1. Who must report

Domestic custodians who manage the safekeeping of foreign securities on behalf of domestic residents, and/or on their own account, as of December 31, 1997. Domestic custodians are defined as entities located in the domestic economy who manage the safekeeping of securities for investors.

Domestic residents who own foreign securities as of close of business on December 31, 1997 and do not entrust the safekeeping of these securities to domestic custodians. This includes both those who invest for their own account as well as those who invest on behalf of asset pools, such as the managers of mutual funds, insurance companies, and pension funds.

All entities that receive a copy of the survey forms must respond. Firms that do not fall into either of the above two categories need only complete the identification information on form 1 and tick the box indicating that they are exempt from completing forms 2 and 3

2. What must be reported

All entities that receive a copy of the survey forms must complete the respondent identification section of form 1 and return a copy to the compiling agency within 30 days of receipt of the survey forms. Even if an entity anticipates that it will be exempt from completing forms 2 and 3, the respondent identification section of form 1 should be completed and returned to the address listed on the previous page.

All entities that receive a copy of the survey forms must submit their survey responses by March 31, 1998 to xxxxxxx (the compiling agency), whose address is listed on the previous page. Respondents unable to meet the reporting schedule should contact a member of the survey staff at xxx-xxx-xxx to request an extension.

Reporters can file one consolidated report for their entire organization, or different units of the organization may file independently. If two or more units are filing separately, please contact a member of the survey staff for additional identification numbers.

All survey respondents must complete form 1. This form contains basic identifying information as well as summary information pertaining to data reported on other forms. Firms exempt from completing forms 2 and 3 need only complete form 1. See guidance notes on page 6 for completing form 1.

Form 2 is used to report detailed information on holdings of securities issued by unrelated nonresidents. Such information must be provided by all domestic custodians who manage the safekeeping of foreign securities for domestic residents, including on own account, except on account of securities they entrust to other domestic custodians; and by all investors who do not entrust the safekeeping of foreign securities to domestic custodians. See guidance notes on pages 6 to 8 for completing form 2.

Form 3 is used by investors who own securities issued by nonresidents and entrust such securities to domestic custodians; and by domestic custodians who have entrusted some or all of their custody securities to other domestic custodians. These holdings of foreign securities should not be reported in detail on form 2. Instead, only the total amounts entrusted to domestic custodians should be reported, along with the name and address of the domestic custodian. See guidance notes on page 8 for completing form 3.

Some respondents will need to complete both form 2 and form 3.

3. Residency

A nonresident is any individual, enterprise, or other organization ordinarily domiciled in a country other than xxxxxx. Nonresident branches and subsidiaries of xxxxxx enterprises are regarded as nonresidents. A resident is any individual, enterprise, or other organization ordinarily domiciled in xxxxxx. Branches and subsidiaries of nonresident enterprises domiciled in xxxxxx are regarded as xxxxxx residents. Ordinarily domiciled is defined as the center of economic interest of the entity, for instance, for an enterprise, where it engages in production.

In the report form, securities are to be attributed to the country of residence of the nonresident issuer of the securities. Country attribution should be based on where the entity is ordinarily domiciled. If there is doubt as to the issuers’ country of domicile, then, as a general rule, the country of residence of any enterprise can be taken as where it is legally incorporated, or in the absence of legal incorporation, where it is legally domiciled. Securities issued by international organizations (IO) are not to be allocated to the country in which the IO is located but rather to the separate IO category code (see end of annex A).

4. Definition of equity and long-term debt securities

A security is defined as an instrument that is traded or tradable. This survey covers investment by domestic residents in equity and long-term debt securities only.

Equity securities cover all instruments and records acknowledging, after the claims of all creditors have been met, claims to the residual values of enterprises.

Include:

• ordinary shares;

• stocks;

• participating preference shares;

• depositary receipts (e.g., American depositary receipts) denoting ownership of equity securities issued by nonresidents (see general notes point 8 ahead);

• shares/units in mutual funds and investment trusts;

• equity securities that have been sold under repurchase agreements; and

• equity securities that have been lent under a securities lending arrangement (see general notes point 7).

Exclude:

• nonparticipating preference shares (but include these instruments under long-term debt);

• rights, options, warrants, and other derivative instruments;

• equity securities that have been bought under repurchase agreements; and

• equity securities that have been acquired under a securities lending arrangement (see general notes point 7).

Long-term debt securities cover bonds, debentures, notes, etc. that usually give the holder the unconditional right to a fixed money income or contractually determined variable money income, and have an original term to maturity of over one year.

