Treasury Bulletin. M ay 1976

Transcription

1 Treasury Bulletin M ay 976

2 The Treasury B ulletin is for sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 040 Subscription per year $55.5 domestic, $68.95 foreign. Single copy price varies.

3 Treasury Bulletin M ay 976 DEPARTMENT OF THE TREASURY WASHINGTON, D.C. OFFICE OF THE SECRETARY

4 May 976 I CONTENTS Article - Treasury Financing Operations... V FEDERAL FISCAL OPERATIONS FFO-l. - Summary of Fiscal Operations... FFO-. - Budget Receipts by Source... 3 Chart - Budget Receipts by Source... 5 FFO-3. - Budget Outlays by Agency... 6 FFO-4. - Undistributed Offsetting Receipts... 7 FFO-5. - Budget Outlays by Function... 8 FFO-6. - Investment Transactions of Government Accounts in Federal Securities (Net)... 0 FFO-7. - Trust Funds Transactions... FFO-9. - Detail of Excise Tax Receipts... FEDERAL OBLIGATIONS FO-. - Gross Obligations Incurred Within and Outside the Federal Government by Object Class... 5 FO-. - Gross Obligations Incurred Outside the Federal Government by Major Function and Major Object Class FO-3. - Gross Obligations Incurred Outside the Federal Government by Department or Agency FO-4. - Gross Obligations Incurred Outside the Federal Government, Comparative Statement by Months... 7 ACCOUNT OF THE U.S. TREASURY UST-. - Status of the Account-of the U.S. Treasury... 8 UST-. - Analysis of Changes in Tax and Loan Account Balances UST-3. - Gold Assets and Liabilities of the Treasury... 0 MONETARY STATISTICS MS-. - Currency and Coin in Circulation FEDERAL DEBT FD-. - Summary of Federal Debt.... FD-. - Computed Interest Charge and Computed Interest Rate on Interest-Bearing Public Debt... FD-3. - Interest-Bearing Public Debt... 3 FD-4. - Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt... 3 FD-5. - Government Account Series....*... 4 FD-6. - Interest-Bearing Securities Issued by Government Agencies... 5 FD-7. - Participation Certificates... 6 FD-8. - Debt Subject to Statutory Limitation... 7 FD-9. - Status and Application of Statutory Limitation... 8 FD-0. - Treasury Holdings of Securities... 9 PUBLIC DEBT OPERATIONS PD0-. - Maturity Schedule of Interest-Bearing Marketable Public Debt Securities... 3 PDO-. - Offerings of Treasury Bills... 3 PD New Money through Regular Weekly Treasury Bills PD Offerings of Public Marketable Securities Other than Regular Weekly Treasury Bills... 39

5 II Treasury Bulletin CONTENTS PDO-5. - Unmatured Marketable Securities Issued at a Premium or Discount... 4 PDO-6. - Allotments by Investor Classes on Subscription for Public Marketable Securities PDO-7. - Disposition of Public Marketable Securities PDO-8. - Foreign Series Securities... 5 PDO-9. - Foreign Currency Series Securities UNITED STATES SAVINGS BONDS SB-. - Sales and Redemptions by Series, Cumulative SB-. - Sales and Redemptions by Periods, All Series Combined SB-3. - Sales and Redemptions by Periods, Series E through K SB-4. - Redemptions of Matured and Unmatured Savings Bonds UNITED STATES SAVINGS NOTES SN-. - Sales and Redemptions by Periods... 6 OWNERSHIP OF FEDERAL SECURITIES 0FS-. - Distribution of Federal Securities OFS-. - Estimated Ownership of Public Debt Securities TREASURY SURVEY OF OWNERSHIP TS0-. - Summary of Federal Securities TSO-. - Interest-Bearing Marketable Public Debt Securities by Type and Maturity Distribution TS Interest-Bearing Marketable Public Debt Securities by Issue TS Securities Issued by Government Agencies TS Securities Issued by Government-Sponsored Agencies and D.C MARKET QUOTATIONS ON TREASURY SECURITIES MQ-. - Treasury Bills... 7 MQ-. - Treasury Notes... 7 MQ-3. - Treasury Bonds Chart - Yields of Treasury Securities AVERAGE YIELDS OF LONG-TERM BONDS AY-. - Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds Chart - Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds INTERNATIONAL FINANCIAL STATISTICS IFS-. ' - U.S. Reserve Assets IFS-. - U.S. Liquid and Nonliquid Liabilities to Foreign Official Institutions, and Liquid Liabilities to All Other Foreigners IFS-3. - U.S. Liquid and Nonliquid Liabilities to Official Institutions of Foreign Countries, by Area IES-4. - Nonmarketable U.S. Treasury Bonds and Notes...' IFS-5. - U.S. Position in the International Monetary Fund... 8 IFS-6. - Weighted Average of Exchange Rate Changes for the Dollar

6 May 9J6 III CONTENTS CAPITAL MOVEMENTS LIABILITIES TO FOREIGNERS REPORTED BY BANKS - U.S. CM-I-. - Short-Term Liabilities by Type of Foreign Holder CM-I-. - Short-Term Liabilities by Type of Liability CM-I-3. - Short-Term Liabilities by Country CM-I-4. - Short-Term Liabilities, by Type and Country CM-I-5. - Short-Term Liabilities, Not Regularly Reported Separately CM-I-6. CM-I-7. CM-II-. CM-II-. CM-II-3. CM-II-4. CM-II-5. CM-II-6. CM-III-. CM-III-. CM-III-3. CM-III-4. - Long-Term Liabilities by Type Long-Term Liabilities by Country...9 CLAIMS ON FOREIGNERS REPORTED BY BANKS - U.S. - Short-Term Claims by Type Short-Term Claims by Country Short-Term Claims, by Type and Country Long-Term Claims by Type Long-Term Claims by Country Long-Term Claims, by Type and Country...98 LIABILITIES TO FOREIGNERS REPORTED BY NONBANKING CONCERNS - U.S. - Liabilities by Type Short-Term Liabilities by Country Short-Term Liabilities, by Type and Country Long-Term Liabilities by Country...0 CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS - U.S. CM-IV-. - Claims by Type CM-IV-. - Short-Term Claims by Country CM-IV-3. CM-IV-4. CM-IV-5. - Short-Term Claims, by Type and Country Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Type Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Country...06 CM-IV-6. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Type and Country CM-IV-7. CM-V-. CM-V-. CM-V-3. - Long-Term Claims by Country...08 TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS - Foreign Purchases and Sales of Long-Term Domestic Securities Foreign Purchases and Sales of Long-Term Foreign Securities Net Foreign Transactions in Marketable U.S. Treasury Bonds and Notes by Country...0 CM-V-4. - Estimated Foreign Holdings of Marketable U.S. Treasury Bonds ^nd Notes by Country CM-V-5. - Net Foreign Transactions in Long-Term Domestic Bonds... CM-V-6. CM-V-7. CM-V-8. CM-V-9. CM-V-0. CM-VT-. CM-VI-. - Net Foreign Transactions in Domestic Stocks by Country Net Foreign Transactions in Long-Term Foreign Bonds by Country Net Foreign Transactions in Foreign Stocks by Country Foreign Purchases and Sales of Long-Term Securities, Latest Date Foreign Purchases and Sales of Long-Term Securities, Latest Year...7 FOREIGN CREDIT AND DEBIT BALANCES IN BROKERAGE ACCOUNTS - Foreign Credit Balances (Due to Foreigners) Foreign Debit Balances (Due from Foreigners)...9

7 IV Treasury Bulletin CONTENTS FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS GOVERNMENT CORPORATIONS AND OTHER BUSINESS-TYPE ACTIVITIES GA-I-. - Statements of Income and Retained Earnings FEDERAL CREDIT PROGRAMS GA-II-. - Direct Sales and Repurchases of Loans TRUST FUNDS GA-III-. - Civil Service Retirement and Disability Fund GA-III-. - Federal Old-Age and Survivors Insurance Trust Fund GA-III-3. - Federal Disability Insurance Trust Fund GA-III-4. - Federal Hospital Insurance Trust Fund... 5 GA-III-5. - Federal Supplementary Medical Insurance Trust Fund GA-III-6. - Railroad Retirement Accounts GA-III-7. - Unemployment Trust Fund GA-III-8. - National Service Life Insurance Fund GA-III-9. - Investments of Specified Trust Accounts in Public Debt Securities and Agency Securities Cumulative Table of Contents Note: Details of figures may not add to totals because of rounding.

8 May 976 V Treasury Financing Operations Mav Refunding On April 8 the Treasury announced that it would sell to the public at auction, under competitive and noncompetitive bidding, up to $.0 billion of Treasury Notes of Series L- 978, and $0.75 billion of an additional amount of 7-7/8% Treasury Bonds of The Treasury also offered for cash subscription $3.5 billion, or thereabouts, at par, to the public of 7-7/8% Treasury Notes of Series A-986. These issues were to refund $4. billion of publicly held Treasury securities maturing May 5 and to raise new cash. The 7-7/S percent Treasury Notes of Series A-986 will be dated May 7, 976, due May 5, 986, with interest payable semiannually on May 5 and November 5 until maturity. The subscription books were open through Wednesday, May 5. Subscriptions from the public totaled $8.9 billion. Subscriptions allotted totaled'$4.7 billion. Subscriptions for $500,000 or less accompanied by a deposit of 0 percent of face value were allotted in full. Subscriptions not accompanied by the 0 percent deposit were allotted 5 percent. Government accounts and Federal Reserve banks were allotted $0.5 billion of the notes. Subscriptions were received subject to allotment and were payable in cash or in Treasury notes maturing May 5, 976, which were accepted at par. Payment was required to be made or completed on or before May 7, 976. Commercial banks could submit subscriptions for account of their customers provided the names of the customers were set forth in such subscriptions. Others than commercial banks were not permitted to enter subscriptions except for their own account. Subscriptions were received without deposit from commercial and other banks for their own account, Federally-insured savings and loan associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international organizations in which the United States holds membership, foreign central banks and foreign States, and dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of New York their positions with respect to Government securities and borrowings thereon. All other subscriptions were required to be accompanied by payment of 0 percent (in cash or in the maturing securities, which were accepted at par) of face value up to $500,000 to insure full allotment. A coupon rate of 6-/# was set on the notes of Series L-978 after the determination as to which tenders were accepted on a yield basis, the average of which translated into an average accepted price close to The notes of Series L-978 will be dated May 7, 976, due April 30, 978, with interest payable semiannually on April 30 and October 3 until maturity. The bonds will be an additional issue of the bonds dated February 8, 975, with interest payable from May 7, 976, due February 5, 000, callable at the option of the United States on any interest payment due on and after February 5, 995, with interest payable semiannually on February 5 and August 5 until maturity. Tenders for the notes of Series L-978 were received until :30 p.m., EDST, May 4, and totaled $4.4 billion of which $.0 billion was accepted at yields ranging from 6.59#, price , up to 6.63#, price Noncompetitive tenders for $500,000 or less were accepted in full at the average yield of accepted tenders, 6.6#, price These totaled $0.6 billion. Tenders for the bonds were received until :30 p.m., EDST, May 7, and totaled $.5 billion ofwhieh $0,75 billion was accepted at prices ranging from 97.50, yield 8.# to maturity, down to 96.36, yield 8.# to maturity. Noncompetitive tenders for $500,000 or less were accepted in full at the average price of accepted tenders, 96.73, yield 8.9# to maturity. These totaled $0 million. In addition to the amounts allotted to the public, $0.5 billion of the notes of Series L-978 and $0. billion of the bonds were allotted to Federal Reserve banks and Government accounts. Payment for accepted tenders in both auctions was required to be made or completed on or before May 7, 976, in cash, Treasury notes maturing May 5, 976, which were to be accepted at par, or other funds immediately available to the Treasury by that date. Tenders and subscriptions were received for all three offerings at Federal Reserve banks and branches and at the Bureau of the Public Debt, Washington D. C. Bearer notes and bonds, with interest coupons attached, and notes and bonds registered as to principal and interest were authorized to be issued in denominations 7of $5,000, $0,000, $00,000, an $,000,000 in the case of the notes of Series L-978, and in denominations of $,000, $5,000, $0,000, $00,000, ana $,000,000 in the case of the notes of Series A-986 and the bonds of Week Bills On April tenders were invited for $3,85 million, or thereabouts, of 364-day Treasury bills to be dated May 4, 976, and to mature May Tenders were opened on A

9 VI Treasury Bulletin Treasury Financing Operations Continued pril 8. They totaled $5,50 million, of which $3,85 million was accepted, including $95 million of noncompetitive tenders from the public and $,003 million of the bills issued at the average price to Government accounts and Federal Reserve banks, for themselves and as agents of foreign and int eraat ional monetary author it ies # The average bank discount rate was percent. The issue was to raise cash and to refund $,435 million of bills maturing May 4. Short-dated Bills On April 5, tenders were invited for 4-day bills in the amount of $.5 billion, or thereabouts, representing an additional amount of bills dated October 3, 975, maturing April, 976. Tenders were received at all Federal Reserve banks and branches up to the closing hour, :30 p.m., EST, April 7, 976. They totaled $7.6 billion of which $.5 billion was accepted. The average bank discount rate was percent. The minimum acceptable tender was $0 million, with increments of $ million above that minimum. These short-dated bills have been referred to as "Federal Funds Bills. The minimum$0million tender size simplifies the auction and permits these bills to be sold on much shorter notice than is the case with regular bill auctions. 3-Week and 6-Week Bills Issues of regular weekly Treasury bills in April totaled $30.3 billion. These issues were offered for cash and in exchange for bills maturing in the amount of $35. billion. There were two 3-week issues of $.7 billion, two 3-week issues of $.6 billion and one 3-week issue of $.5 billion. There were two 6-week issues of $3.5 billion and three 6- week issues of $3.4 billion. Average rates for the new issues are shown in the following table. 976 Date of issue Annual average rate (bank discount basis) 3-week 6-week April Treasury B-tHa (Other than Short-dated bills) - General Treasury bills are sold on a bid basis. The face amount is payable without interest at maturity. They are issued in bearer form only, and in denominations of $0,000, $5,000, $50,000, $00,000, $500,000, and$,000,000 (maturity value). Tenders are received at Federal Reserve banks and branches. Each tender mast be for a minimum of $0,000. Tenders over $0,0 0 0 must be in Aultiples of $5,000. Banking institutions generally may submit tenders for account of customers. Tenders may be made without deposit by incorporated banks and trust companies and by responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of percent of the face amount of bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Noncompetitive tenders (without stated price), usually for $500,000 or less from any one bidder, for each issue of 3-week, 6-week, and 5-week bills, are accepted in full at the average Ja?ice of accepted competitive bids for an issue. Payment for accepted tenders must be made or completed on the date of issue, in cash or other immediately available funds or in a like face amount of Treasury bills maturing on that date. Payment for 3-week, 6-week, and 5-week bills may not be made by credit in Treasury tax and loan accounts. Fr, rm<m and F n r M g n niirwmmr figr-taa Foreign series securities issued in April totaled $500 million, consisting of three bills and one note. Redemptions for the month totaled $557 million. At the end of April, foreign series securities outstanding totaled $0,03 million. (Details are shown on page 54.) Foreign currency series securities issued in April consisted of a note denominated in Swiss francs equivalent to $7 million. Redemptions for the month also totaled an e- quivalent of $7 million. At the end of April foreign currency series securities outstanding totaled an equivalent of $,599 million and were all denominated in Swiss francs. (Details are shown on page 56.) Wote: Details of Treasury market financing operations are shown elsewhere in tables on public debt operations.

10 May 976 FEDERAL FISCAL OPERATIONS*..- Table FFO-. - Summary of Fiscal Operations (In millions of dollars) Budget receipts and outlays Borrowing from the public Federal securities Means of financing net transactions Cash and monetary assets (Deduct) Fiscal year or month Net receipts / () Net outlays / () Surplus or deficit (-) - (3) Public debt securities 3 / (4) (5) Agency securities Investments of Government accounts i j (6) (7) Within general account of the U.S. Treasury / 6 / (8) ILS. Treasury operating cash (9) Special drawing rights / (0) Other () Gold tranche drawing rights 8/ ,856 34,65 j -3,796,79 4,04 3,44 3, ,55 58,54. -8,70 6,796 5,079 9,035,838-4, ,67 78,833-5,6,476 5,944 5,30 3,00 -, , ,784 I84,548 3,36 7,56-0,50 8,5 -, ,743 96,588 -,845 7,98 -,739 0,06 5,397, , ,39,45-3,033 7, ,47 9, ,649 3,876-3,7 9,3 -,69 8,40 9,44,668-7, ,5 46,56-4,30 30,88 6,8 9,75, , ,93 68,39-3,460 6, ,83 3,009-3, ,997 34,60-43,604 58,953 -,069 7,03 50, , , 976 (Eet.)... 97, ,43r -76,898r 90,000-00,99 87,500 - n.a. n.a. n.a. n.a. T.Q. (Est.)### ,543r -I6,649r 8,9-44 -,3 0,000 - n.a. n.a. n.a. n.a. 977 (st.)... 35,59r 395,8l3r -44,55r 67,60 -,9,87 53,500 n.a. n.a. n.a. n.a. 975-Mar... 0,040r 8-,3r -8,7r 9,949' 5 -l,98r ll,5r 3,5 0r -l,78r 7?r Apr... 3,45 9,60,850 7, ,485-7,666-30,898 -,793 8,86-5,394,48-6,856 8,556-5, June... 3,87 30,96,5 5, , July... 0,97 3,49 -,49 5,05-3 -,773 7,800-3, ,36-47 Aug... 3,584 30,634-7,050 9,47 6,90 7, Sept... 8,65 9, , ,58 8,463-6, Oct... 9,36 3,45-3,09 8, ,396, Nov...,745 9,40-7,656 4, ,39 5, , Dec... 5,995 3,79-5,797 9,850-4,6 8,5 -, Jan... 5,634 30,75-5,09 7, ,80 3, Feb... 0,845 9,833-8,987 9, , * Mar... 0,43 9,054-8,63 6, , , Fiscal 976 to date... 06,363 74,57-67,794 67, ,99 73, ,36 50 () Means of financing net transactions Con. Selected balances, end of period Fiscal year or month Other 9/ (3) Transactions not applied to year's surplus or deficit 0/ (4) budget financing (5) General account of the U.S. Treasury / 6 / (6) U.S. Treasury Operating cash (7) Public debt securities / (8) Agency securities / (9) Federal securities Investments of Government accounts (0) Held by the public () ,796,450 36,097 3,377 64,784 64, ,70 7,879-3,893 8,455 73,89 67, , ,6 6, ,369 4,399 79,40 90, ,407-3,36 7,544-35,895 4,49 87,66 79, ,845 9,9-370,094,50 97,73 84, , ,033 0,7-397,305,63 05,40 304, ,958,97 3,7,785-46,435 0,894 3,559 33, ,9-08 4,30 3, ,37,09 5,38 343, , ,460 0, ,35,0 97 5,968-8,897 43,604 7, ,88 0,943» 976 (Est.)... -,398-8,670 76, ,88 0,743 49,55 484,406 T.Q. (Est.) ,87 6,077 0, (Est.) *356 4,975 9,80 6,65 558, Mar..'... 40r -l,457r 8,7fr I 6,69 509,659 ll,08r I 40, ,84r Apr ,850 4,95 56,740,004 39,96 387,783, ,394-8,538 58,58 0,998 4,88 396,339 June... -, ,5-7, ,88 0,943 47,5 396,906 July ,05 4,99 538,40 0,90 44, ,707 Aug... -, ,050-3, ,7 0,96 46,74 4,895 Sept , ,647 0,935 44,4 40,358 Oct..., ,09-0,37 56,999 0,93 40,88 43,0 Nov ,656-6, ,799 0,98 39, ,037 Dec ,797-8, ,649 0,904 4, , Jan...,43 -,53 5,09, ,405 0,90 4,34 454,07 Feb ,987,05 593,87 0,907 4, ,045 Mar... -,83 -,05 8,63-8,09 600,490 0,90 4,06 470,365 Fiscal 976 to 97-6,8 67,794 date ,09 600,490 0,90 4,06 470,365 Footnotes on following page.

11 Treasury Bulletin,FEDERAL FISCAL OPERATIONS* Footnotes to Table FFO-. Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Note: Revised Budget estimates based on the Mid-Session review of the 977 Budget, released March 5, 976, are not available in the necessary detail, except for total Net Budget receipts, outlays, and deficit. Other estimates are based on the 977 Budget of the U.S. Government, released January, 976. / For detail see Table FF0-. / For detail see Table FFO-3. / As of July 3, 974, public debt outstanding has been adjusted to exclude the notes of the International Monetary Fund to conform with the budget presentation. y For detail see Table FFO-6. J5/ Current fiscal year to date transactions through June 30, 974, are on the Daily Statement of the U.S. Treasury clearance date basis and are converted to accounting date basis at June 30 (final) only. Prior fiscal year amounts include transactions in transit as of June 30. For amounts in transit see Table FFO-IO in the October 974 Bulletin. 6/ As of July 974, balances shown under,fwithin general account of the U.S. Treasury" are now presented in columns 9,, and 3. / Represents holdings of special drawing rights, less certificates issued to Federal Reserve banks. 8 / Represents activity of the International Monetary Fund. / Includes: public debt accrued interest payable to the public, deposit funds, miscellaneous asset and liability accounts, and as of July 974, the gold balance. 0/ Includes: Seigniorage; increment of gold; fiscal 969 conversions of certain corporations to private ownership; fiscal 970 reclassification of Commodity Credit Corporation certificates of interest; fiscal 974 conversion of interest receipts of Government accounts to an accrual basis; and net outlays of off-budget Federal agencies (Export-ljnport Bank since August 7, 97, rural electrification and telephone revolving fund since May, 973, Postal Service fund since July 973, Federal Financing Bank since July 974, housing for the elderly or handicapped fund since August, 974, and Pension Benefit Guaranty Corporation since September 7, 974). / For detail, see Table FD-6. n.a. Not available. r Revised. Title V of the Congressional Budget Act of 974 (Public Law ) changed the fiscal year from July through June 30 to Oct. through Sept, 30, commencing with the fiscal year 977 (Oct., 976, through Sept. 30, 977). The act also established a 3-month transitional period from July through Sept. 30, 976, between fiscal years 976 and 977. Budget estimates for the transitional quarter are included in tables FF0- through FF0-4, and FF0-6.

12 May 976 FEDERAL FISCAL OPERATIONS 3 Table FFO-. - Budget Receipts by Source Fiscal year or month Net budget receipts (in millions of dollars) Income taxes Individual Corporation Withheld / Other Refunds Net Gross Refunds, Net Net income taxes ,856 4,8 8,486 5,85 55,446 30, ,55 30,073 85,59 50,5 8,850 7,845 6,56 34, , ,497 53,67 57,30 0,95 9,57 68,76 9,897,3 8, ,390 87,784 70,8 7,58 0,9 87,49 38,338,660 36, ,97 93,743 77,46 6,36 3,40 90,4 35,037,08 3, ,4 88,39 76,490 4,6 4,5 86,30 30,30 3, ,785 3,05 08,649 83,00 5,679 4,43 94,737 34,96,760 3, ,903 3,5 98,093 7,09,866 03,46 39,045, ,93 36,53 39,398,09 30,8 3,95 8,95 4,744 3,5 38,60 57, (Est.)... T.Q. (Est.) (Est.)... 80,997 97,534 8,894 35,6,07 3,3 37, 68,48 34,38 37,58 3,664 9,887 34,03 9, ,78,386 30,8 40,003 53,64 45,747 45,956 9,543 55,70 5,5 5,900,7 5,809 40,6 40,056 8,46 49,46 63,007 70,878 48,49 03,0 975-Mar... 0,040r 9,65r,66 8,5 4,34 7,8 Apr ,579 3,45 9,558 0,73,766 6,58 6,065 May... 5, ,093 59,793 0,300 89,749 / -,630 June...,9 8 3,87 0,07, ,54,444 3,3 0, ,578,70 July.... 0,97 9, ,65,838 Aug ,367 3,584 0,46 0, ,403 Sept..., ,65 9,8 03 4, ,609 6,77 Oct... 9, ,03 9,63 9, i/ 0,653 Nov...,694 8 / 873,745,56 0, ,354,07 Dec ,995 0,738, ,00 6, ,530 7, Jair... 5,634 9,59 5, ,76,7*7 Feb ,845,553 6,89 0, ,00 7,778, Mar ,560 0,43,385,53 8,6*6 5,7 6,4*5 6 5,863,35 Fiscal 976 to 06,363 9,399 6,957 4,94 94,6 8,69 3,996 4,74 8,435 Social insurance taxes and contributions Fiscal year or month uid-age, disability, and hospital insurance Gross Refunds Net Employment taxes and contributions Railroad retirement accounts Gross Refunds Net Net employment taxes and contributions Gross Unemployment insurance Refunds Net unemployment insurance i % 6. ~ ; ** (Est.)... T.Q. (Est.) (Est.) Ma r Ayr... May... June... July... Aug... Sept... Oct... Nov... Dec Ja n Feb... Mar. 8 7,38 8 8,67 33, , , , ,66 65, & ' , ,99-94, ,346 7,69-8, ,787-5,9 7,838 5,808 4,537 6,68 4,93-5,748 8,33 5,99-9,978 7,046 8,409 33,35 38,4 40,79 45, 53,687 64,48 73,75 78,55,99 94,04 6,346 7,69 7,80 5,787 5,9 7,838 5,808 4,537 6,68 4,93 5,748 8,33 5, ,009,90,4,490, , ,008,89,4 \ M 430, ,66 7,83 9,4 34,36 39,33 4,699 46,0 54,876 65,89 7«,79 96,08 6,476 7,8 8,09 5,96 5,309 8,058 5,805 4,55 6,900 5,060 5,765 8,567 6,07 3,783 3,665 3,35 3,335 3,47 3,68 4,370 6,070 6,863 6,804 7,748,0, , , ,777 3,659 3,346 3,38 3,464 3,674 4,357 6,05 6,837 6,77 7,73,4,0b4 d.± 55*7, , Fiscal 976 to date... 55,06 55,06,098,098 56,4 3, ,907 Footnotes at end of table.

13 FEDERAL FISCAL OPERATIONS Treasury Bulletin Table FFO-. - Budget Receipts by Source Continued Fiscal year or month (In millions of dollars) Social insurance taxes and contributions - Continued Federal supplementary medical insurance Net contributions for other insurance and retirement Federal employees retirement Other retirement Net social insurance taxes and contributions Miscellaneous Excise taxes Airport and airway trust fund Gross Refunds Net Gross Refunds Net , 8,9.5,567 9,36 7 9, ,0 9,867 33,349 9, , ,334 0,05 34,6 9,87 7 9, ,46 4,353 39,98 0, , ,735 9,70 45,98 0, , ,53, ,07 48,578 0, , ,340, ,437 53,94 0,56,056 9, ,47,46 4 3,64 64,54 9, , ,704, ,05 76,780 9, , ,90,53 5 4,466 86,44 9, , (Est.)...,9,7 5 4,684 9,57 0, , ,3 5,74,46 36, (Est.)...,6, ,970 3,05 0, ,50,056, Mar r 5 370r 6,867r Apr ,6 675 * * 77 May , * 64 June , * 86 July , Aug , * 3 Sept ,80,47 6,4 4 4 Oct , Nov ,994,0 0,0 46 * 45 Dec , Jan , Feb , Mar , * 8 Fiscal 976 to date...,45, ,56 63,58 8,34 3 8, 7 70 Excise taxes -Continued Estate and gift taxes Customs duties Net miscellaneous receipts Fiscal year or month Highway trust fund Gross Refunds Net Net excise taxes Gross Refunds Net Gross Refunds Net Deposits of earnings by Federal Reserve banks All other , ,97 3,06 3, ,066,8 45,767,73 6, ,65 4,44 3,79 3,04 36,978,97 7,90, , , ,379 4,079 3,08 3 3,05,3 75,038,09 400, ,86 4 4,637 5, 3, ,49,387 68,39,66 47, , ,354 5,705 3, ,644,494 64,430 3, , , ,54 6,64 3, ,735,657 66,59 3, , , ,3 5,477 5, ,436 3, ,87 3, , , ,665 6,60 4, ,97 3, ,88 3, , , ,60 6,844 5,0 66 5,035 3, ,334 4, , , ,88 6,55 4, ,6 3, ,676 5, U 6,7 5, ,7 6,90 5, ,00 3, ,800 5,550,734 8,84 T.Q. (Est.)...,747,746 4,37,40 0,400,03? 35,000 ^ ^ (Est.)... 6, ,50 7,806 5, ,800 4, ,300 6,00,00 7,0 975-Mar , o ?r 64&r Apr , May , / June , July , Aug * 778, Sept , Oct , Nov * 3, Dec , Jan , Feb , Mar... ; , Fiscal 976 to date... 4,00 3! 3,97,79 3, ,898 3,047 00,947 3, ,708 Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Note: Revised Budget estimates are, based on the Mid-Session review of the 977 Budget, released March 5, 976. Estiipates are not available in detail, and are based on the 977 Budget of the U.S. Govern ment, released Januaiy, 976. / Includes individual income taxes designated for the Presidential election campaign fund. Prior to February 974, these taxes were included in "Other". / Includes approximately $6,700 million in tax rebates. / Includes adjustment of amounts previously reported. y Includes $44,65 thousand in fees for licenses to import petroleum and petroleum products. * Less than $500,000. r Revised.

14 BUDGET RECEIPTS BY PRINCIPAL SOURCES Fiscal Years Fiscal Years TOTAL Comparison first nine < months fiscal years W M 975 and Individual Income Taxes Social Insurance Taxes and Contributions JL m M, 7//A Excise Taxes '////< 970 W/A ///// 97 '/////. '////, Corporation Taxes 0 I I I N Z /s 0 0 m \I l l l l I f l i i l l j f l l j l I M i Source: Monthly Treasury Statement of Receipts and Outlays of U.S. Government For actual amounts see preceding Table FFO-. Includes estate and gift taxes, customs duties, and miscellaneous receipts. 0 Other i IP 9 w w W,. \ m W i

15 6.FEDERAL FISCAL OPERATIONS# Table FFO-3. - Budget Outlays by Agency (In millions of dollars) Treasury Bulletin Fiscal year or month Legislative branch The judiciary Executive Office of the President Funds appropriated to the President Agriculture Department Commerce Department Defense Department Military Civil Health, Education, & Welfare Department Housing & Urban Development Department Interior Department J Justice Department Labor Department $ (Est.) T.Q. (Est.) 977 (Est.) 975-Mar... Apr... May... June.. July.. Aug... Sept.. Oct... Nov... Dec Jan... Feb... Mar r 5r 970r r ,385 4,87 4,93 4,967 4,774 4,540 4,69 3,733 4,05 3,57 5,05r# 8l4r 3,953r 354r ,53 5, , ,560 0,943 0,08 9,767 9,75 4,34r 3,77r ll,05r l,46r,09 890,6, ,0,9 637,404,373, , ,08,88,50,368,455,583 l,990r 554r,64r V 54,67 67,453 77,373 77, , ,97 77,65 85,40 89,737r 4,47 99,596r 7,77r 6,989 7,67 7,6 7,03 7,553 6,877 7,9 7,09 7,458 7,7 6,79 7,44,78,30,300,68,,376,530,703,68,05,5 70,8 34r ,959 34,608 40,576 46,594 5,338 6,866 7,779 8,04 93,735,4 8,560r 34,7r 4,l65r 9,7l8r 0,30 9,680 9,96 0,50 0,5 0,44 0,574 0,50 0,890 0,78 0,759,68,856,777 4,40,59,603,890 3,64 3,59 4,786 7,488 7,r l,95r 7, , ,044,55 J> ,36 5,56 -,36-4,88,6,595r 850r,660r 99r 70, ,80,53,797,067,8 68,50 7r ,09 3,86 3,7 3,475 4,356 7,93 0,033 8,639 8,966 7,649 6,885r 5,880r,080,3,09,067,54,59,0,9,94,883,85,367,7,498 Fiscal 976 to date ,649 9,570,468 65,306,603 95,850 6,9,85,68 L9,77 Fiscal year or month / State Department Transportation Department Treasury Department on the public debt / Other Energy Research and Devlp. Admin. k / Environmental Protection Agency General Services Administration National Aeronautics and Interest Space Admin. Veterans Administration Other independent agencies / Undistributed Receipts %] 6 Offsetting / Rents and Royalties on the Outer Other Continental Shelf lands /,04 43, ,93 5,960 5,085-3,364 34, ,48 3,39-37,64-3 5,43 6,845 6, ,936 58, v ,73 4,573 8, ,7 6,858 7, ,499 78, ,970 6, , ,47 7,669 4, ,7 84, ,47 9,304 06, ,749 8,653 7, ,380 96, ,47 0,959 3, ,38 9,756 8, ,376, ,53,849 75, ,4 0,70 9, ,858 3, ,83 4,67 6,79,393, ,3,968, ,379 46, , 9,39 6,674,307, ,5 3,337, ,893 68, ,47 3,665 8,5 3,98 ', ,67 6,575 7,55 -,48 -,670 34, (Est.) l,09r,r 37,400r 7,608 4,078 3, ,57 9,06 9,09r -3,000 -,05r 374,43* T.Q. (Est.), 373r 3, 368r 0,400,807, ,358 5,07r ,089r 98,543r 977 (Est.) l,030r,767r 45,000 6,369 5,3 4, ,676 7,79,59r -6,000 -ll,380r 395,83r 9754far... ' r,739 I80r r 3r l,399r l,5r r, 8,3r Apr ,740,79 > ,505, ,08 9,60 May , ,46, ,86 June ,765, ,407, ,305 30,96 75,,90, ,364, ,043 3,49 Aug , ,449, , , ,333, ,035 9,044 Oct... 9,75 3,043, ,55, ,45 63,059 3, , 4 35,63, ' 9,40 7,059 3, ,699, ,074 3, Jan ,93, ,67, ,063 30,75 Feb.? , ,689,07 7,9-79 9,833 M ar , ,674, ,078 9,054 Fiscal 976 to date ,98 7,488 5,97,64,397-6,8 3,973 3,53 i -,708-8,768 74,57 Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Budget estimates are based on the Mid- Session review of the 977 Budget of the U.S. Government, released March 5, 976. Note: Outlays consist of disbursements less proprietary receipts from the public and certain intrabudgetary transactions. Agency shifts are shown in this table beginning with the period of such shifts; figures prior to the shifts have been adjusted. / Cumulative year to date figures may not add due to budget realignments / Prior to January 975, Rents and Royalties on the Outer Continental Shelf lands were shown as proprietary receipts from the public for the Interior Department. To conform with the FI 976 Budget Document s presentation; these amounts were reclassified, and are now being shown as undistributed offsetting receipts. / Reported on an accrual basis. - y Pursuant to Public Law , the activity for the Atomic Energy Commission other than nuclear regulatory and reactor safety research was transferred to the Energy Research and Development Administration. 3/ Includes the U.S. Postal Service. 6/ For content see Table FF0-4. 7/ Federal-Aviation Agency. t* Revised.

16 M a y F E D E R A L F I S C A L O P E R A T I O N S j Table FFO-4. - Undistributed Offsetting Receipts (In millions of dollars) Federal employer contributions to retirement funds Interest credited to certain Government accounts Fiscal year or month Health, Education, and Welfare Dept. Federal Old-Age, Disability, and Hospital Insurance Civil Service Commission Civil Service Retirement and Disability Fund Other / Defense Department tsoldiers' & Airmen's Home Permanent Fund Federal Old-Age and Survivors Insurance Trust Fund Health, Education, and Welfare Department Federal Disability Insurance Trust Fund Federal Hospital Insurance Trust Fund Federal Supplementary Medical Insurance Trust Fund ,090 4, ,8,5., ,30 5, ,40 6,08 3, ,709 8,444 3, ,876 8,6 3, ,08 9,768 3, ,0 0,97 3, , ,39 4, ,08, ,980 7, (Est.)...,38,05,003 4,93 7, T-Q; (Eat.) ! ,95,085,087 4,468 7, Mar... 0js 60r -9 34* 6 Apr May June , July... * Aug > Sept Oct Nov , Jan Feb M rt* Fiscal 976 to date... 87, ,860 5, Fiscal year or month (Est.)... T.Q. (Est.) (Est#) Ma r Apr... May... June..... J u... Aug... Sept... Oct... Nov... Dec J.an... Feb... Fiscal* 9*76 to date... Labor Department Unemployment Trust Fund Transport at ion Department Highway Trust Fund Interest credited to certain Government accounts Continued Veterans Administration Government Life Insurance Fund National Service Life Insurance Fund Civil Service Commission Civil Service Retirement and Disability Fund Railroad Retirement Board Other / Rents and royalties on the Outer Continental Shelf lands / , , , , , , , , , , , , , , ,690, , ,0r 3, , , ,373 6,000 <t 3 * * 3 * 655r 705r 3 3 * * * * , * * * * * , , * * * * Grand total 3,364 3,936 4,499 5,7 6,380 7,376 7,858 8,378 9,893 4,09$ 5,05r 3,589 8,840 l,50r, , ,30 53,77 5,907,708 0,476,, Source: Monthly Treasury Statement of Receipts and Outlays of the United foreign service retirement and disability fund, and Airport and Airway States Government. trust fund. Note: Revised Budget estimates are based on the Mid-Session review of the / Prior to January 975, Rents and Royalties on the Outer Continental 977 Budget, released March 5, 976. Estimates are not available in Shelf Lands were shown as proprietary receipts from the public for detail, and are based on the 977 Budget of the U.S. Government, the Interior Department. To conform with the FI 976 Budget Document's presentation, these amounts were reclassified and are now released January, 976. / Includes receipts from off-budget Federal agencies to the Civil Service being shown as undistributed offsetting receipts. As a result, the Retirement and Disability 'Fund as of May 974. detail will not add to the Fiscal Year 974 totals. / Beginning fiscal 974, includes adjustments of interest on ptfblic debt s may not add due to budget reclassifications. issue to convert to the accrual, basis. Also includes Indian tribal * Less than $500,000. r Revised. funds, Interior Department,-Judicial survivors annuity fund, State,,094,07,068, , *44 84,84

17 Table FFO-5. - Budget Outlays by Function 00 (In millions of dollars) Function j Fiscal year 975 Fiscal year 9^ Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Cumulative to date / Comparable period fiscal 975 National defense Outlays... Proprietary receipts from the public. Intrabudgetary transactions International affairs Outlays... proprietary receipts from the public. Intrabudgetary transactions General science, space, and technology Outlays... Proprietary receipts from the public.. Natural resources, environment, and energy Outlays... Proprietary receipts from the public. Intrabudgetary transact ions Agriculture Outlays.... Proprietary receipts from the public Commerce and transportation Outlays.... Proprietary receipts from the public... Intrabudgetary transact ions Community and regional development Outlays... Proprietary receipts from the public... Intrabudgetary transact ions Education. training, employment and social services Outlays... Proprietary receipts from the public. Intrabudgetary transactions Footnotes at end of table. 8,49r 8,08 8,95 8,494 7,7 8,544 7,509 8,804 8,056 8,568 8,54 6,995 8,403 7,76 69,64-675r ,4' ,809-4,486 -*r * * 3, * 7,473r 7,555 8,000 7,854 7,307 8,9 6,93 8,9 7,533 7,98 6,95' 6,0 7,75 66,95 64, r ; ,543 3,05-3r * -* -* - * -* -* - * r ,08, r ,44,987-5r -* - * -* * -* - * r , ,438, r , Af,935,097 9,796 7,60-68r * * -* -* -* -* - * -* -* -* -* -*i - -* r *, ,83 6,393 70r ,049,393-9r r ,957,307 l,070r,03,03,37,70,8,96,98,,046,837* ,676,37 -Ir r - - X * - ~ - - l,069r, ,89,56,65,899,965,03,994, ,6,36 408r ,75 3,60-8 r ' -* -* -* - * -* -* *r - -* * OOr ,575 3,09,53r,840,647,687,38,69,57 897,654,56,478,53,8 3,086 9,64 -*r - -* -3 -* * l,53r!,838,647,684,37,690,57 896,653,55,478,530,809 3,076 9,633 m G H 50 > t-» GO O > t-* o ** W > HH o GO b a I*

18 Table FFO-5. - Budget Outlays by Function Continued Function (In millions of dollars) Fiscal year 975 Fiscal year 976 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Comparable period Cumulative fiscal to date / ' O C\ Health,98r 3,063,85,74,967,533,793 3,47,57 4,494 3,00 3,055 3,350 8,39,973 Proprietary receipts from the public r - - -* Intrabudgetary transactions... -0r ,97 -,35...,77r,845,66,594,753,35,68 3,030,334 3,540,76,80 3,093 5,458 0,653 Income security 0,09? 9,96 0,354,998,595 0,307 0,709 0,899 0,644,74,40,769,89 0,54 78,04 Proprietary receipts from the public -* -* -* -* -* -* -* * - - Intrabudgetary transactions ,433 -, , , ,86-54,0,09r 9,534 0,35,564, 0,339 0,06 0,0 0,545 0,78 30,8 0,953 0,558,89 94,393 77,488 Veterans benefits and services. l,49r,50,506,457,394,496,373,566,677,746,667,73,708 4,353,569 Proprietary receipts from the public -43r Intrabudgetary transact ions... * -* -* -* -* -* - * -* -* -* -* - - Law enforcement and justice Source: Monthly Treasury Statement of Receipts / Monthly totals may not add to cumulative due / Changes to detail figures not available. * Less than $500,000. r Revised. l,386r,466,468,4,367,447,334,58,64,704,66,696,659 3,988, j, 45r ,0,935 Proprietary receipts from the public -3r - * -* - -* -* - -*. -* r * '30 ' ,05,89 General government , ,900 3,70 Proprietary receipts from the public -39r Intrabudgetary transactions , Revenue sharing and general purpose fiscal assistance 3r ,505...,743 4*,54 * 7, ,63 5, ,633,40 Proprietary receipts from the public -* -* -* -5 -* -* * -40 -* -* -* * Intrabudgetary receipts , ,355-6,08 4r,54 * -4,65 3 4,59 5, ,38 5,94 Interest,745r,738,65,77,908,99,895 3,038 3,00 3,07C 3,79r 3,54 3,436 7,60 4,374 Proprietary receipts from the public 9r * Intrabudgetary transactions , ,7 -, ,744r,76,607,5,637,67,859,957,996.8C,83r 3,43 3,407 6,3 3,79 Undistributed offsetting receipts -l,50r -,65*...m- w -T76ol' ~ X T.-r;o7r -, , ~3, 44T -84 -,84-0,476-0,567 8,3r 9,60 8,86 30,96 3,49r r 30,634 9,044 3,45 9,40 3,79 30,75?* 9,833 9,054 74,57 36,83 and Outlays of the United States Government, to budget reclassifications. w d w > t-* HH CO O $ > HH o GQ ' O

19 0.FEDERAL FISCAL OPERATIONS; Treasury Bulletin Table FFO-6. - Investment Transactions of Government Accounts in Federal Securities (Net) Health, Education, and Welfare Department (In millions of dollars) Housing and Urban Development Department Labor Department Fiscal year or month Federal Old-Age and Survivors Insurance Trust Fund Federal Disability Insurance Trust Fund Federal Hospital Insurance Trust Fund Federal Supplementary Medical Insurance Trust Fund Other Government National Mortgage Assn. Federal Housing Administration Participation Sales Fund Other Other Federal Insurance Administration Unemployment Trust Fund (Est.)..., T.Q. (Est.)..., 977 (Est.) Ma r. Apr.... May.... June.... July.... Aug... Sept.... Oct.... Nov... Dec Ja n. Feb. lifer ,74,584,898 3,953,74,87,98,7,75 -,88-634, , , , ,,34, , ,338 3,64,897, , , V * 45 -* * * ' ,468,56, ,747 -,48,44,65-4,938 -, ,48*: -, , , Fiscal 976 to date ,584 -, ,045 Fiscal year or month Transportat ion Department Airport and Airway Trust Fund highway Trust Fund Treasury. Department Veterans Administrat ion waxionai Service Life Insurance Fund Other Civil Service Commission Federal Deposit Insurance Corporation Federal Savings and Loan Insurance Corporation Postal Service Railroad Retirement Board , , , , , , , , , , ,033, , , , , , , , , , , , , ,058, , , (Est.) , ,99 T.Q. (Est.) TL,3 977 (Est.) * , , Mar ! J - -4r, 3X j -l,9«r * , May ,856 June , , ,407 July ,773 Aug * -0 * ,90 Sept ,58 Oct ,396 Nov.... * ,39 Dec....* ,6 976-Jan * Feb Mar All other Fiscal 976 to ,63,047-6,99 S o u r c e M o n t h l y Treasury Statement of Receipts and Outlays of the United States Government. Budget estimates based on the 977 Budget of the U.S. Government, released January, 976. Note: Figures may not add due to rounding. * Less than $500,000. r Revised.

20 Table FFO-7. - Trust Funds Transactions July, 975 through March 3, 976 (In millions of dollars) $ Receipts Outlays C \ Classification in trust funds () Trust interfund and proprietary receipts / () Receipts of trust funds (3) - Interfund transactions / (4) Unified budget receipts attributable to trust funds / (5) in trust funds (6) (7) Trust interfund transactions Proprietary receipts from the public (8) Outlays of trust funds (9) Federal payments and contributions (0) Interfund transactions Interest Federal and profits on employer contributions investments in Federal securities () () Other (3) V (4) Unified budget outlays attributable to trust funds (5) Excess of receipts or outlays (-) (6) Federal Old-Age and Survivors Insurance... 43, ,4,30 4,0 47, ,083 ' 43 60,77,30 44,773-3,67 Federal Disability Insurance... 5,80 * 5, ,390 7,076 - * 7, ,646 -,56 Federal Hospital Insurance... 9,664 * 9,664,39 8,55 9,07 - * 9, ,39 7, Federal Supplementary Medical Insurance... 3,777 * 3,777,36,45 3,836 * 3,836,69 57,36,50-58 Federal Employees Retirement... 5, ,475 3,366,09 6,05 3-6,03,043, ,366, Federal Employees Life and Health Benefits Federal Deposit Insurance Corporation Airport and Airway General Revenue Sharing... 6,355-6,355-6,355 4, , ,66,69 Highway... 4,76 * 4, ,97 5,0 - * 5, , Military Assistance Advances... 5,345 5, ,865-5, Railroad Retirement...,494 -, ,098, , ,0 -,03 Unemployment /... 0,97-0,97 6,90 3,907 3, , ,078 6,90 7,69-3,785 Veterans Life Insurance All other trust funds ,556 5,967 9,589 6,93 74,657 05,04 3 5,964 99,074 3,730,860 4,73. 6,68 6,93 8,4-7,4^5 ' d «> f HH CO o > t-* O H > HH o as GO Source* Based on Monthly Treasury Statement of Receipts and Outlays of the United States Government. l/ Note* The memorandum section of various tables in the Federal Budget / presents the trust fund receipt and outlay data on the same concept as j/ columns (3) and (9) above. Trust interfund transactions are payments from one fund to another trust fund and are excluded in calculating y trust fund receipts and outlays. The intragovemmental transactions are payments from Federal funds to trust funds, and vice versa, but * exclude $53 million in trust fund payments to Federal funds. i*or content see columns (/) and (8). For content see columns 0-3. Includes net taxes and other receipts, mainly < eposits by States and Federal employee retirement contributions. Excludes trust fund payments to Federal funds, such as charges for administrative expenses of Social Security Act. Less than $500,000.

21 Treasury Bulletin FEDERAL FISCAL OPERATIONS Table FFO-9. - Detail of Excise Tax Receipts (In thousands of dollars) Fiscal Year Second quarter of fiscal year Type of Tax Oct.-Dec Oct.-Dec. 975 Alcohol taxes: / 3,755,56 3,98,97 3,865,6,,358,9,67 9,05 73,55 77,3 4?, 89 53,66,0,973,65,990,308,583 3,46 30,348 5,49,53 5,358,477 5,350,858,47,650,483,4 Tobacco taxes: / 53,794 5,58 5,6 4,6 3,594,,09,383,038,6,6 589,39 556,445 Other 7 j...,37,387, ,76,95,437,005,35, , ,778 Manufacturers' excise taxes: 3,97,535 4,087,669 3,980,4,055,735,033,70 03,094 05,73 9,053 5,374 3,54 84,04 87,56 697,660 90,760 8,94-83,4 6,049 3,343 4, ,353 59, ,58 43,453 69,4 Parts and accessories for automobiles,trucks, etc... 07,489 0,604 5,05 3,49r 8,648 8,33 9,00,33,943,795 5,539 8,59,899 4,47 3,094 3,40 6,89 9,435 7,79 7,880 8,066 0,863,735 5,68 7, , ,395,750 5,74,54 5,56,6,470,83,360,899 Retailersexcise taxes: 0,46 0,877,7 3,00 3,07 Noncommerical aviation fuel other than gasoline 6/... 3,63 3,955,573 6,999 7, , ,44 370,489 9,55 87,5 Other U * ,37 46,44 404,87 0,553 97,95 Miscellaneous excise taxes: Telephone and teletypewriter exchange service /...,885,8,89,73,03, ,606 43,854 Transportation of: 579,67 659,77 750,64 0,00 00,36 37,4 4,93 47,33,407,7 Use of international air travel facilities 0/... 44,548 56,908 5,594 6,547 5,5 3,66 0,006 03,769 3,0 9 Narcotics and marihuana, including occupational taxes / ,86 6,57 6, Wagers 3/.... 5,553 6,45 5,540,648,98 9,93 0,786 0,959,885,95 Use tax on highway motor vehicles having a "taxable gross 88,57 98,46 07,663 5,99 5,350 Adulterated butter and filled cheese (imported and domestic), process or renovated butter and imported oleo- 3 * * Firearms transfer and occupational taxes ,965 63,38, ,650 6,94 9,458 3,744 5,798 76,853 70,56 65,069 5,690 4,63 76,67 69,80 63,88 4,89 W, Self dealing 8/ '* / 57 Excess business holding 9/ / Failure to timely file certain information returns / Assessable penalties with respect to annual reports /.. * V * / 73 Investments which jeopardize charitable purposes 4/. 6 8 & L Assessable penalties liability under Chapter 4... Tax on termination of status... - Prohibited transactions Other U miscellaneous excise taxes... 3,04,55 3,54,34 3,306,077 74,47r received with returns and from sales of stamps... 6,3,37 7,08,05 6,89,83 4,390,340 4,,334 Unclassified excise taxes ,8,648-45,08 9,308 43,09 excise taxes... 6,57,38 7,09,853 6,847,74 4,409,648 4,455,35 Footnotes on following page.

