For use at 12:00 noon, eastern time
                                       R




                                       March 12, 2015




      FEDERAL RESERVE STATISTICAL RELEASE




                      Z.1
         Financial Accounts
         of the United States

        Flow of Funds, Balance Sheets,
   and Integrated Macroeconomic Accounts




           Fourth Quarter 2014




BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
      FEDERAL RESERVE STATISTICAL RELEASE




                      Z.1
         Financial Accounts
         of the United States

        Flow of Funds, Balance Sheets,
   and Integrated Macroeconomic Accounts



           Fourth Quarter 2014




BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
                                                                                                                                i


          Recent Developments in Household Net Worth and
                    Domestic Nonfinancial Debt
The net worth of households and nonprofits rose to               6 percent, while mortgage debt (excluding charge-offs)
$82.9 trillion during the fourth quarter of 2014. The            grew 0.7 percent at an annual rate.
value of directly and indirectly held corporate equities
increased $742 billion and the value of real estate rose         Nonfinancial business debt rose at an annual rate of
$356 billion.                                                    7.2 percent in the fourth quarter, a somewhat larger
                                                                 increase than in the previous quarter. As in recent years,
Domestic nonfinancial debt outstanding was                       corporate bonds accounted for most of the increase.
$41.4 trillion at the end of the fourth quarter of 2014, of
which household debt was $13.5 trillion, nonfinancial            State and local government debt increased at an
business debt was $12 trillion, and total government             annual rate of 1.1 percent in the fourth quarter, after
debt was $15.9 trillion.                                         decreasing at an annual rate of 2.8 percent in the
                                                                 previous quarter.
Domestic nonfinancial debt growth was 4.7 percent at
a seasonally adjusted annual rate in the fourth quarter of       Federal government debt rose 5.4 percent at an annual
2014.                                                            rate in the fourth quarter, down from a 7.2 percent
                                                                 annual rate in the previous quarter.
Household debt increased at an annual rate of
2.7 percent in the fourth quarter. Consumer credit grew



 Household Net Worth and Growth of Domestic Nonfinancial Debt
                                                              Growth of domestic nonfinancial debt2
                     Household                                                                  State and          Federal
                                                                                               local gov’ts
                     net worth1
        Year                               Total         Households         Businesses                           government
 2005                 61,839                  9.0              11.2                8.1                5.8               7.0
 2006                 66,334                  8.4              10.3                9.8                3.9               3.9
 2007                 66,750                  8.2                7.1              12.4                5.5               4.9
 2008                 56,509                  6.2                1.1               5.8                0.6              24.2
 2009                 58,251                  3.3                0.0               -4.3               4.0              22.7
 2010                 62,448                  4.1               -1.1               -0.9               2.3              20.2
 2011                 63,668                  3.6               -0.2               3.0               -1.7              11.4
 2012                 69,509                  5.0                1.5               4.8               -0.2              10.9
 2013                 78,844                  3.8                1.5               5.1               -1.3               6.5
 2014                 82,912                  4.3                2.9               5.9               -0.5               5.4


 2012:     Q4         69,509                  5.2                1.9               6.9               -2.6               9.3
 2013:     Q1         72,272                  4.1                0.7               3.5                1.9               9.1
           Q2         73,850                  3.0                1.6               4.9               -0.2               3.5
           Q3         76,215                  3.5                3.1               7.0               -3.7               2.6
           Q4         78,844                  4.4                0.6               4.4               -3.3              10.5
 2014:     Q1         80,015                  4.3                2.3               6.1               -1.3               6.0
           Q2         81,409                  3.4                3.5               5.0                1.2               2.5
           Q3         81,395                  4.4                2.8               5.0               -2.8               7.2
           Q4         82,912                  4.7                2.7               7.2                1.1               5.4
 1. Shown on table B.101, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not
    seasonally adjusted
 2. Percentage changes calculated as seasonally adjusted flow divided by previous quarter’s seasonally adju sted level, shown
    at an annual rate.
ii
                                                                                                         iii