Include:

• bonds such as treasury, zero coupon, stripped (see general notes point 9), deep discounted, currency linked (e.g., dual-currency), floating rate, equity-related (e.g., convertible bonds), Eurobonds;

• asset-backed securities such as mortgage backed bonds, collateralized mortgage obligations (CMO);

• index-linked securities (e.g., property index certificates);

• nonparticipating preference shares;

• floating rate notes (FRN) such as perpetual notes (PRN), variable rate notes (VRN), structured FRN, reverse FRN, collared FRN, step up recovery FRN (SURF), range/corridor/accrual notes;

• Euro medium-term notes (EMTN);

• schuldscheine (German) notes;

• bonds with optional maturity dates, the latest of which is more than one year after issue;

• debentures;

• negotiable certificates of deposits with contractual maturity of more than one year;

• other long-term securities;

• bearer depositary receipts denoting ownership of debt securities issued by nonresidents (see general notes point 8);

• debt securities that you have sold under repurchase agreements; and

• debt securities that you have lent under a securities lending arrangement (see general notes point 7).

Exclude:

• derivative instruments;

• loans;

• trade credit and accounts receivable;

• money market instruments (e.g., treasury notes, banker’s acceptances, certificates of deposit with contractual maturity of one year or less, note issuance facilities, revolving underwriting facilities, and promissory notes);

• debt securities that you have bought under repurchase agreements; and

• debt securities that you have acquired under a securities lending arrangement (see general notes point 7).

5. Valuation

Market value should be used to report all holdings of securities. Do not report the face value of the security as the market value.

Equity securities should be reported at market prices converted to xxxxxx (domestic currency) using the exchange rate prevailing at the close of business on December 31, 1997.

For enterprises listed on a stock exchange, the market value of your holding of their equity securities should be calculated using the market price prevailing on their main stock exchange at the close of business on December 31, 1997.

For unlisted enterprises, if a market value is not available at the close of business on December 31, 1997, estimate the market value of your holding of equity securities by using one of the following methods:

• a recent transaction price;

• director’s valuation; or

• net asset value. (Net asset value is equal to total assets, including intangibles, less nonequity liabilities and the paid up value of non-voting shares. Assets and liabilities should be recorded at current, rather than historical, value.).

Debt securities should be recorded using one of the market valuation methods listed below in order of preference and converted to xxxxxx (domestic currency), using the exchange rate prevailing at the close of business on December 31, 1997:

• a quoted traded market price at the close of business on December 31, 1997;

• the net present value of the expected stream of future payments/receipts associated with the securities;

• for unlisted securities, the price used to value securities for accounting or regulatory purposes, etc.; or

• for deep discount or zero coupon securities, the issue price plus amortization of the discount.

6. Exclusion of securities issued by related enterprises

Securities issued by a nonresident enterprise that is related to the resident owner of those securities should be excluded in this report. Related nonresident enterprises are enterprises in which an enterprise group has an equity interest of 10 percent or more. Ownership is measured in terms of ordinary shares or voting stock of incorporated enterprises or equivalent beneficial interest in unincorporated enterprises. The only exception is if the nonresident entity who issued the security and the domestic resident owner of the security are affiliated financial intermediaries, for instance, banks. In these circumstances, debt securities that do not represent a permanent interest should be included in this report.

7. Treatment of securities involved in repurchase and securities lending arrangements

A repurchase agreement (repo) is an arrangement involving the sale of securities at a specified price with a commitment to repurchase the same or similar securities at a fixed price on a specified future date. A reverse repo is the same transaction seen from the other side, that is, an agreement whereby a security is purchased at a specified price with a commitment to resell the same or similar securities at a fixed price on a specified future date. Securities (or stock) lending is an arrangement whereby the ownership of a security is transferred in return for collateral, usually another security, under the condition that the security or similar securities will revert to its original owner at a specified future date.

• Securities acquired under repurchase or securities lending arrangements are to be excluded from the report form;

• securities sold under repurchase or securities lending arrangements are to be included in the report form;

• securities acquired under repurchase or securities lending arrangements and subsequently sold to a third party should be reported as a negative holding, namely, a short position (see form 2, item 10); and

• all valuations of securities under repurchase or securities lending arrangements should be at market value as at the close of business on December 31, 1997.

8. Treatment of depositary receipts

Depositary receipts, which denote ownership of equity or debt securities issued by nonresidents, for instance, American depositary receipts (ADR) or bearer depositary receipts (BDR), should be attributed to the country of residence of the issuer of the security underlying the depositary receipt. Financial intermediaries should not report holdings of any securities against which depositary receipts have been issued and sold; but if a depositary receipt has been issued before the financial institution arranging the issue has acquired the underlying securities, then that financial institution should report a negative holding in the underlying security (see form 2, item 10).

9. Treatment of stripped securities

Stripped securities (strips) are securities that have been transformed from a principal amount with periodic interest coupons into a series of zero coupon securities, with the range of maturities matching the coupon payment dates and the redemption date of the principal amount. If strips remain the direct obligation of the original issuer, then the residency of the issuer of the strips remains the same as for the original security. Dealers who request that a settlement or clearing house create strips from an existing security issued by a nonresident should not report ownership of the underlying security once the strips have been created. On the other hand, if strips have been created and issued by an entity in its own name, then the residency of the issuer of the strips is that of the entity that issued the strips. In turn, such an issuer of strips should report its ownership of the underlying securities if they were issued by a nonresident. Strips with an original maturity of less than one year are classified as money market instruments and thus, if identifiable, should not be reported.