22 May 976 FEDERAL FISCAL OPERATIONS 3 Footnotes to Table FFO-9. Source: Internal Revenue Service reports. The figures shown include collections for credit to special accounts for certain island possessions. Floor stock taxes are included with the related classes of tax. Note: Detail may not add to totals because of rounding. / Releases showing details are published quarterly. J Includes taxes on cigarette papers and tubes and miscellaneous tobacco collections. / Taxes on passenger automobiles and light trucks repealed December, 97 under the Revenue Act of 97. These data reflect refunds. i j Includes taxes on items which were repealed by Public Laws , 88-36, and / Under the Airport and Airway Revenue Act of 970, effective July, 970 rate 3 cents per gallon. 6/ Under the Airport and Airway Revenue Act of 970, effective July, 970 rate 7 cents per gallon. / Rate of 7 percent effective January, 975 (Public Law 9-64). 8/ Under the Airport and Airway Revenue Act of 970, effective July, 970, rate increased from 5 to 8 percent on domestic airline passenger fares. / Under the Airport and Airway Revenue Act of 970, effective July, 970, rate 5 percent. 0/ Under the Airport and Airway Revenue Act of 970, effective July, 970, tax of $3.00 per person. / Repealed effective May, 97 (Public Law 9-53). / Tax increase from $50 to $500, effective December, 974 (Public Law ). 3/ Rate reduced from 0 percent to percent effective December, 974 (Public Law ). 4/ $5 per year with an additional cents per pound on nonturbine engine powered over,500 pounds, or 3-/ cents per pound on turbine engine powered. 5/ Filled cheese taxes repealed effective October 6, 974 (Public Law ). 6/ Legislative authority expired June 30, / 4 percent of net investment income. 8/ Disqualified persons, 5 percent of amount involved; foundation managers, lesser of $0,000 or -/ percent. If not corrected within 90 days, 00 percent on disqualified person and lesser of $0,000 or 50 percent on foundation manager. 9/ Foundation, 5 percent of excess holdings. If not corrected within 90 days, 00 percent. 0/ Foundation, 0 percent of improper expenditure foundation manager, lesser of $5,000 or -/ percent. If not corrected within 90 days, foundation, 00 percent; foundation manager, lesser of $0,000 or 50 percent. / Penalty of $0 per day, not to exceed $5,000. / Penalty for willful failure to file of $,000 for each report. 3/ Foundation, 5 percent of amount which should have been paid out. If not corrected within 90 days, 00 percent. 4/ Foundation, 5 percent of investment which jeopardizes exempt purpose; foundation manager, 5 percent not to exceed $5,000. If not corrected within 90 days, 5 percent on foundation and another 5 percent (up to $0,000) on the manager. 5/ Included in total. Separate detail not available. * Less than $500,000. r Revised.

23 4.FEDERAL OBLIGATIONS, Treasury Bulletin "Obligations are the basis on which the use of funds is controlled in the Federal Government. They are recorded at the point at which the Government makes a firm commitment to acquire goods or services and are the first of the four of categories which are based upon the nature of the transaction without regard to its ultimate purpose All payments for salaries and wages, for example, are reported as personnel compensation, whether the personal services are used key events order, delivery, payment, consumption which in current operations or in the construction of capltal items. characterize the acquisition and use of resources. In general, they consist of orders placed, contracts awarded, services received, and similar transactions requiring the disbursement of money. The obligational stage of Government transactions is a strategic point in gauging the impact of the Government's operations on the national economy, since it frequently represents for business firms the Government commitment which stimulates business investment, including inventory purchases and employment of labor. Disbursements may not occur for months after the Government places its order but the order itself usually causes inmediate pressure on the private economy. Obligations are classified according to a uniform set Federal agencies and firms often do business with one another; in doing so, the "buying" agency records obligations, and the "performing" agency records reimbursements. In Table FO-, obligations that are incurred within the Government are distinguished from those incurred outside the Government. Tables FO-, 3* and b show only those incurred outside. Obligation data for the administrative budget fund accounts were first published in the September 967 Treasury Bulletin and the trust fund accounts were first published in the October 967 Bulletin. Beginning with the April 968 Bulletin, the data are. on the basis of the budget concepts adopted pursuant to the recommendations of the Presidents Commission on Budget Concepts. The December 975 through March 976 Obligations data are not included in this issue due to certain unavoidable delays in processing. This data will be published in subsequent Bulletins.

24 May 976.FEDERAL OBLIGATIONS. 5 Table FO-. - Gross Obligations Incurred Within and Outside the Federal Government by Object Class, November 30, 975 Object class (In millions of dollars) Gross obligations incurred Outside Within P^sonal^sqrYjcres ai\d fre»e iis Personnel compensation... Personnel benefits... Benefits for former personnel. P.QEfcr.acfaial s.eryices.apfl. fflnafllfig Travel and transportation of persons. Transportation of things.... Bent, communications, and utilities.. Printing and reproduction... Other services... Supplies and materials... Acquisition of capital assets Equipment... Lands and structures... Investments and loans... Qgqnte gfid.ftesd charges Grants, subsidies, and contributions. Insurance claims and indemnities... Interest and dividends... Refunds Other Undistributed U.S. obligations. Obligations incurred abroad... Unvouchered ,333,047 6, ,46 3 5,73 0,455 6,499,560 6,53 33,549 46,08, , Gross obligations incurred /. 65,74,94 Source: Reports on Obligations, Standard Form 5, from agencies. / For Federal Budget presentation a concept of "net obligations incurred" is generally used. This concept eliminates transactions within the Government and revenue and reimbursements from the public which b$r statute may be used by Government agencies without appropriation action by the Congress. Summary figures on this basis follow. (This data is on the basis of Reports on Obligations received from the agencies prior to reports submitted for Budget ,453 4,647, * 4, ,333 3,65 6,46 938,650, ,76 5,03 8,66,743 6,758 33,567 46,08 6, , ,907 presentation and therefore may differ somewhat from the Budget document.) Gross obligations incurred (as above)... Deduct: Advances, reimbursements, other income, etc. Offsetting receipts... Net obligations incurred... 86,907-3,53-0,09 '35", "' Table FO-. - Gross Obligations Incurred Outside the Federal Government by Major Function Major function Personal services and benefits and Major Object Class, November 30, 975 Contractual services and supplies (In millions of dollars) Major object class Acquisition of capital assets Equipment Lands and structures Investments and loans Grants and fixed charges National defense... 6,09 0,559 5, *,658 46,086 International affairs General science, space, and technology.. 38, * 43 -,333 Natural resources, environment, and energy......,88, , ,44 Agriculture , ,388 Commerce and transportation..., ,755, ,79 Community and regional development ,400,47-3,9 Education, manpower, and social services ,635 0,8 Health, , ,785 3,63 Income security......,..., * 5 4,783-45,770 Veterans benefits and services., , ,44 Law enforcement and justice,,.,*,,,.,.., General government *..., * 3,73 General revenue sharing*,*.... * * - - 3,566-3,566 Interest, ,385 -, ,807 8,97 6,500,559 6,53 9,00 3,34 65,74 * Less than $500,000. Other

25 Table FO-3. - Gross Obligations Incurred Outside the Federal Government by Department or Agency, November 30, 975 (In millions of dollars) C \ Classification Personnel services & benefits Contractual services and supplies.acquisition of capital assets Benefits Travel and Rent, communications, and Other plies Printing Sup Lands Investments Personnel Personnel for transportatiotation of and repro ser and ment struc and Transpor compensation / personnel of persons things utilities duction vices matetures benefits Equip and former loans Grants, subsidies and contributions Grants and fixed charges Insurance claims Interest and dividends Refunds rials 83 - * 4 * * Executive Office of the President * * * * * * 3 Funds appropriated to the President: < International security assistance: * * * 3 # 8 39 International development assistance Vi- - * * 3 95 * * * * * 3 * * - 4 * Agriculture Department: Commodity Credit Corporation * 6 * - * 458 * ,603 Other * * ,40 3, , * 9 8 * 9. Other and indemnities Undistributed U.S. obligations Obligations incurred abroad Unvouchered gross obligations incurred» «630 Defense Department: Military: Department of the Army... 3, ,, * 4,766 9,05 Department of the Navy... 4, ,493,630,57^ 8 - * - * * 37 5,47 Department of the Air Force... 3, * ,473,04, ,75 Defense agencies , , * 6 - * 6, * * * * * 7 * ' military...,065,005,939 44> ,75 8,360 5, ,67?7 Civil * l 4 5 * * l,058 Health, Education, and Welfare Department , ,8 Housing and Urban Development Department: Government National Mortgage Association * 7 * 3 35 * 44, ' ,03 47 * * *,49 Justice Department * * * * * ,803 9 * 5 * 0 4,3,359 8, Transportation Department * * 70 * * 88,49 Treasury Department: Interest on the public debt... -.,56,56 Interest on refunds, etc General revenue sharing ,449 3,449 U.S. Energy Research & Development 769 * ,77 35,973 - * 76 * - 38,44 68 # , * environmental Protection Agency *, * ,7 *,400 General Services Administration * 3 08 * ' 4 * National Aeronautics and Space Administration * , * #,998 Veterans Administration..., ,564 3, ,66 Other independent agencies: Small Business Administration * * * 5 * * 9 * * 9 Tennessee Valley Authority * * 4 -,584 Other... 34,6' 3 9, ,96 3, , ,333,047 6, l,4l6 3 5,73 0,455 6,499,560 6, L*SL. 46,08 li; J 9, ,74 Off-budget Federal agencies 3/ 3 * - * * * * * * * -, * - -,659 Postal Service... 3,569 * ,46 Rural Electrification Administration revolving funds... * - - * - - * Pension Benefit Guarantee Corporation * Off-budget Federal 3,57^ * , * - - 6,55 Source: Reports on Obligations, Standard Ibrms 5, from agencies. for the Department of Defense and Transportation Department, U.S. Coast Guard. Note: Agency shifts are shown in this table beginning with the periods of such shifts. The amounts for the com* / Includes reports for Library of Congress, Government Printing Office, and General Accounting Office only. pie fee fiscal year are adjusted at that time. 3/ Export-Import Bank since August 7, 97, rural electrification and telephone revolving fund and Rural Telephone / For purposes of this report this object class is considered as totally within the Federal Government except Bank since May, 973, and Postal Service since July, 973. * Less than $500,000. I * S. %

26 Object class National defense: Personal services and benefits: Personnel compensation... Personnel benefits... Benefits for former personnel. Contractual services and supplies: Travel and transportation of persons Transportation of things... Rent, communications, and utilities. Printing and reproduction... Other services... Supplies and materials... Acquisition of capital assets: Equipment... Lands and structures... Investments and loans... Grants and fixed charges: Grants, subsidies, and contributions. Insurance claims and indemnities... Interest and dividends... Refunds... Other: Undistributed U.S. obligations. Obligations incurred abroad... Unvouchered... national defense. Non-defense: Personal services and benefits: Personnel compensation... Personnel benefits... Benefits for former personnel. Contractual services and supplies: Travel and transportation of persons. Transportation of things... Rent, communications, and utilities.. Printing and reproduction Other services... Supplies and materials... Acquisition of capital assets: Equipment... Lands and structures... Investments and loans... Grants and fixed charges: Grants, subsidies, ajid contributions. Insurance claims and indemnities... Interest and dividends. Refunds... Other: Undistributed U.S. obligations. Obligations incurred abroad... Unvouchered... non-defense. Grand total.... * Less than $500,000. r Revised. Table FO-4. - Gross Obligations Incurred Outside the Federal Government, Fiscal year 975 Comparative Statement by Months Nov. Dec/ Jan. Feb. Mar. Apr. May July Aug., ,565,380, ,660, ,834 5,367 7,357, ,38, ,44,537, ,937, ,804 5,86 0,403, ,07, ,456,783, , ,380, , ,38,43, , , ,4 446, ,4, ,4 55, ,47,06, , ,64,8, , ,83,44, Fiscal year 976 Sept. Oct. Nov., ,38,386, , ,08,47, ,094, ,694, Cumulative to date,47,005, ,0 8,36 8,584 7,54 7,949 5,047 0,89,957,034 9,737 7,8 8,37 9,70 46,087, ,34 8,00 7,985,0 476,50 7, ,893 8,383, , ,680 5,940 8J67 4, , , ,4 3,609 6,30,995 -, , , ,478 4,003 9,009, ,67 I?3 3,? , ,456 m 3, , ,05 6,583,4, , r l,35r 36-5,875 5,0,884, r 8, , ,448 3,7, ,44 4,59 9,96, ,754 5, , ,87 9,300, , , , , ,63, ,53 33,55 45,930,8a 495 9,033 0,45 0,483 5,55 6,864 30,76 4,987 6,95r 4,93 9,745 ' 5,774 9,67 Comparable period FY 975 9,04 3,954 37,67 7,398 8,43 30,598 37,756 4,33 6,0 5,93r 50,743 7,98 35,044 65,74 49, ,847,3, ,360 7,787 6, ,6 4,586 50,447 6,479 6, ,007,070 57,0 7,45 3,59 40,09 9, ,976 > 4 v o c \

27 8 Treasury Bulletin ACCOUNT OF THE U.S. TREASURY Source and Availability of the Balance in the Account of the U.S. Treasury The working cash of the Treasury is held mainly in 'Treasury*s accounts with Federal Reserve banks and branches. As the balances in these accounts become depleted, they are restored by calling in (transferring) funds from the tax and loan accounts with thousands of commercial banks throughout the country. Deposits to tax and loan accounts occur in the normal course of business under a uniform procedure applicable to all banks whereby customers of banks deposit with- them tax payments and funds for the purchase of Government securities. In most cases the transaction involves merely the transfer of money from a customer s account to the tax and loan account in the same bank. On occasions, to the extent authorized by the Treasury, banks are permitted to deposit in these accounts proceeds from subscriptions to public debt securities entered for their own account as well as for the account of their customers. The tax and loan account system permits the Treasury to leave funds in banks and in the communities in which they arise until such time as the Treasury needs the funds for its operations. In this way the Treasury is able to neutralize the effect of its fluctuating operations on bank reserves and the economy. A detailed description of the Treasury s depositary system may be found in the Annual Report of the Secretary of the Treasury for 973, pages Table UST-. - Status of the Account of the U.S. Treasury (In millions of dollars) End of fiscal year or month Federal Reserve banks Treasury operating balance / demand accounts at: Special depositaries, Treasury tax and loan accounts Other depositaries / Funds in process of collection through: Federal Reserve banks Other depositaries / Time deposits and other depositary accounts Coin, currency and coinage metal Miscellaneous items Gold balance k / Balance in account of the U.S. Treasury ,050 0, , ,3 4,7 5, ,59 6 7, ,074 4,3-5, , ,58 4,55-5, , ,005 6,99-8, , ,74 7,37 8, , ,344 7, , , ,038 8,433 06, , ,99 6,5 88 9, , ,773, , , Dec... 3,3, , , Apr... 8,364 5,45 5 4, ,760 May... 7, , ,570 June... 5,773, , ,868, , ,06,349,4-4 3, ,4 8,074,6 59 0, ,649 Oct... 8,57, , ,375 Nov... 4,99, , ,608 7,86,59 7 8, , Jan... 0,077,899 7, ,3 Feb... 0,350,68 7, ,4 Mar. 7, , ,834 9,808,73 7, ,TO3 JSovree: Bureau of Government Financial Operations. %/ Effective January 97, the Treasury operating balance excludes the gold balance in Treasury. z J Represents deposits in certain commercial depositaries that have ~ been converted from a time deposit to a demand deposit basis to permit greater flexibility in Treasury cash management. / Represents funds in process of collection by (a) the U.S. Treasury and (b) commercial banks which have been authorized to defer credit until checks are collected. Data prior to January 97 included in "miscellaneous items" column. t d The free gold balance can be readily converted to available funds with Federal Reserve banks.

28 May ACCOUNT OF THE U.S. TREASURY Table UST-. - Analysis of Changes in Tax and Loan Account Balances (In millions of dollars) Credits Balance Proceeds from sales of securities / Taxes During period Fiscal year or month Savings bonds and savings notes / Withdrawals Retirement plan and tax and loss bonds / Tax anticipation securities Other Withheld, excise and corporation u Incane (by special arrangement) j5/ credits JEnd of period High Low Average ,704 7,368,67 48,478 4,5 74,699 75,338 0,050, , ,783 7,643,73 70,54 9,57 9,38 97,60 4,7 9, , , ,538 9,576 90,79 -,583,74 4,3 8,004,09 <4, , ,408 5,47 3,906-4,333 4,9 4,55 9, , , ,043 3,640 3,460-5,7 49,37 6,99 7, , , ,954,4 3, - 53,346 5,900 7,37 8, , , ,443 9,369 45,797-64,90 64,645 7,634 0,5,737 5, J... 3,6 9 4,43 6,58 7,88-85,669 84,874 8,433 0, , , , ,09-09,67,545 6,5 9, , ,366 -,54,383 8,49-4,4 9,090,473 7,49 7, Dec / - 0,857 -,43 9,957,749 3,85 37, Apr ,486. 9,789 6,58 5,4 5,4 8,50 May ,78-6,473 0, ,89 756,87 June ,43-4,46 3,94,473 3,637 63, ,73-5,58 6,75 880,545 66, ,8-6,097 5,766,, ,94-0,456 9,506,6 3,09 68,499 Oct ,88-5,460 6,370,5,954 70,373 Nov ,0-5,485 5,8,555,93 885,394 6,646 -,907,99,63 4,063 35, Jan ,78-6,069 5,37,905,0, 49,3 Feb ,96-7,63 7,859,678,963,37,959 Mar ,39 -,600 3, ,33 457,40 Apr ,0 -,55,696,73,690 3,0'>8 Source: Office of Fiscal Assistant Secretary; figures are on basis of telegraphic reports. / Special depositaries are permitted to make payment in the form of a deposit credit for the purchase price.of U.S. Government securities purchased by them for their own account, or for the account of their -customers who enter subscriptions through them, when this method of payment is permitted under the terms of the circulars inviting subscriptions to the issues. / United States savings notes first offered for sale as of May, 967 and were discontinued after June 30, 970. / Retirement plan bonds first offered for sale as of January, 963; tax and loss bonds first issued in March 965. i J Taxes eligible for credit consist of those deposited by taxpayers in the depositary banks, as follows: Withheld income taxes beginning March 94#; taxes on employers and employees under the Federal Insurance Contributions Act beginning January 950, and under the Railroad Retirement Tax Act beginning July 95; a number of excise taxes beginning July 953; estimated corporation income taxes beginning April 967; all corporation income taxes due on or after March 5, 968 and FUTA taxes beginning April / Under a special procedure begun in March 95, authorization was given during certain periods for income tax payments,or a portion of them made byf checks of $0,000 or more drawn on a special depositary bank, to be credited'to the tax and loan account in that bank. This procedure was discontinued in April / Credits erroneously allowed in one Federal Reserve district.

29 0 ACCOUNT OF THE UJS. TREASURY Treasury Bulletin Table UST-3. - Gold Assets and Liabilities of the Treasury (in millions of dollars except ounces) End of calendar year or month Ounces Gold assets Dollars Gold liabilities / Balance of gold in U.S. Treasury account / ,33,78.6,98, ,99,0.3 0,367 0, ,0, ,367 0, ,630, ,73 0, ,490, ,3 0, ,950,49.3 0,40 / 0, ,954,660.5,567 /, ,968,43.,65 j j, ,705,60.3,599/, Apr... 75,,78.,60,60 May... 75,,747.5,60 l,60-75,07,393.,60,60 - July... 75,73,58.,68,68 Aug... 74,708,57.6,599,599-74,707,765.,599,599 - Oct ,706,454.0,599,599 - Nov... 74,705,60.3,599,599 - Dec ,705,60.3,599, Jan... 74,704,95.4,599,599 - Feb... 74,703,90.0,599,599 - Mar ,703,90.0,599,599-74,699,560.6,598,598 - Source: Circulation Statement of United States Money through 965; Daily Treasury Statement thereafter. / Consists of: Gold certificates (Series 934) issued only to Federal Reserve hanks; gold certificates fund-federal Reserve System; gold deposited by and held for the International Monetary Fund from September 9, 965 through February 5, 97; redemption fund for Federal Reserve notes until March IS, 968 when it was combined with the gold certificate fund pursuant to P.L , approved March 8, 968, and gold reserve against U.S. notes until March 8, 968 when it was transferred to the public debt also pursuant to P.L / As of December 9, 974, gold certificates have been issued to the Federal Reserve against all of the gold owned "by the United States Government. j / Gold assets were valued at $35 per fine troy ounce until May 8, 97, when they wererevalued at $38 pursuant to the Par Value Modification Act, P.L. 9-68, approved March 3, 97. The increment amounted to $8 million. Gold assets were valued at $38 per fine troy ounce until October 8, 973, when they were revalued at $4. pursuant to the amending of Section of the Par Value Modification Act, P.L. 93-0, approved September, 973. The increment amounted to $,57 million. i d Figures prior to December 974 exclude gold held by the Exchange Stabilization Fund. On December 9, 974, Treasury acquired all gold held by the Exchange Stabilization Fund in the amount of,09,75 fine troy ounces. See''"International Financial Statistics," Table IFS-. S J At the auction of January 6, 975, bids ranging from $53 to $8 were accepted for delivery of 754,000 ounces. At the auction of June 30, 975 bids were accepted for delivery of 499,500 ounces at the single price of $65.05 per ounce. Redemptions of Gold Certificates have been made to the same extent as deliveries computed at the official price.

30 May 976, MONETARY STATISTICS Table MS-. - Currency and Coin in Circulation (In millions of dollars except per capita figures) End of fiscal year or month Federal Reserve bank notes National bank notes Currencies no longer issued Gold certificates / Silver certificates Federal Reserve notes / Treasury notes of 890 Currencies presently being issued / United States notes Federal Reserve notes currencies Dec., ,35 39,89 4,7 44,547 47,66 5,304 54,57 59,664 65,85 7,093 70,804 38,90 40,07 4,33 45,46 48,3 5,9 55,84 60,73 65,793 7,700 7,4 975-Mar., Apr.. May.. June. July. Aug.. Sept Nov.. Dec Jan.. Feb., Mar., ,5 69,450 70,738 7,093 7,7 7,653 7,40 7,896 75,074 76,98 73,69 74,65 75,854 '69,73 70,057 7,343 7,700 7,878 73,59 73,06 73,503 75,680 77,588 74,97 74,87 76,459 End of fiscal year or month Coin Fractional coin money i n. circulation J>/ Money in circulation per capita (in dollars) 6/ , 96 8, Dec ,78 4,60 4,87 5,308 5,646 5,990 6,383 6,793 7,75 7,68 7,539 4,64 4,64 5,309 5,790 6,8 6,47 7,06 7,498 8,040 8,496 8,33 4,554 44,7 47,640 50,936 54,35 58,393 6,0 67,77 73,833 8,96 79, Mar.. Apr., May.. June. July. Aug.. Sept. Oct.. Nov.. Dec., 976-Jan.. Feb.. Mar ,535 7,580 7,64 7,68 7,776 7,858 7,863 7,906 7,980 8,056 8,03 8,04 8,4 Source: Statement of United States Currency and Coin. / Excludes gold certificates, Series of 934, which are issued only to Federal Reserve banks and do not appear in circulation. / Issued prior to January 30, 934. / Issued prior to July, 99. / Issued on and after July, 99. 8,339 8,386 8,437 8,496 8,597 8,65 8,690 8,774 8, , ,038 78,06 78,443 79,78 8,96 8,475 8,9 8,706 8,77 84,545 86,547 7 / 83,3 83,83 85, / Excludes money held by the Treasury and money held by or for the account of the Federal Reserve banks and agents. 6/ Based on the Bureau of the Census estimated population. / Highest amount to date. * Less than $500,000.

31 FEDERAL DEBT Treasury Bulletin Dec Mar.. Apr.. May.. June. July. Aug. Sept., Oct.. Nov.. Dec.., 976-Jan.. Feb.. Mar.. End of fiscal year or month J / 39,474 34, , ,44 38, , ,39 468,46 486, ,987 50,687r 57, , ,59 558, ,58 57,99 577,76 587, , ,777 6,39 Amount outstanding Public debt securities / 36,097 3, ,369 35, , ,305 46, ,37 474, , ,659 56,740 58, ,40 547,7 553,647 56, , , , ,87 600,490 Table FD-. - Summary of Federal Debt Agency securities 3,377 8,455 4,399 4,49,50,63 0,894,09, ll,33r ll,08r,004 0, ,90 0,96 0,935 0,93 0,98 0^904 0,90 0,907 0,90 (In millions of dollars) 64,784 73,89 79,40 87,66 97,73 05,40 3,559 5,38 40, ,84 40^403 39,96 4, ,453 46,74 44,4 40,88 39,689 4,300 4,34 4,733 4,06 Source: Mgnthly Treasury Statement of Receipts and Outlays of the United States Government. / Amounts of public debt securities outstanding have been adjusted to exclude issues to IMF and other international Government accounts Public debt securities 64,36 7,809 76,38 84,85 95,70 0,888,460 3,385 38, ,07 38,458 38,07 40, ,5 44,783 4,66 38,868 37,73 39,343 39,79 39,776 39,067 Securities held by: Agency securities 468,00 3,00,846,553,5,00,996,988.94,976,944, ,94,94, ,95< ,690 67,59 90,69 79,483 84, ,38 33, , , , ,84r 387, , ,707 4,895 40,358 43, 0 438, ', ,07 463, ,365,The public / Public debt securities 5,78 5,084 69,3 68,080 74,94 94,47 34, ,93 336, ,457 37,0 378,73 387, ,78 40,98 4,38.43,30 49, , ,7 454,095 46,43 lending institutions to conform with the budget presentation and the source for this table. / Includes holdings of Federal Reserve Banks, r Revised. Table FD-. - Computed Interest Charge and Computed Interest Rate on Interest-Bearing Public Debt End of fiscal year or month interestrbearing public debt / Computed annual interest charge / interestbearing public debt / (Dollar amounts in millions) Computed annual interest rate Treasury j!/ Bills Marketable issues Federal Financing. Bank Agency securities Certificates Notes Treasury bonds Other U Nonmarketable,909 6,445,398,403 9,956 9,9 8,794 9,3 0,04 9,00 9,347 9,083r 9,060 9,056 9,00 8,978 8,967 8,977 8,97 8,970 8,947 8,946 8,950 Government account series 5/ ,43, ^ ,86, ,40 5, * ' ,79 7,087 4, ,06 0,339 5/ ,89 0, ,360, ,353, 6, ,38 30,74 ' , 33, Dec...' 49,56 3, Apr... ' 55,75 3, , o.zs'j 57,030 33, June... 53, 33, ' July , 34, ,7 35, Sept... 55,604 35, Oct ,063 36, ,79 36, ' 6.74 Dec ,657 37, , Jan... 58,86 37, Feb... 59,874 37, Mar ,4 38,08,6.45 j Apr... ' r-.- t " 600,97 38, * j 6.70 Source: Bureau of Government Financial Operations. Note: The computed annual interest charge represents the amount of interest that would be paid if each interest-bearing issue outstanding at the end of each month or year should remain outstanding for a year at the applicable annual rate of interest. The charge is computed for each issue by applying the appropriate annual interest rate to the amount outstanding on that date (the amount actually borrowed in the case of securities sold at a premium or discount, beginning with May I960). The aggregate charge for a~l interest-bearing issues constitutes the total computed annual interest charge. The average annual rate is computed by dividing the computed annual interest charge for the total, or for any group of issues, by the corresponding principal amount. Beginning with data for December 3, 958, the computation is based on.the rate of effective yield for issues sold at premium or discount. Prior to that date is was based on the coupon rate for all issues. / As of July 974, includes Federal Financing Bank. / Excludes Federal Financing Bank. / Included in debt outstanding at face amount, but discount value is used in computing annual interest charge and annual interest rate. i j On United States savings bonds the rate to maturity is applied against the amount outstanding. 5/ As of July 3, 974, Monthly Statement of the Public Debt of the U.S. the column heading was changed to "Government account series" which includes Treasury deposit funds in addition to those accounts previously shown as special issues.

32 May End of fiscal year or month interest- bearing public ' debt Bills /.FEDERAL DEBT. Table FD-3. - Interest-Bearing Public Debt Marketable Treasury notes (in millions, of dollars) Treasury bonds U.S. savings bonds Certificates Investment series Nonmarketable Depositary series Foreign government series Dollar denominated / Foreign currency denominated j / Government account series y ,43 09,7 54,99,65 50,649 0,897 06,303 50,537, , ,86 0,67 58,535 5,<60 49,08 97,48 Ul,64 5,3, , ,40 6,59 64,440-7,073 9,079 7,808 5,7,56 30,00,740 59, ,79 6*07 68,356-78,946 78,805 5,63 5,7,459 8,703,367 66, ,06 3,599 76,54-93,489 6,956 36,46 5,8, ,389,366 76,33, ,89 45,473 86*677-04,807 53,989 50,86 53,003, ,606,664 8,784 3, ,360 57,0 94,648-3,49 49,35 68,58 55,9,30 6,93,07 89,598, ,353 6,97 00,06-7,840 45,07 93,38 59,45,75 9 6,78,743 0,738, ,38 66,575 05,09-8,49 33,37 06,663 6,9,7 6 3,4,599 5,44, ',- 35,606 8,569-50,57 36,779 6,56 65,48,67 6,67,599 4,73, Dec,. 49,56 8,89 9,746-9,76 33,38 08,670 63,349,69 7,4,599 9,073,5 Other 975-Apr...-» 55,75 307,0 6,907 44,997 35,98 08,550 64,730,68 6,997,599 6,78,59 May... 57,030 34,886 3,54-46,505 36,839,44 65,094,67 6,904,599-0,060,04 June... 53, 35,606 8,569-50,57 36,779 6,56, 65,48,67 6,67,599 4,73,36 July... ' 537, r 33,70 33,445-53,556 36,70 3,50 65,87,67 6 0,604,599,70, ,7 33,080 38,086-55,39 37,755 5,64 66,76,66 6 9,95,599 4,084,558 Sept... 55, ,946 4,803-58,488 37,655 3,658 66,473,66 5 9,869,599,865,579 Oct... 56, ,906 47,053-66,55 37,598 0,57 66,8,65 9,6,599 8,0,638 Nov ,79 355>879 5,39-66,05 38,689 09,9 67,77,65 * 9,684,599 7,486,699 Dec , ,9 57,483-67,077 38,63,466 67,464,65 * 9,966,599 9,385, Jan... 58,86 369,36 59,645 7,0 38,56,544 67,86,65 0 0,00,599 9,04,80 Feb... 59, ,773 6,088-77,576 39,0 4,00 68,70,64 0 0,090,599 0,05,864 Mar ,4 385,96, 63,40-83,43 39,04 3,98 68,567,64 0 0,070,599 9,438,980 Apr ,97 386,444 ' 6,764 ~ 85,757 38,9 4,484 68,968,63 9 0,03,599 9,453,77 Source: Monthly Statement of the Public Debt of the United States. / As of July 974, includes Federal Financing Bank. / Consists of certificates of indebtedness, Treasury notes beginning January 963, and Treasuiy bonds beginning September 964, sold to foreign governments for U.S. dollars. / Consists of the dollar equivalent of Treasury certificates of indebtedness; Treasury bonds from October' 96 - April 967; and Treasury notes beginning November 966 issued and payable m designated foreign currencies. y As of the July 3, 974, Monthly Statement of the Public Debt of the U.S. the column heading was changed to Government account series" which includes Treasury deposit funds in addition to those accounts previously shown as special issues, formerly included in other column. * Less than $500,000. Table FD-4. - Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt End of fiscal year or month Amount outstanding Within year (In millions of dollars) - 5 years Maturity classes 5-0 years 0-0 years 0 years and over Average length ,7 89,36 60,933 33,596 8,439 7,03 4 yrs. mos ,67 89,648 7,44 4,378 8,45 6,797 4 yrs. 7 mos ,59 06,407 64,470 30,754 8,407 6,553 4 yrs. mos ,07 03,90 6,770 34,837 8,374 6,7 4 yrs. 0 mos ,599 05,530 89,65 5,88 0,54,048 3 yrs. 8 mos ,473,77 89,074 4,503 8,455 0,670 3 yrs. 6 mos ,0,944 89,004 6,85 9,343 0,059 3 yrs. 3 mos ,97,803 88,3 3, 4,477 6,357 3 yrs. mos ,575 39,94 77,99 6,957 7,403 5,074 3 yrs. 0 mos ,606 63,947 0,98 6,83 4,508 8,40 3 yrs. 0 mos. 974-Dec... 8,89 45, 85,73 7,899 4,53 6,765 yrs. mos. 975-Apr ,0 6,039 93,387 9,55 6, 687 6,834. yrs. 0 mos. May... 34,886 64,6 98,30 9,40 4,548 8,48 3 yrs. 0 mos. June ,606 63,947 0,98 6,83 4,508 8,40 3 yrs. 0 mos. 33,70 68*, 8 05,6 6,86 4,465 8,373 yrs. mos. 33,080 79,849 0,89 5,445 4,49 9,466 3 yrs. 0 mos. 338,946 80,9 09,486 5,439 4,368 9,434 yrs. mos. Oct ,906 86,09 5,693 5,433 4,336 9,44 yrs. 0 mos. Nov ,879' 9,833,759 6,440 4,30 0,545 yrs. 0 mos. Dec ,9 99,730,33 6,437 4,63 0,59 yrs. 9 mos. 976-Jan ,36 0,890 4,47 8,449 4, 0,508 yrs. 9 mos. Feb ,773 0,477 8,63 3,38 4,86,097 yrs. 9 mos. 385,96 03,88 3,897 3,385 4,3,065 yrs. 9 mos. Apr ,444 03,999 4,95 3,38 4,067,045 yrs. 8 mos. Source: Office of Debt Analysis in the Office of the Secretary.

33 4 FEDERAL DEBT. Table FD-5. - Government Account Series Treasury Bulletin End of fiscal year or month Airport and Airway trust fund Exchange Stabilization Fund (In millions of dollars) Federal Deposit Insurance Corporation Federal employees retirement funds Federal disability insurance trust fund Federal Federal Home Energy Loan Banks Administration --- Federal hospital insurance trust fund Federal old-age and survivors insurance trust fund U , ,89, , , ,569,376-5,9 7, , ,668,89-5,59 9, , ,354 3,04-5,890, , ,93 4,435-99,583 5, ,784 -,4 56,644 5,73-44,980 7, ,559 -, ,69 6,697-6,834 9, ,738 -, ,894 7,488 - * 4,7 3, ,44 878, ,0 7, ,84 33, ,73,936,45,367 35,55 7, ,7 35, Dec... 9,073,387, ,50 7, ,068 33, Apr... 6,78,79,588,093 30,97 7,685 9,39 34,94 May... 0,060,793,598,37 30,675 7,6-9,0 36,357 June... 4,73,936,45,367 35,55 7, ,7 35,85 July...,70,05,456,349 35,303 7,605 9,589 34,696 Aug... 4,084,065,46,657 35,6 7,453 9,597 35,550 Sept....,865,073,467,689 35,000 7,4-9,976 34,77 Oct... 8,0,7,473,578 34,78 7, ,70 33,063 Nov... 7,486,6,480,840 34,546 6, ,409 3,949 Dec... 9,385,0,485,83 35,45 7,04,0-0,450 3, Jan... 9,04,49,956 35,90,485 0,348 3,99 Feb... 0,05,9 86,354 35,064 6,67,690-0,398 3,97 Mar... 9,438,338,50,35 34,907 6,598,704-0,55 3,3 9,453,38,503,37 34,635 6,60,77 0,55 3,99 End of fiscal year or month Federal supp. medical ins. trust fund Federal Savings and Loan Insurance Corporation Government life insurance fund Highway trust fund National service life insurance Postal fund service fund Railroad retirement accounts Treasury deposit funds Unemployment trust fund Other / ,3 3,77 7, ,744-3,339-7, ,856-3,303-8, ,53 5,754-3,434-9, ,60 5,95-3,75-0, ,635 6,068-3,85-8, ,456 6, ,74-7, ,550 6, ,766 8,330 *, ,599 6, ,706 9,495, , ,536 6, , ,557, Dec..., ,30 6,7 8 3, ,988, Apr..., ,759 6,546 ' 367, ,5,8 May..., ,080 6,545 95, ,34,300 June..., ,536 6, , ,557,470 July...., ,44 6,76 4 3, 8 3,603,594 Aug...,346, ,58 6,735,98 3,0 86 4,079,937 Sept......,,33, ,975 6,740,98,83 769,968 3,045 Oct...,439, ,85 6, ,63 796,30 3,06 Nov...,375, ,53 6,746 94,565 8,8 3,80 Dec...,44, ,693 6,99 94, , Jan...,375, ,756 6,97 665,76 935,68 3,500 Feb...,394, ,694 6,748 55,50 934,50 3,80,38, ,77 6, , ,99,345, ,767 6, , , J Source: Monthly Statement of the Public Debt of the United States. Note: Prior to July 974 title of this table was "Special Public Debt Issues. / Consists of Government National Mortgage Association fund and MBS Investment account; National Credit Union insurance fund; Federal Housing Administration fund; employees life insurance fund; veterans special life insurance fund; veterans reopened insurance fund; servicemen s group life insurance fund from August 969-January 973; employees health benefits fund beginning October 970; Export- Import Bank of the United States from February 967-October 968; General Services Administration participation certificates trust; and Washington Metropolitan Area Transit Authority from November 97-March 973; Indian tribal funds and individual Indian money for August 974; Pension Benefit Guaranty Corporation beginning November 974; Bonneville Power Administration and Library of Congress trust fund beginning January 975; Tax Court judges survivors annu-- ity fund and Overseas Private Investment Corporation beginning I February 975. Federal ship financing escrow fishing fund, Federal ship financing fund fishing vessels (NQAA), Federal ship financing revolving fund, gifts and bequests (Commerce), judicial survivors annuity find, national insurance development fund (HUD), and the U.S. Array general gift fund beginning March 975, Emergency Loan Guarantee Fund beginning April 975, Comptroller of the Currency assessments fund, National Archives Trust fund, beginning July 975, Comptroller of the Currency, trustee fund, beginning August 975, Federal Financing Bank; National Archives Gift Fund; Public Health Service, Conditional and Unconditional Gift Fund, HEW; U.S. Naval Academy Gift Fund; U.S. Naval Academy Museum Fund; War Risk Revolving Fund; Aviation war risk insurance revolving fund; Department of State conditional gift fund, general; Harry S. Truman memorial scholarship fund; Special Investment Account. * Less than $500,000.

34 May FEDERAL DEBT Table FD-6. - Interest-Bearing Securities Issued by Government Agencies (In millions of dollars) End of fiscal year or month Defense Department amount outstanding / Family housing and homeowners assistance Housing and Urban Development Department Federal Housing Administration Government National Mortgage Association Federal National Mortgage Assoc. / Secondary market operations Export-Tnrport Bank of the United States Other independent agencies Farm Credit Administration Bank for cooperatives / Federal intermediate credit banks / Federal Home Loan Bank Board ,377, 44,0 3,69,385 88,893 * ,455, ,830 4,079,64*,07 3,363 * ,399 > ,900 5,887,57,30 3, ,49, ,600, ,50, ,30 -, ,63, ,005, ,894, ,90 -, ,09, ,480, ,0, ,370 -, ,943, ,60 -, Dec......,33, ,80 -, Mar... ll,08r l,30r 475 4,80,593 Apr...,004, ,60 -,593 - May... 0,998, ,60 -, June... 0,943, ,60 -, July... 0,90, ,5,593 - Aug... 0,96,64 57 ' 4,5 -, Sept... 0,935, ,5 -, Oct ,93, ,5 -, Nov... 0,98, ,5 -,593 Dec... 0,904, ,00 -, Jan... 0,90, 570 4,00,593 Feb... 0*907, ,00 -,593 Mar ,90, ,00, Other independent agencies - Continued Memorandum - Interest-hearing securities of non-government agencies i j End of fiscal year or month Postal Service Tennessee Valley Authority Other Banks for Federal home cooperatives loan hanks / 5 / Federal intermediate credit banks / Federal land banks Federal National Mortgage Association / 6 / District of Columbia Stadium Fund Dec ,355,855,55, ,75,4,59,790,805,338, ,589 6,30 4,588 4,70 5,54 9,94 7,93 7,848,49 8,6,50 3,44 4,40 4,94 5,705 6,88 6,673 7,995 9,497 8,589 4,06 4,6 5,39 5,70 6,9 6,65 7,393 9,058,067 4,9,653 8,076 3,65 4,996 8,560,087 5,3 8,37 8, Mar., Apr., May., June, July, Aug.. Sept, Oct.. Nov., Dec Jan.. Feb.. Mar., ', Source: Bureau of Government Financial Operations and Monthly Treasury termediate credit banks were converted to private ownership pursuant Statement of Receipts and Outlays of the U.S. Government. to provisions of Public Law 90-58, October 7, 968. / Includes unredeemed matured securities outstanding cm which interest 4/ For details of securities outstanding, see Table TS0-5. has ceased. *>/ Includes Federal Home Loan Mortgage Corporation mortgage backed j/ Effective September 30, 968, Federal National Mortgage Association bonds beginning November 970. was converted to private ownership pursuant to provisions of the 6/ Includes mortgage backed bonds beginning June 970. Housing and Urban Development Act of 968 (P.L ). * Less than $500,000. / Effective December 3, 968, banks for cooperatives and Federal* in- r Revised, 3,463 3,3 3,00.896,907,939 3,37 3,44 3,685 3,655 3,833 3,880 3,808,65,59,35,50,560 0,590 0,57 0,569 0,94 0,950 0,907 9,990 9,960 8,80 9,33 9,338 9,497 9,685 9,808 9,780 9,63 9,443 9,54 9,37 9,364 9,557 3,5 3,803 3,80 4, , , ,3 8,56 7,664 8,37 8,49 8,70 8,935 9,37 9,39 9,963 9,809 9,759 30,

35 6 Treasury Bulletin FEDERAL DEBT Table FD<-7. - Participation Certificates End of fiscal year or month Sales Agriculture Department Commodity Credit Corporation (In millions of dollars - face amounts), Expsrt-Import Bank of the United States Skies Sales Participation certificates issued by GNMA acting as trustee Retirements Outstanding Retirements Outstanding Retirements Outstanding Sales Farmers Home Admini stration / Retire- ^ments Health, Education, and Welfare Department / ,385,840 30, ,4 y 650 /,46, , ',83 3,50 s 80 7, ,5,\ ,84,330 '630 8,600 5 * 84, ,8,, ,493 -,80 7, ,6 -, , i * ,085 4, ' , n o 4, * 4,60 \ Dec , Mar ,86 49 * 98 Apr ,60r y May ,60r * 98 June ,60r ^ July i / * 4,39 y I Aug.... i , Sept * , Oct , » 4, , Dec... - ' , Jan... * 5-4,66 49 ' 98 Feb... ' , Mar ,66 49, 98 I End of fiscal year or month Participation certificates issued by GNMA acting as trustee - Continued Housing and Urban Development Department Office of Secretary i j Sales Government National Mortgage Association *>/ Out- Retirements standing Sales Outstanding Retirements Outstanding- Retire Outstanding Sales ments Retire Stoll Business Administration 6/ Veterans Administration J7/ Sales (Memorandum) Commodity Credit Corp. (net certificates of interest authorized under Charter Act) 8/ Spies Sales " Retirements Outstanding Retirements Outstanding- Retiresments Outstanding ' v 885 ' , > , 60,75 67, ,40 -, , , , ? ', ,897, 50 03, ^ , ,09-90, ' 36, ,46-8* ', L * 99, * 93 *, ,543 - i , ,300 * 4 r ' 707 ; - 65, «. 45 j, ,097* - - ; 444 * 30!,5 -, Dec ,08, - * - - 0,34 - -, Mar , Apr , - *,97,* , , - -,97 ; June..,..., , ',97 -, - i , < 9,, ,87 y Aug ' - *,6" ,87 - Sept , , -,87. * Oct , \,87. N o v , ! -,87" Dec a, 50 * - f - i ' 3 ', Jan j i ", i ,74 * Feb i -,50 t ',74 * lifer... ~ 707, t,74 - ' - " Source: Bureau of Government.Financial Operations. / Includes the Direct Loan program through September 97, the Agricultural Credit Insurance fund beginning October 97, and the Rural Housing Loan programs. / Includes Construction of Higher Education Facilities, Health Professions Education fund, and Nurse Training fund., beginning April 968. / Includes $07 million refunding transaction. L/ Includes College Housing, Housing for the Elderly, and Public Facility programs. Includes Special Assistance,, and Management and Liquidating programs,. ' 6/ / / / i j,34 Includes programs for Disaster Loans, and Business Loans and Investments. Includes Direet Loan and Loan Guaranty programs. In the case of Commodity Credit Corporation, participation certificates are called "certificates of interest" and are not included in the Participation Sales Act of 966. Amounts shown as sales and retirements represent the net excess transactions for the period* On July, 969, the amount outstanding was reclassified as agency securities. Figures adjusted to correct errors, in rounding.

36 May FEDERAL ntlrt Table FD-8. - Debt Subject to Statutory Limitation (in millions of dollars) End of fiscal year or month Statutory debt limit Debt outstanding subject to limitation Public debt / Other debt / / Interest-bearing debt subject to limitation Public ttebt Other debt Public debt / Ncai-interest-bearing debt subject to limitation Other debt / ,000 30,0 35,83 4,7 35, , ,000 36,47 3,63 3,840 3, , , , ,76 6,08 344,40-3,88 35, , ,93 35,59 4,67 35,79 3, \ , ,45 369,463 3,96 369,06 3, , , ,678, ,89, ,000 48,576 45,83,764 45,360, , , ,697,39 456,353, , , ,68, ,38, , ,07 53,565,64 53,, Dec ,000 49, ,547,40 490,060, Apr... 53,000 57,745 56,5,69 55^75, May ,000 59,7 57,534,637 57,030, June , ,07 53,565,64 53,, July , ,59 537,67,64 537,, Aug , ,73 547,089,64 546,7, , ,74 553,05,689 55,604.,689 4 Oct , ,084 56,385,699 56,063,699 ^ 3 Nov , , ,85,704 ' 565,79, Dec , , ,035,79 575,657, Jan... ' 595, ,55 583,79,73 58,86,73,93 Feb , , ,57,739 59,874, Mar... 67,000 60,69 599,877,74 599,4, Apr... 67, ,00 60,360, ,97, Source r Monthly Statement of the Public "Debt of 'the United States. / Note: For debt subject to limitation since 940, see Table of the Statistical Appendix to the Annual Report of the Secretary of the Treasury on the State of the Finances for fiscal 975. For a summa- / ly of legislation on debt limitation under the Second Liberty Bond Act: and the amounts of limitation, se& Table 3 o f Idle Statistical. Appendix. Adjusted to exclude notes to IMF antf other international i gnri-fng organizations from public debt and include them in "Other debt to coriform with the,budget 'presentation and the source for this table. Consists of guaranteed debt of Government agencies, specified participation certificates, District of Columbia Stadium Bonds and notes of international lending' organizations^

37 8 FEDERAL DEBT. Table FD-9. - Status and Application of Statutory Limitation Treasury Bulletin The Second Liberty Bond Act (3 U.S.C. 757b), as amended, The Act of June 30, 967 (Public Law 90-39) provides provides that the face amount of obligations issued under that the face amount of beneficial interests and participaauthority of that Act, and the face amount of obligations guaranteed as to principal and interest by the United States, shall not exceed in the aggregate $400 billion-outstanding at any one time. Public Law 94-3 provides that beginning added to the amount otherwise taken into account in deteron March 5, 976, and ending on June 30, 976, the public debt limit shall be temporarily increased by $7 billion. Part A. - Status Under Limitation April 30, 976 (in millions of dollars) tions issued under section 30 (c) of the Federal National Mortgage Association Charter Act ( U.S.C. 77 (c)) during the fiscal year 968 and outstanding at any time shall be mining whether the requirements of the above provisions are Public debt subject to limit; Public debt outstanding... $60,974 Less amounts not subject to limit: Treasury Federal Financing Bank...,... (*) public debt subject to limit... 60,360 Other debt subject to limit: Guaranteed debt of Government agencies Specified participation certificates...,35 other debt subject to limit ,740 debt subject to limit ,00 Statutory debt limit... 67,000 Balance of statutory debt limit... 3,900 met. Part B. - Application of Statutory Limitation April 30, 976 (In millions of dollars) Classifications.. outstanding Interest-bearing debt: Marketable* Bills: Treasury... $6,764 Notes: Treasury ,757 Bonds: Treasury... 38,9 marketable ,444 Nonmarketable* Depositary series... 9 Foreign government series: Dollar denominated ,03 Foreign currency denominated...,599 Government account series ,453 Investment series ,63 R E.A. series... (*) State and local government series...,630 United States individual retirement bonds... United States retirement plan bonds... 8 United States savings bonds... 68,968 United States savings notes nonmarketable ,484 interest-bearing debt ,97 Noiif-interest-bearing debt: * Matured debt Other non-interest-bearing debt......,046 public debt outstanding ,974 Source: Monthly Statement of the Public Debt of the United States. * $500 thousand or less.

