Additional Information 2002 - Caisse de dépôt et placement du

Transcription

Annual Report 2002
Additional Information
All figures in this document are expressed in Canadian dollars,
unless otherwise indicated.
The masculine gender is used in the text only for purposes of
simplification.
This publication and the Annual Report 2002 are available on the
Internet : www.cdpcapital.com
Legal Deposit 2003 – Bibliothèque nationale du Québec
ISBN 2-550-40566-8
Annual Report 2002 – Additional Information
I.
Composite Performance Summary
II.
Financial statistics and ten-year review
1.
Changes in depositors' holdings .............................................................................................. 2
2.
Breakdown of depositors' holdings .......................................................................................... 6
3.
Funds' net assets ...................................................................................................................... 7
4.
Annual interest or income paid out on average deposits ......................................................... 8
5.
Summary of investments ........................................................................................................... 9
6.
Breakdown of investments ...................................................................................................... 10
7.
Summary of foreign investments ............................................................................................ 12
8.
CDP Capital – Mortgages - mortgages of $5 million and over ................................................ 13
9.
Summary of bond portfolio ..................................................................................................... 16
10. Investments in Canadian corporate shares and bonds by sector of activity .......................... 17
11. Investments in shares and bonds of publicly traded companies............................................ 18
12. Investments in shares and bonds of privately held companies .............................................. 82
13. Statement of real estate holdings ..........................................................................................106
14.
Statement of properties held for resale .......................................................................................109
15. Changes in private equity.......................................................................................................110
16. Administrative statistics ........................................................................................................110
III. Code of Ethics and Professional Conduct
I. Composite Performance Summary
Caisse de dépôt et placement du Québec
for the period ended December 31, 2002
AIMR-PPS compliant presentation
General Notes
1.
Definition of the firm
The Caisse de Dépôt et Placement du Québec (CDPQ) is a global leader in asset allocation management. CDPQ's total
assets under management are $77.5 billion as of December 31st, 2002. CDPQ's clients are pension and insurance funds,
government agencies and institutional clients (the Depositors). This document presents the performance of these accounts.
2.
Compliance Statement
CDPQ has prepared and presented this report in compliance with the Performance Presentation Standards of the Association
for Investment Management and Research (AIMR-PPS®), the U.S. and Canadian version of the Global Investment
Performance Standards (GIPS®) for the period of January 1st, 1993 to December 31st, 2002. AIMR has not been involved
with the preparation or review of this report.
CDPQ has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Deloitte & Touche LLP has verified that the Schedules of Composites and performance calculations of the Caisse de dépôt et
placement du Québec composites for the periods presented from January 1st, 1998 to December 31st, 2002 are in
accordance with the Association for Investment Management and Research Performance Presentation Standards (AIMRPPS®), the U.S. and Canadian version of Global Investment Performance Standards (GIPS®).
Results reflect past performance and are no indication of future returns.
3.
Performance Calculations
Performance calculations are based on monthly evaluations. The modified Dietz formula is used to calculate returns. Any
deposits or withdrawals are made on the first day of the month. Thus, returns are not in any way distorted by cash flows
occurring during the month concerned. Returns are presented gross of investment and management fees.
Each discretionary fee-paying portfolio is included in at least one composite. These composites are valued according to trade
date and returns are calculated monthly. Returns are then linked geometrically to produce quarterly and annual returns.
Total returns, including realized and unrealized gains plus income, are used to calculate performance. These returns include
any income generated on cash or cash equivalents. Interest income is accrued and is included in the market value used to
calculate returns. Dividend income is accrued as of its ex-dividend date.
The fair value of fixed-income securities is determined by means of valuation methods used in capital markets, such as the
annualization of future cash flows at the current interest rate and the closing prices of the major stock exchanges as well as
those provided by recognized financial institutions. In addition, certain valuations are made according to commonly used
valuation methods or on the basis of similar arm's-length transactions.
The fair value of shares traded on a stock exchange is determined from the closing prices on the major stock exchanges as
well as those provided by recognized financial institutions. For shares not traded on a stock exchange and real estate
holdings, valuations are made by independent valuators, while others are made according to commonly used valuation
methods or on the basis of similar arm's-length transactions. The valuations of shares and convertible securities that are not
publicly traded are reviewed annually by an independent valuation committee.
Derivative financial instruments are recorded at their fair value at year-end. These values are established from closing prices
on the major stock exchanges as well as those provided by recognized financial institutions. In the case of unlisted
instruments, certain valuations are made on the basis of similar arm's-length transactions or according to recognized,
commonly used models.
American composites and indexes are presented before non-resident taxes. For other countries, returns are after such taxes.
This is due to the fact that CDPQ has an agreement with the United Stated that exempts it from paying such taxes because of
the non-taxable status of its clientele. CDPQ has no other similar arrangement with other countries.
4.
Specialized portfolios
When CDPQ was created, each of the depositors held their investments in separate accounts (Individual Funds). Between
1985 and 2000, depending on investment types, assets held in the Individual Funds were exchanged for units in specialized
portfolios. These units are held in the Individual Funds and CDPQ assumes accounting responsibilities for these units and
Individual Funds on behalf of the depositors. A unit in a specialized portfolio is similar to a mutual fund unit, meaning that its
value fluctuates according to the net asset value of the specialized portfolio.
COMPOSITE PERFORMANCE SUMMARY
1
5.
Dispersion Measure
The dispersion of annual returns is measured by the standard deviation of annual returns of accounts which are present in the
composite for the entire year. No dispersion measure is calculated if there are less than 5 accounts in a composite since the
result is not meaningful.
6.
Management Fees
Due to the nature of CDPQ, management and investment fees that are charged to the specialized portfolios are those that are
actually incurred to manage these funds. Total fees are distributed according to cost drivers proper to the different investment
activities. All returns in this presentation are presented before management and administrative fees, but after transaction
costs. Actual incurred fees for each specialized portfolio are presented in basis points.
In 2002, investment and management fees were affected by events that are considered non recurrent by Management.
These events explain in large part the increase of fees in 2002.
7.
Currency Used for Reporting
All returns and assets are presented in Canadian Dollars.
8.
Net Assets Under Management
Net assets under management presented are those of the combined financial statements, adjusted to meet performance
presentation standards and therefore include all discretionnary accounts.
2
Short-term investments
Returns for years or periods ended December 31st:
Returns for periods ended December 31st, 2002 :
Period
1 month
3 months
6 months
Year to date
Composite
Benchmark
0.27 %
0.81 %
1.62 %
2.68 %
0.27
0.73
1.50
2.52
%
%
%
%
Assets Under Management (in thousands) for years ended December 31st :
Spread
Year
Composite
Net Assets Under
Management
% of Firm
Assets
Number of
Accounts
Std. Dev. of
acct. returns
0.01 %
0.07 %
0.12 %
0.16 %
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1,622,383
2,052,479
984,061
2,051,173
2,222,225
1,055,623
3,534,598
2,398,656
2,148,201
2,470,064
77,501,607
85,130,677
88,164,426
81,394,440
68,535,968
64,421,766
57,255,747
51,226,178
45,129,518
46,973,406
2.09 %
2.41 %
1.12 %
2.52 %
3.24 %
1.64 %
6.17 %
4.68 %
4.76 %
5.26 %
1
1
1
1
1
16
16
16
11
11
n/a
n/a
n/a
n/a
n/a
0.03 %
0.26 %
0.11 %
0.04 %
0.25 %
Single and Compounded Annual Returns as of December 31st (percent) :
1 YEAR
2 YEARS
3 YEARS
4 YEARS
5 YEARS
6 YEARS
7 YEARS
8 YEARS
9 YEARS
10 YEARS
2002: COMPOSITE:
BENCHMARK:
SPREAD:
2.68
2.52
0.16
3.98
3.62
0.36
4.59
4.24
0.35
4.72
4.34
0.37
4.86
4.42
0.44
4.69
4.22
0.48
4.78
4.33
0.44
5.13
4.71
0.42
5.15
4.78
0.37
5.21
4.85
0.35
2001: COMPOSITE:
BENCHMARK:
SPREAD:
5.30
4.72
0.57
5.56
5.11
0.45
5.40
4.96
0.45
5.41
4.90
0.51
5.10
4.56
0.54
5.13
4.64
0.49
5.48
5.03
0.46
5.46
5.07
0.40
5.49
5.12
0.38
2000: COMPOSITE:
BENCHMARK:
SPREAD:
5.82
5.49
0.33
5.46
5.07
0.38
5.45
4.96
0.49
5.05
4.52
0.53
5.09
4.62
0.48
5.51
5.08
0.44
5.49
5.12
0.37
5.52
5.16
0.35
1999: COMPOSITE:
BENCHMARK:
SPREAD:
5.10
4.66
0.44
5.27
4.70
0.57
4.80
4.20
0.60
4.92
4.40
0.51
5.45
4.99
0.46
5.43
5.05
0.38
5.47
5.12
0.36
1998: COMPOSITE:
BENCHMARK:
SPREAD:
5.43
4.74
0.69
4.65
3.97
0.68
4.85
4.32
0.54
5.54
5.08
0.46
5.50
5.13
0.37
5.54
5.19
0.34
1997: COMPOSITE:
BENCHMARK:
SPREAD:
3.87
3.20
0.67
4.57
4.11
0.46
5.58
5.19
0.39
5.51
5.23
0.28
5.56
5.29
0.27
1996: COMPOSITE:
BENCHMARK:
SPREAD:
5.27
5.02
0.25
6.44
6.20
0.24
6.07
5.92
0.15
5.98
5.81
0.17
1995: COMPOSITE:
BENCHMARK:
SPREAD:
7.63
7.39
0.24
6.47
6.37
0.11
6.22
6.08
0.14
1994: COMPOSITE:
BENCHMARK:
SPREAD:
5.33
5.35
(0.02)
5.53
5.43
0.09
1993: COMPOSITE:
BENCHMARK:
SPREAD:
5.72
5.51
0.21
3
Notes to the Short-term investments composite :
1.
Composite Description
This composite groups the core of CDPQ's money market securities and bonds with maturities less than two years, Canadian
and U.S.
The composite uses significant leverage in its normal investment activities.
2.
Composite creation date
This composite was created on September 1st, 1998.
