2. Value of foreign holdings of U.S. long- and short-term securities,
country - top 8 countries
			Equity
		1994	2000	2003	CAG
		(Dec)	(Mar)	(June)	'94-'03
Equity
United Kingdom		90	321	194	9%
Canada		47	174	179	16%
Japan		34	230	135	17%
Luxembourg		2	69	104	55%
Switzerland		39	148	104	12%
Cayman Islands		13	45	98	25%
Belgium				15
China		0	1	2
Total Equity		398	1,709	1,564	16%
Debt
Japan		196	286	636	14%
China		18	91	254	34%
Belgium				227
United Kingdom		78	212	197	11%
Luxembourg		2	38	193	66%
Cayman Islands		25	82	145	22%
Canada		12	36	82	24%
Switzerland		18	40	76	17%
Total Debt		846	1,849	3,414	17%
Total
Japan		230	516	771	14%
United Kingdom		168	533	391	10%
Luxembourg		4	107	297	61%
Canada		59	210	261	18%
China		18	92	256	34%
Belgium				242
Cayman Islands		38	127	243	23%
Switzerland		57	188	180	14%
Total Foreign Holdings		1,244	3,558	4,978	17%
	Source: Annex Research
	(based on U.S. Treasury data)