Survey of U.S. Ownership of Foreign Securities as of December 31, 2004

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By this Notice, the Department of the Treasury is informing the public that it is conducting a mandatory survey of U.S. ownership of foreign securities as of December 31, 2004. This notice constitutes legal notification to all United States persons who are in the reporting panel set forth in this Notice that they must respond to this survey. Additional copies of the reporting form SHCA and instructions may be printed from the Internet at: http://www.treas.gov/tic/ forms.html. Who Must Report: It is expected that reporting will be required only from those organizations which reported the largest values of securities data on the benchmark survey Form SHC entitled "U.S. Ownership of Foreign Securities, Including Selected Money Market Instruments as of December 31, 2001". The panel for this survey is expected to include: the 36 largest custodians and largest end- investors that filed schedule 2 in the aforementioned 2001 benchmark survey; and 194 of the next largest end-investors that filed schedule 3 in the aforementioned 2001 benchmark survey. Entities required to report will be contacted individually by the Federal Reserve Bank of New York. Entities not contacted by the Federal Rese