If there are any questions regarding these instructions, please contact a member of the survey staff at xxxx x-xxx-xxxx.

Advice on selected items:

Item 1: Identification Number—Enter the 7—digit identification number from the top right-hand corner of the address label to these survey forms. If your number is unknown, please contact a member of the survey staff at xxx-xxx-xxxx.

Item 7: Reporting Status—Mark “Exempt” if your firm is exempt from reporting forms 2 and 3 of the survey. Mark “form 2” if your enterprise is completing form 2 reports. Mark “form 3” if your enterprise is completing form 3 reports. Mark both “form 2” and “form 3” if your firm is completing both types of forms.

Note: Organizations claiming an exemption should go to form 1, item 15.

Item 9: Number of Form 2 Records Reported—Enter the total number of form 2 records submitted with your report, whether they are submitted on paper, tape, or diskette.

Item 10: Number of Form 3 Records Reported—Enter the total number of form 3 records submitted.

Item 11: Total Domestic Currency Value of All Priced Equities—For all equity securities (form 2, item 7 = 1) for which prices are known, enter the total domestic currency value (form 2, item 10) of all such records.

Item 12: Total Domestic Currency Value of All Priced Long-Term Debt Securities—For all long-term debt securities (form 2, item 7 = 2) for which prices are known, enter the total domestic currency value (form 2, item 10) of all such records.

Item 13: Total Number of Shares of Unpriced Equity—For all equity securities (form 2, item 7 = 1) for which prices are unknown, enter the total number of shares (form 2, item 12) of all such records.

Item 14: Total Face Value of All Unpriced Long-Term Debt Securities—For all long-term securities (form 2, item 7 = 2) for which prices are unknown, enter the total face value (form 2, item 12) of all such records.

Form 2 contains the following items:

Item 1: Identification Number—Enter the 7—digit identification number from form 1, item 1.

Item 2: Sequence Number—Starting at 1, sequentially number each record. The last record should have the same sequence number as the total number of records reported on form 1, item 9.

Item 3: Security Identification Code—Enter the security identification code used to identify this record. Use either an ISIN code or a code issued by a national or international numbering agency, such as a SEDOL, CUSIP, or common code. Do not use internally-created codes unless this security has not been assigned a code by any recognized numbering agency.

Item 4: Security Identification Coding System—From annex B, select the 2—digit code that corresponds to the security identification coding system which allocated the code reported in item 3.

Item 5: Name of Other ID Coding System—If the security identification code entered in item 3 above was issued by a security identification coding system not listed in annex B, enter the name of that organization or system here.

Item 6: Ownership Code—Indicate whether the security is held on own account or on behalf of a client.

Item 7: Security Type—Indicate whether the security is equity or debt.

Item 8: Name of Issuer—Enter the name of the organization that issued this security.

Item 9: Security Description—Provide pertinent descriptive information.

Item 10: Domestic Currency (d.c.) Value of Security Held—Enter the total domestic currency value (price times quantity) of your holdings of this security. If reporting a negative position in the security, enter “S” in the first separate box (see also general reporting notes points 7 and 8).

For equity securities (form 2, item 7 = 1), enter the domestic currency price equivalent (form 2, item 11) of this security multiplied by the number of shares held (form 2, item 12).

For debt securities (form 2, item 7 = 2), enter the product of the price (form 2, item 11) of this security multiplied by the face value (form 2, item 12) in the currency of denomination multiplied by the exchange rate (form 2, item 14).

Item 11: Market Price—See general note 5 for further information on market prices.

For equity securities, enter your best estimate of the price per share in domestic currency.

For debt securities, enter the price as a percentage of the security’s original face value. Thus, if a security is trading at 90 percent of its original value, enter 900 in this field. In the case of zero-coupon or deep-discount issues, which trade when issued at a small percentage of their face value at maturity, enter the percentage of their face value at maturity that they are worth as of December 31, 1997. Thus, if a zero coupon bond was originally issued at a value equal to 17 percent of its face value at maturity, and has by December 31, 1997 appreciated to 43 percent of its face value at maturity, enter 430 in this field.

Note: Custodians must provide prices for securities in a manner consistent with their normal business practices for providing prices to their customers. Thus, if a firm typically provides prices to its customers for all securities for which prices are commercially available, the same practice should be followed when reporting on the survey.

Item 12: Face Value or Number of Shares Held—For equity securities, enter the number of shares held, rounded to the nearest share. For debt securities, enter the face value held in the currency of denomination. For asset-backed securities, for which principal is repaid over time, enter the remaining, unrepaid, face value of principal outstanding for this security as of close of business on December 31, 1997.