                                   Release Highlights
                                  Fourth Quarter 2014
               Topic                                             Description
                                      New tables for the “domestic nonfinancial sector” (tables F.100
Domestic nonfinancial sector tables
                                      and L.100) have been added. The domestic nonfinancial sector
                                      aggregates the household and nonprofit organizations sector,
                                      the nonfinancial business sector, and the general government
                                      sector. Subsequent sector tables have been renumbered.
                                      New tables for the “general government sector” (tables F.105
General government sector tables
                                      and L.105) have been added. The general government sector
                                      aggregates the federal government and state and local
                                      governments sectors, on an unconsolidated basis (i.e., without
                                      netting transactions between federal and state and local
                                      governments). The tables for the consolidated statement for
                                      federal, state, and local governments, previously shown as
                                      supplemental tables F.105.c and L.105.c, have been
                                      discontinued. However, new memo items on F.105 and L.105
                                      show financial assets and liabilities of the general government
                                      sector on a consolidated basis. Subsequent sector tables have
                                      been renumbered.
Reorganization of sector tables       To make tables easier to find and to follow international norms,
                                      a number of sector tables have been relocated and renumbered.
                                      Federal government tables now precede state and local
                                      government tables. Sim ilarly, federal government employee
                                      retirement fund tables now precede state and local government
                                      employee retirement fund tables. Tables showing the split
                                      between defined-benefit and defined-contribution pension plans
                                      have been moved from the “Supplements” section to
                                      immediately follow their respective pension sector tables.
                                      Similarly, tables showing the split between life insurance
                                      companies’ general accounts and separate accounts have been
                                      moved to immediately follow the life insurance companies sector
                                      tables, and tables showing the split between equity and
                                      mortgage real estate investment trusts have been moved to
                                      immediately follow the real estate investment trusts sector
                                      tables. The rest of the world sector tables have been moved to
                                      the end.
Individual retirement accounts        Assets held in Individual Retirement Accounts (IRAs), previously
(IRAs)                                shown in supplemental tables F.226.i and L.226.i, are now
                                      shown as memo items on the pension entitlements instrument
                                      tables (tables F.226 and L.226). Supplemental tables F.226.i
                                      and L.226.i have been discontinued.
iv

                 Topic                                              Description

 Detail on federal funds and security   New detail is available on the federal funds and security
 repurchase agreements                  repurchase agreements instrument tables (tables F.207 and
                                        L.207). Federal funds are now reported separately from security
                                        repurchase agreements for the following sectors: U.S.-chartered
                                        depository institutions from 2012:Q1, foreign banking offices in
                                        U.S from 2003:Q1, credit unions from 2010:Q4, and the Federal
                                        Home Loan Banks (FHLB), a government-sponsored enterprise,
                                        from 2000:Q4.
 Detail on the Federal Reserve’s        A new memo section on the federal funds and security
 reverse repurchase agreement           repurchase agreements instrument tables (tables F.207 and
 operations                             L.207) shows the borrowing of the monetary authority sector
                                        through the Federal Reserve’s reverse repurchase agreement
                                        operations, which includes both overnight and term security
                                        repurchase agreements, with money market mutual funds and
                                        other financial institutions. Similar detail is also shown on the
                                        monetary authority tables (tables F.108 and L.108). A
                                        forthcoming FEDS note with more detail on this topic will soon
                                        be available on the Federal Reserve Board’s website at
                                        www.federalreserve.gov/econresdata/notes/feds -notes/default.html.

 Dow Jones total U.S. stock market      A memo item showing the percent change in the Dow Jones
 index                                  total U.S. stock market index is now included on the corporate
                                        equities levels instrument table (table L.213).
                                        The adjustment for the Office of Personnel Management’s
 Adjustments for differences
                                        Employees’ Life Insurance Fund, part of life insurance and
 between the Bureau of Economic
 Analysis’ national income and          pension reserves, has been removed from the federal
 product accounts’ (NIPA) and the       government table (table F.106) to align its treatment in the NIPA
 financial accounts’ treatment of the   and the financial accounts. Similarly, the adjustment for
 federal government sector              contributions for government social insurance for U.S. -affiliated
                                        areas has also been removed from the federal government table
                                        (table F.106). However, the adjustment for contributions for
                                        government social insurance for U.S.-affiliated areas is now
                                        included on the households and nonprofit organizations table
                                        (table F.101) because such contributions are reflected in the
                                        financial assets and liabilities of households, but are not
                                        included in the NIPA measure of domestic personal income.
                                        The following FEDS Note, “Introducing Defined-Contribution
 State and local government defined
 contribution employee retirement       Pensions for State and Local Government Employees in the
                                        Financial Accounts of the United States” (Matthew Hoops, Irina
 funds FEDS Note
                                        Stefanescu, and Ivan Vidangos), will soon be available on the
                                        Federal Reserve Board’s website at
                                        www.federalreserve.gov/econresdata/notes/feds -notes/default.html.