3.
Benchmark
The benchmark for this composite is the Scotia Capital 91 days T-bill.
4.
Calculation Period
Performance for this composite is presented for the period from January 1st, 1993 to December 31st, 2002.
Deloitte & Touche LLP verified the schedules for the periods presented from January 1st, 1998 to December 31st, 2002.
5.
Date of conversion to Specialized Portfolio
The assets in the depositor's portfolios were transferred to a specialized portfolio on July 1st, 1998. Since that date, the
composite has been composed solely of the specialized portfolio.
6.
Investment and Management Fees
Performance results are presented before investment and management fees, but after transaction fees. In 2002, investment
and management fees were affected by events that are considered non recurrent by Management. These events explain in
large part the increase of fees in 2002.
Management and administrative fees for this composite were 15 basis points for the period ended December 31st, 2002. For
the four previous years, from January 1st, 1998 to December 31st, 2001, fees averaged 6 basis points.
7.
Investment Universe
The composite can invest outside its benchmark.
8.
Use of derivatives
This composite uses derivatives to reduce exposure, to hedge and, in the normal course of investment management, to
benefit from leverage.
4
Mortgages
Period
1 month
3 months
6 months
Year to date
Composite
Benchmark
2.31 %
2.94 %
7.75 %
11.30 %
2.06
2.26
6.58
8.73
%
%
%
%
Spread
Year
Composite
Net Assets Under
Management
% of Firm
Assets
Number of
Accounts
Std. Dev. of
acct. returns
0.24 %
0.68 %
1.17 %
2.57 %
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
3,524,837
2,884,041
1,978,430
1,671,798
1,655,603
1,548,235
1,566,383
1,806,908
1,923,735
2,096,187
77,501,607
85,130,677
88,164,426
81,394,440
68,535,968
64,421,766
57,255,747
51,226,178
45,129,518
46,973,406
4.55 %
3.39 %
2.24 %
2.05 %
2.42 %
2.40 %
2.74 %
3.53 %
4.26 %
4.46 %
1
1
1
1
1
1
1
16
11
11
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2.81 %
2.14 %
2.21 %
1 YEAR
2 YEARS
3 YEARS
4 YEARS
5 YEARS
6 YEARS
7 YEARS
8 YEARS
9 YEARS
10 YEARS
2002: COMPOSITE:
BENCHMARK:
SPREAD:
11.30
8.73
2.57
10.35
8.40
1.95
11.01
9.01
2.00
8.34
6.38
1.96
8.08
6.79
1.29
7.69
6.40
1.29
8.29
7.25
1.04
9.01
8.23
0.78
8.14
7.17
0.97
8.47
7.64
0.83
2001: COMPOSITE:
BENCHMARK:
SPREAD:
9.41
8.08
1.33
10.87
9.16
1.71
7.38
5.61
1.77
7.30
6.31
0.98
6.98
5.94
1.04
7.80
7.01
0.79
8.69
8.15
0.53
7.75
6.98
0.77
8.16
7.52
0.64
2000: COMPOSITE:
BENCHMARK:
SPREAD:
12.35
10.25
2.10
6.37
4.40
1.98
6.60
5.73
0.87
6.38
5.42
0.97
7.48
6.79
0.68
8.57
8.17
0.40
7.52
6.82
0.70
8.00
7.45
0.55
1999: COMPOSITE:
BENCHMARK:
SPREAD:
0.72
(1.14)
1.86
3.84
3.54
0.30
4.47
3.85
0.62
6.29
5.95
0.34
7.83
7.76
0.07
6.73
6.26
0.47
7.39
7.06
0.34
1998: COMPOSITE:
BENCHMARK:
SPREAD:
7.05
8.44
(1.39)
6.40
6.44
(0.05)
8.22
8.42
(0.20)
9.68
10.10
(0.42)
7.98
7.80
0.17
8.55
8.49
0.06
1997: COMPOSITE:
BENCHMARK:
SPREAD:
5.75
4.48
1.27
8.80
8.41
0.39
10.57
10.66
(0.09)
8.21
7.65
0.56
8.85
8.50
0.35
1996: COMPOSITE:
BENCHMARK:
SPREAD:
11.95
12.49
(0.54)
13.06
13.89
(0.83)
9.04
8.72
0.32
9.64
9.53
0.12
1995: COMPOSITE:
BENCHMARK:
SPREAD:
14.19
15.30
(1.12)
7.62
6.89
0.73
8.88
8.56
0.33
1994: COMPOSITE:
BENCHMARK:
SPREAD:
1.43
(0.92)
2.35
6.32
5.33
0.99
1993: COMPOSITE:
BENCHMARK:
SPREAD:
11.46
11.97
(0.52)
5
Mortgages
Notes to the Mortgages composite :
1.
This composite groups the core of CDPQ's mortgage investments. Most of these investments are commercial and residential
mortgages whose returns are only related to the contractual interest rate. This composite also includes mortgage bonds and
commercial mortgages backed securities (CMBS).
Mortgages are evaluated according to the following steps, at the end of each month:
1) A weekly survey on mortgages spreads is performed by a group external to the mortgage investment team;
2) A spread average is calculated for the last 5 weeks;
3) These spreads are added to the Canada bonds' yield curve.
Securities such as mortgage bonds and CMBS are priced according to the quote supplied by this security's market maker.
This market maker is often the security's issuer who garantees a secondary market.
A significant loan inside the composite is manually priced each month, due to its unique nature.
A small portion (less than 1%) of the composite is composed of real estate that has been recovered following loans in default.
This real estate is priced in the same manner as are assets in the "Real Estate" composite, but they are not subject to
external verification due to their relatively insignificant proportion inside the composite. However, if this presence was to
become significant, an external verification would be performed annually, in the same manner as assets in the "Real Estate"
composite.
This composite uses derivatives to offset the currency risk and to match the durations of the composite and its index.
2.
3.
Benchmark
Since January 1999, the benchmark for this composite has been the Scotia Capital Universe index. Prior to January 1999, the
benchmark was the Scotia Capital 3-year Mortgage Market index.
4.
Calculation Period
5.
The assets in the depositor's portfolios were transferred to a specialized portfolio on April 30th, 1995. Since that date, the
6.
7.
Investment Universe
8.
Use of leverage
This composite uses leverage under normal investment activities.
6
Bonds
Period
1 month
3 months
6 months
Year to date
Composite
Benchmark
2.11 %
2.39 %
6.71 %
9.61 %
2.06
2.26
6.58
8.73
%
%
%
%
Spread
Year
Composite
Net Assets Under
Management
% of Firm
Assets
Number of
Accounts
Std. Dev. of
acct. returns
0.04 %
0.13 %
0.13 %
0.89 %
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
22,841,755
26,419,401
32,539,204
28,825,389
28,126,484
29,830,127
24,878,750
24,821,447
21,888,553
22,783,783
77,501,607
85,130,677
88,164,426
81,394,440
68,535,968
64,421,766
57,255,747
51,226,178
45,129,518
46,973,406
29.47 %
31.03 %
36.91 %
35.41 %
41.04 %
46.30 %
43.45 %
48.45 %
48.50 %
48.50 %
1
1
1
1
1
1
16
16
11
11
n/a
n/a
n/a
n/a
n/a
n/a
0.45 %
0.63 %
0.56 %
0.68 %
1 YEAR
2 YEARS
3 YEARS
4 YEARS
5 YEARS
6 YEARS
7 YEARS
8 YEARS
9 YEARS
10 YEARS
2002: COMPOSITE:
BENCHMARK:
SPREAD:
9.61
8.73
0.89
9.22
8.40
0.82
9.56
9.01
0.54
7.05
6.38
0.67
7.49
6.94
0.55
8.10
7.38
0.72
8.74
8.06
0.68
10.23
9.56
0.67
8.50
7.93
0.57
9.45
8.91
0.54
2001: COMPOSITE:
BENCHMARK:
SPREAD:
8.83
8.08
0.75
9.53
9.16
0.37
6.21
5.61
0.60
6.96
6.49
0.47
7.79
7.11
0.68
8.60
7.95
0.64
10.32
9.68
0.63
8.36
7.83
0.53
9.43
8.93
0.51
2000: COMPOSITE:
BENCHMARK:
SPREAD:
10.24
10.25
(0.01)
4.92
4.40
0.52
6.35
5.97
0.38
7.54
6.87
0.67
8.55
7.93
0.62
10.57
9.95
0.61
8.30
7.79
0.50
9.51
9.03
0.48
1999: COMPOSITE:
BENCHMARK:
SPREAD:
(0.14)
(1.14)
1.00
4.46
3.89
0.57
6.65
5.77
0.88
8.13
7.36
0.77
10.63
9.90
0.74
7.98
7.39
0.59
9.41
8.86
0.55
1998: COMPOSITE:
BENCHMARK:
SPREAD:
9.26
9.18
0.09
10.22
9.41
0.81
11.04
10.35
0.69
13.50
12.84
0.66
9.67
9.18
0.49
11.08
10.63
0.46
1997: COMPOSITE:
BENCHMARK:
SPREAD:
11.18
9.63
1.55
11.93
10.94
0.99
14.95
14.09
0.86
9.78
9.18
0.60
11.45
10.92
0.54
1996: COMPOSITE:
BENCHMARK:
SPREAD:
12.69
12.26
0.43
16.89
16.39
0.50
9.31
9.03
0.28
11.52
11.24
0.28
1995: COMPOSITE:
BENCHMARK:
SPREAD:
21.24
20.67
0.57
7.66
7.45
0.21
11.13
10.90
0.23
1994: COMPOSITE:
BENCHMARK:
SPREAD:
(4.39)
(4.31)
(0.08)
6.40
6.32
0.08
1993: COMPOSITE:
BENCHMARK:
SPREAD:
18.41
18.14
0.27
7
Bonds
Notes to the Bonds composite :
1.
This composite groups the core of CDPQ's fixed income investments. The majority of its investments are made on quoted
markets, representing approximately 92% of the composite. Private investments represent approximately 8% of the
composite.
A small portion of the composite represents an overlay activity with the intent to create value added.
2.
3.
Benchmark
Since 1991, the benchmark for this composite has been the Scotia Capital Universe index.
4.
