1. There were no sales of gold settled in June. On June 30, gold holdings stood at 0.1 million ounces. The valuation is based on the June 30, 2011, London p.m. fix of US$1,506 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 June, Canada bills increased by US$71.8 million to a level of outstanding bills of US$2,248.8 million. A total of US$290.0 million of cross-currency swaps of domestic obligations were raised while US$1,495.7 million in swaps matured. In addition, an equivalent of US$2.8 million in foreign exchange swaps were transacted while US$140.0 million in swaps matured during the month.

3.  “Return on investments” comprises US$118 million of interest earned on investments and a US$131 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 June, the revaluation effect was mainly due to the appreciation 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.  “Foreign currency securities” include maturities of foreign currency debt, cross-currency swap payments and an estimate of interest payments on foreign currency liabilities.

7. “Securities lent under repurchase agreements” are included in total reserves. Collateral provided in securities‑lending transactions is not included in total reserves.

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