 New series mnemonic two-letter         The two-letter prefix on level series mnemonics for corporate
                                        equities and mutual funds shares have been changed from “FL”
 prefix
                                        to “LM” to signify that these series are recorded at market value.
                                        At this time, the mnemonics of calculated series that include
                                        components with mixed valuation have not been changed.
                                        W ork to update the mnemonics of other market value series is
                                        ongoing.
                                                                                                                             v


                                           Explanatory Notes

                                                              liability in existence at a point in time. In the “Financial
Financial Accounts of the United States
                                                              Accounts,” the levels are reported as of the end of each
The Statistical Release Z.1, “Financial Accounts of the       calendar quarter. In the SNA2008, the change in the
United States,” is organized into the following sections:     level from one period to the next is called the “economic
                                                              flow,” and can be decomposed into three broad
    ■    Matrices summarizing flows and levels across         elements: transactions, which measure the exchange of
         sectors, and tables summarizing credit market        assets; revaluations, which measure changes in market
         borrowing, gross domestic product (GDP),             value of untraded assets; and other changes in volume,
         national income, saving, and so on                   which measure discontinuities or breaks in time series
    ■    Flow of funds, by sector and by financial            due to disaster losses or a change in source data or
         instrument                                           definition.
    ■    Levels of financial assets and liabilities, by
         sector and by financial instrument                   In the “Financial Accounts,” “flow of funds” refers to
    ■    Balance sheets, including nonfinancial assets,       the exchange of assets, corresponding to the SNA
         and changes in net worth for households and          definition of transactions, that is, “flow tables” in the
         nonprofit organizations, nonfinancial corporate      “Financial Accounts” are equivalent to “transaction
         businesses, and nonfinancial noncorporate            tables” in the SNA terminology. In practice, other
         businesses                                           volume changes are relatively rare, and revaluations
         Supplementary tables providing additional            occur only for series carried at market value (such as
         detail on selected sectors                           corporate equities and mutual fund shares), so for many
    ■    Integrated Macroeconomic Accounts                    series the change in the level is equal to the flow.

The Integrated Macroeconomic Accounts (IMA) relate            Growth Rates
production, income, saving, and capital formation from
                                                              Growth rates calculated from levels will include
the national income and product accounts (NIPA) to
changes in net worth from the “Financial Accounts” on a       revaluations and other changes in volume. To isolate
                                                              the effect of transactions on growth of a given asset or
sector-by-sector basis. The IMA are published jointly
                                                              liability, users should calculate the ratio of the flow in a
by the Federal Reserve Board and the Bureau of
                                                              given period to the level in the preceding period.
Economic Analysis and are based on international
guidelines and terminology as defined in the System of
                                                              Growth rates in table D.1 are calculated by dividing
National Accounts (SNA1993, revised in 2008).
                                                              seasonally adjusted flows from table D.2 by seasonally
                                                              adjusted levels at the end of the previous period from
Federal Reserve Board staff have taken many steps over
the past several years to conform the “Financial              table D.3. Growth rates calculated from changes in
Accounts” with the SNA guidelines. Nonetheless, a few         unadjusted levels printed in table L.2 may differ from
                                                              those in table D.1.
important differences remain. In particular, in the
“Financial Accounts”:
                                                              Seasonal Adjustment
    ■    The purchase of consumer durables is treated as
                                                              Seasonal factors are recalculated and updated every
         investment rather than as consumption.
    ■                                                         year, and these revised factors are first published in the
         Nonfinancial noncorporate businesses (which
                                                              September release of second-quarter data. All series that
         are often small businesses) are shown in a
                                                              exhibit significant seasonal patterns are adjusted. The
         separate sector rather than being included in the
                                                              seasonal factors are generated using the X-12-ARIMA
         household sector.
    ■                                                         seasonal adjustment program from the U.S. Census
         Most debt securities are recorded at book value
                                                              Bureau, estimated using the most recent 10 years of
         rather than market value.
                                                              data. Because the effects of the recent financial crisis
                                                              resulted in large outliers in some series that would have
Concepts of Level and Flow in the SNA                         distorted the estimated seasonal factors, seasonal factors
and the Financial Accounts                                    for some series were extrapolated using pre-crisis data.
                                                              Seasonally adjusted levels shown in table D.3 are
The level of an asset or liability (also referred to as the
                                                              derived by carrying forward year-end levels by
stock or outstanding) measures the value of the asset or
                                                              seasonally adjusted flows.
vi