Calculation Period
5.
The assets in the depositor's portfolios were transferred to a specialized portfolio on October 1st, 1996. Since that date, the
6.
7.
Investment Universe
8.
Use of leverage
9.
Use of derivatives
8
Canadian Equity
Period
1 month
3 months
6 months
Year to date
Composite
Benchmark
Spread
Year
Composite
Net Assets Under
Management
% of Firm
Assets
Number of
Accounts
Std. Dev. of
acct. returns
-1.78 %
1.39 %
-13.98 %
-19.88 %
0.91 %
7.53 %
-6.56 %
-12.44 %
-2.69 %
-6.14 %
-7.42 %
-7.44 %
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
19,560,742
20,591,367
21,637,164
22,311,662
17,409,407
16,622,537
14,805,230
13,861,983
12,700,868
13,002,694
77,501,607
85,130,677
88,164,426
81,394,440
68,535,968
64,421,766
57,255,747
51,226,178
45,129,518
46,973,406
25.24 %
24.19 %
24.54 %
27.41 %
25.40 %
25.80 %
25.86 %
27.06 %
28.14 %
27.68 %
1
1
1
1
1
1
1
16
11
11
n/a
n/a
n/a
n/a
n/a
n/a
n/a
0.70 %
1.07 %
1.11 %
1 YEAR
2 YEARS
3 YEARS
4 YEARS
5 YEARS
6 YEARS
7 YEARS
8 YEARS
9 YEARS
10 YEARS
2002: COMPOSITE:
BENCHMARK:
SPREAD:
(19.88)
(12.44)
(7.44)
(18.16)
(10.44)
(7.73)
(9.01)
(3.74)
(5.27)
(0.01)
4.11
(4.12)
1.47
2.95
(1.47)
3.69
4.86
(1.17)
6.74
7.93
(1.19)
7.99
8.73
(0.74)
7.25
7.71
(0.45)
9.01
9.97
(0.95)
2001: COMPOSITE:
BENCHMARK:
SPREAD:
(16.41)
(8.39)
(8.02)
(3.03)
0.93
(3.96)
7.65
10.29
(2.64)
7.65
7.20
0.45
9.18
8.71
0.47
11.97
11.76
0.21
12.70
12.15
0.55
11.24
10.53
0.71
12.81
12.78
0.02
2000: COMPOSITE:
BENCHMARK:
SPREAD:
12.48
11.20
1.28
22.17
21.02
1.14
17.12
12.96
4.16
16.71
13.46
3.25
18.71
16.29
2.42
18.45
16.00
2.45
15.87
13.54
2.33
17.11
15.75
1.36
1999: COMPOSITE:
BENCHMARK:
SPREAD:
32.69
31.71
0.97
19.51
13.85
5.65
18.16
14.23
3.93
20.33
17.60
2.72
19.68
16.98
2.70
16.45
13.93
2.51
17.79
16.42
1.37
1998: COMPOSITE:
BENCHMARK:
SPREAD:
7.64
(1.58)
9.22
11.50
6.37
5.13
16.47
13.25
3.22
16.64
13.57
3.07
13.44
10.67
2.77
15.47
14.05
1.42
1997: COMPOSITE:
BENCHMARK:
SPREAD:
15.51
14.98
0.53
21.15
21.48
(0.33)
19.80
19.12
0.69
14.94
13.97
0.98
17.11
17.46
(0.36)
1996: COMPOSITE:
BENCHMARK:
SPREAD:
27.07
28.35
(1.28)
22.01
21.24
0.77
14.76
13.63
1.12
17.51
18.09
(0.58)
1995: COMPOSITE:
BENCHMARK:
SPREAD:
17.16
14.53
2.63
9.06
6.92
2.13
14.49
14.86
(0.37)
1994: COMPOSITE:
BENCHMARK:
SPREAD:
1.52
(0.18)
1.69
13.18
15.03
(1.85)
1993: COMPOSITE:
BENCHMARK:
SPREAD:
26.18
32.55
(6.37)
9
Canadian Equity
Notes to the Canadian Equity composite :
1.
This composite groups the core of CDPQ's Canadian equity investments. The majority of its investments are made on listed
markets, representing approximately 67% of the composite. Private investments represent approximately 33% of the
composite. Foreign investments inside this composite may not exceed the limits on foreign content as stipulated under
Canadian tax law, which is now currently 30%.
A small portion (less than 1%) of the composite represents an overlay activity with the intent to create value added.
2.
3.
Benchmark
Prior to November 2000, the benchmark for this composite was the TSE300. Between November 2000 and January 2001,
depositors changed this benchmark for the S&P/TSX Capped Composite Index. The benchmark for this period is a
combination of both indices, in reflection of the present environment. Since January 2001, the benchmark has been the
S&P/TSX Capped Composite Index.
4.
Calculation Period
5.
6.
7.
Investment Universe
8.
Use of leverage
9.
Use of derivatives
10
U.S. Equity (Hedged)
Period
1 month
3 months
6 months
Year to date
Composite
Benchmark
Spread
Year
Composite
Net Assets Under
Management
% of Firm
Assets
Number of
Accounts
Std. Dev. of
acct. returns
-6.35 %
5.42 %
-12.10 %
-24.94 %
-5.80 %
8.59 %
-10.44 %
-21.96 %
-0.55 %
-3.18 %
-1.67 %
-2.98 %
2002
2001
2000
1999
1998
1997
1996
1995
1994
2,384,809
2,756,402
4,372,910
6,460,645
5,941,656
3,053,227
2,258,125
2,068,657
1,581,872
77,501,607
85,130,677
88,164,426
81,394,440
68,535,968
64,421,766
57,255,747
51,226,178
45,129,518
3.08 %
3.24 %
4.96 %
7.94 %
8.67 %
4.74 %
3.94 %
4.04 %
3.51 %
1
1
1
1
1
1
1
1
1
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1 YEAR
2 YEARS
3 YEARS
4 YEARS
5 YEARS
6 YEARS
7 YEARS
8 YEARS
2002: COMPOSITE:
BENCHMARK:
SPREAD:
(24.94)
(21.96)
(2.98)
(18.72)
(17.31)
(1.41)
(15.43)
(15.01)
(0.42)
(7.61)
(7.32)
(0.29)
(1.79)
(1.34)
(0.45)
2.89
3.31
(0.42)
5.27
5.76
(0.50)
8.93
9.43
(0.50)
2001: COMPOSITE:
BENCHMARK:
SPREAD:
(12.00)
(12.39)
0.40
(10.23)
(11.30)
1.07
(0.99)
(1.85)
0.86
5.03
4.62
0.41
9.59
9.28
0.31
11.37
11.26
0.11
14.88
14.84
0.04
2000: COMPOSITE:
BENCHMARK:
SPREAD:
(8.44)
(10.20)
1.76
5.02
3.89
1.13
11.41
10.99
0.42
15.76
15.49
0.28
16.74
16.70
0.03
20.10
20.14
(0.04)
1999: COMPOSITE:
BENCHMARK:
SPREAD:
20.46
20.19
0.27
22.89
23.40
(0.50)
25.18
25.59
(0.41)
24.05
24.61
(0.56)
26.79
27.34
(0.54)
1998: COMPOSITE:
BENCHMARK:
SPREAD:
25.38
26.69
(1.31)
27.61
28.38
(0.77)
25.27
26.11
(0.85)
28.43
29.19
(0.76)
1997: COMPOSITE:
BENCHMARK:
SPREAD:
29.87
30.09
(0.22)
25.21
25.83
(0.62)
29.46
30.04
(0.58)
1996: COMPOSITE:
BENCHMARK:
SPREAD:
20.71
21.70
(0.99)
29.26
30.01
(0.75)
1995: COMPOSITE:
BENCHMARK:
SPREAD:
38.41
38.89
(0.48)
9 YEARS
10 YEARS
11
U.S. Equity (Hedged)
Notes to the U.S. Equity (Hedged) composite :
1.
This composite groups the core of CDPQ's U.S. equity investments that are hedged against currency risk. The majority of its
investments are made on listed markets, representing approximately 88% of the composite. Private equity investments
represent approximately 12% of the composite.
In April 2000, an unhedged management of U.S. equity investments was created. Before April 2000, the hedged and
unhedged types of investment were grouped into one composite, U.S. Equity, created on September 1st 1998. In order to
achieve greater transparency, CDPQ now separates their current and historic performances. The U.S. Equity composite is
thus divided into the U.S. Equity hedged composite and the U.S. Equity unhedged composite.
This composite presents performance starting April 1994. Before April 1994, U.S. equity investments were managed within
the Foreign Equity composite.
Furthermore, since April 2000, hedging has been implemented within the composite in order to provide full coverage against
currency risk. Prior to April 2000, hedging levels varied with estimated levels of risk.
This composite exactly reproduces the U.S. Equity unhedged composite, with the exception of the currency hedging activity.
2.
This composite was created on October 1st, 2002.
3.
Benchmark
The benchmark for this composite is the S&P500 hedged.
4.
Calculation Period
Performance for this composite is presented for the period from May 1st, 1994 to December 31st, 2002.
5.
6.
7.
Use of leverage
8.
Use of derivatives
12
U.S. Equity (Unhedged)
Period
1 month
3 months
6 months
Year to date
Composite
Benchmark
Spread
Year
Composite
Net Assets Under
Management
% of Firm
Assets
Number of
Accounts
Std. Dev. of
acct. returns
-5.65 %
4.80 %
-8.48 %
-25.69 %
-5.08 %
8.00 %
-6.82 %
-22.90 %
-0.56 %
-3.20 %
-1.65 %
-2.79 %
2002
2001
2000
4,937,536
5,567,437
3,819,457
77,501,607
85,130,677
88,164,426
6.37 %
6.54 %
4.33 %
1
1
1
n/a
n/a
n/a
1 YEAR
2 YEARS
2002: COMPOSITE:
BENCHMARK:
SPREAD:
(25.69)
(22.90)
(2.79)
(15.47)
(15.03)
(0.44)
2001: COMPOSITE:
BENCHMARK:
SPREAD:
(3.85)
(6.35)
2.50
3 YEARS
4 YEARS
5 YEARS
6 YEARS
7 YEARS
8 YEARS
9 YEARS
10 YEARS
13
U.S. Equity (Unhedged)
Notes to the U.S. Equity (Unhedged) composite :
1.