38 May 976 FEDERAL DEBT Table FD-0. - Treasury Holdings of Securities Issued by Government Corporations and Other Agencies 9 End of fiscal year or month Agency for International Development / Federal Financing Bank Federal Home Loan Bank Board Commodity Credit Corporation Agriculture Department Rural Electrification Administration Secretary: Farmers Home Administration programs Export- Import Bank of the United States / Housing and Urban Development Department Office College housing loans Urban renewal fund Other , ,768 4,34,436 78, , ,097 4,58,45 -, , ,989 4,770,454 36, , ,5 5,045, , ,6 5,38,46,586, , ,977 5,746,39 783, , ,50 6,05,606,743, , ,864 6,563,60,888, , ,608 6,963,545,457, , ,466,47 5,046 7,409,48 07, Dec... 38, , ,48 7,07,570 3,3, Apr... 4, ,405,4 4,790 7,409,570 4,055, May... 44, ,4,49 4,905 7,409,570 54, June... 44, ,466,47 5,046 7,409,48 07, July... 46, ,000,38 5,8 7,409,48 4, Aug... 47,83 8 4,657,358 5,30 7,409,48 34, Sept... 45, ,39,408,68 7,409,48 53, Oct... 46, ,949,503,445 7,4,48 6, , ,686,558,67 7,438,48 4, Dec... 48, ,74,559,34 7,50,48 83, Jan... 5, ,346,534,30 7,59,48 3, Feb... 5, ,97,534,393 7,548,68 9, Mar... 5,600 -,706,534,497 7,409,68 63, , Apr... 53,8,036,534,573 7,447,68 43, End of fiscal year or month Sousing and Urban Development Department Continued Govern^ ment National Mortgage Assn. jy Other 6/ Interior Department Helium fund Rural Telephone Bank Tennessee Valley Authority Transportation Dept. Saint Lawrence Seaway Development Corp. Veterans Administration: Direct loan program Under Defense Production Act of 950 / Other 8/ , ,730, , ,730, , ,730, , ,730, , ,730, , ,730, , ,730, ,053, ,730, ,33, ,730, ,43 3, ,730 / Dec... 4,476 3, ,730, Apr... 5,47 3, ,730 4 May... 5,4e7 3, ,730 * 43 June... 5,43 3, , July... 5,95 3, , Aug... 6,09 3, , Sept... 6,54 3, , Oct... 6,857 4, ,730 - Nov ,06 4, ,730 Dec ,494 4, , Jan... 8,38 4, , Feb... 8/«480 4, , Mar... 6,999 4, , Apr... 6,900 4, ,

39 30.FEDERAL DEBT, Treasury Bulletin Footnotes to Table FD-0. Source: Bureau of Government Financial Operations. Note: These securities were issued to the Treasury in exchange for advances "by the Treasury from public debt receipts under congressional authorizations for specified Government corporations and other agencies to borrow from the Treasury. Further detail may be found in the 975 Statistical Appendix to Annual Report of the Secretary of the Treasury, pages , and the 975 Combined Statement of Receipts, Expenditures and Balances of the United States Government, pages / And predecessor agencies. Beginning fiscal 957 figures exclude notes previously issued by -Hie Administrator in connection with informational media guaranties. The obligation for these notes was assumed by the Director of the United States Information Agency, pursuant to the act approved July 8, 956 ( U.S.C. 44), and the notes together with others issued for the same purpose are included in "Other." / Farm housing and other loan programs, Agricultural Credit Insurance Fund (formerly Farm Tenant Mortgage Insurance Fund), Rural Housing Insurance Fund, and Rural Development Insurance Fund. / Includes securities transferred from the Reconstruction Finance Corporation. i j Consists of notes issued to borrow for: public facility loans; Low Rent Public Housing Fund; and advances for National Flood Insurance Fund. jj/ Consists of liabilities taken over by the Association from the Secretary in accordance with the act approved August, 954, and notes issued by the Association under authority of that act ( U.S. C. 79 (c), 70 (d), and 7(d)) and also securities transferred from the Reconstruction Finance Corporation. 6/ Public Housing Administration ; Federal Housing Administration beginning January 966; Housing Assistance Administration from September 968-December / Consists of notes of: The Administrator, General Services Administration, for defense materials procurement; the Secretary of Agriculture; the Secretary of the Interior (Defense Minerals Exploration Administration); and the Secretary of the Treasury through May / Consists of notes issued by the: United States Information Agency for informational media guaranties (see footnote ); Secretary of Commerce (Maritime Administration) for the Federal Ship Mortgage Insurance Fund, fiscal years and Federal Ship Financing Fund (NOAA), beginning December 97; Virgin Islands Corporation from September 959-September 968; District of Columbia Commissioners for the Stadium Sinking Fund beginning December 97; Secretary of the Interior (Bureau of Mines) for development and operation of helium properties beginning May 964; Bureau of Commercial Fisheries for Federal Ship Mortgage Insurance Fund, Fishing Vessels from January May 967; and revenue bonds for Smithsonian Institution (John F. Kennedy Center Parking Facilities) beginning July 968; Secretary of Transportation (Washington Metropolitan Area Transit Authori-ty) beginning December 97; Health, Education, and Welfare, Office of Education (Student Loan Insurance Fund) from May August 973; Pension Benefit Guaranty Corporation from September 9 74; Federal Railroad Administration, rail service assistance, beginning January 976, and regional rail reorganization, April, 976. / Outstanding loans cancelled pursuant to Public Law 93-46, dated September 30, 974.

40 May 9J6 3 Year and month of final maturity / m k M ay... June... Aug... Sept... Oct... Nov... Dec... 6-/% 5-3/4% 6% 8-3/4% 7-/% 6-/% PUBLIC DEBT OPERATIONS Table PDO-. - Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 5-Week Treasury Bills Outstanding April 30, 976 (In millions of dollars) Description Note Note Note Note Note Note 5/5/76-B 5/5/76-E 5/3/76-M 6/30/76-8/5/76-C 8/5/76-G 5-7/8% Note - 8/3/76-L 8-/4% Note 9/30/76-J -/% Note - 0//76-E0 6-/% Note 0/3/ /4% Note /5/76-D 7-/8% Note /30/76-N ; 7-/4% Note /3/76-K,697,80,580,703 4,94 3,883,66,03,579 4,35,507,8 Mount of maturities Amount of maturities Held by j - Year and month Held by / - of final Description maturity / U.S. Govt, accounts and All Federal Reserve banks other investors ,66, ,868,93,44,974,533,980, Feb Mar Apr... May... Aug... Oct... Nov... 98,59 H,45 3,988,,3,956 U.S. Govt, accounts and Federal Reserve banks All other investors 4? Bond /5/80,560 97, /? Note 3/3/80-C,069 54,05 -/? Note 4//80-EA 6-7/8? Note - 5/5/80-A 7,65 5,570,695 9? Note 8/5/80-B 4,96,679,67 -/? Note 0//80-E0 3-/? Bond /5/80,89 749,4., 8,085 0,04 8,06 7? 7-3/8? 7-3/8? 7-3/8? 7? 7-3/4? L98 Feb /8% May,... 8%.. 3,48 7,356 3,89 Aug # 8-/8% Note Note Note Note Bond Note - /5/8-k /5/8-0 /5/8-E 5/5/8-D 8/5/8 ll/5/8-b,84,68,65, , ,87,86,357,63, s,660 3,939 3,663 0,76 Bond Note - /5/8 5/5/8-A 8/5/8-B 7-7/8% Note 977 Note U/5/8-C Feb... 8% Note /5/77-A 5,63 3,099,064! 983 ;, 69 4,094 7,75 6% Note /8/77-F,665 4,54 Feb... Ma r... 6-/% 8% Note /5/83-A Note - 3/3/77-G 7,958,986 5,97,576 57,059 June... Apr... -/% Note 4//77-EA 5 3-/4% Bond - 6/5/ ,47 8,45 7-3/8% Note 4/30/77-H W7Q (7 0,469 9,385,68 7,7 984 May /8% Note - 5/5/77-0,, ,009 Aug /8% Bond 9% Note 5/5/77-D 5,39 3,06-8/5/84,303,353, /4% Note 5/3/77-,37 8,009 May... June... 6-/% Note 6/30/77-J,70 309,86 m Bond 5/5/ Bond - 3/5/76- July... 7-/% Note 7/3/77-K,56 84,43 5/5/85, Aug /4% Note - 8/5/77-B 4,98,676 3,4,070 73,338 8-/4% Note - 8/3/77-L,0 57, Sept /8% Note - 9/30/77-M 3,6 77 3,49 Nov... 6-/8$ Bond - /5/86, Oct... -/% Note 0//77-E /% Note - 0/3/77-N 3,56 7,99 Feb... 3-/$ Bond /5/90 3,460 Nov /4% Note /5/77-E 3,630,350,80 May... 8-/4% Bond,09,369 5/5/90.,47 36,0 6-5/8% Note - /30/77-Q,68 3,496 4,707,37 3,380 Dec... 7-/4% Note /3/77-P,765 35,450 99,,, 47,066,904 35,6 Aug... 4-/4% Bond - 8/5/87-9 3,433,435, Jan... Feb Feb /8% Note /3/78-J,5 49,6 4% Bond - /5/ /4% Note - /5/78-A 8*389 3,435 4,954 8% Note /8/78-G,5 8, /4% Bond /5/ Mar /4% Note 3/3/78-K 3,6 6,936 Aug... 7-/% Bond 8/5/88-93,94,6 698 Apr... -/% Note 4//78-EA 5-5 May... 7-/8% 7-7/8% Note 5/5/78-D 3, ,07,756 Z.95,6 Note - 5/5/78-F 4,43,584, Aug /4% 7-5/8% Note,46 64,838 ' Note May... 5,55,666,489 4-/8$ Bond 5/5/89-94, Oct.... Nov... Dec... -/% 6% 8-/8% Note Note Note - 8/5/78-C 8/5/78-E 0//78-E0 /5/78-B /3/78-H 3 8,07,57 3, ,60,355,70,747,98,90,050,40,04 59,65,337,876, Feb... 3% Bond /5/ ,99 3,53 9, May... 7% Bond 5/5/ Feb... 7% Note /3 5/79-H 4,69,68 3,3 Nov... 3-/$ Bond 3/5/ Apr... -/% Note 4//79-EA 3,4,6,080 May /8% Note 5/5/79-D,69 463, ,74 May /4% Note 6/30/79-E, /% Bond - 5/5/94-99,44, Aug... 6-/4% Note 8/5/79-A 4,559,758, Sept... 8-/% Note 9/30/79-F,08 6,99 Feb /8% Bond /5/ Oct... -/% Note 0//79-E0 Nov /8% Note /5/79-B,604,5 479 Aug /8$ Bond 8/5/95-00,65 790,475 7% Note - A5/79-C,4 444,797., 3,67,08,086 Dec... 7-/% Note /3/79-G,006 0, ,37 5,803 5,434 May... 8-/4$ Bond - 5/5/00-05,, Source: Monthly Statement of the Public Debt of the United States and v/ Beginning with February 969 Treasury Bulletin, the definition of Office of Debt Analysis in the Office of the Secretary. U.S. Government accounts and all other investors is in conformity / For issue date of each security, see Market(Quotations on Treasury with the unified budget concept. Securities."

41 3 Treasury Bulletin.PUBLIC DEBT OPERATIONS. Table PDO-. - Offerings of Bills (Amounts in millions of dollars) Description of new issue Issue date Maturity date Number of days to maturity / Amount of bids tendered amount Amount of bids accepted On competitive basis J On noncompetitive basis / Amount maturing on issue date of new offering unmatured issues outstanding after new issues Regular weekly: Q?rwe.ek,and 6-week) 976-Jan. Feb. Mar. Apr , 3., 9., , 8., 5., Apr. July Apr. July Apr. 5 July 5 Apr. July Apr. 9 July 9 May 6 Aug. 5 May 3 Aug. May 0 Aug. 9 May 7 Aug. 6 June 3 Sept. June 0 Sept. 9 June 7 Sept. 6 June 4 Sept. 3 July Sept. 30 July Oct. 8 7 July 5 Oct. 4 July Oct. July 9 Oct , , , ,778.5r ,497.4* 5,653.r 5,464.3r 5, ,95.9r 5,373.r ,989.3r , ,03.8, , ,604.O p ,900.9r 3,587.8r,697.7r ,497.r 3,0.9r ,0.6r , v, , , , , , Or *. 5.3r Ar 96.r 484.3r r 0.3r Or , , , ,0.8 3, , ,0.8 3, U l,577.3r 3 9, 7 0 8,77.5r ,675,9r ,67.r 39, ,766.5r 39, 6b.4 84,568.6r ,368.8r 38, 77.r &5,770.8r 38,44.5r 86, 99.8r 38,40.6r 86,684.3** 37,93.* 86,89.Or 37,76.r 87,073.7r 37,4l9.9r 87,37.9r. 37, week: l975apr. May June July Aug. Sept. Oct. Nov..Dec. 976-Jan. Feb. Mar. Apr. 6., 3.,., , 0., , 976-Apr. 6 May 4 June June 9 July 7 Aug. 4 Sept. Oct. 9 Nov. 5 Dec, Jan. Feb. Mar. Apr , , , ,666.r 6,045.4, , , , , ,04.9r 3, , , , , Or 77.9r ,80.8,80.8,805.8, , , , ,345.6r 37,34.8 Short-dated: 976-Apr Apr ,50.6 Footnotes at end of table.

42 May PUBLIC DEBT OPERATIONS Table PDO-. - Offerings of Bills Continued Issue date On total bids accepted Average price per hundred Equivalent average rate Jy "HSr On competitive bids accepted Low?rice per hundred Equivalent rate Price per hundred Equivalent rate jj/ Regular weekly: (3-week and 6-week) (Percent) (Percent) (Percent) 976-Jan Feb / / / / / * Mar Apr week: ' ( ( / / / / / / / m * Apr May 6... June 3... July ,/ / / / 93.6 / Aug Sept Z U Oct.... Nov Dec Jan Feb Mar Apr Short-dated: 976-Apr / / ^ / / Footnotes on following page.

43 34.PUBLIC DEBT OPERATIONS Treasury Bulletin Footnotes to Table PDO- Source: Monthly Statement of the Public Debt of the United States and Allotments. / The 3-week bills represent additional issues of bills with an original maturity of 6 weeks. / For bills issued on or after May, 974, includes amounts exchanged on a noncompetitive basis by Government accounts and Federal Reserve banks. jl/ For 3-week bills, 6-week tenders for $500,000 or less from any one bidder are accepted in full at average prices of accepted competitive bids; for other issues, the' corresponding amount is stipulated in each offering announcement. i j Includes maturing short-dated bills issued Apr. 8, 976. J5/ Bank discount basis. 6/ Except $600,000 at / Except $445,000 at / Except $00,000 at / Except $40,000 at IQ/ Except $,000,000 at 97.48, $,500,000 at 97.46, and $,065,000 at / Except $600,000 at / Except $0,000 at / Except $75,000 at y j Except $,000,000 at 97.48, $,000,000 at 97.48, and $600,000 at / Except $50,000 at / Except $650,000 at / Except $00,000 at 98*79. 8/ Except $5,000 at / Except $96,000 at , $00,000 at , $00,000 at , 00,000 at anrt $*>0,000 at 93.b-i0. fxcept $85,00Q at / Except $70,000 at / Except $500,000 at and $55,000 at / Except $5,000 at and $0,000 at lj Except $0,000 at 9.80, $0,000 at 9.650, and $,000,000 at / Except $00,000 at / Except $50,000 at / Except $655,000 at / Except $,000,000 at r Revised.

44 May 976 PUBLIC DEBT OPERATIONS. Table PDO-3. - New Money Financing through R egular Weekly Treasury B ills j/ 35 (Dollar amounts in millions) Issue date Description of issue Maturity date Number of days to maturity Amount of bids tenderec Amount of bids accepted Average rate of bids accepted / (Percent) New money increase, or decrease (-) 973-Jan , 5., 973-Apr. 5 9 $3,639 July 5 8 3,49 Apr. 9 3,75 July 8 3,58 Apr ,5 July 9 8 3,675 Apr ,96 July 6 8 3,953 $,40.90,403.90,40,90,400, $ May June July Aug. Nov Aug ,789 Nov ,55 Aug ,454 Nov ,63 Aug ,45 Nov , Sept ,580 Dec ,4 Sept ,65 Dec ,774 Sept ,0 Dec ,776 Oct , Jan , Oct. 9 3, Jan ,5 973-Oct , Jan , Oct , Jan , Nov. 9 3, Jan ,386 Feb ,047 May 6 8 4,34,50, , ,50.70,50,70.503, ^ May 6. Aug ,670 Nov ,7, Aug. 9 3,475 Nov. 8, , Aug ,73 Nov , June 6., July Aug Sept. 5. Sept ,578 Dec ,383 Sept. 9 3,693 Dee. 8 3,79 Sept ,054 Dec ,6 Sept ,95 Dec ,07 Oct. 975-Jan ,7 3,7 974-Oct. 975-Jan ,04 3, Oct. 975-Jan ,07 3, Oct. 975-Jan ,466 3, Oct. 975-Jan ,955, Nov , Feb , Nov. 975-Feb ,64 3, Nov. 9 3, Feb. 0 8, Nov ,7 975-Feb , Dec , Mar ,853, ,60 /.90,600 / /.905,60 /.904,60 /,90,60 /.90,60 /.90,656 /, /.004,807 /,00, , Dec , Mar , Dec , Mar ,4.503,80,500, Footnotes at end of table.

45 36 PUBLIC DEBT OPERATIONS. Treasury Bulletin Table PDO-3. - New Money Financing through Regular Weekly Treasury Bills* / Continued (Dollar amounts in millions) Issue date Description of issue Maturity date Number of days to maturity Amount of bids tendered Amount of bids accepted Average rate of bids accepted / (Percent) New money increase, or decrease (-) Oct f 975-Jan ,3, { Apr ,30, f Jan ,69, \ Apr. 7 8,958, J Jan ,747, ( Apr ,49, f Jan ,369, ( May 8 3,459, f Feb. 6 9 ' 3,4, \ May 8 8 3,307, r Feb ,497, \ May 5 8 3,856, r Feb ,877, ( May 8 3,690, r Feb ,0, I May 9 8 3,34, J Mar ,393, \ June 5 8 3,89, / Mar. 3 93* 5,474, t June 8 3,84, Jan.... f Apr ,755, \ July 3 8 3,705, f Apr ,44, \ July 0 8 4,46, j Apr ,74, ( July 7 8 4,95, Apr ,088, ( July 4 8 3,58, '... f May 9 4,085, ( July 3 8 4,9, f May 8 9 4,44, \ Aug ,044, J May 5 9 4,07, \ Aug ,743, * May 9 4,096, Aug. 8 4,653, May 9 9 3,468, Aug ,8, k June 5 9 3,797, ^ Sept ,768, June 9 4,5, Sept. 8 5,53, f June 9 9 4,303, \ Sept ,533, June 6 9 4,04, Sept ,599, Apr July 3 9 4,598, Oct. 8 4,33, f July 0 9 5,045, \ Oct ,36, f July 7 9 4,88, ( Oct ,79, J July 4 9 4,094, { Oct ,066, r July 3 9 4,43, Oct ,479, ^ Aug ,4, Nov ,83, c Aug ,46, Nov ,83, k Aug. 9 4,503, Nov ,54, Aug ,057, ^ Nov ,80, Footnotes at end of Table,

46 May 976 PUBLIC DEBT OPERATIONS 37 Table PDO-3. - New Money Financing through Regular Weekly Treasury B ills / Continued (Dollar amounts in millions) Issue date Description of issiie Maturity date Number of days to maturity M o u n t of bids tendered Amount of bids accepted Average rate of bids accepted / (Percent) New money increase, or decrease (-) 975-June July Aug Sept. Oct , , 4.., 8., 5.,., 9., Sept. Dec. Sept. Dec. ^ Oct. 976-Jan. 975-Oct. 976-Jan. ^.975-Oct. 976-Jan. ^975-Oct. 976-Jan., 975-Oct. 976-Jan. f 975-Nov. I 976-Feb. '975-Nov. JL976-Feb. 975-Nov. ^976-Feb. '975-Nov. [976-Feb. 975-Dec. 976-Mar. 975-Dec. 976-Mar. 975-Dec. 976-Mar. " 975-Dec. 976-Mar. Jan. Apr. Jan. Apr ' $5,66 3,898 4,578 4,58 3,8 3,608 4, ,453 6, ,550 5,36 5,6 5,* ,306 5,67 4,735 5,98 4,448 6,46 5,368 6,876 4,748 6,45 5,068 4,4 69 4,608 5, ,76 3,684 5,34 $,803,70,606, ,80.90,806,905,80.90, ,00 3,00 3, , ,0 3, ,903 3,0,736,90.70,805 3,00 3,03r 3,04r 3, ^ $ ,000 95, r r Nov. 976-Jan , 8., 6.,., 8. ( Jan. Apr. Jan. Apr. Jan. Apr. Feb. May Feb. May Feb. May Feb. May Mar. June Mar. June Mar. June Mar. June Apr. July Apr. July ,5 4,609 4,860 5,07 4,635 4,853 4,99 5,067 5,3 5,70 5,669 5,49 6, ,349 5,0 4,35 6,5 4,45 4,767 3,998 4,606 4,957 5,94 5,084 6, , , ,304 3,0r ,3 3, , ,099,709 3,07,90 3,30 3, Apr. July Apr. July Apr. July ,783 5,457 4,588 5,488r 4,774 5,844,99 3, , Footnotes at end of table.

47 38 Treasury Bulletin.PUBLIC DEBT OPERATIONS. Issue date 976-Feb Apr.. 9. Table PDO-3. - New Money Financing through Regular Weekly Treasury Billsi/-Continued (Dollar amounts in millions) Description of issue Maturity date 976-May 6 Aug. 5 May Aug. 3 May 7 Aug. 6 July Oct. July 9 Oct. 8 Number of dajas to maturity Amount of bids tendered $4,505-6,558 4,709 6, 4,700 5, 5,505 5,370 5,57 6,033 Amount of bids accepted $3,09 3,804 3,0 3,90,90L 3,73,506 3,403,609 3,50 Average rate of bids accepted / (Percent) ' New money increase, or decrease (-) $ Source: See Table PDO-. Excludes issues of strips of additional amounts of outstanding regular weekly bills for cash on June 5, 974 ($80 million). Equivalent average rate on bank discount basis. On June, 974, the Treasury announced that the amount of bills r offered would be $00 million more than the amount maturing. It stated that a foreign central bank would bid for $00 million of the bills in order to achieve a better balance between its holdings of special Treasury issues and marketable Treasury issues, Revised.

48 May Date subscription books closed or tenders received PUBLIC DEBT OPERATIONS Table PDO-4. - O fferings of Public Marketable Securities Other than Regular W eekly Treasury B ills Issue date Description of securities l/ (Dollar amounts in millions) Period to 'inal maturity (years, moi iths, days) / Amount of subscriptions tendered Cash Exchange Amount issued / For cash In exchange V 6/0/74 7// $ Bill 7//75 364d,654,80 7/3/74 7/30/ $ Bill 3/3/75 - FFB 44d 4,3 -,50-7/4/74 7/30/ $ Sill 7/9/75 364d,575,806-8A /74 8/7/74 9v655$ Bill - 9/0/74 - Tax ant. / 44d 4,39 - /56-8/6/74-8/5/74 9$ Note 5/5/77-D 6/' y 9m 4,44,936,393,936* 3/ 8/7/74 8/5/74 9% Note 8/5/80-B 6/ 6y 3,788,46,835,46) 0/ 8/8/74 8/5/74- Bond - 5/5/ Reopening 6/ 4y 9m, j 8//74 8/7/ $ Bill - 8/6/75 364d,935 ' - (,803-8/8/74 9 / 4 M, 9.767$ Bill - 6/30/75 99d 4,934 -,003, $ to 9/8/74 9/4/ $ Bill - 9/3/75 364d,980 -,803-9/4/74 9/30/74 8-/4$ Note - 9/30/76-J 6/ y 3,54 05,88 05 / / / 0//74 -/$ Note 0//79-EQ 5y - - 0/6/74 0// $ Bill - 0//75 364d 3,580 ',003-0/3/74 /6/74 ' 7-7/8$ Note 5/5/79-D i / 4y 6m,74 -,06-4/ 0/9/74 /4/ $ Bill - 6/9/75 7d 3,860 -,50 - /6/74 /5/74 7-3/4$ Note ll/5/77-e 6/ 3y 4,403,059,570 l,059l 6/ /7/74 /5/74 7-3/4$ Note ll/5/8-b 6/ 3, *, * 5 / 7/ /8/74. U/5/74 8-/$ Bond - 5/5/ Reopening 6/ 4y 6m, ) w A3/74 /9/ $ Bill /8/75 364d 3,80 -,00 - /0/74. /3/ $ Bill 4A6/75 Tax ant. 5/ 34d 4,904 -,5 - //74 /4/ $ Bill "Strip " of 5 Series 9/ (Average) d,67 -,00-3/6/74 /5/74 7.5$ Bill - 6/7/75 Tax ant. / 94d,48 -,56 - //74 /7/ $ Bill A6/75 364d 3,749,00 /3/74 /3/74, 7-/4$ Note - I/3/76-K 6/ y,807 77,05 770/ / /30/74 /7/75 7-7/8$ Note - 5/5/79-D-Reopening 6/ 4y '4m 'i;760,53' - / //7. /9/75 8$ Note 3/3/76-H-Reopening ly 3m, / /8/75 /4/ $ Bill - /3/76 364d 3,355 -,00 - /8/75 /8/75 * 7-/8$ Note 5/5/78-D 6/ 3y 3m 6, ,63 697\ / /9/75 /8/75 7-3/8$ Note - /5/8-C 6/ 6y 4*4 400, /4/ 6/ /30/75 /8/75 7-7/8$ Bond - /5/ / 5y, / / /5/75 //75, 5.33$ Bill - /0/76 364d 3,354 -,03 - /9/75 3/3/75 f [5-7/8% Note 8/3/76-L 6/ ly 6m,967,66 S/ \6$ Note - /8/77-F 6/ y f 3,89 -,665 - / 3/5/75 3/U/ $ Bill - 3/9/76 364d 4,7 -,0-3//75 3/9/75, 7-3/4$ Note ll/5/8-b-reopenmg 4 / 6y 8m 3,438,76 0/ '3/3/75 3/5/75 6$ Note - 5/3/76-M / 3y m,993,580 - / 3/8/75 3/3/75 6-/$ Note - 3/3/77-G 6/ y,96,576 - / 3/0/75 4/7/75 8-/4$ Bond - 5/5/90 / 5y lm,898 -,47 - / 4//75 4/8/75 7-/8$ Note - /30/76-N 6 / ly 8m 3,796 -,507 4/ / 4//75 -/$ Note - 4//80-EA 5y - - 4//75 478/75.475$ Bill - 4/6/76 364d 7735,05 4/8/75 4/4/ $ Bill - /3/76 9d 3,68,586 4/5/75 4/30/75 7-3/8$ Note - 4/30/77-H 6/ y 4,58 -,579 - / 4/30/75 5/6/ $ Bill - 5/4/76 364d 4,47 -,435-5/6/75 5/5/75 7-5/8$ Note 8/5/78-E 6 / 3y 3m 5,390,300,855, 300*^ / 5/7/75 5/5/75 8$ Note - 5/5/8-A 6 / 7y 3,865,33,54 8/ 5/8/75 5/5/75 8-/4$ Bond - 5/5/ / 30y, / / 5/4/75 5/7/75 6-3/4$ Note - 5/3/77- y 3,57 -,37-40/ 5//75 6/6/75 6-/$ Note - 0/3/76-0 6/ ly 5m,666 -,579-4/ 5/8/75 6/3/ $ Bill - 6//76 364d 3,85 - v,404-6/7/75 6/30/75 6-/$ Note 6/30/77-J 6/ y,775 -,70-4/ 6/4/75 7//75 6.9$ Bill - 6/9/76 364d 3,3,59-6/5/75 7/9/75 7-3/4$ Note - 6/30/79-E 6/ 4y 5,384 -,78-4/ 7/7/75 7/3/75 7-/$ Note 7/3/77-K 6/ y 5,39 -,56 44/ 7/4/75 7/9/ $ Bill 7/7/76 364d 4,59 -,93-7/9/75 8/5/75 7-7/8$ Note - 5/5/78-F 6/ y 9m 5,657,37 3,05,37* 46/ 7/30/75 8/5/75 8-/8$ Note - 8/5/8-B 6/ 3,670 90,07 90)43/ 4/ 7/3/75 8/5/75 8-3/8$ Bond - 8/5/ / 5y, / 8/7/75 8/8/ $ Bill - 8/6/75 - Reopening 8d 6,669 -,000 8/4/75 8/9/75 8-/4$ Note - 8/3/77-L 6/ y 4,956 -,0 - AS/ 8/0/75 8/6/ $ Bill - 8/4/76 364d 7, -,893-8//75 9/4/75 8-/$ Note - 9/30/79-F 4 / 4y lm 4,36 -,08-50/ 9/4/75 9/5/ $ Bill - 9/8/75 - Reopening 3d 3, /4/75 9/5/ $ Bill - 9/5/75 - Reopening 0d 3, /6/75 9/30/75 8-3/8$ Note 9/30/77-M 6/ y 6, ,9 33/ / 9/7/75 9/3/ $ Bill - 9//76 364d 6,33 -,858-9/4/75 0/7/75 8$ Note - /8/78-G 6/ y 5m 3,906 -,5 - N / / 0//75 -/$ Note - 0//80-E0 5y - - 0/7/75 0//75 8-/8$ Note - /3/78-H 6/ y m 3,33 -,57-4/ 0/5/75 0// $ Bill - 0/9/76 364d 3,858-3,06-0/6/75 0/3/75 7-/$ Note - 0/3/77-N y 4,79-3,56 / 0/9/75 /7/75 7-7/8$ Note - /5/8-C 7y '4,46 384, k / / 0/30/75 /7/75 8-3/8$ 'Bond - 8/5/ Reopening^ 4y 9m,46 50,00 50j^ 8/ Footnotes at end of table. Allotment ratio

49 40 PUBLIC DEBT OPERATIONS, Table PDO-4. - Offerings of Public Marketable Securities Other than Regular Weekly Treasury Bills Continued Treasury Bulletin (Dollar amounts in millions) Date subscription books closed or tenders received Allot ment ratio Issue date Description of securities / Period to final uia u uu. j-ujr (years, months, days) / Amount of subscriptions tendered Cash Exchange Amount issued,/ For cash In exchange /3/75 /8/ $ Bill - /5/76 363d 5,48-3,45 - //75 /5/75 5.8$ Bill - 4//76 - Reopening 39d 5,89 -,00 - /5/75 /8/75 5.0$ Bill - /8/75 - Reopening lod, /5/75 /8/ $ Bill - /6/75 - Reopening 8d, /0/75 /6/ $ Bill - /4/76 364d 6,03-3,53 - /6/75 /3/75 7-/4$ Note - /3/77 - P y 4,386,549 3/ //75 /6/76 7-/$ Note - /3/79 - G 4y 4,94 -,006-60/ /7/76 /3/ $ Bill - //77 364d 4,90-3,069 - /3/76 /6/76 7-3/8$ Note - 5/5/8- D 5y 4m 3,38p -,00p - /4/76 //76 6-3/8$ Note - /3/78- J y 3,603p -,508p 6/ /3/76 /7/76 8$ Note - /5/83- A 7y 9,3p,939 6,03p,939 / /4/76 /0/ $ Bill - /8/77 364d 4,9l3p -,930p - /5/76 - /7/76 7$ Note - /5/79- H 3y 4,478p,600 3,089p,600 64/ /5/76 /7/76 8-/4$ Bond - 5/5/ Reopening 9y 3m 77p 5 47p 5 65/ 4,958p /0/76 3/3/76 6-5/8$ Note - /30/77-Q ly 9m -,67p - 66/ 3/3/76 3/9/ $ Bill - 3/8/77 364d 5,666p - 3,05p - 3/5/76 3/7/76 7-/$ Note - 3/3/80-C 4y 5,507p -,069p 6Z/ 3/8/76 3/3/76 6-3/4$ Note - 3/3/78-K y 4,947p 97 3,I6lp 97 68/ / 4//76 -/$ Note - 4//8-EA 5y * * 3/4/76 4/5/76 7-3/8$ Note - /5/8-E 4y 0-l/m 5,063p,5p 6/ 3/9/76 4/6/ $ Bill - 4/5/77 364d 6,045p - 3,0p - 4/9/76 5/4/ $ Bill - 5/3/77 364d 5,58p 3,85p 5/4/76 5/7/76 6-/$ Note - 4/30/78-L y 4,44p 300,003p / 5/5/76 5/7/76 7-7/8$ Note - 5/5/86-A 0y 8,96p 47 4,663p 47 7 / 5/7/76 5/7/76 7-7/8$ Bond - /5/ Reopening 3y 9m l,54p 7 750p 7 7/ 6/ Footnotes on following page.

50 May PUBLIC DEBT OPERATIONS. Footnotes to Table PDO-4. Source: Bureau of the Public Debt. Note: All securities (except EA & EO notes) issued after February 5, 97 were sold at auction through competitive and noncompetitive bidding. / For bill issues, always sold at auction, the rate shown is the equivalent average rate (bank discount basis) on accepted bids. Other securities issued at par except those bearing footnote 6 and those sold at auction. For details of bill offerings see Table PDO-. / From date of additional issue in case of a reopening. / In reopenings the amount issued is in addition to the amount of original offerings. i j For securities exchanged for the new issues see Table PDO-7. 5/ Tax anticipation bill, accepted at face value in payment of income taxes due on the 5th of the month in which the bills mature. 6/ Price at which issued appears in Table PDO-5. 7/ Exchange offering available to owners of nonmarketable -3/4$ Treasury bonds, Investment Series B , dated April, 95. For further information on the original offering see Treasury Bulletin for April 95, page A-l. 8/ Issued to Federal Reserve banks and Government accounts in exchange for notes maturing August 5, 974. / Prices accepted ranged from 0.8 (yield 8.48$) down to (yield 8.65$) with the average at 0.00 (yield 8.59$). 0/ Prices accepted ranged from 0.50 (yield 8.67$) down to 0.0 (yield 8.78$) with the average at 0.5 (yield 8.75$). / Prices accepted ranged from (yield 8.5$) down to (yield 8.70$) with the average at (yield 8.63$). / Issued to Federal Reserve banks and Government accounts in exchange for notes maturing September 30, / Yields accepted ranged from 8.39$ (price 99.75) down to 8.0$ (price 00.09) with the average at 8.34$ (price 99.84). 4/ Yields accepted ranged from 7.93$ (price ) down to 7.78$ (price ) with the average at 7.89$ (price ). 5/ Issued to Federal Reserve banks and Government accounts in exchange for securities maturing November 5, / Yields accepted ranged from 7.87$ (price ) down to 7.78$ (price 99.9) with the average at 7.85$ (price ). 7/ Yields accepted ranged from 7.86$ (price 99.46) down to 7.75$ (price ) with the average at 7.8$ (price 99.68). 8/ Prices accepted ranged from (yield 8.7$) down to 0.79 (yield 8.3$) with the average at (yield 8.$). 9/ Sale of a "strip' of Treasury bills consisting of an additional $00 million of each weekly series maturing from December, 974, through January 9, / Issued to Federal Reserve banks and Government accounts in exchange for notes maturing December 3, 974. / Yields accepted ranged from 7.37$ (price 99.78) down to 7.5$ (price 00.83) with the average at 7.3$ (price 99.87). / Prices accepted ranged from 0.0 (yield 7.7$) down to 0.80 (yield 7.37$) with the average at 0.95 (yield 7.33$). 3/ Prices accepted ranged from 00.9 (yield 7.8$) down to (yield 7.7$) with the average at (yield 7.4$). 4/ Issued to Federal Reserve banks and Government accounts in exchange for notes maturing February 5, / Yields accepted ranged from 7.7$ (price 99.84) up to 7.3$ (price ) with the average at 7.$ (price ). 6/ Yields accepted ranged from 7.40$ (price 99.88) up to 7.5$ (price 99.3) with the average at 7.49$ (price ). 7/ Yields accepted ranged from 7.89$ (price ) up to 7.96$ (price ) with the average at 7.95$ (price 99.9). c 8/ Yields accepted ranged from 5.88$ (price ) up to 5.98$ (price 99.85) with the average at 5.94$ (price ). 9/ Yields accepted ranged from 5.97$ (price ) up to 6.$ (price ) with the average at 6.09$ (price ). 30/ Prices accepted ranged from 0.5 (yield 7.45$) down to Q.07 (yield 7.54$) with the average at 0. (yield 7.5$). 3/ Yields accepted ranged from 5.90$ (price 00.08) up to 6.0$ (price ) with the average at 5.98$ (price 99.99). 3/ Yields accepted ranged from 6.40$ (price 00.85) up to 6.60$ (price 99.85) with the average at 6.5$ (price 99.98). 33/ Yields accepted ranged from 8.5$ (price 00.86) up to 8.37$ (price ) with the average at 8.3$ (price ). 34/ Yields accepted ranged from 6.95$ (price 00.34) up to 7.9$ (price ) with the average at 7.5$ (price 99.96). 35/ Yields accepted ranged from 7.37$ (price ) up to 7.45$ (price ) with the average at 7.43$ (price ). 36/ Issued to Federal Reserve banks and Government accounts in exchange for notes maturing May 5, 975. Z/ Yields accepted ranged from 7.60$ (price 00.00) up to 7.74$ (price ) with the average at 7.70$ (price 99.77). 38/ Yields accepted ranged from 7.96$ (price 00.) up to 8.0$ (price ) with the average at 8.00$ (price ). 39/ Yields accepted ranged from 8.5$ (price ) up to 8.3$ (price 99.3) with the average at 8.30$ (price ). 40/ Yields accepted ranged from 6.79$ (price 99.94) up to 6.9$ (price ) with the average at 6.86$ (price ). Q j Yields accepted ranged from 6.38$ (price 00.58) up to 6.58$ (price ) with the average at 6.54$ (price ). / Yields accepted ranged from 6.50$ (price ) up to 6.69$ (price ) with the average at 6.6$ (price ). 43/ Yields accepted ranged from 7.74$ (price ) up to 7.85$ (price ) with the average at 7.83$ (price 99.73). 44/ Yields accepted ranged from 7.49$ (price 00.08) up to 7.53$ (price ) with the average at 7.5$ (price ). 45/ Issued to Federal Reserve banks and Government accounts in exchange for notes maturing August 5, / Yields accepted ranged from 7.75$ (price 00.33) up to 7.97$ (price ) with the average at 7.94$ (price ). 47/ Yields accepted ranged from 8.06$ (price ) up to 8.8$ (price 99.7) with the average at 8.4$ (price 99.9). 48/ Yields accepted ranged from 8.38$ (price ) up to 8.48$ (price 98.97) with the average at 8.44$ (price 99.37). 49/ Yields accepted ranged from 8.5$ (price 00.80) up to 8.9$ (price 99.96) with the average at 8.5$ (price ). 50/ Yields accepted ranged from 8.45$ (price 00.45) up to 8.56$ (price ) with the average at 8.54$ (price ). 5/ Issued to Federal Reserve banks and Government accounts in exchange for notes maturing September 30, / Yields accepted ranged from 8.40$ (price ) up to 8.46$ (price ) with the average at 8.44$ (price ). 53/ Yields accepted ranged from 8.05$ (price ) up to 8.3$ (price 99.7) with the average at 8.0$ (price ). 54/ Yields accepted ranged from 8.06$ (price 0.) up to 8.9$ (price 99.76) with the average at 8.4$ (price ). 55/ Yields accepted ranged from 7.47$ (price ) up to 7.59$ (price ) with the average at 7.55$ (price ). 56/ Issued to Federal Reserve banks and Government accounts in exchange for notes maturing /5/75. 57/ Yields accepted ranged from 7.87$ (price 00.07) up to 7.95$ (price ) with the average at 7.9$ (price 99.76). 58/ Prices accepted ranged from 0.73 (yield 8.$) down to 0.34 (yield 8.4$) with the average at 0.50 (yield 8.3$). 59/ Yields accepted ranged from 7.4$ (price 00.08) up to 7.3$ (price ) with the average at 7.8$ (price ). 60/ Yields accepted ranged from 7.43$ (price 00.38) up to 7.53$ (price ) with the average at 7.50$ (price ). 6/ Yields accepted ranged from 7.35$ (price 00.08) up to 7.4$ (price ) with the average at 7.40$ (price 99.89). 6/ Yields accepted ranged from 6.4$ (price ) up to 6.5$ (price 99.75) with the average at 6.49$ (price ). 63/ All accepted subscriptions were awarded at the price of (yield 8.00$). 64/ Yields accepted ranged from 7.00$ (price ) up to 7.09$ (price 99.76) with the average at 7.05$ (price ). 65/ Prices accepted ranged from 0.4 (yield 8.05$) down to 0.4 (yield 8.$) with the average at 0.75 (yield 8.09$). 66/ Yields accepted ranged from 6.57$ (price ) up to 6.64$ (price 99.95) with the average at 6.6$ (price ). 67/ Yields accepted ranged from 7.50$ (price ) up to 7.55$ (price 99.88) with the average at 7.54$ (price ). 68/ Yields accepted ranged from 6.7$ (price ) up to 6.80$ (price ) with the average at 6.76$ (price 99.98). 69/ Yields accepted ranged from 7.35$ (price 00.0) up to 7.39$ (price ) with the average at 7.38$ (price ). 70/ Yields accepted ranged from 6.59$ (price ) up to 6.63$ (price ) with the average at 6.6$ (price 99.80). 7/ All accepted subscriptions were awarded at the price of 00.00, (yield 7.875$). 7/ Prices accepted ranged from (yield 8.$) to (yield 8.$) with the average at (yield 8.9$). * Less than $500,000. p Preliminary.

51 4 PUBLIC DEBT OPERATIONS Table PDO-5. - Unmatured Marketable Securities Issued at a Premium or Discount Other than Advance Refunding Operations Treasury Bulletin Description of securities Date of financing Amount issued (In millions) Average price per hundred Effective interest rate Eligible securities exchanged 976 6$ 6 /$ 6-/4$ 7-/8$ 7-/4$ Note 7-/$ Note 6-/$ Note 5-7/8$ Note 8-/4$ Note Note Note Note Note 5/3/76-M 8A5/76-C 8/5/5&4S 8/3/76-L 9/30/76-J 0/3/76-0 ll/5/76-d ll/30/76-n /3/76-K 3/5/75 0//69./5/70 /5/73 3/3/75 9/30/74 6/6/75 f 9/8/7 f /5/7 4/8/75 /3/74 f $,580,09 57,683.,5,44,459 3,883,66 05,88,03,579,83 3,04,507 77p,05P,Sp $99, * *99, $ / v6l -/$ 4$ -/$ Note Bond Bond 9//69-E0 0//69 /5/ $ Note - /5/70-A 6.< /$ 4-7/8$ 5.94 / $ 8.34 / 6.54 / / 7.5 / /8$ / Note - $Dte' Note /5/73-C /5/73-D 9/30/74-E Note - /3/74-F 977 *$ 6-/$ 7-3/8$ 6-7/8$ 9$ B-3/ f t 6-/$ 7-/$ Note Note Note Note Note Note Note Note 7-3/4$ Note. 8-/4$ Note 0-3/8$ Note 7-/$ Note 7-%3/4$ Note 6-5/8$ Nofce /8/77-F 3/3/77-G 4/30/77-H 5/5/77-C 5/5/77-D 5/3/77-.I 6/3P/77-J 7/3/77-K 8/5/77-B 8/3/77-, 9/30/77-M 0/3/77-N ll/5/77-e ll/30/77-q 3/3/75 3/3/75 4/30/75 /5/74 8/5/74 5/7/75 6/30/75 7/3/75 8/5/70 8/5/73 8/9/75 9/30/75 0/3V75 /5/74 3/3/76 C C,665,576, ,58,565,936,393 5,39,37p,70,56 75,5,64 C ,06,654,0'p,9> 33 3,6 3,56p,059,570 3,630-,67p 9^ / 6.5 3J 7.43 / to to 6.86 / 6.6 ' / to to 7-3/4$ / 5-5/8$ / /. / 6-3/8$ 4$ 8-/8$ 4$ / 7.55 '3/ Note Note Note Bond Note - Bond / y 8-3/8 Note 5-V4$ / 6.6 / /5/74-C 8/5/74-B 8/5/70-D 8/5/70 8/5/73-B 8/5/73 9/30/75-G Note - ll/5/74-j Footnotes' at end of table.

52 May PUBLIC DEBT OPERATIONS. Table PDO-5. - Unmatured Marketable Securities Issued at a Premium or Discount Other than Advance Refunding Operations,-Continued Description of securities Date of financing Amount issued (In millions) rage price hundred Effective interest rate Eligible securities exchanged 977 "-/4$ Mote /3/77-P /3/75 $ p,549p,76p $99, $ 7$ Note /3/75-H / /8$ Note /3/78-J //76,508p / 8$ Note 6-3/4$ Note 7-/8$ Note 7-7/8$ Note /8/78-G 3/3/78-K 5/5/78-D- 5/'l5/'7 8-F 0/7/75 3/3/76 /8/75 8/5/75 I,5p 97p 3,064p 3,6p ,64 3,960 "T3W 3*05p 4,43p / $ Note - 3/3I/76-H *76 / '7. 5-3/4$ Note /5/75-A /8$ Note - /5/75-E / 99. % /8$ Note 8/5/75-C / 8-3/4$ Note 7-5/8$ Note 6$ Note 8-3/8$ Note 8/5/78-C 8/5/78-E ll/5/78-b /3/78-H 5/5/74 5/5/75 /5/7 0// ,880,46,300p,855p 5,55p 633 3,09, ,067 8,07,5l7p /4$ Note 5/5/74-D /4$ Bond - 5/5/ : 8.73 a/ $ Note / 5/L5/75-B /8$ Note /5/7-B /4$ Note A5/7-G i /4$ Note 5/5/7-B /4$ Note 5/5/7-D $ Note 8/5/7-E /8$ Bond /5/ $ Bond ~ 8/5/ / 979 7$ Note /5/79-H /7/76 368p l,3p 3,089p /4$ Note /5/76-A /8$ Note - /5/76-F / 7-7/8$ Note 7-3/4$ Bote 8-/$ Note 6-5/8$ Note 7$ 7-/$ Note 980 4$ Bond 5/5/79-D b/30/79-e 9/30/79-F ll/5/79-b /5/79-C /3/'79^G /5/80:/ f /6/74 /7/75 7/9/75 9/4/75 /5/73 /5/73 /6/76 r /3/59 J /5/6 L,06.53,78,08p 595,009,604 0,0,4,006p / / / 9T.340 ".54 J /8$ Uote - /5/73-D / /8$ Bond /5/73 00, / / / Series F&G savings bonds / *# gl. 7-/$ Note 6-7/8$ Note 9$ Note 3/3/80-C 5/5/80-A 8/5/80-B 3/7/76 5/5/73 8/5/74,069p,636,585,043 7,65,46,835 4, / /4$ Note 5A5/73-A 99.9r /4$ Note - 5/5/73-E / /8$ Note 8/5/74-B U i m 7$ Note /5/8-A /5/ ,55, /4$ Hote /5/74-C /8$ Bond' A5/ / Footnotes ax end of table.

53 44 PUBLIC DEBT OPERATIONS. Table PDO-5. - Unmatured Marketable Securities Issued at a Premium or Discount Other than Advance Refunding OperationsUContinued Description of securities Date of financing Amount issued (In millions) Average price per hundred Effective interest rate Eligible securities exchanged /8% Note /5/8-C /8/75 $400,768,68 $99, # /4# Note / /5/75-A 7-3/8% Note 7-3/8% Note 7% Bond 7-3/4% Note /5/8-E 5/5/8-D 8/5/8 /5/8-B 4/5/76 /6/76 8/5/7,66p,00p /* 0 r I ^,75, * / / 8-/4# Note 4# Bond / It374* / Note '7-F 8/5/7 - /5/74-A 6-3/8# Bond 8# - Note 8-/8% Note 7-7/8% Note /5/8 / 5/5/8-A 8/5/8- /5/8-C 5/5/7 5/5/8 8/5/75 /7/ r,33,54,747 f 90 V,07,98 f 384p,5l8p.90P U 6# / 7# / Note 5-7/8# Note / 5/5/75-B 8/5/75-C Note - /5/75-D /8% Bond 3-/4# Bond /8# Bond 8/5/84 5/5/85 /5/86 8/5/7 6/3/58 /5/7 /" *,353, , # Note # Bond /# Bond # Note /# Bond /4# Note /8# Bond /4# Note /8# Note * 6.50 / 3. / /8# 7-3/4# 4-3/4# 6-3/4# 5# 3-7/8# 4# a/ Note Note Note Note Note Bond Bond 8/5/7-E 8/5/7 9/5/67-7 ll/5/7-f /5/67-7 /5/74-A /5/74 /5/75-A /5/75-E /5/7-B /5/7-G 5/5/7-B 5/5/7-D 8/5/7-E /5/7 8/5/7 4-/4# Bond 8/5/87-9/ 8A5/6 r * ( 5 \ # 3-/4# / Note Note 8A5/6-B 8/5/6-G 4# Bond 7-/# Bond /8# Bond /5/ /5/ A5/89-94 /7/63 8/5/73 /5/73 /5/74 4/8/63 5 f I r L 438 r 0 40 I / 8-/8# 4# / 4-/8# / 7-3/4# 4-/8# / / Note - Bond Note 8/5/73-B 8/5/73 /5/73 /5/74-C /5/74 Footnotes at end of table.

54 May PUBLIC DEBT OPERATIONS. Table PDO-5. - Unmatured Marketable Securities Issued at a Premium or Discount Other than Advance Refunding Operations Continued Description of securities Date of financing Amount issued (In millions) Average price per hundred Effective interest rate Eligible securities exchanged /4* Bond 5/5/ /4* Bond /5/ * Bond 5/5/ /* Bond 5/5/94-99 / 4/7/75 /0/73 5/5/73 I 8/5/74 /5/74 C $, U3 $99, * / / 7-3/4$ Note 5-5/8* Note / 5-3/A% Note 3-7/8* Bond / 5/5/73-A 8/5/74-B /5/74-A /5/ /8* Bond /5/ /8* Bond 8/5/95-00 /8/ p 75p 90p 33p' 80p l,4p /4* Note / 5-7/8* Note / /5/75-A 8/5/75-C L 50p l,00p l,lglp * / Note - /5/75-D l/4* Bond 5/5/ /5/75 0p 630p 754p l,604p /8* Note (4> Note 5/5/75-F 5/5/75-B /7/76 C 5p 40p 67p /4* Note / /5/76-A l/ Additional issue. / Issued for cash. * Less than $500,000. p Preliminary.

55 46 Treasury Bulletin.PUBLIC DEBT OPERATIONS. Table PDO-6. - A llotm ents by Investor C lasses on Subscriptions for Public Marketable Securities Part A. - Other than Bills / (In millions of dollars) Date of financing 8/5/70 8/7/70 /L5/70 /6/70 /5/7 5/5/7 6/9/7 8/5/7 8/6/7 V 8 / 7 0//7 /5/7 %/.?/ 4/3/7 5/L5/7 8/L5/7 0/9/7 /5/7 /8/7 /0/73 /5/73 5/5/73 8/5/73 9/4/73 /5/73 /5/74 4/9/74 5/5/74 Issues Description of securities 7-3/4* Note 7-3/4* Note - *7-/* Note - 7-/4* Note 7-/* Note *6-3/4* Note - 5-7/8* Note - 6-/4* Note 5* Note - 5-3/4* Note - Note - 7* 7% Note - Bond - 6-/* Note 6-/4* Note < 5-7/8* Note f4-7/8* Note. ( 6* Note V 6-/8* Bond - f 5-3/4* Note 6-3/8* Bond 5-7/8* Note «f 4-3/4* Note \ 6-3/8* Bond f5-7/8* Note { 6-/4* Note V. 6-3/8* Bond 6* Note 6-I/4* Note 5-7/8* Note /3/74-F 6-3/4* Bond /5/93 6-/* Note 8/5/76-G 6-5/8* Note /5/79-B *6-7/8* Note - 7* Bond 7-3/4* Note 7-/* Bond 8-3/8* Note "7% Note 7* Note *7-/* Bond f 6-7/8* Note ( 7* Note - N7-/* Bond - 8* Note 8-/4* Note - ( 8-3/4* Note - 8-/* Bond - /5/74-C 8/5/77-B /5/7-0 5/5/74 -D 8/5/76-C 8/ 5/5/7-D 8/L5/75-C /5/78-A 8/5/7-E /5/74-A 8/ /5/7-F II/5/75-D 8/5/8 /5/73-C /5/76-D /5/75-E /5/73-D /5/78-B ll/l5/86 5/5/76-E /5/8 5/5/75-F 5/5/73-E /5/8 8/ /5/76-F 8/5/79-A 8/5/84 9/30/74-E /5/76-D 8/ 5/5/80-A 5/5/ /5/77-B 8/ 8/5/ /30/75-G /3/75-H /5/79-C 8/5/ / 5/5/77-0 /5/8-A 8/5/ / 3/3/76-H 6/30/76-8/5/78-C 5/5/94-99 Amount issued For cash 3,90,037,85 95,54,83,045, ,776, , ,0 67,009,043 65, ,5,0 30,58,55 30,53,048, In exchange for other securities 3,39, ,505,5 7,679 8,389 3,45 3,3 3,5 63,500 8,07,9,80,3,54 4,945 4,559,3 3, , U.S. Government accounts and Federal Reserve banks / ,39,7,457, ,500, ,54,08,437,80 05, , Commercial banks /,99 967,664,48 3,033 ^593 3,586 3,,35,57,07,54,036,046,833,566 3,97 96, ,3 353, ,990,30,06 9, ,30 0,438 83,097,003,366 83,59, *06,4,35 06 Individuals y Allotments by investor classes * 9 6 * Mutual ings banks Insurance companies Corporations 5/ Private pension and retirement funds * State and local governments 6/ Pension and retirement funds Other funds Dealers and brokers , Soia4e: Based on subscription and allotment reports. For detail of offerings see Table PD0-4. l/ Excludes -/* Treasury notes issued in exchange to holders of nonjnarketable -3/4* Treasury bonds. Investment Series B / Includes trust funds and accounts that comprise Government accounts under the unified budget concept. / Includes' trust companies and stock savings banks. t±/ Includes partnerships and personal trust accounts. j>/ Exclusive of banks and insurance companies * 6/ Consists of trust, sinking, and investment funds of State and local governments and their agencies. 7/ Includes savings and loan associations, nonprofit institutions, and investments of foreign balances and international accounts in this country. Also included are certain Government deposit accounts and Government-sponsored agencies. 8/ Reopening of earlier issue. * Less than $500,000.