Data Revisions                                                 Each input and calculated series in the Z.1 is identified
                                                               according to a unique string of patterned numbers and
Data shown for the most recent quarters are based on           letters. The series structure page of the guide provides a
preliminary and potentially incomplete information. A          breakdown of what the letters and numbers represent in
summary list of the most recent data available for each        the series mnemonics. The relationships between
sector is provided in a table following these notes.           different components of a series (for example, levels,
Nonetheless, when source data are revised or estimation        seasonally adjusted annual rate flows, unadjusted flows,
methods are improved, all data are subject to revision.        revaluations, other changes in volume, seasonal factors,
There is no specific revision schedule; rather, data are       and so on) are also described on the series structure
revised on an ongoing basis. In each release of the            page.
“Financial Accounts,” major revisions are highlighted at
the beginning of the publication.
                                                               Production Schedule
                                                               The “Financial Accounts” are published online and in
Discrepancies
                                                               print four times per year, about 10 weeks following the
The data in the “Financial Accounts” come from a large         end of each calendar quarter. The publication and the
variety of sources and are subject to limitations and          guide are available online:
uncertainty due to measurement errors, missing
information, and incompatibilities among data sources.         www.federalreserve.gov/releases/Z1
The size of this uncertainty cannot be quantified, but its
existence is acknowledged by the inclusion of                  This website provides coded tables and historical annual
“statistical discrepancies” for various sectors and            tables beginning in 1945 that correspond with the tables
financial instruments.                                         published in this release. It also includes compressed
                                                               ASCII files of quarterly data for seasonally adjusted
The discrepancy for a given sector is defined as the           flows, unadjusted flows, outstandings, balance sheets,
difference between the aggregate value of the sector’s         debt (tables D.1, D.2, and D.3), supplementary tables,
sources of funds and the value of its uses of funds. For a     and the IMA.
financial instrument category, the discrepancy is defined
as the difference between the measurement of funds             In addition, the data are available as customizable
raised through the financial instrument and funds              datasets through the Federal Reserve Board’s Data
disbursed through that instrument. The relative size of        Download Program at:
the statistical discrepancy is one indication of the quality
of the underlying source data. Note that differences in        www.federalreserve.gov/datadownload/default.htm
seasonal adjustment procedures sometimes result in
quarterly discrepancies that partially or completely
                                                               Print Subscription Information
offset each other in the annual data.
                                                               The Federal Reserve Board charges a fee for
Financial Accounts Guide                                       subscriptions to print versions of statistical releases.
                                                               Inquiries regarding print versions should be directed to
Substantially more detail on the construction of the           the following office:
“Financial Accounts” is available in the Financial
Accounts Guide, which provides interactive, online             Publications Services, Stop 127
documentation for each data series. The tools and              Board of Governors
descriptions in the guide are designed to help users           of the Federal Reserve System
understand the structure and content of the “Financial         20th Street and Constitution Avenue, N.W.
Accounts.” The guide allows users to search for series,        Washington, DC 20551
browse tables of data, and identify links among series         (202) 452-3245
within these accounts. It also provides descriptions of
each of the published tables and information on the
source data underlying each series.

The guide is not part of the quarterly release, but it is
continually updated and kept consistent with the most
recently published data. The guide and the data from the
“Financial Accounts” are available free of charge online:

www.federalreserve.gov/apps/fof
                                                                                                        vii