This composite groups the core of CDPQ's U.S. equity investments, unhedged against currency risk. The majority of its
investments are made on listed markets, representing approximately 88% of the composite. Private equity investments
Unhedged management began in April 2000. Before October 2002, this type of investment was grouped, along with U.S.
Equity hedged, into the same composite. In order to achieve greater transparency, CDPQ now separates their current and
historic performances. The U.S. Equity composite is thus divided into the U.S. Equity hedged composite and the U.S. Equity
unhedged composite.
This composite exactly reproduces the U.S. Equity hedged composite, without currency hedging activity.
2.
3.
Benchmark
The benchmark for this composite is the S&P500 unhedged.
4.
Calculation Period
5.
6.
7.
Use of leverage
8.
Use of derivatives
14
EAFE Foreign Equity (Hedged)
Period
1 month
3 months
6 months
Year to date
Composite
Benchmark
Spread
Year
Composite
Net Assets Under
Management
% of Firm
Assets
Number of
Accounts
Std. Dev. of
acct. returns
-9.45 %
-2.17 %
-20.96 %
-28.35 %
-7.61 %
1.81 %
-19.20 %
-27.31 %
-1.84 %
-3.98 %
-1.76 %
-1.05 %
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
2,655,875
2,591,914
5,025,193
11,397,272
8,453,027
7,796,817
6,842,736
3,930,466
2,725,361
4,429,309
77,501,607
85,130,677
88,164,426
81,394,440
68,535,968
64,421,766
57,255,747
51,226,178
45,129,518
46,973,406
3.43 %
3.04 %
5.70 %
14.00 %
12.33 %
12.10 %
11.95 %
7.67 %
6.04 %
9.43 %
1
1
1
1
1
1
1
1
1
1
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1 YEAR
2 YEARS
3 YEARS
4 YEARS
5 YEARS
6 YEARS
7 YEARS
8 YEARS
9 YEARS
10 YEARS
2002: COMPOSITE:
BENCHMARK:
SPREAD:
(28.35)
(27.31)
(1.05)
(22.41)
(21.95)
(0.45)
(16.88)
(16.78)
(0.11)
(5.10)
(6.05)
0.96
(1.70)
(2.58)
0.88
0.80
(0.20)
1.00
2.62
1.52
1.11
3.64
2.81
0.83
2.98
2.38
0.60
4.61
5.25
(0.64)
2001: COMPOSITE:
BENCHMARK:
SPREAD:
(15.97)
(16.20)
0.23
(10.48)
(10.95)
0.47
4.23
2.33
1.89
6.39
4.82
1.57
7.93
6.33
1.60
8.96
7.33
1.63
9.25
8.03
1.22
7.76
6.86
0.90
9.10
9.67
(0.56)
2000: COMPOSITE:
BENCHMARK:
SPREAD:
(4.63)
(5.37)
0.74
16.08
13.09
2.99
15.09
12.93
2.16
14.90
12.85
2.04
14.77
12.77
1.99
14.14
12.70
1.44
11.66
10.63
1.03
12.72
13.42
(0.69)
1999: COMPOSITE:
BENCHMARK:
SPREAD:
41.29
35.15
6.14
26.44
23.37
3.06
22.26
19.68
2.58
20.21
17.83
2.38
18.31
16.71
1.60
14.63
13.55
1.08
15.45
16.39
(0.94)
1998: COMPOSITE:
BENCHMARK:
SPREAD:
13.15
12.63
0.52
13.73
12.62
1.10
13.90
12.57
1.34
13.18
12.51
0.67
9.94
9.67
0.27
11.63
13.53
(1.90)
1997: COMPOSITE:
BENCHMARK:
SPREAD:
14.31
12.61
1.69
14.28
12.54
1.75
13.19
12.47
0.72
9.15
8.94
0.21
11.32
13.71
(2.38)
1996: COMPOSITE:
BENCHMARK:
SPREAD:
14.26
12.46
1.80
12.63
12.39
0.24
7.48
7.74
(0.26)
10.59
13.98
(3.39)
1995: COMPOSITE:
BENCHMARK:
SPREAD:
11.03
12.32
(1.30)
4.25
5.46
(1.21)
9.39
14.50
(5.10)
1994: COMPOSITE:
BENCHMARK:
SPREAD:
(2.12)
(0.99)
(1.13)
8.59
15.60
(7.01)
1993: COMPOSITE:
BENCHMARK:
SPREAD:
20.46
34.97
(14.50)
15
EAFE Foreign Equity (Hedged)
Notes to the EAFE Foreign Equity (Hedged) composite :
1.
This composite groups the core of CDPQ's Europe, Asia and Far-East (EAFE) foreign equity investments, hedged against
currency risk. The majority of its investments are made on listed markets, representing approximately 89% of the composite.
Private equity investments represent approximately 11% of the composite.
In April 2000, unhedged management of EAFE foreign equity investments was created. Before April 2000, hedged and
unhedged types of investment were grouped into one composite, EAFE Foreign equity, created on September 1st 1998. This
last composite also included Emerging Markets Equity, which began in October 1993. Investing activities in emerging
markets were separated from foreign equity investments in January 1995. In order to achieve greater transparency, CDPQ
now separates their current and historic performances. The former Foreign Equity composite is thus now divided into the
EAFE Foreign Equity hedged composite, the EAFE Foreign Equity unhedged composite, and the Emerging Markets Equity
composite.
Until April 1994, this composite managed all U.S. equity investments.
Furthermore, since April 2000, hedging has been implemented within the composite in order to provide full hedging against
currency risk. Prior to April 2000, hedging levels varied with the estimated levels of risk.
This composite exactly reproduces the EAFE Foreign Equity unhedged composite, with the exception of the currency hedging
activity.
2.
3.
Benchmark
Since April 1994, the benchmark for this composite has been the MSCI EAFE hedged index. Before April 1994, the
benchmark was the MSCI World Index.
4.
Calculation Period
5.
The assets in the depositor's portfolios were transferred to a specialized portfolio on June 30th, 1989. Since that date, the
6.
7.
Investment Universe
8.
Use of leverage
9.
Use of derivatives
16
EAFE Foreign Equity (Unhedged)
Period
1 month
3 months
6 months
Year to date
Composite
Benchmark
Spread
Year
Composite
Net Assets Under
Management
% of Firm
Assets
Number of
Accounts
Std. Dev. of
acct. returns
-4.47 %
1.82 %
-13.36 %
-18.15 %
-2.55 %
6.02 %
-11.24 %
-16.81 %
-1.92 %
-4.20 %
-2.11 %
-1.34 %
2002
2001
2000
5,686,686
6,469,225
4,509,944
77,501,607
85,130,677
88,164,426
7.34 %
7.60 %
5.12 %
1
1
1
n/a
n/a
n/a
1 YEAR
2 YEARS
2002: COMPOSITE:
BENCHMARK:
SPREAD:
(18.15)
(16.81)
(1.34)
(17.44)
(16.66)
(0.78)
2001: COMPOSITE:
BENCHMARK:
SPREAD:
(16.73)
(16.51)
(0.22)
3 YEARS
4 YEARS
5 YEARS
6 YEARS
7 YEARS
8 YEARS
9 YEARS
10 YEARS
17
EAFE Foreign Equity (Unhedged)
Notes to the EAFE Foreign Equity (Unhedged) composite :
1.
This composite groups the core of CDPQ's EAFE foreign equity investments unhedged against currency risk. The majority of
its investments are made on listed markets, representing approximately 89% of the composite. Private equity investments
Unhedged management began in April 2000. Before October 2002, this type of investment was grouped into the same
composite as EAFE Foreign Equity hedged and Emerging Markets Equity. In order to achieve greater transparency, CDPQ
now separates their current and historic performances. The former Foreign Equity composite is thus now divided into the
EAFE Foreign Equity hedged composite, the EAFE Foreign Equity unhedged composite, and the Emerging Markets Equity
composite.
This composite exactly reproduces the EAFE Foreign Equity hedged composite, without currency hedging activity.
2.
3.
Benchmark
The benchmark for this composite is the MSCI EAFE non-hedged.
4.
Calculation Period
5.
6.
7.
Investment Universe
8.
Use of leverage
9.
Use of derivatives
18
Emerging Markets Equity
Period
1 month
3 months
6 months
Year to date
Composite
Benchmark
Spread
Year
Composite
Net Assets Under
Management
% of Firm
Assets
Number of
Accounts
Std. Dev. of
acct. returns
-8.66 %
-4.01 %
-15.80 %
-18.35 %
-2.51 %
9.60 %
-4.39 %
-7.14 %
-6.15 %
-13.61 %
-11.41 %
-11.21 %
2002
2001
2000
1999
1998
1997
1996
1995
1,120,303
1,347,422
1,070,284
1,438,231
862,099
1,035,301
900,108
58,052
77,501,607
85,130,677
88,164,426
81,394,440
68,535,968
64,421,766
57,255,747
51,226,178
1.45 %
1.58 %
1.21 %
1.77 %
1.26 %
1.61 %
1.57 %
0.11 %
1
1
1
1
1
1
1
1
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1 YEAR
2 YEARS
3 YEARS
4 YEARS
5 YEARS
6 YEARS
7 YEARS
2002: COMPOSITE:
BENCHMARK:
SPREAD:
(18.35)
(7.14)
(11.21)
(10.75)
(1.85)
(8.90)
(17.80)
(11.60)
(6.20)
(2.04)
3.31
(5.35)
(6.97)
(3.53)
(3.44)
(6.94)
(3.48)
(3.46)
(5.16)
(2.82)
(2.34)
2001: COMPOSITE:
BENCHMARK:
SPREAD:
(2.44)
3.74
(6.18)
(17.53)
(13.75)
(3.78)
4.09
7.05
(2.96)
(3.89)
(2.61)
(1.28)
(4.47)
(2.73)
(1.75)
(2.76)
(2.08)
(0.69)
2000: COMPOSITE:
BENCHMARK:
SPREAD:
(30.28)
(28.29)
(1.99)
7.53
8.75
(1.22)
(4.37)
(4.64)
0.27
(4.97)
(4.28)
(0.70)
(2.83)
(3.20)
0.37
1999: COMPOSITE:
BENCHMARK:
SPREAD:
65.84
64.92
0.92
12.00
9.97
2.03
5.36
5.40
(0.04)
5.58
4.34
1.24
1998: COMPOSITE:
BENCHMARK:
SPREAD:
(24.36)
(26.67)
2.31
(16.02)
(15.74)
(0.28)
(9.17)
(10.43)
1.25
1997: COMPOSITE:
BENCHMARK:
SPREAD:
(6.76)
(3.19)
(3.58)
(0.47)
(1.00)
0.53
1996: COMPOSITE:
BENCHMARK:
SPREAD:
6.25
1.24
5.00
8 YEARS
9 YEARS
10 YEARS
19
Emerging Markets Equity
Notes to the Emerging Markets Equity composite :
1.