Item 13: Original Face Value for Asset-Backed Securities Only—Pertaining to the amount entered in item 12 above, enter the original face value of principal that would have been outstanding if no principal had been repaid.

For example, if $1,000,000 of an asset-backed security was bought at date of issue, and 30 percent of the principal of this security has been repaid as of close of business on December 31, 1997, $700,000 should be entered in item 12, and $1,000,000 should be entered in item 13. The ratio between the amounts entered in item 12 and item 13 (700,000/1,000,000 = .700) should equal the “factor value” for this security.

Item 14: Exchange Rate Used—Enter the exchange rate used to convert the currency of denomination into domestic currency. This rate should be that prevailing at the close of business on December 31, 1997 and should be expressed as the domestic currency value of one unit of the currency of denomination.

Item 15: Currency of Denomination—Enter the 3—digit code corresponding to the currency used in item 14 from the list provided in annex C. If the currency used in item 14 is not listed in annex C, please contact a member of the survey staff at xxxx x-xxx-xxxx.

Item 16: Amount on Loan—Of the total amount held of this security as reported in item 12, how much of this position was on loan as of December 31, 1997.

Item 17: Country of Issuer of Security—Enter the 2-digit country code from the list provided in annex A that corresponds to the country of domicile of the entity that issued the security.

Advice on selected items:

In item 1, starting at 1, sequentially number each record. The last record should have the same sequence number as the total number of records reported on form 1, item 10.

In item 7 (total domestic currency market value of nonresident securities entrusted to the named custodian), enter the total estimated market value of securities entrusted to the named custodian as of close of business on December 31, 1997 in domestic currency.

If there are any questions regarding these instructions, please contact a member of the survey staff at xxxx x-xxx-xxxx.

SURVEY OF PORTFOLIO INVESTMENT – DECEMBER 31, 1997

FORM 1

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SURVEY OF PORTFOLIO INVESTMENT - DECEMBER 31, 1997

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SURVEY OF PORTFOLIO INVESTMENT – DECEMBER 31, 1997

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1. Who must report

Domestic custodians who manage the safekeeping of foreign securities entrusted directly to them by domestic residents, and/or on their own account, as of December 31, 1997. Domestic custodians are defined as entities located in the domestic economy who manage the safekeeping of securities for investors.

Domestic residents who own foreign securities as of close of business on December 31, 1997 and do not entrust the safekeeping of these securities to domestic custodians.

All entities that receive a copy of the survey forms must respond. Entities that do not fall under either of the above two categories should complete the respondent identification section of form 1 and indicate that they are exempt from reporting.

2. What must be reported

All entities that receive a copy of the survey forms must complete the respondent identification section of form 1 and return a copy to the compiling agency within 30 days of receipt of the survey forms.

All entities that receive a copy of the survey forms must submit their survey responses by March 31, 1998 to xxxxxxx (the compiling agency), whose address is listed in the key information section of form 1. Respondents unable to meet the reporting schedule should contact a member of the survey staff at xxx-xxx-xxx to request an extension.

Reporters can file one consolidated report for their entire organization, or different units of the organization may file independently. If two or more units are filing separately, please contact a member of the survey staff for additional identification numbers.

Domestic custodians are required to complete report forms 2a and 2b in respect of their own account holdings of equity and long-term debt securities issued by nonresidents, as at end of business on December 31, 1997; and also in respect of holdings of equity and long-term debt securities issued by nonresidents that domestic noncustodian residents (e.g., financial investors or private households) have entrusted directly to them, as at close of business on December 31, 1997. See guidance notes to completing forms 2a and 2b on pages 5 and 6. Securities issued by entities related to the investor should not be reported (see general note 6 ahead for more information on securities issued by related enterprises).

Domestic custodians should not report holdings of foreign securities held on behalf of another domestic custodian nor foreign securities entrusted by a domestic resident to a nonresident affiliate of the reporting custodian.

Domestic residents must report investments held as of December 31, 1997 in equity and long-term debt securities issued by unrelated nonresidents which have not been entrusted to domestic custodians.

3. Residency

A nonresident is any individual, enterprise, or other organization ordinarily domiciled in a country other than xxxxxx. Nonresident branches and subsidiaries of xxxxxx enterprises are regarded as nonresidents. A resident is any individual, enterprise, or other organization ordinarily domiciled in xxxxxx. Branches and subsidiaries of nonresident enterprises domiciled in xxxxxx are regarded as xxxxxx residents. Ordinarily domiciled is defined as the center of economic interest of the entity, for instance, for an enterprise, where it engages in production.

In the report form, securities are to be attributed to the country of residence of the nonresident issuer of the securities. Country attribution should be based on where the entity is ordinarily domiciled. If there is doubt as to the issuers’ country of domicile, then, as a general rule, the country of residence of any enterprise can be taken as where it is legally incorporated, or in the absence of legal incorporation, where it is legally domiciled. Securities issued by international organizations (IO) are not to be allocated to the country in which the IO is located but rather to the separate IO category specified at the end of forms 2a and 2b.

