Complete Financial Statements as at May 31, 2011

Transcription

www.fondsftq.com
FINANCIAL STATEMENTS
A S AT M AY 3 1 , 2 0 1 1 A N D 2 0 1 0
INDEPENDENT AUDITORS’ REPORT
To the Shareholders of the Fonds de solidarité des travailleurs du Québec (F.T.Q.)
We have audited the accompanying financial statements of the Fonds de solidarité des travailleurs du Québec (F.T.Q.), which comprise the balance sheets as
at May 31, 2011 and 2010, and the statements of operations, changes in net assets and cash flows for the years then ended, and a summary of significant
accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted
accounting principles, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian
generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected
depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fonds de solidarité des travailleurs du Québec (F.T.Q.)
as at May 31, 2011 and 2010 and the results of its operations and its cash flows for the years then ended in accordance with Canadian generally accepted
accounting principles.
1
1
2
Chartered accountant auditor permit No. 10881
2
Montréal, June 29, 2011
FONDS DE SOLIDARITÉ FTQ 2011
1
BALANCE SHEETS
A S AT M AY 3 1
(In thousands, except net assets per share)
2011 $
2010
$
Assets
Development capital investments (Note 4)
Other investments (Note 5)
Accounts receivable and other assets (Note 8)
Cash
Capital assets (Note 9)
Income taxes
Future income taxes (Note 17)
4,269,537
4,190,196
264,248
6,372
62,323
–
–
8,792,676
3,920,407
3,670,163
177,201
8,536
62,011
4,156
685
7,843,159
Liabilities
Notes (Note 10)
Accounts payable and other liabilities (Note 12)
Income taxes
Future income taxes (Note 17)
Net assets (Note 13)
Number of Class A shares, Series 1 and Series 2 outstanding (Note 13)
Net assets per Class A share, Series 1 and Series 2
349,503
363,810
260,894
184,169
1,170
–
3,298
828
614,865
548,807
8,177,8117,294,352
315,504 305,951
25.92
23.84
Contingencies (Note 14)
The accompanying notes form an integral part of these financial statements.
On behalf of the Board of Directors,
YVON BOLDUC, DIRECTOR
2
MICHEL ARSENAULT, DIRECTOR
STATEMENTS OF OPERATIONS
F O R T H E Y E A R S E N D E D M AY 3 1
(In thousands, except earnings per share)
2011
$
2010
$
Revenues
Interest (Note 15)
Dividends
188,403 169,051
67,116
52,912
255,519 221,963
Expenses (Note 16)
Corporate expenses
Development capital investment and other investment expenses
Shareholder Services and Economic Training development and administration expenses
Capital tax
Amortization of property and equipment and information systems development
38,364
37,558
32,111
29,428
41,954
38,522
1,064
5,314
4,307
4,467
117,800
115,289
Net investment income before income taxes
Income taxes (Note 17)
Net investment income
137,719 106,674
26,080
21,806
111,639
84,868
Gains on development capital investments and other investments
Realized
Change in unrealized appreciation or depreciation
Transaction costs
Net earnings Weighted average number of Class A shares, Series 1 and Series 2
Earnings per Class A share, Series 1 and Series 2 79,708
460,234
(1,298)
538,644
650,283
310,228
2.10
65,717
451,504
(1,830)
515,391
600,259
298,740
2.01
3
STATEMENTS OF CHANGES IN NET ASSETS
(In thousands)
2011
Balance at beginning of year
As previously reported
Restatement (Note 13)
As restated
Net earnings
Share issues
Net change in share
subscriptions
Share redemptions
Transfers (Note 13)
Balance at end of year
Share Capital (Note 13)
Class A
Class G
$
Subscribed
$
76,876
76,876
10,092
–
–
(8,540)
78,428
–
Series 1
$
Series 2
$
6,276,688
6,276,688
688,157
(391,217)
103,000
6,676,628
Contributed
Surplus
(Note 13)
Retained Earnings (Deficit)
Unrealized
Net Assets
$
Realized
$
442
442
1,249,106
(134,701)
1,114,405
32,527
134,701
167,228
190,049
(341,287)
(341,287)
460,234
7,294,352
–
7,294,352
650,283
698,249
285
727
(62,075)
1,052,330
(3,526)
(103,000)
250,751
118,947
285
(465,358)
–
8,177,811
$
2010
As previously reported
5,844,350
72,019
20,125
443
1,230,575
–
(792,791)
Restatement (Note 13)
(104,279)
104,279
As restated
5,844,350
72,019
20,125
443
1,126,296
104,279
(792,791)
Net earnings
148,755
451,504
Share issues
649,311
10,774
Net change in share
subscriptions
(1)
Share redemptions
(301,973)
(5,917)
(32,016)
(806)
Transfers (Note 13)
85,000
(20,125)
20,125
(85,000)
6,276,688
76,876
–
442
1,114,405
167,228
(341,287)
$ 6,374,721
–
6,374,721
600,259
660,085
(1)
(340,712)
–
7,294,352
4
STATEMENTS OF CASH FLOWS
(In thousands)
Operating activities
Net investment income
Non-cash items and change in non-cash items
Interest capitalized on development capital investments
Interest capitalized on notes Amortization of property and equipment and information systems development
Future income taxes
Accounts receivable and other assets
Accounts payable and other liabilities
Income taxes
Other
Transaction costs
Financing activities
Issuance of notes Repayment of notes Shares issued and subscribed
Shares redeemed
Investing activities
Acquisition of development capital investments
Proceeds of disposal of development capital investments
Acquisition of other investments
Proceeds of disposal of other investments
Property and equipment
Information systems development
Decrease in cash
Cash at beginning of year
Cash at end of year 2011
$
2010
$
111,639
84,868
(8,113)
16,008
4,307
3,155
(61,110)
1,553
5,326
3,186
(1,297)
74,654
(4,738)
14,418
4,467
423
402,999
(409,111)
1,245
7,009
(1,893)
99,687
100,828
(172,177)
698,534
(466,038)
161,147
83,257
(105,065)
660,084
(341,940)
296,336
(649,431)
(642,054)
557,469
356,787
(11,997,154) (15,173,076)
11,855,568
15,056,648
(3,119)
(1,433)
(1,298)
(875)
(237,965)
(404,003)
(2,164)
(7,980)
8,536
16,516
6,372
8,536
Cash flows from operating activities include income taxes paid of $20 million (2010: $20.7 million).
5
NOTES TO FINANCIAL STATEMENTS
A S AT M AY 3 1 , 2 0 1 1 A N D 2 0 1 0
1. INCORPORATION ACT
STATUTES AND OBJECTIVES OF THE FONDS
The Fonds de solidarité des travailleurs du Québec (F.T.Q.) (the “Fonds”), incorporated by an Act of the Québec National Assembly, is a joint-stock company
with the following objectives:
a) to invest in Québec business enterprises and provide them with services in order to create, maintain or protect jobs;
b) to promote the training of workers in economic matters to enable them to increase their influence on Québec’s economic development;
c) to stimulate the Québec economy by making strategic investments that will be of benefit to Québec workers and business enterprises;
d)to promote the development of qualified business enterprises by inviting workers to participate in that development by purchasing the Fonds’ shares.
To this end, the Fonds endeavours to concentrate most of its development capital investments in unsecured investments, mainly in small and medium-sized
enterprises (“SMEs”), located in Québec. As a general rule, the Fonds will take a minority interest in the projects in which it invests.
60% RULE
The Fonds may make development capital investments in any business enterprise with or without security. However, in any given financial year,
the proportion of unsecured development capital investments made in qualified business enterprises must represent an average of at least 60% of the
Fonds’ average net assets of the previous financial year.
If the Fonds fails to reach this percentage, the share issues giving rise to tax credits for the following financial year are limited to a prescribed percentage
of the total value of shares issued in the preceding financial year, except for shares acquired through payroll deductions and employer contributions
stipulated in agreements concluded at the end of the preceding financial year.
The percentage of average qualified development capital investments to the average net assets of the preceding year is 71.0% as at May 31, 2011
(2010: 66.2%).
Since the minimum percentage prescribed by the 60% rule has been reached as at May 31, 2011, the amount of share issues will not be limited for
the 2011-2012 financial year.
2. SIGNIFICANT ACCOUNTING POLICIES
The Fonds is an investment company as defined in the Accounting Guideline on investment companies contained in the Canadian Institute of Chartered
Accountants (“CICA”) Handbook and, as such, applies the accounting principles stated therein.
A Statement of Comprehensive Income is not provided as there are no items to include therein.
USE OF ESTIMATES
The preparation of financial statements in accordance with Canadian generally accepted accounting principles (“GAAP”) requires management to make
estimates and assumptions, in particular when determining allowances and the fair value of development capital investments and other investments,
that affect the reported amounts in the financial statements. Actual results could differ from those estimates.
RECOGNITION OF FINANCIAL INSTRUMENTS
Financial instruments are recognized at fair value on the transaction date.
Accounts receivable and other assets are classified as loans and receivables, and Notes and Accounts payable and other liabilities, excluding derivative
financial instruments, are classified as other liabilities. These instruments are recognized at amortized cost, which approximates their fair value.
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2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
MEASUREMENT OF FINANCIAL INSTRUMENTS
All development capital investments and other investments are measured at fair value, established as follows:
a)Unlisted financial instruments
Unlisted financial instruments consist of shares, partnership units, loans and advances and guarantees and suretyships.
These instruments are measured at fair value using appropriate valuation techniques and models that may not be principally based on observable market
information. Observable market information is used in valuation models if they are available.
The fair value is established based on reasonable assumptions that would be considered by parties to an arm’s length transaction. Certain
assumptions may have a significant impact on fair value, including those used to determine characteristic cash flows and the level of risk and future
growth rate associated with such cash flows considering economic conditions, the outlook for the relevant industry segment and conditions specific
to the business entreprise.
Units of funds of hedge funds are valued at the value set by their respective manager at the date closest to the Fonds’ year-end.
b)Listed financial instruments
Listed financial instruments consist of shares, partnership units, bonds and money market instruments. These instruments are valued at bid price at the close
of trading at balance sheet date. In exceptional instances, when the market for a financial instrument is not active, such instrument is then valued using
appropriate valuation techniques, including the techniques used for unlisted financial instruments.
c) Derivative financial instruments
These instruments are valued using appropriate valuation techniques, including option pricing models using in particular the bid price for assets
and the ask price for liabilities at the close of trading at balance sheet date.
SECURITIES LENDING, SECURITIES PURCHASED UNDER REVERSE REPURCHASE AGREEMENTS
AND SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
To generate additional revenues, the Fonds participates in the securities lending program put in place by its trustee for securities of which it is the
custodian. Under this program, the Fonds can enter into securities lending transactions and transactions involving the purchase of securities with
a simultaneous commitment to resell them in the short-term at a specified price and date. In addition, the program allows the Fonds to enter
into transactions involving the sale of securities with a simultaneous commitment to repurchase them in the short-term at a specified price and date.
The resulting revenues are recorded under Interest in the Statement of Operations.
CAPITAL ASSETS
Capital assets are stated at cost and are amortized over their estimated useful life using the following methods and annual rates:
Buildings
Office furniture and equipment
Computer hardware Information systems development
Methods
Rates
straight-line
2.5%
diminishing balance
20.0%
straight-line
straight-line
25.0%
33.3%
Property and equipment comprise buildings, office furniture and equipment and computer hardware.
Capital assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.
An impairment loss is recorded when their carrying amount exceeds the undiscounted cash flows that would result from their use and eventual disposition.
The recognized impairment loss is measured as the amount by which the carrying amount of the asset exceeds its fair value.
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(CONTINUED)
A S AT M AY 3 1 , 2 0 1 1 A N D 2 0 1 0
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
REVENUE RECOGNITION
a)Interest
Interest is recorded on an accrual basis.
b)Dividends
Dividends are recorded as income when they are declared, except for cumulative dividends which are recorded on an accrual basis.
c) Gains and losses on development capital investments and other investments
Realized gains and losses on disposals of development capital investments and other investments, including derivative financial instruments, are recorded
at the time of sale and presented under Gains on development capital investments and other investments in the Statement of Operations. The amount
is the difference between the proceeds of disposal and the average cost, without considering the unrealized appreciation or depreciation recorded in prior
years, which is reversed and taken into account under Change in unrealized appreciation or depreciation.
INCOME TAXES
The Fonds uses the asset and liability method of accounting for income taxes. Under this method, future income taxes are recognized based on the
expected future tax consequences of differences between the carrying amounts of balance sheet items and their tax bases, multiplied by the enacted
or substantively enacted income tax rates for the years in which the differences are expected to reverse. Future income tax assets are recognized to
the extent that it is more likely than not that they will be realized.
FOREIGN CURRENCY TRANSLATION
Monetary assets and liabilities and assets and liabilities measured at fair value are translated into Canadian dollars at the year-end exchange rate.
Revenues and expenses denominated in foreign currencies are translated at the exchange rate prevailing at the transaction date. Foreign exchange
gains and losses are recognized in the Statement of Operations.
EMPLOYEE FUTURE BENEFITS
The cost of pensions and other retirement benefits earned by managers and employees is actuarially determined using the projected benefit method
prorated on service and management’s best estimate of expected return on plan assets, salary escalation and retirement ages of employees.
For the purposes of calculating the expected return on plan assets, those assets are valued at fair value.
Net actuarial gains or losses which are greater than 10% of the accrued benefit obligation or the fair value of the plan assets, whichever is higher,
are amortized over the average remaining service period of active employees. The average remaining service period of covered active employees
is between 8.8 and 12.2 years (2010: between 9.8 and 12.8 years).
3. FUTURE CHANGES IN ACCOUNTING POLICIES
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
In 2008, the Accounting Standards Board of Canada (AcSB) confirmed that Canadian GAAP will be replaced by IFRS for the years beginning
on or after January 1, 2011. In January 2011, the AcSB confirmed that investment companies, as defined in the Accounting Guideline on investment
companies of the CICA Handbook, will have to apply IFRS for the first time to interim and annual financial statements for the years beginning on
or after January 1, 2013. The Fonds therefore deferred its first-time adoption date and will prepare its first interim financial statements in accordance
with IFRS as at November 30, 2013.
The Fonds complies with its IFRS conversion plan. Additional information is presented in the “Recent development” section of the Management
Discussion and Analysis for the year ended May 31, 2011, which is available at the Fonds’ head office, on its Website at www.fondsftq.com
or at www.sedar.com.
8
4. DEVELOPMENT CAPITAL INVESTMENTS
The Audited Statement of Development Capital Investments, at Cost, is available at the Fonds’ head office, on its Website at www.fondsftq.com
2011
Cost
(In thousands)
$
Unrealized appreciation (depreciation)
Fair value
Cost $
$
$
2010
Unrealized
appreciation
(depreciation)
$
Fair value
$
Unsecured
Listed shares and units 564,727
134,799
699,526
592,198
Unlisted shares and units
2,051,802
46,032
2,097,834
1,904,449
(25,623)
1,878,826
Loans, bonds and advances
1,488,162
(47,146)
1,441,016
1,485,819
(77,495)
1,408,324
65,534
(34,373)
10,728
602,926
Secured
4,170,225
99,312
31,161
45,548
(15,217)
30,331
4,269,537
4,028,014
(107,607)
3,920,407
Development capital investments include securities denominated in foreign currencies, mainly the U.S. dollar, with a fair value of $258.6 million
(2010: $251 million).
Investment agreements may include clauses providing for conversion and redemption options.
BREAKDOWN OF LOANS, BONDS AND ADVANCES BY MATURITY
Loans, bonds and advances at fair value
Variable rates Maturity (In thousands)
Fixed rates
$
Less than 1 year $
51,303
259,882
1 to 5 years 5 years and more
$
$
Total
$
2011
Unsecured
Average effective rate
Secured
11.8%
19,188
6.9%
1.11%
4,816
12.4%
393,688
9.7%
4,477
11.8%
736,143
1,441,016
7.7%
2,680
31,161
9.3%
2010
Unsecured
Secured
37,838
12.0%
963
4.3%
253,315
1.61%
18,328
12.0%
441,944
9.5%
11,040
12.4%
675,227
1,408,324
7.4%
–
30,331
7.2%
1. This average rate includes non-interest bearing advances repayable on demand of $235.1 million (2010: $236.1 million) to a wholly-owned company. Excluding these advances, the average effective rate would be 10.0% (2010: 9.1%).
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(CONTINUED)
A S AT M AY 3 1 , 2 0 1 1 A N D 2 0 1 0
4. DEVELOPMENT CAPITAL INVESTMENTS (CONTINUED)
BREAKDOWN OF DEVELOPMENT CAPITAL INVESTMENTS BY INDUSTRY SEGMENT
Industry Segment
Manufacturing Services Technology and primary and tourism (In thousands)
$
$
$
Regional or
local and real estate funds $
Total
$
2011
Cost
864,934
(212,465)
Fair value
652,469
1,069,118
(82,573)
986,545
1,456,434
779,739
244,297
150,053
99,312
1,700,731
929,792
4,269,537
Allocation of investments made
by the regional or local funds
23,153
76,346
71,973
Funds committed but not disbursed1
445,769
101,283
290,703
4,170,225
(171,472)
81,023
–
918,778
11,190
7,324
18,514
Maximum risk
1,121,391
1,175,364
2,070,731
839,343
5,206,829
Cost
859,021
1,117,891
1,368,965
682,137
4,028,014
(279,397)
(119,456)
143,699
147,547
Fair value
579,624
998,435
1,512,664
829,684
Guarantees and suretyships2
2010
Allocation of investments made
by the regional or local funds
18,814
72,673
63,821
508,889
116,837
113,623
Guarantees and suretyships2
Maximum risk
1,107,327
(107,607)
3,920,407
(155,308)
82,519
–
821,868
11,985
8,431
21,500
41,916
1,199,930
1,698,539
778,395
4,784,191
1. Funds committed but not disbursed represent development capital investments that have already been agreed to and for which amounts have been committed by the Fonds but have not been disbursed as at year-end.
Disbursements are subject to compliance with the agreement’s terms and conditions. Of funds committed but not disbursed, an amount of $251 million (2010: $180.3 million) represents credit facilities and project financing for operating companies, having a weighted average maturity of 6 months (2010: 18 months); and an amount of $667.8 million (2010: $641.6 million) represents commitments that will be disbursed to specialized funds in tranches, having a weighted average maturity of 8.5 years (2010: 9 years). Commitments amounting to $153.8 million (2010: $193.5 million) are denominated in foreign currencies, mainly the U.S. dollar.
2. Under Section 17 of its Incorporation Act, when the Fonds makes a development capital investment in the form of a guarantee or a suretyship, it must establish and maintain a reserve equal to at least 50% of the guarantee or suretyship amount for the term thereof. This reserve is established from Other investments.
The Fonds granted guarantees and suretyships that do not generally include a specific maturity and that are irrevocable commitments by the Fonds
to make the payments of partner companies that cannot meet their obligations to third parties for an undiscounted total maximum amount and for
the following purposes:
(In thousands)
2011
$
Loans on real estate projects – with recourse
2010
$
21,500 1,250
4,028
Operating activities and operating lines of credit – with recourse
17,264
16,388
18,514
41,916
Operating activities and operating lines of credit – without recourse
As at May 31, 2011, the unrealized depreciation related to guarantees and suretyships amounts to $3.7 million (2010: $2.6 million) and is presented under
Accounts payable and other liabilities.
As well, in the normal course of business, the Fonds enters into various indemnification agreements, usually related to sales of development capital
investments, for the representations and warrantees made as well as to the liability of the Fonds’ directors, officers or representatives toward partner
companies. The latter liability is covered, subject to certain conditions, by liability insurance. Due to the nature of these agreements, it is impossible
to reasonably estimate the maximum amount that the Fonds may have to pay to counterparties. In management’s opinion, it is highly unlikely that these
commitments will result in material additional expenses, taking into consideration the provisions recorded.
10
5. OTHER INVESTMENTS
The Unaudited Statement of Other Investments is available at the Fonds’ head office, on its Website at www.fondsftq.com or at www.sedar.com.
Cost $
(In thousands)
1,390,782
Shares and units
230,053
Units of funds of hedge funds
2,246,336
Bonds
Money market instruments
Derivative financial instruments
2011
$
Fair value
$
118,857
1,509,639
216,439
2,303,085
2,011,697
(13,614)
56,749
Cost $
2010
Unrealized appreciation
(depreciation)
$
Fair value
$
1,390,033
(101,870)
1,288,163
230,307
(9,813)
153,622
218
153,840
116,487
4,020,793
162,210
4,183,003
3,748,524
–
7,193
7,193
1,692
4,020,793
169,403
4,190,196
3,750,216
10,605
103
(100,975)
20,922
(80,053)
220,494
2,022,302
116,590
3,647,549
22,614
3,670,163
Other investments include securities denominated in foreign currencies with a fair value of $1,267.7 million (2010: $1,109.9 million), mainly including
$710 million (2010: $636.3 million) in U.S. dollars, $201.1 million (2010: $167.7 million) in Euros and $165.6 million (2010: $135.8 million) in pounds sterling.
BREAKDOWN BY MATURITY
BONDS
Maturity (In thousands)
Less than 1 year $
1 to 5 years $
5 to 10 years $
10 to 20 years $
20 to 30 years 30 years and more $
$
Total
$
2011
Fair value
145,987
811,191
629,487
232,977
330,815
152,628
2,303,085
Cost
148,286
807,981
607,105
222,395
309,499
151,070
2,246,336
Par value
144,576
784,732
593,012
192,101
288,934
146,062
2,149,417
2.2%
2.9%
4.3%
4.9%
5.0%
3.7%
3.8%
Average nominal rate
3.9%
4.0%
4.6%
6.2%
5.5%
3.9%
4.6%
2010
Fair value
74,752
818,245
519,571
160,384
357,869
91,481
2,022,302
Cost
75,684
825,837
507,745
156,387
349,633
96,411
2,011,697
Par value
73,979 801,934
499,854
150,853
331,605
93,669
1,951,894
4.6%
3.0%
4.6%
5.2%
5.2%
4.1%
4.1%
Average nominal rate
5.8%
4.1%
4.7%
5.5%
5.7%
4.3%
4.7%
MONEY MARKET INSTRUMENTS
Less than 1 month 1 to 6 months 6 months and more
$
$
$
400
141,548
11,892
Total
$
2011
Fair value
1.0%
1.2%
1.5%
153,840
1.2%
2010
Fair value
36,519
0.4%
60,183
1.0%
19,888
0.7%
116,590
0.8%
11
(CONTINUED)
A S AT M AY 3 1 , 2 0 1 1 A N D 2 0 1 0
5. OTHER INVESTMENTS (CONTINUED)
BREAKDOWN BY MATURITY (CONTINUED)
DERIVATIVE FINANCIAL INSTRUMENTS1
Less than 1 month $
1 to 6 months 6 months and more
$
$
Total
$
2011
Fair value
Foreign currency forward contracts
Purchases
(14)
Sales
(7,846)
–
(19)
116
(5)
(7,730)
–
–
–
Interest rate futures
Interest rate forward contracts
Stock index futures
–
Commodity futures
–
Interest rate swaps
(2,475)
(2,475)
111
(2,475)
(12,301)
(2,077)
(9,937)
(2,077)
–
–
Notional amount
Purchases
570,838
16,280
587,118
Sales
884,647
541,922
1,426,569
26,918
100,057
883,231
1,010,206
615,689
615,689
Stock index futures
20,067
20,067
Commodity futures
1,191
1,191
Interest rate swaps
25,000
25,000
1. The net fair value of these derivative financial instruments is $-12.3 million (2010: $-14.9 million). The fair value of instruments with positive values is $7.2 million (2010: $22.6 million) and is presented under Other investments, whereas those with negative values is $19.5 million (2010: $37.5 million) and is presented under Accounts payable and other liabilities.
12
BREAKDOWN BY MATURITY (CONTINUED)
DERIVATIVE FINANCIAL INSTRUMENTS (Continued)
Less than 1 month $
1 to 6 months 6 months and more
$
$
Total
$
2010
Fair value
Stock option contracts
Written call options
Purchased put options
20
Written put options
–
(323)
(696)
1,030
(332)
(1,019)
1,050
(332)
Stock index option contracts
Written put options
(920)
Purchase call options
348
348
(191)
(191)
(920)
Purchases
(3,548)
(118)
(3,666)
Sales
(5,165)
3,267
(1,898)
Stock index futures
Commodity futures
Interest rate swaps
–
(6,813)
–
–
157
– (15,526)
–
2,240
–
(6,656)
–
–
(1,600)
(1,600)
(1,598)
(14,884)
Notional amount
Stock option contracts
727
11,462
12,189
Purchased put options
691
10,096
10,787
Written put options
380
8,355
8,735
Stock index option contracts
Written put options
11,840
11,840
Purchase call options
5,022
5,022
8,108
8,108
Purchases
589,954
44,691
634,645
Sales
845,027
599,803
1,444,830
3,220
1,099,752
Stock index futures
Commodity futures
Interest rate swaps
388,797
358,296
750,313
22,470
1,122,222
30,082
30,082
641
158,000
641
158,000
13
(CONTINUED)
A S AT M AY 3 1 , 2 0 1 1 A N D 2 0 1 0
BREAKDOWN OF FAIR VALUE BY INDUSTRY SEGMENT1
(In thousands)
Shares
and units $
Bonds $
Money market
instruments
$
Total
$
1,616,338
2011
1,583,968
32,370
Financial institutions
86,676
420,593
74,662
581,931
Technology
218,947
81,271
19,863
320,081
897,869
116,151
26,945
1,040,965
522,586
101,102
623,688
1,726,078
2,303,085
153,840
4,183,003
Government and government agencies
Manufacturing and primary
Services and tourism
Fair value
22,648
22,648
Maximum risk
1,748,726
2,303,085
153,840
4,205,651
Government and government agencies
2010
1,344,493
9,290
1,353,783
Financial institutions
77,927
423,613
48,159
549,699
Technology
186,999
49,230
9,299
245,528
Manufacturing and primary
768,730
127,109
49,842
945,681
Services and tourism
475,001
Fair value
Maximum risk
1,508,657
77,857
2,022,302
116,590
36,321
1,544,978
2,022,302
116,590
552,858
3,647,549
36,321
3,683,870
1. This breakdown does not take into account changes in asset allocation resulting from derivative financial instruments.
2. Funds committed but not disbursed to international infrastructure funds represent other investments that have already been agreed to and for which amounts have been committed by the Fonds but have not been disbursed as at year-end. Disbursements are subject to compliance with the agreement’s terms and conditions. These commitments, having a weighted average maturity of 2.2 years (2010: 3 years), are denominated in U.S. dollars.
14
6. FAIR VALUE HIERARCHY
Financial instruments measured at fair value are classified using a hierarchy that reflects the significance of the inputs used in making the measurements.
This hierarchy has the following levels:
Level 1: Fair value based on quoted market prices (unadjusted) observed on active markets for identical financial instruments.
Level 2: Fair value based on quoted prices for similar financial instruments or based on valuation techniques for which all significant inputs are based
on observable market information.
Level 3: Fair value based on valuation techniques for which all significant inputs are not based on observable market information.
Level
(In thousands)
1
$
2
$
3
$
Total
$
2011
Development capital investments
Unsecured
Listed shares and units
697,562
1,964
699,526
2,097,834
2,097,834
443,257
997,759
1,441,016
Secured
31,161
31,161
3,126,754
4,269,537
76,742
1,509,639
216,439
216,439
697,562
445,221
1,432,897
Other investments
Shares and units
Bonds
2,291,343
11,742
2,303,085
153,840
153,840
7,193
7,193
1,432,897
2,452,376
304,923
4,190,196
2,130,459
2,897,597
3,431,677
8,459,733
Cash
6,372
(19,494)
2,136,831
2,878,103
3,431,677
6,372
(19,494)
8,446,611
2010
Unsecured
Listed shares and units
591,434
8,642
2,850
602,926
6,587
1,872,239
1,878,826
250,892
1,157,432
1,408,324
Secured
30,331
30,331
3,062,852
3,920,407
1,224,600
63,563
1,288,163
220,494
220,494
8,281
2,022,302
116,590
116,590
591,434
266,121
Other investments
Shares and units
Bonds
2,014,021
348
1,224,948
2,152,877
292,338
3,670,163
1,816,382
2,418,998
3,355,190
7,590,570
Cash
22,266
8,536
(1,112)
1,823,806
(36,386)
2,382,612
3,355,190
22,614
8,536
(37,498)
7,561,608
15
(CONTINUED)
A S AT M AY 3 1 , 2 0 1 1 A N D 2 0 1 0
6. FAIR VALUE HIERARCHY (CONTINUED)
The following table shows the reconciliation of Level 3 fair values from May 31, 2010 to May 31, 2011.
DEVELOPMENT CAPITAL INVESTMENTS
Shares and units
(In thousands)
2011
Fair value as at May 31, 2010
Listed Loans, bonds and advances
Total
Unlisted
Unsecured
Secured
$
$
$
$
$
2,850
1,872,239
1,157,432
30,331
3,062,852
Realized gains (losses)
(15,853)
30,970
(24,800)
13,208
69,241
20,511
Purchases
1,500
363,647
333,117
46,736
745,000
Sales and settlements
(7,987)
(238,263)
(285,992)
(25,568)
(557,810)
Transfers of financial instruments to (out of) Level 3
6,282
–
2,097,834
of development capital investments held as
at May 31, 2011
8,553
29,954
20,404
1,645,238
(202,509)1
997,759
(19,176)
(1,182)
(19,156)
31,161
(23,893)
(10,865)
83,804
(196,227)
3,126,754
(4,562)
2010
Realized losses
(14,743)
1,019,656
(94,199)
(13,674)
101,606
50,415
57,419
Purchases
14,022
364,804
185,639
Transfers of financial instruments out of Level 3
of development capital investments held as
at May 31, 2010
(108,635)
(94,019)
(91,608)
36,461
(2,144)
(12,090)
(11,677)
1,872,239
(7,572)
1,157,432
38,039
(124,760)
197,350
19,070
583,535
(10,966)
(305,228)
(9,804)
2,850
2,721,759
30,331
(12,444)
(9,804)
3,062,852
6,346
1. Certain unsecured debentures have been transferred from Level 3 to Level 2 since their measurement method is now based on observable market data.
16
6. FAIR VALUE HIERARCHY (CONTINUED)
OTHER INVESTMENTS
(In thousands)
2011
Shares
and units $
Units of funds of hedge funds $
Bonds
$
Total
$
63,563
220,494
8,281
292,338
Realized losses
(703)
2,804
(3,802)
3,726
Purchases
14,309
(3,934)
76,742
of other investments held as at May 31, 2011
2,804
2010
44,050
Realized losses
1,285
Purchases
18,228
10,890
(703)
2,728
25,199
(10,440)
(265)
216,439
11,742
304,923
3,720
2,833
8,077
273,842
(3,691)
221,715
(1,951)
18,173
(407)
1,634
1,378
(18,821)
(1,023)
(14,639)
(2,358)
21,092
19,606
(19,844)
63,563
220,494
8,281
292,338
of other investments held as at May 31, 2010
1,285
18,173
1,634
21,092
All Level 3 financial instruments, except for units, are measured at fair value using valuation techniques and models whose outputs depend on significant
assumptions that are based on unobservable data. Even though management believes that its fair value measurements are appropriate, using reasonably
possible alternative assumptions could result in different fair values. Whenever possible, a sensitivity analysis of changes in significant assumptions is
performed. Management assessed the situation and determined that using reasonably possible alternative assumptions would not result in significantly
different fair values.
Since the Fonds does not have access to information on the underlying investments, the fair value of Level 3 units is based on the value provided by the
general partner or the external manager. Therefore no other reasonably possible assumption could be used.
7. SECURITIES LENDING
As part of the securities lending program, the trustee receives, in exchange for the securities loaned, guarantees or assets equivalent to the minimum
percentage prescribed by law or to a percentage that may vary according to best practices. Depending on the securities loaned, this percentage range from
102% to 104% as at May 31, 2011 (2010: from 102% to 105%), and the fair value of the securities loaned is $98 million (2010: $99 million).
8. ACCOUNTS RECEIVABLE AND OTHER ASSETS
(In thousands)
2011
$
2010
$
102,270
76,326
Accrued dividends and interest
81,072
71,513
Other 80,906
29,362
264,248
177,201
Accounts receivable relating to development capital investments and other investments sold
17
(CONTINUED)
A S AT M AY 3 1 , 2 0 1 1 A N D 2 0 1 0
9. CAPITAL ASSETS
Cost $
Accumulated
amortization
$
Net book value
$
Buildings
70,368
15,858
54,510
17,169
15,324
1,845
Computer hardware 11,688
7,413
4,275
15,348
13,655
1,693
114,573
52,250
62,323
Buildings
70,048
13,951
56,097
16,979
14,919
2,060
Computer hardware 9,575
6,864
2,711
14,081
12,938
1,143
110,683
48,672
62,011
(In thousands)
2011
2010
The net book value of the portion of building held for rental amounts to $24.3 million (2010: $24.7 million).
10. NOTES
Notes are repayable on demand and bear interest at a rate based on the rate of return of Other investments. Consequently, the fair value of these
notes arising from excess liquidities of regional and local funds and of certain specialized funds corresponds to their carrying amount. As at May 31, 2011,
the interest rate is 4.25% (2010: 4.00%).
11. CREDIT FACILITIES
As at May 31, 2011 and 2010, the Fonds has credit facilities amounting to $80 million, bearing interest at prime rate and renewable annually.
As at May 31, 2011 and 2010, these facilities are unused.
12. ACCOUNTS PAYABLE AND OTHER LIABILITIES
(In thousands)
2011
$
2010
$
142,626
49,871
19,494
37,498
Share redemptions payable
13,274
13,802
Accrued expenses and other
85,500
82,998
260,894
184,169
Accounts payable relating to development capital investments and other investments purchased
18
13. NET ASSETS
SHARE CAPITAL
Authorized
CLASS A SHARES
Unlimited number of Class A shares to be issued in Series 1 and 2, without par value, voting, redeemable and inalienable unless approved by a resolution
of the Board of Directors.
Class A shares, Series 1 and 2 can be exchanged for shares of another series and rank pari passu. However, Class A shares, Series 1 may be issued only
to an individual requesting their transfer to a trustee under a registered retirement savings plan.
