This article continues the annual series analysing the distribution of the national debt by type of holder. It discusses holdings of debt at 31st March 1966 and net changes in these holdings during 1965/66. The information is drawn from a variety of sources and, although nominal values are shown wherever possible, only book or market values are available for certain categories. For other categories, especially overseas residents, individuals, and industrial and commercial companies, the figures are little more than broad estimates. Nevertheless, the analysis is thought to give a reasonable guide to the distribution of the debt.