56 May PUBLIC DEBT OPERATIONS. Date of financing 7/3/7 8/3/7 9/30/7 0/3/7 /4/7 /30/7 /5/7 /3/7 /3/73 /8/73 3/3/73 4/30/73 5/3/73 6/30/73.7/3/73 8/5/73 8/8/73 9/5/73 0/9/73 0/3/73 H/l/73 /0/73 /30/73 /8/V3 /5/74 //74 3/4/74 3//74 3/9/74 4/9/74 5/7/74 6/4/74 7//74 7/30/74 8/7/74 8/7/74 9/4/74 0//74 /4/74 H/9/74 /3/74 /5/74 /7/74 /4/75 //75 3//75 4/8/75 5/6/75 6/3/75 7//75 7/9/75 8/6/75 9/3/75 0//75 /8/75 /6/75 /3/76 /0/76 3/9/76 4/6/76 Table PDO-6. - Allotments by Investor Classes on Subscriptions for Public Marketable Securities Date of maturity 4/30/73 7/3/73 5/3/73 8/8/73 6/30/73 9/5/73, 7/3/73 0/3/73 4/0/73 /0/73 6//73 /8/73 /5/74 //74 3//74 4/9/74 5/7/74 6/4/74 7//74 9/9/73 8/7/74 9/4/74 7/30/74 0//74 4/9/74 /9/74 f 4/9/74 ^ 6//74 /7/74 /4/75 //75 4/9/74 3//75 6//74 4/8/75 5/6/75 6/3/75 7//75 7/9/75 9/0/74 8/6/75 9/3/75 0//75 6/9/75 /8/75 4A6/75 6/7/75 /6/75 /3/76 /0/76 3/9/76 4/6/76 5/4/76 6//76 6/9/76 7/7/76 8/4/76 9//76 0/9/76 /5/76 /4/76 l/h/77 /8/77 3/8/77 4/5/77 Average rate (Percent) * ,78 Part B. - Bills Other than Regular Weekly Series One-year series,0.803,80,80,80, ,80,790,80,800,80 *80 (In millions of dollars) amount issued 9-month series / ,50 7 / Tax anticipation series i3ouree: Based on subscription and allotment reports, for detail of offerings see Table PD0r-4. / Reopening of one-*year series. / Includes trust fund and ac-counts that comprise Government accounts under the unified budget concept, / -Exclusive of bajik and insurance companies.,0,50,07,007,00 5/,000,56 5 /,53 5 /,50,5,56 5-week series,805,80,804 6/,80,80.803,80,80,80,80,80,80,80, ,003,00,00,00,03,0,05,435,404,59,93,893,860 3,06 3,45 3,53 3,069 >930 3,05 3,03 4/ 5/ V / U.S. Government accounts and Federal Re se I ve banks / Allotments by investor classes Commercial banks ,93 64, , ,698 45, , ,504 68, , ,085,080, l,08r,30 Corporations / Dealers and brokers * , , All other 4/ Included with all other investors are certain Government deposit accounts and Government-sponsored agencies, formerly included with Government investment accounts. Reopening of Earlier issue. 4-week $ss*'e. Special issues.

57 48 PUBLIC d e b t OPERATIONS Treasury Bulletin Date & refunding or retirement Table PDO-7. - Disposition of Public Marketable Securities Other than Regular Weekly Treasury Bills Called or maturing securities / Description 7/3/73 /4.9l8$ Bill ^5.3$ Bill - 7/3/73 7/3/73 Issue date 7/3/7 7/3/7 (Dollar amounts in millions) Disposition offers by Treasury Amount outstanding,0 50 Cash retirement,03} 50 h / Exchange security offered Results of ex- VJ. Exchanged - - Turned in for cash / - Description of new securities offered (See also Table PD0-4) 8/5/73 ( 8-/8$ Note L 4$ Bond - 8/5/73-p 8/5/73 /5/70 9/5/63,839 3,894 3, 6 6 P 35? 78 7/ - 8/8/ $ Bill - 8/8/73 8/3/7,803,803 / /9/ $ Bill - 9/9/73 8/5/73,07,07 y /5/ $ Bill - 9/5/73 9/30/7,80,80 / //73 0/3 A 3 /5/73 iv m -/$ Note 5.38$ Bill 4-/8$ Bond 5,5% Bill 5,337$ Bill - 0//73-E0 0/3/73 /5/73 /0/73 /8/73 0//68 0/3/7 7//64 S 3? 30,80 4,336,80,800 30,80 3,760,80, / A5/ $ Bill - 3/5/74 3/33/73,804, A/74 /5/74 4/9/74 4A9/74 5/7/74 5/5/74 6/4/ft 6/3/74 7//74 6,050$ Bill /* 7-3/4$ Note V 4-/8$ Bond 6.66$ Bill -/$ Note 6.598$ Bill f 6.765$ Bill ( 7.830$ Bill ^7.45$ Bill 6.88$ Bill - f 7-/4$ Note {4-/4$ Bond $ Bill f 7.790$ Bill 8.306$ Bill 8.39$ Bill - - //74 /5/74-C /5/74 3//74 4//74-M 4/9/74 4A9/74 4A9/74 4/9/74 5/7/74 5/5/74-D 5/5/74 6/4/74 6//74 6//74 7//74 /8/73 8/5/70 /5/65 3/3/73 4 A / 6 9 4/30/73 //73 lla/73 //73 5/3/73 /5/70 5/5/64 6/30/73 /30/73 /30/73 7/3/73,80,960,466,790 34,80,007,00,56,800 4,334,847,80,000,53,80,80,6,90,790 34,80,00?\,00 K /,56/,800 3,335,38,80,00<3\,5 /4/, / f 54^ / 5 9 H / 7/30/ $ Bill - 7/30/74 0/9/73,804, /5/74 5-5/8$ Note - 8/5/74-B 8/5/68 0/84 4,40 5,883 / < - 8/7/ $ Bill - 8/7/74 8/8/73,804, /0/ $ Bill - 9/0/74 8/7/74,56,56 4/ /4/ $ Bill - 9/4/74 9/5/73,80, /30/74 6$ Note - 9/30/74-E 0/9/7,060, M f //74 7.3$ Bill - 0//74 0/3/73,80,80 - /5/74 3/9/74 A7/74 /3/74 /L4/75 /5/75 //75 3//75 4/8/75 4/6/75 5/6/75 f 5-3/4$ Note 3-7/8$ Bond 7.708$ Bill 6.880$ Bill 5-7/8$ Note 6.948$ Bill f 5-3/4$ Note 5-7/8$ Note 6.34$ Bill 6.897$ Bill 8.0A9$ Bill -/$ Note 7.887$ Bill 7.46$ Bill 8.44$ Bill Footnotes at end of table. - - /5/74-A A5/74 /9/74 /7/74 /3/74-F A4/75 /5/75-A /5/75-E //75 3//75 3/3/75-FFB 4//75-EA 4/8/75 4/6/75 5/6/75 /5/67 //57 /0/73 /8/73 /8/7 A5/74 /5/6$ 0//7 //74 3//74 m 4/9/74 /3 /74 5/7/74 5,44,3,80,803,0,80 4,05,,80,80,5,80,5 l.rtn? 3,38,07 -,80,803,05,80,886,04,80,80,5,80,5 4/ -80,04 5/ f 4 H / 77 /,9 8 E - '< : - - -

58 May PUBLIC DEBT OPERATIONS. Table PDO-7. - Disposition of Public Marketable Securities Other than Regular Weekly Treasury B ills Continued (Dollar amounts in millions) Date of refunding or retirement Called or maturing securities / Description Issue date Amount outstanding Disposition offers by Treasury Cash retirement Exchange security offered Results of- exchange offers Exchanged Turned in for cash J Description of new securities offered (See also Table PD0-4) 5/5/75 6/3/75 6/7/75 7//75 7/9/75 8/5/75 8/6/75 { 6# Note 5-7/8# Note 8.49# Bill 7.50# Bill 8.56# Bill 7.836# Bill 5-7/8# Note 6.80# Bill 5/5/75-B 5/5/75-F 6/3/75 6/7/75 7//75 7/9/75 8/5/75-C 8/6/75 5/5/68 4/3/7 6/4/74 /5/74 7//74 7/30/74 /5/7 8/8/75 *6, ,80,56,80, ,000,597 7,459,80,56 y,80,806 5,09,000 4,63 H j 00 5/,587 6/ 8/6/ # Bill 8/6/75 8/7/ /8/75 9/3/75 9/5/75 9/30/75 0// # Bill S.34# Bill 6.56# Bill 8-3/8# Note -/# Note 9/8/75 9/3/75 9/5/75 9/30/75 0//75-E0 9/5/75 9/4/74 9/5/75 8/4/73 0// , , / 0//75 3/5/75 /8/ # Bill 7# Note 7.36# Bill 0//75 3/5/75-D /8/75 0//74 8/5/7 /9/74,003 3,5,00,003,58, g/ /6/75 /8/75 /6/75 /3/75 /3/76 /3/76 /0/76 /5/76 /5/ # Bill 5.0# Bill 5.40# Bill 7# Note 6.378# Bill 6.560# Bill 5.33# Bill 6-/4$ Note 5-7/8# Note./6/75 /8/75 /6/75./3/75-H /3/76 0/3/76 /0/76. /5/76-A /5/76-F /7/74 /8/75 /8/75 /5/73 /4/75 4/4/75 /0/75 /5/69 8/5/7, ,73,00,586,03 3,739 4,945, ,59,00,586,03,65 3,703 /,5 ^Q/,3 30/ 3/9/76 3/3/76 4// # Bill 8# Note -/# Note 3/9/76. 3/3/76-H 4//76-EA 3//75 4/9/74 4//7,0,88 7,0, / 4/6/76 4//76 4//76 5/4/76 5/5/76 5/5/ # Bill 5.83# Bill 4.834# Bill 6.400# Bill 6-/# Note 5-3/4# Note 4/6/76 4//76. 4//76 5/4/76 5/5/76 5/5/76 4/8/75 /5/75 4/8/76 5/6/75 5/5/69 /5/7,05,00,503,435,697,80,05,00,503,435,336, / - 4 / Footnotes on following page.

59 50.PUBLIC DEBT OPERATIONS, Footnotes to Table PDO-7 Treasury Bulletin Source: Bureau of the Public Debt. 6/ / Original call and maturity dates are used. / All by investors other than Federal Reserve banks. 7/ / Rolled over into new bills (see Table PDO-4). 4/ Tax anticipation issue: for detail of offerings beginning August 974, 8/ see Table PDO-4; for amounts redeemed for taxes and for cash see "Note" below. 5/ Public holders of these securities were not given preemptive rights to exchange them but they could be used in payment for new securities 9/ allotted. 6/ Exchanged by Federal Reserve banks and Government accounts for $33 million of 7-3/4$ notes of Series B-977 and $9 million of 7-/# 0/ bonds of issued August 5, 973. / Exchanged by Federal Reserve banks and Government accounts for $495 million of 7-3/4% notes of Series B-977 and $33 million of 7-/# bonds of issued August 5, 973. / 8/ Exchanged by Federal Reserve banks and Government accounts for $0 million of 7# notes of Series C-979, $0 million of 7# notes of / Series H-975 and $36 million of 7-/# bonds of issued November 5, 973. / Exchanged by Federal Reserve banks and Government accounts for $307 million of 6-7/8# notes of Series C-977, $5 million of 7# notes of 3/ Series A-98 issued February 5, 974, and $0 million of 7-/# bonds of issued February 8, / 0/ Exchanged by Federal Reserve banks and Government accounts for $30 million of 7# notes of Series A-98 issued February 5, 974, and $40 million of 7-/# bonds of issued Februaiy 8, 974. / / Exchanged by Federal Reserve banks and Government accounts for $656 million of 8-3/4# notes of Series -976 and $343 million of 8-3/4# 6/ notes of Series C-978 issued May 5, 974. / Exchanged by Federal Reserve banks and Government accounts for $40 million of 8-3/4# notes of Series C-978 and $79 million of 8-/# bonds of issued May 5, / 3/ Exchanged by Federal Reserve banks and Government accounts for $,936 million of 9# notes of Series D-977, $,46 million of 9# notes of 8/ Series B-980 and $486 million of 8-/# bonds of issued August 5, / Exchanged by Federal Reserve banks and Government accounts for 8-/4# 9/ notes of Series J-976 issued September 30, / Exchanged by Federal Reserve banks and Government accounts for $,059 million of 7-3/4# notes of Series E-977, $949 million of 7-3/4# notes 0/ of Series B-98 and $96 million of 8-/# bonds of issued November 5, 974. Exchanged by Federal Reserve banks and Government accounts for 8-/# bonds of issued November 5, 974. Exchanged by Federal Reserve banks and Government accounts for 7-/4# notes of Series K-976 issued December 3, 974. Exchanged by Federal Reserve banks and Government accounts for $69 million of 7-/8# notes of Series D-978, $400 million of 7-3/8# notes of Series C-98 and $36 million of 7-7/8# bonds of issued February 8, 975. Exchanged by Federal Reserve banks and Government accounts for $4 million of 7-/8# notes of Series D-978 and $4 million of 7-7/8# bonds of issued February 8, 975. Exchanged by Federal Reserve banks and Government accounts for $,300 million of 7-5/8# notes of Series E-978, $,33 million of 8# notes of Series A-98 and $630 million of 8-/4# bonds of issued May 5, 975. Exchanged by Federal Reserve banks and Government accounts for 8-/4# bonds of issued May 5, 975. Exchanged by Federal Reserve banks and Government accounts for $,37 million of 7-7/8# notes of Series F-978, $90 million of 8-/8# notes of Series B-98 and $33 million of 8-3/8# bonds of issued August 5, 975. Exchanged by Federal Reserve banks and Government accounts for 8-3/8# notes of Series M-977 issued 9/30/75. Exchanged by Federal Reserve banks and Government accounts for $384 million of 7-7/8# notes of Series C-98 and $50 million of 8-3/8# bonds of issued November 7, 975. Exchanged by Federal Reserve banks and Government accounts for 7-/4# notes of Series P-977 issued /3/75. Exchanged by Federal Reserve banks and Government accounts for $368 million 7# notes of Series H-979, $,939 million 8# notes of Series A-983 and $5 million of 8-/4# bonds of issued February 7, 976. Exchanged by Federal Reserve banks and Government accounts for $,3 million of 7# notes of Series H-979 issued /7/76. Exchanged by Federal Reserve banks and Government accounts for $97 million of 6-3/4# notes of Series K-978 issued 3/3/76. Exchanged by Federal Reserve banks and Government accounts for $76 million of 7-7/8# notes of Series A-986 issued 5/7/76 and $85 million of 7-7/8# bonds of issued /8/75. Exchanged by Federal Reserve banks and Government accounts for $300 million of 6-/# notes of Series L-978 issued 5/7/76 and $96 million of 7-7/8# notes of Series A-986 issued 5/7/76. Note: Information on retirement of tax anticipation issues referred to in footnote 4-. in millions of dollars: Date of retirement Securities amount retired Redeemed for taxes Redeemed for cash 9/0/74 Bill,56 40,4 4/6/75 Bill,5 84,067 6/7/75 Bill,

60 May 976 PUBLIC DEBT OPERATIONS 5 Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Month Of activity Securities Bills Issue date Maturity date Interest rate (Percent) Issued f 3/05/75 6/05/75 ( 3/7/75 6/9/75 - V. 6/05/75 /04/75 87 Retired outstanding end of month 975-June. Certificates of indebtedness /0/74 6/0/ /06/74 6/05/ /03/75 6/03/ /03/75 6/03/ //75 6// /3/75 6/3/ /3/75 6/3/ /8/75 6/8/ /9/75 6/9/ /9/75 6/9/ /9/75 6/9/ /7/75 6/7/ /0/75 7/0/ /0/75 7/0/ /0/75 7/0/ /07/75 7/07/ /07/75 7/07/ /08/75 7/08/ /9/75 7/9/ /06/75 8/06/ \ 5/06/75 8/06/ /06/75 8/06/ /06/75 8/06/ /06/75 8/06/ //75 8// //75 8// /4/75 8/4/ /5/75 8/4/ /5/75 8/5/ /0/75 8/0/ /3/75 8// /3/75 8// /3/75 8// /7/75 8/7/ /7/75 8/7/ /7/75 8/7/75 5.0' - 5/7/75 8/7/ /7/75 8/7/ /7/75 8/7/ /7/75 8/7/ /7/75 8/7/ /7/75 8/7/ /7/75 8/7/ /03/75 9/03/ /03/75 9/03/ /03/75 9/03/ /03/75 9/03/ /03/75 9/03/ //75 9// /3/75 9// /3/75 9/5/75 5*0 6 6/8/75 9/8/ /9/75 9/9/ /7/75 9/7/ /7/75 9/7/ Notes Bills f 6/5/7 6/5/ /05/75 6/04/ / 6/9/75 4/9/ /9/75 5/9/ /9/75 6/0/77 6, ^ 6/5/75 6/5/ /09/75 7/0/ /5/75 7/7/ /7/75 7/7/ /7/75 7/7/75-4//75 7/4/ \ 7/0/75 0/09/75-8 7/0/75 /08/ /7/75 0/6/75 8 7/7/75 0/6/ /4/75 0/3/75-0 " /09/75 7/0/ /8/75 7/9/ /06/75 9/04/ /08/75 7/08/ /0/75 7/0/ /7/75 7/7/ /4/75 7/4/ /8/75 7/8/ /8/75 7/8/ /30/75 7/30/ /0/75 8/0/ /05/75 8/05/ /05/75 8/05/ /06/75 8/06/ /07/75 8/07/

61 5 Treasury Bulletin PUBLIC DEBT OPERATIONS. 975-July. Month of activity Table PDO-8. - Foreign Series Securities (Nonmarketable) Issu ed to O fficial In stitu tio n s of Foreign Countries C ontinued (Payable in U.S. dollars; dollar amounts in millions), Securities Certificates of indebtedness Issue date 5/07/75 5/09/75 5/09/75 5//75 5//75 5/3/75 5/5/75 5/5/75 5/0/75 5/0/75 5/0/75 5/3/75 5/7/75 5/7/75 5/7/75 5/7/75 6//75 6/3/75 6/8/75 6/9/75 7/0/75 7/0/75 7/7/75 7/4/75 7/9/75 7/9/75 Maturity date 8/07/75 8/08/75 8/08/75 8//75 8//75 8/3/75 8/5/75 8/4/75 8/0/75 8/0/75 8/0/75 8//75 8/7/75, 8/7/75 8/7/75 8/7/75 9//75 9//75 9/8/75 9/9/75 0/0/75 0/0/75 0/6/75 0/4/75 0/8/75 /7/76 Interest rate (Percent) Amount Retired outstanding end of month 0,604 7/07/7 7/4/7 7/07/75 7/4/75 7/7/75 7/07/75 7/4/75 7/07/8 7/4/8 7/8/ Bills 5/5/75 8/4/75 8/4/75 /3/ Aug. Certificates of indebtedness 3/06/75 5/05/75 5/07/75 5/4/75 5/4/75 5/4/75 5/4/75 5/4/75 6/3/75 6/3/75 6/3/75 8/05/75 8/07/75 8/4/75 8/4/75 8/4/75 8/4/75 8/4/75 9/04/75 8/05/75 8/07/75 8/4/75 8/4/75 8/4/75 8/4/75 8/4/75 9/5/75 9/5/75 9/5/75 /05/75 /07/75 /4/75 /4/75 /4/75 /4/75 /4/ Sept. Certificates of indebtedness Notes Bills 5/3/74 8/8/75 8/8/75 3/5/75 3/6/75 9/4/75 4/4/75 4/30/75 7/0/75 7/7/75 7/7/75 7/4/75 7/9/75 0/09/75 0/09/75 0/6/75 0/6/75 0/3/75 0/30/75 8/8/75 9/30/76 0/3/76 9/4/75 9/4/75 9/5/77 0/3/75 0/30/75 0/09/75 0/6/75 0/6/75 0/3/75 0/8/75 3/08/76 4/08/76 /5/76 3/5/76 3//76 3/9/ ,869 Oct. ( Certificates of indebtedness 7/7/75 7/4/75 7/9/75 0/7/75 0/4/75 0/7/75 0/4/75 0/8/75 3/6/76 3/3/ Notes 6/7/74 7/5/74 0/0/75 0/0/75 0/0/75 0/30/75 0/30/75 0/0/75 0/30/75 3/30/76 /33/76 /8/77 3/3/77 4/30/

62 May 976 PUBLIC DEBT OPERATIONS. 53 Month of activity Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued Securities (Payable in U.S. --- dollars; ---- j dollar amounts in millions) Interest Issue Maturity rate date date (percent) Issued Amount Retired outstanding end of month / f 8/4/75 /3/75 N 30 Bills \ /3/75 /3/ Certificates of indebtedness ( e/05/75 /05/ e/07/75 /07/ /4/75 /4/ /4/75 /4/ /4/75 /4/ /4/75 /4/ /4/75 /4/ i 9,684 /05/75 /05/ /07/75 /06/ /4/75 /3/ /4/75 /3/ /4/75 /3/ /4/75 /3/ /4/75 /3/ r 8//74 /8/ / /8/75 6/30/ Notes \ /8/75 7/3/ S. L /8/75 0/3/ ( 3/05/75 /6/ > ) 6/05/75 /04/ Bills \ /04/75 3/04/ ^ /04/75 6/03/ f 0/7/75 /6/ /4/75 /3/ /05/75 /05/ /07/75 /06/ /4/75 /3/ /4/75 /3/ /4/75 /3/ / Certificates of indebtedness /4/75 /3/ /4/75 /3/ /0/75 /6/ /0/75 /3/ /0/75 /05/ /0/75 /06/ /0/75 /3/ /0/75 I/I6/ /0/75 /3/ /30/75 /3/ /30/75 /3/ ^ 9,966 Notes f 9/9/74 /8/ J /6/75 /6/ \ /8/75 5/5/ /8/75 8/5/ ( 7/0/75 /08/ /09/75 /08/76-4 0/6/75 /5/ /6/75 /5/76-6 0/3/75 // /8/75 3/9/ /30/75 /9/76-80 < /08/76 /05/ Bills /08/76 5/06/ /08/76 7/08/ /5/76 4/5/ /5/76 4/5/ > J an... ( Certificates of indebtedness //76 4// /7/76 /6/ ^ /9/76 /6/ j 7/9/75 /7/ \ /0/75 /3/ ^ /0/75 /05/ r 0/4/74 /9/ J 0/9/76 0/3/ Notes \ /9/76 8/5/ I /9/76 /5/ N/* /3/75 /3/ < /08/76 /05/ /7/76 /6/ /7/76 /6/ Bills ( /05/76 3/04/ /3/76 5/3/ /6/76 3/5/76-40 /6/76 6/4/ /6/76 7/9/76 60 V -

63 54.PUBLIC DEBT OPERATIONS Treasury Bulletin Month of activity Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued (Payable in U.S dollars; dollar amounts in millions) Securities Issue date Maturity date Interest rate (percent) Issued Retired Amount outstanding end of month 976-Feb.... C /0/75 /05/76 5.6'0 4 /0/75 /06/ r 0,090 /0/75 /3/76 5.'30-63 /30/75 /3/76, /30/75 /3/ /05/76 5/05/ Certificates of Indebtedness /05/76 5/05/ /06/76 5/05/ /3/76 5/3/ /3/76 5/3/ /3/76 5/3/ /3/76 5/3/ /3/76 5/3/ /3/76 5/3/ f 9/04/75 3/04/76-80 J /6/76 3/5/76-40 < 3/04/76 8/05/ Bills 3/04/76 9/0/ I 3/5/76 /4/ /05/76 5/05/ /3/76 5/3/ /3/76 5/3/ /3/76 5/3/ M a r..... Certificates < /3/76 5/3/ /09/76 6/09/ /6/76 6/6/ /8/76 6/8/ A9/76 6/8/ r 7/9/7 3// Notes, ^ 3//76 /5/ Source: Bureau of the Public Debt*. * Less them $500,000. ^ 0,070 r 0/09/75 4/08/ s» > /5/76 4/5/ /5/76 4/5/ Bills //76 4// < 4/08/76 0/07/ /5/76 0/4/76-9 ^ 4/5/76 7/5/76 65 /06/76 5/06/ /06/76 5/06/ Certificates \ 3/09/76 6/09/ U,V±j 3/6/76 6/6/ L 3/8/76 i 6/8/ Notes 4/0/76 /3/ J '

64 May PUBLIC DEBT OPERATIONS. Table PDO-9. - Foreign Currency Series Securities (Nonmarketable) Issued to Official* In stitu tio n s of, Foreign Countries Month of activity Securities Payable in (Dollar amounts in millions) Issue date Maturity date Interest rate (percent) Amount (Dollar equivalent) Retired outstanding end of month 97-July, Aug.. { Certificates of indebtedness Notes Certificates of indebtedness Swiss francs Swiss francs German marks f Swiss francs Swiss francs //7 7//7 7/3/67 /4/7 8/4/7 7//7 /9/73 7/3/7 8/4/7 // ) z- 000 Sept, Notes Swiss francs Swiss.francs 6//7 9//7 9//7 /30/ Oct., Nov.. Notes German marks / Swiss francs Swiss francs fswiss fran6s / Swiss francs Swiss francs vswiss francs 4//68 7/6/7 0/6/7 8 /6/7 8 /9/7 /6/7 /0/74 0//7 0/6/7 /7/74 /6/7 /0/7 /6/74 /0/ } },850,85 Dec. Notes German marks Swiss francs Swiss francs Swiss francs Swiss francs 6/4/68 9/0/7 9/3/7 //7 /3/7 //7 //7 /3/7 3//74 3/3/ ,70 Certificates ol indebtedness Swiss francs Swiss francs 7//7 /9/73 /9/73 7/9/ Jan.. Notes fswiss francs J Swiss francs \ Swiss francs LSwiss francs 0/8/7-0/9/7 /8/73 /9/73 /8/73 /9/73 4/8/74 4/9/ ,73 Mar. i Certificates of indebtedness Notes Notes Certificates of indebtedness / I Swiss francs ^ Swiss frames German marks f Swiss francs ^ Swiss francs fswiss francs i Swiss francs 8/4/7. //73 8A9/69 /9/7 3/9/73 /9/73 //73 //73 8//73 /9/73 3/9/73 6/7/74 7/9/73 8// / ),56 Apr. Kotes / Notes t German marks Swiss francs Swiss francs* Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs s francs s francs s francs s francs 0//69 8/7/7 5/8/7 5/30/7 9//7 0/6/7 /6/7 /0/7 //7 /3/7 /8/73 /9/73 /5/7 /7/7 4/5/73 4/7/73 0//73 8/7/73 8/0/3 8/30/3 /30/73 /7/74 /6/74 /0/74 3//74 3/3/74 4/8/74 4/9/74 4/5/73 4/7/73-7/5/74 7/7/ ,743 July., Certificates of indebtedness Certificates of indebtedness A u g. Notes Oct*.. Nov Jan. Footnotes at end of table. f Swiss francs \ Swiss francs Swiss francs fswiss francs jswiss francs J Swiss franes ( Swiss francs Swiss francs ISwiss francs IjSwissfranes German narks I Swiss franes ^Swiss francs, Swiss francs ( Swiss francs Swiss francs { Swiss francs /9/73 7/9/73 //73 8/7/7 5/8/ 5/30/7 8//73 8/0/73 S/7/73 8/30/73 3/3/7 9//7 /30/73 7/9/73 /8/74 0/6/7 /7/74 7/9/73 /8/74 8//73 8//3 8/0/73 8/30/73 l la/74 /0/74 /7/74 /9/74 0//73 /30/73 /8/75 /8/74 7/8/74 /7/74 4/7/ ,758,586 )> 586,588

65 56 Treasury Bulletin Month of activity 974-Feb. Mar. Apr. July. 975-Jan. Feb. Apr. May. July, Sept, Oct. Nov., 976-Feb. Mar. Apr. Notes Notes Notes Securities Certificates of indebtedness Notes Certificates of indebtedness Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes 4p.PUBLIC DEBT OPERATIONS. Table PDO-9. - Foreign Currency Series Securities <Nonmarketable) Issued to Official Institutions of Foreign Countries, Continued Payable in f Swiss francs I Swiss francs \ Swiss francs V. Swiss francs t 0 Swiss francs J Swiss francs \ Swiss francs V Swiss francs Swiss francs Swiss francs? Swiss francs / Swiss francs \ Swiss francs V. Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs f Swiss francs \ Swiss francs f Swiss francs t Swiss francs Swiss francs { Swiss francs Swiss francs Swiss francs C Swiss francs J Swiss francs < Swiss francs j Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs '"Swiss francs Swiss francs [Swiss francs / Swiss francs \ Swiss francs V. Swiss francs Swiss francs ^Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Source: Bureau of the Public Debt. Swiss francs / The principal amount of this note was increased $ million to compensate far a lower interest cost than was anticipated when the note was (Dollar amounts in millions) Issue date Maturity date Interest rate (percent) Issued 3/06/7 /06/ /0/7 /0/ /06/74 5/06/ /0/74 5/0/ / /8/74 /0/75 ' 7.90 /0/75 4/0/ /30/73 /8/ /8/75 5/8/ /7 74 4/7/ ''7775 7/7/ /06/74 5/06/ /0/74 5/0/ /06/75 8/06/ /0/75 8/0/ //74 6// /3/74 6/3/ //75 9/0/ //75 /0/ /3/75 6/4/ i/08/74 7/08/ /9/74 7/9/ /08/75 0/08/ /9/75 0/9/ /7/74 9/8/ /8/75 3/8/ /05/74 0/06/ /7/74 0/7/ /06/75 4/06/ /7/75 4/8/ /7/74 /6/ /6/75 5/6/ /03/74 /0/ /0/74 /0/ /0/76 8/0/ /0/76 8/9/ /9/74 3/0/ /0/76 9/0/ /0/75 4/0/ /0/76 0/0/ Amount (Dollar equivalent) Retired outstanding end of month,589, >, revalued in 970. / Dollar value of securities increased to reflect market exchange rates as of February, 973.

66 May UNITED STATES SAVINGS BONDS, Series E and Series H are the only savings bonds currently sold. Series E has been on sale since May, 94, and Series H has been on sale since J,une, 95. Series A - D were sold from March, 935 through April 30, 94-. Series F and G were sold from May, 943- through April 30, 95. Series J and K were sold from May, 95 through April 30, 957. Details of the principal changes in issues, interest yields, maturities, and other terms appear in the Treasury Bulletins of April 95, May 95, May 957, October and December 959, May and October 96, June 968, and September 970; and the Annual Report of the Secretary of the Treasury for fiscal years 966 through 974. Series Sales / Table SB-. - Sales and Redemptions by Series, Cumulative through April 30, 976 u q millions.iqli,go.! lars.) Accrued discount Sales plus accrued discount Redemptions / Interest^ bearing debt Amount outstanding Matured non-interestbearing debt Series A-D /... 3,949,054 5,003 5,000 3 Series E and H... 85,348 46,57 3,606 6,638 68,968 Series F and G... 8,396,5 9,5 9,504 7 Series J and K.... 3, ,754 3,750-4 A-K...,49 48,635, 69,883 00,890 68,968 5 Footnotes at end of Table SB-4. Table SB-. - Sales and Redemptions by Periods, All Series Combined i. dollars) Period Sales / Accrued discount Sales plus accrued discount Redemptions / Sales Price / Accrued discount / Interestbearing debt Amount outstanding Matured non-interestbearing debt Fiscal years: ,06 4,44 85,306 35,54,70,883 50, ,650,554 6,04 5,74 4, , ,965,66 6,59 5,9 4, , ,739,735 6,473 5,98 A,978,003 5, ,550,789 6,338 6,339 5,37,0 5, ,449,84 6,9 6,748 5,508,40 5, ,08,056 7,38 5,45 4,34,083 53, ,940,30 8,49 5,338 4,306,03 55, ,54,564 9,078 5,586 4,494,09 59, ,49,749 9,78 6,68 5,366,34 6, ,86 3,5 0,078 6,59 5,73,346 65,48 7 Calendar years: ,0 5,009 88,0 37,745 4,48 3,37 50, ,860,59 6,45 6,000 5, , ,898,686 6,584 5,793 4, , ,696,759 6,455 6,33 5,094,040 5, ,393,83 6,4 6,639 5,457,8 5, ,665,909 6,574 6,95 5,07,3 5, ,477,9 7,669 5,44 4,4,0 54, ,36,46 8,66 5,365 4,3,043 57, ,70,673 8,943 6, 4,945,66 60, ,86,994 9,856 6,89 5,476,354 ' 63, ,03 8 3,368 0,406 6,9 4,959,33 67,464 5 Months: 975-Apr ,730 8 May ,094 7 June ,48 7 July ,87 7 Aug ,76 7 Sept ,473 6 Occ ,8 6 Nov ,77 5 Dec , Jan , ,86 5 Feb , ,567 5 Apr ,968 5 Footnotes at end of Table SB-4.

67 58 Treasury Bulletin UNITED STATES SAVINGS ra v in s Table SB-3. - Sales and Redemptions by Periods, Series E through K (In millions of dollars) Period Sales 3/ Accrued discount Sales plus 'accrued discount Redemptions l / Sales price / Accrued discount / Interest-bearing debt Amount outstanding Mature d non-interestbearing debt SeriLes E and H Comt>ined Fiscal years: ,6,89 47,053 98,58 87,53 0,745 48, ,650,54 6,9 5,305 4, , ,965,69 6,584 5,449 4, , ,739,73 6,470 5,75 4, , ,550,788 6,337 6,98. 5,,086 5, ,449,84 6,9 6,7 5,4*4,37 5, ,08,056 7,3S 5,46 4,334,08 53, ,939,30 8,49 5,33 4,94,037 55, ,54,564 9,078 5,58 4,490,09 59, ,49,749 9,78 6,675 5,36,34 6, ,86 3,5 0,078 6,57 5,7,345 65,4* - Calendar years: ,30,650 49,95 00,70 89,559,43 49, ,860,580 6,440 5,477 4, , , *98, 80 6,578 5,439 4, , ,696,757 6,45 5,95 4,898,07 5, ,393,83 6,4 6,565 5,39,73 5, ,665,909 6,574 6,8 5,060, 5, ,477,9 7,669 5,37 4,7,00 54,75 * ,36,46 8,66 5,359 4,3,049 57> ,70,673 3,943 6,06 4,97,34 60, ,86,994 9,856 6,84 5,47,353 63, ,038 3,368 0,406 6,90 4,959!,33 67,464 - Month: 975-Apr , , ,4* - July ,87 - Aug ,76 - Sept ,473 - Oct , ,77 - Dec , Jan , ,86 Feb ,70 - Mar ,567 - Apr S 30 68,968 Series F, G, J, and K combined L j Fiscal years: ,95,99 33,50 3,90 5/6/7/&/ 30,706,396, S 9/ 3* L * 4 Calendar years: ,95,305 33,56 3,050 30,84,0, * * r * * Month: 975-Apr... * * * 4 May... - * * * - 4 June - * * * - 4 July. * * * - 3 Aug... - * * * - 3 Sept... - * * - Oct * * * - * - Dec..* * * * Jan... * * * t Feb... * * * * * * - Apr * Footnotes at end of Table SB-4

68 May UNITED STATES SAVINGS BONDS Table SB-3. - Sales and Redemptions by Periods, Series E through K Continued Period Sales / Accrued discount Sales plus accrued discount (in millions of dollars) Redemptions / Sales price / Accrued discount" J/ Exchange of E bonds for H bonds Amount outstanding (interestbearing debt) Series E Fis caljeear s;, ,86,89 37,753 95,48 84,736 0,745,94 4, ,46,54 5,787 4,80 3, , ,599,69 6,7 4,895 3, , ,466,73 6,96 5,54 4, , ,343,788 6,3 5,548 4,46, , ,89,84 6,30 5,959 4,7,^7 0 44, ,870,056 6,96 4,959 3,877, , ,650,30 7,960 4,97 3,93, , ,90,564 ' 8,755 5,09 4,8, , ,45,749 8,894 6,56 4,84, , ,503 3,5 9,755 6,063 4,77, ,67 Calendar years: ,86,650 40,476 97,686 86,543,43,86 4, ,450,580 6,03 4,93 3, , ,574,680 6,55 4,94 4, , ,45,757 6,09 5,300 4,83, , ,,83 6,05 5,835 4,66, , ,503,909 6,4 5,66 4,405, 8 44, ,8,9 7,4 4,87 3,85, , ,9,46 8,348 5,007 3,958, , ,988,673 8,66 5,740 4,507, , ,54,994 9,58 6,38 4,965, , ,79 3,368 0,097 5,886 4,555, ,498 Months: 975-Apr ,904 May ,46 June ,67 July ,979 Aug ,63 Sept ,546 Oct ,87 Nov ,6 Dec , Jan ,835 Feb ,54 Mar ,58 Apr ,909 Series H Fiscal years: ,300-9,300,778,778 -,94 7, , , , , , , , 7, , , ,865 Calendar years; ,475 9,475 3,06 3,06,86 7, , , , , , , , , , ,966 Months: 975-Apr ,86 May , ,865 July ^ , , , , ,95 Dec , Jan..' ,99 Feb , , ,059 Footnotes at end of Table SB-4.

69 60 Treasury Bulletin UNITED STATES SAVINGS BONDS Table SB-4. - Redemptions of Matured and Unmatured Savings Bonds (In millions of dollars) Period Matured Series E and H Other Unmatured Series E and H Other Unclassified *0/ fiscal years: ,30 5,788,97,85 37,00 8,354 8, ,557 4,6,304,8 6 / 4,64 3,85, ,89,673, / 3,358 3, ,76,593, / 3,070, ,73,50, /,95, ,64,057, ,088, ,346,84, ,84 3, ,74,53, ,300 3, ,9,47, ,35 3, ,98,548, ,40 3, ,339,560, ,566 3, ,748,79,76 9 3,84 3, '5,45,490,48 9 3,660 3, ,338,,043, ,37 3, ,586,6, 5 3,393 3, ,68,79,74 5 3,847 3, ,57,544,545-3,776 3, Calendar years: ,07 8,00 4,95 3,807 36,98 8,03 8, ,73 3,033,944,089 6/7/ 3,938 3, ,595,555, /8/ 3,00, ,60,387, /9/ 3,00, ,0,*043,67 46 % r 3,03, ,5,7, ,57 3, ,44,48,93 6 3,87 3, ,000,47, ,384 3, ,793,386, ,43 3, ,33,65, ,455 3, <?9... 6,639,686, ,76 3, ,95,84,87 5 3,885 3, ,44,0,04 8 3,305 3, ,365,053, ,337 3, ,0,508, ,578 3, ,833,67,6 5 3,789 3, ,9,48,48 * 3,955 3, Months; 975-Apr * May * June * July * Aug * Sept * Oct * Dec * Jan * Feb * * * Source: Monthly Statement of the Public Debt of the U.S.; Office of Market Analysis, United States Savings Bonds Division. Note: In these tables sales of Series A-F and J bonds are included at issue price, and redemptions and amounts outstanding at current redemption value. Series G,H, and K are included at face value throughout. Matured bonds which have.been redeemed are included in redemptions. Matured J and K bonds outstanding are included in the interest-bearing debrt until all bonds of the annual series have matured, and are then transferred to matured debt on which interest has ceased. l/ Sales and redemption figures include exchanges of minor amounts of () matured Series E bonds for Series G and K bonds from May 95 through April 957; () Series F and J bonds for Series H bonds beginning January I960; and (3) U.S. savings notes for Series H bonds beginning January 97; however, they exclude exchanges of Series E bonds for Series H bonds, which are reported in Table SB-3. / Details by series on a cumulative Tjasis and by periods for Series A-D combined will be found in the February 95 and previous issues of the Treasury Bulletin. / Because there is a normal lag in classifying redemptions, the distribution of redemption between sales price and accrued discount has been estimated. Beginning with the Treasury Bulletin of March 96 the method of distributing redemptions between sales price and accrued discount has been changed to reflect the distribution.shown in final reports,of classified redemption. All periods shown have been revised on this basis. y Series F and G sales were discontinued April 30, 95, and Series J and K sales were discontinued April 30, 957. Sales figures after April 30, 957, represent adjustments. 5/ Includes exchanges of Series 94 F and G savings bonds for 3-/4% marketable bonds of / Includes exchanges of Series 948 F and G bonds for 4-3/4# marketable notes of / Includes exchanges of Series 949 F and G bonds for 4# marketable bonds of / Includes exchanges of Series I960 F and G bonds for 3-7/8# marketable bonds of 968. / Includes exchanges of Series 95 and 95 F and G bonds for 3-7/8# marketable bonds of 97 and 4# marketable bonds of / Represents changes in the amfounts of redemptions not yet classified between matured and unmatured issues. * Less than $500,000.

70 May UNITED STATES SAVINGS NOTES. United States savings notes were on sale May, 967 through June 30, 970. The notes were eligible for purchase t?y individuals with the simultaneous purchase of Series E savings bonds. The principal terms and conditions for purchase and redemption and information on investment yields of savings notes appear in the Treasury Bulletins of March 967 and June 96#; and in the Annual Report of the'secretary of the Treasury for fiscal year 974. Table SN-. - Sales and Redemptions Hy Periods (in millions of dollars) Period Sales / Accrued discount Sales plus accrued discount Redemptions / Sales price Accrued discount Amount outstanding Fiscal years;, * * * 0 * * * * * * Calendar years: * * * * * * * Months: 975-Apr... * May June July... - * * 434 Aug Sept... - * 430 Oct... * Nov... * Dec... * Jan... * 3 43 Feb Mar Apr Source: Monthly Statement of the Public Debt of the United States; Office of Market Analysis, United States Savings Bonds Division, l/ Sales were discontinued after June 30, 970. Figures shown thereafter represent adjustments. / Includes U.S. savings notes exchanged for Series H bonds beginning January 97. * Less than $500,000.

71 6 Treasury Bulletin nwkrbshtp OF FEDERAL SF.niTRTTTES Table OFS-. - Distribution of Federal Securities by Classes of Investors and Types of Issues (In millions of dollars) End of fiscal year or month Federal securities outstanding outstanding Interest-bearing public debt securities Held by U.S. Government accounts Marketable Government account series / Nonmarketable Other Public issues held by Federal Reserve banks ,84 35,43 64,36,050 50,96,070 4,69 344,676 3,86 7,809 3,635 56,03,07 46, , ,40 76,38 4,694 59,374,07 5,30 367,969 35,79 84,85 6,007 66,738,07 54, ,48 369,06 95,70 6,974 76,4,07 57,74 40,9 396,89 0,888 8,09 8,740,056 65,58 438,54 45,360,460 9,868 89,536,056 7, ,5 456,353 3,385 0,080 0,48,056 75,0 487,08 473,38 38,06,9 4,9,056 80, ,3 ' 53, 45,83 0,47,756,056 84, Mar... 50,687r 508,58 38,458 0,806 5,596,056 8,48 57,745 55,75 38,07 0,495 5,466,056 87, ,57 57,030 40,875 0,0 8,699,056 85,6 544,3 53, 45,83 0,47,756,056 84,749 July ,60 537, 4,5 0,8 0,75,055 8, , ,7 44,783 0,073,655,055 8, ,58 55,604 4,66 9,697 0,54,055 86,998 57,99 56,063 38,868 9,976 6,837,055 87,84 577,76 565,79 37,73 9,593 6,083,055 85,37 587, ,657 39,343 9,39 7,896,055 87, jan ,308 58,86 39,79 9,69 7,533,055 89,78 Feb ,777 59,874 39,776 9,5 8,570,055 88,990 Mar... 6,39 599,4 39,067 9,04 7,908,055 89,753 End of fiscal year or month Interest-bearing public debt securities - Con. Held by private investors Matured public debt and debt bearing no interest outstanding z l Marketable Nonmarketable Agency securities Held by U.S. Government accounts and Federal Reserve banks Held by private investors ,946 54,909 54,037 4,476 3, , ,758 50,38 53,440 3,935 8,455,00 6, ,03 59,668 56,363 3,78 4,399 3,00, ,89 56,006 56,84,99 4,49,846, ,4 57,9 58,3,893,50,553 9, ,883 6,863 66,00,84,63,5 9, ,545 65,978 76,566,90 0,894,70 8, ,947 67,869 90,078,788,09,56 8, ,548 64,86 89,686,8,0,5 9 > ,090 0,386 9,704,067 0,943,86 8,757 88,705 97,765 90,940,078 ll,08r,099 8,99r 89,890 98,86 9,08 989,004,87 8,87 300,533 09,44 9,389,9 0,998,9 8,807 3u,090 0,386 9,704,067 0,943,86 8,757 July... 3,87,637 9,80,09 0,90,8 8,738 39,393 8,46 90, ,96,07 8,79 33,340 3,5 9,089,043 0,935,3 8, ,0 43,746 9, ,93,0 8,7 34,93 5,49 9,774,009 0,98,30 8, ,380 55,865 9, ,904,8 8,776 35/800' 59,843 9,957,545 0,90,6 8,686 Feb ,08 70,63 93, ,907, 8, ,404 76,439 93,965,67 0,90,4 8,677 / Change in heading reflects publication of the Monthly Statement of the J For detail, see Table FD-6. Public Debt of the U.S. on July 3, 974. r Revised.

72 May End of month 939-Dec Peb.. Dec June. Dec.. 95-June. Dec.. 95-June. Dec June. Dec June. Dec June. Dec June. Dec June. Dec June. Dec June. Dec June. Dec.. 96-June. Dec.. 96-June. Dec June. Dec June. Dec June. Dec June. Dec June. Dec June. Dec June. Dee June. Dec.. 97-June., Dec.., 97-June., Dec.., 973-June. -Dec.*, 974-June. Dec. * 975-Jan.. Feb.. Mar.. Apr.. May.. June. July... Aug... Sept... Oct... Nov... Dec. 976-Jan. FeK. Mar.p.. Source:.OW NERSHIP OF FEDERAL SECURITIES. Table OFS-. - Estim ated Ownership of Public Debt Secu rities by Private Investors ? privatelyheld Commercial banks U * C (Par values / in billions of dollars) Nonbank investors Individuals / Savings bonds Other Series Other eecu- E and H Series / rities Office of Debt Analysis in the Office of the Secretary. / United States savings bonds, Series A-F and J, are included at / current redemption value. # Consists of commercial banks, trust companies, and stock savings banks in the United States and in Territories and island possessions. 6/ Figures exclude securities held in trust departments. / Includes partnerships and personal trust accounts. Exclusive of banks and insurance companies. ^ U Consists of the investments of foreign balances and international / Insurance companies /4 Mutual savings banks * Corporations y * State and local governments * Foreign and international 5/ * Other investors 6/ accounts in the United States. Beginning with July 974 the figures exclude noninterest-bearing notes issued to the International Monetary Fund. Consists of savings and loan associations, nonprofit institutions, corporate pension trust funds, and dealers and brokers. Also included are certain government deposit accounts and government-sponsored agencies. Includes U.S. savings notes. Sales began May, 967 and were discontinued after June 30, 970. Preliminary.

73 64 Treasury Bulletin TREASURY SURVEY OP OWNERSHIP, MARCH 3, The monthly Treasuiy Survey of Ownership covers securities issued by the United States Government, Federal agencies, Federally-sponsored agencies, and the District of Columbia. The banks and insurance companies included in the Survey currently account for about &0 percent of all such securities held by these institutions. The similar proportion for corporations and for savings and loan associations is 50 percent, and for State and local governments, 40 percent. Data were f rst published for banks and insurance companies in the May 94 Treasury Bulletin, for corporations and savings and login associations in the September I960 Bulletin, and for State and local governments in the February 96 Bulletin. Holdings by commercial banks distributed according t j Federal Reserve member bank classes and nonmember banks are published for June 30 and December 3. Holdings by corporate pension trust funds are published quarterly, first appearing in the March 954* Bulletin. Table TSO-.-Summary of Federal S ecurities Classification Public debt issues: amount outstanding / U.S. Government accounts and Federal Reserve banks private investors (Par values - in millions of dollars) Held by private investors covered in Treasury Survey 5, Insurance companies commercial savings 89 mutual 440 fire> banks banks Life casualty, / / and marine 486 savings and loan associations 455 corporations State and local government pension general and retirement funds funds All other private investors / Memorandum: Held by corpofals pension trust funds y Interest -bearing public securities; marketable ,96 08,86 76,434 69,74 3,895 3,849 4,78 4,80,75 9,9,4 67,43 7,7 Nonmarketable /... 3,98 9,957 93, ,97 - interest-bearing public debt securities. 599,4 8,89 370,405 69,74 3,895 3,849 4,78 4,80,75 9,9,4 6,40 Matured debt and debt bearing no interest...,67,67.,67 public debt securities ,49 8,89 37,67 69,74 3,895 3,849 4,78 4,80,75 9,9,4 6,669 7,7 Government aemecv issues: Regular issues... 5, ,987, , Participation 4,450, certificates /... Govt, agency, securities covered in Treasury Survey... 9,705,078 7,67, ,555 3 Nonsurveyed Govt, agency securities... Govt, agency securities /... Federal securities...,96 0,90 6,39 46,3 3,04,05 8, ,350 7,7 Footnotes at end of Table TS0-6.