CLASS G SHARES
Unlimited number of Class G shares, without par value, non-voting, without dividends, non-transferable and non-redeemable. In the event of a dissolution,
liquidation or any other distribution of the Fonds’ assets in whole or in part, these shares entitle their holders the right to be reimbursed after all Class A
and B shareholders have been reimbursed.
During the year, the Fonds’ statutes were amended to cancel the Class G shares.
CLASS B SHARES
Unlimited number of Class B shares, without par value, non-voting, entitled to a preferential dividend at the rate determined by the Board of Directors.
In the event of liquidation, the Class B shares rank prior to Class A and G shares.
Subscribed
Subscribed capital is money cashed but for which no Class A share can be issued in consideration thereof pursuant to the Fonds’ purchase-by-agreement
policy. These Class A shares will be issued at the time set out in such policy at the share price in effect at that date.
Redemption terms
The Fonds is required to redeem shares in the circumstances set out in its Incorporation Act or to redeem them by mutual agreement in exceptional
situations provided under a policy for such purpose adopted by the Fonds’ Board of Directors and approved by the Minister of Finance of Québec.
The redemption price is determined semi-annually based on the value of the Fonds.
Contributed surplus
Contributed surplus arises from the reduction in issued and paid-up capital resulting from transfers and the excess of the average value of share capital
over the redemption price. This excess is reduced when shares are redeemed at a price exceeding the average value of issued share capital, prorata to
the redeemed shares.
Restatement
A change was made to the calculation of the proportion applicable to contributed surplus when shares are redeemed at a price exceeding the average value
of issued share capital. As a result of the retrospective restatement, contributed surplus was reduced and retained earnings were increased by $134.7 million
as at June 1, 2010 (June 1, 2009: $104.3 million). Contributed surplus was reduced and retained earnings were increased by $30.4 million with respect
to shares redeemed during the year ended May 31, 2010. This restatement had no impact on net assets per Class A share, Series 1 and Series 2.
19
(CONTINUED)
A S AT M AY 3 1 , 2 0 1 1 A N D 2 0 1 0
13. NET ASSETS (CONTINUED)
Transfers
During the year, the Board of Directors approved an increase in the issued and paid-up capital on Class A shares, Series 1 of $103 million through transfers
from retained earnings (2010: $85 million).
As at May 31, 2011, the Fonds had transferred a cumulative amount of $1,620 million from retained earnings to share capital.
During the year ended May 31, 2009, the Board of Directors of the Fonds approved a resolution to reduce the issued and paid-up capital on Class A shares,
Series 1 by $1 billion through a transfer to contributed surplus. Afterwards, an amount of $126.6 million was transferred from contributed surplus to eliminate
the realized deficit as at May 31, 2009.
On May 31, 2010, the holders of Class G shares, namely the Minister of Finance of Québec and the Fédération des travailleurs et travailleuses du Québec (FTQ),
waived the right to receive any distribution or return of capital attached to their shares. Accordingly, the issued and paid-up capital on Class G shares was reduced
by $20.1 million through a transfer to contributed surplus. In consideration, By-Law 69, allowing the cancellation of Class G shares in exchange of equivalent
unsecured debentures for an amount of $10 million for the Minister of Finance of Québec and $10.1 million for the Fédération des travailleurs et travailleuses
du Québec (FTQ), was adopted during the Fonds’ special shareholders meeting held on October 2, 2010. These issued debentures do not bear interest, are payable
only upon the Fonds’ dissolution and are presented under Accounts payable and other liabilities.
NET ASSETS BY SHARE CLASS AND SERIES
Class A
Series 1
Class G
Subscribed
Total
Series 2
Number $
Number
302,413
7,209,561
3,538
84,349
28,124
688,157
416
10,092
$
Number and $
$
$
–
442
7,294,352
698,249
Net change in share subscriptions
285
(In thousands)
2011
Net assets at beginning of year
Share issues
Share redemptions
Net earnings
Net assets at end of year
(18,596)
(455,778)
(391)
(9,580)
285
(465,358)
642,780
7,503
650,283
311,941
8,084,720
3,563
92,364
–
727
8,177,811
288,407
6,281,708
3,326
72,445
20,125
443
6,374,721
28,725
649,311
485
10,774
660,085
2010
Net assets at beginning of year
Share issues
Net change in share subscriptions
Share redemptions
(334,512)
(273)
Net earnings
593,162
Transfer
19,892
Net assets at end of year
20
(14,719)
302,413
7,209,561
3,538
(1)
(1)
(6,200)
(340,712)
7,097
600,259
233
84,349
(20,125)
–
442
–
7,294,352
14. CONTINGENCIES
In the normal course of business, the Fonds is party to claims and litigations that could result in losses. A contingent loss is recognized when it is likely and
can be estimated. Management believes that the aggregate amount of contingent losses, net of losses recognized, would not have a material adverse effect
on the Fonds’ financial position.
15. REVENUES
Interest totalling $16.0 million (2010: $14.4 million) on the notes is recorded against Interest and is capitalized under Notes.
16. OPERATING EXPENSES
2011
$
2010
$
Salaries and benefits
71,266
65,770
Occupancy expenses and rent
11,115
10,802
Advertising and information
13,613
12,791
Management fees
7,287
7,271
Professional fees
7,545
8,933
Travel and entertainment
3,360
2,988
Stationery and office supplies
3,388
3,188
Shareholder reporting costs
2,597
2,500
(In thousands)
Custodial fees and trustee’s fees
931
904
Fees and other income
(4,414)
(5,786)
Rental income
(4,259)
(3,853)
Capital tax
1,064
5,314
Amortization of property and equipment
3,590
3,501
Amortization of information systems development
717
966
117,800
115,289
17. INCOME TAXES
For purposes of the Income Tax Act (Canada), the Fonds is subject to the rules applicable to mutual fund corporations. As such, the Fonds can receive a
refund of the income taxes paid on its capital gains by redeeming its shares or by increasing its issued and paid-up share capital through a transfer from
retained earnings. Since these income taxes are refundable and that, in management’s opinion, the issued and paid-up share capital will be increased
sufficiently to recover them, these income taxes are not presented in the Statement of Operations, but are included in Accounts receivable and other assets.
The balance of these income taxes is $9.0 million as at May 31, 2011 (2010: $6.5 million).
The Fonds, as a private company, can receive a refund of a portion of the income taxes paid on its investment income through the refundable dividend tax
on hand (RDTOH). The RDTOH is recoverable by increasing the issued and paid-up share capital through transfers from retained earnings. These income
taxes of $33.9 million (2010: $26.4 million) were entirely applied against income taxes payable following transfers approved by the Board of Directors
during the year in order to recover these taxes.
21
(CONTINUED)
A S AT M AY 3 1 , 2 0 1 1 A N D 2 0 1 0
17. INCOME TAXES (CONTINUED)
Under the Taxation Act (Québec), the Fonds is an open-ended investment company. As such, the Fonds can, in calculating its Québec taxes, deduct taxable
capital gains from its taxable income. Consequently, capital gains realized by the Fonds are not subject to taxes in Québec.
Income taxes on net investment income before income taxes are detailed as follows:
(In thousands)
Current
Future
2011
$
2010
$
22,925
21,383
3,155
423
26,080
21,806
The above income taxes are different from the amounts that would be obtained by applying the combined basic tax rate (federal and provincial) to net
investment income before income taxes. The difference is explained as follows:
(In thousands)
Income taxes based on combined income tax rate of 46.6% Non-taxable dividends
Refundable dividend tax on hand
Other items
2011
$
2010
$
64,177
49,710
(13,242)
(8,213)
(33,903)
(26,356)
9,048
6,665
26,080
21,806
Capital assets
$
Development
capital
investments
and other
$
Total
$
1,548
1,750
3,298
(334)
1,019
685
52
828
Items giving rise to future income taxes are as follows:
(In thousands)
2011
Future income tax liabilities
2010
Future income tax assets
Future income tax liabilities
22
776
18. EMPLOYEE FUTURE BENEFITS
On January 1, 2001, the Fonds implemented funded and unfunded defined benefit pension plans, which guarantee pension benefits to most of its
employees. Pension benefits under these plans are based on years of service and average annual salary, which represents the average annual salary over
the period of 36 months of consecutive service which results in the highest average.
Also, since July 1, 2003, the Fonds has had an optional personal insurance plan for retired employees.
The accrued benefit obligation of these plans as determined by independent actuaries and the fair value of plan assets are as at March 31, 2011. The most
recent actuarial valuation of the pension plans for funding and solvency purposes was as of December 31, 2010 and the next valuation will take place as of
December 31, 2011.
Information about the plans is as follows:
(In thousands)
2011
2010
Pension plans $
Insurance plan
$
Pension plans
$
Insurance plan
$
102,189
1,679
65,000
1,194
Current service cost
13,377
87
9,246
58
Interest cost
5,950
92
5,098
87
Benefits paid
(2,097)
(25)
(1,101)
(13)
Accrued benefit obligation
Actuarial loss 1,407
23,946
353
Balance at end of year 120,826
1,833
102,189
1,679
Plan assets
74,118
–
52,978
–
Fonds contributions
6,945
25
4,864
13
Employee contributions
5,755
Benefits paid
(2,097)
Actual return on plan assets
8,525
12,932
93,246
–
74,118
(25)
4,445
(1,101)
(13)
–
Reconciliation of accrued benefit obligation and plan assets
Funded status – deficit
(27,580)
Unamortized net actuarial loss
13,858
Unamortized past service cost (gain)
535
Accrued benefit liabilities
(13,187)
(1,833)
452
(178)
(1,559)
(28,071)
16,671
708
(10,692)
(1,679)
480
(218)
(1,417)
These accrued benefit liabilities are presented under Accounts payable and other liabilities.
23
(CONTINUED)
A S AT M AY 3 1 , 2 0 1 1 A N D 2 0 1 0
18. EMPLOYEE FUTURE BENEFITS (CONTINUED)
ADDITIONAL INFORMATION ABOUT PLAN ASSETS
Funded plan assets are held in trust and their breakdown is as follows:
2011
%
2010
%
Equity mutual funds
62.3
62.3
Bond mutual funds
37.4
37.2
Cash and other
0.3
0.5
100.0
100.0
Costs recognized in the year were as follows:
2011
(In thousands)
Pension plans
$
Insurance plan
$
Pension plans
$
Insurance plan
$
Current service cost, net of employee contributions
7,622
87
3,967
58
Interest cost
5,950
92
5,098
87
Actual return on plan assets
(8,525)
(12,932)
Actuarial loss 1,407
23,946
353
Cost before adjustments to recognize the
long-term nature of employee future benefits
6,454
179
20,079
498
3,562
9,364
Difference between actual and expected return on plan assets
Difference between actuarial loss or gain recognized and
actual actuarial loss or gain on accrued benefit obligation
(749)
Difference between amortization of past service cost
or gain and actual plan amendments
Costs recognized in the year
2010
28
(23,909)
173
(40)
173
9,440
167
5,707
(353)
(39)
106
Cash payments for employee future benefits, which comprise contributions made by the Fonds to these funded pension plans and amounts paid directly
to members under unfunded plans totalled $7 million (2010: $4.9 million).
SIGNIFICANT ACTUARIAL ASSUMPTIONS
The significant actuarial assumptions used to determine the accrued benefit obligation and the costs recognized for the plans are as follows:
2011
2010
Pension plans
%
Insurance plan
%
Pension plans
%
Insurance plan
%
5.25
Accrued benefit obligation
Rate at end of year
5.25
5.25
5.25
3.50
3.50
Discount rate
5.25
5.25
7.00
Expected rate of return on plan assets
6.25
6.25
3.50
3.50
Discount rate
Rate of compensation increase
Accrued benefit costs recognized
Rate at end of previous year
Rate of compensation increase
7.00
The Fonds set the maximum annual insurance premium it will assume per retiree and does not expect any increases in the future.
24
19. RELATED PARTY TRANSACTIONS
In the normal course of business, the Fonds conducts transactions with related companies that are either controlled by the Fonds or subject to significant
influence by the Fonds. Many of the development capital investments are of such an amount and nature that the investee is considered a related company.
These transactions consist predominantly of interest and dividend revenues on investments and certain expenses, in particular premiums paid under
insurance plans.
The Fonds, of which a majority of directors are elected by the QFL, paid $1.6 million to the QFL for the year ended May 31, 2011 (2010: $1.6 million)
under a protocol and agreements that call for compensation to be paid for services rendered in respect of economic training, social audits, shareholder
development, and support and guidance of certain activities. These transactions are measured at the exchange amount, which is the amount of
consideration established and agreed to by the related parties.
The Fonds incorporated the Fondation de la formation économique du Fonds de solidarité des travailleurs du Québec (F.T.Q.) (the “Fondation”) under
Part III of the Québec Companies Act and appoints the members of the Fondation’s Board of Directors. The Fonds granted a loan of $5 million to the
Fondation at a variable, contingent interest rate, with a fair value of $3.3 million (2010: $3.2 million).
The Fonds granted non-interest bearing loans of $20 million with a fair value of $13.1 million (2010: $12.7 million) to the Fonds étudiants solidarité
travail du Québec (FESTQ), which are considered related to the Fonds because the Fonds appoints some of their directors together with the Government
of Québec.
These loans are presented in the Balance Sheet under Accounts receivable and other assets.
20. RISK MANAGEMENT
Risks arising from financial instruments are an integral part of the audited Financial Statements and are discussed in the “Risk management” section of
the Management Discussion and Analysis for the year ended May 31, 2011, which is available at the Fonds’ head office, on its Website at www.fondsftq.com
21. COMPARATIVE FIGURES
Certain prior year figures have been reclassified to be comparable with those of the current year.
22. ADDITIONAL INFORMATION
The Audited Statement of Development Capital Investments, at Cost, the Unaudited Statement of Other Investments and the Unaudited Index of the
Share of the Fonds in Investments Made by the Specialized Funds, at Cost, are available at the Fonds’ head office, on its Website at www.fondsftq.com
25
www.fondsftq.com
MANAGEMENT DISCUSSION AND ANALYSIS
F O R T H E Y E A R E N D E D M AY 3 1 , 2 0 1 1
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED MAY 31, 2011
This Management Discussion and Analysis (“MD&A”) is intended to help the readers to assess, through the eyes of management, the Fonds de solidarité FTQ’s
(the “Fonds”) results and financial condition and the material changes therein during the financial year ended May 31, 2011. The annual MD&A complements
and supplements the financial statements and contains financial highlights, but does not contain the complete annual financial statements of the Fonds.
To facilitate understanding of events and uncertainties, this MD&A should be read together with the financial statements and the notes thereto.
This MD&A contains forward-looking statements about the Fonds’ activities, results, and strategies that should be interpreted with caution. Because,
by their nature, forward-looking statements involve assumptions, uncertainties and risks, it is possible that a number of factors may cause forecasts not
to materialize. For example, legislative or regulatory changes, economic and business conditions and the level of competition are a non-comprehensive
list of major factors that could influence, sometimes significantly, the accuracy of the forward-looking statements in this report. This MD&A is dated
June 29, 2011.
The Fonds is subject to the Regulation Respecting Development Capital Investment Fund Continuous Disclosure (the “Regulation”) and, as such, applies the
requirements of this Regulation, notably to its financial statements and its MD&A.
You can get a copy of the annual financial statements at your request, and at no cost, by calling us at 514-383-3663 or toll free at 1-800-567-3663, by
writing to us at 8717 rue Berri, Montréal, Québec H2M 2T9 or by visiting our Website at www.fondsftq.com or the SEDAR Website at www.sedar.com.
You can also obtain a copy of the interim documents in this same manner.
FINANCIAL HIGHLIGHTS
The following tables show selected key financial information about the Fonds and are intended to help you understand the Fonds’ financial performance for
the past 5 years. This information is derived from the Fonds’ audited financial statements. The Fonds’ results are discussed under “Results of operations”
on page 3.
RATIOS AND SUPPLEMENTAL DATA
YEARS ENDED MAY 31
2011
2010
Revenues 256
Net earnings (net loss) 650
8,178
7,294
6,375
7,285
7,239
315,504
305,951
291,733
290,050
284,628
1.47
1.54
1.70
1.36
1.34
(in millions of dollars, except otherwise specified)
Net assets Class A shares outstanding (number, in thousands)
Total operating expense ratio* (%)
Portfolio turnover rate**:
Development capital investments (%)
Other investments (%)
11.38 172.57
2009
2008
2007
222
239
261
249
600
(919)
7.93
233.20
6.71 179.65
(89)
475
12.22
18.35
118.80
113.45
0.02
0.03
0.02
0.03
0.03
583,235
577,511
570,889
575,394
574,794
Issues of shares
698
660
655
611
571
Redemptions of shares 465
341
647
476
402
5,207
4,784
4,598
3,959
3,736
Trading expense ratio*** (%)
Number of shareholders (number)
Fair value of development capital investments****
*
The total operating expense ratio is obtained as follows: by dividing expenses (excluding tax on capital) for the year, as shown on the Statement of Operations, by the average net assets for that year.
** The portfolio turnover rate reflects the number of changes made to the composition of the portfolio. There is not necessarily a relationship between a high turnover rate and the portfolio’s performance.
*** The trading expense ratio represents transaction costs expressed as a percentage of average net assets.
**** These investments include funds committed but not disbursed as well as guarantees and suretyships.
1
CHANGE IN NET ASSETS PER SHARE
YEARS ENDED MAY 31
(in dollars)
Net assets per share, beginning of year*
Change in accounting policy
Increase (decrease) from operations**:
Interests and dividends
0.82
Total operating expenses (0.38)
Income tax and tax on capital
(0.08)
Realized gains (losses)
0.26
Unrealized gains (losses)
1.48
2011
2010
2009
2008
2007
23.84
21.78
25.05
25.36 23.74
– –
–
–
2.10
2.01 (3.16) (0.31) 0.74 0.82 0.90 0.87 (0.37)
(0.37)
(0.34)
(0.33)
(0.09)
(0.05) 0.00
(0.07)
0.22
(1.31)
0.35 0.61 1.51
(2.25)
(1.22) 0.60 (0.04)
1.68
Variance from issues and redemptions of shares
(0.02)
(0.02)
(0.11)
(0.00)
(0.02)
Variance from the transfer of Class G shares
–
0.07
–
– –
Net assets per share, end of year* 25.92 23.84 21.78 25.05 25.36
* The amount of net assets per share is based on the actual number of shares outstanding at the relevant time.
** The increase (decrease) from operations is based on the weighted-average number of shares outstanding over the financial year.
ECONOMIC CONDITIONS
World and United States
Beginning in spring 2010, the troubled position of public finances in several countries in the Eurozone has again weakened stock and financial markets
around the world and slightly hampered global economic growth. The slowdown was nonetheless short-lived, as the global economy entered a phase of
sustained recovery in the fourth quarter of 2010 that continued into the early months of 2011 despite the emergence of a new risk related to the political
upheaval in the Middle East and North Africa.
Global stock markets have generated positive returns despite the bumps experienced in the last twelve months. Yet over the same twelve months, raw
material prices, particular for copper, gold and oil, kept increasing, with gold reaching an all-time high in April 2011.
Fears abound that public finance crises in the more fragile Eurozone countries might be reproduced in the rest of the world, or that there will be
consequences to the political upheaval seen in the Middle East and North Africa. Despite this, economic growth has been positive in the United States over
the last twelve months. After slowing GDP growth in the second quarter of 2010, the U.S. economy picked up speed in the following two quarters only to
lose steam in the first quarter of 2011. The savings rate remains high, in comparison to the levels seen before the 2008-2009 financial crisis, at an average
of 5.5% since May 2010. The U.S. unemployment rate decreased over the last twelve months, settling at 9.1% in May 2011 compared to 9.6% in May
2010. For inflation, the annual fluctuation in the U.S. CPI has settled at an average of 1.8% since May 2010. The key interest rate has remained unchanged
at 0.25% since December 2008.
In early November 2010, the U.S. Federal Reserve announced a second quantitative easing campaign to buy $600 billion of U.S. Treasury bonds with
maturities ranging from five to thirty years. The goal of the quantitative easing campaign, which ends in June 2011, is to support job growth, keep interest
rates low and increase the wealth effect through a rise in the price of assets. Right now it is hard to gauge with any accuracy the effectiveness of this
campaign, but we can assume that, as anticipated, it will ultimately stimulate U.S. economic growth.
Canada and Québec
Following in the footsteps of the United States, Canada’s economy grew in the last twelve months despite sliding GDP growth that started in the second
quarter of 2010 and continued through the next quarter. This slide was caused by sagging manufacturing, mining and energy sectors, which are very
cyclical and export-driven. Starting in the fourth quarter of 2010, the Canadian economy slowly regained momentum, improving even faster in the first
quarter of 2011. This increase in GDP growth largely results from higher foreign demand, which had a positive effect on net exports. On the inflation front,
annual fluctuation in the Canadian CPI has settled at an average of 2.3% since May 2010. Unemployment decreased from 8.1% in May 2010 to 7.4% in May
2011. Amid concerns the economy might overheat, the Bank of Canada gradually increased its discount rate between June 2010 and September 2010,
which is currently at 1%, up 0.75% since May 2010.
In Québec, the annualized GDP growth rate, after dropping into the red in the third quarter of 2010 (-0.2%) returned to black in the fourth quarter of
2010 (1.3%). On an annual basis, the Québec economy, which weathered the crisis better than its North American partners in 2009, generated growth
of 2.8% in real terms in 2010, compared to 3.2% in Canada and 2.9% in the United States. Québec unemployment decreased to 7.3% in May 2011 from
the 8.0% seen in May 2010. This rate is also lower than the Canadian rate (7.4%) and than Ontario’s (7.9%).
As at May 31, 2011, short-term (2 years) and long-term (10 years) interest rates on Canadian government bonds were lower than a year ago. The credit
spreads of provinces and investment-grade corporations improved over the last financial year.
These favourable but as yet uncertain economic conditions are the background against which our activities for the financial year played out.
2
MANAGEMENT DISCUSSION OF FINANCIAL PERFORMANCE
RESULTS OF OPERATIONS
OVERALL RESULTS
For its financial year ended May 31, 2011, the Fonds recorded net earnings of $650 million, compared to net earnings of $600 million for the prior year,
setting back-to-back record results. With this result for the year, the Fonds generated a return of 8.8%, slightly down from the return of 9.2% experienced
for the previous year, when stock and financial markets rallied following the financial crisis of 2008-2009. The Fonds’ share reached its highest value
ever, at $25.92, up $2.08 from the price reported in July 2010 and $0.89 from the January 2011 price. These results pushed the Fonds’ net assets above
the $8 billion mark for the first time, to reach $8.2 billion as at May 31, 2011. The number of shareholders of the Fonds also reached a historic high
at 583,235 as at May 31, 2011.
As a result of its mission, a significant portion of the Fonds de solidarité FTQ’s portfolio is comprised of private securities and specialized funds, which did
not allow it to fully benefit from the rise in the stock markets that occurred in the past 12 months. Consequently, the Fonds’ asset allocation tends to limit
its return potential in a bull market such as we are currently experiencing; however, in a bear market, the opposite occurs. For instance, during the
same period two years ago, in the midst of the financial crisis, the Fonds was able to achieve a return that was higher than the average return of both
the Canadian balanced mutual funds and the main stock indices.
FONDS RETURN
YEARS ENDED MAY 31
2011
Assets under Assets under
management at management at
end of year*
Weight Return
end of year* Weight
$M % %
$M
%
Development capital investments Other investments**
3,931 47.9 4,274 52.1 8,205 100.0 Total operating expenses Income tax and tax on capital 8.9
12.3
2010
Return
%
3,590
48.9
11.0
3,747
51.1
11.2
10.6
7,337 100.0
(1.5)
(0.3)
11.1
(1.5)
(0.4)
Fonds return (annual)
8.8
Fonds return (1st half of the year)
5.0
8.0
Fonds return (2nd half of the year)
3.6
1.2
9.2
* Assets under management at end of year refer to the fair value, at the end of the year, of the assets managed by the Investments and Other Investments sectors and used to generate revenues presented in the Statement of Operations. This amount differs from the amount of assets presented in the financial statements, which includes, unlike assets under management, amounts under management from the liquidity surpluses of regional and
local funds and certain specialized funds.
** Other investments represent the remaining assets not invested in partner companies. Managed by the Other Investments sector, this portfolio consists of bonds, money market securities, sector-based shares, funds of hedge
funds, high-dividend shares and international infrastructure funds.
SECTOR RESULTS
Investments sector
The assets managed by the Investments sector are essentially mission-driven development capital investments in public and private partner companies
in the form of shares, units or loans. To stabilize its return, the Fonds favours a fair balance between investments in the form of loans, usually unsecured,
that provide a current return in the form of interest payments, investments in shares, that potentially generate a higher return but involve an increased level
of volatility, and investments in specialized fund units that, while bringing private and foreign capital inflows to Québec, contribute to a better diversification
of the Fonds’ portfolio. Development capital investments are governed by the Investment Policy, which is an important component of the Integrated Financial
Assets Management Policy.
The Investments sector earned a gross return of 8.9% for the year, slightly down from the gross return of 11.0% generated for the prior year. Taking into
account this return and given the level of mission-driven investments made by the Fonds during the year, the assets in this sector represented $3.9 billion
or 48% of assets under management as at May 31, 2011 (49% as at May 31, 2010).
3
The performance of the Investments sector is influenced by various factors, particularly the behaviour of the financial markets as well as the economic
and business conditions in which our partner companies operate, and by the dynamic management of our investments. The gross return of 8.9% of the
Investments sector for the most recently ended year is largely explained by the following:
• the return of 6.2% generated by our private securities and specialized funds portfolio during the year; this result follows a return of 8.3% for the previous
year. This performance is essentially attributable to the strength of the porfolio, combined with still favourable economic conditions, despite the
uncertainties, and the low cost of credit;
• the good performance of the stock markets for the last 12 months, which, despite some bumps during the year, contributed to the 23.0% return of the
listed securities portfolio of the Investments sector, compared to 21,9% for the prior year.
Other Investments sector
The Other Investments sector manages the assets not invested in partner companies; these investments consist of bonds, money market securities,
sector-based shares, funds of hedge funds, high-dividend shares and international infrastructure funds. As with development capital investments, other
investments are managed in accordance with the Integrated Financial Assets Management Policy, which targets sound diversification of the Fonds’ financial
assets. Under this policy, a sufficient portion of financial assets must be invested in a way that allows the Fonds to meet its liquidity needs, to produce
current revenue sufficient to cover expenses and to contribute to the generation of a reasonable return to the shareholders.
For the year, the Other Investments sector earned a gross return of 12.3%, up from the gross return of 11.2% recorded for the prior year. The assets
of this sector represented $4.3 billion or 52% of the Fonds’ assets under management as at May 31, 2011 (51% as at May 31, 2010).
The evolution of interest rates and the performance of the stock markets are the determining factors in analyzing the performance of the Other Investments
sector. Accordingly, the results achieved by this sector are influenced by the behaviour of the financial markets and the conditions affecting the Fonds’
economic environment. The gross return of 12.3% of the Other Investments sector for the year is largely explained by the following:
• the good performance of the stock markets for the last 12 months, which helped improve the results achieved through the sector-based strategy
implemented a few years ago and contributed to the return of 21.1% of the sector-based shares1 and other securities2 portfolios. This performance
followed a return of 13.8% for the prior year;
• a return of 6.4% on our fixed-income securities portfolio for the year, compared to 9.0% for the previous year, when corporate credit spreads were
subject to significant reductions. The increase in value of bonds, mainly attributable to the decrease in interest rates for Government of Canada securities,
combined with interest income generated by the portfolio, enabled us to earn this return.
RETURN BY ASSET CLASS
YEARS ENDED MAY 31
2011
Assets under Assets under
management at management at
end of year*
Weight Return
end of year* Weight
$M % %
$M
%
Private securities and specialized funds
3,251
39.6
6.2
Listed securities
680
8.3
23.0
Other investments
Fixed-income securities
2,494
30.4
6.4
Sector-based shares and other securities
1,780
21.7
21.1
8,205
100.0
10.6
2010
Return
%
2,845
745
38.8
10.1
8.3
21.9
2,234
1,513
30.5
20.6
9.0
13.8
7,337
100.0
11.1
TOTAL OPERATING EXPENSES
Total operating expenses (which exclude tax on capital) consist mainly of expenses related to assets under management, shareholder services, subscription
campaigns, continuous improvement of systems and controls, monitoring of partner companies, personnel and all other resources the Fonds de solidarité FTQ
requires to achieve its mission and meet its objectives. Although it is essential that the Fonds has available resources to achieve its mission, it is also
fundamental that it controls its expenses. Year after year, the Fonds was able to maintain its total operating expenses at a level it considers to be low.
For the year ended May 31, 2011, the ratio of total operating expenses to net average assets for the year, calculated using the method prescribed in the
Regulation, was 1.5%, which is comparable to the ratio for the previous year. Expressed in dollars, total operating expenses amounted to $116.7 million for the
year ended May 31, 2011, compared to $110.0 million for the previous year. This increase of $6.7 million is due, among other factors, to management costs
related to the growth in assets under management and the increase in share subscriptions and redemptions as well as normal salary increases.
1. These sectors are materials, energy, consumer staples, utilities and telecommunications.
2. Other securities are funds of hedge funds, high-dividend shares and international infrastructure funds.
4
ANALYSIS OF CASH FLOWS, BALANCE SHEET AND OFF-BALANCE SHEET ITEMS
Cash flows
Cash flows from operating activities of the Fonds totalled $75 million for the year, down from $100 million for the previous year. Changes in these cash
flows mainly result from our current operations.
Cash flows from financing activities of the Fonds totalled $161 million for the year, compared to an aggregate amount of $296 million for the prior year.
This decrease resulted mainly from an increase in the number of shares redeemed, which totalled $466 million3 for the year on a cash basis, compared to
$342 million for the previous year. On the other hand, shares issued amounted to $698 million for the year on a cash basis, which is higher than the issues
of $660 million for the previous year.
Cash flows from investing activities of the Fonds represented a net cash outflow of $238 million for the year, compared to $404 million for the previous
year. Cash needed to support net investments (acquisitions less proceeds from sales) in partner companies was chiefly provided by the cash flows from
financing activities of the Fonds discussed in the previous paragraph.
The Fonds also has lines of credit available for its working capital requirements. As at May 31, 2011, these lines of credit were unused.
Balance sheet and off-balance sheet items
Balance sheet development capital investments increased from $3.9 billion as at May 31, 2010 to $4.3 billion as at May 31, 2011. This $349 million
increase essentially resulted from our net disbursed investments of $116 million (disbursed investments of $620 million less disinvestments of $504 million)
and the appreciation of our development capital investments during the year.
During the year, on a commitment basis, the Fonds made direct investments of $733 million in its partner companies, up from the $501 million recorded
for the prior year. In addition, amounts committed but not disbursed increased from $822 million as at May 31, 2010 to $919 million as at May 31, 2011.
Balance sheet other investments increased by $520 million during the year to settle at $4.2 billion as at May 31, 2011 ($3.7 billion as at May 31, 2010).
This increase is mainly attributable to the increase in value of the securities in the portfolio, which results, amongst other things, from the rise in the stock
and financial markets.
The bond hedge that has been in place for a few years as part of the hedging strategy varied during the year based on the actual and anticipated interest
rate movements, standing at $102 million as at May 31, 2011, compared to $135 million a year earlier. The hedging coverage will once again be adjusted
in the next months based on actual and anticipated interest rate movements. Derivatives are also used to hedge the other investments portfolio against, in
particular, exchange rate fluctuations when assets are denominated in foreign currencies. In that respect, in response to the significant appreciation of the
Canadian dollar, the Fonds decided, in the prior year, to gradually reduce from 100% to 50% the hedge of its sector-based shares portfolio against currency
risk. The Fonds continued to work towards this objective, and the sector-based shares hedging ratio was 52.5% as at May 31, 2011, compared to 62.5% as
at May 31, 2010.
MISSION OF THE FONDS DE SOLIDARITÉ FTQ, OBJECTIVES AND STRATEGIES
MISSION AND OBJECTIVES
The Fonds de solidarité FTQ is a union-based development capital investment fund that was born out of the Fédération des travailleurs et travailleuses du
Québec (FTQ). Created in 1983 under the Act to Establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.), the Fonds endeavours to collect the
savings of Quebeckers who want to participate in creating and maintaining jobs, in order to improve the situation of workers and to stimulate the Québec
economy. The Fonds also helps raise awareness and encourage workers to save for retirement as well as represents an aid for economic training.
The Fonds’ mission is strongly supported by both levels of government since shares of the Fonds qualify for RRSPs and give rise to a 15% tax credit at both
the Québec and federal tax levels, for a total of 30%.4 The maximum tax credit is $1,500 per year, which corresponds to a purchase of $5,000 of shares.
3. This amount is presented on a cash basis and therefore includes the change in amounts payable between May 31, 2010 and May 31, 2011.
4. Please see the prospectus for more information.
5
STRATEGIES
To implement its mission and to reach its objectives, the Fonds deployed various strategies, both from a global management perspective and by sector.
The Fonds therefore implemented an Integrated Financial Assets Management Policy under which it manages its financial assets in an integrated and
comprehensive way to produce a reasonable return for its shareholders while mitigating the volatility of the return from half-year to half-year. Accordingly,
the assets in the other investments portfolio are distributed in a way that is complementary to the portfolio of mission-driven investments made in partner
companies. This strategy allows the Fonds to obtain, overall, the desired return/risk ratio.
The Integrated Financial Assets Management Policy was revised in January 2010, in light of actual and expected changes regarding the Fonds’ business,
particularly the decrease in net subscriptions (shares issued less shares redeemed) and the increase in the size of the portfolio of mission-driven
development capital investments. In fact, the weight of investments disbursed by the Fonds, which as at May 31, 2011 was at a level of 48%, should
continue to gradually increase. The policy revision allowed us to maintain the desired balance among the various components of the Fonds’ balance
sheet and to review the target weight of each asset class with a view to maintaining the desired return/risk profile and continue to meet shareholders’
expectations. The Fonds may modify its targets depending on the circumstances and events that occur in the next few years.
