    |
|                                                                       |
| TF-12.---Oil Spill Liability Trust Fund 142                           |
|                                                                       |
| Introduction.---Vaccine Injury Compensation Trust Fund 143            |
|                                                                       |
| TF-13.---Vaccine Injury Compensation Trust Fund 143                   |
|                                                                       |
| Introduction.---Wool Research, Development, and Promotion Trust Fund  |
| 144                                                                   |
|                                                                       |
| TF-14.---Wool Research, Development, and Promotion Trust Fund 144     |
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|                                                                       |
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| RESEARCH PAPER SERIES 145                                             |
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| GLOSSARY 147                                                          |
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| ORDER FORM FOR TREASURY PUBLICATIONS Inside back cover                |
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| NOTES: Definitions for words shown in italics can be found in the     |
| glossary; Figures may not add to totals because of rounding; p =      |
| Preliminary; n.a. = Not available; r = Revised.                       |
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|                                                                       |
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