74 May 976.TREASURY SURVEY OF OWNERSHIP,MARCH 3, Table TSO-. - Interest-Bearing M arketable Public Debt Securities by Type and M aturity D istribution (Par values - in millions of dollars) Classification amount outstanding / U.S. Government accounts and Federal Reserve banks 5,56 commercial banks / Held by investors covered in Treasury Survey 470 mutual savings banks / Insurance companies 89 life 440 fire, casualty, and marine 486 savings and loan associations 455 corporations State and local governments 35 general funds 86 pension and retirement funds Held by all other investors / Memorandum: Held by 60,633 corporate pension trust funds y By type security: Issued by U.S. Government: Treasury bills... Treasury notes... Treasury bonds By maturity distribution: Call classes (due or first becoming callable): Within year... 5 to 0 years... 0 to 5 years... 5 to 0 years... 0 years and over ,40 38,787 7, ,65 7,890 5, ,354, 83,43 53,67 50,007, ,68,67 3,57, ,69 3, ,448, , ,0,67 4,448,64 385,96 08,86 69,74 3,895 - M , ,75 9,9 *li 67, ,970 50,037 9,350, ,48,790 9,7 6, ,44,449 5,36 38,06 35,48,93,444,969,44,877, ,378,94 9,767 0,07 4, , ,65,54,83 5, , ,574 3, , ,793, , ,86 69,74 3,895 3,849 4,78. 4,80,75 9,9,4 67, Maturity classes (final maturity): Within year... 03,780 49,5 9,90,074 94,4,78 9,68 6, ,038,444 to 5 years.... 3,933 37,79 35,36,94,68,93,0,865, ,803,939 5 to 0 years... 3,386 0,848 4, , ,604,5 5,955, , to 0 years... 8,77 3, ,7 6 0 years and over...,066 4, , ,96 08,86 69,74 3,895 3,849 4,78 4,80,75 9,9,4 67,43 7,7 Footnotes at end of Table TSO-5. Table TSO-3. - Interest-Bearing M arketable Public Debt S ecu rities by Issue Issue U.S. Govern 5,56 amount outstanding / ment accounts and Federal Reserve banks commercial banks / (Par values - in millions of dollars) Held by investors covered m Treasury Survey Insurance companies 470 mutual savings fire, banks life casualty, / and marine 486 savings and loan associations 455 corporations 35 general funds State and local governments 86 pension and retirement funds Held by all other investors / Memorandum: Held by 60,633 corporate pension trust funds Treasury Bills: Regular weekly and annual maturing: Apr ,908 8,0, ,04,59 43,4 58 May 976., 7,776 6,57, , June 976., 8,404 7,04 3, , July ,393 4,35, ,86 696, Aug ,933 3,96, , ,95 Sept. 976., 6,06 3,97 3, , ,938 0 Oct , *,38 48 Nov , ,85 40 Dec , *,563 5 Jan , , Feb , ,09 Mar , * Treasury Bills... 63,40 38,787 7, ,65 7,890 5, ,354, Treasury Notes: 5-3/4# May 976-E.., , May 976-M.., * * / May 976-B.., , /4 June , ,38 4 Footnotes at end of Table TS0-5.

75 TREASURY SURVEY OF OWNERSHIP, MARCH 3, Treasury Bulletin Table TSO-3. - Interest-Bearing Marketable Public Debt Securities by Issue Continued Issue 455 corporations amount outstanding / U.S. Government accounts and Federal Reserve banks (Par values - in millions of dollars) 5, commercial banks / Held by investors covered in Treasuiy Survey mutual savings banks / Insurance companies 486 savings and loan associations 89 life 440 fire, casualty, and marine State and local governments L pension general and retirement funds funds Held by all other investors / Memorandum: Hold by 60,633 corporate pension trust funds 4/ Treasury Notes (Coninued): 5-/8% Aug. 976-L.., ^ * / Aug. 976-G.. 3,883, * * / Aug. 976-C.. 4,94, , /4 Sept. 976-J.., * / Oct , /4 Nov. 976-D.. 4,35 344, *, /8 Nov. 976-N.., /4 Dec. 976-K.., * Feb. 997-F.., Feb. 977-A.. 5,63 3, ,3 6-/ Mar. 977-G.., /8 Apr. 977-H.., /4 May , * /8 May 977-C.., * May 977-D.. 5,39 3, *, / June 977-J..,70 5, / July 977-K.., , /4 Aug. 977-B.. 4,98,667, , /4 Aug. 977-L.., /8 Sept. 977-M.. 3,6 38, , / Oct. 977-N.. 3,56 40, ', /8 Nov. 977-Q..,68 07, , /4 Nov. 977-E.. 3,630,40, /4 Dec. 977-P..,765 9, /8 Jan. 978-J.., , /4 Feb. 978-A.. 8,389 3,406, , Feb. 978-G.., , /4 Mar. 978-K.. 3,53 97, ,558 7-/8 May 978-D.. 3, , , /8 May 978-F.. 4,43,534, , /8 Aug. 978-E.. 5,55,537, , /4 Aug. 978-C.., Nov. 978-B.. 8,07 3,597, ,7 3 8-/8 Dec. 978-H..,57 4, Feb. 979-H.. 4,69,665, , /8 May 979-D.., /4 June 979-E.., /4 Aug. 979-A.. 4,559, , / Sept. 979-F.., , /8 Nov. 979-B..,604, , 7 Nov. 979-C.., / Dec. 979-G.., / Mar , , /8 May 980-A.. 7,65 5, Aug. 980-B.. 4,96, , Feb. 98-A.., /8 Feb. 98-C.., /8 May 98-D.., /4 Nov. 98-B.. 4,477, ' , May 98-A..,747, * /8 Aug. 98-B..,98, , /8 Nov. 98-C.., , Feb. 983-A.. 7,958, ,83 33 Exchange Series * 30 Treasury Notes 83,43 53,67 50,007, ,68,67 3,57, ,69 3,74 Treasury Bonds: 4-/4 May , /4 June , Feb ,56, / Nov , Aug * 5 3 * /8 Feb. 98..,.,70., /8 Aug ,353, /4 May * /8 Nov , /4 Aug ,454, ,394 4 Feb / Aug ,94, /8 May , / Feb ,49, , /4 May 990..,., I84 6-3/4 Feb May ? i f III 5 8-/ May ,44, * Feb * /8 Feb /8 Aug , , / Nov , * 9 7, /4 May ,, Treasury Bonds 39,04 6,448, , ,0,67 4,448,64 Marketable Public Debt securities ,96 08,86 69,74 3,895 3,849 4,78 4,80,75 9,9,4 67,43 7,7 Footnotes at end of Table TSO-5.

76 May TREASURY SURVEY OF OWNERSHIP, MARCH 3, 976 Table TSO-4. - Securities Issued by Government Agencies amount outstandtog / (Par values - in millions of dollars) Held by investors covered in Treasury Survey U.S. Government ac savings 5, Insurance companies 486 commercial savings mutual counts and and loan Federal fire, associations banks banks Reserve banks / / life casualty, and marine 455 corporations State and local governments pension general and retirement funds funds Memorandum: H&ld by Held by all 60,633 other corporate investors / pension trust funds y ESPort-Import Bank: Debentures: 5.70# Dec * /4 Aug * 6.45 Feb * 8.35 Aug * 85 - * Nov * * * 8 7 Mar * 76 * 6.60 May * * * 5 3 * 63 Issues to State and Local Gov!ts. (Mtg. Backed Bonds) 8/ Participation Certificates , Feder,^-Housing. Administration: Debentures * Averment,,National, Mortgage 4ssociatiqn: Participation Certificates... 4,00, U.S. Postal Service: Bonds: 6-7/8 Feb Xemessee Valley Authority,: Bonds: 7-/4 July * * Apr * - * Nov * 7 * /8 July ; * * 3 - * - * / Feb * * * 5.70 May * /8 Nov * * /4 Oct Mar * * - - * 88 * 9-/4 June * * * 5 44 * 7.30 Oct Jan May July Oct * Jan * 7.35 Apr * * * /4 July Oct Jan * * * , ,53 57 Government Agency Securities covered by Survey... 9,705,078, ,555 3

77 68 Treasury Bulletin TREASURY SURVEY OF OWNERSHIP, MARCH 3, 976 Table TSO-5. - Securities Issued by Government-Sponsored Agencies and the District rif Columbia Issue amount outstanding U.S. Govern^ ment accounts and Federal Reserve banks (Par values - in millions of dollars) 5,56 commercial banks / Held by investors covered in Treasury Survey Insurance companies mutual savings savings fire, and loan 455 banks life casualty, associations corporations and / marine State and local governments 35 general funds 86 pension and retirement funds Held by all other investors J/ Memorandum: Held by 60,633 corporate pension trust funds i j Banks for Cooperatives Debentures: 7.50# Apr May * June July * Aug Sept * * 7.70 Apr * Oct Oct Jan ,808 00, ,08 47 Discount notes....,037-4 * 3 6 6~ Farmers Home Administration: Insured notes: 6^5/8# Aug * Mar June /8 Aug Dec Mar /4 May July 30-4 * Dec. 978-CBO * Jan Nov Mar V S June Jan /8 July / Aug /8 Dec / Mar / May /4 Dec. 988-CB * Apr. 989-CBO Federal Home Loan Banks: 5,558 9, ,3 0 *biscount notes... " Bonds: % May I * May Aug * Aug, * * Nov * Nov * Feb Feb May May * Aug. 96 5' 78 4 * Aug * Nov Nov * Nov ,8 7.5 Feb /8 Feb May Nov. 495 *4 6 0 * * Feb Feb * May * " May Aug * d 7.50 Nov Nov Feb * Feb * Oct Nov Feb Nov * * Nov /8 Feb May * /8 Nov " /8 Nov May * * 8 * Nov Footnotes at end of Table.

78 May TREASURY SURVEY OF OWNERSHIP, MARCH 3, 976 Table TSO-5. - Securities Issued by Government-Sponsored Agencies and the District of Columbia Continued Issue amount outstanding U.S. Government accounts and Federal Reserve banks (Par values - in millions of dollars) 5, cial banks / Held by investors covered in Treasury Survey mutual savings banks / Insurance companies life 440 fire, casualty, and marine savings and loan associations 455 corporations State and local governments 35 general funds 86 pension and retirement funds Memorandum: Held by Held by all 60,633 other investors / corporate pension trust funds Federal Home Loan Banks Continued FHIMC Mtg. Backed Bonds: 0/ 7.05# Aug * 6.5 Feb Nov Aug * May FHIMC Mtg. Backed Certificates: 8.0# Mar Sept Mar Issues to State and Local Gov ts, jv W ,960,835 4, ,0 784 Federal Intermediate Credit Banks: Debentures: 5.80# Apr * May June July Aug Sept Oct Nov Dec , * Jan Apr Jan Jan.* Jan Jan * ,,, 9, , ,448 0 Federal Land Banks: Bonds: 4-/8# Feb /4 Apr /4 Apr * /8 July * * July Oct Oct Jan /4 Apr * / July * Oct * Oct Jan /8 Apr Apr July * July * Oct Jan Jan * Apr * Apr * July Oct Jan I Apr * / July Oct Apr * * July * 0 * Jan Apr * * Apr Oct * Jan Oct * * July Oct * Jan ,,, 5, , , Footnotes at end of table.

79 70 Treasury Bulletin TREASURY SURVEY OF OWNERSHIP, MARCH 3, 976 Table TSO-5. - Securities Issued by Government-Sponsored Agencies and the District of Columbia Continued. Issue amount outstanding U.S. Govern- 5,56 ment a o commercial counts and Federal Reserve banks banks / (Par values - in millions of dollars) Held by investors covered in Treasury Survey Insurance companies mutual savings savings fire, and loan banks casualty, life and associations / marine 455 corporations State and local governments 35 general funds 86 pension and retirement funds Held by Memorandum: Held by all 60,633 other investors / corporate pension trust funds 4/ Federal National Mortgage Association: Discount notes..., , 7 Debentures: 5.85$ June June * June * Sept /S Sept * 8 * Sept * Dec * * Dec * Dec * / Feb Mar * Mar * 9 * Mar June * /S June June * * /S Sept * * /S Sept * Sept * /4 Dec Dec * Mar Mar June June * Sept Dec * 7 ' Dec * Mar June June Sept Sept Oct * Dec l Dec , * /8 Mar Mar * June * Sept * Sept Dec, Dec Mar * /4 June * /4 Sept * Sept Dec * * 4 8-7/8 Mar * * June Sept Oct * Dec * Mar * June * June Sept Dec * Dec * /4 June * July * Sept Dec * n, Mar Mar June Dec Capital Debentures: 7-5/8$ Apr * * Feb /8 Oct Oct Mtg. Backed Bonds: 8-5/8$ Oct Issues to State and local gov ts.,/ ,0,955 6,0, 5a 6 357,488 65, ,087, District of Columbia: Bonds: 4.0$ Dec * Footnotes on following page.

80 May TREASURY SURVEY OF OWNERSHIP, MARCH 3, 976 Footnotes to Treasury Survey of Ownership Tables l/ Securities issued by the Treasury and Government agencies that are classified as debt under the new unified budget concept. For debt subject to limitation, see Table FD-9. / Includes trust departments. / Included with all other investors are those banks, insurance companies, savings and loan associations, corporations, and State and local government funds not reporting in the Treasury Survey. Also included are certain Government deposit accounts and Government-sponsored agencies. 4/ Consists of corporate pension trust funds and profit-sharing plans which involve retirement benefits. The data are compiled from quarterly reports by bank trustees who report total number of funds administered and Public Debt and Agency Securities held. It is estimated that these funds account for approximately 90 percent of Federal Securities held by all corporate pension trust funds. Since the data are not available each month, the regular monthly Survey includes holdings by these funds under "Held by all other private investors." The quarterly data are presented as supplemental information in a memorandum column accompanying the Survey for each reporting date, beginning with December 3, 953. / Data on holdings of nonmarketable public debt were no longer collected beginning with July 974 Treasury Survey of Ownership. 6/ Includes Export-Import Bank and Government National Mortgage Association participation certificates. 7/ Includes matured securities outstanding on which interest has ceased.. 8/ Direct Placements with State and Local Governments with various interest rates and maturity dates. / Includes securities issued for use as collateral for short-term borrowings. 0/ Obligation of the Federal Home Loan Mortgage Corporation. The capital stock of the Federal Home Loan Mortgage Corporation is held by the twelve Federal Home Loan Banks. * Less than $500,000.

81 Treasury Bulletin MARKET QUOTATIONS ON TREASURY SECURITIES, APRIL 30, 976 Current market quotations shown here are over-the- listed include all regularly quoted public marketable secucounter closing bid quotations in the New York market for rities issued by the United States Treasury. Securities the last trading day of the month, as reported to the Treasury issued by Federal agencies and guaranteed by the United by the Federal Reserve Bank of New York. The securities States Government are excluded. Table MQ-. - Treasury Bills Amount outstanding (millions) Issue date Bank discount 3-week 6-week 3-week 6-week Maturity date Bid Change from last month Amount outstanding (millions) 5-week Issue date 5-week Maturity date Bid Bank discount Change from last month $3,09 $3,304 /5/76 /6/75 5/6/ # +.9# $,435 5/6/75 5/4/ # +.7# 3,0 3,30 /3/76 /3/75 5/3/ ,404 6/3/75 6// ,809 3,40 /9/76 /0/75 5/0/ ,59 7//75 6/9/ ,90 3,4 /6/76 /8/75 5/7/ ,93 7/7/75 7/7/ ,90 3,40 3/4/76 /4/75 6/3/ ,893 8/6/75 8/4/ ,698 3,30 3//76 //75 6/0/ ,860 9/3/75 9// ,497 3,099 3/8/76 /8/75 6/7/ ,06 0//75 0/9/ ,403 3,07 3/5/76 /6/75 6/4/ ,45 /8/75 /5/ ,60 3,30 4//76 //76 7// ,53 /6/75 /4/ ,698 3,50 4/8/76 /8/76 7/8/ ,069 /3/76 // ,708 3,403 4/5/76 /5/76 7/5/ ,930 /0/76 /8/ ,506 3,393 4//76 //76 7// ,05 3/9/76 3/8/ ,608 3,50 4/9/76 /9/76 7/9/ ,03 4/6/76 4/5/ ,804 /5/76 8/5/ ,85 5/3/76 5/3/ ,90 /3/76 8// ,604 /9/76 8/9/ ,73 /6/76 8/6/ ,588 3/4/76 9// ,409 3//76 9/9/ ,03 3/8/76 9/6/ ,03 3/5/76 9/3/ ,40 4//76 9/30/ ,50 4/8/76 0/7/ ,40 4/5/76 0/4/ ,404 4//76 0// ,50 4/9/76 0/8/ Table MQ-. - Treasury Notes (Price decimals are 3ds) Amount outstanding (millions) Description Bid Price Yield Price range since first traded / Change from last month To maturity Change from last month Issue date High Low Price Date Price Date $,697,80,580,703 4,94 3,883,66,03,579 4,35,507,8 5,63,665,576,579,565 5,39,37,70,56,765,68 4,98,0 3,6 3,56 3,630,5 3,6 8,389,5,46 3,960 4,43 5,55 8,07,57 4,69,69 6-/# 5-3/ /4 7-/ 6-/ 5-7/8 8-/4-6-/ 6-/4 7-/8 7-/ / 7-3/8 6-7/ /4 6-/ 7-/ 7-/4 6-5/8 7-3/4 8-/4 8-3/8 7-/ 7-3/4 6-3/8 6-3/4 6-/ /4 7-/8 7-7/8 7-5/8 6 8-/ /8 Footnotes at end of Table MQ /5/76-B 5/5/76-E 5/3/76-M 6/30/76-8/5/76-C 8/5/76-G 8/3/76-L 9/30/76-J 0/3/76-0 /5/76-D /30/76-N /3/76-K /5/77-A /8/77-F 3/3/77-G 4/30/77-H 5/5/77-C 5/5/77-D 5/3/77-6/30/77-J 7/3/77-K /3/77-P /30/77-Q 8/5/77-B 8/3/77-L 9/30/77-M 0/3/77-N /5/77-E /3/78-J 3/3/78-K /5/78-A /8/78-G 8/5/78-C 5/5/78-D 5/5/78-F 8/5/78-E ll/5/78-b /3/78-H /5/79-H 5/5/79-D # # /5/69 /5/7 3/5/75 5/5/74 0//69 /5/73 3/3/75 9/30/74 6/6/75 9/8/7 4/8/75 /3/74 /5/70 3/3/75 3/3/75 4/30/75 /5/74 8/5/74 5/7/75 6/30/75 7/3/75 /3/75 3/3/76 8/5/70 8/9/75 9/30/75 0/3/75 /5/74 //76 3/3/76 W h 5/5/74 /8/75 8/5/75 5/5/75 /5/7 0//75 /7/76 /6/ //7 /7/7 //76 /5/75 3//7 /9/75 4/5/76 /3/76 /30/76 /8/7 6/6/75 /9/75 3//7 4/4/76 4/5/76 /30/76 //75 //75 4/4/76 4//76 /9/76 4/3/76 3/9/76 4//76 //76 //76 4/4/76 //75 4/3/76 4//76 3//7 4/4/76 /5/75 5/5/76 4/3/76 6/6/75 /4/7 4/4/76 4//76 // /30/70 8/6/73 8/6/75 8/6/74 8/6/74 8/6/74 8//75 0//75 8/5/75 8/3/73 8/5/75 8/5/75 8/3/74 9//75 8/5/75 9/6/75 8/6/74 8/3/74 9/6/75 9/6/75 9/6/75 /4/75 3/4/76 8/6/74 9/5/75 9/7/75 /9/75 9/6/75 3/4/76 3/9/76 8/3/74 9/6/75 9/6/75 9/6/75 8/3/74 0/5/75 3/4/fc 9/5/75

82 May MARKET QUOTATIONS ON TREASURY SECURITIES,APRIL 30, 976 Table MQ-. - Treasury Notes Continued (Price decimals are 3ds) M o u n t outstanding (millions) Description Bid Price Change from last month To maturity Yield Change from last month Issue date Price range since first trade / High Price Date Price Date $,78 4,559,08,604,4,006 7,65 4,96,069,84,68,65,00 4,477,747,98,90 7, /4# 6-/4 8-/ 6-5/8 7 7-/ 6-7/8 9 7-/ 7 7-3/8 7-3/8 7-3/8 7-3/4 8 8-/8 7-7/8 8 -/ -/ -/ -/ -/ -/ -/ -/ -/ 6/30/79-E 8/5/79-A 9/30/79-F /5/79-B /5/79-C /3/79-G 5/5/80-A 8/5/80-B 3/3/80-C /5/8-A /5/8-C /5/8-E 5/5/8-D /5/8-B 5/5/8-A 8/5/8-B ll/5/8-c /5/83-A 0//76-E0 4//77-EA 0//77-E0 4//78-EA 0/l/78-E0 4//79-EA. 0//79-E0 4//80-EA 0//80-E # H /9/75 8/5/7 9/4/75 /5/73 /5/73 /6/76 5/5/73 8/5/74 3/7/76 /5/74 /8/75 4/5/76 /6/76 /5/74 5/5/75 8/5/75 /7/75 /7/76 0//7 4//7 0//7 4//73 0//73 4//74 0//74 4//75 0// , //76 /5/7 4//76 4/9/74 /0/73 4/4/76 0/9/73 /9/75 4/4/76 /4/74 /9/75 4//76 4/5/76 5/4/76 4//76 4//76 4//76 4//76 /8/75 6/30/75 4/30/76 4/30/76 4/30/76 4/30/76 6/30/75 4/30/76 4/30/ /5/75 8/3/74 9/6/75 8/3/74 8/3/74 /3/75 8/3/74 8/3/74 3//76 8/3/74 9//75 4//76 3/4/76 9/6/75 9/6/75 9/5/75 /0/75 /4/76 0/9/73 4/8/7 0/3/7 9/30/74 9/30/74 9/30/74 0/3/74 4/30/75 0//75 Footnotes at end of Table MQ-3. Table MQ-3. - Treasury Bonds Amount outstanding (millions) Description Bid Price Change from last month To first call or maturity / Yield Change from last month 4 Issue date Price range since first trade / High Low Price Date Price Date $,89 4-/4# 5/5/ # +.07# 4/5/ /5/ /6/70,47 3-/4-6/5/ //53.8 8/4/ /6/70, /5/ /3/ // /9/69,89 3-/ - /5/ /3/ // /4/ /5/ /5/7 0.0 /5/ /8/74,70 6-3/8 - /5/ /5/7 ' 0.4 3/9/ /8/74, /8-8/5/ /5/ /5/ /7/ /4-5/5/ /3/ // /6/70,6 6-/8 - /5/86 / /5/ /5/ /9/74 3,460 3-/ - /5/90 y /4/ // /6/70,47 8-/4 5/5/90 / /7/ /4/ //75 3,433 4-/4-8/5/87-9 / /5/ /6/ /6/ /5/88-93 / /7/ /6/ /6/ /4 - /5/93 / /0/ /4/ /6/74,94 7-/ - 8/5/88-93 / /5/ /8/ /6/74,86 4-/8-5/5/89-94 / /8/ /8/ /6/ /5/95 / /5/ /8/ /6/ /5/93-98 / /5/ /8/ /6/74,550 3-/ - /5/98 / /3/ // /6/70,44 8-/ - 5/5/94-99 / /5/ /4/ /6/ /8 - /5/95-00 / /8/ /4/ /6/75,65 8-3/8-8/5/95-00 ]/ /5/ /4/ /6/75, 8-/4 5/5/00-05 / /5/ /4/ /5/75 Beginning April 953, prices are closing bid quotations in the over the-counter market. Prices for prior dates are the mean of closing bid and ask quotations. When issued prices are included in the history beginning October 94. Dates of highs and lows in case of recurrences are the latest dates. / On callable issues market convention treats the yields to earliest call date as more significant when an issue is selling above par, and to maturity when it is selling at par or below../ Included in the average yield of long-term taxable Treasury bonds as shown under Average yields of Long-Term Bonds.

83 YIELDS OF TREASURY SECURITIES APRIL 30,976 Based on closing bid quotations jo C? o H > HH o CO M & d 3 CO M O d w CD hh C O o C O < Oi I b a 55

84 May 9J6 75 AVERAGE YIELDS OF LONG -TERM BONDS Table AY-. - Average Yields of Long-Term Treasury, Corporate and Municipal Bonds by Periods Period Treasury bonds / Aa new corporate bonds / S. I. A. new Aa municipal bonds / Treasury bonds / Aa new corporate bonds 7j S. I. A. I new Aa Treasury municipal bonds / bonds / I Aa new corporate bonds j Monthly series - averages of daily or weekly series S. I. A. new Aa municipal bonds / Treasury bonds / Aa new corporate bonds / S. I. A. new Aa municipal bonds / ^, V / / Aug / / Nov Jan / Feb Mar / Apr /^5/ July / / m ; l/ / / Oct / Period Treasury bonds / Aa new corporate bonds / S. I. A. new Aa municipal bonds ^/ Period Treasury bonds / Aa new corporate bonds 7 j S. I. A. new Aa municipal bonds J Period Treasury bonds / Aa new corporate bonds / S. I. A. new Aa municipal bonds j/ 975 Nov Nov * n.a. Jan n.a. Mar n.a Feb n.a / Treasury bond yields are based on a composite of closing bid quotations in the over-the-counter market. Series includes bonds on which the interest income is subject to normal tax and surtax which are neither due nor callable before 0 years. For bonds currently in series, see Table MQ-3. / Treasury series based on reoffering yields of new corporate bonds with 5 years call protection and rated Aa by Moody s Investors Service. Prior to June 973, this series reflected bonds without call protection. The value of 5 years call protection in that period ranged from 0 to 5 basis points. / Index of new issue reoffering yields on Aa 0 year general obligations compiled by Securities Industry Association. Weekly series are not available prior to January 970. / One or more new long-term bonds added to the average. 5/ An existing bond dropped from the average, n.a. Not available.

85 AVERAGE YIELDS OF LONG-TERM TREASURY, CORPORATE, AND MUNICIPAL BONDS c\ > < d > O tr* d 0 O t-* o o H a w o o 0 & 58 Q b a * C h a n g e in A a c o m p u t a t i o n m e t h o d effective J u n e S e e footnote following table AY-. s '

86 May INTERNATIONAL FINANCIAL STATISTICS. The tables in this section are designed to provide data on United States reserve assets and liabilities and other statistics related to the United States balance of payments and international financial position. A number of changes were introduced in the May 967 and July 97 issues of the Bulletin to increase the usefulness of this section. Table IFS- shows the reserve assets of the United States, including its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund, holdings of convertible foreign currencies, and reserve position in the International Monetary Fund. Table IFS- brings together statistics on liabilities to foreign official institutions, and liquid liabilities to all other foreigners, which are used in the United States balance-of-payments statistics. Table IFS-3 presents an area breakdown of United States liabilities to official institutions of foreign countries. Table IFS-4 shows United States Treasury nonmarketable bonds and notes issued to official institutions of foreign countries. TabJ.e IFS-5 sets forth the factors which affect the United States position in the International Monetary Fund. Table IFS-6 presents a measure of weighted-average changes in exchange rates between the United States dollar and the currencies of certain other countries. Table IFS-. - U.S. Reserve Assets (In millions of dollars) End of calendar year or month reserve assets Gold stock / Treasury / Special drawing rights / Convertible foreign currencies i j Reserve position in International Monetary Fund J5/ W... 4,83,857,78 - -, ,540 0,58 0, , ,504 9,507 9, ,997 9,359 7,804 7, ,555 8,753 6,947 6,889-6,690 7,0 6,057 5,978-99,064 6,843 5,596 5,53 -, ,67 5,47 5, / ,450 3,806 6/ 3,733 6/ ,88 3,35 3,59 -,3 36 4,830,065,98 -, ,70 0,89 0,367-3,58,90 6,964 /,859 0,367 -,78 /,34 4,487,07 0, ,935,67 8/ 0,06 0,3, / 585 3,5 3 / 0,487 3J 0,40 /,958 / / 4,378 0/,65 0/,567 0/,66 0/ / 5,883 /,65,65,374 / 5,85 / 6,6 /,599,599,335 / 80, / 975-Apr... 6,83 /,60,60,393 /,68 / May... 6,80 /,60,60,438 / 4,8 / June... 6,4 /,60,60,48 / 5,79 / July... 6,084 /,68,68,39 /,35 3/ Aug... 6,7 /,599,599,3 / 8,69 / Sept... 6,9 /,599,599,30 / 47,44 / Oct... 6,568 /,599,599,365 / 43,9 / Nov... 6,59 /,599,599,336 / 43,34 / Dec ,6 /,599,599,335 / 80, / 976-Jan... 6,6 /,599,599,376 / 333,34 / Feb... 6,66 n /,599,599,376 / 96,390 W Mar ,94 /,599,599,35 / 57,40 7,438 /,599,599,35 / 936,578 / / Includes gold sold to the United States "by the International Monetary Fund with the right of repurchase, and gold deposited by the International Monetary Fund to mitigate the impact on the U.S. gold stock of foreign purchases for the purpose of making gold subscriptions to the Fund under quota increases. For corresponding liabilities see Table IFS-. / Prior to December 974, excludes gold held by the Exchange Stabilization Fund. On December 9, 974, the Treasury acquired all gold held by the Exchange Stabilization Fund. See" Account of the U.S. Treasury, Table UST-3. / Includes initial allocation on January, 970 of $867 million, second allocation on January, 97 of $77 million and third allocation on January, 97 of $70 million of special drawing rights (SDR) in the Special Drawing Account in the International Monetary Fund, plus or minus transactions in SDR. i j Includes holdings of Treasury and Federal Reserve System. j>/ The United States has the right to purchase foreign currencies equivalent to its reserve position in the Fund automatically if needed. Under appropriate conditions the United States could purchase additional amounts equal to the United States quota. See Table IFS-5. 6/ Reserve position includes, and gold stock excludes, $59 million gold subscription to the Fund in June 965 for a U.S. quota increase which became effective on February 3, 966. In figures published by the Fund from June 965 through January 966, this gold subscription was included in the U.S. gold stock and excluded from the reserve position. / Includes gain of $67 million resulting from revaluation of the German mark in October 969, of which $3 million represents gain on German mark holdings at the time of revaluation. See also footnotes 3 and 4, Table IFS-4. / Includes $8 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as of December 3, 97. See also footnotes 3 and 5, Table IFS-4. / reserve assets include increase of $,06 million resulting from change in par value of the U.S. dollar in May 97, consisting of $88 million total gold stock, $8 million Treasury gold stock, $55 million special drawing rights and $33 million reserve position in the International Monetary Fund. 0/ reserve assets include increase of $,436 million resulting from change in par value of the dollar on October 8, 973, consisting of $,65 million total gold stock, $,57 million Treasury gold stock, $7 million special drawing rights, and $54 million reserve position in the International Monetary Fund. / Beginning July 974, the IMF adopted a technique for valuing the SDR based on a weighted-average of exchange rates for the currencies of 6 member countries. The United States SDR holdings and reserve position in the IMF are also valued on this basis beginning July 974. At valuation used prior to July 974 (SDR =$.0635), the following end-of-month values amounted to (in millions of dollars): SDR holdings U.S. reserve position U.S. total isgil M the IMF reserves 974-lDec.,338,87 5,8 975-Apr.,33,08 6,053 May,358,49 6,3 June,358,3 6,34 July,358,67 6,45 Aug.,358,09 6,94 Sept.,383,6 6,455 Oct.,404,33 6,649 Nov.,404,304 6,730 Dec.,404,83 o,3<s6 976-Jan.,449,389 6,770 Feb.,449,465 6,809 Mar.,449,50 7,39 Apr.,435,690 7,660

87 78 Treasury Bulletin.INTERNATIONAL,FINANCIAL STATISTICS. Table IFS-. - U.S. Liabilities to Foreign Official Institutions and Liquid Liabilities to All Other Foreigners (In millions pf dollars) Liabilities to foreign countries End of calendar year or month Liquid liabilities to IMF arising from gold transactions / Official institutions / Shortterm liabilities reported by banks in U.S. Marketable U.S. Treasury bonds and notes / Nonmarketable U.S. Treasury bonds and notes 4/ Other readily marketable liabilities / Liquid liabilities to banks 6/ Liquid liabilities to other foreigners Shortterm liabilities reported by banks in U.S. Marketable U.S. Gov't, bonds and notes v u Liquid liabilities to nonmonetary international and regional organizations 8/ ,85 9/ 00 n.a. 7,97 n.a. 3,47 n.a.,5 n.a ,845 / 00 n.a. 8,665 n.a ,50 n.a.,430 n.a., , ,0 9, ,678,940,399 54, /... f 0, ,078 0, 866 4,88,773,30 543,55 \,07 800,088 0, ,88,780,30 550, /... /, ,830 0, ,404,87,355 56,948 \, ,830 0, ,484,873,357 56, /... / 4,68 800,948, ,346 3,03, ,6 { 4,68 800,94, ,346 3,03, , /... / 6, ,459,467, ,87 3,397 3,046 35,960 ( 6, ,45,467, ,87 3,387 3,046 34, /....^... / 9, ,790 3,4,5, ,7 3,730 3, ,7 ( 9, ,786 3,0,5, ,303 3,753 3, , , ,85 3,066,05, ,49 4,059 3,587 47, /... f 3,44,0 4,840, ,6 4,7 3, \ 3,09,0 4,895, ,936 4,7 3, / /... / 35,89,033 8,0 4, ,45,807,09 4,685 4, \ 35,667,033 8,94 * 4,07 908,45,807,085 4,678 4, / 38,687,030 7,407, ,9,34 4,47 5,053-4, L 3M? 3,030 7,340, ,9,34 4,47 4,909 4, /... / 45,755 il/,09 5,975/,054 ' 346 3,070 3/,505 3,638 4,464 3, \ 0, 9 U,09 5,998, ,070,505 3,645 4,589 4, /... / 47, ,786 9, , ,37 4,676 4, \ 46, ,775 9, , ,69 4,604 4, f 67, / / ,09 39,679,955 9, ,6 4,338 3,69 447,58 ^ 67, ,65 39,08,955 9, ,949 4,4 3, , ,86-6,56 40,000 5,36 5, ,666 5,043 4,68 45, ,490r / - 66,864/ 43,93 5,70 5,564rl/,673 7,694 5,93 5,50 430,003 I ll9,40r - 76,80r 974 0/... ^ 53,057 5,059 I6,339r,346' 30,34 8,803 8, ,3 \ll9,5r - 76,808r 53,064 5,059 6,339r,346 30,079 8,943r 8,445r 498 3, ,37r - i 80,50r 49,70 6,575.9,976r 4,49 9,579 0,765 0, , Mar... 9,993r - 79,33r 53,706 6,003 6,466r 3,57 7,44 9,047 8, ,00 Apr...,097r - 79,9r 53,53 5,94 6,507r 3,33 8,799 8,844 8, ,6 May....,357r - 80,007r 5,408 6,064 8,067r 3,468 8,93 9,3 8, ,34 June....,097r - 80,780r 5,99 6,9 9,69r 3,563 7,990 9,30 8, ,07 July... 3,007r - 80,0r 50,393 6,60 9,66r 3,853 9,035 9,337 8, ,63 Aug.... 4,lH-r - 79,499r 49,95 6,76 9,466r 3,84 30,340 9,668 8, ,905 Sept.... 3,65r - 78,058r 48,080 6,45 9,666r 3,860 30,38 9,90 9, ,988 3,37Qr - 79,940r 49,60 6,64 I9,666r 4,048 8,468 ;.0,00 9, ,94 Nov.... 6,394r - 79,409r 49,4 6,454 I9,76r 4,05 3,9 :L0,34 9, ,560 Dec.... 6,37r - 80,5Or 49,70 6,575 I9,976r 4,49 9,579 :0,765 0, , Jan.... 7,770-80,73: 49,47 6,86 0,05 4,709 30,993 :0,50 9, ,544 Feb.p ,98-8,357 49,670 6,97 0,05 4,79 33,75 :L0,83 0, ,573 Mar.p... 7,440 80,360 48,38 7,35 0,05 4,756 30,86 :p., 056 0, ,738 l Note: Table is based on Treasury Department data and on data reported 7/ to the Treasury Department by banks and brokers in the United States. Data correspond generally to statistics following in this section and 8/ in the "Capital Movements" section, except for the exclusion of nonmarketable, nonconvertible U.S. Treasury notes issued to foreign / official nonreserve agencies and the inclusion of investments by foreign official reserve agencies in debt securities of U.S. Fed- 0/ erally-sponsored agencies and U.S. corporations. Table excludes International Monetary Fund "holdings of dollars," and holdings of U.S. Treasury letters of credit and nonnegotiable, noninterest-bearing special U.S. notes held by other international and regional organs 3/ izations. / Includes liability on gold deposited by the International Monetary Fund to mitigate the impact on the U.S. gold stock of foreign pur- / chases for gold subscriptions to the Fund under quota increases, and UJS. Government obligations at cost value and funds awaiting investment obtained from proceeds of sales o f gold by the International Monetary Fund to the United States to acquire income-earning assets. Includes Bank for International Settlements and European Fund. % tr & Derived by applying reported transactions to benchmark data; breakdown of transactions by type of holder estimated / Excludes!notes issued to foreign official nonreserve agencies. Includes long-term liabilltes reported by banks in the United States and debt securities of U.S. Federally-sponsored agencies and U.S. corporations. Includes short-term liabilities payable in dollars to foreign banks, and short-term liabilities payable in foreign currencies to foreign banks and to "other foreigners." n.a. P Includes marketable U.S. Government bonds and notes held by foreign banks. Principally the International Bank for Reconstruction and Development, the Inter-American Development Bank and the Asian Development Bank. Includes total foreign holdings of U.S. Government bonds and notes, for which breakdown by type of holder is not available. Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. Includes $0 million increase in dollar value of foreign currency liabilities resulting from revaluation of the German mark in October 969, as follows: liquid $7 million; other $84 million. Data on the second line differ from those on the first line because certain accounts previously classified as "official institutions" are included with "banks"; a number of reporting banks are included in the series for the firsj time; and foreign currency liabilities to official institutions of foreign countries are increased in value by $0 million to reflect market exchange rates as of December 3, 97, as follows: U.S. Treasury certificates, $7 million; nonmarketable U.S. Treasury bonds and notes, $03 million. Includes $6 million increase in dollar value of foreign currency liabilities to official institutions of foreign countries revalued to reflect market exchange rates, as follows: short-term liabilities, $5 million; and nonmarketable U.S. Treasury notes, $47 million. Not available. Preliminary. r Revised.

88 May End of calendar year or month T M T C T M t T T n w A T FINANCIAL STATISTICS Table IFS-3. - U.S. Liabilities to Official Institutions of Foreign Countries, by Area foreign countries Western Europe / (in millions of dollars) Canada Latin American Republics Asia Africa Other countries / ,45 8,508,789,058, ,... 5,786 9,35,8,83 3, ,85 8,86,70,550 3, , /... ( ,30 3, , ,30 3, : 8.9Z. 0,3,30,58 4, /... r 7,407 8,070, , ,340 8,06, , /... r 5,975 / 5,998 / 7,074 A / 7,074 4/,64,888,9 4,55 4, /... ^ 3,786 3,60,95,68 3,775 3,65,95,68 4,73 4, / 5/... r 5,09 30, ,65 30, ,44,49 4,59 3, ,56 34,97 4,79,733 7, , ,86r 6/ 45,764r 6/ 3,853,544 0, , /... i 76,80r 44,38r 3,66 4,49 8,604 3,6,67 \ L 76,808r 44,38r 3,66 4,49 8,6 3,6,67 I ,50r 45,3r 3,3 4,447,38,983,894 June... July... Aug... Sept... Oct... Nov... Dec... 79,33r 79,9r 80,007r 80,780r 80,0r 79,499r 78,058r 79,940r 79,409r 80,50r 976-Jan... 80,73 8,357 60,360 45,9l8r 45,05r 45,485r 45,483r 44,458r 44,0r 43,48r 45,00r 44,744r 45,3r 45,406 44,76 *+3,77 3,546 3,5 3,0 3,008,966,99 3,0 3,049 3,8 3,3 3,40 3,654 3,673 4,390 4,506 4,600 4,73 4,763 4,937 4,840 4,54 4,056 4,447 3,55 3,377 3,783 9,4 0,6 0,456 0,497,384,057 0,89,008,86,38 3,635 4,83 5,098 3,433 3,493 3,448 3,800 3,39 3,39 3,45 3,08,95,983,74,73,78,64,7,97 3,69 3,3,974,76,60,64,89^,986,0,9 Note: Data represent short-term and long-term liabilities to the official institutions of foreign countries, as reported by banks in the United States; foreign official holdings of marketable and nonmarketable U.S. Government securities with an original maturity of more than one year except for nonmarketable notes issued to foreign official nonreserve agencies; and investments by foreign official reserve agencies in debt securities of U.S. Federally-sponsored agencies and U.S. corporations. / Includes Bank for International Settlements and European Fund. / Includes countries in Oceania and Eastern Europe, and Western European dependencies in Latin America. / Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the seera*: line are comparable to those shown for the following date. y Includes $0 million increase in dollar value of foreign currency liabilities due to revaluation of the German mark in October / Data on the second line differ from those on the first line because certain accounts previously classified as "official institutions" are included with "banks"; a number of reporting banks are included in the series for the first time; and U.S. Treasury liabilities payable in foreign currencies to official institutions of foreign countries are increased in value by $0 million to reflect market exchange rates as of December 3, 97. 6/ Includes $6 million increase in dollar value of foreign currency liabilities revalued to reflect market exchange rates, p Preliminary. r Revised.

89 80 Treasury Bulletin calendar year or month INTERNATIONAL FINANCIAL STATISTICS Table IFS-4. - Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions of Foreign Countries (In millions of dollars or dollar equivalent) Belgium Canada / Denmark Payable in dollars Germany Italy / Korea Sweden Taiwan Thailand , , , ,330,69 3, ,8 A /,43 3, ,563,480 3, ' 9,657 / 7,89 3,640-5, ,87 4,333 0,840 -, ,669 6/ 4,0 -,540 -, ,339 4,867 -,540 -, ,976 8,377 -,00-6, Apr... 6,507 4,907,340 -,567 Way... 8,067 6,467 -,40-4, June... 9,69 7,570 -,40-5, July... 9,66 8,07,40 5,877 - Aug... 9,466 7,867 -,990-5, Sept.... 9,666 8,067 -,990-6, Oct... 9,666 8,067 -,990-6, Nov... 9,76 8,7 -,050-6, Dec ,976 8,377 -,00 6, Jan Fet ; Mar... 0,05 8,45 -,75 6,77 - Apr.... 0,5 8,55 -,75-6, End of calendar year or month Austria Belgium Payable in foreign currencies Germany 3 / Italy Switzerland Bank for International Settlements , , ' , ,638-50, ,750 A / - -,084 J j , ,87 J5/ ,5 -, ,33 -,459 6/ , , ,47 -, , Apr..., ,599 -, ,599 - June..., ,599 - July..., ,599 - Aug..., ,599 - Sept...., ,599 - Oct..., ,599 - Nov..., ,599 - Dec..., , Jan..., ,599 - Feb...,599 -,599,599 -,599,599 ~,599 Note: For further information, see "Public Debt Operations," Tables PD0-8 and 9. / Includes bonds issued to the Government of Canada in connection with transactions under the Columbia River treaty. Amounts outstanding were $04 million, September 964 through October 965; $75 million, November 965 through October 966; $44 million, November 966 through October 967; $4 million, November 967 through October 968; $84 million, November 968 through September 969; $54 million, October 969 through September 970; and $4 million, October 970 through October 97. / Notes issued to the Government of Italy in connection with military purchases in the United States. J In addition, nonmarketable Treasury notes amounting to $5 million equivalent were held by a group of German commercial banks from June 968 through November 97. The dollar value of these notes was increased by $0 million in October 969, and by $8 million as of December 3, 97. See also footnotes 7 and 8, Table IFS-. i j Includes an increase in dollar value of $84 million resulting from revaluation of the German mark in October 969. See also footnote 7, Table IFS-. Includes $06 million increase in dollar value of foreign currency obligations revalued to reflect market exchange rates as of December 3, 97. See also footnote 8, Table IFS-. 6/ Includes $5 million increase in March and $47 million increase in April in dollar value of foreign currency obligations revalued to reflect market exchange rates.

90 May 976 INTERNATIONAL FINANCIAL STATISTICS Table IFS-5. - U.S. Position in the International Monetary Fund Apr.., May.., June., July. Aug.. Sept. Oct.. Nov.. Dec Jan.. Feb.. Mar.. Apr.. Calendar year or month Payments of subscripttion in dollars,063,03 776,55 54 / 754 / (In millions of dollars) Transactions affecting IMF holdings of dollars during period U.S. transactions with IMF Net gold sales by IMF / / Transactions in foreign currencies / , IMF net income in dollars Note: The initial U.S. quota in the International Monetary Fund was $,750 million. The U.S. quota was increased to $4,5 million in 959, $5,60 million in February 966, and $6,700 million in December 970, and revalued to $7,74 million in May 97 and $8,083 million in October 973 as a result of changes in the par value of the dollar. Under the Articles of Agreement, subscription payments equal to the quota have been made 5 percent in gold and 75 percent in dollars. / Represents net Fund sales of gold to acquire U.S. dollars for use in Fund operations. Does not include transactions in gold relating to gold deposits or gold investment (see Table IFS-). / Positive figures represent purchases from the Fund of currencies of other members for equivalent amounts of dollars; negative figures represent repurchases of dollars, including dollars derived from charges on purchases and from other net dollar income of the Fund. The United States has a commitment to repurchase within 3-5 years, but only to the extent that the Fund s holdings of dollars exceed 75 percent of the U.S. quota. Purchases of dollars by other countries reduce the U.S. commitment to repurchase by an equivalent amount. / Beginning January 970, includes dollars obtained by countries other than the United States from sales of gold to the Fund. 4/ Represents the United States gold tranche position in the Fund (the United States quota minus Fund's holdings of dollars), which is the amount that the United States could purchase in foreign currencies automatically if needed. Under appropriate conditions, the United States could purchase additional amounts equal to the United States quota. Transactions by other countries with IMF Purchases of dollars J -, , , / / 8/ Repurchases in dollars, * change 79, , ,034,99, , IMF holdings of dollars at end of period M o u n t 79,8,570,435 3,06 3,090 3,356 3,5 4,834 4,740 3,870,836 4,765 6,5 6,80 7,53 6, ,974 8/ 5,934 8/ 5,95 8/ 5,95 8/ 5,874 8/ 5,857 8/ 5,850 W 5,778 %/ / 5,67 8/ 5,56 8/ 5,393 8/ Percent of U.S. quota U.S. reserve position in IMF at end of period U,958,997,555,690,064, / 36 40,90,34, , <c,jlo6,8,79,35,69,44,9,34,,34,390,40,578 Includes $59 million gold subscription to the Fund in June 965 for a U.S. quota increase which became effective on February 3, 966. In figures published by the Fund from June 965 through January 966, this gold subscription was included in the U.S. gold stock and excluded from the reserve position. Includes $30 million of special drawing rights. Represents amount payable in dollars to the Fund to maintain the value of Fund holdings of U.S. dollars. Excludes currency valuation adjustments for each month as follows (in millions of dollars): 975-Ma r Apr... May... June... July... Aug... Sept... Oct... Nov... Dec Ja... n Feb... Mar... Apr... * Less than $500,000. Payable to the U.S Payable to he IMF 7 04

91 8 Treasury Bulletin.INTERNATIONAL FINANCIAL STATISTICS. Table IFS-6. - Weighted-Average of Exchange Rate Changes for the Dollar (Percent change relative to exchange rates as of end-may 970) End of calendar year or month Currencies of ECD countries / Trade-Freighted average appreciation (+) or depreciation (-) of the U.S. dollar / Vis-a-Vis Currencies of 46 main trading countries / Apr.. May.. June. July. Aug.. Sept. Oct.. Nov.. Dec Jan.. Feb.. Mar.. Apr / This table presents calculations of weighted average percentage changes in the rates of exchange between the dollar and certain foreign currencies, in order to provide a measure of changes in the dollar's general foreign exchange value broader than a measure provided by any single exchange rate change. Calculations are provided for two sets of countries that account for a major share of U.S. foreign trade. U.S. bilateral trade patterns in 97 are used as a convenient, readily available proxy for the assignment of relative weights to individual exchange rate changes,though such weights do not provide a full measure of individual currencies' relative importance in U.S. international transactions because they take no account of factors other than trade. The calculations do not purport to represent a guide to measuring the impact of exchange rate changes on U.S. international transactions. Exchange rate data used in constructing the indices reported here differ somewhat from those used in earlier calculations to more accurately reflect end-of-period currency values. The equations used are as follows: Equation one is used to calculate a trade-weighted average of changes in the dollar cost of foreign currencies: (EQ) Where: Em = Z (A$/fCi * Mi/IM) is the w e i g h t e d average of p e r centage changes in the d o l l a r cost o f individual foreign currencies; A$/fcj[ is the p e r c e n t change in the d o l l a r c ost o f foreign c urrency i? and M^ / E m is U.S. imports fr o m country i, as a p r o p o r t i o n of total U.S. imports from all c o u n tries m t h e set. Equation two is used to calculate a trade-weighted average of changes in the foreign exchange cost of dollars: (EQ) Where: E x = S ( A f Ci/$ * Xi/ZX) E x is the w e i g h t e d a v erage of p e r c e n t a g e changes in the foreign cu r r e n c y cost of dollars ; Afc^/$ is the p e r c e n t change in the f oreign c urrency i c ost of dollars; and X i / Z X is U.S. exports to c o untry i, as a p r o p o r t i o n of total U.S. exports to all countries in the set. - Equation three combines the above export-weighted and import-weighted averages to provide an overall measure of exchange rate change: (EQ3) Where: E = [(Ejn * m/m+x)*(-l)] + [Ex * x/m+xj m / m + x is U.S. imports as a p r o p o r t i o n o f its tot a l t r ade wi t h all countries in the set; and x / m + x is U.S. exports as a p r o p o r t i o n of its total trade w i t h all c ountries in the set* / Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom. / The currencies of 46 IMF member countries which account for approximately 90# of U.S. total trade. This entire series has been modified to exclude Argentina.