The significant volatility of financial and stock markets during recent financial years resulted in significantly modifying the actual weight of these various
asset classes, which led the Fonds to rebalance its portfolio at different points during this period. These rebalancings were made to comply with the limits
and guidelines of the Integrated Financial Assets Management Policy regarding the target asset allocation. They were also a way to actively manage the
portfolio within the limits set out by the policy to improve the return/risk profile, taking into consideration the movement and erratic behaviour of financial
and stock markets.
The Shareholder Services sector
The Shareholder Services sector is built on three strategic axes: developing systematic savings, mobilizing the LR (local representatives) network and building
shareholder loyalty. To do so, the Shareholder Services sector principally relies on its employees and a network of 2,029 LRs from FTQ-affiliated unions
(as well as unions the Fonds has agreements with) who work as volunteers to promote the Fonds in their workplace. These LRs explain the Fonds’ objectives and
encourage workers to subscribe to Fonds shares and thereby contribute to Québec’s economic development while saving for retirement. Continuing education
is provided, in collaboration with the Fondation de la formation économique, to the entire LR network to mobilize them around the Fonds’ mission and the
development of systematic savings.
There are three ways to subscribe to Fonds shares: payroll deduction, the preferred way to subscribe to shares for workers, automatic bank withdrawal and
lump-sum subscriptions. During the 2011 RRSP campaign, there has been a meteoric rise in the number of transactions executed on the Internet through the
financial institutions with which the Fonds concluded agreements: 11,529 shareholders took advantage of this new way to subscribe.
For the financial year ended May 31, 2011, the Fonds collected subscriptions allowing it to make share issues totalling $698 million, compared to $660 million
in the previous year. The total number of new shareholders reached 27,811, which helped the Fonds reach a historic high of 583,235 shareholders. Its financial
performance and strength, publicity campaign, targeted marketing mailings, increased presence through its LR network during the RRSP period throughout
Québec have all allowed the Fonds to increase the annual volume of lump-sum subscriptions by 15%, reaching $282 million (compared to $245 million for
the previous financial year).
This financial year was the first time the Fonds offered at each of its 57 points of service the option of receiving Relevé 10 for tax purposes immediately
after purchasing shares. To provide this option, a new subscription system was designed, which allowed for greater computerization of the points of service.
LRs working in the points of service received adapted training, and they really rose to this new challenge.
Subscriptions through payroll deduction continue to represent the major portion of cash inflows. Our efforts over the year to recruit new shareholders who
contribute to their RRSP through payroll deduction and additional workplace campaigns (10% more than last year) have paid off, with 11,147 additional
shareholders choosing to contribute through payroll deduction this year, compared to 10,102 last year.
As expected, there were more redemptions this year, amounting to $465 million as at May 31, 2011, compared to $341 million as at May 31, 2010.
With shareholders getting closer and closer to retirement, the Fonds anticipates a heavier volume of annual share redemptions in the next few years.
During this financial year, a new financial product called SÉCURIFONDS™, designed especially for the Fonds shareholders entitled to the redemption of their
shares for retirement reasons, was launched in partnership with SSQ, Life Insurance Company Inc. This financial product allows shareholders to transfer
the amounts they accumulated in their RRSPs to a RRIF. This plan enables access to the SÉCURIFONDS segregated fund, administered by SSQ, Life Insurance
Company Inc. Contributions made by the participants in the SÉCURIFONDS fund are guaranteed subject to certain conditions.
The Fondation de la formation économique, created in 1989, encourages economic training for workers so they can increase their influence on Québec’s
economic development. The education program continues to adapt to the needs of companies, employees, and unions, particularly given today’s economic
conditions. The Fondation pursues its efforts to publicize the program to the Fonds’ partner companies and the FTQ unions to benefit the greatest number
of workers possible.
6
The Investments sector
The Investments sector’s strategies support the Fonds’ realization of its mission regarding development capital investments in Québec’s economy. The
Investments sector is made up of three main areas of intervention: i) aerospace, construction, services and transportation, ii) natural resources, industries and
consumer goods and iii) new economy, which includes information technology, telecommunications and life sciences. Each of these areas is under the
responsibility of a Senior Vice-President and includes several specialized sub-sectors.
This segmentation allows the development of a sector-based expertise valued by our partner companies. The investment process is governed by the Investment
Policy, which is a significant component of the Integrated Financial Assets Management Policy. Multidisciplinary teams also support our investment teams with
their expertise: legal, tax, business valuation, market study, due diligence, labour relations and public market departments. A due diligence committee reviews
all files submitted to governing bodies to identify the associated risks taking into consideration the Fonds’ mission. In addition, to deal with more difficult
situations, the Senior Vice-President, Turnaround Management and Special Projects, together with the Vice-President, Legal Affairs, very closely monitors
investments that entail greater credit risk.
To enable risk diversification, the Fonds allocates its investment portfolio to various economic sectors to avoid too much concentration in a single company
or sector. Generally, the Fonds holds a minority interest in the companies it invests in, however it may exceptionally, in very specific situations, hold a majority
or all the shares of a company. In addition, for the last few years, the Fonds has increased the weight of its investments through unsecured debentures. This
strategy is used to obtain a current return on its investments through the interest payments received, which contributes to stabilizing its return.
The Fonds makes significant investments in each category of development capital as defined by Canada’s Venture Capital & Private Equity Association (CVCA).
The CVCA proposes classifying private equity investments into three categories: buyout capital, venture capital and mezzanine capital.5 Applying this definition,
the following graph presents the breakdown of our $3.5 billion6 development capital investments portfolio, at cost.
BREAKDOWN OF DEVELOPMENT CAPITAL INVESTMENTS PORTFOLIO BY CATEGORY (AT COST)
AS AT MAY 31, 2011
Buyout capital
28.4%
Mezzanine capital
39.5%
Venture capital
32.1%
The Other Investments sector
In managing the balance of assets not invested in partner companies (presented under “Other Investments” in the financial statements), the Other
Investments sector is governed by the Integrated Financial Assets Management Policy which targets sound diversification of the Fonds’ financial assets.
A sufficient portion of financial assets must be invested in a way that allows the Fonds to meet its liquidity needs, to produce current revenue sufficient
to cover expenses and to contribute to the generation of a reasonable return to the shareholders. The Other Investments portfolio is a significant
contributor to the Fonds’ results.
All the portfolios in the Other Investments sector, except for the money market portfolio and part of the bond portfolio, are managed by external specialized
managers. The two portfolios that are managed internally at the Fonds by a team of professionals represented approximately $1.7 billion as at May 2011,
or 40% of the total amount of other investments. To improve the overall performance of these portfolios, the Fonds’ specialists have a certain latitude in
making securities purchases and sales. These transactions must comply with the limits and guidelines of the Integrated Financial Assets Management Policy
and are overseen by the Financial Assets Management Committee.
5. Based on the classification proposed by the CVCA, a buyout capital investment consists of the purchase of shares of an established private or public company looking to grow organically or through acquisition. A venture capital
investment consists of the purchase of shares of a company that is generally unlisted and in the start-up or early development stage. Mezzanine capital consists of subordinated debt or preferred shares with or without a variable
portion in equity warrants.
6. On a fund disbursement basis, excluding investments in real estate funds and in listed securities acquired on the secondary market.
7
For portfolios managed externally, the Fonds retains the services of specialized managers which allows optimizing the management of those portfolios.
One of the benefits of this kind of management is the implementation of specialized management strategies, such as active management of the duration
of the bond portfolio, which targets generating added value for the portfolios in question through the expertise the selected specialists have in the area.
Using derivative products provides active management of market risks the Fonds is exposed to. When appropriate a risk management strategy is
established by the Other Investments sector and authorized by the appropriate governing bodies to minimize the Fonds’ exposure to volatility in interest
rates, foreign exchange rates and stock market prices.
Following the revision of the Integrated Financial Assets Management Policy in January 2010, the Fonds was led to aim for a gradual reduction of its bond
portfolio as well as liquidate a large part of its portfolio of high-revenue securities. This portfolio is now only comprised of high-dividend shares, while in the
past it also included preferred shares and income trust units. The transactions required subsequent to these modifications to the target asset allocation
were executed in an orderly fashion so the Fonds would not hurt its return.
As part of its absolute return strategies, the Fonds took steps during the year to replace one of its funds of hedge funds by a number of hedge funds. This
change will be effective at the beginning of the 2011-2012 financial year. To limit risks related to these new funds, the managers tapped to manage them
will all be on the same platform, which will allow close monitoring of their activities on a daily basis. This initiative targets less than 1% of assets under
management. During the year, certain guidelines and procedures, in particular for derivative products, were also updated to further formalize our current
management processes and ensure we maintain an appropriate level of governance.
The activities of the Other Investments sector fall under the responsibilities of two separate Vice-Presidents: the Vice-President, Marketable Securities
Portfolio Management and the Vice-President, Marketable Securities Portfolio Strategies and Québec Public Market. This structure helps the Fonds continue
prioritizing the optimization of its return/risk ratio despite the increasing complexity of financial markets.
60% RULE
The 60% rule set out in the Fonds’ Incorporation Act stipulates that the Fonds’ average unsecured investments in qualified business enterprises must
represent at least 60% of its average net assets of the previous financial year. The remaining assets may be invested in other financial vehicles for asset
diversification and sound management purposes. The calculation method for this rule is based on the value of the Fonds’ assets, which depends in part
on interest rate fluctuations and on the performance of stock markets and the economy in general.
As at May 31, 2011, the value of average qualified investments7 amounted to $4.8 billion or 71.0% of the average net assets of the previous financial year
(compared to 66.2% as at May 31, 2010). Since the minimum percentage prescribed was reached as at May 31, 2011, the amount of share issues for
the 2011-2012 financial year will not be limited by the 60% rule. As at May 31, 2011 the Fonds was also in compliance with all other limits and rules set out
in its Incorporating Act.
The Fonds expects to comply with all the limits and rules set out in its Incorporating Act over the next several years.
RECENT DEVELOPMENTS
ACCOUNTING POLICIES
The Fonds does not anticipate adopting new accounting policies that would significantly affect its net earnings for the next financial year or the value of its
net assets as at May 31, 2012.
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
In 2008, the Accounting Standards Board of Canada (AcSB) confirmed that Canadian GAAP will be replaced by IFRS for the years beginning on or after
January 1, 2011. In January 2011, the AcSB confirmed that investment companies, as defined in the Accounting Guideline on investment companies
of the Canadian Institute of Chartered Accountants (CICA) Handbook, will have to apply IFRS for the first time to interim and annual financial statements
for the years beginning on or after January 1, 2013, at the latest. The Fonds therefore deferred its first-time adoption date and will prepare its first interim
financial statements in accordance with IFRS as at November 30, 2013.
IFRS conversion plan
The Fonds adopted an IFRS conversion plan comprised of three phases: a diagnostic phase; a standards assessment, detailed analysis, issue resolution and model
financial statements preparation phase; and a change integration phase.
The first phase was completed before the end of the financial year ended May 31, 2009. This phase included identifying the IFRS having a significant impact on the
Fonds as well as the main issues and priorities to assess in the context of the Fonds.
7. These investments include amounts committed but not disbursed as well as guarantees and suretyships.
8
The part of the second phase dealing with standards assessment, detailed analysis and issue resolution, was completed in May 2010. It included a more detailed
analysis of the IFRS and the differences with current Canadian standards and their interpretations in order to identify the impact the conversion will have on
processes, systems and the financial statements. In the coming months, the Fonds will prepare draft financial statements in accordance with the new standards.
During the change integration phase, we will keep accounting records both under Canadian GAAP and IFRS to be able to present comparative information upon
transition. In addition, the Fonds deployed its training plans, which are intended to upgrade the knowledge of its accounting staff and other stakeholders of the
organization that are affected by the IFRS conversion.
The Fonds continuously monitors the development of IFRS to assess its impact.
Main expected changes
The following table presents only the significant differences between Canadian GAAP currently applied by the Fonds and IFRS. While noteworthy, these
differences do not necessarily have a significant impact on the Fonds’ financial statements. This table was prepared based on current standards that would
be effective as at the date of transition; however, certain standards could be amended and the Fonds could reassess its position as needed. The impact
assessment reflects the results of the analysis based on the current situation.
Accounting policy
Main differences between GAAP and IFRS
Impact on financial statements
Consolidation
Under Canadian GAAP, investment companies meeting certain criteria recognize
their investments at fair value, in accordance with Accounting Guideline AcG-18,
Investment Companies. This rule applies to all investments, including those in
entities in which the investment company holds more than 50% of voting shares
and those in entities over which it exercises control.
The Fonds does not currently prepare consolidated
financial statements and recognizes all its
development capital investments and other
investments at fair value.
Currently, IFRS do not provide for an accounting treatment equivalent to that of
AcG-18 and, consequently, investment companies that control entreprises will
have to consolidate their investments in such enterprises upon adopting IFRS.
Financial instruments
Consolidating those investments would have a
major impact on information disclosed in the Fonds’
financial statements, which would not be at fair
value for consolidated entities.
The international standard-setting organization, the International Accounting
Standards Board (IASB), has been examining since spring 2010 the option
of exempting investment companies from the requirement to consolidate
investments in entities they control; they would therefore account for these
investments at fair value. In the coming months, these proposals will be included
in an exposure draft that could lead to the adoption of a new accounting
standard on that topic.
In the event that IFRS include a consolidation
exemption for investment companies, there would
be no impact on the Fonds’ financial statements.
Under Canadian GAAP, the Fonds recognizes all its development capital
investments and other investments at fair value, in accordance with accounting
principles applicable to investment companies.
Financial instrument recognition and measurement
under current IFRS could have an impact on
financial reporting.
As mentioned under “Consolidation” above, IFRS do not currently provide for an
accounting treatment specific to investment companies. In the absence of such
a treatment, the Fonds would have to recognize its financial instruments using
the categories prescribed by IFRS, measure them using the methods required for
each category and provide the required disclosures in its financial statements.
In the event that IFRS allow investment companies
to use fair value measurement, there would be no
impact on the Fonds’ financial statements.
Disclosure standards regarding controlled entities
are still being analyzed. The Fonds will assess the
situation in due time.
The IASB is evaluating the option of requiring investment companies to
mandatorily measure all their investments at fair value.
Property and
equipment (Capital assets)
IFRS require that each component of an item of property, plant and equipment
be depreciated separately when an item of property, plant and equipment
is comprised of components to which different depreciation rates apply. One
impact of this requirement is that more components will be recognized under
IFRS than under Canadian GAAP.
Under IFRS, an item of property, plant and equipment can be measured
using the cost model or the revaluation model. Canadian GAAP preclude the
remeasurement of property, plant and equipment at fair value.
IFRS 1 First-Time Adoption of International Financial Reporting Standards allows
an entity to use, upon transition to IFRS, the fair value of an item of property,
plant and equipment as its deemed cost as at the date of transition.
9
The list of the specific components of the Fonds’
buildings is currently being developed. These
components will be disclosed in a note to the
financial statements.
The Fonds expects to use the fair value of its
buildings as its deemed cost as at the date
of transition.
After the transition, the Fonds expects to continue
using the cost model to measure its property
and equipment.
Amounts involved (fair value of buildings and
calculation of depreciation by component) are
currently being assessed, but they are not expected
to have a significant impact on net assets, net
earnings and net earnings per share.
Accounting policy
Main differences between GAAP and IFRS
Impact on financial statements
Investment property
Under IFRS, an investment property is defined as a property held to earn rentals
or for capital appreciation, or both. An investment property can be measured
using the cost model or the fair value model.
The Fonds will reclassify the portion of its buildings
that it leases.
Canadian GAAP do not include a specific definition of investment property.
Employee benefits
Income taxes
The Fonds expects to measure its investment
property using the cost model, as it does for the
portion of the building it occupies and its other
properties and equipment. This measurement
method is not expected to have a significant impact
on net assets, net earnings and net earnings
per share.
Under IFRS, past service cost of defined benefit pension plans for which the
benefits are already vested are recognized immediately as an expense. Under
Canadian GAAP, they are usually amortized over the average remaining service
period of active employees.
The vested portion of past service cost will have
to be immediately recognized in net assets. This
adjustment does not have a material impact on
the Fonds’ financial statements.
Under Canadian GAAP and IFRS, the actuarial gains or losses of defined
benefit pension plans that exceed the “corridor” are amortized over the average
remaining service period of active employees. However, in a recently issued
exposure draft, the IASB proposes to amend this treatment to eliminate
the “corridor”.
The Fonds is currently assessing the option of
recognizing in retained earnings all actuarial gains
and losses at transition and the option of using
or not using the “corridor” method subsequent
to transition.
IFRS 1 First-Time Adoption of International Financial Reporting Standards allows
an entity to recognize, upon transition to IFRS, all cumulative actuarial gains
and losses directly in retained earnings.
Amounts involved are currently being assessed, but
they are not expected to have a significant impact on
net assets, net earnings and net earnings per share.
Under Canadian GAAP, refundable taxes must be accrued – as assets for mutual
fund corporations – with respect to all related elements of income recognized
in the period, whether the taxes with respect to such amounts are payable in
the current year or in future years.
As a result of this difference, refundable tax
balances will have to be written off as at the date
of transition and the amount of future income
taxes will have to be adjusted.
Under IFRS, refundable taxes are recognized as amounts receivable only when
dividends or transfers from retained earnings to capital stock giving right to a
refund of these taxes are approved by the Board of Directors.
Amounts involved are currently being assessed,
but they are not expected to have a significant
impact on net assets, net earnings and net earnings
per share.
Consequently, these refundable taxes will have to be recognized in the statement
of operations only when such a transaction is approved.
The Fonds believes that the IFRS conversion will not require major changes to its information systems, its data processing procedures and its various
activities. The Fonds also believes that its current internal control over financial reporting and disclosure controls and procedures will be sufficient and
adequate for the adoption of the new IFRS and their disclosure requirements.
REGULATION 31-103
The Fonds is currently registering itself as an investment fund manager in accordance with Regulation 31-103 Respecting Registration Requirements and
Exemptions. This registration should not have a material impact on the Fonds’ operations.
10
PAST PERFORMANCE
This section presents the past performance of the Fonds. The past performance of the Fonds does not necessarily indicate how it will perform in the future.
YEAR-BY-YEAR RETURNS OF THE FONDS
The following chart shows the Fonds’ annual performance and illustrates how the Fonds’ performance has changed from year to year for the last ten
financial years.
5.2%
2002
2003
5.0%
2004 (11 months) 2005
2006
9.2%
7.1%
6.0%
2007
2008
2009
2010
8.8%
2011
-1.2%
-6.9%
-11.4%
-12.6%
The annual performance of the Fonds is calculated by dividing net earnings (net loss) per share for the financial year by the price per share at the beginning
of the financial year. Such performance differs from the annual compound return to the shareholder because the annual performance of the Fonds is
calculated taking into account share issuances and redemptions made during the year, which have a dilutive or accretive effect on net earnings (net loss)
per share, as the case may be.
ANNUAL COMPOUND RETURNS TO THE SHAREHOLDER
At the current price of $25.92 per share, a shareholder who has invested at the beginning of each of the periods indicated below earns the following annual
compound returns:
10 years 5 years 3 years 0.4%
1.8%
1.1%
1 year
8.7%
The annual compound return to the shareholder is calculated by taking into account the annualized change in the price per share over the periods indicated.
This return differs from the annual performance of the Fonds since, as mentioned above, it does not take into account the dilutive or accretive effect of
share issuances and redemptions made during the year. This explains why the annual compound return to the shareholder was 8.7% for the year, whereas
the performance of the Fonds was 8.8% for the same period.
Since the inception of the Fonds, the annual compound return to the shareholder has been 3.6%.
ANNUAL COMPOUND RETURNS TO THE SHAREHOLDER (INCLUDING TAX CREDITS)
Let’s take, for example, a shareholder who has invested an equal amount each year through payroll deduction. Including the Québec and federal
labour-sponsored funds tax credits (each amounting to 15%), at the current price of $25.92 per share, this shareholder earned an annual compound
return of 13.1% and 9.5% for a 7-year and 10-year period, respectively. This return does not take into account the RRSP tax deductions.
11
SUMMARY OF INVESTMENT PORTFOLIO
As at May 31, 2011, the Fonds’ assets under management were broken down as follows: Asset classes
% of net assets
Private securities
Specialized funds
Listed securities
24.0
15.8
8.3
48.1
Other investments
Cash and money market
Bonds
Sector-based shares
Funds of hedge funds
High-dividend shares
International infrastructure funds
3.1
27.4
16.5
3.2
1.1
0.9
52.2
As at May 31, 2011, the issuers of the top 25 positions held by the Fonds, of which 17 are part of the development capital investments portfolio and 8 are
part of the other investments portfolio, were as follows:
Issuers
% of net assets
(17 issuers)*
Other investments
(8 issuers)**
26.7
18.5
45.2
* The 17 issuers representing, as a group, 26.7%
of the Fonds’ net assets are: Atrium Innovations inc.
BDR Capital, s.e.c.8
Cogeco Câble inc.
Corporation Financière L’Excellence ltée
Entreprises publiques québécoises à faible capitalisation8
Fonds immobilier de solidarité FTQ inc.8
Fonds immobilier de solidarité FTQ I, s.e.c. (formerly Solim)8
Fonds immobilier de solidarité FTQ II, s.e.c. (formerly Solim II)8
Gestion TFI inc.
IPL Inc.
Metro inc.
Société de gestion d’actifs forestiers Solifor, société en commandite8
SSQ, Life Insurance Company Inc.
Stella-Jones Inc.
Transcontinental Inc.
Trencap s.e.c.
VC, société en commandite
** The 8 issuers representing, as a group, 18.5% of the Fonds’ net assets are:
Province of Ontario
Government of Canada
Province of Québec
Canada Housing Trust
Financement-Québec
Laurentian Bank of Canada
Hydro-Québec
Q-BLK Strategic Partners, Inc.
5.6%
4.6%
2.0%
1.8%
1.7%
1.0%
1.0%
0.8%
This summary of investment portfolio may change due to ongoing portfolio transactions of the Fonds.
8. Despite their relatively important weight in the overall portfolio of the Fonds, these issuers do not constitute a significant concentration risk given their large number of investees.
12
CONTRIBUTION TO QUÉBEC’S ECONOMIC DEVELOPMENT
In keeping with its mission, the Fonds made investments over the financial year that contributed to creating, maintaining or saving quality jobs in different
sectors of the Québec economy. In the current, still uncertain economic conditions, the Fonds continues to play an active role in the development and
growth of Québec companies. As such, during the financial year, on a commitment basis, the Fonds invested $733 million to support Québec entrepreneurs
in their development projects.
Some of these investments had a particularly structural effect on the Québec economy. For example, the Fonds invested $80 million in IPL, a leader in the
North American moulded plastics manufacturing industry. In the first half of the year, as part of a company transfer deal, the Fonds invested $41.5 million
to participate in the acquisition of IPL, a company owned by the Métivier family, who built a diversified company that has been strong since it was founded
in 1939. The new owners are taking up the challenge to see that the company continues to grow. In the second half of the year, the Fonds invested another
$38.5 million in the company to help its geographic expansion by acquiring Plastic Enterprises, a U.S. company. This transaction will help IPL gain access
to new clients and secure the jobs it provides in Québec.
As part of the 2011-2012 Québec budget, the Fonds committed to investing $50 million to create two new investment funds: one dedicated to enterprises
in the cultural sector and one dedicated to entrepreneurial succession in Québec. The Fonds will contribute up to $40 million to the new Fonds Capital
Culture Québec, created in collaboration with the Government of Québec, which will itself invest $60 million. The purpose of this fund is to finance the large
projects of Québec cultural enterprises with a strong return potential that target international markets. Along the same lines, the Fonds also confirmed a
reinvestment of $6.7 million in the Fonds d’investissement de la culture et des communications. In addition, the Fonds’ $10 million investment in the new
Fonds Relève Québec, which will also see $40 million from the Government of Québec and other tax-advantaged funds, aims to support, through loans,
acquisition of Québec SMEs as a complement to traditional financial products.
In the machinery and equipment sector, an investment of $4.5 million in Groupe Technosub was instrumental in a business succession project; this
Rouyn-Noranda SME specializes in manufacturing, distributing and repairing industrial pumps used in the mining industry. In addition, a $2.5 million
unsecured loan was granted to Les investissements Nolinor for business succession purposes. This company specializes in passenger and cargo air
transport throughout North America. Also noteworthy is the $4 million investment in Serdy Media, the media division of Groupe Serdy, a Québec family
business specializing in audiovisual production and owner of, among other things, the Évasion television network. This partnership allowed Serdy Media
to expand its television programming in Québec with the launch of Zeste, a specialty channel dedicated to food and cooking.
As part of its strategic investment program9, the Fonds made three investments in 2010-2011. The Fonds granted Les Chantiers de Chibougamau ltée
a $5 million competitiveness loan to help finance the capital assets of its new cross-laminated timber plant. The Fonds also acquired shares of Miranda
Technologies Inc. for an amount of $7.2 million to become a major shareholder of that company. Miranda Technologies, whose growth outlook is promising,
is recognized as a leader in its market; it is a world class provider of infrastructure, playout and monitoring systems for the broadcasting industry. Finally,
the Fonds made an investment of $10 million as part of the public offering of 5N Plus, a fully integrated producer and closed-loop recycler of highly purified
metals and compounds, which will allow it to acquire MCP Group SA (MCP). This acquisition of MCP will help consolidating jobs at its head office, which is
located in the Saint-Laurent Borough, in Montréal.
POLICY FOR INVESTMENTS OUTSIDE QUÉBEC10
Investments made by the Fonds pursuant to the Policy for Investments Outside Québec have had, over the years, significant economic spin-offs for Québec.
This year, a total of $20 million ($47 million for the previous year) was invested in the various eligible categories pursuant to this policy.
A total amount of $14.4 million was invested in four companies meeting the company impacting the Québec economy criteria, including $12 million
in JV Driver Corporation, an Alberta construction company that will promote the hiring of Québec workers. The Fonds also invested a total of $5.6 million
in two companies that will undertake large-scale projects in Québec, which also meet the policy’s criteria. The Fonds did not invest in any private funds
outside Québec during this financial year.
9. The 2003-2004 Québec budget granted the Fonds the opportunity to make strategic investments in large Québec companies with assets of less than $500 million or with a maximum net worth of $200 million.
10.Since 1998, the Fonds has been authorized by the Québec Minister of Finance to invest outside Québec provided certain clearly defined conditions are met, notably with regards to economic spin-offs. The main groups of eligible
investments are private funds outside Québec, companies impacting the Québec economy and large-scale investment projects (financing for expansion, modernization, productivity improvement).
13
THE FONDS DE SOLIDARITÉ FTQ INVESTMENT NETWORK
Since its inception in 1983, the Fonds has built a solid investment network that provides entrepreneurs who follow their ambitions with patient capital based
on their needs. A veritable business hub brimming with ideas, talent and knowledge, this network offers the Fonds’ partner companies the opportunity to
share common concerns with other SMEs, learn from past experiences and forge new business ties. The Fonds’ investment network revolves around four
levels of investment:
• The Fonds de solidarité FTQ generally offers $2 million and up for large companies.
• Each of the fonds régionaux de solidarité FTQ, which cover all of Québec, generally offers capital ranging from $100,000 to $2 million to meet the needs
of businesses in its region.
• The local solidarity funds, or SOLIDEs (Sociétés locales d’investissement dans le développement de l’emploi), created by the Fonds and the Fédération
québécoise des municipalités, generally offer $5,000 to $100,000 to small businesses.
• The fonds immobiliers de solidarité FTQ are specialized in real estate investment and development. Their main objective is to create and save jobs
through building or renovating major office buildings and commercial, industrial, institutional and residential properties.
• Specialized funds form an investment network in Québec and abroad that invests in assorted industries. The Fonds’ commitment to this network
continued in 2010-2011, with the continued goal to facilitate Québec SMEs’ access to capital in all their stages of development.
Since January 2011, Québec entrepreneurs have had access to the entire Fonds investment network through its new Website: www.fondsftq.com.
In addition to searching for our financing projects and for members of our teams of experts, this first one-stop shop for investment provides details
on the Fonds, the regional funds, the local funds and the real estate funds.
The following graph shows the breakdown of the Fonds’ investments based on its various network components:
DISTRIBUTION OF INVESTMENTS BY NETWORK COMPONENTS (AT COST)
AS AT MAY 31, 2011
Specialized funds
11.0%
Regional and local funds (including the SOLIDEs)
9.8%
Real estate funds
7.1%
Fonds de solidarité FTQ
72.1%
OUTLOOK AND TRENDS
ECONOMIC AND FINANCIAL OUTLOOK
The ongoing fears that the effects of the public finance crisis in the more fragile countries in the Eurozone might propagate to the rest of the world, or
that there will be consequences to the recent political upheaval seen in the Middle East and North Africa, will have an impact on the behaviour of the world’s
stock and financial markets. Central banks around the world are monitoring the effect of oil price fluctuations on inflation. Most economists have raised
their forecasted oil prices, but many are of the opinion that it would take an even sharper price spike to derail global economic recovery.
Government authorities in the United States are reining in expenses as sovereign debt reaches an alarming level, while companies are in no hurry to take the
relay in driving consumption and investment in the midst of low consumer confidence and uncertainty about new tax regulations. Employment numbers are
slowly improving, but are still far from the levels of past economic cycles while robust employment generally is a sine qua non for a lasting economic
recovery. Monetary aggregates and credit are slowly improving, and are no guarantee, at least at current levels, of a lasting recovery. The U.S. Federal
Reserve is still not giving any clear signal of ending its exceptional stimulus measures. The quantitative easing program implemented in 2010 comes to an
end in June 2011, which should be equivalent to a tightening of monetary conditions. As for a potential rise in interest rates in the United States, we will
likely have to wait until 2012 to see a decision on such a measure.
14
The gap between Canada and the United States, particularly in terms of employment and credit, seems to be stabilizing as the U.S. conditions improve
and Canada’s remain robust. The Bank of Canada seems to want to send a message to markets that it intends to eventually raise its discount rate, without
committing to a large hike. In the event that the Bank of Canada decides to raise its discount rate, the amount and timing will not be easy, especially given
the sharp appreciation of the Canadian dollar and inflation. Given current economic conditions, we forecast a Canadian dollar that will fluctuate between
$US 0.98 and $US 1.09 over the next few months, while interest rates on ten- and thirty-year Canada bonds should vary within a relatively stable range
that should not exceed 50 basis points. Experts agree that the economic growth Canada saw at the end of 2010 paved the way for 2011 to be an even
better year. This new momentum will partly come from strengthening U.S. demand for our exports and slowing growth in imports. Globally, this means that
after penalizing Canada in 2010, external trade should support the country in 2011 and possibly in 2012.
The Québec economy should keep its momentum. Credit seems to have returned to normal and should stay there, and consumption, export and
employment numbers, which have been on the rise for a while now, should remain at relatively high levels during the next few months. However, the
conditions of public finances here and abroad, the repercussions of political upheaval in the Middle East and North Africa, competitiveness and innovation
issues and conditions in the United States are all key factors to keep an eye on.
TRENDS IN THE VENTURE CAPITAL INDUSTRY11
In 2010, the North American venture capital market saw its first improvement since 2007. Despite a 10% rise in amounts invested in Canada, Québec
experienced a drop of 9% in 2010, which is the opposite of the conditions that prevailed in 2009 when investment was up in Québec and down in the rest
of North America.
Despite the slump in amounts invested, Québec still distinguished itself from the other Canadian provinces in the large number of companies financed
by venture capital. In fact, nearly 50% of companies financed by venture capital in 2010 were located in Québec, where the largest venture capital
transaction in Canada in 2010 occurred: the $53.8 million financing of Enerkem Technologies, a clean technology company located in Montréal.
While Canadian venture capital investments grew in 2010, funds raised plummeted 24% ($819 million in 2010, compared to $1,070 million in 2009),
reaching its lowest level in sixteen years. However, thanks in part to the important role played by tax-advantaged funds, Québec only saw an approximate
10% dip, and its share of total funds raised in Canada was 42%, compared to 36% in 2009.
Tax-advantaged funds once again dominated investment activities in Québec, representing more than one third of amounts invested; across Canada, these
funds only contributed 21% of amounts invested. Foreign funds were also present in 2010, representing 27% of amounts invested in Québec and 29%
in Canada.
THE SAVINGS MARKET AND RRSP
With the current economy riddled with risk and uncertainty, we note a certain upward pressure in consumer expenses in Québec, which largely explains
high household debt levels. Despite this, it seems that Quebeckers are slowly becoming aware of the importance of reducing their debt, which is the direct
competitor of savings. Accordingly, one of the elements of the Fonds’ mission, to raise awareness of the importance of saving, continues to be meaningful.
The 4.6% savings rate in Québec in 2009 fell to 3.7% in 2010. This had no impact on the proportion of RRSP holders: the results of SOM’s annual survey
on the RRSP market (of over 1,000 RRSP holders in Québec) showed a holding rate of 48% (stable over the past three years). On the other hand, average
contributions decreased ($5,570 in 2010, compared to $5,980 in 2009).
Thanks to its numerous temporary points of service throughout Québec during the RRSP season, to its well-targeted marketing activities and the
involvement of its LR network, and given its return and the tax credits it gives rise to, the Fonds’ RRSP retained once again is advantageous position among
all available retirement savings products in 2010-2011. Incidentally, a survey of our shareholders performed by Léger Marketing in March 2011 showed
that 81% are proud of the Fonds.
11.As previously mentioned, Canada’s Venture Capital & Private Equity Association (CVCA) proposes classifying private equity investments into three categories: buyout capital, venture capital and mezzanine capital. As such, the information presented in this section only concerns the venture capital category and is therefore not representative of the Fonds’ overall development capital investments, which are allocated among all three categories. In addition, the information presented in this section covers the 2010 calendar year, which is different than the Fonds’ financial year.
15
FONDS OUTLOOK12
Based on current financial and economic outlooks, and given our mission and investment strategies, we are anticipating an average annual return
of 2.5% to 3%. This return does not take into account the tax credits granted to shareholders upon purchasing shares of the Fonds and is subject
to significant half-year or annual volatility.
While the Fonds is confident it will reach its return objective over a long period, the annual return depends on current economic conditions and the ups
and downs of the stock and financial markets. Therefore, the Fonds’ return over the 2011-2012 year will be greatly influenced by stock market returns.