This composite groups the core of CDPQ's emerging markets equity investments. The majority of its investments are made
on listed markets, representing approximately 67% of the composite. Private investments represent approximately 33% of the
composite.
This type of investment began in October 1993, as a part of foreign equity investments. Management of Emerging Markets
Equity was separated as a whole in January 1995. Before October 2002, it was grouped within the same composite as EAFE
Foreign Equity hedged and EAFE Foreign Equity unhedged. In order to achieve greater transparency, CDPQ now separates
their current and historic performances. The former Foreign Equity composite is thus now divided into the EAFE Foreign
Equity hedged composite, the EAFE Foreign Equity unhedged composite, and the Emerging Markets Equity composite.
Investments on listed markets are hedged against currency risk between the Canadian and U.S. currencies. However, local
currency risk is not hedged, except for private equity investments, where it is fully hedged.
2.
3.
Benchmark
The benchmark for this composite is the MSCI EMF. The hedging of the composite varied through time. Before January 1st
2000, the index was fully hedged for exchange risk between the Canadian and U.S. currencies. From January 1st to June
30th, the same hedge was partially applied. Since July 1st 2000, the index is not hedged.
4.
Calculation Period
Performance for this composite is presented for the period from February 1st, 1995 to December 31st, 2002.
5.
The assets in the depositor's portfolios were transferred to a specialized portfolio on January 31st, 1995. Since that date, the
6.
Management and administrative fees for this composite were 109 basis points for the period ended December 31st, 2002.
For the four previous years, from January 1st, 1998 to December 31st, 2001, fees averaged 47 basis points.
7.
Use of leverage
8.
Use of derivatives
20
Québec International Bonds
Period
1 month
3 months
6 months
Year to date
Composite
Benchmark
Spread
Year
Composite
Net Assets Under
Management
% of Firm
Assets
Number of
Accounts
Std. Dev. of
acct. returns
-5.07 %
7.13 %
-10.20 %
-19.41 %
-5.18 %
7.16 %
-10.36 %
-19.46 %
0.11 %
-0.03 %
0.16 %
0.05 %
2002
2001
2000
1999
5,089,830
5,491,411
5,405,955
2,794,858
77,501,607
85,130,677
88,164,426
81,394,440
6.57 %
6.45 %
6.13 %
3.43 %
1
1
1
1
n/a
n/a
n/a
n/a
1 YEAR
2 YEARS
3 YEARS
2002: COMPOSITE:
BENCHMARK:
SPREAD:
(19.41)
(19.46)
0.05
(15.88)
(16.06)
0.19
(12.57)
(12.77)
0.21
2001: COMPOSITE:
BENCHMARK:
SPREAD:
(12.19)
(12.52)
0.33
(8.93)
(9.22)
0.29
2000: COMPOSITE:
BENCHMARK:
SPREAD:
(5.55)
(5.80)
0.25
4 YEARS
5 YEARS
6 YEARS
7 YEARS
8 YEARS
9 YEARS
10 YEARS
21
Québec International Bonds
Notes to the Québec International Bonds composite :
1.
This composite represents a strategy made up of a fixed income portfolio, mainly Québec provincial bonds, with an overlay of
an international futures portfolio, invested on the MSCI World Index, excluding Canada. The strategy comprises 4 elements:
- Index tracking, including 12 international indexes, through the use of futures;
- Fixed income investments, to a maximum of 80% of tangible assets;
- Money market investments, to a maximum of 20% of tangible assets;
- Value-added investments, with equity (maximum 6%).
The strategy is primarily based on index tracking.
2.
This composite was created on July 1st, 1999.
3.
Benchmark
The benchmark for this composite is the Québec Global Index, an index maintained by CDPQ. It is composed of two
elements: return on tangible assets and return on futures. The total of both these returns provides the return for the Quebec
Global Index.
The tangible assets index is composed at 80% of the SCM Québec Provincial index, and 20% of the SCM 91-day T-bill index.
These proportions are weighted monthly.
The futures index is determined once per year, on the last day of February, by taking into account the weighting inside the
MSCI World Index, excluding Canada. It is based on a futures basket based on twelve local indexes. This basket is
composed of an integer number for each contract. The number of contracts within the basket remains fixed for a year and is
weighted every March 31st. The evolution of the futures basket’s value will determine the weighting of each index inside the
basket.
4.
Calculation Period
Performance for this composite is presented for the period from August 1st, 1999 to December 31st, 2002.
5.
6.
7.
Use of leverage
8.
Use of derivatives
22
Real Estate
Period
1 month
3 months
6 months
Year to date
Composite
Benchmark
1.71 %
1.57 %
1.81 %
8.04 %
1.23
1.23
2.19
7.01
%
%
%
%
Spread
Year
Composite
Net Assets Under
Management
% of Firm
Assets
Number of
Accounts
Std. Dev. of
acct. returns
0.48 %
0.34 %
-0.39 %
1.03 %
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
7,992,610
7,553,445
5,889,133
4,239,814
3,518,198
3,220,750
2,489,070
2,241,714
1,833,592
1,783,880
77,501,607
85,130,677
88,164,426
81,394,440
68,535,968
64,421,766
57,255,747
51,226,178
45,129,518
46,973,406
10.31 %
8.87 %
6.68 %
5.21 %
5.13 %
5.00 %
4.35 %
4.38 %
4.06 %
3.80 %
1
1
1
1
1
1
1
1
1
1
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1 YEAR
2 YEARS
3 YEARS
4 YEARS
5 YEARS
6 YEARS
7 YEARS
8 YEARS
9 YEARS
10 YEARS
2002: COMPOSITE:
BENCHMARK:
SPREAD:
8.04
7.01
1.03
10.93
9.16
1.77
13.32
10.86
2.46
13.63
10.10
3.53
12.83
10.86
1.98
14.06
11.98
2.08
13.79
11.43
2.36
12.27
10.02
2.25
9.44
7.29
2.16
8.37
5.37
3.00
2001: COMPOSITE:
BENCHMARK:
SPREAD:
13.88
11.34
2.55
16.06
12.84
3.22
15.56
11.15
4.40
14.06
11.84
2.23
15.30
12.99
2.31
14.78
12.18
2.60
12.88
10.45
2.43
9.62
7.32
2.30
8.40
5.19
3.21
2000: COMPOSITE:
BENCHMARK:
SPREAD:
18.27
14.35
3.92
16.40
11.06
5.34
14.12
12.01
2.12
15.66
13.41
2.25
14.96
12.35
2.61
12.72
10.30
2.41
9.02
6.76
2.27
7.74
4.45
3.29
1999: COMPOSITE:
BENCHMARK:
SPREAD:
14.56
7.86
6.70
12.11
10.85
1.26
14.80
13.10
1.70
14.14
11.85
2.29
11.64
9.51
2.13
7.56
5.54
2.01
6.31
3.11
3.21
1998: COMPOSITE:
BENCHMARK:
SPREAD:
9.70
13.92
(4.22)
14.92
15.81
(0.89)
14.00
13.21
0.79
10.92
9.93
0.99
6.21
5.09
1.12
5.00
2.33
2.66
1997: COMPOSITE:
BENCHMARK:
SPREAD:
20.39
17.74
2.65
16.22
12.86
3.36
11.33
8.63
2.70
5.35
2.99
2.36
4.08
0.16
3.92
1996: COMPOSITE:
BENCHMARK:
SPREAD:
12.19
8.19
4.00
7.06
4.34
2.71
0.77
(1.51)
2.27
0.36
(3.81)
4.17
1995: COMPOSITE:
BENCHMARK:
SPREAD:
2.16
0.64
1.52
(4.50)
(6.02)
1.52
(3.30)
(7.50)
4.20
1994: COMPOSITE:
BENCHMARK:
SPREAD:
(10.72)
(12.24)
1.52
(5.92)
(11.32)
5.40
1993: COMPOSITE:
BENCHMARK:
SPREAD:
(0.85)
(10.39)
9.54
23
Real Estate
Other Returns Presented as of December 31st (percent) :
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
Current Income
Capital
Appreciation
(Depreciation)
Total Return
9.53
8.72
9.30
10.00
7.93
6.75
9.69
7.64
6.67
7.56
(1.35)
4.75
8.21
4.15
1.64
12.78
2.28
(5.09)
(16.30)
(7.82)
8.04
13.88
18.27
14.56
9.70
20.39
12.19
2.16
(10.72)
(0.85)
Notes to the Real Estate composite :
1.
This composite groups the core of CDPQ's real estate investments. They are direct investments. A small portion (less than
2%) includes mortgages, equity and convertible securities.
All current income is reinvested within the Real Estate composite. Capital expenditures and other leasehold improvements are
depreciated during the term of the lease.
Real estate investments are priced quarterly. These evaluations are verified annually by an external auditor. Therefore, all
returns are based on verified results. These performances also include returns on cash assets.
Before January 1994, the composite also included real estate repossessed following default, within the Mortgage composite.
The leverage in this composite is close to its maximum permitted, which is 50%.
2.
3.
Benchmark
Since January 1993, the benchmark for this composite has been the MLH+A (renamed Aon) index. This index comprises 40%
of the Russell Canada index (with a 25% leverage), 50% of the Russell Québec sub-index (with a 25% leverage) and 10% of
the TSE Real Estate sub-index. This last sub-index has not existed since May 2002, but CDPQ still maintains it for its own use.
4.
Calculation Period
5.