92 May 976.CAPITAL MOVEMENTS 83 Background Data relating to capital movements between the United States and foreign countries have been collected since 935, pursuant to Executive Order 656O of January 5, 93U, Executive Order 0033 of February 8, 9^9, and Treasury regulations promulgated thereunder. Statistics on the principal types of data and the principal countries are published monthly in the "Treasury Bulletin." Reports are filed with the Federal Reserve Banks by banks, securities brokers and dealers, and nonbanking concerns in the United States. These statistics are then consolidated, and are published by the Treasury as promptly as possible. The report forms and instructions used in the collection of the statistics have been revised a number of times. The most recent general revision of the report forms became effective with reports as of May 3, 963. / The present form of the published presentation of the "Capital Movements" statistics was introduced in the May 969 issue of the "Bulletin." The principal changes were the rearrangement of the tables to bring together in separate sections all the data relevant to the same statistical series; the expansion of the time series on aggregate liabilities and claims reported by banks to show more detailed breakdowns by type of holder and type of liability'and claim; and the presentation of statistics not previously published on the short-term liquid claims of large nonbanking concerns. Basic definitions The term "foreigner as used in the Treasury reports covers all institutions and individuals domiciled outside the United States, including United States citizens domiciled abroad, and,the foreign branches, subsidiaries and offices of United States banks and business concerns; the central governments, central banks and other official institutions of foreign countries, wherever located; and international and regional organizations, wherever located. The term "foreigner" also includes persons in the United States to the extent that they are known by-reporting institutions to be acting on behalf of foreigners. In general, data are reported opposite the foreign country or geographical area in which the foreigner is domiciled, as shown on the records of reporting institutions. For a number of reasons, the geographical breakdown of the reported data may not in all cases reflect the ultimate ownership of the assets. Reporting institutions are not expected to go beyond the addresses shown on their records, and so may not be aware of the country of domicile of the ultimate beneficiary. Furthermore, U.S. liabilities arising from deposits of dollars with foreign banks are reported generally in the Treasury statistics as liabilities to foreign banks, whereas the liability of the foreign bank receiving the deposit may be to foreign official institutions or residents of another country. Data pertaining to branches or agencies of foreign official institutions are reported opposite the country to which the official institution belongs. Data pertaining to international and regional organizations are reported opposite the appropriate international or regional classification except for the Bank for International Settlements and the European Fund, which are included in the classification "Other Western Europe." "Short-term" refers to obligations payable on demand or having an original maturity of one year or less. "Longterm" refers to obligations having an original maturity of more than one year, and includes securities having no contractual maturity. Reporting coverage Reports are required from banks, securities brokers and dealers, and nonbanking concerns in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign firms. Institutions which have total reportable liabilities, claims or securities transactions below a specified exemption level, based on the average for the report dates during a six-month period, including the current report date, are exempt from reporting. Banks file reports monthly covering their short-term and long-term liabilities to and claims on foreigners; an exemption of $500,000 is applicable to reports in each of these categories. Twice a year they also report their shortterm dollar liabilities to foreigners in countries not shown separately on the monthly report of liabilities. Banks, securities brokers and deallers, and in some instances, nonbanking concerns, report monthly their transactions in securities with foreigners; the applicable'exemption level is $ 0 0, Quarterly reports are filed by exporters, importers, industrial and commercial concerns, financial institutions other than banks and brokers, and other nonbanking firms if their liabilities or claims are $500,000 or more. Such firms also report the liquid portion of their claims for each monthend when they have reportable claims of $ million or more. The foreign credit and debit balances of securities brokers and dealers are reported quarterly; the exemption level applicable to these reports is $00,000. Description of statistics Data collected on the Treasury Foreign Exchange Forms are published in the "Treasury Bulletin" in six sections. Each section contains all the data relevant to the same statistical series, with tables showing time series by type and country, and the detailed breakdowns of the latest available data. Section I covers the short-term and long-term liabilities to foreigners reported by banks in the United States. The data exclude the holdings of dollars of the International Monetary Fund derived from payments of the United States subscription and from the exchange transactions and other operations of the Fund. (Liabilities representing the "gold investment" of the Fund, however, are included.) The data also exclude U.S. Treasury letters of credit, and nonnegotiable, noninterest-bearing special notes of the United States held by international and regional organizations. Section II presents the short-term and long-term claims on foreigners reported by banks in the United States, including claims held for their own account and for the account of their domestic customers. The data exclude convertible foreign currencies held by U.S. monetary authorities. Sections III and IV show respectively the liabilities

93 84 CAPITAL MOVEMENTS Treasury Bulletin to, and claims 'on, foreigners reported by exporters, importers, industrial and commercial firms, financial institutions other than banks and brokers, and other nonbanking concerns in the United States. The data exclude the intercompany accounts of business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. (Such transactions are reported bybusiness firms to the Department of Commerce on its direct investment forms.) The data also exclude claims held through United States banks. Separate figures axe shown in Section IV for the short-term liquid claims of large noribanking concerns in the United States. Section V contains data on transactions in all types of long-term domestic and foreign securities by foreigners reported by banks and brokers in the United States (except nonmarketable U.S. Treasury notes, foreign series, and nonmarketable U.S. Treasury bonds and notes, foreign currency series, which are shown in International Financial Statistics section, Table IFS-4). The data cover new issues of securities, transactions in outstanding issues, and redemptions of securities. They include transactions executed in the United States for the account of foreigners, and transactions executed abroad for the account of reporting institutions and their domestic customers. The data include some transactions which are classified as direct investments in the balance of payments accounts. The data exclude securities issued abroad by foreign subsidiaries of U.S. corporations, some of which are treated in the balance of payments as issues of U.S. corporations. The geographical breakdown of the data on securities transactions shows the country of domicile of the foreign buyers aftd* sellers of t h e ssecurities; in the case of outstanding issues, this may differ from the country of the original issuer. The gross figures contain some offsetting transactions between foreigners. The net figures for total transactions represent transactions by foreigners with United States residents; but the net figures for transactions of individual countries and areas may include some transactions between foreigners of different countries. Beginning with data for 969, transactions between foreigners in new issues not offered for sale to United States residents but managed by underwriters in the United States are excluded from the gross figures. Section VI comprises two tables on the money credit and debit balances, as appearing on the books of reporting brokers and dealers in the United States, in accounts of foreigners with them, and in their accounts carried by foreigners. The data published in these sections do not cover all types of reported capital movements between the United States and foreign countries. The principal exclusions are the intercompany capital transactions of business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies, and capital transactions of the United States Government. Consolidated data on all types of capital transactions are published by the Department of Conmerce in its regular reports on the Uhited States balance of payments. l/ Copies of the reporting forms and instructions may be obtained from the Office of Statistical Reports, Office of the Assistant Secretary for International Affairs, Department of the Treasury, Washington, D. C. 00 or from Federal Reserve Banks.

94 May End of calendar year or month.capital MOVEMENTS. Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-. - Short-Term Liabilities by Type of Foreign Holder Official institutions / Payable in dollars (In millions of dollars) Foreign countries Payable in foreign currencies Banks and other foreigners Payable in dollars Banks Other foreigners Payable in foreign currencies International and regional IMF gold invest-, ment / shortterm liabilities Nonmonetary international and regional / ,383 3,64 7,97 7,97-5,74 3,43, ,367 4,65 8,665 8,665-5,950 3,460, ,6 6,3 9,54 9,54-7,076 4,60,398 77, I ,70 7,60 0, 0, - 7,047 4,705,30 3,44 69 u / /... f 0,05 8,699 0,940 0, ,759 5,99,356 04,37 63 U 704 i 0,098 8,78 0,940 0, ,84 5,380, ',37 63 U 704 j*,958 9,908,997, ,9 5,5,564 95, ,50 {,958 9,874,963, ,9 5,5,564 95, , ,877,330,467, ,863 5,73 3,046 04, U /... ^5,467 3,849 3,4 3,4 0,65 7,53 3,354 8, ^5,58 3,900 3,0 3,0-0,680 7,3 3,376 90, ,55 4,07 3,066 3,066 -,006 7,360 3,587 59, /... [7,74 6,343,484, ,859 0,03 3,743 93, V 7,599 6,9,539,0 57 3,680 9,864 3,743 7, f 30,657 9,370 4,034 3,88 5 5,337,3 4,8 77,87 ' /... ^30,505 9,3 4,07.3, ,05,008 4,0 77, ,77 30,34,38 0, ,96 4,98 4,444 73, /... [40,040 38,63,054 0,85 0 7,577 3,4 *3,939 6, \40,99 3,786,077 0, ,709 3,49 4,064 6, /... [4,79 40,499 9,333 9,84 48,66 6,97 4,09 0, H i, 76 40,54 9,333 9,85 48,07 6,949 4,038 0, / 6 /... (55,404 53,63 39,679 39,5 58 3,954 0,034 3,69 8,77 400,37 \55,48 53,66 39,08 / 38,854 6/ 65 / 4,643 6/ 0,7 6/ 3,694 8, , ,697 59,84 40,000 39,89 7 9,84 4,340 4,68 35,43 -, ,074 67,9 43,93 43, / 3,96 7,4 5, ,955 -,955 [94,847 9,676 53,057 5, / ^69 9,676 8, ,7 3,7 ^94,760 9,589 53,064 5, ,55 9,44 8, ,7-3, ^,077 88,785 49,70 49,70 39,65 8, ,036 5,93. 5, Mar... 93,03 89,53 53,706 53,706-35,85 6,73 8,4 68 3,50 3,50 94,9 90,58 53,53 53,53-36,988 8,058 8, ,674-3,674 93,735 89,8 5,408 5,408-37,43 8,48 8, ,94-3,94 June... 9,58 88,575 5,99 5,99-36,646 7,405 8, ,943-3,943 July...! 9,500 88,055 50,393 50,393-37,66 8,474 8, ,444 4,444 Aug... 94,055 89,53 49,95 49,95-39,336 9,778 8, ,804 4,804 9,499 87,598 48,080 48,080-39,58 9,764 9, ,90-4,90 Oct... 9,935 87,35 49,60 49,60-37,750 7,83 9, ,583 4,583 Nov... 95,33 90,54 49,4 49,4 - a, 78 3,554' 9, ,47 4,47 Dec... 94,077 88,785 49,70 i 49,70-39,65 8,988 0, ,93-5,9^ 976-Jan... 94,848 89,95 49,47 49,47 40,767 30,393 9, ,933 4,933 Feb.p....97,443 9,93 49,670 49,670-43,53 3,533 0,078 I 64 4,50 4,50 Mar.p... J93,54 88,780 48,38 48,38 40,54 9,73 0,55 4,763 4, / Includes Bank for International Settlements and European Fund. / Short-term U.S. Government obligations at cost value and funds awaiting investment obtained from proceeds of sales of gold by the International Monetary Fund to the United States to acquire income-earning 6/ assets. Upon termination of investment, the same quantity of gold was reacquired by the International Monetary Fund. / Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. Includes difference between / cost value and face value of securities in IMF gold investment account ($4 million at end 97). t j In addition, IMF gold investment included investments in U.S. Govern- 8/ ment bonds and notes which amounted to $09 million at end i960, $87 million at end 96, and $6 million at end / Data on the two lines shown for this date differ because of changes p in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. Data on the second line differ from those on the first line because certain accounts previously classified as 'official institutions" are included with "banks" and a number of reporting banks are included in the series for the first time. Second line includes $7 million increase in dollar value of foreign currency obligations revalued to reflect market exchange rates as of Dec. 3, 97. Includes $5 million increase in dollar value of foreign currency liabilities revalued to reflect market exchange rates. Preliminary.

95 86 Treasury Bulletin.CAPITAL MOVEMENTS. Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-. - Short-Term Liabilities by Type of Liability Part A - Foreign Countries Official institutions / (In millions of dollars) Banks and other foreigners End of calendar year or month foreign countries Demand Deposits Payable in dollars Time / U.S. Treasury bills and certificates Other shortterm liabilities J Payable in foreign currencies Demand Deposits Time J Banks Payable in dollars U.S. Other Treasury shortterm bills and certificateties liabili / Deposits Dejnaad Other foreigners Time / U.S. [ Other Treasury shortterm bills and certifi- liabilities.cates / Payable in foreign currencies J/ / / /* J 970 / 97 / y J/ Mar... Apr... May... June.. July.. Aug... Sept.. Oct... Nov... Dec Jan... Feb.p. Mar.p.. 3,64 4, ,60 *8,699 8,78 9,908 9,874,330 f 3,849 ^3,900 4,07 6,343 6,9 9, ]30, ,786 40,499 40, ,66 59,84 67,9 /9,676 {9,589,88,785 89,53 90,58 89,8 88,575 88,055 89,53 87,598 87,35 90,84 88,785 89,95 9,95 88,780, , ,49,98,930 3,059 3,5,834 3, ,6 3, ,60,37 L.59, ,33,47,75, ,45.448, ,703,69,45,80,86,86,6,668,46,458,899,95, ,504,039,880 3,9 4,57 4, ,03 4,93 4,34 4,3 4,098 4,64 3,957 3,948 3, ,9,99,745 4,46 4,39 5,738 6, , ,86 6,36 6, , ,3 i/ 3,3 3,453 3, ,05 39,36 38,37 36,994 35,803 35,055 33,84 34,983 35, ,633 36,68 34, , ,483,36,360,380,378,3,39,58,6,6 3,086 3,77 3,905 6,48,066 n ,64 7,874 7,537 8,050 8,000 8,03 8, , ,774. 7, / 7 7 y 7 7,< , ,07 3 3, , , , , , , , , , , , , , , , ,039,53,57 7 < , ,077,53, , ,406,574, ,795,49 37,84,53, ,636,43 37,848,53, ,933,4 9,97,693, ,763,4 9,973,693, ,374,73 30,6,797, ,745, ,658,709, ,756, ,644,7, ,376,36 4 3,0,688, ,385, ,97,688, , ,30,660, ,399 U 30 I/ 8 6,995 k f,660, , ,7,955, , ,743,43, ,48,94 3 9,54,79 3,796 77, ,44, ,09,79 3,796 77, ,549, ,964 3,49 4,90 349, ,077, ,747,740 3,96 00, ,894,0 0 8,94,556 3,969 07, ,856,8 05 9,466,784 4,096 56, ,070, ,58,857, 4,9 76, ,887, ,637,694 4,9 5, ,90, ,95,705 4,563 30, ,98, ,98,88 4,5 4 ; 7, ,8, ,5,769 4,708 i 76, ,587,694 35,39,839 4,850 3, ,549, ,964 3,49 4,90 349, ,83 a, 6 369,030,900 5,06 89, ,443,56 75,658 3, 5,85 30,463' 64 7,59, ,965 3,46 5,346, 8, / Includes Bank for International Settlements and European Fund. / Time deposits exclude negotiable time certificates of deposit, which are included in "Other short-term liabilities." / Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. 4/ Data on the second line differ from those on the first line because those liabilities of U.S. banks to their foreign branches and those liabilities of U.S. agencies and branches of foreign banks to their head offices and foreign branches which were previously reported as deposits are included in "Other short-term liabilities"; certain accounts previously classified as "official institutions" are included with "banks"; and a number of reporting banks are included in the series for the first time. 5/ Second line includes $7 million increase in dollar value of foreign currency obligations revalued to reflect market exchange rates as of December 3, 97. / Includes $5 million increase in dollar value of foreign currency liabilities revalued to reflect market exchange rates, p Preliminary.

96 May CAPITAL MOVEMENTS Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM--. - Short-Term Liabilities by Type of Liability Continued Part B - International and Regional Organizations (In millions of dollars) End of calendar year or month international and regional IMF gold investment: U.S. Treasury bills and certificates / t Nonmonetaiy international and regional organizations / LKJpOSl-GS Demand Time / U.S. Treasuiy bills and certificates Other short-term.liabilities y >0 490 * *, ,44 69 y 9 53 * 96...,37 63 y j C, » <, , y , , , / f, ^ *73 v , /......, , f, ^, , , ,474 IQ7I r/ f 3, ,44 ( 3, , , ,554, Mar... 3, ,49 Apr... 3, ,668 May... 3,94! ,994,67 June , ,708 July... 4, ^,58,646 Aug... 4, ,56,389 Sept... 4, ,008,659 Oct... 4, ,397,903 Nov.... 4, ,605,56 Dec.... 5, ,554,43 6/ 976-Jan... 4, ,498,04 6/ 976-Feb.p ,50-8 6,435 Mar.p...,805 / 4, ,495,959 8/ 3/ Short-term U.S. Government obligations at cost value, and deposits y awaiting investment (less than $500,000 on all dates shown), obtained from proceeds of sales of gold by the International Monetary Fund to the United States to acquire income-earning assets. Upon termina- J5/ tion of investment, the same quantity of gold was reacquired by the International Monetary Fund. / Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank; excludes Bank for International Settlements and European Fund. Includes difference between cost value and face value of securities in IMF gold investment account ($4 million at end 97). 7/ / Time deposits exclude negotiable time certificates of deposit, which are included in "Other short-term liabilities." / * In addition, IMF gold investment included investments in U.S. Government bonds and notes which amounted to $09 million at end I960, $87 million at end 96, and $6 million at end 963. Data on the two lines shown for this date differ because of changes* in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. Includes $8 million of short-term liabilities payable in foreign currencies. Includes $ million of short-tern liabilities payable m Joreijn currencies * Includes $5 million of short-term liabilities payable in foreign currencies, Less than $500,000. p Preliminaiy.

97 88 Treasury Bulletin Country..CAPITAL MOVEMENTS. Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-3. - Short-Term Liabilities by Country (Position at end of period in millions of dollars) Calendar year / 975 Oct. 975 Nov. Dec. 976 Jan. Feb. p Mar. p Europe: Austria... Belgium-Luxembourg... Denmark... Finland... France... Germany.... Greece... Italy... Netherlands... Norway Portugal... Spain... Sweden... Switzerland... Turkey... United Kingdom... Yugoslavia... Other Western Europe. U.S.S.R... Other Eastern Europe. Europe. Canada ,7 389,404, ,885 3, , , ,74 3,67 607, ,87 9,40 48,67 3,34, ,38 9, , , ,668 3,57 607, ,87 9,49 48,67 3,34, ,38 0,37 5 7, , ,85 3,50 700, ,733 4,407 84, 3, ,86 8, ,885 6, ,8 3, , ,608 5, , ,5 8,05 8 6,7 38, ,405 3, , ,7 4,84 33,07 3, ,4 8,09 0 7,77 75, ,853 4,09 700, ,733 4,407 84, 3, ,86 8, ,885 6, ,8 3,075 74, ,499 3,873 63,05 3, ,66 b,oll 88 7,6 83, ,669 3, , ,480 4,5 340,044 3, ,3 8, ,36 78, ,8 4,7 55, ,0 4,45 6,338 3, ,87 8, ,48, ,765 4,33 Argentina... Bahamas... Brazil... Chile..'... Colombia... Cuba... Mexico... Panama... Peru... Uruguay... Venezuela... Other Latin American Republics. Netherlands Antilles/... Other Latin America... Latin America... Asia: China, People s Republic of (China Mainland)... China, Republic of (Taiwan). Hong Kong... India... Indonesia.... Israel... Japan... Korea... Philippines... Thailand... Other Asia: Middle East oil-exporting countries /... Other countries... other Asia... Asia. Africa: Egypt... Morocco... South Africa... Zaire... Other Africa; Oil-exporting countries 4/. Other countries... other Africa... Africa. O^ei:.co\mferies: Australia... All other... other countries. foreign countries... I^erna^^onal i.^d irg^ion^.: International... European regional Latin American regional... Asian regional... African regional... / international and regional, , , , , ,,.L,0 0, ,056 3,3 59 3,90 67,9, Grand total. 69, ,448, , ,43, , , 386 0, , , , ,97 3,55,74 89,83 9,676, ,7 94,847,054, , ,43, , , 389 0, , , , ,97 3,55,74 89,83 9,589, ,7,47,834, ,078, ,90,494 9,500 4,950 3, , , ,307, ,38 49,79 3,370,03 JL,7 88,785 5, ,93 94,760 94,077. Data in the two columns for this date differ because of changes / in reporting coverage. Figures in the first column are comparable in coverage to those shown for the preceding date; figures in the U second column are comparable to those shown for the following date. p Through December 3, 975, Surinam included with Netherlands Antilles. *,35,, , , ,046 4,305 04, , , , , ,93 3,385,766 80,846 87,35 4, ,583. 9,935,50,989, , ,88,36 8,4 6,3 93, , , , ,37 503,875 3,377,73 87,800 90,84 4, ,47 95,33,47,834, ,078, ,90,494 9,500 4,950 3, , ^fbbo ,307, ,38 49,79 3,370,03 4,7 88,785 5, ,93 94,07?,08 3,97, ,899, ,7,43 9,63 5,665 63, , , ,39 o, ,35 47,55 3,09,046 43,90 89,95 4,69 c' ,933.34, , ,57,449 43,443 6,038 4, , , JL 6S ,08 489,697 3,3,070 i n,0 9,93 4, ,848 97,443,69,709, , ,574,66 8,740 4,343 0, , , ,99 498,47 3,099,0.0 5 ^,6. 88,780 4, ,54 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. Preliminary. Less than $500,000.

98 May Country CAPITAL MOVEMENTS Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-4. - Short-Term Liabilities, by Type and Country, as of March 3, 976 Preliminary, shortterm liabilities (Position in millions of dollars) Short-term liabilities payable in dollars To foreign banks and official Institutions To all other foreigners Short-term liabilities U.S. U.S. payable Treasury Treasury in Deposits / bills and Other / Deposits / bills and Other / foreign certificates certificates currencies Europe: Austria * * *,45,50 34, Denmark * ,0 6, , Germany... 4,45 4, , Greece * * * Italy...,338, Netherlands ,4 3, , Norway * Spain * 4 4 Sweden...,87,46 8, * 0 Switzerland ,85 7,964,36,88 4, Turkey * * * United Kingdom... 6,48 5, , Yugoslavia * * Other Western Europe...,36, ,5 4 3 * * Other Eastern Europe Europe... 40,765 37,93 6,73 8,08 3,,568, Canada... 4,33 3,407 49,075, Latin America: Argentina..., * 5 * Bahamas...,709, *, Brazil...,30, * 4 0 Chile * 3 * Colombia * 3 * Cuba... 6 * 5 5 * - Mexico..., ,56, Panama ' * Peru * * * Uruguay * 7 Venezuela...,574, Other Latin American Republics..., * 53 Netherlands Antilles * * Other Latin America...,740, , Latin America... 4,343 8,805 3, ,058 5,48 4, Asia: China, People's Republic of (China Mainland) * * * China, Republic of (Taiwan)..., Hong Kong India * 6 8 Indonesia * - Israel * 4 * Japan......,3, ,053 4, * 4 Korea Philippines * * Thailand * * * Other Asia... 7,666 7,83,44 3,609, Asia ,4,830 3,63,57 7,67,356, Africa: Egypt * - Morocco South Africa ' 38 0 * * 6 Zaire * Other Africa...,47,30 440, * Africa... 3,099, , * 5 6 Qlifaer cowries: Australia...,00,957 0, * 3 All other other countries...,6,066 35, * 3 4 foreign countries... 88,780 77,969 4,9^7 34,795 8,88 0,55 8,49 8, Intemational and regional: International... 4,459 4,459 5,459,775 * * European regional * * Latin American regional Asian regional * * African regional * intemational and regional... 4, ;M....^ JL- Grand total... 93,54 8,75 5,94 37,89 30,4 0,57 8,494 8, l / Deposits exclude negotiable time certificates of deposit, which are included in "Other" short-term liabilities. * Less than $500,000.

99 90 Treasury Bulletin.CAPITAL MOVEMENTS. Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-5. - Short-Term Liabilities, Countries and Areas Not Regularly Reported Separately Other Western Europe Cyprus... Iceland Ireland, Republic of... Malta Monaco... Other Eastern Europe Bulgaria... Chechoslovakia... Estonia German Democratic Republic Hungary... Poland... Romania OtherLatin American Republics Bolivia... Costa Rica Dominican Republic., Ecuador El Salvador Guatemala... Guyana... Haiti... Honduras Jamaica Nicaragua Paraguay... «... Trinidad and Tobago... OtagE Lali^ A^^ica Bermuda /... Belize (British Honduras)... British West Indies... French West Indies and French Guiana... Other Asia Afghanistan... Bangladesh / Burma Cambodia... Jordan Laos Lebanon Malaysia Nepal Pakistan Ryukyu Islands (including Okinawa) y... Singapore Sri Lanka (Ceylon) Viet Nam Yemen (Aden)... #... Other Africa Ethiopia (including Eritrea).... F.T.A.I. (French Somaliland).... Ghana Ivory Coast Kenya... Liberia... Mozambique... ''portuguese West Africa'... Southern Rhodesia Sudan... Tanzania... Tunisia... Uganda Zambia Other Countries New Zealand... U.S. Trust Territory of the Pacific Islands. (Position at end of period in millions of dollars) Calendar year Apr. 974 Dec. 974 Apr. 975 Dec n.a /L D n.a. 3 n.a n.a n.a ' a n.a. / n.a n.a / n.a n.a n.a n.a i/ / / y / 3/ n.a n.a n.a n.a l n.a. Note: Data represent a partial breakdown of the amounts shown for the corresponding dates for the "Other categories in the regular monthly series in the Treasury Bulletin. / Bermuda included with Bahamas prior to December 97. / i/ Bangladesh included in Pakistan prior to April 97. Ryukyu Islands included in Japan after April 97. n.a. Not available. * Less than $500,000.

100 May End of calendar year or month CAPITAL MOVEMENTS Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-6. - Long-Term Liabilities by Type long-term liabilities / (In millions of dollars) Official institutions Foreign countries Payable in dollars Banks Other foreigners International and regional Payable in foreign currencies n.a. n.a. n.a. - n,.a n.a. n.a. n.a. - n,.a n.a. n.a. n.a. - n,.a n.a. n.a. n.a. - n,.a n.a. n.a. n.a. - n,.a n.a. n.a. n.a. - n,.a n.a. n.a. n.a. 4 n,.a n.a. n.a. n.a. 06 n,.a n.a. n.a. n.a. 3 n,.a , /... f,546,858, [,560,863, ,66,389, ,490,600, , /... f, & 87 56, , , ,757, Feb..., Mar..., Apr..., May..., ! June..., July...,493, Aug...,446, Sept...,468, Oct...,385, Nov....,39, Dec... *757, Jan...,875,567, Feb.p...,860,57, b7,038,880 ', / Dollar-foreign currency breakdown not available prior to 966; amounts coverage to those shown for the preceding date; figures on the second reported for earlier dates assumed to have been payable in dollars. line are comparable to those shown for the following date. / Data on the two lines shown for this date differ because of changes n.a. Not available, in reporting coverage. Figures on the first line are comparable in p Preliminary.

101 9 Country CAPITAL MOVEMENTS, Treasury Bulletin Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-7. - Long-Term Liabilities by Country (Position at end of period in millions of dollars) * Calendar year ' Oct. Nov. Dec. Jan. Feb. p Mar. p Europe: * 5 * * * * * * * * * * * * * * * * * # * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 3 * * * * * * * * * * * * * * * * * * * * * * * Other Western Europe * * * * * * * U.S.S.R... - Other Eastern Europe Europe Latin America: Bahamas i/ Brazil Chile... 6 * * * Cuba... * * * * * * Mexico Panama i Peru... * * * * * * * * * * Uruguay... * * * * * * * * * * Venezuela Other Latin American Republics Netherlands Antilles / * 4 * * * * * * * * Other Latin America... 3 * Latin America Asia: China, People s Republic of -(China Mainland)... * * * * * * China, Republic of (Taiwan)... * * * * * * * * * Hong Kong... * * * 9 India... * * * * * * * * Indonesia... * * * * * * * * * * Israel... 5 * * * * * * * * Japan Korea... 5 * * * * * * * * Philippines Thailand * * * * * * * Other Asia: Middle East oil-exporting countries... Other countries , I , Asia ,03,036,,36 Africa: Egypt... * * * * * * * * * * Morocco... * * * * * * * * * * South Africa... * * * * * * * * * Zaire... * * - * * * * other Asia... } 7 { 5; Other Africa: Oil-exporting countries l /.... Other countries... other Africa... }. { ; Africa... i X Other countries: Australia * * * * * 6 All other... * * * * * * * * * * other countries * * * * * 6 foreign countries ,34,074,095,34,569,573 ',88 International and regional*. International European regional * * * * * * * Latin American regional Asian regional international and regional ? 57 Grand total...,08,46,85,757,385,39,757,875,860,,038 / Through December 3, 97, Bermuda included with Bahamas. / Through December 3, 975, Surinam included with Netherlands Antilles. / Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). U Includes Algeria, Gabon, Libya, and Nigeria. * Less than $500,000. p Preliminary. * * * * * * *

102 May End Of calendar year or month 96 l/ / / /..., 967 l/ , 969 / / /, 97 / Mar... Apr.., May... June.. July.. Aug.., Sept., Oct.., Nov... Dec.., 976-Jan.., Feb.p, Mar.p, shortterm claims.capital MOVEMENTS. Section II - Claims on Foreigners Reported by Banks Table CM-II-. - Short-Term Claims by Official institutions Loans (In millions of dollars) Payable in dollars Banks Other foreigners Collections outstandinances Accept for made for account of account reporting of foreigners banks and domestic customers in the United States Type Other shortterm claims Payable in foreign currencies Deposits Foreign of government reporting obligations banks and and domestic commercial customers and with foreigners finance paper,99, ,54,344, ,599,407, ,594 3,35, , f 4,79 4,77, , ( 4,777 4,34, , ,0 4,606 l', , Other shortterm claims 5,887 5,344, , f Z ' S U 6,80,65 3,374,055,007, ,957 7,333,773,403,50,35, ' 7,63 7,58,968 7,566,30,68, , ,43,970 7,567,3,7, / 7' 9 7,399 3,39 56,739,43,367, V. 7,853 7,433 3,4 56,739,45,88, / 8,583 8,58 3,37 306,603,8,5 3, { 8,606 8,8 3, *66,8,55 3, ,7 f 7 8,6 3,65 47,697,,733, / 9,578 9,063 3,8 6,946,073,954 3, \ 9,680 9,65 3,78 6.,943,073,05 3, ,80 0,9 3,05 9,70,,389 3, f 3,70,3 8 0 / 3 ',63-.,667,475 4, \ 3,7,377 3,969 / 3,080 /,658,475 4,54,679 / / 5,47 4,65 5,674 63,975,535 3,69 3,04, ^5,676 4,830 5,67 63,970,538 3,76 3,6, ,73 0,06 7, ,538,838 4,307 4,60 3, ,030 37,834, ,34 3,579 5,637,37 9,658, ,876 48,588 3, ,736 5,030 5,467,3 8,637, ,83 4,36 9, ,664 3,64 5,48,34 4,76, ,753 4,65 0, ,499 3,780 5,34,44 4,6, ,866 44,80, ,636 3,85 5,537 0,959 6,460, ,70 44,497, ,796 4,057 5,347 0,639 7,65, ,54 44,368, ,837 4,96 5,383 0,04 7,076, ,44 44,93 3, ,960 4,499 5,34 9,977 5,97, ,564 44,433, ,50 ' 4,64 5,34 0,07 6,34, ,697 46,390, ,483 4,57 5,465 0,34 8,60, ,7 46,846 3, ,99 4,476 5,363 0,60 7,799, ,876 48,588 3, ,736 5,030 5,467,3 8,637, ,75 50,043 3, ,3 4,808 5,3,047 0,077, ,76 5,339 4, ,683 4,899 5,9 0,994,80, ,68 5,847 3, ,93 4,934 5,367,34,704, l/ Data on the two lines shown for this date Idiffer because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. / Data on the second line differ from those on the first line because those claims of U.S. banks on their foreign branches and those claims of U.S. agencies and branches of foreign banks on their head offices and foreign branches which were previously reported as loans are included in "other short-term claims"; and a number of reporting banks are included in the series for the first time, p Preliminary.

103 94 Treasury Bulletin.CAPITAL MOVEMENTS. Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-. - Short-Term Claims by Country (Position at end of period in millions of dollars) Calendar year Country 97 / p Oct. Nov. Dec. Jan. Feb.p " Mar.p Europe: Austria... Belgium-Luxembourg... Denmark... Finland... France... Germany... Greece... Italy... Netherlands... Norway... Portugal... Spain... Sweden... Switzerland... Turkey... United Kingdom... Yugoslavia... Other Western Europe. U.S.S.R... Other Eastern Europe. Europe... Canada... Latin America.: Argentina... Bahamas /... Brazil... Chile... Colombia... Cuba... Mexico Panama.... Peru... Uruguay... ^Venezuela... Other Latin American Republics. Netherlands Antilles 3/ Other Latin America Latin America. Asia: China, People's Republic of (China Mainland)... China, Republic of (Taiwan). Hong Kong... India... Indonesia... Israel... Japan... Korea Philippines... Thailand... Other Asia: Middle East oil-exporting countries 4/... Other countries... other Asia... Asia. Africa: Egypt... Morocco... South Africa... Zaire... Other Africa: Oil-exporting countries 5/. Other countries... other Africa... Africa. Other countries: Australia. All other... other countries... foreign countries... International and regional ,9, , * 4, , Grand total... 5, ,067, , , , , , ,970, , , ,58 4,5 6, , ,73 0,73 / Data in the two columns shown for this date differ because of changes in reporting coverage. Figures in the first column are comparable in coverage to those shown for the preceding date; figures in the second column are comparable to those shown for the following date. Through December 3, 97, Bermuda included with Bahamas. Through December 3, 975, Surinam included with Netherlands Antilles ,403,39,95,403,336,446, ,570 4,59 3,79 3,858 4,59 4,506 4,707 4, ,45 8,787 8,75 8,56 8,787 8,75 9,046 8,55,776,808,78,74,808 3,05,978,895 70,03,343,9,03,46,338,90 3,398 7,53 7,50 6,856 7,53 7,98 9,830 0,89,45,00,536,785,00,3,73, ,97,800,63,565,800,776 3,07 3, , ,03,6,67, ,086,05 980,086,00 95, , ,045, ,4,86,0,555,86 3,059 3,5,708,366 0,47 9,673 9,5 0,47,4 4,483 4, ,54 0,760 0,53 0,49 0,760 0,09 9,860 0,77 955,556,555,505,556,605,75, ,07,48,7,07,59,305,377 6, 6,03 5,56 5,396 6,03 5,477 5,395 5, ,3,7,94,3,5,07, ^ 5^ ,030 49,875 47,696r 4,6 "49,873 5, ,66 - * * ,030 49,876 47,697 s 48,7 49,876 5,75 53,76 53,68 U Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trueial States). 5/ Includes Algeria, Gabon, Libya, and Nigeria, p Preliminary. * Less than $500,000. r Revised.

104 May 976 Country- Europe: Austria Belgium-Luxembourg... Denmark.... Finland... France... Germany... Greece... Italy... Netherlands... Norway... Portugal... Spain... Sweden... Switzerland... Turkey United Kingdom... Yugoslavia... Other Western Europe... U.S.S.R... Other Eastern Europe... Europe... Canada... Latin America: Argentina... Bahamas Brazil... Chile... Colombia... Cuba... Mexico... Panama... Peru... Uruguay... Venezuela... Other Latin American Republics. Netherlands Antilles... Other Latin America... Latin America... Asia: China, People's Republic of (China Mainland)... China, Republic of (Taiwan)... Hong Kong... India... Indonesia... Israel... Japan... Korea... Philippines... Thailand... Other Asia... Asia Africa: Egypt... Morocco South Africa Zaire... Other Africa... Africa... Other countries: Australia... All other... other countries... foreign countries... fefcggnational and regional... Grand total... * Less than $500,000. CAPITAL MOVEMENTS. Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-3. - Short-Term Claims, by Type and Country, as of March 3, 976 shortterm claims , , ,55,895, , , , ,77, ,377 5, , ,66 53, , , ,04, , ,03, , ,680 4, ,99, ,369 5, , ,845 5,847 Preliminary (Position in millions of dollars) Short-term claims payable in dollars , , ,640 3,643 Loans Foreign banks and official institutions , , , ,707 8,709 3, ,934 4,934 Collections outstanding for account of reporting banks and domestic customers , , , ,367 5,367 Acceptances made for account of foreigners * * ,88, , ,34 Other 3 86 * * 77 3,8 4,40, , *,53,775 6, , * * * 48 * Short-term claims payable in foreign currencies Deposits of reporting banks and domestic customers with foreigners * * * 35 * Foreign government obligations and commercial and finance paper Other,34,704 L, * 36 7 *

105 96 Treasury Bulletin.CAPITAL MOVEMENTS. Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-4. - Long-Term Claims by Type End of calendar year or month long-term claims (In millions of dollars) Official institutions Payable in dollars Loans Tto-nVfl Other foreigners Other long-term claims Payable in foreign currencies ,74 n.a. n.a. n.a. n.a. n.a. n.a. n.a ,36 n.a. n.a. n.a. n.a. n.a. n.a. n.a ,545 n.a. n.a. n.a. n.a. n.a. n.a. n.a. I960...,698 n.a. n.a. n.a. n.a. n.a. n.a. n.a ,034 n.a. n.a. n.a. Ji.a. n.a. n.a. n.a ,60 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 963-May /... f,93,93, ,38 33 * [,379,379, ,34 33 * 963 / /... j,837,834, , \ 3,030 3,08, ,685 7 / 3,97 3,97 3, ,37 95 * ^ 4,85 4,83 3, , ,57 4,508 4, , ,80 4,6 3, ,70 47 < ,95 3,909 3, , ,567 3,55 3, , ,50 3,3, , ,075 3,050, , ,667 3,645 3, , f 97 4,954 4,94 4, , /... [ 5,063 5,03 4, , ,996 5,94 5,446, ,694 si ,83 7,0 6,494, , ,485 9,369 8,435,380,69 5, ,589 7,58 6,90,40,069 4, ,69 7,54 6,935,4,7 4, ,906 7,84 7,5,83,98 4, ,95 7,859 7,40,7, 4, July... 8,43 8,5 7,360,87,98 4, ,59 8,75 7,3 88,76,336 4, ,539 8,445 7,637,348,364 4, Oct ,860 8,747 7,907,66,56 5, ,070 8,95 8,050,303,547 5, ,485 9,369 8,435,380,69 5, Jan... 9,4 9,95 8,349,90,636 5, ,5 9,364 8,35,65,635 5,45,0 48 9,76 9,6 8,60,35,75 5,56,0 49 Data on the two lines shown for this date differ because of changes in reporting coverage. Figures cm the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. n.a. P Not available. Preliminary. Less than $500,000.

106 May CAPITAL MOVEMENTS. Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-5. - Long-Term Claims by Country (Position at end of period in millions of dollars) Calendar year Country 97 / Oct. Nov. Dec. Feb. p Mar. p Europe; Austria... Belgium-Luxembourg... Denmark... Finland... France... Germany... Greece... Italy... Netherlands... Norway... Portugal... Spain... Sweden... Switzerland... Turkey... United Kingdom... Yugoslavia... Other Western Europe. U.S.S.R... Other Eastern Europe. Europe... Canada " ,7 490* ,908 50* , " , ~ , , ' , , , Argentina.. Bahamas g/. Brazil... Chile... Colombia... Cuba... Mexico... Peru... Uruguay... Venezuela... Other Latin American Republics. Netherlands Antilles /.... Other Latin America... Latin America... Asia: China, People*s Republic of (China Mainland)... China, Republic of (Taiwan). Hong Kong... India... Indonesia... Israel... Japan... Korea... Philippines... Thailand... Other Asia: Middle East oil-exporting countries 4 /... Other countries... other Asia... Asia... Africa: Egypt... Morocco... South Africa... Zaire... Other Africa: Oil-exporting countries 5/... Other countries... '... other Africa... Africa. Qfrher countries: Australia... All other... other countries... foreign countries... Xn-frerna-fr.ional ayid xsftjlonal, * ; , , , * , , ,059 X , , , , , , , ,79 9 * , , ,68 33 * ,78 Grand total... 4,954 5,063 5,996 7,83 8,860 / Data in the two columns shown for this date differ because of changes in reporting coverage. Figures in the first column are comparable in i j coverage to those shown for the preceding date; figures in the second 3/ column are comparable to those shown for the following date. * / / Through December 3, 97, Bermuda included with Bahamas. Through December 3, 975, Surinam included with Netherlands Antilles. p , , ,760 7 * , , , ,79 9 * , , * , ,77 8 * , , * , , , , *, , ,783 * ,070 9,485 9,4 9,5 9,76 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saugi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. Less than $500,000. Preliminary. 34

107 98 Treasury Bulletin Country C.APTTAT. M OVEM ENTS Section II - Claims on Foreigners Reported by Banks in the UnitW States Table CM-II-6. - Long-Term Claims, by Type and Country, as of March 3,976 Preliminary (Position in millions of dollars) Long-term claims payable in dollars long-term claims Loans Other Long-term claims payable in foreign currencies Europe: * France , Germany Italy * Netherlands Norway Portugal Spain Sweden * Switzerland * Turkey United Kingdom Yugoslavia Other Western Europe * Europe...,68,666, Canada Latin America: 'Argentina Bahamas Brazil...,93,9,36 56 Chile Colombia * Cuba... * * * - - Mexico...,039, * Panama Peru Uruguay Venezuela Other Latin American Republics Netherlands Antilles Other Latin America Latin America... 3,6 3,608 3, Asia: China, People's Republic of (China Mainland) China, Republic of (Taiwan) Hong Kong India * - Indonesia Israel Japan * Korea Philippines Thailand * Other Asia Asia...,783,78,54 67 Africa:... * Morocco... * * * * South Africa Zaire Other Africa Africa Other countries: Australia All other other countries foreign countries.... 9,76 9,578 8,576,00 49 International and regional Grand total... 9,76 9,6 8,60,0 49 * Less than $500,000.

108 May CAPITAL MOVEMENTS. Section III - Liabilities to Foreigners Reported by Nonbanking Concerns in the United States Table CM-III-. - Liabilities by Type (In millions of dollars) Short-term liabilities End of calendar year or quarter-end month / liabilities Payable in dollars Payable in foreign currencies Long-term liabilities / Mar./., June /., Dec June /., Dec. /., June /., Dec / /...* Z / / / Mar June... Sept... Dec. p ,49,784,85,737 5,780 5,863 5,90 Note: Breaks in series arising from changes in amount to $5 million or less for any year are cases, only the figure comparable to that for shown. l/ Data are shown for calendar year ends and for quarter ends for which figures are available " ) 70 J j J 5 9 ^ 30 J J f 36 \ 47, ,37,386,07,039,608,5 38,9,786, ,75,4,654 47,304,677, ,0,704,763,9, ,59 3,38 3,9,635 3, ,47r,948r 469 3,603r 4,006r 3,90r 7l6r 3,886r 5,88r 4,905r 9r 3,768r 5,804r 4,940r 864r 4,044r 5,80r 4,97r 830r 4,55r 5,876 5, ,04 5,776 5, ,4 reporting coverage which not shown; in such the follcwring date is most recent five Data are also shown for earlier quarter ends when the reporting coverage changed. i/ Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shewn for the following date, p Preliminary. r Revised.

109 00 Treasury Bulletin CAPITAL MOVEMENTS Section III - Liabilities to Foreigners Reported by Nonbanking Concerns in the United States Table CM-III-. - Short-Term Liabilities by Country (Position at end of period in millions of dollars) Calendar year Country 97 y 97 / 973 Dec. Mar June Sept. Dec. p Europe: Austria Belgium-Luxembourg r 480r 340r Denmark Finland France L Germany r 93r Greece Italy Netherlands r r 43r Norway... Portugal... Spain Sweden Switzerland r 55r Turkey United Kingdom l,8r 95r l,58r l,6r l,033r Yugoslavia Other Western Europe * * * * Other Eastern Europe Europe...,55,6,830 l,988r *055* 3,08r,85r.53r.496,4..,. Canada " 5 63r 306r 58 8r Latin America: Argentina Bahamas / * 48 9r 307r 77r 0 86 Brazil Chilp Cuba... * * * * * * * * Mexico Panama Peru Uruguay Venezuela r Other Latin American Republics Netherlands Antilles and Surinam r 6 Or Other Latin America Latin America r 878r 876r Asia: China, People's Republic of (China Mainland) China, Republic of (Taiwan) Hong Kong India Indonesia Israel Japan Korea Philippines Thailand Other Asia r r 84r 908,07 Asia r,39 l,308r l,488r,575,77 Africa: Egypt Morocco South Africa Zaire Other Africa A0 Africa Other countries: Australia All other other countries , foreign countries...,704,763 3,9 3,46r 4,006r 5.670r 5.603r 5.545r..J5,60. Intemational and regional... * - * * ,704,763 3,9 3,47c 4,006r 5,88r 5,804r 5,80r 5,876 5,776 / Data in two columns shown for this date differ because of changes / Through December 3, 97, Bermuda included with Bahamas, in reporting coverage. Figures in the first column are comparable in * Less than $500,000. coverage to those shown for the preceding date; figures in the second p Preliminary, column are comparable to those shown for the following date. r Revised.

110 May CAPITAL MOVEMENTS Section III - Liabilities to Foreigners Reported by Nonbanking Concerns in the United States Table CM-III-3. - Short-Term Liabilities, by Type and Country, as of December 3, 975 Preliminary (Position in millions of dollars) Country short-term liabilities Payable in dollars Payable in foreign currencies Europe: Austria * Belgium-Luxembourg Denmark Finland * France Germany Greece Italy Netherlands Norway Portugal * Spain Sweden Switzerland Turkey... 5 United Kingdom Yugoslavia Other Western Europe * Other Eastern Europe Europe...,4, Canada, "8.... Latin America: Argentina Bahamas Brazil Chile * Colombia * * * Mexico Panama Peru * Uruguay... 3 * Venezuela Other Latin American Republics Netherlands Antilles and Surinam * Other Latin America Latin America Asia: China, People's Republic of (China Mainland) China, Republic of (Taiwan) Hong Kong India Indonesia Israel Japan Korea * Philippines Thailand Other Asia...,07,08 9 Asia...,77, Africa: Egypt * Morocco South Africa Zaire Other Africa Africa Other countries: Australia All other other countries foreign countries... 5,500 4, International and regional Grand total... 5,776 5, * Less than $500,000.

111 0 Treasury Bulletin CAPITAL MOVEMENTS Section III - Liabilities to Foreigners Reported by Nonbanking Concerns in the United States Table CM-III-4. - Long-Term Liabilities by Country (Position at end of period in millions of dollars) Country Calendar year / 97 / 973 Dec. Mar. June Sept. Dec.p Europe: * * * * r 7r 35r 8 67 Denmark * * * * * * * * r 54r 507r L Italy * * * * Portugal * * * * * * * * Spain * r 574r Turkey * * * * * * * * United Kingdom r,r,86r l,30r l,389r,474,53 * * * * * * * *- * * Other Western Europe... * * * * * * *»- * * Other Eastern Europe * * * * * * Europe...,670,65,560..6l3r r706r.95r 3.065r 3.66r Canada, * r 09r 45 6 Bahamas / Chil<=*... Colombia,... * * * * Cuba... Mexico... r Panam a * * 3 * * * * * * * * * * * * * * Venezuela... Other Latin American Republics Netherlands.Antilles and Surinam Other Latin - A m e r i c a.... * * Latin America Asia: China, People's Republic of (China Mainland)... - * * * * * * * China, Republic of (Taiwan)... * * * * * * * * * Hong Kong * * * India... * * * * * * * * * Indonesia * * * * * * * * Japan r Korea... * * * * * * * * * * Thailand... * * * * * * * * * * Other Asia Asia L lr Africa: Egypt... * * * * * i * * * * * * * * * * i * * * * * South Africa... Zaire... * * * * * * * * * r Africa r 09\Brtrtqg: Australia All other... * * * * * * * * * * , ,. foreign countries... 3,59 3,38 3,540 3,603r 3,886r 3,768r 4,044** 4,55r 4,04 4,4 W i regipqa; * Grand total... 3,59 3,38 3,540 3,603r 3,886r 3,768r 4,044c 4,55r 4,04 4,4 / Data in the two columns shown for this date differ because of changes / Through December 3, 97, Bermuda included with Bahamas. in reporting coverage. Figures in the first column are comparable in * Less than $500,000. coverage to those shown for the preceding date; figures in the second p Preliminary, column are comparable to those shown for the following date. r Revised.

112 May End of calendar year or quarter-end month / r... I960 / Mar. /.. June /., Sept. /. Dec June /.. Dec. /., 963-lifer. /., June /.. Dec. /., 964-June /.. Dec. /., 965 J / J j /... ±97 / Mar... June... Sept... Dec. p.. CAPITAL MOVEMENTS Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States claims Table CM-IV-. - Claims by Type (In millions of dollars) Payable in dollars Short-term claims Payable in foreign currencies Deposits with banks abroad in reporter's own name Other short-term claims payable in foreign currencies Long-term claims , f,775 ^,859 f,633 ^,70 f,895 \,934 f,099 \,7,43,505,48,305,496,58,646, ,8,08,33, " 9 J,38,636, f,443,678 f,809 \,867 /,99 ^,979 { 3,048 L3 l64j f,854 \^,9 f 3,97 <3,45 f 3,738 ^3,934 f 3,565 ^ 3,438,807,974,05,098,3,6,475,598,65,668,7, ^ 00 J 86,8, f 766 ^ 88,3,88,48,430,776,853,397,99,739,778,000,95,306,338,000, V J 85 3,884,68, ,56 f 4,483 < 4,58,946 3,0,59,599 5,57 3,783 3, *790 f 5,95 ^ 6,53 3,70 4,59 3,4 3,53 7,0 4,60 3, ,950 f 8,.303 ^ 8,067 f 9,034, 9,577r 5,85 5,000 5,7 6,30r 4,535 4,467 5,074 5,643r ,08,69,39,537,570,5,363 3,8 3,068 3,3 3,74r,60r 8,48r 7,569r 493r 4r 3,678r 5,47r ll,68r 0,0r 473r 594r 4,59r 5,049r 0,90r 9,769r 453r 688r 4,39r 4,95r 0,866r 9,574r 479r 83r 4,086r 5,99,69 0, ,8 6,390,068 0, ,3 Not$: Breaks in series arising from changes in reporting coverage which amount to $5 million or less for any year are not shown; in such cases, only the figure comparable to that for.the following date is shown. / Data are shown for calendar year ends and for the most recent five quarter'ends for which figures are available. Data are also shown for earlier quarter ends when the reporting coverage changed. / Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date, p Preliminary. ' r Revised.

113 04- CAPITAL MOVEMENTS Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-. - Short-Term Claims by Country (Position at end of period in millions of dollars) Treasury Bulletin Calendar year Country 97 / 97 / 973 Dec. Mar. June Sept. Dec. p Europe: ' , Italy Portugal < Turkey United Kingdom ,044,4,549,853 l,657r l,557r,785,89 Yugoslavia Other Western Europe M L 0 ; 49 Other Eastern Europe ,080,05,309,506 3,38! 4,469 3,840r 3,763r. 4, Canada T, 4 0 r l,68r,855r l,948r,0,00 LatiiLAmerica: Argentina r Bahamas / L r 8r 463r 378r 349r Chile* Cuiba....L Mexico r 95r 3r 305r Panama Peru Uruguay Venezuela X Other Latin American Republics I93r Netherlands Antilles and Surinam Other Latin America Latin America...,090,084,89 l,500r,843?,305r,68r,5r,84,99 Asia: China, People s Republic of (China Mainland)... * * China, Republic of (Taiwan)...* r 39r r Hong Kong India Indonesia r 9r 7r 47r Israel Japan r l,39r l,36r l,50r,65,37 Korea Philippines r Other Asia r 396r 468r Asia ,066 l,697r,337r,49r,50r,650,68 Africa: Egypt Morocco South Africa Zaire Other Africa Africa Other countries: Australia All other other countries r 7 40 foreign countries... 5,8 4,996 5,7 ~6,30r 8,48r ll,68r 0,90r 0,865r,69,067 Intemational and regional r ' * * * Grand... 5,85 5,000 5,7 6,30r 8,48r ll,68r 0,90r 0,866r,69 ;,068 / Data on the two columns shown for this date differ because of changes / Through December 3, 97, Bermuda included with Bahamas, in reporting coverage. Figures in the first column are comparable in * Less than $500,000. coverage to those shown for the preceding date; figures in the second p Preliminary, column are comparable to those shewn for the following date. r Revised.