The return for private securities is also linked to the general performance of the economy and may be lower than their historic average returns, particularly
because of an increase in the cost of credit, adverse impact of economic conditions, the volatility of the Canadian dollar compared to the U.S. dollar
and the effects of foreign competition. The Fonds is targeting a ratio of total operating expenses to average net assets comparable to the ratio achieved
during the financial year ended May 31, 2011.
In the coming years the Fonds expects to continue using derivative products with respect to a portion of its bond portfolio to lessen the negative impact
an increase in Canadian interest rates would have on its earnings. Given the protection such a strategy provides, we must therefore sacrifice a part of the
earnings resulting from an increase in the value of our bond holdings should the rates of the bonds issued by the Canadian government decline. The level
of hedging of the bond portfolio will vary based on the economic outlook. This strategy is necessary to meet shareholder expectations and to avoid,
inasmuch as possible, a decline in the Fonds’ share price. We also use other hedging measures. For example, derivative products are used to reduce the
Fonds’ exposure to currency risk or to reduce the impact of an anticipated fall in the value of certain specific securities on the stock markets. In such cases,
we must also relinquish a part of the increase in the price of our investment if the corresponding currency or stock market price rallies.
With projected share issues higher than anticipated redemptions, the Fonds’ net assets should increase over the 2011-2012 year. On the other hand,
the volume of investments made by the Fonds should not be significantly different from the average investments made in the last two financial years.
RISK MANAGEMENT
Sound risk management practices are vital to the success of the Fonds de solidarité FTQ. We manage our risk within a framework taking into account
the nature of our activities and the risks we can reasonably assume considering the desired return/risk ratio and shareholder expectations. To that end,
we capitalize on a structured process to determine, measure and control the significant risks with which we must contend.
Notice to readers: The following three paragraphs and the sections on market risk, credit and counterparty risk and liquidity risk form an integral part of
the financial statements on which an unmodified opinion was expressed in an independent auditors’ report issued on June 29, 2011.
The Fonds manages all its financial instruments in an integrated, comprehensive manner in accordance with the standards set out in the Integrated
Financial Assets Management Policy adopted by the Board of Directors. This policy covers both development capital investments and other investments.
It sets goals, guidelines and several limits so that the Fonds’ management can ensure that the target return/risk profile is reached. The Fonds uses
derivatives in particular to safeguard the value of its assets, to facilitate portfolio management, to modify the asset allocation without increasing or
decreasing the amounts managed by internal and external specialist and to improve returns within allocated risk limits.
During the year ended May 31, 2011, the risk management approach continued to evolve, after the Fonds undertook, during the year ended May 31, 2010,
a process to implement an integrated risk management framework. The objective of this process was essentially to provide the Fonds’ management with
an overall vision of all risks to ensure that they are managed in accordance with their degree of importance. The production of an integrated risk profile
allowed prioritizing the key financial and non-financial risks to which the Fonds is exposed, before and after considering the effectiveness of the controls
implemented to mitigate the Fonds’ exposure to these risks. A mitigation strategy was developed for some of these risks, and action plans were set up.
Other action plans are also intended to validate the existing controls aimed at managing certain of these risks. The implementation of the action plans is
not completed and will continue in the next year.
In the normal course of business, the Fonds is exposed to various risks; the principal ones are presented below.
12.The outlook presented in this MD&A reflects the Fonds’ expectations with respect to future events, based on information available to the Fonds as at June 29, 2011, and presupposes certain risks, uncertainties and assumptions.
Many factors, several of which are beyond our control, may cause the Fonds’ actual results, performance, or achievements to differ materially from explicit or implicit expected future results, performance, or achievements.
16
MARKET RISK
Market risk, which is inherent to the Fonds’ participation in financial markets, represents the risk of losses in value arising from fluctuations in interest
rates, exchange rates and prices of listed financial instruments. More specifically, this risk varies with the financial markets’ conditions and certain
parameters of these markets, such as volatility, that may lower the value of the Fonds’ financial assets and thus have a negative impact on its Balance
Sheet and Statement of Operations. Difficult economic or financial conditions may thus have a negative impact on the value of the Fonds’ shares.
The Fonds manages market risk by allocating its financial assets across several classes. In addition, it invests in various industries (government
and government agencies, financial institutions, technology, manufacturing and primary, services and tourism, regional or local funds and real estate)
and geographic areas, within the limits allowed by its Incorporation Act.
The Fonds’ financial assets are especially sensitive to listed share prices and fluctuations in bond interest rates (Canada bond rates and credit spreads).
The Fonds’ financial assets are also sensitive to exchange rate fluctuations, but since most of its transactions are in Canadian dollars, the Fonds’ direct
exposure to currency risk is relatively low. Furthermore, common hedging mechanisms such as foreign currency forward contracts are generally used
for other investments in a foreign currency.
In response to the significant appreciation of the Canadian dollar, the Fonds decided, in the prior year, to gradually reduce from 100% to 50% the hedge
of its sector-based shares portfolio against currency risk. The Fonds continued to work towards this objective, and the sector-based shares hedging ratio
was 52.5% as at May 31, 2011, compared to 62.5% as at May 31, 2010.
In addition, the bond hedge that has been in place for a few years as part of the hedging strategy varied during the year based on the actual and anticipated
interest rate movements, standing at $102 million as at May 31, 2011, compared to $135 million a year earlier. The hedging coverage will once again be
adjusted in the next months based on actual and anticipated interest rate movements.
Sensitivity analyses and simulations are used to inform senior management of material levels of market risk exposure. The Fonds uses derivative financial
instruments to reduce its market risk exposure and safeguard the value of its assets. A sensitivity analysis is presented below for each of the three market
risk categories to which the Fonds’ financial assets are exposed, namely changes in interest rates, listed share prices and exchange rates. These analyses
reflect the changes made to existing hedging levels aimed at reducing the Fonds’ exposure to interest rate risk and currency risk.
SENSITIVITY OF THE FONDS’ RESULTS TO MARKET RISK
May 31, 2011
(in millions of dollars)
Change in bond interest rates*
1% increase in bond interest rates
1% decrease in bond interest rates Change in listed share prices**
10% increase in listed share prices
10% decrease in listed share prices
Change in exchange rates***
10% appreciation of the Canadian dollar
10% depreciation of the Canadian dollar
May 31, 2010
(131)
131
(95)
95
214
(214)
186
(186)
(69)
69
(55)
55
*
This analysis is performed on bonds held by the Fonds presented under Other investments in the financial statements. In this analysis, the impact on results takes into account the use of derivative financial instruments in certain cases.
** This analysis is performed on listed shares held by the Fonds presented under Development capital investments and Other investments in the financial statements. In this analysis, the impact on results takes into account the use of derivative financial instruments in certain cases.
*** This analysis is performed on securities denominated in foreign currencies held by the Fonds presented under Development capital investments and Other investments in the financial statements. In this analysis, the impact on results takes into account the use of derivative financial instruments in certain cases.
The value of unlisted financial instruments in the development capital investments portfolio is established using approved and accepted valuation
techniques. These techniques are based on a set of assumptions that take into account market conditions such as exchange rates, economic growth,
credit spreads, etc. as at the valuation date. Since the assumptions used are highly interrelated, a sensitivity analysis that isolates the impact of only one
of these variables on the unlisted securities portfolio is not considered to fairly represent the sensitivity of the results. In addition, the fair value of certain
financial instruments, in particular other investments, is determined based on external information and, consequently, no other reasonably possible
assumption can be applied to the valuation techniques. Despite this, management assessed the situation for loans, bonds and advances as well as for
unlisted securities valued using the discounted cash flow method, and determined that using possible alternative assumptions would not result in
significantly different fair values.
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CREDIT AND COUNTERPARTY RISK
The Fonds’ exposure to credit risk stems mainly from its mission-driven development capital investments, which are generally unsecured. Its other
investment activities generally entail less of this risk since the counterparties concerned are typically more financially solid (governments, banks, etc.).
Credit risk is the potential for loss due to the failure of a partner company (financial instruments presented under Development capital investments), issuer
or counterparty in a transaction (financial instruments presented under Other investments) to honour its contractual obligations or due to a degradation of
its financial position. The Fonds manages this risk through several means, including a due diligence process to ensure that the credit risk level is acceptable.
The Fonds maintains a sound diversification of its assets through the Integrated Financial Assets Management Policy. Compliance with this policy therefore
enables the management of concentration risk associated with the exposure to an issuer or group of issuers with common characteristics (industries,
credit ratings, etc.).
EXPOSURE TO CREDIT AND COUNTERPARTY RISK
(fair value as a percentage of net assets)
May 31, 2011
May 31, 2010
Weight of the five largest investments (Development capital investments)
14.0
15.1
Weight of the five largest issuers or counterparties (Other investments)
15.7*
14.1*
* All these securities are issued or guaranteed by the Governments of Québec, Ontario or Canada.
The summary of investment portfolio presented previously also discloses relevant information on the credit and counterparty risk concentration level.
Targets by industries, in keeping with the Fonds’ internal structure, are approved each year for the development capital investments portfolio. These targets
are set using risk budget management. Based on an optimal risk level defined for this portfolio as a whole, taking into account the Fonds’ mission, risk
budget management facilitates a more effective monitoring and control of the portfolio profile and sector allocation by risk level. The return/risk balance
of this portfolio is achieved through a sector-based risk budget allocation that takes into account the higher risk of our investments in certain sectors.
We regularly re-examine the status of development capital investments to justify their classification in one of the following three categories: compliant with
internal criteria, under watch or in turnaround. To deal with the more difficult situations, an internal committee closely monitors investments that entail
greater credit risk.
CLASSIFICATION OF THE DEVELOPMENT CAPITAL INVESTMENTS PORTFOLIO
(fair value in millions of dollars)
May 31, 2011
May 31, 2010
Compliant with internal criteria
Under watch
In turnaround
4,076
177
17
3,662
212
46
4,270
3,920
In the case of the other investments portfolio, issuer and counterparty ratings and compliance with exposure limits by borrower or counterparty contribute
to managing credit and counterparty risk of the portfolio and to diversifying our assets. These criteria are set based on the risks specific to each asset
class and reduce the risk that our results will be materially affected in the event of a payment default. As a result of the reduction in the weight of corporate
securities held in the bond portfolio, the weighted average credit rating of bonds was AA as at May 31, 2011, compared to A as at May 31, 2010.
FAIR VALUE OF BONDS INCLUDED IN THE OTHER INVESTMENTS PORTFOLIO
BASED ON STANDARD & POOR’S RATINGS
(in millions of dollars)
May 31, 2011
May 31, 2010
AAA
AA
A
BBB
Other
622
741
750
184
6
456
588
804
169
5
2,303
2,022
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LIQUIDITY RISK
The Fonds must make disbursements on a daily basis. Cash outflows occur when the Fonds redeems Class A shares held by shareholders, disburses
amounts it committed to invest in partner companies, reimburses notes payable and pays expenses. It is worth noting that the Fonds is required to redeem
shares only in the circumstances set out in its Incorporation Act, or to purchase them by agreement in exceptional situations provided under a policy
adopted for such purpose by the Board of Directors and approved by the Minister of Finance of Québec.
The Fonds must be able to obtain the liquidity required to meet its commitments. Liquidity risk is therefore related to the potential for loss due to its
inability to meet such commitments. In certain cases, securities acquired on the market can be subject to resale restrictions, thus potentially reducing
their liquidity.
The Fonds’ Incorporation Act provides that part of the financial assets may be invested in marketable securities on organized markets, such as stock
and bond markets, so we can easily obtain cash. The Fonds also has access to bank credit facilities for additional sources of liquidity.
As at May 31, 2011, the ratio of liquid financial assets13 as a percentage of assets under management was 54.3% (51.0% as at May 31, 2010),
demonstrating, in management’s opinion, that the Fonds has the required liquidity to fulfill all its obligations and commitments, even under potential
scenarios that would be unfavourable to it.
OPERATIONAL RISK
Inherent to all the Fonds’ activities, operational risk is the risk of sustaining losses as a result of the inadequacy or failure of certain processes or systems
in place or due to human factors or external events. This risk also includes legal risk.
Effective policies, standards and procedures are implemented to manage this risk. Control principles and mechanisms are monitored and periodically
revised with a view to continuous improvement. The Fonds’ operational risk management and the effectiveness of its management framework are
underpinned by the following guiding principles:
• Competent, well-trained staff;
• A succession management program;
• A culture of integrity;
• Segregation of incompatible duties;
• Adoption of a concept of independence inspired by the securities regulations applicable to public companies;
• Delegation of decision-making authority to Special Boards whose majority of members are external to the Fonds and the FTQ;
• Monitoring of the development capital investment valuation process;
• Implementation of a framework program of financial compliance;
• Monitoring of technology development and information security;
• A planning process for resumption of activities in the event of business interruption;
• Continuous monitoring of changes in applicable legislation, regulations and standards, including the Fonds’ compliance therewith;
• Risk identification and assessment when new products or activities are implemented.
The Codes of Ethics and Conduct define, among other things, the rules of conduct to be followed by employees, officers and directors to avoid, for instance,
conflict of interest situations. All employees or officers must, in the execution of their duties, put the interests of the Fonds ahead of their own or those of
third parties. They must also avoid placing themselves in a conflict of interest situation, either real, potential or apparent. The Codes of Ethics and Conduct
prohibit, among others, certain personal trading deemed conflictual, including receiving certain gifts and using any advantage, information or interest
related to the Fonds that would be incompatible with the professional duties and responsibilities of an employee. In addition, the Codes forbid the disclosure
by directors and employees, for purposes other than the execution of their duties, of confidential information obtained through such execution. Each year,
all employees must complete a statement of interests held and a statement on the compliance of their conduct with the Code.
The Codes of Ethics and Conduct for management and unionized personnel was updated in 2009, and training was provided to all employees. The Codes
now provide for a whistleblowing procedure for cases of non-compliance with the Code involving financial or accounting information or illegal acts.
To diversify its financial assets management, the Fonds also calls upon the services of specialized external managers and acquires interests in specialized
funds. Where appropriate, the Fonds purchases insurance that transfers to insurers certain components of operational risk related to these activities.
13.Liquid financial assets are comprised of fixed-income securities (cash, bonds and money market securities), listed shares of the other investments portfolio and certain listed shares of the development capital investments portfolio.
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OTHER RISKS
The Fonds is also exposed to other risks such as strategic and reputation risks, which could result in negative financial consequences.
Strategic risk, which includes competitive risk and risk associated with regulatory changes, refers to the possibility of incurring losses as a result of
ineffective strategies, lack of integrated business strategies or the inability to adapt the strategies to changes in the business environment. This risk is
managed through monitoring and strategic and operational planning processes that seek input from all levels of the organization; the resulting plans are
submitted to the Board of Directors for approval. The Management Committee periodically monitors the business plans and strategic objectives
of the Fonds and each sector. Any strategic decision or change to the Fonds’ already adopted orientations that could have a material impact is authorized
beforehand by the appropriate authorities, based on the powers delegated to them.
Reputation risk is the risk that negative publicity, whether founded or unfounded, will cause losses, a decrease in liquidity or a decline in the customer
base. The Fonds controls and manages reputation risk through the following, among others: proper training, legal and financial due diligence for
all its capital development investments, sound governance practices, the application of policies and procedures, and ownership of the Codes of Ethics
and Conduct by all officers and employees. The Fonds is a responsible corporate citizen that takes ethical, social and environmental aspects into
consideration when making investment decisions. We have also adopted a voting rights policy with regards to public partner companies and a code
of conduct for international business dealings. The Fonds also ensures that any financial information released outside the organization is accurate and
validated beforehand.
In 2008, the Fonds implemented a Disclosure Policy concerning all financial and non-financial information issued and/or disclosed externally and the
information that is communicated internally to a large number of employees. The main objectives of this policy are to provide a disclosure framework
and standards, to ensure that information disclosed is rigorously prepared and validated, to make the Fonds’ employees aware of disclosure principles,
and to specify the roles and responsibilities of the main participants in the disclosure process.
The application of this policy is monitored by a Disclosure Committee composed of members of the Fonds’ management. The main responsibilities of
this Committee are to set disclosure guidelines, to implement and keep up to date the Disclosure Policy and ensure it is complied with, and to ensure that
relevant and effective disclosure controls and procedures are in place. The Disclosure Committee reports its activities to the Management Committee.
GOVERNANCE
RISK GOVERNANCE
The Management Committee, comprised of the President and CEO and executives, is responsible for the global management of the Fonds de solidarité FTQ’s
operations. Because risk governance is an essential part of integrated financial assets management, the Fonds has put in place a management framework
to ensure that risk management and control strategies and resulting operational decisions take the established level of acceptable risk into account. This
management framework is as follows:
BOARD OF DIRECTORS
EXECUTIVE COMMITTEE
AUDIT COMMITTEE
ETHICS COMMITTEE
Shareholders’ expectations in terms
of return and volatility
VALUATION COMMITTEE
FINANCIAL ASSETS MANAGEMENT COMMITTEE
Integrated financial assets management
by the Fonds de solidarité FTQ
SPECIAL BOARDS
Risks inherent to the Fonds de solidarité FTQ’s
activities resulting from its mission
Integrated Financial Assets Management Policy, guidelines and procedures, standards, etc.
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Our risk governance structure is built upon a series of policies approved by the Board of Directors. Policies, standards, guidelines, and procedures are
regularly reassessed to ensure that we rely on only the best possible practices. It should be noted that the functions of Chairman of the Board and
President and CEO are separate.
The Integrated Financial Assets Management Policy is a key piece of this management framework. The policy sets out the target financial asset allocation
allowing the Fonds to fulfill its mission while meeting the desired return/risk ratio through sound diversification that helps mitigate the volatility of such
return from half-year to half-year. This policy also provides objectives, guidelines, and limits within which our managers and professionals perform their
duties and carry out their mandates. In fact, the Integrated Financial Assets Management Policy is composed of several policies covering general principles,
orientations, and the limits and guidelines applicable to various asset classes, including a separate policy applicable to the Investments sector. The detailed
guidelines and procedures covering the management of financial assets on an operational basis are presented separately to facilitate their application.
The process that was launched during the previous year to implement an integrated risk management framework also had some effects on the risk
governance structure. The roles and responsibilities of the Fonds’ governing bodies, internal committees and main stakeholders involved were further
defined. In this way the Fonds’ Board of Directors reconfirmed its responsibility for integrated risk management while delegating to the Executive Committee
the monitoring of the work and their results in that respect. The Vice-President responsible for the integrated risk management framework reports directly
to the President and CEO in carrying out his duties. He is supported by an Integrated Risk Management Committee, an internal committee created in
2010 whose mandate is set out by the Management Committee.
KEY GOVERNING BODIES
BOARD OF DIRECTORS
The Board of Directors carries out specific duties, including:
• Ensuring the Fonds’ mission, Incorporation Act and any other law it is subject to are followed while adhering to its values of solidarity
and responsibility;
• Approving the main directions, policies and business strategies of the Fonds, notably in regards to integrated financial asset management
and integrated risk management;
• Ensuring there are controls over the Fonds’ management, including over risk management, and ensuring a culture of integrity;
• Approving investment recommendations for which it is responsible and monitoring them;
• Evaluating the Fonds’ performance on a regular basis.
Members of the Board of Directors are nominated or elected according to the rules set out in the Fonds’ Incorporation Act. In carrying out its mandate,
the Board delegates part of its responsibilities to the following committees:
EXECUTIVE COMMITTEE, SPECIAL BOARDS AND OTHER DELEGATE BOARDS
In addition to the Board of Directors, Delegate Boards also oversee development capital investment decisions. Delegate Boards include the Executive
Committee and the Special Boards created for the Traditional, New Economy, Mining Portfolio and Turnaround and Majority Interests sectors. Each
development capital investment of $5 million or more must be authorized by the Board of Directors, or the Executive Committee if the Board of Directors
is unable to meet in a timely fashion; in addition, each of these investments must be recommended by the Special Board overseeing the corresponding
activities. All investments of less than $5 million are under the authority of the corresponding Special Board, except for the Mining Portfolio, whose limit is
$1 million. The four Special Boards are composed of a majority of members who are external to the Fonds and the FTQ. The Executive Committee examines
and approves, at least once every half-year, management’s reports on integrated risk management. Using these reports, the Committee reports to
the Board of Directors, the Audit Committee, and, if needed, the Financial Assets Management Committee. It also recommends policies for integrated risk
management that are proposed by management, as needed.
AUDIT COMMITTEE
The Audit Committee is comprised entirely of members who are independent from the Fonds in accordance with Regulation 52-110 respecting Audit
Committees, and its mandate includes: recommending the audited financial statements and MD&A for approval by the Board of Directors; approving the
principles for valuing development capital investments and receiving the Valuation Committee’s report; enquiring about the effectiveness of internal controls
implemented by management and the fact that they are not overridden; enquiring about the compliance and risk management process for preparing the
Fonds’ financial statements and provide feedback; and receiving the Ethics Committee report and overseeing the application of the Code of Ethics for
Board members. The Committee also ensures the Fonds complies with the statutes, regulations and agreements that govern its operations and that may
have a material financial impact. The Audit Committee reports its activities to the Board of Directors and makes recommendations to it when necessary.
In addition, an Ethics Committee composed of members of management support the Audit Committee in monitoring the application of the Fonds’ Codes
of Ethics and Conduct.
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FINANCIAL ASSETS MANAGEMENT COMMITTEE
This committee is responsible for monitoring the implementation, compliance with and updating of the Integrated Financial Assets Management Policy,
including the Investment Policy and the policies applicable to the various asset classes of the Other Investments sector. Its primary mandate is to ensure
that asset management is coordinated and linked. In this capacity, it recommends the overall vision and orientation for financial assets management to the
Board of Directors. This committee also monitors performance, changes in the return/risk ratio and ensures that the Fonds’ activities are in compliance
with all its financial assets management policies, and ensures that the Fonds has adequate and sufficient guidelines and procedures. The Financial Assets
Management Committee reports to the Board of Directors twice yearly on its activities and makes recommendations to it when necessary.
VALUATION COMMITTEE
Composed of a majority of qualified valuators independent from the Fonds, the Valuation Committee is mandated to provide a reasonable assurance that
the procedure used for valuing the development capital investments portfolio complies with the procedure set out in the Regulation Respecting Development
Capital Investment Fund Continuous Disclosure. The Valuation Committee reports on its review to the Audit Committee twice yearly.
VALUATION FRAMEWORK
Development capital investments and other investments are recorded on the balance sheet at their fair value.14 However, the majority of the Fonds’
development capital investments are made in private companies or specialized funds for which a fair value must be established because the securities
issued by these companies or funds are not traded on organized, public markets. Specialized valuators employed by the Fonds determine the fair value
of these investments. These valuators report to the Executive Vice-President, Finance and follow a structured process comprising several verification
and validation steps to ensure the quality, uniformity and integrity of the work performed and of the resulting fair value.
The management framework that should govern the procedure for valuing development capital investments is set out in the Regulation Respecting
Development Investment Fund Continuous Disclosure. In particular, the Regulation specifies the minimum qualifications required for specialized valuators
employed by the Fonds as well as the governing body responsible for approving the valuation principles used. The Regulation also requires that all relevant
information about the valuations (excluding publicly traded issuers valued using market prices) should be provided to an independent valuation committee.
In addition, the President and Chief Executive Officer and the Chief Financial Officer must sign a certification stating that the valuation procedures set
out in the Regulation were complied with and confirming the aggregate fair value of the development capital investments portfolio. This certification has
been submitted to the Audit Committee on a half-year basis since May 31, 2009.
FINANCIAL GOVERNANCE
While not required to apply MI 52-109 issued by the Canadian Securities Administrators, the Fonds has decided to base its work upon the principles stated
in this rule, thereby demonstrating its willingness to respect best practices in financial governance. This financial compliance framework program commonly
known as Confor applies to controls providing reasonable assurance that the financial information prepared and reported is reliable and that the financial
statements are prepared in accordance with Canadian generally accepted accounting principles.
Management is responsible for designing and maintaining internal control over financial reporting and disclosure controls and procedures. It must also
periodically evaluate their design and effectiveness.
During the year, the Fonds undertook the necessary work to evaluate the design and effectiveness of internal control over financial reporting and disclosure
controls and procedures. A certification was signed by the President and Chief Executive Officer and the Chief Financial Officer as at May 31, 2011,
confirming their responsibility for this procedure. These certifications are available on SEDAR. A mechanism for sub-certification by several Fonds executives
and managers also supports these certifications.
Management’s conclusions on the design and effectiveness of internal control over financial reporting and disclosure controls and procedures are
presented below.
14.Using fair value is a best practice recognized by venture capital firms and private equity funds. Fair value is defined as the amount of the consideration that would be agreed upon in an arm’s-length transaction between
knowledgeable, willing partners who are under no compulsion to act.
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MANAGEMENT’S REPORT ON INTERNAL CONTROLS
Management is responsible for designing and maintaining internal control over financial reporting and disclosure controls and procedures. It must also
periodically evaluate their design and effectiveness. Management evaluated the control design based on the COSO (Committee of Sponsoring Organizations
of the Treadway Commission) framework, and, for information technology controls, the COBIT (Control Objectives for Information and Related Technology)
framework, two recognized financial governance frameworks.
CONCLUSIONS ON THE DESIGN AND EFFECTIVENESS OF INTERNAL CONTROL OVER FINANCIAL REPORTING
As at May 31, 2011, management evaluated the design and effectiveness of internal control over financial reporting. Based on the work done, management
can conclude that internal control over financial reporting is adequately designed and operates effectively to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements in accordance with Canadian generally accepted accounting principles. During
the year ended May 31, 2011, there was no change in the Fonds’ internal control over financial reporting that has materially affected, or is reasonably likely
to affect, the Fonds’ internal control over financial reporting.
CONCLUSIONS ON THE DESIGN AND EFFECTIVENESS OF DISCLOSURE CONTROLS AND PROCEDURES
As at May 31, 2011, management evaluated the design and effectiveness of disclosure controls and procedures. Based on the work done, management
can conclude that disclosure controls and procedures are adequately designed and operate effectively to provide reasonable assurance that information
disclosed is recorded, processed, summarized and presented within the time periods specified in the regulations and that it is communicated to management
on a timely basis for decision-making purposes.
23
www.fondsftq.com
STATEMENT OF DEVELOPMENT
CAPITAL INVESTMENTS AT COST
A S AT M AY 3 1 , 2 0 1 1
INDEPENDENT
AUDITORS’ REPORT
To the Directors of the Fonds de solidarité des travailleurs du Québec (F.T.Q.)
We have audited the statement of development capital investments at cost of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) as at May 31, 2011
(“the statement”). The statement has been prepared by management based on the dispositions of article 18 of the Regulation respecting development
capital investment fund continuous disclosure.
Management’s Responsibility for the Statement
Management is responsible for the preparation of the statement in accordance with the dispositions of article 18 of the Regulation respecting development
capital investment fund continuous disclosure, and for such internal control as management determines is necessary to enable the preparation of the
statement that is free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on the statement based on our audit. We conducted our audit in accordance with Canadian generally accepted
auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the statement is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the statement. The procedures selected depend
on the auditor’s judgment, including the assessment of the risks of material misstatement of the statement, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the statement in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well
as evaluating the overall presentation of the statement.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial information in the statement of development capital investments at cost of the Fonds de solidarité des travailleurs du Québec (F.T.Q.)
as at May 31, 2011 is prepared, in all material respects, in accordance with the dispositions of article 18 of the Regulation respecting development capital
investment fund continuous disclosure
1
1
Montréal, June 29, 2011
1
A S AT M AY 3 1 , 2 0 1 1
(In thousands $)
Investments
Unsecured
Year of Industry
Initial Investment
Segment
Listed Shares and Units Unlisted
Shares and Units Loans,
Bonds and Advances Secured
Total
Loans,
Bonds and
Advances
1988
Fonds de développement emploi-Montréal inc.
F
1,338
1,338
TransForce inc.
S
18,421
18,421
1989
Entreprises publiques québécoises à faible capitalisation
TI/M/P/S
243,336
243,336
1990
Bestar inc.
M
1,499
1,042
2,541
Transat A.T. inc.
S
39,377
39,377
1991
B.M.B. (Îles-de-la-Madeleine) inc.
S
750
750
R
28,975
28,975
•Fonds immobilier de solidarité FTQ I, s.e.c.
•Fonds locaux de solidarité FTQ, s.e.c.
F
38,000
38,000
1992
Polycor inc.
P
11,725
11,725
1993
European Medical Ventures Fund S.C.A.
TI
68
68
•Fonds immobilier de solidarité FTQ II, s.e.c.
R
25,000
25,000
Groupe Robert inc.
S
21,940
20,000
41,940
Le Devoir inc.
S
1,315
1,315
SSQ, Société d’assurance-vie inc.
S
29,413
36,100
65,513
1994
Corporation Financière Brome inc.
S
1,591
4,674
6,265
Labopharm inc.
TI
4,284
4,284
1995
Château M.T. inc.
S
3,000
3,000
•Fonds régional de solidarité Abitibi-
F
13,105
13,105
•Fonds régional de solidarité Côte-Nord,
F
12,985
12,985
•Fonds régional de solidarité Estrie,
F
20,114
20,114
•Fonds régional de solidarité Île-de-Montréal,
F
25,090
25,090
•Fonds régional de solidarité Lanaudière,
F
12,587
12,587
•Fonds régional de solidarité Laurentides,
F
21,532
21,532
•Fonds régional de solidarité Laval,
F
21,524
21,524
•Fonds régional de solidarité Mauricie,
F
12,708
12,708
MethylGene inc.
TI
17,033
17,033
Mines Virginia inc.
P
1,712
1,712
1996
•Fonds d’investissement de la culture et
S
20,000
20,000
•Fonds régional de solidarité Bas-Saint-Laurent,
F
13,160
13,160
•Fonds régional de solidarité Chaudière-
F
15,574
15,574
•Fonds régional de solidarité Gaspésie–
F
12,573
12,573
•Fonds régional de solidarité Montérégie,
F
24,478
24,478
•Fonds régional de solidarité Outaouais,
F
30,478
30,478
•Fonds régional de solidarité Québec,
F
24,976
24,976
•Fonds régional de solidarité Saguenay–
F
24,971
24,971
GBO inc.
M
5,652
5,652
Témiscamingue, société en commandite
société en commandite
des communications, société en commandite
Appalaches, société en commandite
Îles-de-la-Madeleine, société en commandite
Lac-Saint-Jean, société en commandite
Guarantees
and
Suretyships
2
(CONTINUED)
A S AT M AY 3 1 , 2 0 1 1
(In thousands $)
Investments
Unsecured
Year of Industry
Initial Investment
Segment
Total
Loans,
Bonds and
Advances
1996
Gestion Renaud-Bray inc.
S
1
1
Groupe Solmax inc.
M
3,800
6,000
9,800
Mines Richmont inc.
P
669
669
Stageline Scène Mobile inc.
M
207
207
1997
Fonds de capital de risque GeneChem Technologies, s.e.c.
TI
6,439
6,439
Fonds d’investissement de Montréal (F.I.M.), société en commandite
R
1,686
52
1,738
•Fonds régional de solidarité Nord-du-Québec,
F
12,000
12,000
GSM Capital Limited Partnership
TI
920
920
Les Mines McWatters inc.
P
3,444
3,444
Mines Aurizon ltée
P
106
106
Oxford Bioscience Partners II L.P.
TI
1,336
1,336
1998
3539491 Canada inc. (ADF Industries Lourdes)
M
688
688
Cap sur mer inc.
M
528
1,177
1,705
Exploration Azimut inc.
P
47
300
347
•Fonds régional de solidarité Centre-du-Québec,
F
9,616
9,616
Niocan inc.
P
284
284
Société en commandite Manoir Richelieu
S
46,179
1,254
47,433
TSO3 inc.
TI
8,561
8,561
1999
Advitech inc.
TI
2,316
2,316
Æterna Zentaris inc.
TI
35
35
Corporation minière Osisko
P
4,523
19,583
24,106
Harmonium International inc.
TI
390
390
La Financière des entreprises culturelles (FIDEC), société en commandite
S
4,000
4,000
Le Groupe Cambium inc.
M
91
91
2000
ARGO II : The Wireless-Internet Fund – Limited Partnership
TI
11,653
11,653
Atrium Innovations inc.
TI
37,769
13,407
51,176
Genopole 1er Jour S.A.
TI
136
136
Groupe Hélicoptères Canadiens inc.
S
25,179
25,179
Groupe Riotel Hospitalité inc.
S
405
405
GTI V, société en commandite
TI
8,059
8,059
Marketing Léger inc.
S
1,000
971
1,971
Ressources Majescor inc.
P
368
368
Ressources Strateco inc.
P
15
15
Société en commandite GeneChem Thérapeutique
TI
9,954
9,954
2001
•Fonds Bio-Innovation, société en commandite
TI
22,072
22,072
Investissement Premières Nations du Québec, société en commandite
F
2,000
2,000
Kruger Wayagamack inc.
M
12,137
12,137
Multiple Capital Fonds II, s.e.c.
TI
8,534
8,534
Novacap II, société en commandite
S
10,583
10,583
Partenaires MidCap
S
464
464
SBV Venture Partners L.P.
TI
5,133
5,133
SIDEX, société en commandite
P
15,000
15,000
T²C²/Bio2000, société en commandite
TI
7,766
7,766
3
Guarantees
and
Suretyships
Investments
Unsecured
Year of Industry
Initial Investment
Segment
Total
Loans,
Bonds and
Advances
2002
BioAxone Thérapeutique inc.
TI
3,000
1,229
4,229
FinTaxi, s.e.c.
S
9,000
36,000
45,000
•Fonds immobilier de solidarité FTQ inc.
R
1
242,856
242,857
Junex inc.
P
304
304
Lumira Capital I Québec société en commandite
TI
9,119
9,119
Produits Intégrés Avior inc.
M
1,250
622
1,872
Thermetco inc.
M
900
792
1,692
Vimac Early Stage Fund L.P.
TI
9,659
9,659
2003
Enobia Pharma Corp.
TI
19,871
19,871
Le Fonds Entrepia Nord, s.e.c.