               Description of Most Recent Data Available

            Sector Table                               Available at time of publication
National income and product          Second estimate, seasonally adjusted, for 2014:Q4. Unadjusted
accounts (NIPA)                      flows since 2013 for the government sectors and since 2006 for
                                     all other sectors are unavailable.
(various tables)
Households and nonprofit             Estimates for this sector are largely residuals and are derived
organizations sector                 from data for other sectors. Availability of data depends on
(tables F.101 and L.101)             schedules for other sectors. Data for consumer credit, which are
                                     estimated directly, are available through 2014:Q4. The source
                                     for nonprofit organizations data (tables F.101.a and L.101.a) is
                                     the Internal Revenue Service Statistics of Income (IRS/SOI).
                                     Data for nonprofit organizations are available for 1987 through
                                     2000.
Nonfinancial corporate business      Quarterly Financial Report (QFR) of the Census Bureau through
(tables F.102 and L.102)             2014:Q3 (preliminary); Internal Revenue Service Statistics of
                                     Income data through 2012; securities offerings, mortgages, bank
                                     loans, commercial paper, and other loans through 2014:Q4.
                                     Corporate farm data through 2013.
Nonfinancial noncorporate business   IRS/SOI data through 2011; bank and finance company loans,
(tables F.103 and L.103)             and mortgage borrowing through 2014:Q4. Noncorporate farm
                                     data through 2013.
Federal government                   Data from the Monthly Treasury Statement of Receipts and
(tables F.106 and L.106)             Outlays and Treasury data for loan programs and the Troubled
                                     Assets Relief Program (TARP) through 2014:Q4.
State and local governments          Gross offerings and retirements of municipal securities, deposits
(tables F.107 and L.107)             at banks, and nonmarketable U.S. government security issues
                                     through 2014:Q4; total financial assets through 2012:Q2 from
                                     the Census Bureau; breakdown of financial assets through
                                     2011:Q2 from the comprehensive annual financial reports of
                                     state and local governments.
Monetary authority                   All data through 2014:Q4.
(tables F.109 and L.109)
U.S.-chartered depository            All data through 2014:Q4
institutions
(tables F.111 and L.111)
Foreign banking offices in U.S.      All data through 2014:Q4.
(tables F.112 and L.112)
Banks in U.S.-affiliated areas       All data through 2014:Q4.
(tables F.113 and L.113)
Credit unions                        All data through 2014:Q4.
(tables F.113 and L.113)
Property-casualty insurance          Preliminary data through 2014:Q4.
companies
(tables F.115 and L.115)
viii
              Sector Table                                Available at time of publication

  Life insurance companies             Preliminary data through 2014:Q4.
  (tables F.116 and L.116)
  Private pension funds                Internal Revenue Service/Department of Labor Form 5500 data
  (tables F.118 and L.118)             through 2012. Investment Company Institute data through
                                       2014:Q3.
  Federal government retirement        Data from the Monthly Treasury Statement of Receipts and
  funds                                Outlays, the Thrift Savings Plan, and the National Railroad
  (tables F.119 and L.119)             Retirement Investment Trust through 2014:Q4.
  State and local government           Detailed annual survey data through 2012:Q2 and quarterly
  employee retirement funds            survey data through 2014:Q3 from the Census Bureau.
  (tables F.120 and L.120)             Investment Company Institute data through 2014:Q3.
  Money market mutual funds            All data through 2014:Q4.
  (tables F.121 and L.121)
  Mutual funds                         All data through 2014:Q4.
  (tables F.122 and L.122)
  Closed-end funds                     All data through 2014:Q4.
  (tables F.123 and L.123)
  Exchange-traded funds                All data through 2014:Q4.
  (tables F.123 and L.123)
  Government sponsored enterprises     Data for Farmer Mac, FCS, and FHLB through 2014:Q3. Data
  (GSEs)                               for Fannie Mae, Freddie Mac, FICO, and REFCORP through
  (tables F.124 and L.124)             2014:Q4.
  Agency- and GSE-backed               Data for Farmer Mac and Ginnie Mae through 2014:Q3. Data for
  mortgage pools                       Fannie Mae and Freddie Mac through 2014:Q4.
  (tables F.125 and L.125)
  Issuers of asset-backed securities   All data for private mortgage pools, consumer credit, business
  (ABSs)                               loans, student loans, consumer leases, and trade credit
  (tables F.126 and L.126)             securitization through 2014:Q4.
  Finance companies                    All data through 2014:Q4.
  (tables F.127 and L.127)
  Real estate investment trusts        Data from SNL Financial through 2014:Q4.
  (REITs)
  (tables F.128 and L.128)
  Security brokers and dealers         Data for firms filing FOCUS and FOGS reports through 2014:Q4
  (tables F.129 and L.129)
  Holding companies                    All data through 2014:Q4.
  (table F.130 and L.130)
  Funding corporations                 Estimates for this sector are largely residuals and are derived
  (tables F.131 and L.131)             from data for other sectors.
  Rest of the world                    Balance of payments and International Investment Position data
  (tables F.132 and L.132)             through 2014:Q3. NIPA estimates, bank Call Reports, and
                                       Treasury International Capital System data through 2014:Q4.
                                                                                                              ix