The assets in the depositor's portfolios were transferred to a specialized portfolio on October 31st, 1985. Since that date, the
6.
24
7.
Investment Universe
8.
Use of derivatives
9.
Investment Valuation
Each year, a third of the real estate portfolio is evaluated by an external real estate appraiser. For the rest of the portfolio,
appraisals are updated. Punctual appraisals are made on certain properties when market conditions change significantly or
when a transaction is planned. Fair value for stocks and convertible investments is established according to commonly used
valuation methods.
10.
Other returns presented
Returns for the Real Estate composite are calculated according to two components, capital appreciation or depreciation, and
current operating income. Total return is the geometric sum of both components.
25
CDPQ Balanced Fund
Period
1 month
3 months
6 months
Year to date
Composite
Benchmark
Spread
Year
Composite
Net Assets Under
Management
% of Firm
Assets
Number of
Accounts
Std. Dev. of
acct. returns
-1.43 %
2.17 %
-6.38 %
-9.57 %
-0.28 %
4.80 %
-2.13 %
-5.69 %
-1.15 %
-2.63 %
-4.25 %
-3.88 %
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
77,501,607
85,130,677
88,164,426
81,394,440
68,535,968
64,421,766
57,255,747
51,226,178
45,129,518
46,973,406
77,501,607
85,130,677
88,164,426
81,394,440
68,535,968
64,421,766
57,255,747
51,226,178
45,129,518
46,973,406
100.00 %
100.00 %
100.00 %
100.00 %
100.00 %
100.00 %
100.00 %
100.00 %
100.00 %
100.00 %
18
16
16
15
16
16
16
16
12
12
4.34 %
3.50 %
1.02 %
2.16 %
0.34 %
0.74 %
0.83 %
0.84 %
0.89 %
1.56 %
1 YEAR
2 YEARS
3 YEARS
4 YEARS
5 YEARS
6 YEARS
7 YEARS
8 YEARS
9 YEARS
10 YEARS
2002: COMPOSITE:
BENCHMARK:
SPREAD:
(9.57)
(5.69)
(3.88)
(7.31)
(3.62)
(3.69)
(3.00)
(0.63)
(2.37)
1.54
2.87
(1.33)
3.23
3.86
(0.64)
4.79
5.21
(0.42)
6.26
6.71
(0.44)
7.68
8.01
(0.32)
6.55
6.77
(0.22)
7.77
8.02
(0.25)
2001: COMPOSITE:
BENCHMARK:
SPREAD:
(4.99)
(1.51)
(3.49)
0.46
2.00
(1.54)
5.54
5.89
(0.35)
6.70
6.40
0.30
7.92
7.54
0.38
9.16
8.92
0.23
10.40
10.12
0.29
8.76
8.44
0.32
9.89
9.66
0.23
2000: COMPOSITE:
BENCHMARK:
SPREAD:
6.23
5.64
0.60
11.24
9.79
1.44
10.90
9.17
1.73
11.41
9.92
1.49
12.23
11.14
1.09
13.20
12.18
1.02
10.88
9.94
0.94
11.91
11.15
0.76
1999: COMPOSITE:
BENCHMARK:
SPREAD:
16.48
14.12
2.36
13.32
10.99
2.33
13.20
11.39
1.81
13.78
12.56
1.22
14.65
13.54
1.11
11.67
10.68
1.00
12.74
11.96
0.79
1998: COMPOSITE:
BENCHMARK:
SPREAD:
10.24
7.95
2.30
11.59
10.05
1.54
12.90
12.04
0.85
14.20
13.40
0.80
10.74
10.00
0.73
12.13
11.60
0.53
1997: COMPOSITE:
BENCHMARK:
SPREAD:
12.95
12.20
0.76
14.25
14.15
0.10
15.55
15.28
0.27
10.86
10.52
0.34
12.51
12.35
0.17
1996: COMPOSITE:
BENCHMARK:
SPREAD:
15.56
16.14
(0.58)
16.87
16.85
0.02
10.17
9.97
0.20
12.40
12.38
0.02
1995: COMPOSITE:
BENCHMARK:
SPREAD:
18.19
17.56
0.63
7.57
7.01
0.57
11.37
11.16
0.21
1994: COMPOSITE:
BENCHMARK:
SPREAD:
(2.09)
(2.60)
0.51
8.11
8.09
0.02
1993: COMPOSITE:
BENCHMARK:
SPREAD:
19.37
19.94
(0.57)
26
CDPQ Balanced Fund
Notes to the CDPQ Balanced Fund composite :
1.
This composite groups all of CDPQ's depositors' accounts, including the General Fund. It measures the overall asset
allocation strategy of CDPQ among the different asset classes available to depositors.
A portion of the composite represents an overlay activity.
2.
3.
Benchmark
The benchmark for this composite is an index maintained by CDPQ. It comprises a weighted average of the depositors'
reference indices. These indices correspond to the weighted average of each investment class, as described in the reference
policy of each depositor. This reference policy is established once a month, in accordance with depositors' preferences and
needs, as well as market forecasts.
4.
Calculation Period
5.
6.
Use of derivatives
27
II. Financial statistics and ten-year review
1.
Changes in depositors' holdings .............................................................................................. 2
2.
Breakdown of depositors' holdings .......................................................................................... 6
3.
Funds' net assets ...................................................................................................................... 7
4.
Annual interest or income paid out on average deposits ......................................................... 8
5.
Summary of investments ........................................................................................................... 9
6.
Breakdown of investments ...................................................................................................... 10
7.
Summary of foreign investments ............................................................................................ 12
8.
CDP Capital – Mortgages - mortgages of $5 million and over ................................................ 13
9.
Summary of bond portfolio ..................................................................................................... 16
10. Investments in Canadian corporate shares and bonds by sector of activity .......................... 17
11. Investments in shares and bonds of publicly traded companies............................................ 18
12. Investments in shares and bonds of privately held companies .............................................. 82
13. Statement of real estate holdings ..........................................................................................106
14.
Statement of properties held for resale .......................................................................................109
15. Changes in private equity.......................................................................................................110
16. Administrative statistics ........................................................................................................110
CHANGES IN DEPOSITORS' HOLDINGS
as at December 31
(fair value - in millions of dollars)
Net income allocated
Deposits (withdrawals)
Unrealized +/- in value
Holdings
Advances
Net holdings
Excess over cost
1
1 458
(148)
(4 587)
31 646
(11)
31 635
(1 904)
4
(85)
(15)
100
(7)
Pension Plan of Elected Municipal Officers
Net income allocated1
Net holdings
Excess over cost
TOTAL
7
(3)
(25)
164
(14)
189
97
(636)
4 214
(11)
4 203
(297)
1 258
(157)
(3 911)
27 168
27 168
(1 586)
2002
Individual plans
Net holdings
Excess over cost
Pension Plan for Management
Holdings
Advances
Net holdings
Excess over cost
Government and Public Employees
Retirement Plan
1
Holdings
Advances
Net holdings
Excess over cost
Commission administrative des régimes de
retraite et d'assurances
1
1
2 141
(104)
(3 978)
34 923
(15)
34 908
2 683
15
(28)
196
8
9
(2)
(19)
185
11
273
1
(530)
4 564
(9)
4 555
339
1 844
(103)
(3 401)
29 978
(6)
29 972
2 325
2001
2
3 586
(46)
(1 254)
36 864
36 864
6 661
24
(10)
209
36
20
(8)
(5)
197
30
469
47
(170)
4 820
4 820
869
3 073
(85)
(1 069)
31 638
31 638
5 726
1999
2 040
(9)
2 598
34 578
34 578
7 915
12
(1)
16
195
46
12
(3)
12
190
35
322
(195)
290
4 474
4 474
1 039
1 694
190
2 280
29 719
29 719
6 795
1999
1 866
430
840
29 949
29 949
5 317
10
5
168
30
11
(2)
4
169
23
268
(37)
104
4 057
4 057
749
1 577
469
727
25 555
25 555
4 515
1998
1 455
327
1 615
26 813
26 813
4 477
9
8
153
25
8
(2)
7
156
19
205
(14)
222
3 722
3 722
645
1 233
343
1 378
22 782
22 782
3 788
1997
2 204
486
982
23 416
23 416
2 862
13
1
6
136
17
13
(1)
5
143
12
315
42
140
3 309
3 309
423
1 863
444
831
19 828
19 828
2 410
1996
1 397
532
1 560
19 744
19 744
1 880
8
1
9
116
11
9
(3)
9
126
7
199
53
220
2 812
2 812
283
1 181
481
1 322
16 690
16 690
1 579
1995
1 036
482
(1 383)
16 255
16 255
320
5
2
(6)
98
2
7
5
(7)
111
(2)
150
(4)
(199)
2 340
2 340
63
874
479
(1 171)
13 706
13 706
257
1994
1 253
536
1 315
16 120
16 120
1 703
7
3
8
97
8
6
53
5
106
5
181
(154)
199
2 393
2 393
262
1 059
634
1 103
13 524
13 524
1 428
1993
Holdings
Advances