TI
7,612
7,612
Mines de la Vallée de l’or ltée
P
437
437
Ressources Plexmar inc.
P
126
126
Stella-Jones inc.
M
9,155
35,938
45,093
Tranzyme, inc.
TI
9,520
9,520
Vimac Milestone Medica Fund North L.P.
TI
5,178
5,178
2004
4262280 Canada inc. (Transat A.T.)
S
4,647
4,647
Alexis Minerals Corporation
P
184
300
484
Bois BSL inc.
M
1,377
1,377
Fonds Brightspark II, s.e.c.
TI
1
1
Fonds d’investissement MSBI, société en commandite
TI
9,095
9,095
Groupe Plafolift inc.
M
167
500
180
847
Manac inc.
M
8,523
15,547
24,070
Matamec Explorations inc.
P
154
154
Octasic inc.
TI
1,741
5,599
7,340
Sciences de la vie Bioniche inc.
TI
8,338
8,338
Trencap s.e.c.
S
154,430
154,430
Vimac ESF Annex Fund L.P.
TI
1,030
1,030
2005
9053-2698 Québec inc.
M
1
1
A.M. Pappas Life Science Ventures III, LP
TI
9,394
9,394
Addenda Capital inc.
S
71,331
71,331
Allianz Madvac inc.
M
1,200
7,800
29,499
38,499
Camoplast Solideal inc.
M
35,456
35,456
Château Bonne Entente inc.
S
3,200
331
3,531
•FIER Partenaires, société en commandite
F
20,918
20,918
Fonds d’opportunités canadiennes HRS, s.e.c.
S
40,000
40,000
Groupe C.N.P. inc.
M
767
767
Groupe Canatal inc.
M
2,300
2,300
Média Groupe inc.
S
2,000
1,542
3,542
Metro inc.
S
74,948
74,948
ProQuest Investments III, L.P.
TI
4,620
4,620
RHO Fund Investors 2005, L.P.
TI
5,786
5,786
SAIL Plein Air inc.
S
1,000
3,529
4,529
2006
2023671 Ontario inc. (Acier Pointe-Claire)
M
2,839
2,839
6569293 Canada inc. (Maison des Futailles)
M
13,482
10,000
23,482
9178-6590 Québec inc. (Excavation René-St-Pierre)
S
25
25
Boutique Linen Chest (Phase II) inc.
S
3,217
3,217
Capital Financière Agricole inc.
S
2,366
2,366
Guarantees
and
Suretyships
4
(CONTINUED)
A S AT M AY 3 1 , 2 0 1 1
(In thousands $)
Investments
Unsecured
Year of Industry
Initial Investment
Segment
Total
Loans,
Bonds and
Advances
2006
Capital St-Laurent, s.e.c.
TI
10,482
Corporation développement Knowlton inc.
M
9,249
13,873
23,122
Corporation Financière L’Excellence ltée
S
100,000
100,000
Coveo Solutions inc.
TI
3,500
3,500
Emerald Cleantech Fund II L.P.
TI
5,470
5,470
Entreprises SMD ltée
S
3,500
780
4,280
Équipements Comact inc.
M
500
1,450
1,950
Éthanol Greenfield inc.
M
60,000
60,000
Excavation René St-Pierre inc.
S
5,000
5,000
Exploration Dios inc.
P
184
184
FCPR Aerofund
S
10,202
10,202
Fiducie du Chantier de l’économie sociale
S
9,600
9,600
Fonds CTI sciences de la vie, s.e.c.
TI
10,622
10,622
Fonds ID s.e.c.
TI
7,004
7,004
Fonds Propulsion III s.e.c.
TI
5,006
5,006
Gestion Rivière du Diable inc.
S
2,776
750
3,526
Groupe CVTech inc.
S
19,985
9,019
29,004
Groupe environnemental Labrie inc.
M
10,550
9,333
19,883
J.L. Albright IV Venture Fund L.P.
TI
3,391
3,391
Lab Recherche inc.
TI
22,718
22,718
Métal Perreault inc.
M
300
338
150
788
Promobois G.D.S. inc.
M
1,213
1,213
Ressources Cartier inc.
P
768
768
Rho Canada Capital de Risque, s.e.c.
TI
15,200
15,200
Soccrent 2006, société en commandite
Société en commandite AgeChem
Sonaca S.A.
M
VantagePoint Venture Partners 2006 (Q), L.P.
TI
2007
6705341 Canada inc. (North Country Slate)
P
Alliantis Métal inc.
M
Bois Nobles Ka’N’Enda ltée
M
Envivio, inc.
TI
Exploration Midland inc.
P
Fonds d’acquisition de Montréal, société en commandite
S
Fonds d’investissement de Montréal (F.I.M.) II, société en commandite
Fonds d’investissement iNovia II, société en commandite
GO Capital s.e.c.
10,482
F
8,653
5,400
14,053
TI
13,892
13,892
4,950
4,950
11,868
11,868
90
1,208
1,298
998
2,900
3,898
1,400
300
625
2,325
6,007
6,007
486
486
5,000
5,000
R
990
990
TI
2,368
2,368
TI
1,030
1,030
Groupe Bikini Village inc.
S
2,775
2,775
Investissement (12348) s.e.n.c. (Cellfish Media)
TI
11,785
11,785
Investissements Astra inc.
S
1,500
1,307
500
3,307
Les Industries Spectra Premium inc.
M
10,000
9,171
19,171
MMV Financial inc.
S
5,685
27,873
33,558
Nexsan Corporation
TI
8,687
3,880
12,567
•Novacap Industries III, s.e.c.
M
18,190
18,190
Novacap Technologies III, s.e.c.
TI
9,590
9,590
Partenaires Médias Remstar, s.e.c.
S
2,000
2,000
ProQuest Investments IV, L.P.
TI
6,466
6,466
5
Guarantees
and
Suretyships
2,250
Investments
Unsecured
Year of Industry
Initial Investment
Segment
Total
Loans,
Bonds and
Advances
2007
Québec-Alberta Construction, s.e.c.
S
7,837
7,837
Salerno pellicule et sacs de plastique (Canada) inc.
M
1,060
4,903
5,963
•Société de gestion d’actifs forestiers Solifor,
P
150,000
150,000
Stedfast inc.
M
1,125
1,867
2,992
Thallion pharmaceutiques inc.
TI
8,275
8,275
Vertex III (C.I.) Fund, L.P.
TI
8,929
8,929
Victhom Bionique Humaine inc.
TI
5,005
5,005
2008
147755 Canada inc. (Groupe B.M.R.)
S
17,300
17,300
9185-1337 Québec inc.
M
1,500
1,250
2,750
Administration LVER inc.
S
11,491
11,491
Alimentation Coop Port-Cartier
S
223
223
•BDR Capital s.e.c.
TI
109,584
109,584
Cogeco Câble inc.
TI
100,000
100,000
Dalkotech inc.
M
5,400
1,140
6,540
Donner Metals Ltd
P
260
260
Exploration NQ inc.
P
122
125
247
Fonds soutien Montréal parallèle, s.e.c.
TI
2,000
2,000
Gestion TFI inc.
S
100,000
100,000
GLV inc.
M
32,061
25,000
57,061
Groupe AGF inc.
M
12,000
12,000
Groupe GDG Environnement ltée
S
2,500
239
2,739
Groupe Gecko Alliance inc.
TI
6,000
6,000
Groupe GFI Solutions inc.
TI
31,000
31,000
HR Stratégies inc.
S
100
100
Mango Industrie du cuivre inc.
M
11,000
60
1,500
12,560
Ontario Venture Capital Fund LP
TI
187
187
Placements Montrusco Bolton inc.
S
20,198
20,198
Rho Ventures VI L.P.
TI
11,618
11,618
Sonaca NMF Canada inc.
M
5,000
5,000
Transport C.D.P. inc.
S
1,840
2,652
250
4,742
VantagePoint Cleantech Partners II, L.P.
TI
11,136
11,136
2009
5N Plus inc.
M
14,166
14,166
A.M. Pappas Life Science Ventures IV, LP
TI
6,738
6,738
ADS inc.
M
3,600
5,175
8,775
Axtel SARL
S
1
811
812
Champlain Capital Partners, L.P.
S
9,004
9,004
Corporation Nuvolt inc.
M
196
196
CT-Paiement inc.
TI
3,000
300
200
3,500
FCPR Aerofund II
S
6,290
6,290
Fonds Cycle Capital I, s.e.c.
S
12,766
12,766
Fonds d’acquisition québécois, société en commandite
S
5,000
5,000
Fonds Élan d’entreprises, société en commandite
S
1
1
•Fonds Envol, société en commandite
S
3,125
3,125
Gestion hôtelière REVPAR inc.
S
289
289
Gestion Juste pour rire inc.
S
3,750
3,750
Groupe Smardt Refroidisseurs inc.
M
10,000
10,000
Guarantees
and
Suretyships
8,940
6
(CONTINUED)
A S AT M AY 3 1 , 2 0 1 1
(In thousands $)
Investments
Unsecured
Year of Industry
Initial Investment
Segment
Total
Loans,
Bonds and
Advances
2009
Intercâble ICH inc.
S
1,400
Les Viandes Laroche inc.
M
2,000
2,000
Meca Dev s.a.s.
M
16,227
7,435
23,662
Média Cineflix inc.
S
11,163
11,163
Medicago inc.
TI
4,099
4,099
Premier Tech ltée
P
39,375
39,375
Shermag inc.
M
4,000
4,000
Société d’exploration minière Vior inc.
P
14
100
114
Société en commandite Groupe CH
S
40,000
40,000
Teraxion inc.
S
5,917
5,917
Transcontinental inc.
M
100,000
100,000
•VC, société en commandite
R
96,398
96,398
Yellow Média inc.
S
50,000
50,000
2010
4550358 Canada inc. (Saladexpress)
M
8,592
8,592
9220-2324 Québec inc. (Groupe C.N.P.)
M
2,500
2,500
Cactus Commerce inc.
TI
1
500
501
Dalkotech International inc.
M
1
1
Exploration Nemaska inc.
P
150
150
Foliot Management inc.
M
5,500
5,500
Fonds d’investissement Réal, s.e.c.
TI
1,089
1,089
Fortress Paper Ltd
M
7,000
7,000
Glendyne inc.
P
840
840
Groupe Technosub inc.
S
4,194
4,194
IPL inc.
M
15,000
42,500
22,500
80,000
Janod ltée
S
6,000
3,000
9,000
Les Diamants Stornoway (Canada) inc.
P
600
600
Les Métaux Focus inc.
P
70
70
Logibec Groupe Informatique ltée
TI
30,000
30,000
Radialpoint Safecare inc.
TI
1
14,387
14,388
Ressources Géoméga inc.
P
70
70
Ressources Pershimco inc.
P
150
150
Royal Nickel Corp.
P
300
300
Scierie Dion & Fils inc.
M
5,000
5,000
Serdy Média inc.
S
2,500
2,500
SSQ, Société d’assurances générales inc.
S
15,000
15,000
Twist, société en commandite
S
3,500
3,500
Xmet inc.
P
250
250
2011
AmorChem, société en commandite
TI
545
545
Aurvista Gold Corporation
P
150
150
Fonds Alpha+ Montrusco Bolton
S
20,000
20,000
Fonds d’amorçage Cycle-C3E, s.e.c.
TI
226
226
Fonds d’investissement pour la relève agricole (FIRA), s.e.c.
S
333
333
Fonds stratégique à rendement absolu HRS s.e.c.
S
50,000
50,000
Groupe Crête division St-Faustin inc.
M
2,000
2,000
JV Driver Corporation inc.
S
12,000
12,000
Les Chantiers de Chibougamau ltée
M
5,000
5,000
Les Constructions Bricon ltée
S
4,000
3,000
7,000
7
Guarantees
and
Suretyships
1,400
7,324
Investments
Unsecured
Year of Industry
Initial Investment
Segment
Total
Loans,
Bonds and
Advances
2011
Les Investissements Nolinor inc.
S
2,500
Magnus Poirier inc.
S
500
500
Scandinave Spa in Whistler inc.
S
1,950
1,950
Technologies Miranda inc.
TI
7,190
7,190
S
2
2
564,727
2,051,802
1,488,162
65,534
4,170,225
13 general partners of limited partnerships
Total
Guarantees
and
Suretyships
2,500
18,514
• The list of investments made by these specialty funds is shown in the unaudited Index of the share of the Fonds in investments made by the specialized funds,
at cost.
This statement of development capital investments at a total cost of $4,170,225,000 itemizes by company the amounts invested by the Fonds de solidarité des travailleurs du Québec (F.T.Q.). This amount appears in Note 4 to the financial statements as at May 31, 2011. In addition, this statement presents a list of the guarantees and suretyships granted by the Fonds.
Industry segment legend
F: Regional or local funds
R: Real estate
M:Manufacturing
P: Primary
S: Services/tourism
TI:Technology investments
8
www.fondsftq.com
RELEVÉ DES
AUTRES INVESTISSEMENTS
AU 31 MAI 2011
(NON VÉRIFIÉ)
FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.)
Relevé des autres investissements ( non audité )
au 31 mai 2011
Émetteur
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
A2A SPA
549913
Acciona SA
557910
Acergy SA
525824
Acerinox SA
B01ZVZ
Advantage Oil & Gas Ltd
00765F
Aeon Co. Ltd
648004
AES Corp.
00130H
AGL Energy Ltd
B0ZNPN
Agnico-Eagle Mines Ltd
008474
Agrium inc.
008916
Air Liquide SA
B1YXBJ
Air Products & Chemicals inc.
009158
Air Water inc.
644146
Airgas inc.
009363
Ajinomoto Co. inc.
601090
Aker Solutions ASA
B1VLVW
Akzo Nobel NV
545831
Alacer Gold Corp.
010679
Alamos Gold inc.
011527
Alcoa inc.
013817
Allegheny Technologies inc.
01741R
Alliant Energy Corp.
018802
Alpha Natural Resources inc.
02076X
AltaGas Ltd
021361
Altria Group inc.
02209S
Alumina Ltd
695498
Amcor Ltd
606660
AMEC plc
002826
Ameren Corp.
023608
American Electric Power Co. inc.
025537
American Tower Corp.
029912
American Water Works Co. inc.
030420
Anadarko Petroleum Corp.
032511
Angle Energy inc.
034760
Anglo American plc
B1XZS8
Anheuser-Busch InBev NV
475531
Antofagasta plc
004561
Anvil Mining Ltd
03734N
Apache Corp.
037411
ARC Resources Ltd
00208D
ArcelorMittal
B03XPL
Arch Coal inc.
039380
Archer-Daniels-Midland Co.
039483
Arkema
B0Z5YZ
Aryzta AG
B39VJC
Asahi Breweries Ltd
605440
Asahi Kasei Corp.
605460
Associated British Foods plc
067312
AT&T inc.
00206R
Auryx Gold Corp.
05208T
Avon Products inc.
054303
288 775
1
775
479
6 574
759
690
18 732
471
481
11 088
236
205
41 000
304
333
54 400
820
607
165 559
2 425
2 067
105 399
1 417
1 554
52 700
2 399
3 291
74 160
4 164
6 302
27 776
2 995
3 729
20 900
1 621
1 913
16 000
211
185
7 900
403
525
64 000
706
714
10 908
158
233
22 531
1 382
1 574
68 400
570
638
36 300
335
527
105 000
1 958
1 710
10 000
646
645
27 500
1 025
1 088
509
9 700
393
20 616
401
515
198 703
4 358
5 388
230 580
525
548
120 603
641
899
25 472
401
469
1 704
59 600
2 039
117 800
4 443
4 345
88 800
3 740
4 743
41 000
962
1 182
36 600
2 129
2 817
68 400
530
620
129 785
5 689
6 262
76 119
3 340
4 437
39 371
535
833
410 700
1 385
2 489
28 200
2 746
3 392
70 800
1 404
1 896
84 009
3 452
2 712
11 000
342
312
59 800
2 095
1 866
5 468
580
580
8 460
337
444
37 300
655
703
127 000
758
804
35 467
595
608
1 318 494
43 213
40 288
674 100
669
330
39 900
1 354
1 141
au 31 mai 2011
Émetteur
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Baja Mining Corp.
05709R
Baker Hughes inc.
057224
Ball Corp.
058498
Bankers Petroleum Ltd
066286
Banque Laurentienne du Canada
51925D
Barrick Gold Corp.
067901
BASF SE
ACI005
Baytex Energy Corp.
07317Q
Beiersdorf AG
510740
Belgacom
B00D9P SA
Bellatrix Exploration Ltd
078314
Bezeq
609803 Israeli Telecommunication Corp. Ltd
BG Group plc
087628
BHP Billiton Ltd
614469
BHP
005665 Billiton plc
Birchcliff Energy Ltd
090697
BlackPearl
Resources inc.
09251U
BlueScope Steel Ltd
653323
BNK Petroleum inc.
05570P
Boliden AB
B1XCBX
Bonavista Energy Corp.
09784Y
Boral Ltd
621867
BP plc
079805
British American Tobacco plc
028758
Brown-Forman Corp.
115637
BT
309135Group plc
Bunge Ltd
G16962
Cabot
127097 Oil & Gas Corp.
Cairn Energy plc
B59MW6
Calfrac Well Services Ltd
129584
Calpine Corp.
131347
Caltex Australia Ltd
616150
Cameco
13321L Corp.
Cameron International Corp.
13342B
Campbell Soup Co.
134429
Canaco Resources inc.
134804
Canadian Energy Services & Technology Corp.
13566W
Canadian Natural Resources Ltd
136385
Canadian Oil Sands Ltd
13643E
Canfor Corp.
137576
Canyon Services Group inc.
138873
Capstone Mining Corp.
14068G
Carlsberg
AS, classe B
416921
Carrefour
SA
564156
Casino Guichard Perrachon SA
417841
Castle
148477 Resources inc.
Cathedral Energy Services Ltd
14916J
CCL
124900 Industries inc., classe B
Celanese Corp.
150870
Cellcom Israel Ltd
B23WQK
Celtic Exploration Ltd
15118Q
2
704 800
730
789
32 047
1 777
2 295
15 900
386
604
61 300
516
487
1 642 900
50 314
85 858
437 264
16 851
20 237
90 743
4 963
8 139
28 400
702
1 582
10 197
686
652
34 688
1 504
1 170
165 300
557
889
408 238
1 009
1 005
248 720
4 564
5 569
317 283
9 928
14 531
215 592
5 913
8 251
31 200
290
409
70 500
226
537
178 417
584
268
132 900
667
773
27 000
327
511
33 500
765
993
67 733
354
316
1 377 323
13 515
10 273
190 074
6 538
8 237
8 700
508
611
1 731 331
6 249
5 537
14 635
1 051
1 053
8 000
386
452
94 679
558
665
13 200
343
454
77 800
1 072
1 189
11 013
145
160
134 600
3 302
3 644
17 200
610
791
20 500
764
687
130 900
325
583
35 600
993
1 270
399 760
12 349
16 834
145 200
4 348
4 380
24 900
228
276
116 000
1 060
1 817
309 800
1 142
1 106
9 922
855
1 109
54 392
3 120
2 332
4 959
485
502
410 900
346
296
96 400
720
710
7 900
219
260
14 800
490
745
10 683
323
313
103 600
1 386
2 088
au 31 mai 2011
Émetteur
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Cenovus Energy inc.
15135U
CenterPoint Energy inc.
15189T
Centerra Gold inc.
152006
Centrica plc
B033F2
CenturyLink inc.
156700
CF Industries Holdings inc.
125269
Champion Minerals inc.
158532
Chesapeake Energy Corp.
165167
Cheung Kong Infrastructure Holdings Ltd
621255
Chevron
166764 Corp.
China Gold International Resources Corp. Ltd
16890P
Chubu Electric Power Co. inc.
619560
Chugoku Electric Power Co. inc.
619590
Church
171340 & Dwight Co. inc.
Cie Générale de Géophysique-Veritas
421539
Cimarex Energy Co.
171798
Cimpor
757416 Cimentos de Portugal SGPS, SA
Cliffs Natural Resources inc.
18683K
Clorox Co.
189054
CLP Holdings Ltd
609701
Coca-Cola Amatil Ltd
612345
Coca-Cola Co.
191216
Coca-Cola Enterprises inc.
19122T
Coca-Cola Hellenic Bottling Co. SA
442072
Coca-Cola West Co. Ltd
616328
Colgate-Palmolive
Co.
194162
Colossus
Minerals
inc.
19681L
Colruyt
SA
ACI009
ConAgra Foods inc.
205887
Concho Resources inc.
20605P
ConocoPhillips
20825C
Consolidated Edison inc.
209115
Constellation
Brands inc.
21036P
Constellation Energy Group inc.
210371
Contact Energy Ltd
615252
Continental Resources inc.
212015
Corporation minière Osisko
688278
Cosmo Oil Co. Ltd
622633
Costco Wholesale Corp.
22160K
Crescent Point Energy Corp.
22576C
Crew Energy inc.
226533
CRH plc
418224
Crocotta
227045 Energy inc.
Crown Castle International Corp.
228227
Crown Holdings inc.
228368
CVS
126650 Caremark Corp.
Daicel Chemical Industries Ltd
625054
Daido
625062 Steel Co. Ltd
Danone
B1Y9TB
Daylight Energy Ltd
239590
Delhaize Group SA
426211
3
294 750
8 396
10 552
99 900
1 550
1 859
49 300
572
877
1 259 452
6 430
6 381
133 507
4 935
5 575
7 200
717
1 073
320 100
800
682
46 700
1 363
1 418
114 000
473
521
147 000
11 987
14 932
48 400
280
213
169 100
4 397
2 568
69 200
1 528
945
7 000
474
570
11 657
508
421
5 900
306
548
15 975
108
118
13 659
864
1 197
12 700
826
863
472 000
3 716
3 887
51 457
448
624
196 800
11 195
12 738
34 300
802
954
17 705
527
435
5 400
128
99
46 806
3 653
3 948
376 150
1 746
3 032
7 020
344
390
40 300
941
986
6 700
569
614
99 478
6 645
7 047
71 600
3 417
3 681
19 400
461
410
44 800
2 494
1 603
67 783
348
322
3 700
237
238
94 000
755
1 341
48 000
166
139
41 300
2 616
3 279
3 920
83 800
2 647
152 900
1 731
2 419
71 046
2 004
1 500
137 400
316
305
64 389
2 337
2 530
15 700
411
614
129 900
4 609
4 861
31 000
206
192
31 000
155
183
55 247
3 541
3 913
142 100
1 108
1 414
10 513
878
841
au 31 mai 2011
Émetteur
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Delphi Energy Corp.
247128
Denbury Resources inc.
247916
Denison Mines Corp.
248356
Denki Kagaku Kogyo KK
630982
Detour Gold Corp.
250669
Deutsche Telekom AG
584235
Devon Energy Corp.
25179M
Diageo plc
023740
Diamond Offshore Drilling inc.
25271C
Dominion
25746U Resources inc.
Dow Chemical Co.
260543
Dr
Pepper Snapple Group inc.
26138E
DTE
233331 Energy Co.
Duke Energy Corp.
26441C
Dundee
265269 Precious Metals inc.
E.ON AG
494290
Eacom
269388 Timber Corp.
Eastern Platinum Ltd
276855
Eastman Chemical Co.
277432
Ecolab inc.
278865
EDF SA
B0NJJ1
Edison International
281020
EDP - Energias de Portugal SA
410359
EDP Renovaveis SA
B39GNW
EI du Pont de Nemours & Co.
263534
El Paso Corp.
28336L
Eldorado Gold Corp.
284902
Electric
B02Q32 Power Development Co. Ltd
Elisa OYJ
570151
Enagas SA
738307
Enbridge inc.
29250N
Encana Corp.
292505
Enel
Green Power SPA
B4TWTW
Enel SPA
714456
Energen Corp.
29265N
Energizer Holdings inc.
29266R
Enerplus Corp.
292766
ENI SPA
714505
Ensign Energy Services inc.
293570
Entergy Corp.
29364G
EOG Resources inc.
26875P
EQT
26884LCorp.
Equinox Minerals Ltd
29445L
Eramet
401701
Essar
B5SXPFEnergy plc
Estee Lauder Companies inc.
518439
ETFS Platinum Trust
26922V
Eurasian
B29BCK Natural Resources Corp. plc
European Goldfields Ltd
298774
Exelon Corp.
30161N
Exxon Mobil Corp.
30231G
406 000
4
1 110
1 056
30 400
557
643
74 600
242
165
53 000
200
263
26 100
443
805
626 470
10 161
9 031
30 000
2 315
2 427
237 689
4 474
4 895
5 400
520
384
141 900
6 006
6 526
115 400
3 640
4 039
20 603
589
817
41 900
1 953
2 084
324 943
6 487
5 865
30 000
288
251
438 959
18 760
12 047
587 600
294
214
276 900
383
282
7 200
416
738
23 300
1 089
1 231
58 636
4 150
2 302
76 100
3 142
2 885
430 014
1 916
1 545
47 019
364
310
91 100
3 839
4 700
52 700
744
1 075
170 800
1 694
2 625
26 400
963
603
32 800
737
700
44 625
1 129
1 017
191 700
3 980
6 224
270 850
8 465
8 941
422 565
940
1 136
1 605 115
11 231
10 668
16 200
872
970
7 700
579
573
44 479
1 301
1 393
176 748
4 970
4 086
31 300
440
605
44 000
3 914
2 888
18 800
1 717
1 984
9 350
423
488
273 250
1 076
2 219
196
605
334
23 946
201
173
12 000
618
1 191
2 500
419
439
25 304
405
341
42 400
211
572
161 700
9 083
6 523
362 746
27 977
29 295
au 31 mai 2011
Émetteur
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
FamilyMart Co. Ltd
633127
First Majestic Silver Corp.
32076V
First Quantum Minerals Ltd
335934
FirstEnergy Corp.
337932
Fletcher Building Ltd
634160
Flint Energy Services Ltd
339457
FMC Corp.
302491
FMC Technologies inc.
30249U
Fortescue Metals Group Ltd
608625
Fortum OYJ
557955
Foster's Group Ltd
634926
France
517617 Telecom SA
Franco-Nevada Corp.
351858
Freehold
356500 Royalties Ltd
Freeport-McMoRan Copper & Gold inc.
35671D
Fresnillo plc
B2QPKJ
FRM
339608 Diversified II Fund SPC
Frontier Communications Corp.
35906A
Fugro NV
B096LW
Gabriel Resources Ltd
361970
Galp Energia SGPS, SA
B1FW75
Gammon Gold inc.
36467T
Gas Natural
B44PHW
Gasfrac Energy Services inc.
367257
GDF Suez
B0C2CQ
General
370334 Mills inc.
Geologix Explorations inc.
371939
Givaudan
SA
598061
Glencore
Internationale
plc
B4T3BW
Goldcorp
inc.
380956
Golden Agri-Resources Ltd
616447
Golden Star Resources Ltd
38119T
Grande
38655X Cache Coal Corp.
Great Basin Gold Ltd
390124
Green Mountain Coffee Roasters
393122
Guyana Goldfields inc.
403530
Hansen Natural Corp.
411310
Harry Winston Diamond Corp.
41587B
HeidelbergCement AG
512067
Heineken Holding NV
B0CCH4
Heineken NV
779255
Hellenic Telecommunications Organization SA
505160
Helmerich
& Payne inc.
423452
Henkel
AG
& Co. KGaA
500246
Hershey
Co.
427866
Hess Corp.
42809H
Hitachi Chemical Co. Ltd
642912
Hitachi
642920 Metals Ltd
HJ Heinz Co.
423074
Hokkaido Electric Power Co. inc.
643132
Hokuriku Electric Power Co.
643312
6 800
5
238
235
46 700
797
955
49 900
4 503
6 567
102 413
5 452
4 422
63 372
391
448
10 800
199
151
6 900
412
564
777
18 100
453
125 024
496
840
109 041
3 327
3 531
177 591
735
794
413 526
11 562
9 155
35 700
1 088
1 331
10 600
161
227
92 508
3 453
4 614
16 702
201
387
536 523
68 157
64 013
221 630
1 953
1 898
5 401
317
416
72 800
339
510
15 564
249
319
43 300
326
433
75 749
1 588
1 442
132 100
1 158
1 361
301 794
13 791
10 743
2 299
59 900
2 009
1 852 500
1 218
982
837
723
891
82 073
695
694
373 000
13 235
18 076
657 888
399
354
79 600
296
203
58 700
491
488
140 800
280
280
11 800
941
945
80 600
645
700
7 400
313
514
26 300
365
449
14 142
916
948
12 519
629
635
24 190
1 178
1 407
56 570
1 424
550
8 200
420
494
28 339
1 309
1 794
17 000
767
916
21 700
1 430
1 658
11 700
252
229
18 000
216
226
30 000
1 399
1 587
43 100
1 000
610
43 700
1 069
714
au 31 mai 2011
Émetteur
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Holcim Ltd
711075
Holmen AB
503606
Hong Kong & China Gas Co. Ltd
643655
Hormel Foods Corp.
440452
HRS Holding Ltd
339733
HudBay Minerals inc.
443628
Husky Energy inc.
448055
I.L.F. Ltd, série 01 2008, classe B
ILF200
IAMGOLD Corp.
450913
Iberdrola Renovables SA
B29NWR
Iberdrola
B288C9 SA
Idemitsu Kosan Co. Ltd
B1FF8P
Iliad
775943SA
Iluka Resources Ltd
695757
Imerys SA
B011GL
Imperial Oil Ltd
453038
Imperial Tobacco Group plc
045449
Incitec Pivot Ltd
667304
Inmarsat plc
B09LSH
Inmet Mining Corp.
457983
Inpex Corp.
B10RB1
Integrys Energy Group inc.
45822P
Inter Pipeline Fund Trust
45833P
International Flavors & Fragrances inc.
459506
International Paper Co.
460146
International Power plc
063201
Israel
645553 Chemicals Ltd
Israel Corporation Ltd
688967
Ivanhoe
465790 Energy inc.
Ivanhoe Mines Ltd
46579N
J Sainsbury plc
B019KW
Jaguar
47009M Mining inc.
James Hardie Industries
641297
Japan Petroleum Exploration Co.
671169
Japan Tobacco inc.
647453
Jeronimo Martins SGPS, SA
B1Y1SQ
JFE Holdings inc.
654379
JM Smucker Co.
832696
Johnson Matthey plc
047640
JSR Corp.
647098
JX Holdings inc.
B627LW
K+S AG
576162
Kaneka
648336 Corp.
Kansai Electric Power Co. inc.
648348
Kansai Paint Co. Ltd
648374
Kao
648380Corp.
Kazakhmys plc
B0HZPV
KDDI
624899 Corp.
Keegan Resources inc.
487275
Kellogg Co.
487836
Kerry Group plc
451957
23 910
6
1 787
1 834
4 700
185
159
1 167 873
2 350
2 602
14 800
284
417
221 480
52 334
49 137
53 000
566
775
64 300
1 832
1 903
1 474
1 475
1 145
116 718
1 164
2 383
210 472
1 241
902
923 885
8 752
7 912
1 400
141
150
4 261
427
528
41 367
668
666
3 606
236
255
75 500
3 049
3 632
96 367
3 467
3 338
163 591
639
649
102 604
1 141
985
15 800
666
1 098
1 146
164
1 035
19 300
965
973
64 200
623
1 048
7 500
327
463
41 800
1 120
1 263
377 943
2 334
1 919
44 376
515
702
257
192
272
65 100
219
141
93 655
1 075
2 282
120 774
785
665
24 300
276
124
47 290
333
280
2 300
151
106
421
1 757
1 573
25 907
276
468
46 600
1 823
1 125
10 954
613
841
21 477
557
724
17 200
384
330
159 400
1 006
1 013
17 019
1 101
1 308
32 000
292
208
184 600
4 678
3 034
24 000
206
208
53 400
1 568
1 326
21 252
443
444
648
4 290
4 488
150 800
1 131
1 304
25 600
1 386
1 407
13 405
419
548
au 31 mai 2011
Émetteur
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Kesko OYJ
449000
Keyera Corp.
493271
Kikkoman Corp.
649080
Kimberly-Clark Corp.
494368
Kinder Morgan inc.
49456B
Kinder Morgan Management LLC
49455U
Kinross Gold Corp.
496902
Kirin Holdings Co. Ltd
649374
Kirkland Lake Gold inc.
49740P
Kobe Steel Ltd
649602
Koninklijke Ahold NV
525260
Koninklijke DSM NV
B0HZL9
Koninklijke KPN NV
595607
Kraft Foods inc.
50075N
Kroger Co.
501044
Kuraray
649766 Co. Ltd
Kyushy Electric Power Co. inc.
649980
Labrador Iron Ore Royalty Corp.
505440
Lafarge SA
450270
Lake Shore Gold Corp.
510728
Lanxess AG
B05M8B
Lawson inc.
626691
Legacy Oil + Gas inc.
524701
Linde AG
574081
Lindt & Spruengli AG-PC
596228
Lindt & Spruengli AG-REG
596230
Longview Oil Corp.
543231
Lonmin plc
311924
L'Oreal SA
405780
Lorillard inc.
544147
Lubrizol
549271 Corp.
Lundin Mining Corp.
550372
Lynas Corp. Ltd
612117
LyondellBasell Industries NV
N53745
MacArthur Coal Ltd
637500
Major Drilling Group International
560909
Makhteshim-Agan Industries Ltd
611560
Marathon Oil Corp.
565849
Market Vectors Gold Miners ETF
57060U
Martin Marietta Materials inc.
573284
Maruichi Steel Tube Ltd
656950
McCormick & Co. inc.
579780
MDU Resources Group inc.
552690
Mead Johnson Nutrition Co.
582839
MeadWestvaco Corp.
583334
MEIJI
B60DQVHoldings Co. Ltd
Mercator Minerals Ltd
587582
Metcash Ltd
B0744W
Methanex Corp.
59151K
Metro AG
504141
MetroPCS Communications inc.