114 May 976.CAPITAL MOVEMENTS. Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-3. - Short-Term Claims, by Type and Country, as of December 3, 975 Preliminary (Position in millions of dollars) 05 Country short-term claims Payable in dollars Deposits with banks abroad in reporter's own name Payable in foreign currencies Other short-term claims payable in foreign currencies Europe: 'Austria... Belgium-Luxembourg... Denmark... Finland... France... Germany... Greece... Italy... Netherlands... Norway... Portugal... Spain... Sweden... Switzerland... Turkey... United Kingdom... Yugoslavia... Other Western Europe. U.S.S.R... Other Eastern Europe. Europe... Canada... Latin America: Argentina... Brazil... Chile... Colombia.*... Cuba... Mexico... Panama... Peru... Uruguay... Venezuela... Other Latin American Republics. Other Latin America. Latin America. Asia: China, People's Republic of (China Mainland)... China, Republic of (Taiwan). Hong Kong... India... Indonesia.... Israel... Japan... Korea... Philippines... Thailand... Other Asia... Asia. Africa: Egypt... Morocco... South Africa. Zaire... Other Africa. Africa. Pjjher.cpun^ries: Australia... All other... other countries... foreign countries... International and regional. Grand total. * Less than $500, * * 9 90 * * * * * 3 ; *!,89, * * 4! * * * * 4,504 4, ,crar... *, * * * * * * * * j,99, *! Q * *, * i * * ,68, * 0 9 * ,067 0, T * - -,068 0,

115 0 6 Treasury Bulletin End of calendar year or month..capital MOVEMENTS, Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-4. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns by Type short-term liquid claims (In millions of dollars) Payable in dollars Demand Deposits Time Short-term investments / Payable in foreign currencies Deposits Short-term Time investments / 965 / / / /. 97 /., ( ,078,63,638,38,49,4,648,507,965,373 3,l64r 3,337r 3,675r ,306,068, 847,95,05,65,966,640r,937r , ',09,078,446,90,588,583r,653r , r r 697r 737r " r 49r 496r r 68r Feb., Mar., Apr., May., June, July, Aug., Sept, Oct., Nov., Dec., 976-Jan., Feb., 3,40r 3,307r 3,440r 3,64r 3,4r 3,94r 3,53r 3,659r 3,488r 3,84r 3,675r 4,075 4,346,568r,5l6r,5r,85r,355r,47r,495r,689r,8l4r 3,083r,937r 3,337 3,574,5l6r,450r,474r,38r *l6r,9r,76r,443r,484r,66lr,653r 3,06 3, r 6r 9r 46r 330r 43r 84r r 79r 99r 979r 859r 877r l,08r 970r 674r 74r 737r r 407r 373r 453r 47r 475r 508r 474r 45r 456r 496r r 384r 545r /56r 43r 40r 50r 496r 49r 84r Note: Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Tables CM-IV- through CM-IV-3. / Negotiable and other readily transferable foreign obligations payable on demand or having a contractual maturity of not more than one year from the date on which the obligation was incurred by the foreigner. / Data on the two lines shown for this date differ because of changes in reporting coverage or classification. Figures on the first line are comparable to those shown for the preceding date; figures on the second line are comparable to those shown far the following date, r Revised. Table CM-IV-5. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns by Country Country (Position at end of period in millions of dollars) Calendar year 97 / Oct. 975 Nov. Jan. 976 Feb. Belgium-Luxembourg... France... *... Germany... Italy... Netherlands... Switzerland... United Kingdom... Canada... Bahamas Z l... Japan... All other countries / ,8 765r 306r , r r l,88r, r 339r 35r I8r 4r l,99r l,53r r I80r r l,89r l,330r 550r 345r l,88r, r 339r 35r ,469, ,480, ,965,373 3,l64r 3,337r 3,675r 3,488r 3,84r 3,675r 4,075 4,346 Note: Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Tables CM-IV- through CM-IV-3. H Data xn the two columns sho n for this date differ because of changes in reporting coverage. Figures m the first column are comparable in coverage to those shown for the preceding date; figures in the second column are comparable to those shown for the following date. / Through December 3, 97, Bermuda included with B&hamas 3/ Includes the liquid alaims of $500 thousand or more held by reporting concerns in any country not list«d above. r Revised.

116 May CAPITAL MOVEMENTS Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-6. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Type and Country, as of February 9, 976 (Position in millions of dollars) Country short-term liquid claims Payable in dollars Deposits Short-term investments / Payable in foreign currencies^ Deposits Short-term investments / Italy... 3 * * Switzerland ,480,48, Canada......,333,00' Bahamas All other countries / ,346 3,574 3, Note: Data represent the liquid assets abroad of large nonbanking concerns on demand or having a contractual maturity of not more than one year in the United States. They are a portion of the total claims on foreigners from the date on which the obligation was incurred by the foreigner, reported by nonbanking concerns in the United States and are included / Includes the liquid claims of $500 thousand or more held by reporting in the figures shown in Tables CM-IV- through CM-IV-3. concerns in any country not listed above. / Negotiable and other readily transferable foreign obligations payable * Less, than $500,000.

117 0 8 Treasury Bulletin f! APTTAT MOVEMENTS Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-7. - Long-Term Claims by Country (Position at end of period in millions of dollars) endar year Country 97 / 97 / 973 Dec, Mar. June Sept. Dec.p Europe: Austria... Belgium-Luxembourg... Denmark... Finland... France... Germany... Greece... Italy... Netherlands... Norway... 'Portugal... Spain!... Sweden... Switzerland... Turkey... United Kingdom... Yugoslavia... Other Western Europe. U.S.S.R... Other Eastern Europe. Europe... Canada... Latin America: Argentina.... Bahamas / Brazil Chile.... Colombia,,,.... Cuba... Mexico Panama.... Peru.... Uruguay... Venezuela... Other Latin American Republics.. Netherlands Antilles and Surinam Other Latin America... Latin America. Asia: China, People's Republic of (China Mainland)... China, Republic of (Taiwan). Hong Kong... India... Indonesia... Israel... Japan... Korea... Philippines... Thailand.... Other Asia... Asia. Africa: Egypt... Morocco... South Africa. Zaire... Other Africa. Africa. Other countries: Australia... All other... other countries... foreign countries... International and regional Grand total. 3, * 5 * * 6 * ,5 3,065 "...- " 3,068 Data in the two columns shown for this date differ because of changes in reporting coverage. Figures in the first column are comparable in coverage to those shown for the preceding dats; figures in the second column are comparable to those shown for the following date * r 60r 57r * * 0 * * ,05 l,006r 994r 933r r 79r 98r 96-r 970r r 8r 8r r r 3 4r 48r * * ,053r,373r,349r l,35r,35,397 0 * r 46r 50 6r r ' r 33r 9r 53r r r r I64r I66r 4r r $3r 73r r 94r L 6l3r 68lr 64r 655r * 4 * * * * r 06r 5r r 39r 46r , ,308 3,7Qr 3,674r 4,54r 4,33r 4,080r 4, 4, x ,3 3,74* 3,678r 4,59r 4,39r 4,086r 4,8 4,3 / Through December 3, 97, Bermuda included with Bahamas. * Less than $500,000. p Preliminary. Revised *

118 May Calendar year or month n APTTAT M flvbm RNTS Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-. - Foreign Purchases and Sales of Long-Term Domestic Securities by Type (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Marketable Treasury bonds and notes Net foreign purchases Foreign countries Official Other institutions foreigners International and regional Gross foreign purchases Gross foreign sales Corporate and other securities Net Bonds / foreign purchases of Net Gross Gross corporate foreign and other purchases securities foreign purchases foreign sales Net foreign purchases Stocks Gross foreign purchases Gross foreign sales >37 73,4, ,397, , ,4, ,730, ,977, ,744, ,067, ,780, ,60, ,867, ,74, ,49, ,076 3, ,077, ,70 4, ,96 678,0, ,740 5, ,070 33,43, ,033 7, ,34,964 4,446,48,70 3,8 IQ, = ,688,0 3,054,853,487,49 0, ,58 956,499, ,97 8,30 97i...,67, ,44 74, ,967,63 73,66 0, ,36 3,8-57 4,358,043 4,068,88 4,73,84,88 4,36, ,738,433 4,75,96 5,88 3,867,,790,767 9, ,383 3,854, ,549 7,58 540, 7,634 7, ,948 -, ,809 6,86 5, ,94 4,64 4,465 5,066 0, Jan. - Mar.., ,75,838,693 8,534,305 l,4b4 6,86 4,8 975-Mar..., , \,5 93 Apr ,,38,058 May ,57,49 June... i I ,3,063 July ,669,080 Aug ,53 7 Sept Oct ,407,04 Nov ,4 809 Dec >, Jan , ,060,544 Feb.p , ,095,j, , ,3 I / Data include transactions in issues of states and municipalities, p Preliminary, and of corporations and other agencies of the U.S. Government. Table CM-V-. - Foreign Purchases and Sales of Long-Term Foreign Securities by Type Calendar year or month (in millions of dollars; negative figures indicate net sales by foreigners oi» a net outflow of capital from the United States) Net foreign purchases of foreign securities Net foreign purchases Foreign bonds Gross foreign purchases Gross foreign saled Net foreign purchases Foreign stocks Gross foreign purchases Gross foreign sales ,363 -,06 889, ,458 -? , , , ,093, ,044 -,095 99, , ,4,98, ,778, ,30 -,63,04 3, , ,695 -,380,306 3,686-34,5, ,547 -,09,55,58-57,59, ,490,44 35 '', ,687,6-49,385, ,03,90,93 409,53, ,474,467 76,79, ,033 -,8,036 3,54 85,907,7 975,... -6,479-6,99,385 8,68-8,539, Jan. - Mar... r -,557 -,455,0* 3, Mar M ay J&ne a d y , Sept Oct Nov Dec , ,90 8, Jan... Feb.p ,0 -, , ,547,

119 0 Treasury Bulletin CAPITAL MOVEMENTS Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-3. - Net Foreign Transactions in Marketable Treasury Bonds and Notes by Country (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Calendar year Country through Oct. Nov. Dec. Jan. Feb.p Mar.p Mar.p Europe: * * * -9 * * * - * * * * * * * * - * * France... * * Germany..., * * * * * * * Italy... * - * * * * * * * * Netherlands * * * 30 * * * * * Spain * * * * * * * Sweden..., * Turkey * - * * United Kingdom Yugoslavia Other Western Europe... U.S.S.R.« * * * - 74 * Other Eastern Europe... * * * * - * - - * - Europe Canada * Latin America: Argentina... * * * * * Bahamas 3/ * * * - - * Brazil... * * * Chile... * * * * * * Colombia... * Cuba... Mexico... * * 0 * * 0 * * Panama * * * * * * * * Peru... ' * Uruguay... *.. Venezuela... 3 * * * Other Latin American Republics.. * * * * * * Netherlands Antilles /... * Other Latin America * * * * * Latin America Asia: China, People's Republic of (China Mainland)... China, Republic of (Taiwan)*... * * * * * Hong Kong.... * * 60 * * 0 * India... Indonesia * Israel * * * * - * Japan.* ,054-7 Korea Philippines... * * 6 8 Thailand.... * * - Other Asia: Middle East oil-exporting countries /... /, Other countries * other Asia... } - 00 \, Asia , Africa: Egypt... - Morocco..., South Africa * * * * * Zaire..., * * Other Africa: Oil-exporting countries i j Other countries.*... I 6* other Africa.... }. -5 \ Africa * Pi* Other countries: Australia... * -5 * * * All other... - * - * other countries... * -5 * * * * - foreign countries ,747 8* Jfctepnsrtlonal and yfegiqnal : International Latin American regional Asian regional E - - international and regional Grand total ,9X8, / Through December 3, 97, Bermuda included with Bahamas. / Through December 3, 975, Surinam included with Netherlands Antilles. / IncludesrBahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia. and the United Arab Emirates (Trucial States). 4/ Includes Algeria, Gabon, Libya, and Nigeria. Preliminary. Less than $500,000*

120 May 976 CAPITAL MOVEMENTS Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-4. - Estimated Foreign Holdings of Marketable Treasury Bonds and Notes by Country (Position at end of period in millions of dollars) Calendar year Country Oct. Nov. Dec. Jan. Feb.p Mar.p Austria * * «* 9 * * * * * Belgium-Luxembourg Denmark... * * * * * * * * * Finland... * 5 5 * * * * France * * * * * * * 0 Germany Greece... * * * * * * * * * Italy... * * * * * * * * * Netherlands Norway * * * * * * * * * Spain Sweden Switzerland Turkey... - * * * * * * * * United Kingdom Yugoslavia * 44 * 44 * 363 * 374 * 370 * 386 * Other Western Europe Other Eastern Europe Europe ,044,57,34,044. v #..,76 Canada Latin America: Argentina... * * * * * * * * * Bahamas / Brazil... * * * * * * * * * Chil**... * * * * * * * * * * * * * * * * * * Cuba... Mexico * * 0 * Panama... * * Peru... * * * * * * * Uruguay...» * * * * * * * Venezuela Other Latin American Republics Netherlands Antilles J Other Latin America Latin America Asia: > 60 China, People's Republic of * - * Hong Kong India Indonesia... (China Mainland)... China, Republic of (Taiwan)... * - * * * * * * * * * * * * * Israel... * * * * * * * * * Japan... 4,55 3,498 3,7 3,50 3,69 3,7 3,68 3, 3,7 Korea.... Philippines... I... * * 3 * * Thailand... * * * * * * * * * Other Asia ,98,755,806,98,,7.435 Asia... 4,563 3,709 5,346 5,39 5,8 5,346 5,473 5,549.5,779 Africa: Morocco... * * * * * * * South Africa... * * * * * * * * * Zaire * * * * * * * * Other Africa Africa Other countries: Australia * * * * * * * * - * * * * * * * other countries... 5 * * * * * * * * 6,3 5,557 7,304 7,36 7,6 7,304 7,55 7,66 8,6 j&tffrqatipixal a^d, regional; International , Latin American regional Asian regional... *... * * * * * * * * * * international &nd regional , Grand total ,79 5,708 7,655 v 7,7 7,50 7,655 8,64 8,75 9,09 Note: Data represent estimated official and private holdings of marketable totals or to Grand total. U.S. Treasury securities with an original maturity of more than one year. / Through December 3, 97, Bermuda included with Bahamas. Data are based on a benchmark survey as of January 3, 97 and the monthly transactions reports. Country detail may not add to the area / Through December 3, 975, Surinam included with Netherlands Antilles, p Preliminary. * Less than $500,000.

121 .CAPITAL MOVEMENTS, Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-5. - Net Foreign Transactions in Long-Term Domestic Bonds, Other than Treasury Bonds and Notes, by Country Treasury Bulletin (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Country Calendar year through, Mar. p! Oct. Nov. Dec. Jan. Feb.p Mar. p Europe: 4-6 * * 7 * * * * * -3 * * * -3 * * * * * * * * * * * * * * * * * * * * * * - * * * * * * * * * * * * 3 * - * * * * * 8 * - * * * - * * * * * - * * * * * * * * * * * * * * * - - * * I -, Latin America: * 3, * * * * * * * 8 5 * * * * * *! * * * * * * * * - * * * * * * - * * * * * * * * * * * * Panama.... * * - -3 * * * * * * * * * * * * * 0 * Other Latin American Republics.. * 4 * - * * Netherlands Antilles / * 6 * *, * - - * Asia: China, People s Republic of * - * * * * - * * * * * India... * * * * * * * * * * * - * * - * * * * * Korea... * * * * * * * * * * * Thailand... * * * * * * * Other Asia: Middle East oil-exporting r, Other countries... > - - * * * * - other Asia... J 89, Asia , Africa: Egypt... * * * ~! * * * * * * * * * * * * Other Africa! Oil-exporting countries /... - * Other countries... f * / ( other Africa... J * * I K * * Qlher countries: * * * -0 * -0 All other... * * * * * * - * - - other countries * * * -0 * -0 foreign countries...,934, " , 9-5 International ^ r?gionai; * - ~ Latin American regional international and regional } , / Through December 3, 97, Bermuda included with Bahamas. United Arab Emirates (Trucial States). / Through December 3, 975, Surinam included with Netherlands Antilles. i j Includes Algeria, Gabon, Libya, and Nigeria. / Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the p Preliminary. * Less than $500,000.

122 May 976 CAPITAL Mf>VF!MP,NTS Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-6. - Net Foreign Transactions in Domestic Stocks by Country (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Country Calendar year I through Mar.p Oct. Nov. Dec. Jan. Feb. p Mar.p Eurot>e: 3 - * * * * * * - * - * * - * * * * * * * * Italy * 7 * * * * * - - * -3 3 ' * i * - * - * * * * * * * * * * ! * * * * * * * * * * 3 4 * * * * * - - * - -,04 8, ! : Latin America: * * * * * * * * * * * * * * * * * Chile... * * - * * * * * * * * * * * * * * * * * * * * * , 3-3 Panama * * ' * 9 Peru... - * * * * * * * * * * - * * * * - * ' * - 3 Other Latin American Republics.. -3 * 3 * * * * * * * ; * * Asia: China, People's Republic of (China Mainland)... * * * * * - * * * * * * * * * * * * * * * * * * - * * * * * * * * * Israel * * * - * * * * * * * * - Philippines... * * * * * - - * * * * * * * * * Other Asia: Middle East oil-exporting countries /... Other countries... r, ( 3 * J I, , Africa; Egypt * * * * * * * - * * * * * * * * * * -5 * * * * * * * * * * * * * * * * * * Other Africa: Oil-exporting countries 4/... * * * * * 3 * 6 * -3 other Africa..., 3 4, ( * * * -3 7 Ofoer countries: Australia... * 4 * 3 * * All other... * * * * * * other countries... * 3 4 * 3 -,78 56 T & T m m International and regional: * 8 European regional... * - - « Asian regional... * * African regional international and regional : 4-6 * 8 Grand total...., ,465, / Through December 3, 97, Bermuda included with Bahamas. / Through December 3, 975, Surinam included with Netherlands Antilles. / Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). i j Includes Algeria, Gabon, Libya, and Nigeria, p Preliminary. * Less than $500,000. $7 577

123 4 Treasury Bulletin..CAPITAL MOVEMENTS. Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM*V-7. - Net Foreign Transactions in Long-Term Foreign Bonds by Country (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Country alendar year through Mar.p Oct. Nov. Dec. Jan. Feb.p Mar.p Europe: * * -5 * * * * * * * * 6 4 * * * * * * * * * * * * * - * * * * Italy * * * * -0 - * * -98 * * * - * * * 3-4 * * * * * * * - 6 * 3 * * * * * * * * * - * - * * * * - * * * Other Eastern Europe... * * * * * - * - * Canada ,56-3,085* -, Latin America: * * * * * * * * * * * * Chile... 3 * * * ' * * -9 *! * * * * * * * * - * - - * ' * -3 * i -3 - * * * * * * < * * * * ' * * * * * * Other Latin American Republics * * 5 * Netherlands Antilles j Other Latin America * * * Asia: China, People's Republic of (China Mainland) * * * * * * * * -4 4, * 5 - India... 4 * * * * Israel I * * * * - 8 * * * * * * * 3 5 * 6 * Africa: Egypt * * * - - * * * * - * - * * * * - * * * * * - - Qther e ntries: * * * ,34 -,58-4,4 -, , Internationa^andjegional; , European regional * * * * * Latin American regional Asian regional... * international and regional ,85-39! Grand total ,8-6,99 -, , ,45-97 / Through December 3, 97, Bermuda included with Bahamas. p PtpI fm-fnqry. J Through December 3, 975, Surinam included with Netherlands Antilles. * Less than $500,000.

124 May Europe: CAPITAL MOVEMENTS Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-8. - Net Foreign Transactions in Foreign Stocks by Country (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Country Calendar year through i Mar.p Oct. Nov. Dec. Jan. Feb.p Mar.p * * * * * * * * * * * - * * * * * * * * - * * * * * * * * * * * * Italy... - * * - * * * * Netherlands * * * * * * * * * * Portugal.*... - * * * - * - * Spain * * * * * * * Sweden... * * - 3 * - - * Turkey... * * - * * - United Kingdom * * - * * * * * * * * * - - Other Eastern Europe Europe ( !4 f -4 Canada Latin America: - * * * ' * * * * * * * * * * - * -7 * * * * * Chile... * * * * * * * Colombia,#... * * * * * * * * * * * * * - * -5 5 * * * * * * - * * * * * * * * * * * * * * * * * * * * * * * * * Other Latin American Republics.. * * * * * * * * * Netherlands Antilles J * * - * * 3 Other Latin America... - ' > * -3 - * Latin America * Asia: China, People's Republic of (China Mainland) * * * * * * * * 9 - * * - - * India... * * * * * - * * * * * * * * * * * * - Thailand * * * * * * * * * * * * * * * * * * - * Africa: Egypt Morocco... * * - South Africa... Zaire * * - * * - - * Q-frher cq\fl&rig.j3: All other... - * # * * * * * * * * * - other countries... - * * * - * " " 6 " ST"" International and regional: International * * * * international and regional - * * / Through December 3, 97, Bermuda included with Bahamas. Z / Through December 3, 975, Surinam included with Netherlands Antilles. * Less than $500,000. p Preliminary

125 6 Treasury Bulletin Country CAPITAL MOVEMENTS Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-9. - Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During March 976 Preliminary (In millions of dollars) purchases Gross purchases by foreigners Gross sales by foreigners Domestic securities Foreign securities Domestic securities Foreign securities Marketable Treasury notes Corporate and other Bonds Stocks Stocks sales Marketable Treasury Corporate and other bonds and notes Bonds Stocks Europe: Austria * 3 * * - * * * Belgiuro-Luxembourg * Denmark * 4 - * 4 * * Finland... * * * - * - - France ^ 8 Germany Greece * 5 * * 4 * * Italy... 6 * * * Netherlands Norway... 0 * 7 3 * 07 * * 6 0 * Portugal * - * * - Spain... * 0 * 0 - * 9 * Sweden * 5-3 * - Switzerland * Turkey... * * * * - * - - * - - United Kingdom Yugoslavia... *.. * * - - * - - Other Western Europe * 4 * 5 * * * Other Eastern Europe Europe..., , , , Canada " 4!' ^.. H B T... T ~ 9 Hl 8 5 Latin America: Argentina * * * * * * Bahajnap... * 6 * 4 * 4 * 4 8 * Brazil... * * * * * - * * * Chile... * * * * * * * * * * Colombia... * * * * * Cuba... - Mexico * 9 73 * Panama * * Peru... * * * * * * - Uruguay... - * * - * * * Venezula... 4 * 9 4 * 7 * 7 * Other Latin American Republics... 6 * 3 * 4 * 3 * * Netherlands Antilles * * * Other Latin America... * 0 3 * 30 7 Latin America... 8 * Asia: China, People's Republic of (China Mainland)... * * China, Republic of (Taiwan)... * * * * * * Hong Kong * * India... * * * * Indonesia... * * * * Israel... 4 * 3 0 * 7 * 5 * Japan * Korea... Philippines * 0 * 9 * * Thailand... * * * * * * * Other Asia * Asia Africa: Egypt * * 4 Morocco.... * * * * * * * - - South Africa... * 4 - * - 3 Zaire... * * * - - * - - Other Africa * * Africa * Other countries: Australia... 4 * * - 0 * * All other... * - - * * - * - - * * - other countries * * - 0 * * foreign countries... 3, , , ,549,35 44 International and regional: International * European regional... * * Latin American regional Asian regional African regional international and regional * Grand total... Bonds Stocks 4,44, , , ,554,37 45 * Less than $500,000.

126 May CAPITAL MOVEMENTS. Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-0. - Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Calendar Yearl 974 Country purchases (In millions of dollars) Gross purchases by foreigners Domestic securities Foreign securities Marketable Corporate and Treasury other Bonds Stocks bonds and notes Bonds Stocks sales Marketable Corporate and Treasury other Bonds Stocks bonds and notes Bonds Stocks Europe: 8 * * * * 5 * * 3 * * * 0 *, * * 5 * 9 * * 8 * * * 37 * 34 * Portugal... * 9 * 6 * * 5 * * Spain * * Sweden * * Switzerland..., , ,337 07, Turkey... * - * * * * 3 * * United Kingdom... 4,057 49, ,403r 359,894, r * - - * - - * - - * * Other Western Europe * 7 * * -! *. Other Eastern Europe... * * - - * * * ,84 5, ,45r 55,464 4,905r 65 96r Canada..., , , Latin America: 3 7 * 8 * 7 * Baha mas * * * 6 * 4 * Chile... 5 * 3 * 5 * 3 * 4 * * 4. * * * * * * * *.. Mexico... 8 * * * * Peru... 7 * 5 * 3 * * Uruguay * 3 * * Venezuela * * 5 Other Latin American Republics.. 7 * Netherlands Antilles and Surinam Other Latin America * , , Asia: China, People's Republic of (China Mainland)... * * China, Republic of (Taiwan)... - * * * 40 - * 38 * Hong Kong * * India... * - * * * * * - * * * * * * * * * - * * * 7 * * * 38 9, ,94, * * * * Philippines... 5 * * * * * 0 Thailand... * * * * Other Asia..., Asia..., ,57, Africa: Egypt... * * * 0 * 9 Q Morocco... * * * * * * * * South Africa * * * * * 64 Zaire... * * * * * Other Africa... * * 6 5 * 6 * 3 * Africa... 8 * * * 3 * 66 0thercountries: Australia... 4 * * All other * 8 * * * * * * 3 * other countries... 5 * * * 3 foreign countries... 6,80,44 4,578 7, ,907 6,849,87 3,8 7,068 3,4,7 Jfffre^natipn^l rad regional International... 6,45 European regional... &,08 3, * 6,493,985 4, * 3 * * 00 * 00 * Latin American regional * * * * * African regional international and regional 6,30,40 3,970r 40 & * " 6, * * Less than $500,000. Revised. Gross sales by foreigners Domestic securities Foreign securities,509 3,383 8,549 7^34,036,907 3,507 3,854 7,58 7,095 3,54,7

127 8 Treasury Bulletin CAPITAL MOVEMENTS Section VI - Foreign Credit and Debit Balances in Brokerage Accounts Table CM-VI-. - Foreign Credit Balances (Due to Foreigners) by Country (Position at end of period in millions of dollars) Calendar year Country j Dec. Mar. June Sept. Dec.p Europe: Austria... * * i * * * * Belgium-Luxembourg * ' 0 0 Denmark.... * * * * * * * * * * * * * * * * * France Germany Greece-... * * J. 3 Italy Netherlands Norway.... Portugal * * * * * * * * * Spain Sweden * Switzerland... * Turkey *.* * * * * * * * United Kingdom Yugoslavia * * * * * * * * * Other Western Europe....! - U.S.S.R... i Other Eastern Europe... * * * * * * * Europe Canada Latin America: Argentina... 3 Bahamas / Brazil... * * * * * * * Chile... * * * *! * * * * * Colombia,,,... * * * *! * * * Cuoa.... * * * * * * * * * Mexico Panama Peru... * * * * * * * * Uruguay... *! * * * * Venezuela Other Latin American Republics.. 3 Netherlands Antilles and Surinam Other Latin America... * * * 7 6 8, 3 64 Latin America Asia: China, People's Republic of (China Mainland) * - China, Republic of (Taiwan)... * * * * * * * * * Hong Kong India... * * * * * * * * * Indonesia... * * * * * * * * * Israel... * Japan... 4 * 4 Korea... * * * * * * * * * Philippines... * Thailand... * * * * * * * * * Other Asia Asia Africa: Egypt... * * * * * * * * * Morocco... * * * * * * * * * South Africa.... *> * * * * * Zaire * * * * * * * * * Other Africa... * * * * * Africa... Other countries: Australia... * * * * All other... * * * * * * * * other countries... *..... foreign countries International and regional * - - Grand total... U S " J E T Note: Data represent the money credit balances (due to foreigners), as carried by foreigners. appearing on the books of reporting brokers and dealers in the United / Through December 3, 97, Bermuda included with Bahamas. States, in accounts of foreigners with them, and in their accounts p Preliminary. * Less than $500,000.

128 May 9J6.CAPITAL MOVEMENTS, Section VI - Foreign Credit and Debit Balances in Brokerage Accounts Table GM-VI-. - Foreign Debit Balances (Due from Foreigners) by Country U9 Country Calendar year T Dec. Mar. June Sept. Dec.p Europe: Austria... * * * * * * * * * Beigitmr-Luxembourg Denmark... * * * * * * * * * Finland... * * * * * * * France Germany Greece Italy Netherlands Norway * * * * * Portugal... * * * * * * * * Spain Sweden... * * * Switzerland Turkey * * * * * * * * * United Kingdom Yugoslavia... * * * - * * * * Other Western Europe... 9 U.S.S.R... * Other Eastern Europe... * * Europe , Canada Iatfli America: Argentina... 3 Bahamas 3/ Brazil... * Chile... * * * * «* * * * * * Cuba... * * * Mexico Panama Peru * * * * * * * * * Uruguay... * * * * * * * * * Venezuela Other Latin American Republics.. Netherlands Antilles and Surinam Other Latin America... * * * 5 8 Latin America Asia: China, People s Republic of (China Mainland) China, Republic of (Taiwan)... * * * * * * * * * Hong Kong India... * * * * * * * * * Indonesia... * * * * * * * * * Israel Japan Korea... * * * * * * * * * Philippines... * * 5 Thailand... * * * * * * * * Other Asia L Asia Africa: Egypt... * * * * * Morocco.... * * * * * * * * South Africa... * * Zaire... I * * * * * * * * * Other Africa... * * * * * Africa... Q-frher cquntyies: Australia... * * * * * All other... * * * * * * * * * other countries... l * *... - J * foreign countries M.eimtiQnal.,^nd regional ' - = Grand total Note: Data represent the money debit balances (due from.foreigners), their accounts carried by foreigners. as appearing on the books of reporting brokers and dealers in the / Through December 3, 97, Bermuda included with United States, in accounts of foreigners with them, and in p Preliminary, * LeSS than $

129 0 Treasury Bulletin J?TW*NCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FXJNDS. Government Corporations and Other Activities Treasury Department Circular No, 966, Revised, dated December 0, 97, and Treasury Fiscal Requirements Manual, Transmittal Letter No. 95 of the same date require Government agencies to submit business-type financial statements and related information to the Department of the Treasury for use in compiling financial reports of the U.S. Government. The circular was originally issued in 956 pursuant to the authority of Section 4 of the Budget and Accounting Procedures Act of 950 (3 U.S.C. 66b) which requires the Secretary of the Treasury to prepare reports on the financial operations of the U.S. Government. Department Circular No. 966, Revised, requires submission of semiannual financial statements by all Government corporations specifically subject to the Government Corporation Control Act, as amended (3 U.S.C. 846, 856) and any wholly owned and mixed-ownership corporations subsequently brought under the provisions of the act, and all other activities operating as revolving funds. Other business-type activities required to report semiannually include activities and agencies whose operations, services, or functions are largely self- liquidating or primarily of a revenue-producing nature or whose activities result in the accumulation of substantial inventories, investments, and other recoverable assets. Regular governmental activities, which are of a nonbusiness-type nature, axe required to report on an annual basis. Two basic kinds of financial statements are called for by Department Circular No. 966, Revised; and they are published in the Treasury Bulletin. Statements of financial -condition are required for all activities. Statements of income and retained earnings are required for business-type activities only. The statements of financial condition for business-type activities appear in Section I, Table GA-I- and are published semiannually. The first statements of financial condition published under the revised circular were as of December 3# 97, applied to business-type activities only, and appeared in the May 973 issue of the Bulletin. Statements of financial condition submitted annually by nonbusiness-type activities were published together with business-type activities in Section I, Table GA-I- in the January 974 issue of the Bulletin. Loans shown on the agencies statements of financial condition and held by the agencies, and loans guaranteed and insured by the agencies are reported on a quarterly basis. The first quarterly table on this Federal credit data, which was as of March 3, 973, appeared in Section III, Table GA- III- in the August 973 issue of the Bulletin. The first semiannual statements of income and retained earnings submitted under the revised circular were for the period July, 97, through December 3, 97, and appeared in Section I, Table GA-I- in the June 973 issue of the Bulletin. All revolving funds shown in the statements are noted to indicate whether they are public enterprise funds, intragovernmental funds, or trust revolving funds; and.trust funds are also noted. Direct sales and repurchases of loans are published on a monthly basis in Section -XI, Table GA-II-.

130 May 976 Account.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 / (In thousands of dollars) Legislative Branch Applachian regional development programs Funds appropriated to the President Appalachian housing fund Liquidation Government Printing Memo: of foreign military Office sales fund (no Executive Funds transferred (PE) to others International Security Assistance Foreign military credit sales Military programs - Israel INCOME AND EXPENSE Income: Sales of goods... 9,085,53 9,503 Sales of services ,55,83 0, Insurance and guarantee premiums...,005,06 - -,360,445 - Interest income... T, 70, ,346 0,40 Other income...,67, ;, " income... 9,58,956 0, ,360 9,79 0,40 Expense: Cost of goods sold...., ^366,784 95, Interest expense: Treasury borrowings , Federal securities , Other , Other expenses: Administrative ,450 5, Depreciation... 65, Other operating expenses , Other... 3,480, expense ,4,088, Income or expenses (-) before extraordinary items... 44,868 8, ,360 9,79 0,40 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets Other extraordinary income and expense (-) Net income or expense (-) before distribution. 44,374 8, ,360 9,79 0,40 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... -3,7,70 53, ,550 9,8 - - Net income or expense (-)... 44,374 8, ,360 9,79 0,40 Adjustments for prior periods... 3,069, Distribution of income: Dividends i -6,555 Other , ,79-0,40 Closing balance... -0,595,785 6,80 -,6 -,73 30, Footnotes at end of Section.

131 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued (In thousands of dollars) Funds appropriated to the President - Continued Agency for International Development Account Acquisition of property revolving fund (IR) Alliance for progress, development loans (PE) Development loan fund (i*) Development loan fund liquidation account (PE) Housing guaranty fund (PE) Common defense, economic, and -v. triangular trade loans Foreign currency loans Private enterprises / INCOME AND.EXPENSE Income: Sales of goods...,45 Sales of services...,56 Insurance and guarantee premiums...,743 Interest income ,56 5,89,99,86 4,003 Other income income......,30 8,56 5,89,53,743,86 4,003 Expense: Cost of goods sold Interest expense: Treasury borrowings... Federal securities... Other... " ~ Other expenses: Administrative... 6,5 Depreciation... Other operating expenses...,395 Other ,65 9,875 expense..., ,5 35,65 9,875 Income or expenses (-) before extraordinary items... 8,386 53,55, ,366-5,87 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... Other extraordinary income and expense (-) Net income or expense (-) before distribution. 8,386 53,55,78 7-3,366-5,87 - ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance...,766 60, ,446 65,705 50,44-674,8 Net income or expense (-) ,909 8,386 53,55,78 7-3,366-5,87 Adjustments for prior periods... 3 Distribution of income: Dividends Other Closing balance... 3,009 88, ,70 663,486 50, ,87-44,78 Footnotes at end of Section.

132 May FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued (In thousands of dollars) Funds appropriated to the President - Continued Agency for International Development - Continued Agriculture Department Farmers Home Administration Account Loans for ptedecessor agencies in liquidation Other loans / Inter -American Foundation (PE) Overseas Private Investment Corporation (EE) 4/! Federal Crop Insurance Corporation (PE) / Agricultural credit insurance fund (PE) Rural development insurance fund (PE) m m AflD JKPENSE Income: Sales of goods Sales of services Insurance and guarantee premiums ,989 73, Interest income ,767 6,897-9,8 94,70 9,896 Other income income... 7,804 6,98 5 4,70 74,004 94,37 9,903 Expense: Cost of goods sold Interest expense: Treasury bqrrowings..., ,749 4,935 Federal securities Other ,890 55,04 Other expenses: Administrative...,58 9,87 8,444 5,097 Depreciation Other operating expenses... 3,549-6,945 - Other..., ,838 4, expense... 3, ,549,69 7,936 06,9 69,458 Income or expenses (-) before extraordinary items... 4,438 6,663-3,544,00,068 -,594-39,556 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets Other extraordinary income and expense (-) Net income or expense (-) before distribution. 4,438 6,663-3,544,00,064 -,594-39,556 ANALYSIS Of.CHANGE JN RETAINED EARNINGS Opening balance ,99 3,49-9,844,49-3,48-57,033-0,75 Net income or expense (-)... 4,438 6,663-3,544,00,064 -,594 > -39,556 Adjustments for prior periods ,4 6/ 5,4 / Distribution of income: Dividends Other Closing balance ,368 30,53-3,388 34,50-30,48-55,44-5,056 Footnotes at end of Section.

133 4 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued (In thousands of dollars) Agriculture Department - Continued Account Farmers Home Administration - Continued Forest Agricultural Service Marketing Funds Service Commodity transferred Rural Self - help from others Credit housing housing land All Working Corporation Milk market insurance development other Capital (PE) orders fund (PE) fund (PE) Community fund (IR) assessment Services fund (IR) Adminis tration INCOME AND.PXPEIJSE. Income: Sales of goods ,643 99,80 - Sales of services......, , - - Insurance and guarantee premiums... 4, Interest income... 44, ,8 38 Other income ,49,75 0,07 income... 49, ,346 63,59 0,589 Expense: Cost of goods sold ,8 48,45 - Interest expense: Treasury borrowings... 3, ,80 - Federal securities Other , ,56-3,5,/ Other expenses: Administrative... 40,0 305, ,59 7,803 0,77 Depreciation ,045 7,409 - Other operating expenses ,5 - Other... 7,005 46,88 -,40,680 46,00 - expense , ,465,409,3 390,969 < 0,77 Income or expenses (-) before extraordinary items... -5, , ,33-7,80-7 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets Other... - * extraordinary income and expense (-) Net income or expense (-) before distribution. -5, , ,33-7,80-7 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance ,47 -,556 -,57,99-57,46 8,70-3,84,0 5,46 Net income or expense (-)... -5, , ,33-7,80-7 Adjustments for prior periods...,000 6/ ,76,776 8/ Distribution of income: Dividends Other Closing balance... -,096,96 -,95 -,07,368-58,8 3, -,35,35 5,333 Footnotes at end of Section.

134 May FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued (In thousands of dollars) General Administr at ion Development Arimim* R+.r*at. i cm Working capital fund (IR) Commerce Department Economic Science and National Oceanic and Atmospheric Administration Technical Research Economic development revolving fund (PE) Bureau of Standards working capital fund (IR) Off-shore shrimp fisheries fund (PE) Fisheries loan fund (PE) Fishermen s guaranty fund (PE) Federal ship financing fund, fishing vessels (PE) INCOME AND EXPENSE Income: Sales of goods Sales of services... 8,996-66, "Insurance and guarantee premiums Interest income..., Ill - 47 Other income income... 8,996,34 67,59 - Ill Expense: Cost of goods sold... 6, Interest expense: Treasury borrowings... Federal securities Other... -,3 / Other expenses: Administrative...,870 38,59 - Depreciation... 9, Other operating expenses..., Other ,54 5, expense... 8,86 4,846 66, Income or expenses (-) befu extraordinary items , Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... - * Other extraordinary income and expense (-).. * Net income or expense (-) before distribution. 35-3, ANALYSI.S OF CHANGE IN RETAINED EARNINGS Opening balance ,456 -, ,0 -,765,368 Net income or expense (-) , Adjustments for prior periods Distribution of income: Dividends Other Closing balance...,07-6,96 -, ,47 -,807,465 Footnotes at end of Section.

135 6 Treasury Bulletin Account.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued Vessel operations revolving fund (PE) (In thousands of dollars) Commerce Department - Continued Maritime Administration War - risk insurance revolving fund (PE) Federal ship financing fund revolving fund (PE) All other Defense production guarantees (PE) Defense Department Military Air Force Department Industrial fund (IR) Stock fund (IR) INCOME.. A N D ^ S N S E. Income: Sal of goods , ,703,49,788 Sale-s of serviftftfi ,098 - Insurance and guaranty premiums * 5, Interest income , Other income , i n c o m e ,06' 9,6,76,80,49,788 Expense: - Cost of goods sold... Interest expense:,35 -,0,634,076,386 Treasury borrowings... Federal securities Other... - Other expenses: Administrative......,73 3,449 * Depreciation ,767 Other operating expenses ,04,854 Other ,99 7,577 expense ,73 84,565 *,0,634,095,86 Income or expenses (-) before extraordinary items ,743-74,943 -* 74,67 33,97 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... Other... extraordinary income and expense (-) Net income or expense (-) before distribution ,743-74,943 74,67 33, ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... 6,556 6,4 67,09-7,77,076,790-4,003 35,46 Net income or expense (-) ,743-74,943 -* 74,67 33,97 Adjustments for prior p e r i o d s ,844 Distribution of income: Dividends... Other.... Closing balance.... 6,556 6,589 73,04-8,046,079,790 40, ,8 Footnotes at end of Section.

136 May Account.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued (In thousands of dollars) Defense Department - Continued Air Force Dept. - Continued Cadet fund (IR) Surcharge collections, sale of commissary stores (TR) Defense production guarantees (re) Military - Continued Army Department Industrial fund (IR) Stock fund (IR) Surcharge collections, sale of commissary stores (TR) Navy Department Defense production guarantees (fe) INCOME AND EXPENSE Income: Sales of goods... 36,57,80,80 4,79 Sales of services ,849 Insurance and guarantee premiums... Interest income... Other income...,459 8,009 income...,459 8, ,06,80,80 4,79 - Expense: Cost of goods sold ,904,55,567,400 - Interest expense: Treasury borrowings... Federal securities Other Other expenses: Administrative... Depreciation... Other operating expenses...,3 3,357 Other , expense....,3 3, ,904,58,09,400 Income or expenses (-) before extraordinary items ,65-6,0 0,600 3,39 - Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... Other extraordinary income and expense (-) Net income or expense (-) before distribution. 7 4,65-6,0 0,600 3,39 - ANALYSIS OF CHANGE I,N RETAINED EARNINGS Opening balance...,307 30,45,403 4,84 -,757,339 3,83 6,0 Net income or expense (-) ,65-6,0 0,600 3,39 - Adjustments for prior periods Distribution of income: Dividends... Other... Closing balance...,534 34,797,403 9,74 -,536,739 6,5 6,08 Footnotes at end of Section.

137 8 Treasury Bulletin Account.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued Industrial fund (IR) 0/ (In thousands of dollars) Industrial fund (IR) Marine Corps Defense Department - Continued Military - Continued Navy Department - Continued Stock fund (IR) Laundry Service, Naval Academy (PE) Stock fund (IR) U.S. Naval Academy Midshipmen's store (TR) Defense agencies Homeowners assistance fund (P ) m m w i.expense. Income: Sales of goods...,86,495,0 9, ,80,653 3,67 3,3 Sales of services...,550,495, Insurance and guarantee premiums Interest income Other income income......,736,99 4,684 9, ,80,653 3,700 3,3 Expense: Cost of goods sold...,655,35 4,389, ,334,769 3,78 Interest expense: Treasury borrowings Federal securities Other Other expenses: Administrative Depreciation Other operating expenses ,494 6,65 other expense...,655,35 4,389, ,88 3,450 5,43 Income or expenses (-) before extraordinary items... 8, , , ,38 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets Other extraordinary income and expense (-) Net income or expense (-) before distribution. 8, , , ,38 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... 0, , ,0r,94-30,369 Net income or expense (-)... 8, , , ,38 Adjustments for prior periods Distribution of income: Dividends... Other Closing balance.... 0, , ,046,454-3,688 Footnotes at end of Section.

138 May 9J6 9 Account.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued (In thousands of dollars) Defense Department - Continued Health, Education, and Welfare Department Military- Army Department Food and Drug National Alcohol, Drug Continued Panama Canal Administration Institutes Abuse and of Health Mental Health Defense Administration agencies - Con. United States Corps of Soldiers and Revolving Panama fund for Narcotic Engineers Ganal Airmen's Home revolving certification Service hospitals and supply Industrial Company (PE) fund (TR) and other fund (IR) fund (IR) services (PE) Working capital / fund (IR) m c j m - m M m m Income: Sales of goods... 8,75 ' 0, ,99 4 Sales of services... 88,3 435,79 04,36 -,04 Insurance and guarantee premiums... -, Interest income Other income * income... 96, ,586 4,59 33,04 30,99 4 Expense: Cost of goods sold... 00,8 46,335 4, , Interest expense: Treasury borrowings... Federal securities... - Other ,89 / Other expenses: Administrative... 0,799 (,68 7,653 Depreciation ,005 8, Other operating expenses , ,00 0 Other ,93-7 7,94 - expense... 00,8 435,73 8,60 33,7 9, Income or expenses (-) before extraordinary items... -3,830,863-4, ,59 3 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... * Other extraordinary income and expense (-) Net income or expense (-) before distribution; -3,830,863-4,0-68,59 3 AN^YSj^ 0.CHANGE JN W M P D EARNINGS Opening balance...,89 0,43 74,687 9,84 3,896 Net income or expense (-)... -3,830,863-4,0-68,59 3 Adjustments for prior periods Distribution of income: Dividends Other Closing balance ,6 3,94 7,365 9, Footnotes at end of Section.

139 30 Treasury Bulletin Account.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earning^ July, 975 through December 3, 975 Continued (In thousands of dollars) Health, Education, and Welfare Department - Continued Health Resources Administration Health Services Office of the Administration Assistant Secretary of Health Health Medical facilities guarantee and loan fund (PE) Health professions education fund (PE) Nurse training fund. (EE) Service and supply fund (IR) maintenance organization loan guarantee and loan fund (PE) Office of Education Student loan insurance fund (PE) Higher education facilities loans (PE) INCOME AND EXPENSE Income: Sales of goods... *... 8,8,858 Sales of services... 8,53 Insurance and guarantee premiums ,474 Interest income..., ,669 8,058 Other income < income... 9, ,37,43 8,058 Expense: Cost of goods sold... 8,8 - -, Interest expense: Treasury borrowings... Federal securities ,4 Other.... 7,3 59A U / 9 3 V - - -,490 U / Other expenses: Administrative Depreciation Other operating expenses... * * 8,56 Other ,440 - expense... 35, ,44-49,440 7,736 Income or expenses (-) before extraordinary items , ,97-9,678 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... Other... * extraordinary income and expense (-) Net income or expense (-) before distribution. -6, ,97-9,678 M4LYSJS OF CHANGE IN RETAINED EARNINGS. Opening balance... -r 6,75 5, ,507 -r Net income or expense (-)... -6, ,97-9,678 Adjustments for prior periods ,678 Distribution of income: Dividends Other Closing balance ,33 6,66 5, ,486 - Footnotes at end of Section.

140 May Account.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued Funds transferred from others Appalachian housing fund (PE) (In thousands of dollars) Nonprofit sponsor assistance (EE) Housing and Urban Development Department Housing production and mortgage credit Federal Housing Administration Low-rent public housing programs (PE) College housing loans (PE) FHA revolving fund (PE) Government National Mortgage Association Special assistance functions fund (PE) Management and liquidating functions fund (PE) INCOME AND.EXPENSE Income: Sales of goods... Sales of services Insurance and guarantee premiums...,787 Interest income ,387 50,70 56,99 94,47 9,544 Other income income ,390 50,970 78,780 96,795 0,98 Expense: Cost of goods sold Interest expense: Treasury borrowings ,8 39,665 45,375,807 Federal securities ,47 7,4 9,407 3,693 Other Other expenses: Administrative , Depreciation... Other operating expenses ,673 5,577 Other ,84 30,68,40 expense , , ,987 7,30 Income or expenses (-) before extraordinary items ,37 6-4, ,9,977 Extraordinary income and expense (-): - Gain or loss (-) on disposition of assets... Other extraordinary income and expense (-) Net income or expense (-) before distribution ,37 6-4, ,9,977 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... -, ,966,577 60,678-8,65 «88l,86 96,960 Net income or expense (-) ,37 6-4, ,9,977 Adjustments for prior periods...,95-46 Distribution of income: Dividends... -6,555 'Other Closing balance... -, ,965,49 60, ,9 -,85,535 99,89 0 Footnotes at end of Section.

141 3 Treasury Bulletin Account.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued Housing production and mortgage credit - Continued Government National Mortg. Association - Continued Guarantees of mortgagebacked securities fund (PE) (In thousands of dollars) Participation sales fund (EE) Housing and Urban Development Department - Continued Community disposal operations 'fund (PE) Housing management Rental housing assistance fund (PE) Liquidating programs (EE) New Communities Administration New Communities guarantee fund (PE) Departmental management Working capital fund (IR) INCOME AND JEXPE^JS Income: Sales of goods... Sales of services ,053 Insurance and guarantee premiums... l 6, Interest income...,03 49,95,88 0, Other income..., , income... 8,64 49,95 6,8,65,3 4,053 Expense: Cost of goods sold... Interest expense:,64 Treasury borrowings... 6,554 Federal securities Other ,09 - Other expenses: Administrative ,040 0 Depreciation Other operating*expenses ,570 Other....,8 49, , expense...,755 49, ,38 3,608 4, Income or expenses (-) before extraordinary items... 5,509-6,8-70,6 -, Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... Other... extraordinary income and expense (-) Net income or expense (-) before distribution. 5,509-6,8-70,6 -, ANALYSIS Of C.HANGE JN RETAINED EATINGS. Opening balance... 7,55-5,067 35,600 -,843,780,69 6 Net income or expense (-)... 5,509 6,8-70,6 -, Adjustments for prior periods Distribution of income: Dividends... Other Closing balance... 33, ,93,896, Footnotes at end of Section.

142 May Account.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued (In thousands of dollars) Housing and Urban Development Department - Continued Interior Department Community Planning Federal Insurance Administration Bureau of Reclamation and Development Urban renewal fund (PE) Rehabilitation loan fund (RE) National flood insurance fund (PE) National insurance development fund (PE) Fund for emergency expenses- Fort Peck Project, Montana (PE) Upper Colorado River Basin fund (PE) Lower Colorado River Basin fund (PE) INCOME AND.EXPENSE Income: Sales of goods ,997 9,03 Sales of services ,939 -,9 - - Insurance and guarantee premiums , Interest income... «>*... 3,47 3,48-3, Other income... * income ,47 3,539,939 5,08,9 9,007 9,07 Expense: Cost of goods sold , Interest expense: Treasury borrowings... 3,360 -,775 Federal securities Other ,7775/ - Other expenses: Administrative Depreciation Other operating expenses ,976 -,958 5,80 Other ,06,055 50, expense... 59,390,806 53,057 5,436,458 9,566 5,80 Income or expenses (-) before extraordinary items , ,8-408,453 9,44 3,746 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... - Other extraordinary income and expense (-) Net income or expense (-) before distribution. -587, ,8-408,453 9,44 3,746 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... -9,98,65-7,87 -,58 88,98 3,094r 53,35r 6,066 Net income or expense (-) , ,8 408,453 9,44 3,746 Adjustments for prior periods... -, Distribution of income: Dividends... - Other Closing balance... -0,56,570-6,554-60,543 88,573 4,546 6,756 9,8 Footnotes at end of Section.

