1. There were no sales of gold settled in November. On November 30, gold holdings stood at 0.1 million ounces. The valuation is based on the November 30, 2005, London p.m. fix of US$495.65 per ounce.

2. Net change in securities and deposits resulting from foreign currency funding activities of the Government. (Issuance of foreign currency liabilities used to acquire assets increases reserves, while maturities decrease reserves). During November, Canada bills decreased by US$185 million to a level of outstanding bills of US$1,837 million. Cross-currency swaps of domestic obligations raised an equivalent of US$600 million, and a total of US$150 million in cross-currency swaps matured.

3. "Return on investments" comprises US$95 million of interest earned on investments and a US$32-million decrease in the market value of securities resulting from changes in interest rates.

4. "Revaluation effects" reflect changes in the market value of reserve assets resulting from movements in exchange rates. In November, the revaluation effect was mainly due to the depreciation of the euro.

5. "Net government operations" are the net purchases of foreign currency for government foreign exchange requirements and for additions to reserves.

6. Predetermined short-term drains include the Government's contractual obligations in foreign currencies related to payments of principal and interest associated with securities and commitments under swaps and forward contracts coming due during the next 12 months.

7. "Foreign currency securities" include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities.

8. "Securities lent under repurchase agreements" are included in total reserves. Collateral provided in securities-lending transactions is not included in total reserves.

9. Cash invested under repurchase agreements is included in total reserves. Collateral provided in securities-lending transactions is not included in total reserves.