591708
7
7 400
346
356
34 618
645
1 452
18 000
214
178
38 100
2 568
2 511
8 900
253
253
6 468
295
409
508 652
8 448
7 741
76 000
1 147
1 026
19 100
287
277
253 000
705
525
118 515
1 521
1 635
15 509
685
1 005
350 745
6 005
4 980
157 841
4 930
5 326
56 300
1 415
1 349
34 200
406
497
100 300
2 347
1 468
15 200
781
1 111
19 418
1 763
1 297
218 700
865
792
8 314
603
692
6 400
293
307
85 100
1 163
1 180
16 541
1 874
2 709
95
299
281
11
291
379
37 900
379
455
16 910
928
431
22 627
2 482
2 753
13 571
1 038
1 506
6 312
484
819
214 190
1 062
1 542
166 999
408
405
28 400
1 054
1 205
19 924
214
244
22 400
220
347
26 612
96
136
52 400
2 162
2 734
13 600
722
766
4 200
441
347
127
5 200
139
10 800
433
523
47 400
1 179
1 083
20 254
995
1 321
16 900
414
553
7 000
316
287
60 800
215
187
77 785
301
315
28 900
552
891
12 671
864
817
55 666
752
955
au 31 mai 2011
Émetteur
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Midway Energy Ltd
598147
Millicom International Cellular SA
B00L2M
Minefinders Corp.
602900
Mines Aurizon ltée
05155P
Mitsubishi Chemical Holdings Corp.
B0JQTJ
Mitsubishi Gas Chemical Co. inc.
659692
Mitsubishi Materials Corp.
659708
Mitsui Chemicals inc.
659736
Mobistar SA
554197
Molson Coors Brewing Co.
60871R
Mosaic Co.
61945C
Mullen Group Ltd
625284
Murphy
626717 Oil Corp.
Nabors Industries Ltd
G6359F
NAL Energy Corp.
62875E
National Grid plc
B08SNH
National Oilwell Varco inc.
637071
NBC Multi-Strategy Fund
NBCMUL
Neo Material Technologies inc.
64045Y
Neste Oil OYJ
B06YV4
Nestlé SA
712387
Nevada Copper Corp.
64128F
Nevsun Resources Ltd
64156L
New Gold inc.
644535
Newcrest Mining Ltd
663710
Newfield
651290 Exploration Co.
Newmont Mining Corp.
651639
Nexen inc.
65334H
NextEra Energy inc.
65339F
NII
Holdings inc.
62913F
Niko
653905 Resources Ltd
Nippon Meat Packers inc.
664076
Nippon
633478 Paper Group inc.
Nippon Steel Corp.
664256
Nippon Telegraph & Telephone Corp.
664137
NiSource inc.
65473P
Nisshin Seifun Group inc.
664096
Nisshin Steel Co. Ltd
664164
Nissin Foods Holdings Co. Ltd
664176
Nitto Denko Corp.
664180
Noble Corp.
H5833N
Noble Energy inc.
655044
Norsk Hydro ASA
B11HK3
North
656912 American Palladium Ltd
Northeast Utilities
664397
Northern Dynasty Minerals Ltd
66510M
Northgate
Minerals Corp.
666416
Novagold
Resources
inc.
66987E
Novozymes
AS
465853
NRG Energy inc.
629377
NSTAR
67019E
8
256 700
1 196
1 145
16 714
1 542
1 863
24 900
258
320
50 600
275
282
128 000
753
859
43 000
326
312
120 000
472
359
84 000
381
266
464
6 693
506
15 800
786
714
26 621
1 629
1 825
19 600
295
402
12 900
903
855
19 800
552
531
36 700
408
432
856 100
8 984
8 535
31 158
1 502
2 191
43 000 000
43 000
37 884
144 200
1 187
1 435
10 225
305
171
330 633
15 583
20 513
274 800
1 051
1 550
61 300
319
381
124 400
550
1 252
75 173
2 229
3 078
9 300
475
672
48 200
2 383
2 642
166 500
3 619
3 720
97 771
5 491
5 458
37 900
1 705
1 603
16 520
1 238
1 322
19 000
247
258
9 500
348
194
495 000
2 179
1 422
106 600
5 021
4 848
65 200
1 211
1 272
18 500
212
221
79 000
244
146
5 600
200
196
16 800
734
847
18 000
741
725
12 400
828
1 119
88 817
664
689
40 200
233
160
41 100
1 111
1 393
23 900
327
291
86 300
271
245
55 300
450
616
4 700
440
763
55 400
1 704
1 328
24 293
954
1 078
au 31 mai 2011
Émetteur
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
NTT DoCoMo inc.
612927
Nucor Corp.
670346
NuVista Energy Ltd
67072Q
Occidental Petroleum Corp.
674599
OceanaGold Corp.
675222
Oest Elektrizitaets Wirtschafts
466160
OJI Paper Co. Ltd
665770
Olam International Ltd
B05Q3L
OMV AG
987YJG
Oneok inc.
682680
OneSteel Ltd
629372
Orica
645800 Ltd
Origin Energy Ltd
621486
Osaka Gas Co. Ltd
666176
Outokumpu
OYJ
466514
Owens-Illinois
inc.
690768
OZ
Minerals
Ltd
B3QRPV
Pace Oil and Gas Ltd
69374D
Pacific Rubiales Energy Corp.
69480U
Paladin Energy Ltd
666846
Pan American Silver Corp.
697900
Paramount Resources Ltd
699320
Parex Resources inc.
69946Q
Parmalat SPA
B09RG6
Partner Communications Co. Ltd
637442
Pason
702925 Systems inc.
PCCW Ltd
657407
Peabody Energy Corp.
704549
Pembina Pipeline Corp.
706327
Pengrowth Energy Corp.
70706P
Penn West Petroleum Ltd
707887
Pepco Holdings inc.
713291
Pepsico
713448 inc.
Pernod-Ricard SA
468232
Perpetual Energy inc.
714270
PetroBakken Energy Ltd
71645A
Petrobank Energy & Resources Ltd
71645P
Petrofac Ltd
B0H2K5
Petrohawk Energy Corp.
716495
Petrominerales Ltd
71673R
Peyto Exploration & Development Corp.
717046
PG&E
69331C Corp.
Philip Morris International inc.
718172
Pinecrest
Energy inc.
723033
Pinnacle
West
Capital Corp.
723484
Pioneer
Natural
Resources Co.
723787
Plains
Exploration
& Production Co.
726505
Portefeuille
de
deux
fonds d'infrastructure privés
CITI5
Portugal
Telecom
SGPS,
SA
581718
Potash Corp. of Saskatchewan inc.
73755L
Power Assets Holdings Ltd
643532
9
3 418
5 741
6 168
30 600
1 530
1 251
23 700
278
223
59 600
4 408
6 227
80 700
302
219
15 498
874
672
78 000
430
334
127 712
271
299
11 577
640
464
1 620
23 662
1 101
124 612
353
243
34 862
660
937
79 120
994
1 338
437 000
1 733
1 500
13 200
312
188
16 200
476
504
30 294
501
441
76 900
596
647
66 600
939
1 800
51 189
214
166
33 600
745
1 100
73 600
1 661
2 108
70 000
490
533
106 762
408
383
18 403
354
305
221
15 000
174
936 000
323
348
19 200
864
1 139
41 500
684
1 017
81 100
1 033
1 034
209 100
4 549
5 240
54 200
1 065
1 048
151 140
10 067
10 412
19 773
1 692
1 932
27 700
169
103
19 649
560
325
26 500
471
455
17 660
272
451
20 700
602
531
48 707
1 139
1 587
33 100
466
697
97 100
4 354
4 058
171 240
8 723
11 852
413 700
630
1 088
26 199
1 102
1 141
729
8 200
381
10 400
439
369
2
79 364
76 743
149 964
1 743
1 585
387 580
14 060
21 170
342 000
2 068
2 361
au 31 mai 2011
Émetteur
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
PowerShares DB Gold Short ETN
25154H
PPG Industries inc.
693506
PPL Corp.
69351T
Praxair inc.
74005P
Precision Drilling Corp.
74022D
Procter & Gamble Co.
742718
Progress Energy inc.
743263
Progress Energy Resources Corp.
74326Y
Provident Energy Ltd
74386V
Public Power Corp. SA
726829
Public Service Enterprise Group inc.
744573
Q-BLK Strategic Partners, inc., série 1, classe I 2011
QBLK9
Q-BLK
QBLK5 Strategic Partners, inc., série 11, classe I 2009
QBLK8
QBLK10
QBLK4
Q-BLK
QBLK7 Strategic Partners, inc., série 7, classe I 2010
QBLK1
QBLK2
QEP Resources inc.
74733V
Quadra FNX Mining Ltd
74733X
Queenston Mining inc.
74832E
Rainy River Resources Ltd
75101R
Ralcorp Holdings inc.
751028
Randgold Resources Ltd
B01C3S
Range Resources Corp.
75281A
Rautaruukki OYJ
472766
Reckitt Benckiser Group plc
B24CGK
Red Electrica Corp. SA
572377
Repsol YPF SA
566935
Reunion
76131P Gold Corp.
Rexam plc
042504
Reynolds
American inc.
761713
Rio Alto Mining Ltd
76689T
Rio Tinto Ltd
622010
Rio Tinto plc
071887
Rock-Tenn company, CL A
772739
Rowan Cos. inc.
779382
Royal Dutch Shell plc
B03MM4
Rubicon Minerals Corp.
780911
RWE AG
476914
SABMiller plc
048354
Safeway
786514 inc.
Saipem SPA
476876
Salzgitter AG
546535
Sandspring
Resources Ltd
800110
Santos
Ltd
677670
Sara Lee Corp.
803111
Savanna Energy Services Corp.
804694
SBA Communications Corp.
78388J
SBM Offshore NV
B156T5
10
500
10
7
1 358
15 800
1 051
138 600
4 405
3 774
30 000
2 355
3 075
68 600
602
1 029
267 200
17 748
17 308
72 100
3 233
3 307
44 606
577
616
66 900
453
594
27 520
773
353
124 000
4 422
3 997
8 385
8 166
8 377
884
923
984
382
388
388
1 097
1 043
1 069
2 238
2 657
2 879
819
842
878
34 218
36 511
35 382
13 644
14 558
14 302
12 100
369
507
59 394
679
872
43 800
242
317
69 700
354
709
5 500
368
468
730
9 150
738
10 700
468
576
9 400
276
215
58 373
3 048
3 195
25 976
1 446
1 518
58 787
1 731
1 938
246 600
487
490
82 420
614
525
32 600
932
1 248
266 900
603
622
43 057
2 750
3 619
142 587
7 868
9 640
6 876
521
512
8 900
314
339
458 962
15 108
16 038
54 100
264
249
111 685
10 467
6 257
90 055
2 344
3 222
36 500
969
868
18 946
698
968
4 451
523
319
173 800
452
377
65 677
813
998
54 700
806
1 030
18 700
241
191
26 500
837
1 007
11 422
264
291
au 31 mai 2011
Émetteur
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
SCANA Corp.
80589M
Schlumberger Ltd
806857
Scottish & Southern Energy plc
079087
Seadrill Ltd
B09RMQ
Sealed Air Corp.
81211K
Secure Energy Services inc.
81373C
SEMAFO inc.
816922
Sempra Energy
816851
Seven & I Holdings Co. Ltd
B0FS5D
Severn Trent plc
B1FH8J
ShawCor
Ltd
820904
Sherritt
International
Corp.
823901
Sherwin-Williams
Co.
824348
Shikoku Electric Power Co. inc.
680434
Shin-Etsu Chemical Co. Ltd
680458
Shiseido Co. Ltd
680526
Showa
680546 Denko KK
Showa Shell Sekiyu KK
680554
Sigma-Aldrich Corp.
826552
Sika AG
480808
Silver Standard Resources inc.
82823L
Silver Wheaton Corp.
828336
Silvercorp Metals inc.
82835P
Sims Metal Management Ltd
B0LCW7
Singapore Telecommunications Ltd
B02PY2
Sino-Forest Corp.
82934H
Snam
725147 Rete Gas SPA
Softbank Corp.
677062
Solvay
482110 SA
Southern Co.
842587
SouthGobi Resources Ltd
844375
Southwestern
Energy Co.
845467
SP
AusNet
B0RF60
SPDR S&P 500 ETF Trust
78462F
Spectra Energy Corp.
847560
Sprint Nextel Corp.
852061
SSAB AB
B17H0S
StarHub Ltd
B1CNDB
Statoil ASA
713360
Stonegate Agricom Ltd
86181P
Stora Enso OYJ
507267
Suedzucker AG
578446
Suez Environnement Co.
B3B8D0
Sulliden Gold Corp. Ltd
865126
Sumitomo
Chemical Co. Ltd
685856
Sumitomo
Metal
Industries Ltd
685882
Sumitomo
Metal
Mining
Co. Ltd
685884
Suncor
Energy
inc.
867224
Sunoco inc.
86764P
Svenska Cellulosa AB
B1VVGZ
Swedish Match AB
504856
11
28 200
1 145
1 104
99 819
6 980
8 290
227 993
5 128
5 000
23 399
487
818
14 700
380
363
278 600
854
2 402
84 900
444
719
56 200
3 048
2 984
75 100
2 218
1 926
55 405
1 383
1 335
14 600
313
457
91 980
627
658
9 300
743
786
41 900
1 253
833
40 000
2 285
2 007
36 600
789
606
158 000
424
309
13 600
163
129
12 200
635
825
191
304
467
24 900
467
709
150 500
2 666
5 360
109 800
1 028
1 188
15 937
367
276
1 771 000
4 206
4 420
76 600
1 007
1 476
396 568
2 025
2 261
193 200
4 825
7 231
6 034
694
871
202 800
7 506
7 827
13 100
193
145
24 900
862
1 049
351 931
286
331
400
50
52
46 050
1 050
1 223
666 915
5 619
3 773
15 462
308
250
121 000
202
261
82 574
2 094
2 109
233 500
409
294
57 500
719
622
6 741
150
205
63 053
1 332
1 278
877 400
1 005
2 027
158 000
914
761
339 000
1 287
671
53 000
784
828
598 276
18 807
24 200
9 500
573
371
57 700
831
868
20 003
410
684
au 31 mai 2011
Émetteur
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
Swisscom AG
553397
Syngenta AG
435664
Sysco Corp.
871829
Tahoe Resources inc.
873868
Taiyo Nippon Sanso Corp.
664054
Talisman Energy inc.
87425E
Taseko Mines Ltd
876511
TDC A/S
569879
Technip SA
487416
Teck Resources Ltd
878742
Teijin
688050 Ltd
Tele2 AB
B08559
Telecom Corp. of New Zealand Ltd
688143
Telecom
763439 Italia SPA
Telefonica SA
573252
Telekom
463508 Austria AG
Telenor ASA
473249
TeliaSonera AB
597838
Telstra Corp. Ltd
608728
Tenaris SA
753851
Teranga Gold Corp.
880797
Terna Rete Elettrica Nazionale SPA
B01BN5
Tesco plc
088470
Thompson Creek Metals Co. inc.
884768
ThyssenKrupp AG
563692
Toho Gas Co. Ltd
689522
Tohoku
689526 Electric Power Co. inc.
Tokyo Electric Power Co. inc.
689540
Tokyo Gas Co. Ltd
689544
TonenGeneral
Sekiyu KK
636600
Toray
Industries
inc.
689714
Tosoh
Corp.
690028
Tourmaline Oil Corp.
89156V
Toyo Seikan Kaisha Ltd
690026
Toyo Suisan Kaisha Ltd
689996
TransCanada Corp.
89353D
Transglobe Energy Corp.
893662
Transocean Ltd
B5W3ND
Trelawney Mining and Exploration inc.
89472X
Trican Well Service Ltd
895945
Trilogy Energy Corp.
89620H
Trinidad Drilling Ltd
896356
Tullow Oil plc
015008
Twin
901401 Butte Energy Ltd
Tyson Foods inc.
902494
Ube Industries Ltd
691070
Ultra Petroleum Corp.
903914
Umicore SA
400500
Unicharm Corp.
691148
Unilever NV
B12T3J
Unilever plc
B10RZP
12
5 199
1 968
2 310
9 262
2 175
3 084
58 200
1 806
1 805
58 000
822
1 094
22 000
205
165
397 600
5 456
8 131
58 500
271
293
82 800
728
726
6 872
459
714
238 000
6 389
12 095
87 000
365
386
69 626
1 166
1 317
426 147
1 156
815
3 422 912
6 386
4 438
916 132
23 267
21 512
77 827
1 567
973
166 394
2 660
2 724
482 877
3 575
3 638
964 296
3 380
3 007
35 593
602
834
248 300
732
586
304 408
1 213
1 435
764 018
5 558
5 092
51 600
541
540
33 763
1 223
1 548
106 000
592
492
104 100
2 480
1 176
348 500
9 791
1 317
628 000
2 962
2 583
23 000
242
273
149 000
968
1 092
59 000
216
227
43 800
1 143
1 294
16 800
301
251
9 000
230
204
173 900
6 014
7 546
88 200
1 314
1 325
1 531
22 841
1 621
300 600
1 204
1 293
82 900
1 485
1 930
39 900
805
1 005
97 300
698
1 064
63 327
1 036
1 358
89 500
221
240
27 800
465
509
86 000
261
256
10 200
608
477
11 375
398
606
12 700
340
498
154 617
4 652
4 883
121 589
3 634
3 817
au 31 mai 2011
Émetteur
Quantité
Coût
Juste
valeur
(en milliers $)
(en milliers $)
Actions et parts
United States Steel Corp.
912909
United Utilities Group plc
B39J2M
UPM-Kymmene OYJ
505125
Uranium One inc.
91701P
Valero Energy Corp.
91913Y
Vedanta Resources plc
332770
Veolia Environnement SA
403187
Veresen inc.
92340R
Verizon Communications inc.
92343V
Vermilion Energy inc.
923725
Vodafone Group plc
B16GWD
Voestalpine AG
494340
Vulcan Materials Co.
929160
Wacker Chemie AG
B11Y56
Walgreen Co.
931422
Walter Energy Inc.
93317Q
Weatherford
International Ltd
H27013
Wesfarmers Ltd
694883
West Fraser Timber Co. Ltd
952845
Whitecap Resources inc.
96467A
Whitting Petroleum Corp.
966387
Whole Foods Market inc.
966837
Williams Cos. inc.
969457
Wilmar International Ltd
B17KC6
Windstream Corp.
97381W
Wisconsin Energy Corp.
976657
WM
060431Morrison Supermarkets plc
Woodside Petroleum Ltd
697972
Woolworths
Ltd
698123
WorleyParsons
Ltd
656247
Xcel
Energy
inc.
98389B
Xstrata plc
314110
Yakult
698511 Honsha Co. Ltd
Yamana Gold inc.
98462Y
Yamato Kogyo Co. Ltd
698544
Yamazaki Baking Co. Ltd
698550
Yara International ASA
775125
Total - actions et parts
13
14 328
942
639
153 275
2 019
1 517
50 110
941
914
114 300
578
406
40 100
1 749
1 064
11 744
432
402
86 098
3 751
2 519
39 500
391
567
624 500
21 398
22 259
22 200
729
1 129
11 548 357
31 017
31 073
10 894
463
525
12 700
883
495
1 435
262
309
87 400
3 381
3 686
6 100
736
736
52 700
1 156
1 003
109 546
2 989
3 761
9 200
345
455
105 200
738
700
9 000
585
586
13 500
668
799
41 600
1 021
1 257
198 000
893
825
109 800
1 256
1 424
1 746
57 950
1 511
208 680
1 074
1 008
46 171
1 841
2 219
115 165
2 791
3 244
13 071
310
401
118 700
2 643
2 825
203 827
3 471
4 627
9 500
268
254
260 263
2 470
3 235
4 400
176
138
12 000
130
148
19 200
651
1 119
1 620 835
1 726 078
au 31 mai 2011
Émetteur
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
Banque Canadienne Impériale de Commerce
13591Z
13591Z
Manulife Bank of Canada
565018
Column Canada Issuer Corp. (2002-CCL1, A1)
199650
Banque de Montréal
063671
La Banque de Nouvelle-Écosse
064149
Deutsche Bank AG
251541
Suncor Energy inc.
86721Z
Genesis Trust
37184W
Ontario School Boards Financing Corp.
683244
George Weston Ltd
96115Z
Banque
89116Z Toronto-Dominion
Banque Nationale du Canada
63306Z
Manulife Bank of Canada
565018
Merrill Lynch Financial Asset inc. (2001-CAN6, A2)
59022B
Financement-Québec
317385
Hydro One inc.
44810Z
Province de l'Ontario
683234
Encana Corp.
29253Z
Column Canada Issuer Corp. (2002-CCL1, B)
199650
Merrill Lynch Financial Asset inc. (2003-CA10, A1)
59022B
59022B
Toyota Credit Canada inc.
EG4633
Canada Housing Trust No 1
13509P
GE Capital Canada Funding Co.
36158Z
Hamilton
408122 Utilities Corp.
Electricity Distributors Finance Corp.
28504F
Master Credit Card Trust
57633Z
Wells
94975Z Fargo Financial Canada Corp.
Gouvernement du Canada
135087
13591Z
Honda Canada Finance inc.
43812Z
Hydro One inc.
44810Z
Shaw Communications inc.
82028K
Canadian Utilities Ltd
13671Z
135087
Province de Québec
74814Z
683234
Metropolitan Life Global Funding I
592179
Wells Fargo Financial Canada Corp.
94975Z
Greater Toronto Airports Authority
39191Z
1ère Corporation émettrice de TACHC N-45 (2003-3, A2)
62911N
Fiducie
180471 de Claret
CI Financial Corp.
125491
John Deere Credit inc.
24422Z
Citigroup Finance Canada inc.
17310Z
1ère Corporation émettrice de TACHC N-45 (2003-1, A2)
62911N
064149
BMW Canada inc.
05590H
Reliance L.P.
759480
Toronto Hydro Corp.
891190
2,30 % 2011-06-13 Taux variable
13 002
13 040
12 997
2,25 % 2011-06-15 Taux variable
30 000
30 087
30 011
2,30 % 2011-06-15 Taux variable
7 000
7 026
7 001
76
76
76
5 000
5 022
5 006
5,15 % 2011-07-12
2,35 % 2011-07-14 Taux variable
2,25 % 2011-08-12 Taux variable
5 700
5 727
5 711
4,90 % 2011-08-22
2 000
1 999
1 999
6,70 % 2011-08-22
2 529
2 606
2 558
4,25 % 2011-09-15
1 000
988
1 008
5,90 % 2011-10-19
6 631
7 015
6 743
6,45 % 2011-10-24
1 987
2 018
2 025
4,87 % 2011-10-28
600
600
608
4,46 % 2011-11-02
5 000
5 041
5 059
1,55 % 2011-11-10 Taux variable
2 000
2 001
1 999
6,38 % 2011-11-12
2 864
3 160
2 899
5,25 % 2011-12-01
38 470
40 458
39 242
6,40 % 2011-12-01
1 565
1 658
1 603
4,40 % 2011-12-02
12 235
12 787
12 430
4,30 % 2012-03-12
2 000
1 998
2 043
6,12 % 2012-04-12
1 015
1 082
1 037
4,50 % 2012-05-12
570
572
577
4,61 % 2012-05-12
334
334
339
4,60 % 2012-06-01
4 000
4 106
4 104
4,00 % 2012-06-15
26 150
26 942
26 854
6,25 % 2012-07-24
2 462
2 651
2 583
6,25 % 2012-07-30
500
523
525
6,45 % 2012-08-15
1 000
1 061
1 050
5,30 % 2012-08-21
2 000
2 000
2 083
6,05 % 2012-08-27
500
499
525
2,00 % 2012-09-01
600
604
605
5,00 % 2012-09-10
20 000
20 804
20 814
5,68 % 2012-09-26
3 563
3 732
3 726
5,77 % 2012-11-15
7 400
7 817
7 817
6,10 % 2012-11-16
10 000
10 577
10 565
6,14 % 2012-11-22
11 863
12 633
12 582
1,50 % 2012-12-01
56 735
56 641
56 784
4,50 % 2012-12-01
18 790
20 070
20 232
4,50 % 2012-12-02
14 515
15 139
15 144
2,63 % 2012-12-03
3 130
3 126
3 142
4,40 % 2012-12-12
3 700
3 600
3 824
6,25 % 2012-12-13
7 930
8 450
8 453
5,30 % 2012-12-15
3 355
3 444
3 391
4,71 % 2012-12-15
384
384
390
3,30 % 2012-12-17
1 500
1 500
1 517
2,40 % 2013-02-01
5 000
4 997
5 031
4,35 % 2013-03-08
4 000
3 997
4 118
4,68 % 2013-03-15
2 534
2 550
2 600
4,99 % 2013-03-27
7 475
7 558
7 830
3,22 % 2013-03-28
1 790
1 790
1 822
7,30 % 2013-04-03
180
176
188
6,11 % 2013-05-07
700
700
752
14
au 31 mai 2011
Émetteur
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
Real Estate Asset Liquidity Trust (2004-1, A1)
75585R
17310Z
Caterpillar Financial Services Ltd
14911Z
13509P
Master Asset Vehicle II, classe 6
57632X
Serco DES inc.
817479
Finning International inc.
31807Z
Lehman Brothers Holding inc.
524908
Honda Canada Finance inc.
43812Z
59022B
La
Banque de Nouvelle-Écosse
064149
La
Banque de Nouvelle Écosse
064149
VW
918423Credit Canada inc.
13509P
57632X
Industrielle
Alliance Capital Trust
455869
TransCanada
PipeLines Ltd
89353Z
36158Z
Merrill Lynch Canada Finance Co.
59021Z
683234
Daimler Canada Finance inc.
23384N
Loblaw Cos. Ltd
53947Z
British Columbia Ferry Services inc.
110574
135087
Manulife Financial Corp.
56502Z
Banque Royale du Canada
780087
Bell Canada
07813Z
Province du Manitoba
563469
Province
683234 de l'Ontario
Data Centres Trust
237609
17310Z
American
Express Canada Credit Corp.
02580Z
Emera
inc.
29087Z
FortisAlberta inc.
34957E
Financement-Québec
31739Z
135087
Thomson Reuters Corp.
884903
13509P
CI Financial Corp.
125491
63306Z
bcIMC Realty Corp.
07329V
GE
36158ZCapital Canada Funding Co.
59022B
Bell Aliant Regional Communications L.P.
07786Z
Province
683234 de l'Ontario
Merrill Lynch Financial Asset inc. (2005-CA15, B)
59022B
Trans-Northern Pipelines inc.
89328M
John
24422Z Deere Credit inc.
135087
39191Z
780085
4,45 % 2013-05-12
373
373
384
5,50 % 2013-05-21
1 520
1 518
1 600
5,20 % 2013-06-03
5 000
5 000
5 289
3,60 % 2013-06-15
38 100
39 415
39 365
0,00 % 2013-06-30
1 840
1 849
681
5,27 % 2013-08-27
953
953
984
1 898
5,16 % 2013-09-03
1 790
1 790
4,85 % 2013-09-03
3 000
3 000
780
5,61 % 2013-09-12
2 250
2 250
2 399
4,74 % 2013-09-12
355
355
369
8,30 % 2013-09-27
2 100
2 406
2 372
6,00 % 2013-10-03
4 015
4 367
4 328
2,55 % 2013-11-18
3 000
2 996
3 009
2,70 % 2013-12-15
7 270
7 424
7 410
0,00 % 2013-12-20
1 119
1 125
593
5,71 % 2013-12-31
5 288
5 313
5 489
5,65 % 2014-01-15
895
985
968
2,95 % 2014-02-10
2 250
2 247
2 269
5,00 % 2014-02-18
500
498
518
5,00 % 2014-03-08
97 040
106 222
104 576
3,16 % 2014-04-14
9 440
9 439
9 528
4,85 % 2014-05-08
1 120
1 197
1 183
5,74 % 2014-05-27
600
600
654
3,00 % 2014-06-01
37 300
38 212
38 490
4,90 % 2014-06-02
12 000
12 406
12 591
5,95 % 2014-06-18
3 000
3 088
3 254
4,85 % 2014-06-30
4 500
4 493
4 766
3,05 % 2014-09-01
8 000
7 998
8 209
3,25 % 2014-09-08
17 000
17 175
17 530
7,23 % 2014-09-10
1 320
1 425
1 413
6,75 % 2014-09-22
1 500
1 499
1 657
4,85 % 2014-10-03
2 000
2 000
2 113
4,10 % 2014-10-20
3 500
3 499
3 631
5,33 % 2014-10-31
1 500
1 499
1 630
1,03 % 2014-12-01 Taux variable
35 630
35 403
35 252
2,00 % 2014-12-01
22 200
21 987
22 176
5,20 % 2014-12-01
3 000
3 060
3 246
2,75 % 2014-12-15
27 900
27 848
28 404
4,19 % 2014-12-16
1 500
1 499
1 544
4,93 % 2014-12-22
2 530
2 541
2 693
4,65 % 2015-02-10
2 000
1 990
2 118
4,65 % 2015-02-11
300
300
317
4,82 % 2015-02-12
3 050
2 955
3 207
6,29 % 2015-02-17
480
480
527
4,50 % 2015-03-08
15 115
16 285
16 254
5,04 % 2015-03-12
1 000
1 000
1 022
4,74 % 2015-03-31
1 144
1 144
1 213
3,25 % 2015-04-08
1 000
997
1 014
2,50 % 2015-06-01
7 350
7 310
7 450
5,00 % 2015-06-01
4 290
4 450
4 637
4,35 % 2015-06-15
2 000
1 999
2 079
15
au 31 mai 2011
Émetteur
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
13509P
Alliance Pipeline L.P.
01877P
683234
Hydro One inc.
44810Z
Canadian Western Bank
136765
Capital Power L.P.
14043Z
Financement-Québec
31739Z
135087
RBC Capital Trust
74925Y
Cadillac Fairview Finance Trust
12741R
VW
918423Credit Canada inc.
Ford Auto Securitization Trust
345213
Nova
669771 Gas Transmission Ltd
Wells Fargo Financial Canada Corp.
94975Z
Thomson Reuters Corp.
884903
TELUS Corp.
87971M
Rogers Communications inc.
775109
36158Z
135087
Municipal Finance Authority of British Columbia
626209
Claregold Trust
180100
407 International inc.
35085Z
Union Gas Ltd
90664Z
Powell River Energy inc.
739135
68323A
RONA
776249 inc.
Financement-Québec
31739Z
Province de Québec
74814Z
Banque Toronto-Dominion
89116Z
CI Financial Corp.
125521
36158Z
Bell Canada
07813Z
683234
TELUS Corp.
87971M
Altagas Income Trust
02137Z
Bank of America Corp.
060505
Capital Desjardins inc.
14007A
135087
Banque de Montréal
06369Z
Great-West Lifeco Finance Delaware L.P. II
391382
BMO Subordinated Notes Trust
055972
35085Z
Financement-Québec
31739Z
Encana Corp.
29253Z
064149
683234
Banque
780085 Royale du Canada
Province du Nouveau-Brunswick
642866
Banque
06369Z de Montréal
Union Gas Ltd
90664Z
Goldman Sachs Group inc.
38141G
3,15 % 2015-06-15
22 125
22 685
22 810
7,23 % 2015-06-30
2 620
2 893
2 814
3,15 % 2015-09-08
19 500
19 491
19 964
2,95 % 2015-09-11
2 235
2 226
2 241
4,39 % 2015-11-30
5 000
5 000
5 048
4,60 % 2015-12-01
8 150
8 172
8 298
4,25 % 2015-12-01
3 130
3 213
3 340
3,00 % 2015-12-01
12 950
13 200
13 359
4,87 % 2015-12-31
1 205
1 145
1 274
3,24 % 2016-01-25
6 000
6 000
6 071
3,60 % 2016-02-01
2 000
1 998
2 040
3,02 % 2016-02-15
805
805
816
12,20 % 2016-02-28
1 750
2 830
2 417
3,70 % 2016-03-30
4 025
4 023
4 062
6,00 % 2016-03-31
2 250
2 245
2 521
3,65 % 2016-05-25
6 000
5 978
6 033
5,80 % 2016-05-26
2 500
2 494
2 747
5,10 % 2016-06-01
2 520
2 574
2 715
2,00 % 2016-06-01
19 100
18 722
18 791
3,00 % 2016-06-01
2 290
2 287
2 309
5,07 % 2016-06-15
2 430
2 405
2 530
3,88 % 2016-06-16
3 000
2 999
3 102
4,64 % 2016-06-30
600
600
640
6,45 % 2016-07-25
1 500
1 500
1 564
19 352
3,20 % 2016-09-08
19 000
18 953
5,40 % 2016-10-20
670
669
703
3,50 % 2016-12-01
7 000
6 981
7 196
4,50 % 2016-12-01
22 375
23 401
24 176
4,78 % 2016-12-14
1 600
1 600
1 677
3,94 % 2016-12-14
1 075
1 075
1 087
4,55 % 2017-01-17
3 000
2 823
3 134
5,00 % 2017-02-15
7 000
7 416
7 439
4,30 % 2017-03-08
7 160
7 595
7 666
4,95 % 2017-03-15
5 000
5 261
5 295
5,49 % 2017-03-27
3 000
3 000
3 193
5,15 % 2017-05-30
1 300
1 295
1 295
703
703
732
4 900
5 254
5 297
6,32 % 2017-06-01 Taux variable à compter du 2012-06-01
4,00 % 2017-06-01
6 935
7 256
7 172
5,69 % 2017-06-21
6 075
6 075
6 420
5,75 % 2017-09-26
2 000
2 000
2 229
3,87 % 2017-11-24
1 895
1 877
1 901
3,50 % 2017-12-01
24 600
24 564
24 982
5,80 % 2018-01-18
2 000
2 297
2 259
1 790
1 789
1 880
17 000
17 697
17 982
6 885
7 018
7 196
4,45 % 2018-03-26
2 000
1 984
2 142
6,17 % 2018-03-28
3 000
3 143
3 408
5,35 % 2018-04-27
1 000
999
1 100
5,00 % 2018-05-03
500
499
500
4,20 % 2018-03-08
16
au 31 mai 2011
Émetteur
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
Suncor Energy inc.
86721Z
AltaLink L.P.
02135Z
135087
780085
Enmax Corp.
293365
Financière Sun Life inc.
86682Z
RBC Capital Trust
74925Y
Hydro-Québec
44889Z
Brookfield Power Corp.
112833
Province
74814Z de Québec
Province de la Colombie-Britannique
110709
BMO Capital Trust II
055974
TD Capital Trust III
87239B
Bell Aliant Regional Communications L.P.