Net holdings
Excess over cost
1
Société de l'assurance automobile du Québec
Régime supplémentaire de rentes pour les employés de
l'industrie de la construction du Québec
1
Holdings
Advances
Net holdings
Excess over cost
Commission de la construction du Québec
Holdings
Advances
Net holdings
Excess over cost
276
(303)
(1 025)
5 916
(59)
5 857
(326)
278
10
(1 051)
6 729
(140)
6 589
(526)
237
(290)
(1 318)
6 709
(377)
6 332
(860)
338
1 400
(1 230)
9 510
(2 104)
Fonds d'amortissement des régimes de retraite
Net holdings
Excess over cost
Commission de la santé et de la sécurité du travail
710
372
(2 603)
16 329
(570)
15 759
(1 591)
Fonds du Régime de rentes du Québec
1
Holdings
Advances
Net holdings
Excess over cost
Régie des rentes du Québec
403
(240)
(858)
6 968
(40)
6 928
699
379
(142)
(829)
7 492
(30)
7 462
525
404
(502)
(1 005)
8 080
(194)
7 886
458
287
2 362
(670)
9 002
(874)
1 001
183
(1 933)
17 850
(510)
17 340
1 012
3
733
(138)
(341)
7 663
(32)
7 631
1 557
752
(66)
(329)
8 084
(13)
8 071
1 354
817
164
(434)
9 183
(340)
8 843
1 463
1 074
2 080
(726)
7 023
(204)
2 090
(223)
(1 079)
18 599
(525)
18 074
2 945
391
(228)
721
7 409
(44)
7 365
1 898
609
(117)
599
7 727
7 727
1 683
523
(341)
665
8 636
(101)
8 535
1 897
163
2 756
317
4 595
522
1 479
(792)
1 093
17 811
(332)
17 479
4 024
426
(106)
176
6 525
(87)
6 438
1 177
533
(127)
102
6 636
6 636
1 084
489
(25)
207
7 789
(145)
7 644
1 232
89
38
1 359
205
1 294
(1 548)
247
16 031
(200)
15 831
2 931
356
(211)
341
6 029
6 029
1 001
382
(133)
311
6 128
6 128
982
364
648
401
7 118
(235)
6 883
1 025
66
78
1 232
167
1 096
(1 680)
761
16 038
(200)
15 838
2 684
571
(132)
130
5 543
5 543
660
555
(144)
214
5 568
5 568
671
527
5
212
5 705
5 705
624
98
51
1 088
89
1 710
(1 775)
364
15 861
(200)
15 661
1 923
439
(754)
344
4 974
4 974
530
356
(45)
368
4 943
4 943
457
401
(16)
357
4 961
4 961
412
64
72
939
38
1 392
(1 606)
1 167
15 562
(200)
15 362
1 559
360
(613)
(512)
4 945
(253)
4 692
186
289
(65)
(320)
4 264
4 264
89
278
(374)
4 219
4 219
55
(13)
850
(34)
803
(34)
1 021
(1 365)
(1 448)
14 609
(200)
14 409
392
528
(578)
433
5 710
5 710
698
322
(44)
329
4 360
4 360
409
351
(213)
342
4 315
4 315
429
-
1 522
(1 561)
1 240
16 401
16 401
1 840
CHANGES IN DEPOSITORS' HOLDINGS (continued)
as at December 31
Fonds des cautionnements collectifs des agents de voyages
Net holdings
Excess over cost
Office de la protection du consommateur
Net holdings
Excess over cost
Commission des valeurs mobilières du Québec3
Net holdings
Excess over cost
La Financière agricole du Québec2
Net holdings
Excess over cost
Régime complémentaire de rentes des techniciens
ambulanciers oeuvrant au Québec
Net holdings
Excess over cost
Régie de l'assurance-dépôts du Québec
Net holdings
Excess over cost
1
Régime de rentes de survivants
1
1
(2)
(1)
3
(1)
1
(15)
24
-
(3)
(71)
(4)
112
(9)
6
8
(13)
127
(5)
12
15
2
268
9
13
(15)
(48)
301
(74)
2002
(1)
6
-
2
13
38
-
8
84
(7)
190
(5)
7
7
(10)
126
8
11
21
4
239
7
20
(7)
(39)
351
(26)
2001
4
1
(1)
7
1
1
14
23
-
8
14
(1)
105
2
10
5
(1)
122
18
11
7
4
203
3
42
(7)
(22)
377
13
2000
1
7
1
(2)
8
-
7
(32)
84
3
5
6
6
108
19
6
13
(4)
181
(1)
30
(9)
22
364
35
1999
(1)
6
1
10
10
-
8
(61)
1
109
3
5
7
3
91
13
9
14
2
166
3
24
(5)
6
321
13
1998
1
7
1
-
4
120
161
2
4
6
3
76
10
4
16
1
141
1
11
278
7
296
7
1997
1
(1)
6
1
-
2
4
1
37
2
5
6
4
63
7
7
(56)
(2)
120
-
-
1996
1
(1)
1
6
1
-
2
7
1
30
1
3
6
4
48
3
11
8
1
171
2
-
1995
1
(2)
5
-
-
1
(3)
(1)
20
-
2
5
(4)
35
(1)
7
(2)
1
151
1
-
1994
(1)
6
-
-
2
(3)
23
1
2
6
2
32
3
7
18
145
-
-
1993
3
2
1
4 663
1 674
(9 327)
85 273
(789)
84 484
4 486
-
-
3 326
962
(11 879)
77 682
(1 157)
76 525
(7 393)
-
-
(1)
2
-
2
-
(1)
4
(1)
9 126
1 777
(4 183)
88 263
(910)
87 353
13 813
-
(26)
-
3
-
2
-
1
5
-
5 255
1 271
6 017
81 543
(477)
81 066
17 996
-
26
26
-
1
3
-
2
-
4
-
4 744
(1 412)
1 622
69 000
(432)
68 568
11 979
-
-
2
-
2
-
1
4
-
5
-
-
2
-
2
-
3
-
3 743
(629)
3 518
64 046
(435)
63 611
10 357
As of January 1, 1997, gains and losses on the sale of investments in the specialized portfolios are reinvested.
Previously the Régie des assurances agricoles du Québec; includes the Fonds d'assurance-prêts agricoles et forestiers du Québec.
These depositors only benefit from the Caisse's cash management services.
Holdings
Advances
Net holdings
Excess over cost
Total Depositors
Net holdings
Excess over cost
Office des producteurs de tabac jaune du Québec
Fonds de garantie des producteurs de
tabac jaune du Québec
1
Net holdings
Excess over cost
Société des alcools du Québec3
Net holdings
Excess over cost
2
-
2
-
Magazine Protégez-Vous
Net holdings
Excess over cost
La Fédération des producteurs de bovins du Québec
1
(1)
4
(2)
Net holdings
Excess over cost
1
Régie des marchés agricoles et alimentaires du Québec
Fonds d'assurance-garantie
5 680
(1 607)
1 956
57 414
(200)
57 214
6 839
-
-
2
-
2
-
3
-
4 067
(1 870)
3 875
51 385
(200)
51 185
4 883
-
-
2
-
2
-
1
(1)
3
-
2 983
(712)
(4 076)
45 313
(453)
44 860
1 008
-
-
2
-
2
2
-
1
(1)
(1)
3
-
3 988
(1 840)
3 662
47 118
47 118
5 084
-
-
1
2
-
-
1
(1)
1
4
1
BREAKDOWN OF DEPOSITORS' HOLDINGS
as at December 31
(fair value - in percentage)
Commission administrative des régimes
de retraite et d'assurances (CARRA - RREGOP)
Régie des rentes du Québec
Fonds du Régime de rentes du Québec (RRQ)
Fonds d'amortissement des régimes de retraite (FARR)
Commission de la construction du Québec (CCQ)
Commission de la santé et de
la sécurité du travail (CSST)
Société de l'assurance automobile du Québec (SAAQ)
Pension Plan for Management
(CARRA - PPM)
Other depositors
2
35,2
20,9
10,6
8,8
9,5
8,2
5,3
1,5
100,0
21,0
12,2
8,7
8,6
7,6
5,4
1,5
100,0
2001
35,0
2002
5,5
1,4
100,0
10,4
8,7
21,1
8,0
9,1
35,8
2000
6
5,5
1,4
100,0
10,6
9,1
21,8
5,6
9,5
36,5
1999
5,9
1,5
100,0
11,3
9,5
23,2
2,0
9,6
37,0
1998
5,8
1,6
100,0
11,1
9,4
25,0
1,9
9,6
35,6
1997
5,8
0,8
100,0
10,0
9,7
27,6
1,9
9,7
34,5
1996
5,5
0,9
100,0
9,7
9,7
30,3
1,8
9,6
32,5
1995
5,2
0,9
100,0
9,3
10,9
32,2
1,8
9,4
30,3
1994
5,1
0,8
100,0
9,2
12,1
34,8
9,3
28,7
1993
FUNDS' NET ASSETS
as at December 31
(in millions of dollars)
Individual Funds
301
302
303
305
306
307
308
311
312
313
314
315
316
317
318
325
326
330
General Fund
3
28 658,3
4 498,1
176,9
106,2
131,3
6 229,2
2 932,7
3 020,1
1 163,4
249,9
95,0
4 912,6
745,2
5 927,6
2,6
23,1
7 559,8
66 432,0
84 701,9
18 269,9
Cost
2002
27 071,9
4 201,6
163,3
99,1
126,2
5 903,5
2 756,4
2 785,8
1 047,0
257,9
90,4
4 092,6
614,4
4 775,1
2,2
18,7
6 699,7
60 705,8
77 309,4
16 603,6
2002
29 778,1
4 539,2
183,2
107,1
124,9
6 928,4
3 217,3
3 083,3
1 153,0
228,5
92,1
3 528,6
557,8
4 891,5
8 036,0
66 449,0
84 676,0
18 227,0
2001
7
31 428,7
4 736,9
196,1
207,9
121,4
7 612,7
3 571,9
3 231,5
1 221,4
200,5
83,0
2 066,1
387,8
4 538,1
9 115,2
68 719,2
87 614,5
18 895,3
2000
29 280,7
4 381,7
186,4
192,5
106,5
7 335,7
4 553,2
3 398,3
3 001,2
1 093,8
81,8
71,0
8 541,3
62 224,1
80 199,1
17 975,0
1999
25 121,8
3 974,7
166,1
165,2
88,9
6 400,2
1 332,1
3 008,7
2 587,6
906,9
7 660,5
51 412,7
67 690,5
16 277,8
22 524,3
3 658,6
154,5
151,2
75,4
5 964,6
1 218,2
3 032,3
2 223,7
796,7
7 036,2
46 835,7
63 153,3
16 317,6
Fair value
1998
1997
1996
19 264,3
3 204,0
138,6
131,9
60,7
1 056,1
2 810,5
1 903,6
686,3
5 535,7
34 791,7
56 044,7
21 253,0
1995
16 356,7
2 751,5
124,0
113,8
46,9
920,8
2 586,4
1 675,3
594,0
4 808,0
29 977,4
50 368,8
20 391,4
1994
13 464,8
2 295,4
109,5
96,1
794,1
2 351,6
1 397,1
445,4
4 151,8
25 105,8
44 599,4
19 493,6
1993
13 169,7
2 305,5
103,8
93,7
2 468,6
1 350,9
425,0
4 198,1
24 115,3
46 060,3
21 945,0
2
1
3,19
4,04
2,49
5,06
5,95
4,99
2001
5,83
12,04
5,35
2000
5,57
8,73
4,48
1999
5,35
8,38
5,15
1998
3,73
6,88
3,20
1997
5,24
11,85
4,74
1996
6,96
8,99
7,23
1995
6,07
6,83
2,64
1994
5,02
9,92
4,85
1993
8
The General Fund receives demand and term deposits from depositors and pays out interest on these deposits. The rate indicated is the average rate paid out during the year.