4. Definition of equity and long-term debt securities

A security is defined as an instrument that is traded or tradable. This survey covers investment by domestic residents in equity and long-term debt securities only.

• For the definition of equity securities, see note 1 in Notes to Form 2a (page 5); and

• for the definition of long-term debt securities, see note 1 in Notes to Form 2b (page 6).

5. Valuation

Market value should be used to report all holdings of securities. Do not report the face value of the security as the market value.

• For market valuation of equity securities, see note 2 in Notes to Form 2a (page 5); and

• for market valuation of long-term debt securities, see note 2 in Notes to Form 2b (page 6).

6. Exclusion of securities issued by related enterprises

Securities issued by a nonresident enterprise that is related to the resident owner of those securities should be excluded from this report. Related nonresident enterprises are enterprises in which an enterprise group has an equity interest of 10 percent or more. Ownership is measured in terms of ordinary shares or voting stock of incorporated enterprises or equivalent beneficial interest in unincorporated enterprises. The only exception is if the nonresident entity who issued the security and the domestic resident owner of the security are affiliated financial intermediaries, for instance, banks. In these circumstances, debt securities that do not represent a permanent interest should be included in this report.

7. Treatment of securities involved in repurchase and securities lending arrangements

A repurchase agreement (repo) is an arrangement involving the sale of securities at a specified price with a commitment to repurchase the same or similar securities at a fixed price on a specified future date. A reverse repo is the same transaction seen from the other side, that is, an agreement whereby a security is purchased at a specified price with a commitment to resell the same or similar securities at a fixed price on a specified future date. Securities (or stock) lending is an arrangement whereby the ownership of a security is transferred in return for collateral, usually another security, under the condition that the security or similar securities will revert to its original owner at a specified future date.

• Securities acquired under repurchase or securities lending arrangements are to be excluded from the report form;

• securities sold under repurchase or securities lending arrangements are to be included in the report form;

• securities acquired under repurchase or securities lending arrangements and subsequently sold to a third party should be reported as a negative holding, namely, a short position; and

• all valuations of securities under repurchase or securities lending arrangements should be at market value as at the close of business on December 31, 1997.

8. Treatment of depositary receipts

Depositary receipts, which denote ownership of equity or debt securities issued by nonresidents, for instance, American depositary receipts (ADR) or bearer depositary receipts (BDR), should be attributed to the country of residence of the issuer of the security underlying the depositary receipt. Financial intermediaries should not report holdings of any securities against which depositary receipts have been issued and sold; but if a depositary receipt has been issued before the financial institution arranging the issue has acquired the underlying securities, then that financial institution should report a negative holding in the underlying security.

9. Treatment of stripped securities

Stripped securities (strips) are securities that have been transformed from a principal amount with periodic interest coupons into a series of zero coupon securities, with the range of maturities matching the coupon payment dates and the redemption date of the principal amount. If strips remain the direct obligation of the original issuer, then the residency of the issuer of the strips remains the same as for the original security. Dealers who request that a settlement or clearing house create strips from an existing security issued by a nonresident should not report ownership of the underlying security once the strips have been created. On the other hand, if strips have been created and issued by an entity in its own name, then the residency of the issuer of the strips is that of the entity that has issued the strips. In turn, such an issuer of strips should report its ownership of the underlying securities if they were issued by a nonresident. Strips with an original maturity of less than one year are classified as money market instruments and thus, if identifiable, should not be reported.

If there are any questions regarding these instructions, please contact a member of the survey staff at xxxx x-xxx-xxxx.

1. Definition of equity securities

Equity securities cover all instruments and records acknowledging, after the claims of all creditors have been met, claims to the residual values of enterprises.

Include:

• ordinary shares;

• stocks;

• participating preference shares;

• depositary receipts (e.g., American depositary receipts) denoting ownership of equity securities issued by nonresidents (see general notes point 8);

• shares/units in mutual funds and investment trusts;

• equity securities that have been sold under repurchase agreements; and

• equity securities that have been lent under a securities lending arrangement (see general notes point 7).

Exclude:

• nonparticipating preference shares (but include these instruments under long-term debt);

• rights, options, warrants, and other derivative instruments;

• equity securities that have been bought under repurchase agreements; and

• equity securities that have been acquired under a securities lending arrangement (see general notes point 7).

2. Valuation of equity securities

Equity securities should be reported at market prices converted to xxxxxx (domestic currency) using the exchange rate prevailing at the close of business on December 31, 1997.

For enterprises listed on a stock exchange, the market value of your holding of their equity securities should be calculated using the market price prevailing on their main stock exchange at the close of business on December 31, 1997.

For unlisted enterprises, if a market value is not available at the close of business on December 31, 1997, estimate the market value of your holding of equity securities by using one of the following:

• a recent transaction price;

• director’s valuation; or

• net asset value. (Net asset value is equal to total assets, including intangibles, less nonequity liabilities and the paid up value of nonvoting shares. Assets and liabilities should be recorded at current, rather than historical, value.)