07786Z
Power Corp. of Canada
739239
Gouvernement
du Canada
135087
Province
de
l'Ontario
683234
Gaz Métro inc.
36830Z
CIBC Capital Trust
12544U
Groupe SNC-Lavalin inc.
78460T
CU inc.
12657Z
Cameco Corp.
13321L
36158Z
82028K
39191Z
Province
669827 de la Nouvelle-Écosse
Province de l'Alberta
013051
Province
74814Z de Québec
TELUS Corp.
87971M
Alliance
01877Z Pipeline L.P.
110709
Manulife Financial Capital Trust II
56501X
Canada
13509P Housing Trust No 1
Banque de Montréal
063671
First Cap Realty inc.
31943B
135087
683234
642869
563469
NBC Asset Trust
62874W
CDP Financial inc.
125094
Province de la Saskatchewan
803854
Hydro-Québec
448814
Rogers
775109 Communications inc.
136069
63306Z
780085
Capital
14006Z Desjardins inc.
Mississagi Power Trust
605204
Province de Québec
74814Z
82028K
5,80 % 2018-05-22
2 000
2 275
2 254
5,24 % 2018-05-29
1 000
1 000
1 106
4,25 % 2018-06-01
540
590
593
5 050
5 386
5 310
1 427
6,15 % 2018-06-19
1 300
1 298
5,12 % 2018-06-26
3 500
3 499
3 650
6,82 % 2018-06-30
12 585
13 546
14 582
30 567
5,50 % 2018-08-15
26 965
28 344
5,25 % 2018-11-05
1 790
1 789
1 854
4,50 % 2018-12-01
11 000
11 717
11 758
4,65 % 2018-12-18
1 500
1 514
1 627
10,22 % 2018-12-31
2 135
2 135
2 885
7,24 % 2018-12-31
2 685
2 685
3 187
5,52 % 2019-02-26
2 000
1 998
2 082
7,57 % 2019-04-22
3 000
2 998
3 604
3,75 % 2019-06-01
21 450
22 328
22 798
4,40 % 2019-06-02
29 320
30 322
31 053
4,93 % 2019-06-18
1 000
1 000
1 076
9,98 % 2019-06-30
2 500
3 270
3 313
6,19 % 2019-07-03
3 570
3 570
3 971
6,80 % 2019-08-13
2 787
2 937
3 367
5,67 % 2019-09-02
590
593
628
5,68 % 2019-09-10
4 910
4 906
5 378
5,65 % 2019-10-01
2 355
2 360
2 446
5,96 % 2019-11-20
2 895
3 149
3 318
4,15 % 2019-11-25
24 000
23 884
24 841
4,00 % 2019-12-01
10 000
9 919
10 382
4,50 % 2019-12-01
23 295
24 173
24 674
5,05 % 2019-12-04
4 570
4 543
4 703
4,93 % 2019-12-16
650
650
678
4,10 % 2019-12-18
28 000
27 786
29 027
7,41 % 2019-12-31
5 690
5 690
6 485
3,75 % 2020-03-15
10 000
10 055
10 368
3 610
3 385
3 372
5,60 % 2020-04-30
445
446
451
3,50 % 2020-06-01
8 505
8 668
8 853
29 809
4,20 % 2020-06-02
28 865
30 017
4,50 % 2020-06-02
7 000
7 061
7 361
4,15 % 2020-06-03
12 000
11 920
12 383
7,45 % 2020-06-30
795
795
940
4,60 % 2020-07-15
6 500
6 487
6 815
3,90 % 2020-07-28
11 000
10 968
11 201
11,00 % 2020-08-15
2 440
3 720
3 784
4,70 % 2020-09-29
1 000
999
984
5 000
4 985
4 954
1 790
1 803
1 895
4 670
4 656
4 625
895
887
906
6,92 % 2020-11-27
2 445
2 445
2 722
4,50 % 2020-12-01
40 295
41 940
42 241
5,50 % 2020-12-07
535
533
541
17
au 31 mai 2011
Émetteur
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
064149
Cadillac Fairview Finance Trust
12741R
Inter Pipeline Fund
45833Z
NAV Canada
62895Z
Brookfield Asset Management inc.
112585
775109
Pembina Pipeline Corp.
70632Z
Banque de Montréal
06369Z
Lower Mattagami Energy
548243
Bell
07813ZCanada
35085Z
Capital Desjardins inc.
14006Z
Gouvernement
du Canada
135087
Province
de
l'Ontario
68323A
13509P
TELUS Communications inc.
110727
Banque de Montréal
06369Z
TELUS Communications inc.
110727
Citigroup inc.
172967
Sun Life Assurance Co. of Canada
86605T
Province de Québec
748148
Great Lakes Power
390730
Great Lakes Power
390730
89116Z
80928F
891160
Nova
66975Z Gas Transmission Ltd
780085
Westcoast Energy inc.
95751D
AGT
00126TLtd
Lievre Power Financing Corp.
531739
Alliance
01877Z Pipeline L.P.
NAV Canada
628957
683234
Bell Canada
078149
Loblaw Cos. Ltd
53947Z
Loblaw Cos. Ltd
53947Z
683234
57632X
Bell Canada
07813Z
135087
110709
683244
Hydro One inc.
448810
39191Z
Enbridge inc.
29251Z
683244
Gaz
368271Métro inc.
Edmonton Regional Airport Authority
281204
TransCanada PipeLines Ltd
89353Z
Bell Canada
07813Z
5 000
5 122
5 676
4,31 % 2021-01-25
3 000
2 999
3 066
4,97 % 2021-02-02
1 250
1 250
1 291
4,40 % 2021-02-18
2 000
2 000
2 060
5,30 % 2021-03-01
1 500
1 499
1 525
5,34 % 2021-03-22
7 870
7 872
8 010
4,89 % 2021-03-29
4 000
4 000
4 067
6 700
6 672
7 242
4,33 % 2021-05-18
3 250
3 250
3 276
4,95 % 2021-05-19
500
498
503
4,30 % 2021-05-26
2 500
2 499
2 530
690
707
750
3,25 % 2021-06-01
5,54 % 2021-06-01 Rachetable à compter du 2016-06-01
12 400
12 366
12 586
4,00 % 2021-06-02
16 960
16 678
17 149
3,80 % 2021-06-15
10 000
9 959
10 297
10,65 % 2021-06-19
2 123
2 722
3 043
5 670
5 675
5 763
9,65 % 2022-04-08
537
761
734
5,16 % 2022-05-24
2 700
2 671
2 434
6,15 % 2022-06-30
3 060
3 161
3 184
9,38 % 2023-01-16
2 365
3 515
3 531
6,60 % 2023-06-16
731
730
866
7,80 % 2023-06-16
1 400
1 400
1 753
6 720
5,83 % 2023-07-09
6 000
5 566
5 700
5 700
6 857
9,15 % 2025-05-26
2 658
3 291
3 871
8,90 % 2025-05-27
2 000
2 555
2 776
4,93 % 2025-07-16
2 000
1 999
2 095
8,85 % 2025-07-21
2 086
2 446
2 972
8,80 % 2025-09-22
760
897
1 042
5,56 % 2025-10-06
1 500
1 500
1 508
6,77 % 2025-12-31
995
995
1 155
7,56 % 2027-03-01
2 995
3 514
3 669
7,60 % 2027-06-02
30 000
41 178
42 104
7,00 % 2027-09-24
445
418
496
6,45 % 2028-02-09
3 240
3 356
3 426
6,50 % 2029-01-22
1 172
1 119
1 241
6,50 % 2029-03-08
47 000
58 867
60 303
0,00 % 2029-04-25
13
13
9
6,55 % 2029-05-01
2 460
2 132
2 597
5,75 % 2029-06-01
5 100
6 522
6 694
5,70 % 2029-06-18
4 825
5 842
5 756
5,48 % 2029-11-26
1 962
1 962
2 165
7,35 % 2030-06-03
1 902
2 203
2 508
7,05 % 2030-06-12
3 437
3 552
4 332
7,22 % 2030-07-24
3 050
3 884
3 833
4,79 % 2030-08-08
2 606
2 606
2 711
7,05 % 2030-10-30
1 000
998
1 279
7,21 % 2030-11-01
767
832
938
6,50 % 2030-12-09
1 115
1 005
1 299
7,85 % 2031-04-02
2 142
2 539
2 565
18
au 31 mai 2011
Émetteur
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
683244
39191Z
866796
Hydro-Québec
448814
Bell Canada
07813Z
Aéroport de Montréal
007863
Hydro One inc.
44810Z
Province de Québec
748148
Sun Life Capital Trust
86679Q
Province
683234 de l'Ontario
Great-West Lifeco inc.
39138C
Merrill Lynch Financial Asset inc. (2001-CAN5, A2)
59022B
55
Ontario School Board Trust
31680P
Nova
66988Z Scotia Power inc.
Aéroport de Montréal
007863
Gaz Métro inc.
368271
Province
642866 du Nouveau-Brunswick
39191Z
Canadian Tire Corp. Ltd
13668Z
Financement-Québec
31739Z
Loblaw Cos. Ltd
53947Z
British Columbia Ferry Services inc.
110574
University of Ontario Institute of Technology
914764
Hydro-Québec
44889Z
FortisBC Energy inc.
88078Z
Bell
07813ZCanada
683234
Brookfield Asset Management inc.
10549P
Canadian Tire Corp. Ltd
13668Z
Metro inc.
59162Z
Nova
66988Z Scotia Power inc.
EPCOR Utilities inc.
29410Z
35085Z
FortisAlberta inc.
34957E
Capital Power Income L.P.
14042N
Gaz Métro inc.
368271
Union Gas Ltd
90664Z
AltaLink L.P.
02135Z
CU inc.
12657Z
Hydro One inc.
44810Z
Suncor Energy inc.
86721Z
Province
651333 de Terre-Neuve-et-Labrador
Toronto Community Housing Corp.
87228V
866796
Gouvernement
du Canada
135087
Ontario
Infrastructure
Projects Corp.
683086
Province
de
l'Ontario
683234
FortisBC Energy inc.
88078Z
36158Z
FortisBC Energy Vancouver Island inc.
88100B
Province de Québec
74814Z
5,07 % 2031-04-18
1 595
1 595
1 691
7,10 % 2031-06-04
2 685
2 957
3 413
3 000
2 995
3 011
6,00 % 2031-08-15
16 000
16 468
19 541
7,30 % 2032-02-23
1 500
1 738
1 696
6,95 % 2032-04-16
2 643
2 681
3 152
6,93 % 2032-06-01
4 085
4 968
5 216
6,25 % 2032-06-01
10 000
12 077
12 584
7,09 % 2032-06-30
1 390
1 520
1 576
5,85 % 2033-03-08
942
965
1 143
6,67 % 2033-03-21
1 000
1 003
1 178
6,79 % 2033-04-15
125
140
125
5,90 % 2033-06-02
5 815
5 811
6 802
6,95 % 2033-08-25
500
588
632
6,55 % 2033-10-11
2 600
3 081
3 174
6,30 % 2033-10-31
500
497
597
5,50 % 2034-01-27
3 900
3 929
4 515
599
6,47 % 2034-02-02
500
500
6,32 % 2034-02-24
700
747
734
5,25 % 2034-06-01
28 914
29 477
32 059
1 364
6,05 % 2034-06-09
1 365
1 354
6,25 % 2034-10-13
800
799
957
6,35 % 2034-10-15
9 602
9 602
10 598
6,50 % 2035-02-15
23 040
27 565
30 058
5,90 % 2035-02-26
1 500
1 597
1 720
6,10 % 2035-03-16
275
261
278
5,60 % 2035-06-02
6 200
7 068
7 350
5,95 % 2035-06-14
2 460
2 444
2 295
5,61 % 2035-09-04
1 200
1 157
1 147
5,97 % 2035-10-15
1 000
1 016
1 013
5,67 % 2035-11-14
940
953
1 030
5,65 % 2035-11-16
940
967
1 010
5,75 % 2036-02-14
995
1 000
1 039
5,40 % 2036-04-21
1 050
1 066
1 129
5,95 % 2036-06-23
1 500
1 606
1 335
5,70 % 2036-07-10
1 210
1 254
1 351
5,46 % 2036-09-11
1 000
1 000
1 078
5,25 % 2036-09-22
750
750
793
5,03 % 2036-11-20
800
800
819
4,89 % 2037-03-13
1 500
1 500
1 504
5,39 % 2037-03-26
895
647
928
4,50 % 2037-04-17
2 000
1 988
2 045
1 209
4,88 % 2037-05-11
1 200
1 200
5,40 % 2037-05-29
1 100
1 099
1 056
5,00 % 2037-06-01
33 615
40 653
42 010
4,70 % 2037-06-01
6 000
6 008
5 942
4,70 % 2037-06-02
10 000
10 682
10 518
6,00 % 2037-10-02
1 050
1 046
1 225
5,73 % 2037-10-22
1 340
1 321
1 401
6,05 % 2038-02-15
1 000
999
1 141
5,00 % 2038-12-01
12 800
13 457
13 990
19
au 31 mai 2011
Émetteur
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Obligations
TransCanada PipeLines Ltd
89353Z
Hydro One inc.
44810Z
Power Corp. of Canada
739239
683234
Nova Scotia Power inc.
66988Z
775109
82028K
563469
110709
Canada Post Corp.
13521J
Hydro One inc.
44810Z
350863
Winnipeg Airport Authority inc.
975014
Teranet
880789 Holdings L.P.
39191Z
563469
775109
Arrow Lakes Power
042767
Northwestconnect Group Partnership
667869
135087
683234
642869
Halifax International Airport Authority
405819
Province de Québec
74814Z
Manulife Finance Delaware L.P.
56502F
Province
110709 de la Colombie-Britannique
Simon Fraser University
82878R
Master Asset Vehicle II, classe A-1
57632X
Master Asset Vehicle II, classe A-2
57632X
Master Asset Vehicle II, classe B
57632X
Master
57632X Asset Vehicle II, classe C
Great-West Lifeco Finance Delaware L.P. II
391385
89116Z
TD Capital Trust IV
87239G
Sun Life Capital Trust II
86680B
8,05 % 2039-02-17
2 460
3 312
3 492
1 174
6,03 % 2039-03-03
1 000
999
8,57 % 2039-04-22
700
699
960
4,60 % 2039-06-02
7 000
6 910
7 284
5,95 % 2039-07-27
800
797
916
6,68 % 2039-11-04
2 870
2 897
3 000
6,75 % 2039-11-09
2 420
2 377
2 382
4,65 % 2040-03-05
12 000
11 700
12 664
4,95 % 2040-06-18
29 725
30 793
32 964
4,36 % 2040-07-16
3 000
2 999
3 228
5,49 % 2040-07-16
1 300
1 314
1 425
7,13 % 2040-07-26
1 690
1 821
2 194
5,21 % 2040-09-28
1 233
1 233
1 228
5,75 % 2040-12-17
940
940
928
5,30 % 2041-02-25
2 840
2 839
2 974
4,10 % 2041-03-05
2 900
2 727
2 796
6,56 % 2041-03-22
1 000
1 000
1 030
5,52 % 2041-04-05
485
485
505
5,95 % 2041-04-30
895
901
951
4,00 % 2041-06-01
76 516
80 200
83 702
4,65 % 2041-06-02
17 125
17 707
18 034
4,80 % 2041-06-03
8 000
7 955
8 514
5,50 % 2041-07-19
800
800
867
5,00 % 2041-12-01
10 425
11 591
11 466
5,06 % 2041-12-15 Rachetable à compter du 2036-12-15
750
750
654
4,30 % 2042-06-18
15 000
14 553
15 046
5,61 % 2043-06-10
1 000
1 000
1 130
0,00 % 2056-07-15
2 969
2 984
2 375
0,00 % 2056-07-15
9 141
9 184
6 888
0,00 % 2056-07-15
1 659
1 667
1 058
0,00 % 2056-07-15
426
428
138
7,13 % 2068-06-26
3 000
3 000
3 410
8 370
8 370
9 180
5 000
5 046
5 648
715
715
761
2 149 417
2 246 336
2 303 085
Total - obligations
20
au 31 mai 2011
Émetteur
Description
Valeur
nominale
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Instruments du marché monétaire
Province de Québec, bon du trésor
ST2687
Enbridge inc., papier commercial
ST2613
Gouvernement du Canada, bon du trésor
ST2714
Inter Pipeline (Corridor) inc., papier commercial
ST2687
Banque Canadienne Impériale de Commerce,
ST2688
1,01 % 2011-06-30
400
398
396
1,42 % 2011-07-07
7 000
6 951
6 993
0,91 % 2011-07-07
32 000
31 971
31 971
1,30 % 2011-07-19
5 500
5 482
5 491
1,16 % 2011-07-25
85
85
85
acceptation bancaire
Banque Royale du Canada, acceptation bancaire
ST2710
1,08 % 2011-07-25
175
175
175
ST2698
1,30 % 2011-08-03
4 000
3 987
3 991
La Banque de Nouvelle-Écosse, acceptation bancaire
ST2699
Banque
ST2700 Royale du Canada, acceptation bancaire
La Banque de Nouvelle-Écosse, acceptation bancaire
ST2706
ST2709
Caisse Centrale Desjardins, note promissoire
ST2663
ST2665
1,17 % 2011-08-04
3 000
2 991
2 994
1,15 % 2011-08-08
145
145
145
ST2667
1,14 % 2011-08-11
100
100
100
1,29 % 2011-08-23
10 500
10 466
10 470
1,30 % 2011-08-24
10 000
9 941
9 971
1,30 % 2011-09-15
15 000
14 902
14 945
1,30 % 2011-09-15
20 000
19 872
19 927
1,32 % 2011-09-29
9 500
9 439
9 460
ST2675
Caisse Centrale Desjardins, note promissoire
ST2700
1,31 % 2011-11-04
5 000
4 968
4 971
Telus Corp., papier commercial
ST2713
1,36 % 2011-11-25
20 000
19 869
19 863
Banque Royale du Canada, acceptation bancaire
ST2699
1,45 % 2012-01-19
12 000
11 880
11 892
154 405
153 622
153 840
Total - instruments du marché monétaire
21
au 31 mai 2011
Élément sous-jacent
Prix de
contrat ou
d'exercice
Nombre
d'unités
Échéance /
livraison
Valeur
notionnelle
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Contrats à terme - position acheteur
Dollar américain
FUSD02
Dollar
FUSD02américain
Dollar américain
FUSD07
Dollar américain
FUSD07
Dollar
FUSD07américain
Dollar américain
FUSD07
Dollar australien
FAUD07
Dollar
FAUD07australien
Dollar canadien
CDM1RV
Dollar
FHKD07de Hong Kong
Dollar de Singapour
FSGD07
Euro
FEUR07
Euro
FEUR07
Euro
FEUR07
Euro
FEUR07
Euro StoXX 50
VGM1RA
Franc suisse
FCHF07
Franc suisse
FCHF07
Gouvernement du Canada, 1,75 %, 2013-03-01
F135ZD
F135ZL
F135ZC
F135YZ
F135YZ
F135YR
F135YB
Gouvernement
du Canada, 4,00 %, 2041-06-01
F135YQ
Gouvernement
du Canada, 5,00 %, 2037-06-01
F135XW
Gouvernement
du
Canada, 5,00 %, 2037-06-01
F135XW
Indice
Euro-Bund
RXU1F0
Indice S&P 500 E-Mini
ESM1IN
Indice
PTM1INS&P/TSX 60
Livre sterling
FGBP07
Livre sterling
FGBP07
Livre sterling
FGBP07
Province de l'Ontario, 4,30 %, 2017-03-08
F683YX
F683B8
Shekel israélien
FILS07
Taux d'intérêt 3 mois indice Euribor
ERU2F0
ERH3F0
ERM3F0
ERH4F0
Taux
L M2F0d'intérêt 3 mois livre sterling
Taux d'intérêt 3 mois livre sterling
L Z2F0
L Z3F0
Taux d'intérêt eurodollar 3 mois
EDZ3F0
EDZ4F0
US Treasuries, 4,25 %, 2040-11-15
F912QL
US Treasuries, 4,75 %, 2041-02-15
F912QN
Yen
FJPY07
Yen
FJPY07
0,95 CAD
1 334 500
2011-06-02
1 262
-
0,97 CAD
12 576 000
2011-06-02
12 178
-
31
6
0,95 CAD
6 101 645
2011-06-07
5 794
-
118
0,97 CAD
122 643 092
2011-06-07
118 842
-
(8)
0,97 CAD
122 643 093
2011-06-07
118 843
-
(10)
0,97 CAD
2 220 984
2011-07-07
2 153
-
1
1,03 CAD
1 566 607
2011-06-07
1 621
-
(4)
1,03 CAD
25 315 889
2011-06-07
26 122
-
7
102,48 USD
12
2011-06-15
1 200
-
-
0,12 CAD
37 087 768
2011-06-07
4 621
-
-
0,78 CAD
4 762 260
2011-06-07
3 738
-
1,41 CAD
2 880 243
2011-06-07
4 054
-
(42)
1,39 CAD
42 950 960
2011-06-07
59 826
-
(4)
1,39 CAD
42 950 962
2011-06-07
59 825
-
(3)
1,39 CAD
3 744 620
2011-07-07
5 220
-
(4)
2 649,38 EUR
136
2011-06-20
5 412
-
-
1,14 CAD
16 350 478
2011-06-07
18 576
-
5
1,14 CAD
1 814 347
2011-07-07
2 063
-
1
100,31 CAD
25 000 000
2011-06-30
25 076
-
(1)
65
-
96,41 CAD
3 300 000
2011-06-08
3 181
-
101,02 CAD
20 000 000
2011-06-30
20 203
-
49
100,78 CAD
16 650 000
2011-06-08
16 780
-
546
100,79 CAD
4 300 000
2011-06-08
4 334
-
141
103,24 CAD
23 800 000
2011-06-08
24 570
-
716
105,75 CAD
1 900 000
2011-06-08
2 009
-
39
103,71 CAD
33 850 000
2011-06-08
35 107
-
1 928
119,01 CAD
6 700 000
2011-06-08
7 974
-
401
122,55 CAD
2 550 000
2011-06-08
3 125
-
62
124,91 EUR
150
2011-09-12
26 122
-
-
1 301,98 USD
97
2011-06-17
6 314
-
-
778,63 CAD
28
2011-06-17
4 414
-
-
1,58 CAD
2 629 218
2011-06-07
4 161
-
26
1,59 CAD
55 384 547
2011-06-07
88 325
-
(116)
1,60 CAD
1 414 672
2011-07-07
2 258
-
104,78 CAD
5 900 000
2011-06-08
6 182
-
130
(4)
103,33 CAD
33 500 000
2011-06-08
34 617
-
847
0,28 CAD
5 672 811
2011-06-07
1 601
-
97,89 EUR
600
2012-09-17
204 358
-
-
97,31 EUR
65
2013-03-18
22 092
-
-
97,17 EUR
1
2013-06-17
340
-
-
96,94 EUR
65
2014-03-17
21 987
-
-
98,45 GBP
125
2012-06-20
24 544
-
-
98,12 GBP
100
2012-12-19
19 551
-
-
97,27 GBP
100
2013-12-18
19 386
-
-
96,70 USD
201
2013-12-16
47 648
-
-
96,13 USD
400
2014-12-15
93 891
-
-
96,71 USD
4 000 000
2011-06-08
3 868
-
146
(1)
102,79 USD
4 000 000
2011-06-08
4 112
-
252
0,01 CAD
3 475 066 927
2011-06-07
41 449
-
(19)
0,01 CAD
384 361 832
2011-07-07
4 586
-
1
22
au 31 mai 2011
Prix de
contrat ou
d'exercice
Nombre
d'unités
Échéance /
livraison
Total - contrats à terme - position acheteur
Valeur
notionnelle
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
1 275 515
5 302
Contrats à terme - position vendeur
Dollar américain
FUSD02
Dollar américain
FUSD02
Dollar américain
FUSD02
Dollar
FUSD07américain
Dollar américain
FUSD07
Dollar américain
FUSD07
Dollar américain
FUSD07
Dollar américain
FUSD09
Dollar américain
FUSD13
Dollar américain
FUSD14
Dollar américain
FUSD15
Dollar américain
FUSD15
Dollar
FUSD17américain
Dollar américain
V02986
Dollar
FAUD07australien
Dollar australien
FAUD07
Dollar
FAUD16australien
Dollar de Hong Kong
FHKD07
Dollar
FHKD07de Hong Kong
Dollar de Singapour
FSGD07
Dollar de Singapour
FSGD07
Euro
FEUR07
Euro
FEUR07
Euro
FEUR07
Euro
FEUR07
Euro
FEUR13
Franc suisse
FCHF07
Franc suisse
FCHF07
Gouvernement du Canada,
F135ZK
F135ZL
F135ZL
F135ZF
F135YZ
F135YZ
Gouvernement
du Canada,
F135YZ
Gouvernement
du Canada,
F135YR
Gouvernement
du Canada,
F135YR
Gouvernement
du Canada,
F135YR
Gouvernement
du
Canada,
F135YB
Gouvernement
du
Canada,
F135YF
Gouvernement
du
Canada,
F135YQ
Gouvernement
du
Canada,
F135YQ
Gouvernement
du
Canada,
F135YQ
F135YQ
F135XW
F135XW
F135XW
Indice devise japonaise
JYM1RF
0,96 CAD
13 465 500
2011-06-02
12 883
-
0,96 CAD
342 500
2011-06-02
329
-
(3)
0,95 CAD
102 500
2011-06-02
97
-
(2)
0,95 CAD
125 693 915
2011-06-07
119 356
-
(2 433)
0,95 CAD
125 693 915
2011-06-07
119 358
-
(2 431)
0,97 CAD
122 643 092
2011-07-07
118 925
-
0,97 CAD
122 643 093
2011-07-07
118 919
-
0,96 CAD
50 400 000
2011-06-09
48 456
-
0,96 CAD
65 600 000
2011-06-13
63 080
-
(491)
0,95 CAD
67 600 000
2011-06-14
64 476
-
(1 035)
0,97 CAD
39 112 000
2011-06-15
37 891
-
(13)
0,98 CAD
1 409 000
2011-06-15
1 379
-
14
0,97 CAD
51 500 000
2011-06-17
50 075
-
163
0,97 CAD
17 500 000
2011-06-16
16 918
-
(36)
1,03 CAD
26 882 497
2011-06-07
27 812
-
66
1,03 CAD
25 315 889
2011-07-07
26 041
-
(7)
1,02 CAD
9 685 000
2011-06-16
9 911
-
(76)
0,12 CAD
37 087 768
2011-06-07
4 535
-
(87)
0,12 CAD
37 087 768
2011-07-07
4 625
-
(1)
0,78 CAD
4 762 260
2011-06-07
3 699
-
(39)
0,79 CAD
4 762 260
2011-07-07
3 741
-
1,41 CAD
44 391 082
2011-06-07
62 477
-
650
1,41 CAD
44 391 083
2011-06-07
62 477
-
650
1,39 CAD
42 950 960
2011-07-07
59 824
-
1
1,39 CAD
42 950 962
2011-07-07
59 823
-
1,39 CAD
10 274 000
2011-06-13
14 240
-
(70)
1,09 CAD
16 350 478
2011-06-07
17 881
-
(700)
1,14 CAD
16 350 478
2011-07-07
18 591
-
(8)
1,50 %, 2012-12-01
99,59 CAD
12 000 000
2011-06-08
11 951
-
(59)
2,00 %, 2016-06-01
97,49 CAD
5 800 000
2011-06-08
5 655
-
(51)
2,00 %, 2016-06-01
98,05 CAD
11 000 000
2011-06-30
10 786
-
(29)
3,00 %, 2015-12-01
102,78 CAD
40 000 000
2011-06-30
41 110
-
(104)
3,50 %, 2020-06-01
100,77 CAD
9 950 000
2011-06-08
10 027
-
(328)
3,50 %, 2020-06-01
102,75 CAD
2 750 000
2011-06-08
2 826
-
(36)
3,50 %, 2020-06-01
103,83 CAD
12 000 000
2011-06-30
12 460
-
(14)
3,75 %, 2019-06-01
103,22 CAD
26 600 000
2011-06-08
27 457
-
(803)
3,75 %, 2019-06-01
103,23 CAD
6 000 000
2011-06-08
6 194
-
(181)
3,75 %, 2019-06-01
106,06 CAD
71 000 000
2011-06-30
75 305
-
(23)
4,00 %, 2016-06-01
105,70 CAD
8 400 000
2011-06-08
8 879
-
(176)
4,00 %, 2017-06-01
105,61 CAD
37 200 000
2011-06-08
39 287
-
(925)
4,00 %, 2041-06-01
103,70 CAD
3 050 000
2011-06-08
3 163
-
(174)
4,00 %, 2041-06-01
104,95 CAD
2 250 000
2011-06-08
2 361
-
(100)
4,00 %, 2041-06-01
106,28 CAD
3 100 000
2011-06-08
3 295
-
(97)
4,00 %, 2041-06-01
108,84 CAD
20 000 000
2011-06-30
21 769
-
(79)
5,00 %, 2037-06-01
119,00 CAD
3 600 000
2011-06-08
4 284
-
(216)
5,00 %, 2037-06-01
119,00 CAD
50 000 000
2011-06-08
59 500
-
(2 996)
5,00 %, 2037-06-01
124,12 CAD
36 000 000
2011-06-30
44 683
-
(253)
121,02 USD
7
2011-06-15
1 040
-
23
(161)
7
1
(381)
(1)
-
-
au 31 mai 2011
Prix de
contrat ou
d'exercice
Nombre
d'unités
Échéance /
livraison
Valeur
notionnelle
Coût
Juste
valeur
(en milliers $)
(en milliers $)
(en milliers $)
Contrats à terme - position vendeur
Indice Euribor 3 mois
ERU3F0
Indice S&P 500 E-Mini
ESM1IN
Livre
FGBP07sterling
Livre sterling
FGBP07
Livre sterling
FGBP13
Or
GCQ1RV
F683B8
Russell
RTAM1R2000 Mini Index Futures
Shekel israélien
FILS07
Shekel
FILS07 israélien
Taux d'intérêt 10 ans obligations du gouvernement du Canada
CNU1AM
Taux
ERZ1F0d'intérêt 3 mois indice Euribor
ERM3RF
ERZ3F0
L M1F0
L M3F0
EDM3F0
EDM4F0
EDM5F0
US Treasuries, 4,25 %, 2040-11-15
F912QL
US
Treasuries, 4,75 %, 2041-02-15
F912QN
Yen
FJPY07
Yen
FJPY07
97,13 EUR
130
2013-09-16
44 085
-
-
1 361,23 USD
54
2011-06-17
3 515
-
-
1,58 CAD
58 013 765
2011-06-07
91 842
-
1,60 CAD
55 384 547
2011-07-07
88 353
-
110
1,58 CAD
8 363 000
2011-06-13
13 209
-
(111)
1 528,70 USD
8
2011-08-31
1 191
-
103,33 CAD
24 500 000
2011-06-08
25 315
-
(555)
(621)
796,25 USD
5
2011-06-17
411
-
-
0,28 CAD
5 672 811
2011-06-07
1 596
-
(5)
0,28 CAD
5 672 811
2011-07-07
1 600
-
2
124,04 CAD
595
2011-09-30
73 935
-
-
98,38 EUR
300
2011-12-19
102 518
-
-
97,40 EUR
150
2013-06-17
50 928
-
-
96,89 EUR
151
2013-12-16
51 136
-
-
99,16 GBP
125
2011-06-15
24 678
-
-
97,71 GBP
200
2013-06-19
38 943
-
-
97,22 USD
201
2013-06-17
47 903
-
-
96,61 USD
200
2014-06-16
47 176
-
-
95,74 USD
200
2015-06-15
46 747
-
98,86 USD
4 000 000
2011-06-08
3 955
-
(59)
107,22 USD
4 000 000
2011-06-08
4 289
-
(74)
0,01 CAD
3 475 066 927
2011-06-07
40 669
-
(760)
0,01 CAD
3 475 066 927
2011-07-07
41 480
-
12
Total - contrats à terme - position vendeur
2 385 325
(15 128)
Contrats de swap sur taux d'intérêt
Variable CDOR 3 mois à recevoir / Fixe 4,305 % à payer
V12924
25 000 000
Total - contrats de swap sur taux d'intérêt
2018-03-05
25 000
-
25 000
(2 475)
Total - instruments financiers dérivés
(12 301) *
Total des autres investissements
*
(2 475)
4 020 793
4 170 702 *
De ces totaux, un montant de 19,5 M$, représentant la juste valeur négative des instruments financiers dérivés, sont présentés sous Créditeurs et autres passifs aux
états financiers du Fonds de solidarité des travailleurs du Québec (F.T.Q.) au 31 mai 2011.
24
www.fondsftq.com
INDEX OF THE SHARE OF THE FONDS
IN INVESTMENTS MADE BY
THE SPECIALIZED FUNDS, AT COST
(UNAUDITED)
A S AT M AY 3 1 , 2 0 1 1
INDEX OF THE SHARE OF THE FONDS IN INVESTMENTS
MADE BY THE SPECIALIZED FUNDS, AT COST
(UNAUDITED)
A S AT M AY 3 1 , 2 0 1 1
(In thousands)
Information from Annual Financial
Report dated
Shares
and Units $
49,775 Loans and
Advances
$
Total
$
05-31-10 BDR Capital s.e.c.
Accedian Networks Corporation
BDR Valorisation inc.
Bluestreak Network inc.
Coradiant (Canada) inc.
Coradiant inc.
Corporation DataCom Wireless
Énergie Afina inc.
Enerkem inc.
Irphotonique inc.
Les Réseaux Accedian inc.
Logiciel Iscopia Holding inc.
Logiciel Iscopia inc.
LxDonnées inc.
Nanogestion inc.
Omni-Med.com inc.
ProVance Technologies inc.
Réseaux Trellia inc.
SolaCom Technologies inc.
Technologie Bluestreak (Canada) inc.
Technologies Microbridge Canada inc.
TelcoBridges inc.
Wavesat inc.
20,238 70,013
12-31-10 FIER Partenaires, société en commandite
AgeChem Venture Fund, L.P.
Capital St-Laurent, s.e.c.