143 34 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued Bureau of Mines (In thousands of dollars) Interior Department - Continued Secretarial Offices Bureau of Indian Affairs Account Helium fund (PE) Alaska Power Administration Bonneville Power Administration Southeastern Power Adminis trat ion Southwestern Power Administrat ion Working capital fund (IR) Liquidation of Hoonah housing projects (EE) W O M E AND EXPENSE Income: Sales of goods... 3,95 03,59,55 4,53 9 Sales of services ,034 9,73 6,993 Insurance and guarantee premiums... Interest income... r ~ * Other income ,04-0,308 income... 3,873,05 8,348,55 4,533 7,49 Expense: Cost of goods sold..., ,98 - Interest expense: Treasury borrowings... Federal securities... Other / Other expenses: Administrative Depreciation , 30 3 Other operating expenses... 4,73,6 8, Other , expense.... 3, ,0,444 9,80 7,475 - Income or expenses (-) before extraordinary items ,8 9,08 4,73 7 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... Other extraordinary income and expense (-) Net income or expense (-) before distribution ,8 9,08 4,73 7 Afl LW3 OF CHAINS IN J PJUNED EARNINGS Opening balance...,773 6,375 39, ,09 3, Net income or expense (-) ,8 9,08 4,73 7 Adjustments for prior periods * 3, Distribution of income: Dividends... Other , Closing balance...,57 6,66 a, ,6 4, Footnotes at' end of Section.

144 May Account.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued Interior Dept. - Continued Bureau of Indian Affairs - Continued Revolving fund for loans (PE) (In thousands of dollars) Indian loan guaranty and insurance fund (PE) Justice Department Federal Prison System Federal Prison Industries Inc. (IR) Working capital fund (IR) Labor Department Departmental management Working capital fund (IR) Loans to Finland State Department Working capital fund (IR) UJCQME, AND.EXPENSE Income: Sales of goods ,84 - -,943 Sales of services ,46 7, - 4,406 Insurance and guarantee premiums Interest income Other income income ,085 4,46 7, 5 6,357 Expense: Cost of goods sold ,869 4,398 6,38 -,36 Interest expense: Treasury borrowings Federal securities Other Other expenses: Administrative Depreciation , Other operating expenses ,08 Other , expense ,53 4,480 6,404-6,437 Income or expenses (-) before extraordinary items , Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... Other extraordinary income and expense (-) Net income or expense (-) before distribution , ANALYSES Of.CHANGE. IN RETAipD EARNINGS Opening balance....,404? 9,904r 58, Net income or expense (-) , Adjustments for prior periods Distribution of income: Dividends... - Other Closing balance....,588 9,659 6,05-53,580 4 Footnotes at end of Section.

145 3 6 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued (In thousands of dollars) Account Office of the Secretary Working capital fund (IR) Supply fund (IR) Yard fund (IR) Transportation Department Coast Guard Cadet fund (TR) Surcharge collections, sales of, commissary stores (TR) Federal Aviation Administration Aviation warrisk revolving fund (PE) Federal Railroad Administration Alaska Railroad revolving fund.(ee) I N C < M M D J S C p m Income: Sales of goods... 5,345 7,693 3,997 9 Sales of services... 3,537 Insurance and guarantee premiums Interest income Other income... 8,570 income ,345 7,693 4,005, ,546 Expense: Cost of goods sold... 3,45 7,655 0, Interest expense: Treasury borrowings Federal securities Other ~ ~ - Other expenses: Administrative , ,46 Depreciation ,49 Other operating expenses , ,9 Other...,05 - *, expense... 5,345 7,655 4,37, ,830 Income or expenses (-) before extraordinary items ,76 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets Other extraordinary income and expense (-) Net income or expense (-) before distribution ,75 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance ,748-7, Net income or expense (-) Adjustments for prior periods ,75 - Distribution of income: Dividends Other Closing balance , Footnotes at end of Section.

146 May Account.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued Transportation Department Saint Lawrence Seaway Development Corporation (EE) (In thousands of dollars) Urban Mass Transportation Administration Urban transportation fund (PE) Treasury Department Office of the Secretary Bureau of Government Bureau of Financial Operations Engraving and Reconstruction Printing Finance Corporation Mis ce llaneous liquidation fund (PE) Working capital fund (IR) OfleCiC forgery insurance fund (PE) loans and certain other assets XU Bureau of Engraving and Printing fund (IR) fjicop:.,.and JKFENSjE Income: Sales of goods... A, ,653 Sales of services Insurance and guarantee premiums Interest income ,,847 - Qther income income... 4, ,7 -,,847 43,333 Expense: Cost of goods sold , ,86 Interest expense: Treasury borrowings.... Federal securities Other Other expenses: Administrative ,063 8>380 Depreciation..., Other operating expenses..., Other ,983 expense... 4,38 5,063 -, ,649 Income or expenses (-) before extraordinary items... Extraordinary income and expense (-): -39-4, ,,847 -,35 Gain or loss (-) on disposition of assets Other extraordinary income and expense (-) T Net income or expense (-) before distribution , ,,847 -,35 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... -,36-4, r 50,4-7 Net income or expense (-) , ,,847 -,35 Adjustments for prior periods Distribution of income: Dividends Other ,739 - Closing balance... -,365-8, ,530 -,037 Footnotes at end of Section.

147 3 8 Treasury Bulletin Account.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued Treasury Bepartment Interna] Revenue Service Federal tax lien revolving fund (IR) (In thousands of dollars) Office of the Comptroller of the Currency Environmental Prote c tion Agency Certification and other services (PE) Automatic data processing fund (IR) General Services Administration Defense production guarantees (PE) Federal buildings fund (IR) Federal telecommunications fund (IR) IHCOME, AND EXPENSE Income: Sales of goods... Sales of services ,09-6,036-50,$3 64,04 Insurance and guarantee premiums Interest income... -, ,460 * income ,59 6, ,643 64,05 Expense: Cost of goods sold ,75-498,40 56,95 Interest expense: Treasury borrowings... Federal securities... - Other Other expenses: Administrative... 36,587 Depreciation , Other operating expenses Other * - expense ,804-5,698 * 499,7 56,598 Income or expenses (-) before extraordinary items , ,46 7,47 Extraordinary income and expense (-): Gain or lose (-) on disposition of assets... Other extraordinary income and expense (-) Net income or expense (-) before distribution , ,46 7,47 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... 3, l,4r 97 4,570 -,766 Net income or expense (-) , ,46 7,47 Adjustments for prior periods Distribution of income: Dividends Other Closing balance , , ,049 4,65 Footnotes at end of Section.

148 May FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued (In thousands of dollars) General Services Administration - Continued Veterans Administration Account General supply fund (IR) Liquidation of Virgin Islands Corporation (PE) National Archives trust fund (TR) William Langer Jewel Bearing Plant revolving fund (PE) Working capital fund (IR) Loan guaranty revolving fund (PE) Direct loan revolving fund (PE) INCOME AND EXPENSE Income: Sales of goods ,950, Sales of services... 59,06-6,768 Insurance and guarantee premiums Interest income ,7 9,047 Other income... 6 * 0 - * 8, income ,7 3, ,768 45,969 5,60 Expense: Cost of goods sold ,96, ,79 Interest expense: Treasury borrowings ,70 Federal securities...,843,767 Other Other expenses: Administrative Depreciation... 6, Other operating expenses , Other..., ,846 5 expense ,50 -, ,869 56,44 6,998 Income or expenses (-) before extraordinary items;... 5, ,445 8,6 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... Other extraordinary income and expense (-) Net income or expense (-) before distribution. 5, ,445 8,6 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... 3,3,86 3,964r 657r 73-4,08 55,697 Net income or expense (-)... 5, ,445 8,6 Adjustments for prior periods... -3, Distribution of income: Dividends... Other Closing balance... 4,89, Footnotes at end of Section.

149 40 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued (In thousands of dollars) Veterans Administration - Continued Account Canteen service revolving fund (PE) Rental, maintenance, and repair of quarters (EE) Servicedisabled veterans insurance fund (PE) Soldiers and sailors civil relief (PE) Veterans * reopened insurance fund (PE) Veterans Administration education loan fund (PE) Vocational rehabilitation revolving fund (PE) INCOME AND EXPENSE Income: Sales of goods... 58, Sales of services..., Insurance and guarantee premiums ,3-4, Interest income ,586 - Other income * income... 60, ,950 * 6, Expense: Cost of goods sold... 4, Interest expense: Treasury borrowings... - Federal securities Other Other expenses: Administrative , Depreciation Other operating expenses... 3,306 94,305-7,596 - Other ,83 5,086 4 expense... 59,7 94 8,8 3,006 4 Income or expenses (-) before extraordinary items ,69-3, Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... Other extraordinary income and expense (-) Net income or expense (-) before distribution *69-3, ANAL^SJS Of CHANGE JN RETAINED EARNJNGS Opening balance...,33 * -87,59 -,003 4,08 74,553-3 Net income or expense (-) ,69-3, Adjustments for prior periods Distribution of income: Dividends... Other * Closing balance... 3, ,937 -,004 7,707 74, Footnotes at end of Section.

150 May FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued (In thousands of dollars) Veterans Administration - Continued Other independent agencies Civil Service Commission Account Veterans special life insurance fund (PE) Servicemen s group life insurance fund (EE) Supply fund (IR) Revolving fund (IR) Employees health benefits fund (TR) Employees life insurance fund (TR) Retired employees health benefits fund (TR) i n c m,a n d,b c s :n s e Income: Sales of goods... 4, Sales of services , Insurance and guarantee premiums... 0, ,889 - Interest income... 3,04 0,50 64, Other income , ,60-4, income ,550 64,644 43,674 7, ,76 397,389 5,77 Expense: Cost of goods sold ,47 8, Interest expense: Treasury borrowings... - Federal securities... - Other Other expenses: Administrative... 58, Depreciation Other operating expenses...,6 6,996-08,37 - Other...,506 64, ,64 88,6 7,75 expense... 3,63 64,69 4,487 8,4 966, ,389 7,894 Income or expenses (-) before extraordinary items...,99 5,87 -,056 8, ,77 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets Other extraordinary income and expense (-) Net income or expense (-) before distribution.,99 5,87 -,065 8, ,77 - ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... 6,343-8,083,83 5,86 Net income or expense (-)...,99 5,87 -,065 8, ,77 Adjustments for prior periods... * Distribution of income: Dividends... - Other Closing balance ,6 5, ,30 -,469 Footnotes at end of Section.

151 4 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued (In thousands of dollars) Other independent agencies - Continued Farm Credit Administration District of Federal Home Loan Bank Board Columbia Account Revolving fund for administ rat ive expenses (PE) Short-term credit investment fund (PE) Banks for Cooperatives investment fund (PE) Loans and repayable advances Emergency Loan Guaranty Board (PE) Federal Savings and Loan Insurance Corporation (PE) Revolving fund (PE) INCOME AND EXPENSE Income: Sales of goods Sales of services Insurance and guarantee premiums ,358 - Interest income , ,700 - Other income , ,08 ' 43,990 7,44 income... 3, ,99 3,64 99,048 7,44 Expense: Cost of goods sold ' Interest expense: Treasury borrowings Federal securities Other ,994 8/ - Other expenses: Administrative , ,345 Depreciation Other operating expenses ,760 9,78 Other ,943,0 expense , ,96 7,37 Income or expenses (-) before extraordinary items ,99 3,568 86, Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... Other extraordinary income and expense (-).. - t Net income or expense (-) before distribution ,99 3,568 86, M M ^ S. P F QMN G E IN RETAINED EAftN*NGS Opening balance ,9,909 83,977 7,38 3,933,536 4,93 Net income or expense (-) ,99 3,568 86, Adjustments for prior periods / - - Distribution of income: Dividends... Other Closing balance ,9,909 7,76 0,896 4,9,6 5,08 Footnotes at end of Section.

152 May Account.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued (In thousands of dollars) Federal Deposit Insurance Corporation (TR) Interstate Commerce Commission Other independent agencies - Continued National Credit Union Administ rat ion Operating fund (PE) Share insurance fund (PE) Pennsylvania Avenue Development Corporation Tennessee Valley Authority (HE) United States Information Agency Informational media guaranty fund (PE) INCOME AND EXPENSE Income: Sales of goods... 3,494 Sales of services ,4 - Insurance and guarantee premiums , ,458, - -, , Other income \ 5, ,59 - income ,6-5,535 0, ,350 - Expense: Cost of goods sold ,989 - Interest expense: Treasury borrowings...,5 74 Federal securities... 7,603 - Other Other expenses: Administrative... 5,35,368 4,98 Depreciation ,96 - Other operating expenses... 34, Other... 5, ,508 expense... 59,609-5,6 3, ,68 74 Income or expenses (-) before extraordinary items... 30, , ,73-74 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... Other extraordinary income and expense (-) Net income or expense (-) before distribution. 30, , ,73 Q/ -74 analyses Of change: in p i i earn.i.ngs Opening balance... 6,45,848 -,650,308r 47,96 -,57 39,73-9,55r Net income or expense (-)... 30, , ,73-74 Adjustments for prior periods... -,36 Distribution of income: Dividends... Other Closing balance ,76,039 -,650,580 54,66 -,9 3,905-9,76 Footnotes at end of Section.

153 44 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued (In thousands of dollars) Other independent agencies - Continued Small Business Administration Off-budget Federal agencies Account Business loan and investment fund (PE) Disaster loan fund (PE) Lease and surety bond guarantees revolving fund (PE) United States Railway Association Export-Import Bank of the United States (PE) INCOME AND ptpensie. Income: Sales of goods ,433 Sales of services ,44,739 Insurance and guarantee premiums... 6,583 5,436-8,057 8,049 Interest income... 60,44 8, ,05,65 305,96 Other income , income... 67,309 9,007,07-7,057,9 34,48 Expense: Cost of goods sold Interest expense: Treasury borrowings... 75,567, 50,4 588,05 5,37 Federal securities... 9,644/,308 / ,36 44,50 Other ,0 - Other expenses: Administrative... 3,543 3, ,53 6,56,880 5,43 Depreciation... 8,39 7 Other operating expenses..., ,43 68 Other... 8,65 3 9,988-45,93 4,747 expense... 6,844 65,990 0,64 9,53 7,887,49 59,939 Income or expenses (-) before extraordinary Extraordinary income and expense (-): -59,535-46,983-8,64-9,53-89,956 54,09 Gain or loss (-) on disposition of assets... -* Other extraordinary income and expense (-) * * Net income or expense (-) before distribution. -59,535-46,983-8,64-9,53-89,956 54,09 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance ,99 -,474,060-6,05-5,994,654,358,643,57 Net income or expense (-) ,535-46,983-8,64-9,53-89,956 54,09 Adjustments for prior periods , Distribution of income: Dividends... -0,000-0,000 Other , - Closing balance ,734 -,53,970-4,89-35,507,800,350,677,76 Footnotes at end of Section.

154 May Account.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings July, 975 through December 3, 975 Continued United States Postal Service (PE) (In thousands of dollars) Off-budget Federal agencies - Continued Agriculture Department Housing and Urban Labor Development Department Department electrification and Rural Federal telephone telephone revolving bank (PE) fund (PE) Housing for the elderly or handicapped (PE) Pension Benefit Guaranty Corporation Treasury Department Financing Bank revolving fund (PE) INCOME AND EXPENSE Income:, Sales of services... 5,44, Insurance and guarantee premiums ,645 0,076 8, ,446 Other income , ,59 * 6,07,07 93,645 0,076 8,05 6, ,455 Expense: Cost of goods sold... Interest expense: Treasury borrowings , ,089 Federal securities... 73,084 - * 3, Other... 83, Other expenses: Administrative ,49,06-3,35 8 Depreciation , Other operating expenses... i... 50, Other... 40, expense... 7,037, ,44 3,057 3, ,7 Income or expenses (-) before extraordinary items... -,00,70 93,9 4,635 5,48 3,343 30,38 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets Other extraordinary income and expense (-) Net income or expense (-) before distribution. -,00,70 93,9 4,635 5,48 3,343 30,38 m a s m.sa L sm sb L m r a i n e d w n s b b p. Opening balance... 90,67 646,75 77,945 3,575 63,339 Net income or expense (-)... -,00,70 93,9 4,635 5,48 3,343 30,38 Adjustments for prior periods Distribution of income: Dividends Other , Closing balance ,9 739,906,43 83,093 35,97 93,577 Footnotes at end of Section.

155 46 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Footnotes to Table GA-I- Source: Bureau of Government Financial Operations. Based on semiannual reports received from agencies pursuant to Treasury Department Circular No. 966, Revised. (PE) Public enterprise revolving funds. (IR) Intragoveramental revolving funds. (TR) Trust revolving funds. / Statements in this table are from Government corporations and business-type activities. Statements of the transferred account which represent funds transferred to others are shown in memo (nonadd) columns under the same headings with the "parent accounts that receive the appropriations. These same statements of the transferred accounts are also shown as funds transferred from others under the heading of the spending agencies that administer these funds. / Represents che Cooley loan program established pursuant to the Agricultural Trade Development and Assistance Act of 954, as amended (7 U.S.C. 704 (e)). / Consists of contingency fund, Inter-American Social and Economic program, and supporting assistance loans. U Includes the insurance and guaranty general fund. 5/ Includes the fund for Administrative and operating expenses. Represents insufficiency restorations made by appropriations. / Includes accrued interest expense of $3,50,00 on Capital Stock. 8 / 'Includes restoration of capital by the Department of the Treasury.to partially reimburse the Corporation for net realized losses sub- stained but not previously reimbursed as provided by an act Dec. 3, 974, (P.L ). / Represents interest on appropriations for loans to be paid into miscellaneous receipts of the Department of the Treasury. 0/ Excludes unfunded costs consisting of depreciation on plants and equipment, military personnel, and other costs for Navy Department of $59,00 thousand. / Excludes unfunded costs consisting of depreciation on plants and equipment, military personnel, and other, costs for the Marine Corps of $,035 thousands / Includes the Federal Communications Agency. 3/ Represents interest on the net direct investment of the United States Government in this Corporation. 4/ Represents interest on appropriation and other capital. 5/ Represents interest expense on appropriations allocated to power and to municipal and industrial water supply construction. 6/ Represents interest expense on public debt borrowings from the Department of the Treasury, and on appropriations and other capital. 7/ This fund shows only a partial statement as submitted by the agency. 3/ Represents premium payments and insurance losses. 9/ Represents refunds and reassessments in accrued income and liabil- * ity accounts. 0/ Represents net income of $03,045 thousand from power operations and a net loss of $9,34 thousand from non-inoome producing programs. / Represents interest expense payable to the Department of the Treasury on outstanding cash disbursements made from the fund. * Less than $500. r Revised.

156 May Fiscal year or month Sales FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section II - Federal Credit Programs Table GA-U-. - Direct Sales and Repurchases of Loans Export-Import Bank of the United States Sales Farmers Home Administration Sales / (In millions of dollars) Housing and Urban Development Department Government National Mortgage Association Sales Office of Secretary / Sales Small Business Administration Sales Veterans Administration , * , * 6 * , , * , , , ,430 > , ,34 84, ,903,4 3,7,05, ,89,559 6,45,54, Mar Apr May # June July * Aug Sept * * Oct * Nov Dec * * * Jan..., * Feb * Mar..., * * 506 5, * - 3 Fiscal 976 to date... 7,39, , , * 0 / Includes college housing, elderly housing,- and public facility loans. insurance fund. The monthly figures are on basis of agency report. / Sales for the fiscal year 966 is on the basis of actual figures shown * Less than $500,000. in the Budget document and include initial sales of loans from credit Sales Repurchases Repurchases Repurchases Repurchases Repurchases Repurchases Repurchases

157 4 8 Treasury Bulletin FINANCIAL OPERATIONS OP GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Table GA-III-. - Civil Service Retirement and Disability Fund (In millions of dollars) Receipts Fiscal year or month Agencies* contributions Employees contributions Federal contributions Donations, service credit payments, and other misc. receipts Interest and profits on investments ,05 6,78 3,049 4, ,909,83,097, ,094,9, ,434,38, ,753,44, ,683,7, ,86,890, ,33 6,735,038,038,6 33,464 7,604,0,0,760 37,566 8,955,77,77,57 36, ,360,490,490 4,7 9, (Est.)...,933,68,68 5,06 38,46 T.Q. (Est.)..., * (Est.)... 5,86,74,74 7,64 39, Apr May * , , July Aug * 65 Sept * * * 46, *,095 fl976-jan * 3 3 Feb * * 4 4 5,436,054,055 5,30 Assets, end of period Fiscal year or month expenditures other than investments Net increase, or decrease (-), in assets Investments Unexpended balance ,593 5,6 5,6 5, ,686,37 6,749 6,603 46,965,9 7,878 7,7 57,39,96 9,73 9,00 7,406,347 0,5 0,3 99,75,93,45, ,34,58 5,033 4, ,778,957 7,990 7, ,53 3,08 3,07 30, ,669 3,86 34,357 34,33 6 7,07 4,90 38,647 38, (Est.).... 8,439 4,494 43,4 43,0 40 T.Q. (Est.)....,3-3 4,98 4, (Est.).... 0,04 5,80 48,730 48, Apr ,065 34,04 3 May ,843 33, ,804 38,647 38, July ,439 38,387 Aug s 38,333 38,3 Sept , 38,093 8 Oct ,890 37, ,669 37, ,550 38, Jan ,407 38,37 46 Feb ,95 38,49 46 Mar ,08 37, , ,08 37, Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Budget estimates based on the 977 Budget of the U.S. Government, released January Note: Budget estimates from the mid-session review, released March 5, 976, are not available in the necessary detail. ^ Less than $500,000.

158 May Fiscal year or month FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Table GA-III-. - Federal Old-Age and Survivors Insurance Trust Fundi/ / Appropriations / (In millions of dollars) Receipts Deposits by States 4/ Net earnings on investments Other 5/ Expenditures other than investments Benefit payments Payments to Railroad Retirement Accounts 6/ ,54 33,339 7,373 8, ,34 3,635, ,46 6,747, ,770 8, ,37 0,73, ,79 / 8, ,64 0,67, ,64 / 0, ,348 3,693,60, ,690 3, ,746 7,96,758, ,30 6, ,98 8,849 3,066, ,68 3, ,96 3,4 3,596, ,848 54, ,639 37,87 4,3, ,63 4, ,935 43,465 4,989, ,483 47, ,763 50,9 5,898, ,676 54, (Est.)... 6,383 53,007 6,586, ,33 6,45,055 T.Q. (Est.)... 6,640 4,08, ,74 7, (Est.)... 73,849 63,04 7,655, ,805 70,57, Apr... 5,545 5, ,73 4,656 - May... 6,374 4,76, ,779 4,690 - June... 5,039 4,38-346,006 5,73 4, July... 4,07 4, ,39 5,035 Aug... 6,445 4,54,4 50 5,7 5,05-3,863 4, ,64 5,05 - Oct... 3,494 3, ,00 5,33 Nov.... 5,47 3,59, ,40 5,4 Dec... 4,836 3,7-305, ,0r l,48r Jan... 4,356 4, * 5,330 5,6 Feb... 6,773 4,87, * 5,34 5,4 Mar... 4,59 4, * 5,35 5,7 - Fiscal year 976 to date... 43,45 36,949 4,76, ,066 46,388 - Expenditures other than investments - Continued - Assets,end of period Fiscal year or month Construction 8/ Re imbursement to general fund / Administrative expenses Bureau of QASI 0/ Reimbursement to, or from (-),' FDI, FHI, and FSMI Trulst Funds Other Net increase, or decrease <-), in assets Investments Unexpended balance / , ,98 0,98 8,783, ,889 7,95, ,643 3,53,780, ,07 5,548 3,50, ,657 8,05 6,35, ,46 3,63 30,, *,74 34,345 3,375, ,068, 36,43 33,03 3, ,49 35, ,45 37,88 37, ,083 39,964 39, (Est.)... 7 n.a. n.a. 3 n.a. -,85 38, 38,0 00 T.Q. (Est.)... 8 n.a. n.a. - n.a ,477 37, (Est.)... 6 n.a. n.a. - n.a.,038 38,55 38, Apr... * ,046 38,99 55 * ,595 40,64 40, June... * ,968 39,89 75 July... * , 38,845 38,773 7 Aug... * ,38 40,64 39, * ,30 38,863 38,849 * ,705 37,58 37,40 % * ,389 37, * r 37,04r 36,849 75r 976-Jan... * ,05 36, Feb ,459 37,50 37, * ,93 36,36 36,309 7 Fiscal year 976 to date ,65 36,36 36,309 7 See footnotes following Table GA--3.

159 50 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Table GA-III-3. - Federal Disability Insurance Trust Fund Receipts (In millions Of dollars) Expenditures other than investments Fiscal year or month y Appropriations / Deposits by States y Interest and profits on investments Other y Benefit payments (Est.)... T.Q. (Est.) (Est.) Ap r May... June... July... A ug... Sept... Oct... Nov... Dec... 9,044 /,66,33,800 3,705 4,380 4,90 5,9 5,946 6,768 7,90 8,399,4 0, ,99,44,066,496 3,95 3,770 4,4 4,363 4,9 5,60 6,580 6,969,855 9, ^ ,04 * r 7,034,937,997 8/,37 8 /,63,954 3,606 4,309 5,467 6,384 7,98 9,534,648 * ,563,7,86,088,443,778 3,38 4,046 5,6 6,58 7,63 9,4,546 0, " Ja... n Feb... Mar... Fiscal year 976 to date , , , ,87 Fiscal year or month Payments to Railroad Retirement Account y Expenditures other than invest. - Cont. Administrative: Reimbursement to SSA Trust funds 6/ General fund Other Net increase^ or de-* crease (-), in assets Assets, end of period Investments Unexpended balance / (Est.). T.Q. (EsU). 977 (Est*). 975-Apr...; May... June... July... Aug... Sept... Oct... Nov... Dec Ja n Feb. Mar..., «.,009,009, ,688, ,04, ,587, ,09 3,679 3, ,46 5,05 4, ,305' 6,40 6, ,39 7, ,87 7, ,55 8, ,93 8, ,36 7,057 7, ,633 6, ,39 6, ,035 8, ,954 7, ,9 8, ,975 7, *r -93 7,78 7, ,799 7, r -37 7,473 7, ( ,409 7, l *r 48 7,557 7, ,348 7, ,3 6, ' 7,60 6,93 47 ' Fiscal year 976 to date... * ,03 7,60 6,93-47 Footnotes cm following page.

160 May FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Footnotes Table GA-III-3. Source: Monthly Treasury Statement of, Receipts and Outlays of the United States Government. Budget estimates "based on the 977 Budget of the U.S. Government, released January, 976. Note: Budget estimates from the mid-session revie^ released March 5, 976, are not available in the necessary detail. / Includes payments for military service credits as follows: $6 million for each FY 967, FT 968, $3 million FY 969, $6 million for each FT 970, 97, $50 million FY 97, $5 million FY 973, $5 million and $3 million for interest on reimbursement of administrative and vocal rehabilitation expenses FY 974, $5 million military service credits for FY 975. Estimate includes $90 million FY 976 for military service credits. / Includes unappropriated receipts from January 96 to June 965. / To cover employees of States and their political subdivisions under the Social Security Act (4 U.S.C. 48). y Includes payment for Vocational 'Rehabilitation Service beginning FY 966 and construction and equipment of buildings beginning FY 967. / $ / FY 975 includes $7 million for vocational rehabilitation services and $336 thousand for construction of buildings. Estimate for FY 976 includes $90 million for vocational rehabilitation services. Payments are made between the Railroad Retirement Account and Federal Old-Age and survivors and Federal disability so as to.place those funds in the position in which they would have been if railroad employment after 936 had been included in social security coverage (45 U.S.C. 8 e (k)). For appropriate share of administrative expenses, including interest, paid from the trust fund during the preceding fiscal year as determined by the Secretary of Health, Education, and Welfare (4 U.S.C. 40 (g) ()). Beginning July 966 monthly reimbursements are paid to the Social Security Administration to cover salaries and expenses instead of the semi-annual reimbursement to FQASI. Includes $7 million paid from Railroad Retirement Accounts in FY I960. Excludes transactions for investments in non-federal securities. Less than $500,000. p Revised. Table GA-IH-. Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Budget estimates based on the 977 j>/ Budget of the U.S. Government, released January, 976. Note: Budget estimates from the mid-session review, released March 5, 6/ 976, are not available in the necessary detail. / Includes transactions under the predecessor Old-Age Reserve Account. / includes: $5 million transferred from general fund for administrative and other costs of benefits payable to survivors of certain World War II veterans (60 Stat. 979 and 64 Stat. 5); $35 / million (937-59), paid from the Railroad Retirement Accounts; begin- 8 / ning November 95, small amounts in the nature of recoveries from expenditures incidental to the operations; beginning 958, interest SJ payments from Federal Disability Insurance Trust Fund and sale of waste paper; $78 million for each FY 967 and 968, $56 million FY 969, $78 million for each FY 970 and FY 97, $37 million FY 97, $38 million FY 973 and $39 million FY 974 for military service 0/ credits; and $6 million for FY 969, $364 million for FY 970, $37 million FY 97, $35 million for FY 97, $337 million FY 973 and $303 million FY 974 for benefits for the aged. Fiscal year 975 includes $40 million for military service credits and $307 million for special benefits for the aged. Estimates include $57 million for military service credits and $68 million for special benefits for the aged for FY 976. / Includes unappropriated receipts from January 96 to June / To cover employees of States and their political subdivisions, under the Social Security Act Amendments of 950 (4 U.S.C. 48). Includes payments for vocational rehabilitation services to Federal Disability Insurance Trust Fund and Social and Rehabilitation Service. Payments are made between the Railroad Retirement Account and Federal Old-Age and Survivors and Federal disability so as to place those funds in the position in which they would hav'e been if railroad employment after 936 had been included in social security coverage (45 U.S.C. 8c (k)). Excludes transactions for investments in non-federal securities. Construction and equipment of office buildings for the Bureau (Public Law 70, approved July 3, 953 (67 Stat, 54)). Under the Social Security Act, as amended (4 U.S.C. 40 (g) ()), for administration of Titles II and VII of that act and related parts of the Internal Revenue Code (6 U.S.C , ). See also footnote 0. Salaries and expenses of the Bureau of Old-Age and Survivors Insurance are paid directly from the trust fund beginning 947, under provisions of annual appropriations acts until passage of the Social Security Act Amendments of 956 (4 U.S.C. 40 (g) ()); previously these expenses were included in reimbursements to the general fund. Beginning July I966 payments of salaries and expenses for the Social Security Administration are charged directly to each trust fund. * Less than $500,000. n.a. Not available, r Revised.

161 5 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Table GA-III-4^ - Federal Hospital Insurance Trust Fund Fiscal year or month / Net Appropriations (In millions of dollars) Receipts Federal payment / Deposits by States Interest and profits on investments Other '" (Est.) T.Q. (Est.) 977 (Est.) 975-Apr... May. June.. July.. Aug... Sept.. Oct... Nov... Dec Ja n Feb Mar..., ,089 3,90 5,344 5,64 6,08 6,03 8,35,60,56 3,63 3,634 5,76, , , ,959 95,035, ",483 3,35 3,997 4,340 4,4 4,69 6,938 9,503 0,077 0,74,890,458, ,09?,4,355 40,540 * Fiscal year 976 to date... 9,657 7, Fiscal year or month Expenditures other than investments Benefit payments Administrative expense Construction Net increase, or decrease (-), in assets Assets, end of period Investments Unexpended balance (Est.) T.Q. (Est.) 977 (Est.) 975-Apr... May... June.. July.. Aug... Sept.. Oct... Nov... Dec Jan... Feb... Mar..., 64,597 y 3,85 y 4,758 4,953 5,59 6,76 6,84 8,065 0,6,95 y 3,05 3,8, , ,09,000,006,85,508 3,736 4,654 4,804 5,443 6,09 6,649 7,807 0,355,873,965, , , ,50 3,545,95,43 58, ,343,98,43,370,07,00,677 3,03,653 3,030,859,884 4,369 4, 7,94 7,864 9,864,87 ',37,869,89 4,305 4,55 9,338 9,369 9,365 9,70 9,864 9,76 9,709 9,737 9,639 9,647 0,045 0,06 9,699 9,75 9,564 9,459 0,505 0,500 0,40 0,398 ' 0,449. 0,448 0,44 0, Fiscal year 976 to date ,07 8, ,44 0, Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Budget estimates based on the 977 Budget of the U.S. Government, released January, 976. Note: Budget estimates from the mid-session, review, released March 5, 976, are not available in the necessary detail. / Includes nominal amounts of other receipts. Includes receipts and interest from Railroad Retirement Ac counts-net settlement of $6 million FY 967, $44 million FY 968, $54 million FY 969, $64 million FY 970, $66 million FY 97, $66 million FY 97, $63 million FY 973, $99 million FY 974 and $7 million FY 975. Estimate for FY 976 is $45 million. / Represents payments for military service credits of $ million for each FY 967 and 968, $ million FY 969, $ million for each FY 970 and 97 and $48 million for each 97, 973, 974 and 975; and payment for transitional coverage for the uninsured of $37 million FY 967, $73 million FY 968, $749 million FY 969, $67 million FY 970, $863 million FY 97, $503 million FY 97, $38 million FY 973, $45 million FY 974 and $45 million FY 975. Estimate includes $6 million for transitional coverage and $48 million for militaiy service credits for FY 976. y Excludes transactions for investments in non-federai securities. y Includes^ $0 million FY 976 for health insurance experiments and demonstrations projects. * Less than $500,000.

162 May FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Table GA-III-5. - Federal Supplementary Medical Insurance Trust Fund (In millions of dollars) Fiscal year or month / Premiums Receipts Federal contributions Interest and profits on investments All other Expenditures other than investments Benefit payments , , ,53, , ,840, , ,96, ,56,53,45 7,83, ,734,340, ,544, ,90,47,430 43,637, ,809,579, ,83, ,336,750, ,70 3, (Est.)... 4,946,760, ,37 4,687 T.Q. (Est.)..., ,5, (Est.)... 7,3,968 5, ,365 5, Apr... I July Oct Nov r Dec r Jan Feb Mar Fiscal year 976 to Date... 3,777,35, ,836 3,446 Fiscal year or month Expenditures other than investments-continued Administrative expenses Net increase, or decrease (-), in assets ^ Assets, end of period - Construction Investments Unexpended balance * * ,7, * 66,438, (Est.) ,33, T.Q. (Est.),, , (Est.) ,994, Apr ,473,468 5 May ,483,43 60 June ,438, July ,40,35 5 Aug ,37,346 6 Sept ,346,33 33 Oct ,48,439 - Nov ,435, Dec ,444, Jan ,43., Feb ,48,394 4 Mar ,380,38 - Fiscal year ,380,38 - to Date... i Source: Monthly Treasury Statement of Receipts and Outlays of the l/ Includes $ million FY 973, $ million FY 974 and $ million United States Government. Budget estimates based on the 977 FY 975 for interest on reimbursement of administrative and Budget of the U.S. Government, released January, 976. vocational rehabilitation expenses. Premiums collected for the Note: Budget estimates from the mid-session review, released March 5, disabled were $5 million FY 974 and $5 million FY , are not available in the necessary detail. * Less than $500,000. r Revised.

163 FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Table GA-III-6. - Railroad Retirement Accounts Treasury Bulletin (In millions of dollars) Fiscal year or month V Appropriations / Receipts Interest and profits on investments From FQASI and FDI trust funds / All other Expenditures other than investments From Unemployment Trust Fund i j if Benefit payments ,99 3,097,84, ,976 3, , ,46, , ,35, , ,436, , ,595, , ,653, , ,968, ,097, ,99, ,356, ,480, ,67, ,679, ,777,489 74,00 4-3,083 3, (Est.)... 3,55,640 90, n.a. 3,445 T.'Q. (Est.) n.a ( E s t - ). - «... -3,77,977 55, n.a. 3, Apr May June...,60 39,00 ; July Aug Sept Oct Nov Dec Jan Feb Mar Fiscal year 976,50, ,604,578 Fiscal year or month Expenditures other than investments-continued To Unemployment Trust Fund y Administrative expenses y All other Net increase, or decrease (-), in assets Assets, end of period Investments Unexpended balance / ,06 4,06 3, ,8 4, ,477 4, ,60 4, ,69 4, ,863 4, ,857 4, ,755 4, ,63 4, ,58 4, ,75 4, (Est.)... 8 n.a. -9 4,056 4,050 7 T.Q. (Est.) n.a ,649 3, (Est.) n.a. 9 3,74 3, Apr ,355! 3,349 7 May ,34 3,93 June ,75 4, ,0 4, ,985 3,98 4 Sept ,704 3,693 Oct ,435 3,46 0 Nov ,43 3,349 8 Dec ,365 3, Jan ' -77 3,089 3,060 9 Feb... - * 33 3,3 3,34 87 Mar... - * -50 3,7 3, Fiscal year 976 to ,03 3,7 3, t - Source: Monthly Treasury Statement of Receipts and Outlays of the United OLd-age and survivors and Federal disability so as to place those States Government. Budget estimates based on the 977 Budget of the U.S. Government, released January, 976. Note: Budget estimates from the mid-session review, released March 5, 976, are funds in the position in which they would have been if railroad employments after 936 had been included in social security coverage (45 U.S.C. 8e (k)). For detail see Tables GA.-Ill- and GA-III-3. not available in the necessary detail. 4/ For detail See Table GA-III-7. Receipts include repayment and interest. / Includes payment for military service credits beginning fiscal 965. *>/ Includes $6 million (963-64), paid to Federal Old-age and survivors Also includes Federal payment for dual benefits and interest transferred and disability insurance trust funds and $6 million FY 967 to Federal Hospital Insurance trust fund; beginning FY 968 excludes trans to Federal Hospital Insurance trust funds. / Includes the Government's contribution for creditable military service actions for investments in non-federal securities; and includes payments to Railroad Unemployment Trust Fund of $5 million FY 970, $0 (45 U.S.C. 8c-l (n)) through fiscal 964 and unappropriated transfers of tax receipts, and beginning FY 968 i n c l u d e s transfers of receipts to million FY 97, $ million FY 97, $6 million FY 973, and $5 million FY 974. Federal Hospital Insurance trust tfund of $44 million FY 968, $54 million FY 969, $6 million FY 970, $63 million FY 97, $64 million FY 6/ Paid from the trust fund beginning 950 (63 Stat. 97). 97, $6 million FY 973, $96 million FY 974, and $3 million FY 975. / Includes unappropriated receipts. Estimate for FY 976 is $34 million. n.a. Not available. * Less than $500,000. / Payments are made between the Railroad Retirement Account and Federal

164 May FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Table GA-III-7. - Unem ployment Trust Fund Employment Security Programs (In millions of dollars) Receipts Railroad unemployment insurance State Employment Security Railroad Unemployment Fiscal year accounts Administration Federal Insurance Account 6/ or month / Account / Un Federal Extended Deposits employ Advance ss from Compensation Railroad Railroad Tw Advances ment oy Deposits from Account Appropriations Account by general Board Retiremenment Retire States fund u 5/ General accounts / accounts fund / / Administration fund / Deposits by Railroad Retirement Board Interest and profits on investments ,389 m 4,68 3, /, , ,6 3, ,07, ,8, ,899, ,9 &, ,37,, ,498, 3,6, ,75, 4,634, ,486 5,64, ,995 5,99, (Est.)... 6,700 6,63,436 4, , T.Q. (Est.)... 3,400, (Est.)... 6,900 9,97,584, , Apr..., * 3 - May...,8, * 9 June July..., ,43 * * Aug...,503, * 47 - Sept Oct r * - - * 8 -r l,098r * 3 -r Dec... l,70r 76 9r - -, Jan , * * 4 Feb..., Mar..., All other Fiscal year 976 to 0,97 3, , or month u / State accounts / Withdrawals by States Expenditures other than investments Employment Security Program Employment Security Administration Account / Federal Extended Compensation Account f/ Grants to States Payments to general fund Reimbursements and recoveries Interest on advances and refunds Salaries and expenses Temporary extended compensation payments Repayment of advances from general fund ,57 IQ/ 39,363, ,678, * ,755, ,830, * ,865, * ,634, ,6 5, ,984 5, ,433 4, * ,58 5/ 5, , 6/, (Est.)... 8,500 / 6,878, T.Q. (st.)... 3,700 3, (Est.)... 6,500 4,83, Apr...,77, * May...,60,478 4 * - - -,607,475 9 * July...,605,50 3 * ,500,399 * - - -,433,308 - * Oct...,37,66 * ,34,83 * * * Dec...,670,54 * * Jan...,689,574 0 * Feb...,60,439 * 0 * Mar....,789,643 0 * Fiscal year 976 to date... 3,98 j, iPootnotes at end of table. Reimbursement to State accounts /

165 56 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Table GA-III-7. - Unem ploym ent Trust Fund C ontinued (In millions of dollars) Expenditures other than investments - (Continued) Railroad Unemployment insurance Assets, end of period Railroad Unemployment Insurance Account 6/ Fiscal year or month Repayment of advances to - Benefit payments Temporary extended benefit payments Railroad Retirement Accounts W General fund All other Administration fund / Administrative expenses Net increase or decrease (-), in assets Investments Unexpended balance , ,870 7,870 / 7, / * ,439 9,308 9, l,38 0,66 0, ,68, ,034,65, ,37 3, ,844,93, ,486 9,807 9, ,93,099 0, ,38,48, ,09 7-5,6 7, 7, (ESt.) ,600 5,6 5,384 8 T.-Q. (Est.) ,3 5, (Est.) ,7 5, Apr ,79 7, May , 8,40 7, June * -,98 7, 7,83 8 July ,96 6,30,066 Aug * 3 7,99 6, Sept r 6,556 5, Oct r 5,8r 4,856 96Sr Jfov * -6r 5,606r 4, r Dec r 5,05r 3,607 l,498r 976-Jan ,0 4,093 3, Feb * 84 4,77 3, Mar ,46 3,38 88 Fiscal year 976 to date ,785 3,46 3,38 88 Source: Monthly Treasury Statement of Receipts and Outlays of the United benefits and refunds due or to become due. Whenever the balance is States Government. Budget estimates based on the 977 Budget of the U.S. Government, released January, 976. sufficient to pay such benefits and refunds, repayments are made, plus interest at Jfo per annum, pursuant to an act approved May 9, Note: Budget estimates from the mid-session review, released March 5, 976, are 959 (45 U.S.C. 360 (d)). not available in necessary detail. / Consists of specified proportion of contributions deposited in the / State unemployment funds' used for benefit payments. For the period fund to be available for administrative expenses. The Railroad Unemployment Insurance Administration Fund was established in the Un August 96 to February 964, withdrawals by States were reduced by reimbursements to State accounts from the Federal Extended Compensation Account. 958; before that the administration fund was a separate trust employment Trust Fund pursuant to the amending act of September 6, Z j Established by the Employment Security Act of 960, approved September 3, 960 (4 U.S.C. (a)), into which are deposited tax 0/ includes $07 million transferred from State accounts to the fund (45 U.S.C. 36). receipts transferred in accordance with the act and from which are Railroad Unemployment Insurance Account in connection with its paid the administrative expenses of the employment security program establishment (45 U.S.C. 363). Beginning fiscal 96 refunds of and reimbursement for tax refunds. Receipts consist of appropriated and unappropriated transfers of tax collections. Interest paid on refunds of taxes is included tinder expenditures. taxes (principal only) are reported as deductions from receipts. / Net of repayments. H / Established by the act approved March 4, 96 (4 U.S.C. 05 (a)), i j Amounts represent excess of collections from Federal Unemployment which provides for a temporary program of extended unemployment tax over expenditures for benefits and administrative expenses compensation payments. which excess was appropriated from the general fund to this account. / Includes $5 million FY 970, $0 million FY 97 and $ million FY (Includes amounts appropriated to the State Unemployment Accounts.) 97, $6 million FY 973, and $5 million FY 974 from Railroad Beginning 96, such excess is transferred between book accounts Retirement Unemployment Insurance Account. within the Unemployment Trust Fund. 3/ Includes an estimate of $,300 million supplemental appropriation 5/ Extended unemployment compensation benefits under the employment requested and $ million of miscellaneous proprietary receipts. security amendments of 970 (P.L ) and the amendments to the 4/ Beginning FY 967 excludes transactions for investments of non- Social Security Act (P.L. 9-4-). Federal securities. / For payment of benefits and refunds (45 U.S.C. 360). Figures exclude interim advance- of $5 million from the Treasury and subse account to the general fund. 5/ Includes payment of $50 million from the extended unemployment quent repayment, both in / Includes $,09 million transferred to the Department of Labor for / Contributions under the Railroad Unemployment Insurance Act of 938, grants to States. as amended (45 U.S.C. 360 (a)), in excess of the amount specified 7/ Includes unappropriated receipts beginning September 960. for administrative expenses. Through 957, also includes transfers 8/ Includes interest. from the administration fund of excess amounts over the specified / Includes an adjustment of $7 million pursuant to the act of September 6, 958 (U.S.C. 36 (a)). balance (45 U.S.C. 36 (d)). 8/ Temporary advances are made when the balance in the Railroad Unemployment * Lesfc than $500,000. p Revised. Insurance Account is insufficient to meet payments of

166 May 9J6 57 FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Table GA-III-8. - N ation al Service Life Insurance Fund Fiscal year or month Receipts Transfers from Premiums and general and other receipts special funds (In millions of dollars) Expenditures other than investments Interest and (benefits, net lending profits on refunds, 'and investments dividends) Net increase or decrease (-), in assets Assets, end of period Investments Unexpended balance ,56,307 4,760 3,494 3,647 5,94 5,94 5, , 6, / -36 6,086 6, y 47 6,33 6, ,35 6, ,34 6, ,43 6, ,476 6, ,755 6, ,94 6, $ ,045 7, (Est.) ,56 n.a. n.a. 3 IS ,373 n.a. n.a. 977 (Est.) ,64 n.a. n.a. 975-Apr * 40, -3 6,864 6, * * 39-6,86 6, * ,045 7, * 6 7,047 7, * ,058 7, * ,059 7,050 9 Oct * ,068 7,053 5 Nov * 55-7,066 7, * ,48 7, Jan * 5-9 7,39 7,7 Feb... ) 5 8 * ,068 7, * * 47-7,067 7,059 8 Fiscal year 976 to J *067 7,059 8 Source: Monthly Treasury Statement of Receipts and Outlays of the Note: This fund was established by the National Service Life Insurance United States Government. Budget estimates based on the 977 Act of 940 (38 U.S.C. 70). Budget of the U.S. Government, released January, 976. / Excludes transactions for investments in non-federal securities. Budget estimates from the mid-session review, released March 5, 976,are * Less than $500,000. not available in the necessary detail. n.a. Not available.

167 58 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS - Section III - Trust Funds Table GA-III-9. - Investments of Specified Trust Accounts in Public Debt Securities and Agency Securities by Issues, as of March 3, 976 (In millions of dollars) Investment securities Federal Old-Age Federal Federal Federal and Survivors Disability Hospital Supplement ary Type and rate Payable Issue Insurance Insurance Insurance Medical Ydate date Trust Fund Trust Fund Trust Fund Insurance Trust Fund Railroad Retirement Accounts Unemployment; Trust Fund Public issues: Notes: 6-/# 7-/ 8 7-3/4 7-/4 6-/4 8-3/4 6 6-/ /8 7-7/8 Bonds: -3/4-Invest. Ser. B 3-/ 7 3-/4 6-3/8 4-/4 3-/4 6-/8 3-/ 4-/ / 4-/8 3 3-/ 8-/ 7-7/8 8-/4 5/5/76 8/5/76 /5/77 8/L5/77 /3/77 /5/78 8/5/78 /5/78 8/5/79 8/5/80 /5/8 5/5/8 8/5/8 /5/8 /5/80 4/0/75-80 /5/80 8/5/8 6/5/ /5/84 5/5/ /5/85 /5/86, /5/90. 8/5/87-9 /5/88/93 8/5/88/93 5/5/89/94 /5/95 /5/98 5/5/94-99 /5/ /5/ /5/69 0/0/69 /5/70 8/5/70 /3/75 /5/7 5/5/74 /5/7 8/5/7 8/5/74 /5/74 5/5/75 8/5/75 /7/75 /3/59 4/0/5 0/03/60 8/5/7 5/0/53 8/5/7 4/05/60 6/03/58 /5/7 «/7/63 8/5/73 4/8/63 /5/55 0/03/60 5/5/74 /8/75 5/5/ , , ,608 Government account series: Certificates: 6-/$ 7-/4 7-3/8 7-/ 7-5/8 7-3/4 8 8-/4 Note: 7-5/8# 6-/8 5-3/4 6-5/8 8 7-/ Bonds: 7-5/8% 7-3/8 6/30/76 6/30/76 6/30/76 6/30/76 6/30/76 6/30/76 6/30/76 6/30/76 6/30/77 6/30/78 6/30/79 6/30/80 6/30/8 6/30/8 Various Various Various Various Various Various Various Various 6/30/70 6/30/7 6/30/7 6/30/73 6/30/74 6/30/75 7 5,450,994 3,469 3,03 4,547 6/30/8-89 6/30/8-90 6/30/74 6/30/75 6,0 7,567, ,65, ,3 6,598 0,55,38, Agency Securities: Participation Certificates: 5.0$ /9/77 /9/8 4/06/87 //87 /0/88 4/08/88 8//88 /9/67 /9/67 4/05/67 //67 /30/68 4/08/68 8// j Securities ,309 6,93 0,575,38 3,095 3,38 Source: Bureau of Government Financial Operations. * Less than $500, ,84, , * ,

168 May 9J6 59 CUMULATIVE TABLE OF CONTENTS June 975 through May 976 Issues and page numbers Sections June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Article: Treasury financing operations V V V V V V V V V V V V Federal fiscal operations: Summary of fiscal operations... Budget receipts by source Chart - Budget receipts by source Budget outlays by agency Undistributed offsetting receipts Budget outlays by function Investment transactions of Government accounts in Federal securities (net) Selected accrual data reported by Federal agencies Detail of excise tax receipts..., * Accountability of the Account of the U.S. Treasury on Trust fund transactions an accounting basis Summary of internal revenue collections by Statea and other areas « Federal obligations Account of the U.S. Treasury: Status of the Account of the U.S. Treasury Analysis of changes in tax and loan account balances..., Gold assets and liabilities of the Treasury Monetary statistics: Federal debt: Summary of Federal debt...» Computed interest charge and computed interest rate Interes>-bearing public debt Maturity distribution and average length of marketable interest-bearing public debt* Government account series Interest-bearing securities issued by Government agencies Participation certificates Debt subject to statutory limitation Status and application of statutory limitation Treasury holdings of securities issued by Government corporations and other agencies Description of securities of Government corporations 9 and other business-type activities held by the Treasury Public debt operations: Maturity schedule of interest-bearing public marketable securities other than regular weekly and 5-week Treasury bills outstanding Offerings of Treasury bills New money financing through regular weekly Treasury bills... Offerings of public marketable securities other than regular weekly Treasury bills Unmatured marketable securities issued at a premium or discount other than advance refunding operations Allotments by investor classes on subscription for public marketable securities ' Disposition of public marketable securities other than regular weekly Treasury bills Foreign series securities (nonmarketable) issued to official institutions of foreign countries Foreign currency series securities (nonmarketable) issued to official institutions of foreign United States savings bonds: Sales and redemptions by series, cumulative Sales and redemptions by periods, all series combined Sales and redemptions by periods, Series E through K Redemptions of matured and unmatured saving bonds Sales and redemptions by denominations, Series E and H combined Sales by States, Series E anclh combined * *