3. At the end of report form 2a, please include the total value of all equity securities reported, namely, the sum of all individual country data plus any data for the international organizations.

1. Definition of long-term debt securities

Long-term debt securities refer to bonds, debentures, notes, etc. that usually give the holder the unconditional right to a fixed money income or contractually determined variable money income and have an original term to maturity of over one year.

Include:

• bonds such as treasury, zero coupon, stripped (see general notes point 9), deep discounted, currency linked (e.g., dual-currency), floating rate, equity-related (e.g., convertible bonds), Eurobonds;

• asset-backed securities such as mortgage backed bonds, collateralized mortgage obligations (CMO);

• index-linked securities (e.g., property index certificates);

• nonparticipating preference shares;

• floating rate notes (FRN) such as perpetual notes (PRN), variable rate notes (VRN), structured FRN, reverse FRN, collared FRN, step up recovery FRN (SURF), range/corridor/accrual notes;

• Euro medium-term notes (EMTN);

• schuldscheine (German) notes;

• bonds with optional maturity dates, the latest of which is more than one year after issue;

• debentures;

• negotiable certificates of deposits with contractual maturity of more than one year;

• other long-term securities;

• bearer depositary receipts denoting ownership of debt securities issued by nonresidents (see general notes point 8);

• debt securities that you have sold under repurchase agreements; and

• debt securities that you have lent under a securities lending arrangement (see general notes point 7).

Exclude:

• derivative instruments;

• loans;

• trade credit and accounts receivable;

• money market instruments (e.g., treasury notes, banker’s acceptances, certificates of deposit with contractual maturity of one year or less, note issuance facilities, revolving underwriting facilities, and promissory notes);

• debt securities that you have bought under repurchase agreements; and

• debt securities that you have acquired under a securities lending arrangement (see general notes point 7).

2. Valuation of debt securities

Debt securities should be recorded using one of the market valuation methods listed below in order of preference and converted to xxxxxx (domestic currency), using the exchange rate prevailing at the close of business on December 31, 1997:

• a quoted traded market price at the close of business on December 31, 1997;

• the net present value of the expected stream of future payments/receipts associated with the securities;

• for unlisted securities, the price used to value securities for accounting or regulatory purposes, etc.; or

• for deep discount or zero coupon securities, the issue price plus amortization of the discount.

3. Asset-backed securities

In reporting the market value of holdings of asset-backed securities, the respondent must be aware of the possibility of early partial redemption of principal. The market value of the principal amount outstanding at close of business on December 31, 1997 should be reported; if principal has been repaid, this market value will not be the same as the original face value revalued at end-period market prices.

4. At the end of report form 2b, please include the total value of all long-term debt securities reported, that is, the sum of all individual country data plus the data for the international organizations.

If there are any questions regarding these instructions, please contact a member of the survey staff at xxxx x-xxx-xxxx.

SURVEY OF PORTFOLIO INVESTMENT – DECEMBER 31, 1997

FORM 1

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SURVEY OF PORTFOLIO INVESTMENT – DECEMBER 31, 1997

FORM 2a: Investment in Equity Securities Issued by Unrelated Nonresidents

(see notes to form 2a)

Country of nonresident issuer		Market value of equity securities as at December 31, 1997
			Office use only
Afghanistan, Islamic State of	AF
Albania	AL
Algeria	DZ
Andorra	AD
Angola	AO
Anguilla	AI
Antigua and Barbuda	AG
Argentina	AR
Armenia	AM
Aruba	AW
Australia	AU
Austria	AT
Azerbaijan	AZ
Bahamas, The	BS
Bahrain	BH
Bangladesh	BD
Barbados	BB
Belarus	BY
Belgium	BE
Belize	BZ
Benin	BJ
Bermuda	BM
Bhutan	BT
Bolivia	BO
Bosnia and Herzegovina	BA
Botswana	BW
Brazil	BR
British Virgin Islands	VG
Brunei Darussalam	BN
Bulgaria	BG
Burkina Faso	BF
Burundi	BI
Cambodia	KH
Cameroon	CM
Canada	CA
Cape Verde	CV
Cayman Islands	KY
Central African Republic	CF
Chad	TD
Chile	CL
China	CN
Colombia	CO
Comoros	KM
Congo	CG
Cook Islands	CK
Costa Rica	CR
Côte d’lvoire	CI
Croatia	HR
Cuba	CU
Cyprus	CY
Czech Republic	CZ
Denmark	DK
Djibouti	DJ
Dominica	DM
Dominican Republic	DO
Ecuador	EC
Egypt	EG
El Salvador	SV
Equatorial Guinea	GQ
Eritrea	ER
Estonia	EE
Ethiopia	ET
Faeroe Islands	FO
Falkland Islands	FK
Fiji	FJ
Finland	FI
France	FR
French Guiana	GF
French Polynesia	PF
Gabon	GA
Gambia, The	GM
Georgia	GE
Germany	DE
Ghana	GH
Gibraltar	GI
Greece	GR
Greenland	GL
Grenada	GD
Guadeloupe	GP
Guam	GU
Guatemala	GT
Guinea	GN
Guinea-Bissau	GW
Guyana	GY
Haiti	HT
Honduras	HN
Hong Kong	HK
Hungary	HU
Iceland	IS
India	IN
Indonesia	ID
Iran, Islamic Republic of	IR
Iraq	IQ
Ireland	IE
Israel	IL
Italy	IT
Jamaica	JM
Japan	JP
Jordan	JO
Kazakstan	KZ
Kenya	KE
Kiribati	KI
Korea, Democratic People’s Republic of (North)	KP
Korea, Republic of (South)	KR
Kuwait	KW
Kyrgyz Republic	KG
Lao People’s Democratic Rep.	LA
Latvia	LV
Lebanon	LB
Lesotho	LS
Liberia	LR
Libya, S.P.A.J.	LY
Liechtenstein	LI
Lithuania	LT
Luxembourg	LU
Macao	MO
Macedonia, FYR of	MK
Madagascar	MG
Malawi	MW
Malaysia	MY
Maldives	MV
Mali	ML
Malta	MT
Marshall Islands	MH
Martinique	MQ
Mauritania	MR
Mauritius	MU
Mexico	MX
Micronesia, Fed. States	FM
Moldova	MD
Monaco	MC
Mongolia	MN
Montserrat	MS
Morocco	MA
Mozambique	MZ
Myanmar	MM
Namibia	NA
Nauru	NR
Nepal	NP
Netherlands	NL
Netherlands Antilles	AN
New Caledonia	NC
New Zealand	NZ
Nicaragua	NI
Niger	NE
Nigeria	NG
Niue Island	NU
Northern Mariana Islands	MP
Norway	NO
Oman	OM
Pakistan	PK
Palau	PW
Panama	PA
Papua New Guinea	PG
Paraguay	PY
Peru	PE
Philippines	PH
Pitcairn	PN
Poland	PL
Portugal	PT
Portugal Timor	TP
Puerto Rico	PR
Qatar	QA
Réunion	RE
Romania	RO
Russian Federation	RU
Rwanda	RW
Saint Helena	SH
Saint Kitts and Nevis	KN
Saint Lucia	LC
Saint Pierre and Miquelon	PM
Saint Vincent and the Grenadines	VC
San Marino	SM
São Tomé and Príncipe	ST
Saudi Arabia	SA
Senegal	SN
Yugoslavia, Fed. Rep. of (Serbia/Montenegro)	YU
Seychelles	SC
Sierra Leone	SL
Singapore	SG
Slovak Republic	SK
Slovenia	SI
Solomon Islands	SB
Somalia	SO
South Africa	ZA
Spain	ES
Spanish Sahara	EH
Sri Lanka	LK
Sudan	SD
Suriname	SR
Swaziland	SZ
Sweden	SE
Switzerland	CH
Syrian Arab Republic	SY
Taiwan Province of China	TW
Tajikistan	TJ
Tanzania	TZ
Thailand	TH
Togo	TG
Tokelau Islands	TK
Tonga	TO
Trinidad and Tobago	TT
Tunisia	TN
Turkey	TR
Turkmenistan	TM
Turks and Caicos Islands	TC
Tuvalu	TV
Uganda	UG
Ukraine	UA
United Arab Emirates	AE
United Kingdom	GB
United States	US
United States Pacific Islands	UM
United States Virgin Islands	VI
Uruguay	UY
Uzbekistan	UZ
Vanuatu	VU
Vatican City State	VA
Venezuela	VE
Vietnam	VN
Wallis and Futuna Islands	WF
West Bank/Gaza Strip	WG
Western Samoa	WS
Yemen, Republic of	YE
Zaïre	ZR
Zambia	ZM
Zimbabwe	ZW
International Organizations	XX
Total Value of Equity Securities Reported

View Table

Country of nonresident issuer		Market value of equity securities as at December 31, 1997
			Office use only
Afghanistan, Islamic State of	AF
Albania	AL
Algeria	DZ
Andorra	AD
Angola	AO
Anguilla	AI
Antigua and Barbuda	AG
Argentina	AR
Armenia	AM
Aruba	AW
Australia	AU
Austria	AT
Azerbaijan	AZ
Bahamas, The	BS
Bahrain	BH
Bangladesh	BD
Barbados	BB
Belarus	BY
Belgium	BE
Belize	BZ
Benin	BJ
Bermuda	BM
Bhutan	BT
Bolivia	BO
Bosnia and Herzegovina	BA
Botswana	BW
Brazil	BR
British Virgin Islands	VG
Brunei Darussalam	BN
Bulgaria	BG
Burkina Faso	BF
Burundi	BI
Cambodia	KH
Cameroon	CM
Canada	CA
Cape Verde	CV
Cayman Islands	KY
Central African Republic	CF
Chad	TD
Chile	CL
China	CN
Colombia	CO
Comoros	KM
Congo	CG
Cook Islands	CK
Costa Rica	CR
Côte d’lvoire	CI
Croatia	HR
Cuba	CU
Cyprus	CY
Czech Republic	CZ
Denmark	DK
Djibouti	DJ
Dominica	DM
Dominican Republic	DO
Ecuador	EC
Egypt	EG
El Salvador	SV
Equatorial Guinea	GQ
Eritrea	ER
Estonia	EE
Ethiopia	ET
Faeroe Islands	FO
Falkland Islands	FK
Fiji	FJ
Finland	FI
France	FR
French Guiana	GF
French Polynesia	PF
Gabon	GA
Gambia, The	GM
Georgia	GE
Germany	DE
Ghana	GH
Gibraltar	GI
Greece	GR
Greenland	GL
Grenada	GD
Guadeloupe	GP
Guam	GU
Guatemala	GT
Guinea	GN
Guinea-Bissau	GW
Guyana	GY
Haiti	HT
Honduras	HN
Hong Kong	HK
Hungary	HU
Iceland	IS
India	IN
Indonesia	ID
Iran, Islamic Republic of	IR
Iraq	IQ
Ireland	IE
Israel	IL
Italy	IT
Jamaica	JM
Japan	JP
Jordan	JO
Kazakstan	KZ
Kenya	KE
Kiribati	KI
Korea, Democratic People’s Republic of (North)	KP
Korea, Republic of (South)	KR
Kuwait	KW
Kyrgyz Republic	KG
Lao People’s Democratic Rep.	LA
Latvia	LV
Lebanon	LB
Lesotho	LS
Liberia	LR
Libya, S.P.A.J.	LY
Liechtenstein	LI
Lithuania	LT
Luxembourg	LU
Macao	MO
Macedonia, FYR of	MK
Madagascar	MG
Malawi	MW
Malaysia	MY
Maldives	MV
Mali	ML
Malta	MT
Marshall Islands	MH
Martinique	MQ
Mauritania	MR
Mauritius	MU
Mexico	MX
Micronesia, Fed. States	FM
Moldova	MD
Monaco	MC
Mongolia	MN
Montserrat	MS
Morocco	MA
Mozambique	MZ
Myanmar	MM
Namibia	NA
Nauru	NR
Nepal	NP
Netherlands	NL
Netherlands Antilles	AN
New Caledonia	NC
New Zealand	NZ
Nicaragua	NI
Niger	NE
Nigeria	NG
Niue Island	NU
Northern Mariana Islands	MP
Norway	NO
Oman	OM
Pakistan	PK
Palau	PW
Panama	PA
Papua New Guinea	PG
Paraguay	PY
Peru	PE
Philippines	PH
Pitcairn	PN
Poland	PL
Portugal	PT
Portugal Timor	TP
Puerto Rico	PR
Qatar	QA
Réunion	RE
Romania	RO
Russian Federation	RU
Rwanda	RW
Saint Helena	SH
Saint Kitts and Nevis	KN
Saint Lucia	LC
Saint Pierre and Miquelon	PM
Saint Vincent and the Grenadines	VC
San Marino	SM
São Tomé and Príncipe	ST
Saudi Arabia	SA
Senegal	SN
Yugoslavia, Fed. Rep. of (Serbia/Montenegro)	YU
Seychelles	SC
Sierra Leone	SL
Singapore	SG
Slovak Republic	SK
Slovenia	SI
Solomon Islands	SB
Somalia	SO
South Africa	ZA
Spain	ES
Spanish Sahara	EH
Sri Lanka	LK
Sudan	SD
Suriname	SR
Swaziland	SZ
Sweden	SE
Switzerland	CH
Syrian Arab Republic	SY
Taiwan Province of China	TW
Tajikistan	TJ
Tanzania	TZ
Thailand	TH
Togo	TG
Tokelau Islands	TK
Tonga	TO
Trinidad and Tobago	TT
Tunisia	TN
Turkey	TR
Turkmenistan	TM
Turks and Caicos Islands	TC
Tuvalu	TV
Uganda	UG
Ukraine	UA
United Arab Emirates	AE
United Kingdom	GB
United States	US
United States Pacific Islands	UM
United States Virgin Islands	VI
Uruguay	UY
Uzbekistan	UZ
Vanuatu	VU
Vatican City State	VA
Venezuela	VE
Vietnam	VN
Wallis and Futuna Islands	WF
West Bank/Gaza Strip	WG
Western Samoa	WS
Yemen, Republic of	YE
Zaïre	ZR
Zambia	ZM
Zimbabwe	ZW
International Organizations	XX
Total Value of Equity Securities Reported