MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES
                                                   (in billions of dollars)        

                                              
                                                 HOLDINGS 1/ AT END OF PERIOD

                               2004     2004     2004    2004     2004     2004   2004    2004
COUNTRY                         Aug     July     June     May    April      Mar    Feb     Jan

Japan                         721.9    695.8    689.3   668.0    652.4    646.3  614.5   583.8
Mainland China                172.3    166.9    164.9   164.1    161.0    157.3  153.8   156.6
United Kingdom                134.8    130.4    126.5   125.3    132.7    122.7  107.0    93.7
Caribbean Banking Centers 2/   91.3     91.1     85.8    68.4     57.1     67.4   60.5    55.2
Korea                          63.4     61.5     60.5    58.7     59.2     60.4   57.0    59.6
Taiwan                         56.4     57.6     57.7    57.3     56.8     54.8   55.7    53.1
Hong Kong                      49.4     50.4     52.4    52.7     52.1     50.7   53.1    54.0
Switzerland                    48.9     48.1     49.6    49.2     51.0     48.6   48.2    45.1
Germany                        48.3     49.0     47.7    49.7     50.1     45.7   46.0    47.5
OPEC                           43.1     43.9     43.7    45.8     45.0     43.0   41.0    43.4
Mexico                         35.6     34.1     38.6    36.5     30.6     28.9   28.5    27.5
Canada                         33.1     33.3     30.6    33.1     33.3     30.7   28.3    26.1
Luxembourg                     26.4     26.0     26.4    25.6     26.2     27.8   27.7    26.3
Singapore                      26.0     26.1     27.0    26.4     27.2     26.7   25.7    23.0
Ireland                        21.7     18.2     16.7    19.3     15.0     14.7   15.7    14.8
Turkey                         16.4     15.0     15.0    15.7     16.3     14.9   14.2    14.5
Brazil                         16.2     16.2     13.2    12.9     12.4     13.1   11.3    10.7
Italy                          14.8     15.7     16.0    16.1     15.7     15.0   14.9    14.7
Thailand                       14.8     13.8     11.4    10.9     10.8     11.9   15.3    13.5
Belgium                        14.1     14.3     14.6    13.7     13.3     12.8   12.9    14.6
India                          14.0     14.9     15.9    15.9     15.9     13.6   13.3    15.7
Israel                         12.5     13.6     17.9    18.0     15.5     16.4   14.1    10.5
France                         10.2     11.9     11.2    11.1     12.3     16.5   12.3    16.0
Sweden                         10.1      9.7     10.1    11.5      9.9     10.5   10.6     9.6
Spain                           9.2     10.4     10.7    10.6     11.5      9.3    9.7    10.8
Netherlands                     7.3     14.6     14.7    13.6     15.5     12.4   12.6    13.2
Australia                       6.6      7.5      6.9     7.3      7.5     10.0   12.6    10.8
All Other                     120.8    123.3    117.9   114.1    117.9    115.6  111.3   112.2
Grand Totals                 1839.6   1813.3   1792.9  1751.5   1724.2   1697.7 1627.8  1576.5

Of which official            1112.8   1086.4   1083.7  1067.3   1044.8   1029.5  988.0   963.7
 Bills                        237.6    230.3    231.8   232.9    224.8    231.6  224.0   214.5
 Bonds and notes              875.2    856.1    852.0   834.4    820.0    797.9  764.0   749.2

Department of the Treasury/Federal Reserve Board
October 18, 2004

1/   Estimated foreign holdings of U.S. Treasury marketable and nonmarketable bills, bonds and notes
      are based on Treasury Foreign Portfolio Investment Survey benchmarks and on monthly data
      reported under the Treasury International Capital (TIC) reporting system.
2/    Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama.