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

                                                HOLDINGS 1/ AT END OF PERIOD

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

Japan                               695.8    689.3   668.0    652.4   646.3  614.5   583.8
Mainland China                      166.9    164.9   164.1    161.0   157.3  153.8   156.6
United Kingdom                      130.4    126.5   125.3    132.7   122.7  107.0    93.7
Caribbean Banking Centers 2/         90.9     85.8    68.4     57.1    67.4   60.1    54.7
Korea                                61.5     60.5    58.7     59.2    60.4   57.0    59.6
Taiwan                               57.6     57.7    57.3     56.8    54.8   55.7    53.1
Hong Kong                            50.4     52.4    52.7     52.1    50.7   53.1    54.0
Germany                              49.0     47.7    49.7     50.1    45.7   46.0    47.5
Switzerland                          48.1     49.6    47.5     51.0    48.6   48.2    45.1
OPEC                                 43.9     43.7    45.8     45.0    43.0   41.0    43.3
Mexico                               34.1     38.6    36.5     30.6    28.9   28.5    27.5
Canada                               33.3     30.6    33.1     33.3    30.7   28.3    26.1
Singapore                            26.1     27.0    26.4     27.2    26.7   25.7    23.0
Luxembourg                           26.0     26.4    25.6     26.2    27.8   27.7    26.3
Ireland                              18.2     16.7    19.2     14.9    14.7   15.7    14.8
Brazil                               16.2     13.2    12.9     12.4    13.1   11.3    10.7
Italy                                15.7     16.0    16.1     15.7    15.0   14.9    14.7
Turkey                               15.0     15.0    15.7     16.3    14.9   14.2    14.5
India                                14.9     15.9    15.9     15.9    13.6   13.3    15.7
Netherlands                          14.6     14.7    13.6     15.5    12.4   12.6    13.2
Belgium                              14.3     14.6    13.7     13.3    12.8   12.9    14.6
Thailand                             13.8     11.4    10.9     10.8    11.9   15.3    13.5
Israel                               13.6     17.9    18.0     15.5    16.4   14.1    10.5
France                               11.9     11.2    11.1     12.3    16.5   12.3    16.0
Spain                                10.4     10.7    10.6     11.5     9.3    9.7    10.8
Sweden                                9.7     10.1    11.5      9.9    10.5   10.6     9.6
Australia                             7.5      6.9     7.3      7.5    10.0   12.6    10.8
All Other                           123.3    117.8   115.8    117.9   115.6  111.1   112.2
Grand Totals                       1813.1   1792.8  1751.4   1724.1  1697.7 1627.2  1575.9

Of which official                  1086.4   1083.7  1067.3   1044.8  1029.5  988.0   961.0
 Bills                              230.3    231.8   232.9    224.8   231.6  224.0   213.1
 Bonds and notes                    856.1    852.0   834.4    820.0   797.9  764.0   747.9

Department of the Treasury/Federal Reserve Board
September 16, 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.