                                     List of Data Tables

                                         Title                                        Table            Page

Summaries

Flow of Funds Matrix—Flows                                                                               1
Flow of Funds Matrix—Assets and Liabilities                                                              2
Credit Market Debt Growth by Sector                                                   D.1                3
Credit Market Borrowing by Sector                                                     D.2                4
Credit Market Debt Outstanding by Sector                                              D.3                5
Total Credit Market Borrowing and Lending                                             F.1                6
Credit Market Borrowing by Nonfinancial Sectors                                       F.2                7
Credit Market Borrowing by Financial Sectors                                          F.3                7
Credit Market Borrowing, All Sectors, by Instrument                                   F.4                8
Total Liabilities and Its Relation to Total Financial Assets                          F.5                8
Credit Market Debt Outstanding                                                        L.1                9
Credit Market Debt Owed by Nonfinancial Sectors                                       L.2               10
Credit Market Debt Owed by Financial Sectors                                          L.3               10
Credit Market Debt, All Sectors, by Instrument                                        L.4               11
Total Liabilities and Its Relation to Total Financial Assets                          L.5               11
Distribution of Gross Domestic Product                                                F.6               12
Distribution of National Income                                                       F.7               13
Saving and Investment                                                                 F.8               14
Net Capital Transfers                                                                 F.9               15
Derivation of Measures of Personal Saving                                             F.10              16
Assets and Liabilities of the Personal Sector                                         L.10              17

                                                                       Flows                  Levels
                             Title                             Table           Page   Table            Page

Sectors

Domestic Nonfinancial                                          F.100            18    L.100             76
   Households and Nonprofit Organizations                      F.101            19    L.101             77
   Nonfinancial Business                                       F.102            20    L.102             78
      Nonfinancial Corporate Business                          F.103            21    L.103             79
      Nonfinancial Noncorporate Business                       F.104            22    L.104             80
x

    Sectors

      General Government                                        F.105     23   L.105     81
      Federal Government                                        F.106     24   L.106     82
      State and Local Governments                               F.107     25   L.107     83
    Domestic Financial                                          F.108     26   L.108     84
      Monetary Authority                                        F.109     27   L.109     85
      Private Depository Institutions                           F.110     28   L.110     86
         U.S.-Chartered Depository Institutions                 F.111     29   L.111     87
         Foreign Banking Offices in U.S.                        F.112     30   L.112     88
         Banks in U.S.-Affiliated Areas                         F.113     31   L.113     89
         Credit Unions                                          F.114     31   L.114     89
      Property-Casualty Insurance Companies                     F.115     32   L.115     90
      Life Insurance Companies                                  F.116     33   L.116     91
         Life Insurance Companies: General Accounts             F.116.g   34   L.116.g    92
         Life Insurance Companies: Separate Accounts            F.116.s   34   L.116.s    92
      Private and Public Pension Funds                          F.117     35   L.117     93
         Private Pension Funds                                  F.118     36   L.118     94
              Private Pension Funds: Defined Benefit Plans      F.118.b   37   L.118.b    95
              Private Pension Funds: Defined Contribution
                 Plans                                          F.118.c   37   L.118.c    95
         Federal Government Employee Retirement Funds           F.119     38   L.119     96
              Federal Government Employee Retirement Funds:
                Defined Benefit Plans                           F.119.b   39   L.119.b    97
              Federal Government Employee Retirement Funds:
                Defined Contribution Plans                      F.119.c   39   L.119.c    97
         State and Local Government Employee Retirement
            Funds                                               F.120     40   L.120     98
              State and Local Government Employee
                 Retirement Funds: Defined Benefit Plans        F.120.b   41   L.120.b    99
              State and Local Government Employee
                 Retirement Funds: Defined Contribution Plans   F.120.c   41   L.120.c    99
      Money Market Mutual Funds                                 F.121     42   L.121     100
      Mutual Funds                                              F.122     42   L.122     100
      Closed-End and Exchange-Traded Funds                      F.123     42   L.123     100
      Government-Sponsored Enterprises                          F.124     43   L.124     101
      Agency- and GSE-Backed Mortgage Pools                     F.125     43   L.125     101
      Issuers of Asset-Backed Securities                        F.126     44   L.126     102
      Finance Companies                                         F.127     44   L.127     102
                                                                                         xi