Fonds Brightspark II, s.e.c.
Fonds CTI sciences de la vie, s.e.c.
Fonds d’investissement iNovia II, société en commandite
Fonds Propulsion III, s.e.c.
GO capital, s.e.c.
Novacap Industries III, s.e.c.
Novacap Technologies III, s.e.c.
Rho Canada Capital de Risque, s.e.c.
Securities of two other companies
17,383 17,383
Funds committed but not disbursed
24,516
41,899
03-31-11 Fonds Bio-Innovation, société en commandite
Securities of eight companies Funds committed but not disbursed 427
7,496
4,946 2,123 7,069
1
(UNAUDITED) (CONTINUED)
A S AT M AY 3 1 , 2 0 1 1
(In thousands)
Report dated
Shares
and Units $
Loans and
Advances
$
Total
$
2,877 8,823 11,700
03-31-11 Fonds d’investissement de la culture et des communications, société en commandite
9168-1478 Québec inc. (Laboratoires GSS)
Archipel Productions inc.
Attraction Média inc.
Audio Postproduction SPR inc.
Carpediem film & TV inc.
De Marque inc.
Écho Média inc.
Gestion Juste pour Rire inc.
Groupe Phaneuf inc.
Groupe Star Suites inc.
Groupe Télé-Vision inc.
Guides de Voyages Ulysse inc.
GVGS inc.
Janidée inc.
Jeux Alary inc.
LC Média inc.
Media-Max inc.
Média Cinéflix inc.
Sarbakan inc.
Toon Boom Animation inc.
Tribal Nova inc.
Vivavision inc.
Wilson & Lafleur, limitée
Securities of four other companies
Funds committed but not disbursed 2,735
14,435
02-28-11 Fonds Envol, société en commandite
Gestion Simulateur de vol – Capital inc. 4 4
Simulateur de vol – Capital, s.e.c. 3,097 3,097
3,101 3,101
12-31-10 Fonds immobilier de solidarité FTQ inc.
1,502 1421 Crescent, s.e.c. 300 St-Paul, s.e.c. 790 Rand, s.e.c. 81-83 Richelieu s.e.c. 875 Charest s.e.c. 2,159 2,159
880 Honoré-Mercier s.e.c. 20,029 20,029
9054-9999 Québec inc. & 9225-8607 Québec inc. Bio Sherbrooke Phase I s.e.c. 1,324 Brossard-sur-le-Fleuve s.e.c. 2,217 Carré Chambord s.e.c. 500 Centre de développement des Biotechnologies de Laval s.e.c. 5,100 Complexe L.L. Phase II, s.e.c. Condominiums Le George V s.e.c. 10 10
Condos Wanklyn-Milot s.e.c. 4,265 4,265
10,471 10 880 655 3,037 1,800 1,502
10,471
10
1,535
3,037
1,324
2,217
2,300
14,095 19,195
10,878 10,878
2
Report dated
Shares
and Units $
Loans and
Advances
$
Total
$
753 2,471 3,224
12-31-10 Fonds immobilier de solidarité FTQ inc. (continued)
CPA Fontainebleau, s.e.c. Développements Wilfrid-Carrier s.e.c. 7,321 7,321
Édifice Saint-Vallier, s.e.c. 11,728 11,728
Espace MV1 s.e.c. 1,468 1,468
Espace MV2 s.e.c. 3,093 3,093
Espaces Lebourgneuf Phase III s.e.c. 1,800 Gérer son Quartier Graham-Mont-Royal, s.e.c. 6,720 La Résidence Le Nobilis inc. 1 Montée des Pionniers Phase I s.e.c. 3,321 1,800
3,321
6,720
1
500 3,757 4,257
Montée des Pionniers Phase II s.e.c. 550 1,550 2,100
R.P.A. 1 Lachenaie s.e.c. 590 R.P.A. Mont-Joli s.e.c. 900 R.P.A. Rawdon s.e.c. Société en commandite 1307 Sainte-Catherine 17,500 Société en commandite Angus s.e.c. Phase I 1
640 641
Société en commandite Angus s.e.c. Phase II 1
12,225 12,226
Société en commandite Bourassa-Pelletier 10 9,803 9,813
Société en commandite Château Hymus 371 371
Société en commandite Clairevue 150 231 381
Société en commandite C.V.L. 809 809
Société en commandite Duke Wellington 1 1
Société en commandite GII, Ilôt 10 (Comm-bur) 2,222 2,222
Société en commandite GII, Ilôt 10 (Résidentiel) 1,591 1,591
Société en commandite Griffintown II 2,990 4,818
Société en commandite Héritage Pointe-Claire Société en commandite Laurin/Saint-Louis Phase I Société en commandite Le Sanctuaire de la Rive 500 500
Société en commandite Rose de Lima 500 500
Société en commandite Viau Ontario 1,640 Souvenir-Corbusier s.e.c. 650 1,372 2,022
St-Paul/Du Palais s.e.c. 4,303 702 5,005
Technoparc Bromont Phase I s.e.c. 1,021 13 1,034
Wanklyn-Milot s.e.c. 2,725 5 general partners of limited partnerships 1 225 1,352 1,500 1,828 1 8,266 119,216 14,571 95,954 590
1,125
1,352
19,000
1
22,837
1,640
2,725
1
215,170
12-31-10 Fonds immobilier de solidarité FTQ I, s.e.c.
1061 St-Alexandre, s.e.c. 1,250 487 1,737
9176-0934 Québec inc. 1,450 1,450
C.C.L. II, société en commandite Centre de Ressources du Parc Technologique du Québec Métropolitain inc. 2,709 510 3,219
Condos Miscéo, s.e.c. 862 2,869 3,731
Édifice 255 Saint-Jacques société en commandite 1 1
Édifice 261 Saint-Jacques société en commandite 1,215 1,215
Immobilière St-Hippolyte s.e.c. 500 500
La société en commandite Godefroy de Lintôt 440 Promis (promotion – intégration – société nouvelle) 559 660 559
440
660
3
A S AT M AY 3 1 , 2 0 1 1
(In thousands)
Report dated
Shares
and Units $
Loans and
Advances
$
Total
$
12-31-10 Fonds immobilier de solidarité FTQ I, s.e.c. (continued)
PTQM/Lutech s.e.c. Société en commandite 1190 Jeanne-Mance Société en commandite 1250 Jeanne-Mance Société en commandite 3333 Côte Ste-Catherine Société en commandite 37-39 Notre-Dame 1
257 258
Société en commandite 544 de l’Inspecteur 1
3,203 3,204
Société en commandite 87 St-Antoine 1 1
Société en commandite Alfred-Nobel 1 1
Société en commandite Beauharnois Société en commandite Claude Baillif 1,045 1,045
Société en commandite de La Dauversière 3,562 3,562
Société en commandite Émilie-Gamelin Société en commandite Inspecteur-William 10 10
Société en commandite Les Berges Brossard 11 5
16
Société en commandite Les tours des terrasses du golf 1
14 15
Société en commandite Les tours des terrasses du golf Phase II 149 16 165
Société en commandite Marina St-Sulpice 1 1
Société en commandite Milton 2,338 2,338
Société en commandite Place Dunant 150 150
Société en commandite Square Mont-Royal 1
1
2
Société en commandite Ste-Hélène 27 16 43
Village de la Gare, s.e.c. 360 1 general partner of a limited partnership 1 2,622 2,622
1
2,164 2,165
1
502 503
10 1
100 17,931 1
133 12,288 10
2
233
360
1
30,219
12-31-10 Fonds immobilier de solidarité FTQ II, s.e.c.
1030-1040 de Bleury s.e.c. 1061 St-Alexandre, s.e.c. 3,943 1245 St-Grégoire, s.e.c. 1 1
1405 Henri Bourassa ouest s.e.c. 1,836 1,836
1405 PTQM s.e.c. 2,125 9176-0934 Québec inc. 1,450 Brousseau Marine Sports inc. 150 Capital BLF inc. Centre de Ressources du Parc Technologique du Québec Métropolitain inc. Complexe L.L. phase l, s.e.c. 6,258 6,258
Complexe L.L. phase ll, s.e.c. 2,604 2,604
Complexe L.L. phase llI, s.e.c. 10 10
Espaces Lebourgneuf s.e.c. 2,042 2,042
Faubourg la Grande Place s.e.c. 1,143 Hôtel Particulier : Le Ste-Hélène s.e.c. Immobilière Concorde-Corbusier s.e.c. 6,249 Neuvième Avenue, s.e.c. 10 10
SEC St-Bruno-sur-le-Lac Phase 2 250 250
SEC St-Bruno-sur-le-Lac Phase 3 Société en commandite 75 boulevard Québec 518 518
Société en commandite African 500 454 954
Société en commandite Benadev 3,917 160 4,077
Société en commandite Cavelier de LaSalle 4,325 1,500 5,825
487 3,042 1,110 66 4,386 1,110 3,943
487
2,125
1,450
150
3,042
66
1,143
4,386
6,249
2,220
4
Report dated
Shares
and Units $
Loans and
Advances
$
Total
$
12-31-10 Fonds immobilier de solidarité FTQ II, s.e.c. (continued)
Société en commandite CDTI de Hull Société en commandite d’investissement Germain-Calgary 2,283 2,000 4,283
Société en commandite du 1400 458 440 898
Société en commandite du 259 boulevard St-Joseph-Hull 133 Société en commandite JBSL 755 755
Société en commandite Mansfield 2,075 2,075
Société en commandite PVM-Gatineau 1,000 1,000
Société en commandite RMI 239 239
Trois A, Société en commandite 850 850
5 general partners of limited partnerships 1 08-31-10 Fonds locaux de solidarité FTQ, s.e.c.
100 47,777 12,203 100
133
1
59,980
Centre local de développement de la MRC de Maskinongé 158 Centre local de développement de Brome-Missisquoi 10 10
Centre local de développement de la MRC les Maskoutains 70 70
Centre local de développement des Etchemins 10 27
SOLIDE Ahuntsic-Cartierville 250 250
SOLIDE Centre-Sud/Plateau Mont-Royal 195 195
SOLIDE Chibougamau 5
5
SOLIDE Côte-des-Neiges/Notre-Dame-de-Grâce 10 10
SOLIDE de Gatineau 10 10
SOLIDE de la Basse Côte-Nord Kégaska-Blanc-Sablon 10 10
SOLIDE de la MRC d’Acton 10 10
SOLIDE de la MRC d’Antoine-Labelle 105 105
SOLIDE de la MRC d’Argenteuil 80 80
SOLIDE de la MRC d’Autray 10 10
SOLIDE de la MRC d’Avignon 145 205
SOLIDE de la MRC de Beauce-Sartigan 225 225
SOLIDE de la MRC de Beauharnois-Salaberry 10 10
SOLIDE de la MRC de Bécancour 250 250
SOLIDE de la MRC de Bellechasse 20 20
SOLIDE de la MRC de Bonaventure 90 90
SOLIDE de la MRC de Caniapiscau 10 10
SOLIDE de la MRC de Charlevoix 225 225
SOLIDE de la MRC de Charlevoix-Est 104 202
SOLIDE de la MRC de Coaticook 10 10
SOLIDE de la MRC de Drummond 348 348
SOLIDE de la MRC de Francheville 50 50
SOLIDE de la MRC de Joliette 250 250
SOLIDE de la MRC de la Côte-de-Beaupré 113 113
SOLIDE de la MRC de la Haute-Côte-Nord 10 10
SOLIDE de la MRC de la Jacques-Cartier 10 10
SOLIDE de la MRC de la Mitis 112 112
SOLIDE de la MRC de la Nouvelle-Beauce 35 35
SOLIDE de la MRC de la Rivière-du-Nord 160 160
SOLIDE de la MRC de la Vallée-du-Richelieu 100 100
SOLIDE de la MRC de Lac-Saint-Jean-Est 72 72
SOLIDE de la MRC de l’Amiante 9
102
17 60 98 93 158
5
A S AT M AY 3 1 , 2 0 1 1
(In thousands)
Report dated
Shares
and Units $
08-31-10 Fonds locaux de solidarité FTQ, s.e.c. (continued)
Loans and
Advances
$
Total
$
SOLIDE de la MRC de l’Île d’Orléans 10 10
SOLIDE de la MRC de Lotbinière 74 100
SOLIDE de la MRC de Maria-Chapdelaine 250 250
SOLIDE de la MRC de Matane 320 320
SOLIDE de la MRC de Mékinac 370 370
SOLIDE de la MRC de Memphrémagog 410 410
SOLIDE de la MRC de Minganie 10 10
SOLIDE de la MRC de Montmagny 60 60
SOLIDE de la MRC de Pontiac 10 10
SOLIDE de la MRC de Rimouski-Neigette 10 10
SOLIDE de la MRC de Rivière-du-Loup 10 10
SOLIDE de la MRC de Roussillon 81 81
SOLIDE de la MRC de Sept-Rivières 211 211
SOLIDE de la MRC de Témiscamingue 10 10
SOLIDE de la MRC de Vaudreuil-Soulanges 173 173
SOLIDE de la MRC des Basques 10 10
SOLIDE de la MRC des Collines-de-l’Outaouais 10 10
SOLIDE de la MRC des Îles-de-la-Madeleine 134 134
SOLIDE de la MRC des Jardins-de-Napierville 10 10
SOLIDE de la MRC des Laurentides 290 290
SOLIDE de la MRC des Pays-d’en-haut 10 10
SOLIDE de la MRC du Bas-Richelieu 64 64
SOLIDE de la MRC du Domaine-du-Roy 220 220
SOLIDE de la MRC du Fjord-du-Saguenay 10 10
SOLIDE de la MRC du Haut-Saint-François 200 200
SOLIDE de la MRC du Rocher-Percé 10 10
SOLIDE de la MRC du Val-Saint-François 250 250
SOLIDE de la MRC Lajemmerais 605 605
SOLIDE de la Ville de Longueuil 350 350
SOLIDE de Lachine 10 10
SOLIDE de Laval 10 10
SOLIDE de Lebel-sur-Quévillon 5
5
SOLIDE de l’Est de la Ville de Québec 10 10
SOLIDE de Lévis 115 115
SOLIDE de l’Ouest de la Ville de Québec 10 10
SOLIDE de Matagami 10 10
SOLIDE de Mercier/Hochelaga-Maisonneuve 10 10
SOLIDE de Montréal-Nord 10 10
SOLIDE de Rosemont/Petite-Patrie 177 177
SOLIDE de Shawinigan 37 37
SOLIDE de Villeray/St-Michel/Parc-Extension 10 10
SOLIDE du Centre de la Ville de Québec 415 415
SOLIDE du Sud-Ouest de Montréal 250 250
SOLIDE Rivière-des-Prairies/Pointe-aux-Trembles 110 110
SOLIDE Ville-Marie 10 10
8,672 8,966
26 294 Funds committed but not disbursed 22,103
31,069
6
Report dated
Shares
and Units $
Loans and
Advances
$
Total
$
2965-5099 Québec inc. (Les Réclamations du Nord-Ouest) 300 300
3088-6469 Québec inc. (Centre Jardin Lac Pelletier) 515 515
7244444 Canada inc. (Précibois) 255 495
7800959 Canada inc. 564 564
9026-0357 Québec inc. (Société de gestion Mario Massé) 440 440
9052-5320 Québec inc. 150 150
9187-1186 Québec inc. 175 175
9187-8850 Québec inc. (Forage Boréal) 923 2,223
A. & L. Pinard inc. 220 220
Adventure Gold inc. Agritibi R.H. inc. 750 750
Alexis Minerals Corporation 200 200
Atelier Tangente inc. 298 298
Entrepreneur Minier Promec inc. 447 Exploration Azimut inc. 11 11
Exploration Midland inc. 124 124
Forage G4 ltée 264 264
Géliko inc. 199 199
Groupe Sogitex inc. 50 Groupe Technosub inc. Les Aciers J.P. inc. 64 64
Les équipements de forage VersaDrill inc. 254 254
LVL Global inc. 150 500
Machines Roger lnternational inc. 175 175
MasséNor inc. 721 721
Matamec Explorations inc. 200 200
Mines de la Vallée de l’or ltée 250 250
Palmapor inc. 150 268
Ressources Cartier inc. 43 43
Ressources Pershimco inc. 133 133
Ressources Threegold inc. 31 Service Sani Tri inc. Transport D. Barrette & fils inc. 03-31-11 Fonds régional de solidarité Abitibi-Témiscamingue, société en commandite
240 1,300 26 1,500 350 4,805 118 798 26
447
50
1,500
31
798
142 142
7,725 12,530
Funds committed but not disbursed 400
12,930
03-31-11 Fonds régional de solidarité Bas-Saint-Laurent, société en commandite
2959-8505 Québec inc. (Copeaux de la vallée) 300 300
9181-4244 Québec inc. (Carrière Neigette) 125 102 227
9183-9530 Québec inc. (Sélect Auto Parts) 150 350 500
9198-8659 Québec inc. (Multi-Pièces D.L.) 189 189
Adélard Soucy (1975) inc. 250 250
AMH Canada ltée 418 385 803
Distributions Jacques-Cartier inc. 283 Érablières des Alléghanys inc. 903 Fonderie BSL inc. 150 Fonds soutien Bas-Saint-Laurent, société en commandite Gagnon Image inc. 1,000 122 283
903
150
1,000
122
7
A S AT M AY 3 1 , 2 0 1 1
(In thousands)
Report dated
Shares
and Units $
Loans and
Advances
$
Total
$
03-31-11 Fonds régional de solidarité Bas-Saint-Laurent, société en commandite (continued)
Gestion H. Dickner ltée 8
8
Les Constructions H.L. Thériault inc. 384 384
Les Distributions Arnaud inc. 300 300
Menuiserie Roland Perreault inc. 20 20
Mon Joli Motel (1993) inc. 50 50
NutrOcéan inc. 15 15
Productions Québec Multimédia inc. 255 255
Projexco inc. 413 413
Richard Poirier et Frères Électrique ltée 939 939
Topocom Technologie inc. 121 121
5,256 7,232
03-31-11 Fonds régional de solidarité Centre-du-Québec, société en commandite
1,976 Équipements d’incendie Levasseur inc. 50 50
Huppé Meubles inc. 400 400
Nitek Laser inc. 725 725
Recyclage Granutech inc. 1,117 1,369
Rénovation Expo inc. 1,000 1,000
Vibrotech inc. 229 229
3,521 3,773
500
252 252 03-31-11 Fonds régional de solidarité Chaudière-Appalaches, société en commandite
9050-7641 Québec inc. (Ramp-Art) 500 9069-4654 Québec inc. (Supervac 2000) 53 53
9075-5349 Québec inc. (Fenêtres Météo) 300 300
Acier Majeau inc. 947 947
Cométal inc. 375 375
Compositech inc. 140 140
Fenêtres Altek inc. 750 750
Fini. U.V. International inc. 464 464
Forimpex inc. 250 250
Groupe P.H.L. inc. 714 714
Groupe S.S. inc. 415 415
J.L. Leclerc & fils inc. 146 871
Les Productions Horticoles Demers inc. 255 255
L’usine Tac Tic inc. 236 448
Menuiserox inc. 564 564
Multi-Brosses inc. 219 219
Portes Veilleux 2000 inc. 600 600
Quartz Industrie inc. 167 167
Usine Sartigan inc. 850 850
7,945 8,882
725 212 937 Funds committed but not disbursed 1,000
9,882
03-31-11 Fonds régional de solidarité Côte-Nord, société en commandite
9011-1501 Québec inc. 500 500
Carrosserie Pro 2010 inc. 255 255
Construction F.H.D. inc. 110 110
8
Report dated
Shares
and Units $
Loans and
Advances
$
Total
$
Construction J.G.M. inc. 300 300
Croisière 2001 inc. 100 100
Fonds soutien Côte-Nord, société en commandite 1,000 1,000
Hôtel Mingan inc. 440 440
Lajoie Réfrigération inc. 206 206
Les Distributions G.F.D. inc. 570 570
Les Pétroles Paul Larouche inc. 450 450
Nord Industrie inc. 229 229
Pec-Nord inc. Synergica Électrique inc. 03-31-11 Fonds régional de solidarité Côte-Nord, société en commandite (continued)
300 1,400 300
625 625
3,685 5,085
5,285
03-31-11 Fonds régional de solidarité Estrie, société en commandite
9100-2790 Québec inc. 400 Amecci inc. 500 500
Ani-Mat inc. 1,077 1,077
Beaudin Le Prohon inc. 286 286
Boréal – Informations stratégiques inc. 1,000 1,000
Café Faro inc. 174 174
Caoutchouc Pro-Flex inc. 24 24
Domaines Pinnacle inc. 1,025 1,025
Groupe Lachar inc. 480 481
Kemestrie inc. Laser AMP inc. Les fabricants de boyaux industriels Premier ltée 498 498
Les Industries Touch inc. 583 583
Les Viandes Laroche inc. 383 383
Oasis Tropik Nordik inc. 202 202
Oxybec Médical inc. 219 219
Remises Réal Lamontagne inc. 58 58
Scholer Industriel inc. 270 270
Soudure Brault inc. 220 220
Stedfast inc. 500 500
Transformateur Bemag inc. 200 200
8,324 8,955
1
630 631 225 400
630
225
03-31-11 Fonds régional de solidarité Gaspésie–Îles-de-la-Madeleine, société en commandite
9011-6641 Québec inc. (Riôtel Percé) 50 B.M.B. (Îles-de-la-Madeleine) inc. 524 Cap sur mer inc. 159 443 602
Fabrication Delta inc. 613 613
Gaspésie Diésel inc. 394 394
Junex inc. Les entreprises Léo Leblanc & fils inc. Les Industries Leblanc inc. 43 43
Les Pêcheries Marinard ltée 500 500
Les Pétroles C. Poirier inc. 150 150
46 282 50
524
46
282
9
A S AT M AY 3 1 , 2 0 1 1
(In thousands)
Report dated
Shares
and Units $
Loans and
Advances
$
Total
$
Les Reboiseurs de la Péninsule inc. 121 121
Michaud technologies inc. 113 238
Pêcheries Vilo inc. 450 450
Philippe Day inc. 33 33
Serres Jardins-Nature inc. 60 351 411
914 3,543 4,457
03-31-11 Fonds régional de solidarité Gaspésie–Îles-de-la-Madeleine, société en commandite (continued)
125 03-31-11 Fonds régional de solidarité Île-de-Montréal, société en commandite
No investment
03-31-11 Fonds régional de solidarité Lanaudière, société en commandite Agro-100 ltée 1,125 1,125
Laboratoires Bi-Op inc. 525 525
Les Aliments Sibon (1985) ltée 257 257
Les Industries Harnois inc. Nita Équipements inc. 200 200
Pneus Lanoraie inc. 458 458
Produits Vince inc. 600 600
Sécurité GMR inc. 210 210
Triotech Amusement inc. 600 600
Verre Select inc. 409 409
4,384 4,396
12 12 12
4,696
03-31-11 Fonds régional de solidarité Laurentides, société en commandite
2959-8828 Québec inc. (Palettes St-Janvier) 17 Aéroport International de Mont-Tremblant inc. 86 86
BMI Canada inc. 1,000 1,000
Boulangerie Les Moulins La Fayette inc. 250 6
256
Complexe Hôtelier St-Jovite / Mont-Tremblant inc. 750 Distributions Denis Fontaine inc. 450 450
Gestion hôtelière REVPAR inc. 690 690
Groupe Aviation et Puissance inc. 933 933
Groupe Star Suites inc. 48 48
La Petite Bretonne inc. 521 521
Les Matériaux Sima inc. 96 96
Lev-Fab inc. 250 250
Montour ltée 375 375
Palmex International inc. 384 384
Service Alimentaire Desco inc. 100 100
Ventilex inc. 80 Vision Villégiature inc. 300 1,300 5,036 17
750
80
300
6,336
7,036
10
Report dated
Shares
and Units $
03-31-11 Fonds régional de solidarité Laval, société en commandite
Loans and
Advances
$
Total
$
Aliments Imex inc. 283 283
Auvents Multiples (2002) inc. 1,271 1,371
Digico Fabrication Électronique inc. 292 292
Emballages Cré-O-Pack International inc. 278 278
Europe Cosmétiques inc. 103 103
Europharm International Canada inc. 453 453
Globale Géomatique inc. 338 338
Groupe Carreaux Céragrès inc. 1,000 1,000
Groupe Lincora inc. 353 353
Groupe Rojec inc. 375 375
Hydrolico International inc. 448 448
K.F. Construction inc. 750 750
Les Bouteilles Recyclées du Québec (B.R.Q.) inc. 321 521
Les Contrôles Novatech G & P inc. 117 117
Les Équipements Power Survey ltée 177 177
Les industries Cendrex inc. 600 600
Les Investissements Sylnic inc. 650 650
Les Productions Diamant ltée 630 630
Perlite Canada inc. 933 933
Robichaud Conseil inc. 500 500
S.R.A.D. Communications inc. 467 467
Stylo Bankers (1991) inc. 1,583 1,583
Les laboratoires de recherche de Lan Wirewerks inc. 642 642
Tornatech inc. 352 352
12,916 13,216
100 200 300 Funds committed but not disbursed 1,000
14,216
03-31-11 Fonds régional de solidarité Mauricie, société en commandite
Climatisation Trois-Rivières inc. 400 Concept Éco-Plein-Air Le Baluchon inc. Déneigement Maska inc. Tuyauterie Borgia ltée 672 672 750 400
672
750
200 200
1,350 2,022
03-31-11 Fonds régional de solidarité Montérégie, société en commandite
Agrocentre Belcan inc. 417 417
Aliments Horizon Nature inc. 408 408
Atelier d’usinage Quenneville inc. 380 380
Bousquet Frères Limitée 700 700
Contacts Électriques Excel inc. 287 287
Dermolab Pharma ltée 500 500
Envitech Énergie inc. 558 558
Esthétique sans frontières inc. 452 452
Grillage Major inc. 161 161
Groupe Damafro inc. 1,067 1,067
Innovation Tootelo inc. 9
9
Investissements Brasco inc. 944 944
LC Média inc. 565 565
11
A S AT M AY 3 1 , 2 0 1 1
(In thousands)
Report dated
Shares
and Units $
Loans and
Advances
$
Total
$
03-31-11 Fonds régional de solidarité Montérégie, société en commandite (continued)
Les armoires de cuisines Denis Couture (2002) inc. 69 69
Les Produits de Ventilation Lambro inc. 275 275
Les sols Sportica inc. 300 300
Location Jean Légaré ltée 496 496
Magnus Poirier inc. 1,500 1,500
Multi-Portions inc. 19 269
Perfecta Plywood ltée 500 500
Plombco inc. 1,000 1,000
Ray-Mont Logistiques inc. 1,722 1,722
Service sérigraphique professionnel S.S.P. inc. 422 339 761
Soya Excel inc. 195 195
TelcoBridges inc. 375 300 675
1,807 12,403 14,210
250 Funds committed but not disbursed 350
14,560
03-31-11 Fonds régional de solidarité Nord-du-Québec, société en commandite
9129-3852 Québec inc. (Entretien industriel D.L.B.) 219 219
Blais & Langlois inc. 925 925
Cogitore Resources inc. 167 Donner Metals Ltd 129 Équipement de bureau Ungava inc. Exploration Azimut inc. 40 Exploration Dios inc. 56 56
Exploration Midland inc. 113 113
Exploration Nemaska inc. 118 118
Exploration NQ inc. 71 71
Fonds Soutien Baie-James, société en commandite 500 500
Gestion du Fonds Soutien Baie-James inc. 1 Les Consultants de l’Arctique inc. Les Métaux Focus inc. Les Pétroles M.J. inc. 647 647
Lucien Senneville (2002) inc. 826 826
Mines Virginia inc. Nord Décoration inc. Pourvoirie Mirage inc. 389 Ressources Cartier inc. 150 Ressources MSV inc. Ressources Sirios inc. 75 Ressources Strateco inc. 1 Société d’Exploration Minière Vior inc. St-Félicien Diesel (1988) inc. Stornoway Diamond Corporation 367 635 12 87 74 150 400 129
367
40
1
635
12
87
150
389
150
400
75
1
150 224
608 608
217 2,200 167
4,927 217
7,127
7,527
12
Report dated
Shares
and Units $
Loans and
Advances
$
Total
$
03-31-11 Fonds régional de solidarité Outaouais, société en commandite
140689 Canada ltée (Taxi Loyal) 187 187
6227945 Canada inc. (Innovation Engineering Group) 123 123
9052-2756 Québec inc. (ProVance Technologies) Alary, St-Pierre & Durocher Arpenteurs-géomètres inc. 726 Auberge & Spa le Nordik inc. 376 376
Cactus Commerce inc. 844 1,844
Gestion conseil Immogest-Sweeney inc. 512 512
Les Aliments Chebly inc. 109 109
Mr. Refill International inc. 116 116
Multicorpora R&D inc. PCI Géomatiques Entreprises inc. ProVance Technologies inc. 750 750
Restaurations Sélect inc. 255 255
Service de Pneus Lavoie Outaouais inc. 2,000 2,000
Terrapro Construction inc. 1,197 1,197
Tomoye Corporation Tubes & Jujubes Centre d’amusement familial inc. 157 157
VanillaSoft corp. 227 227
WMD Moulin de Wakefield développements inc. 249 249
Zeligsoft inc. 250 1,000 925 500 550 1 2,726 8,328 250
726
925
500
550
1
11,054
11,779
03-31-11 Fonds régional de solidarité Québec, société en commandite
9099-7768 Québec inc. (E.B.M. Laser) 200 155 355
Agora Communication inc. 653 653
Armeco inc. 87 87
Auvents W. Lecours inc. 405 405
Chemco inc. 490 490
Connexion Technic inc. 130 130
Corporation Eatsleepmusic.com Distribution Sports Loisirs G.P. inc. DK-SPEC inc. Filtrum inc. 1,798 1,798
Fleurigros 1995 inc. 320 320
Groupe Incursion inc. 900 900
Les Aliments 2000 inc. 1,400 1,400
Les Distributions Marc Boivin (2007) inc. 944 944
Les Entreprises P.E.C. inc. 381 381
Les Industries Rouillard inc. 343 343
Les Vêtements Perlimpinpin inc. 184 184
Load Systems International inc. 199 199
Métafab (1996) inc. 345 345
Mode Avalanche inc. Panavidéo inc. 395 395
Pelliko inc. 326 326
Savard Ortho confort inc. 42 42
460 325 750 141 460
325
750
141
13
A S AT M AY 3 1 , 2 0 1 1
(In thousands)
Report dated
Shares
and Units $
Loans and
Advances
$
Total
$
03-31-11 Fonds régional de solidarité Québec, société en commandite (continued)
Simon Giguère Produits Pétroliers inc. 939 939
Tapitec (Québec) inc. 404 404
Transport C.D.P. inc. 1,771 1,771
Usital Canada inc. 1,100 1,100
14,036 15,587
1,551 Funds committed but not disbursed 1,300
16,887
03-31-11 Fonds régional de solidarité Saguenay–Lac-Saint-Jean, société en commandite
2861-0467 Québec inc. (Notre Hôtel) 227 129 2956-3475 Québec inc. (Interbus) 314 314
2964-6767 Québec inc. (Les Équipements pétroliers Claude Pedneault) 464 464
4145275 Canada inc. (Chlorophylle H Tech) 840 1,179
6482066 Canada inc. (Société P.C.P.) 990 990
9051-2500 Québec inc. (Les Jardins du Saguenay) 33 33
9052-0651 Québec inc. (Logistik 22) 46 121
9055-3876 Québec inc. (Les Chocolats Lulu) 275 275
9107-6513 Québec inc. (Menuiserie St-Henri) 200 200
9143-8945 Québec inc. (Maçonnex) A.S. Nettoyage inc. 200 200
Atelier Boily ltée 278 278
Centre de Suspension des Routiers inc. 24 24
Cycles Devinci inc. 453 453
Équipements Mauvalin inc. 156 156
Excavation Michel Paradis inc. 64 64
Garage Marcel Simard inc. 500 500
Gestion LJ inc. 114 114
Groupe Giroux Maçonnex inc. 760 760
Industrie Bois Lamontagne inc. 414 414
Isumi Précision ltée Les Fenêtres AGM inc. 547 547
Les Lignes du Fjord inc. 257 257
Les Pétroles R.L. inc. 442 442
Les Placements G.M.R. Maltais inc. 345 246 591
Nolicam Location de camions inc. 432 225 Novabrik International inc. Oxygène Dolbeau inc. 400 400
Perfecta Forêt ltée 250 250 500
Précicast ltée 559 88 647
Prowatt inc. 150 150
Remac innovateurs industriels inc. 244 244
SCP 89 inc. 297 Société de gestion Trois-Trois-Trois inc. 350 339 75 840 58 1,405 5,177 9,103 356
840
58
657
1,405
297
350
14,280
14,445
14
Report dated
Shares
and Units $
Loans and
Advances
$
12-31-10 Novacap Industries III, s.e.c.
4,107 4,125 Camille Fontaine & Fils inc.
Corporation de Développement Nautilus inc.
IPL inc.
Securities of another company
Total
$
8,232
04-30-11 Société de gestion d’actifs forestiers Solifor, société en commandite
Solifor Bloc A-RPF, société en commandite
Solifor Bloc B-LP, société en commandite
Solifor Bloc Monet, société en commandite
Solifor Charlevoix-Saguenay, société en commandite
Solifor Lac Métis, société en commandite
Solifor Lotbinière, société en commandite
Solifor Mauricie, société en commandite
Solifor Nicolas Riou, société en commandite
Solifor Perthuis, société en commandite
133,704 133,704
12-31-10 VC, société en commandite
Genizon Biosciences inc. 1 1
Systèmes Médicaux LMS (Canada) ltée 32 32
Theratechnologies inc. 92 92
125 125
This unaudited index details the investments made by the regional funds, by the specialized funds in which the Fonds de solidarité des travailleurs
du Québec (F.T.Q) (the “Fonds”) has invested more than 0.2% of its net assets and by the specialized funds in which the Fonds holds an interest of 50%
or more and exercises significant influence over the management of these funds. Amounts invested by business enterprise are disclosed only in the cases
provided by the Regulation Respecting Development Capital Investment Fund Continuous Disclosure.
15

Complete Financial Statements as at May 31, 2011

Transcription

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