Sectors

  Real Estate Investment Trusts (REITs)                   F.128     45   L.128     103
     Equity Real Estate Investment Trusts                 F.128.e   46   L.128.e   104
     Mortgage Real Estate Investment Trusts               F.128.m   46   L.128.m   104
  Security Brokers and Dealers                            F.129     47   L.129     105
  Holding Companies                                       F.130     48   L.130     106
  Funding Corporations                                    F.131     49   L.131     107
Rest of the World                                         F.132     50   L.132     108


Instruments

U.S. Official Reserve Assets and SDR Allocations          F.200     51   L.200     109
Special Drawing Rights (SDRs) Certificates and Treasury
Currency                                                  F.201     51   L.201     109
U.S. Deposits in Foreign Countries                        F.202     51   L.202     109
Net Interbank Transactions                                F.203     52   L.203     110
Checkable Deposits and Currency                           F.204     53   L.204     111
Time and Savings Deposits                                 F.205     54   L.205     112
Money Market Mutual Fund Shares                           F.206     54   L.206     112
Federal Funds and Security Repurchase Agreements          F.207     55   L.207     113
Open Market Paper                                         F.208     56   L.208     114
Treasury Securities                                       F.209     57   L.209     115
Agency- and GSE-Backed Securities                         F.210     58   L.210     116
Municipal Securities and Loans                            F.211     59   L.211     117
Corporate and Foreign Bonds                               F.212     60   L.212     118
Corporate Equities                                        F.213     61   L.213     119
Mutual Fund Shares                                        F.214     61   L.214     119
Depository Institution Loans Not Elsewhere Classified     F.215     62   L.215     120
Other Loans and Advances                                  F.216     63   L.216     121
Total Mortgages                                           F.217     64   L.217     122
  Home Mortgages                                          F.218     65   L.218     123
  Multifamily Residential Mortgages                       F.219     65   L.219     123
  Commercial Mortgages                                    F.220     66   L.220     124
  Farm Mortgages                                          F.221     66   L.221     124
Consumer Credit                                           F.222     67   L.222     125
Trade Credit                                              F.223     68   L.223     126
Security Credit                                           F.224     68   L.224     126
Life Insurance Reserves                                   F.225     68   L.225     126
xii

 Instruments

 Pension Entitlements                                       F.226            69     L.226            127
 Taxes Payable by Businesses                                F.227            69     L.227            127
 Proprietors' Equity in Noncorporate Business               F.228            69     L.228            127
 Direct Investment                                          F.229            70     L.229            128
 Total Miscellaneous Financial Claims                       F.230            71     L.230            129
      Identified Miscellaneous Financial Claims—Part I      F.231            72     L.231            130
      Identified Miscellaneous Financial Claims—Part II     F.232            73     L.232            131
      Unidentified Miscellaneous Financial Claims           F.233            74     L.233            132
 Sector Discrepancies                                       F.11             75
 Instrument Discrepancies                                   F.12             75

                                                             Balance Sheet            Reconciliation
                              Title                         Table           Page    Table            Page

 Balance Sheet and Changes in Net Worth

 Households and Nonprofit Organizations                     B.101           133    R.101         136
 Nonfinancial Corporate Business                            B.103           134    R.103         137
 Nonfarm Noncorporate Business                              B.104           135    R.104         138


                                                                    Flows                   Levels
                              Title                         Table           Page    Table            Page

 Supplementary Tables
 Balance Sheet of Households and Nonprofit Organizations
 with Equity Detail                                                                B.101.e       139
 Nonprofit Organizations                                    F.101.a         140    L.101.a       141

                                         Title                                      Table            Page

 Integrated Macroeconomic Accounts for the United States

 Total Economy—Current Account                                                      S.1.a        142
 Selected Aggregates for Total Economy and Sectors                                  S.2.a        143
 Households and Nonprofit Institutions Serving Households                           S.3.a        145
 Nonfinancial Noncorporate Business                                                 S.4.a        148
 Nonfinancial Corporate Business                                                    S.5.a        151
 Financial Business                                                                 S.6.a        154
 Federal Government                                                                 S.7.a        157
 State and Local Governments                                                        S.8.a        160
 Rest of the World                                                                  S.9.a        163