Income earned on the investments of the Caisse's General Fund and Individual Funds is paid out or allocated to participation deposit holders. The rate indicated is the average annual
rate. The rate represents only the income accounted for during the year on depositors' investments. It does not account for the change in the fair value of investments. For purposes of
this calculation, participation deposits are computed at cost. The rate is different from the time-weighted rate of return which includes both income and changes in the fair value of
investments.
Term deposits
2
Participation deposits
1
Demand deposits
1
2002
ANNUAL INTEREST OR INCOME PAID OUT ON AVERAGE DEPOSITS
(rate in percentage)
CATEGORIES OF DEPOSITS
4
1
53,3
100,0
15,5
21,6
16,2
46,7
33,3
4,4
6,0
3,0
2002
1
50,9
100,0
16,7
20,7
13,5
49,1
33,7
3,4
4,7
7,3
2001
52,7
100,0
19,5
20,6
12,6
47,3
37,0
2,3
5,3
2,7
2000
9
Certain comparative figures have been reclassified to conform with the presentation used in the current year.
57,9
100,0
17,9
24,6
15,4
Canadian equities
Foreign equities
Real estate holdings
Variable-income securities
42,1
Fixed-income securities
2002
Cost
29,7
4,0
5,5
2,9
SUMMARY OF INVESTMENTS
as at December 31
(in percentage)
Bonds
Mortgages
Securities acquired under reverse repurchase agreements
5#
57,5
100,0
23,2
22,2
12,1
42,5
34,0
1,9
5,2
1,4
1999
Fair value
50,3
100,0
22,3
19,0
9,0
49,7
38,8
2,1
5,7
3,1
1998
48,6
100,0
25,1
17,3
6,2
51,4
44,6
2,2
2,3
2,3
1997
49,1
100,0
25,7
17,4
6,0
50,9
42,8
2,6
3,5
2,0
1996
43,1
100,0
27,4
12,1
3,6
56,9
47,6
3,3
6,0
-
1995
43,6
100,0
29,6
10,4
3,6
56,4
48,3
4,1
4,0
-
1994
41,5
100,0
28,1
10,1
3,3
58,5
48,3
4,2
6,0
-
1993
INVESTMENTS
BREAKDOWN OF INVESTMENTS
as at December 31
Shares and convertible securities
Domestic securities
Metals and minerals
Gold and precious minerals
Oil and gas
Paper and forest products
Consumer products
Industrial products
Real estate
Transportation and environmental services
Pipelines
Utilities
Communications
Distribution and services
Financial services
Conglomerates
Index participation units and others
Other
Foreign securities
U.S. Government
Government of France
Government of Germany
Government of the United Kingdom
Corporate
Bonds
Domestic securities
Gouvernement du Québec
Government of Canada
Other governments
Guaranteed by gouvernement du Québec
Guaranteed by other governments
Guaranteed by grants
Municipalities and school boards
Corporate and mortgage bonds
6
29,7
32 152
0,7
1,0
1,2
0,7
0,8
3,1
0,1
0,5
0,2
1,4
3,5
0,7
3,2
0,4
0,4
17,9
2,9
777
1 095
1 295
807
833
3 389
139
537
172
1 508
3 800
737
3 465
385
468
19 407
0,2
180
3 145
0,5
2,2
26,8
29 007
584
2 381
10,9
6,8
0,2
3,5
0,4
0,3
0,9
3,8
%
11 792
7 386
266
3 781
419
280
947
4 136
2002
Cost
819
1 100
1 518
957
937
2 063
150
434
207
998
1 224
888
3 928
376
545
16 144
34 609
3 158
204
633
2 321
31 451
13 083
7 650
271
4 563
469
312
1 065
4 038
2002
10
717
685
1 256
945
1 050
3 348
158
661
244
1 477
2 761
807
4 356
299
770
19 534
39 209
6 708
1 098
3 023
2 587
32 501
13 325
8 911
283
4 316
424
332
1 138
3 772
20011
525
562
1 296
854
1 178
4 731
169
605
145
1 391
3 482
673
4 892
383
514
21 400
40 577
4 865
1 398
1 643
1 824
35 712
13 621
12 867
349
4 166
539
311
1 126
2 733
2000
897
826
1 305
1 044
1 162
5 327
295
679
174
4 247
1 802
980
3 390
401
300
22 829
33 531
3 752
1 072
1 349
1 331
29 779
13 122
7 386
493
4 489
783
316
1 032
2 158
1999
540
751
1 024
731
1 246
2 951
831
457
418
2 287
1 597
1 007
3 859
350
217
18 266
31 797
5 729
942
3 958
829
26 068
11 498
4 454
565
4 732
841
554
1 410
2 014
1998
1997
745
721
1 693
966
1 086
2 524
1 042
665
259
1 808
1 381
878
3 154
338
216
17 476
31 002
1 080
365
715
-
29 922
10 835
9 498
653
5 306
364
1 009
1 013
1 244
Fair value
1 118
1 295
1 774
1 027
1 029
2 136
450
414
139
1 674
1 091
686
2 379
361
15 573
25 836
618
122
496
-
25 218
10 649
6 685
15
5 436
110
1 018
1 004
301
1996
1 144
1 122
1 482
959
943
1 905
320
323
180
1 313
986
843
1 969
502
13 991
24 265
84
84
-
24 181
9 735
5 779
7
6 111
105
1 107
1 090
247
1995
1 071
1 025
1 313
889
837
1 862
340
332
136
1 258
945
705
1 906
541
13 160
21 499
391
-
391
-
21 108
9 830
2 900
177
5 717
133
1 087
1 125
139
1994
1
25 727
73 440
99 167
9 000
108 167
25,9
74,1
100,0
8,3
100,0
1,0
1,9
2,9
5,5
5 878
1 111
2 011
3 122
4,2
1,3
4 460
1 418
91,7
15,4
16 606
99 167
8,7
6,7
9 372
7 234
4,0
4 374
42,6
46 035
3,5
0,5
24,6
26 628
3 748
626
4,5
20,1
4 903
21 725
28 347
66 166
94 513
9 350
103 863
1 111
2 038
3 149
6 201
4 427
1 774
94 513
16 803
9 112
7 691
4 546
3 896
650
38 555
22 411
4 589
17 822
32 863
69 702
102 565
13 943
116 647
1 103
7 407
8 510
5 433
4 134
1 299
102 704
15 708
9 135
6 573
4 155
3 819
336
43 632
24 098
5 378
18 720
11
Breakdown of long-term investments
Public sector
Private sector
Total
Total short-term investments
Total
Securities acquired under reverse
repurchase agreements
Domestic securities
Foreign securities
Domestic securities
Foreign securities
Total long-term investments
Canada
Abroad
Mortgages
Domestic securities
Foreign securities
Foreign securities
External funds
Internal funds
36 020
64 944
100 964
8 729
109 693
320
2 644
2 964
5 765
4 436
1 329
100 964
13 879
9 043
4 836
2 562
2 373
189
43 946
22 546
6 332
16 214
30 042
62 011
92 053
6 526
98 579
117
1 300
1 417
5 109
4 605
504
92 053
11 921
7 378
4 543
1 875
1 685
190
44 726
21 897
8 323
13 574
28 954
45 808
74 762
7 259
82 021
725
1 858
2 583
4 676
3 830
846
74 762
7 350
3 120
4 230
1 760
1 564
196
33 855
15 589
6 753
8 836
29 632
36 668
66 300
3 286
69 586
1 026
643
1 669
1 617
1 084
533
66 300
4 281
2 413
1 868
1 497
1 398
99
29 520
12 044
5 930
6 114
25 412
31 674
57 086
3 346
60 432
771
481
1 252
2 094
1 600
494
57 086
3 610
2 680
930
1 567
1 446
121
26 073
10 500
4 358
6 142
24 018
23 955
47 973
3 069
51 042
-
3 069
2 955
114
47 973
1 845
1 634
211
1 688
1 660
28
20 175
6 184
2 913
3 271
21 360
21 381
42 741
1 795
44 536
-
1 795
1 471
324
42 741
1 601
1 527
74
1 842
1 842
-
17 799
4 639
2 415
2 224
SUMMARY OF FOREIGN INVESTMENTS
as at December 31
1
5 890
22 411
650
7 690
1 774
38 415
2002
14 717
24 098
336
6 573
1 299
47 023
2001
1
8 108
22 545
189
4 836
1 330
37 008
2000
12
1
5 054
21 894
190
4 544
504
32 186
1999
Bonds and securities acquired under
reverse repurchase agreements
Shares and convertible securities
Mortgages
Foreign investments
7
7 587
15 589
196
4 230
846
28 448
1998
1 723
12 044
99
1 868
534
16 268
1997
Fair value
1 100
10 499
122
930
494
13 145
1996
84
6 184
29
211
114
6 622
1995
391
4 639
74
324
5 428
1994
804
4 666
102
5 572
1993
135, chemin du Tremblay
8875 and 8925 Torbram Road
180 Duncan Mill Road
200, rue Belvédère Nord
1134 to 1140, rue Sainte-Catherine Ouest
205, rue Viger Ouest
30 Adelaide Street East
4505, rue Hickmore
165 to 167, boulevard Hymus
800, boulevard Industriel
70 York Street
75 Broad Street
1116, rue Vachon Nord
7200 to 7400, boulevard Taschereau
750, boulevard Charest Est
800 and 855, boulevard De Maisonneuve Est
888, boulevard De Maisonneuve Est
3320 Sunridge Way NE
9715 110th Street N.W.
7400, boulevard des Galeries-d'Anjou
30, rue Dufferin
1177 and 1183A Finch Avenue West
1000 Finch Avenue West
701 and 703 Evans Avenue
2000 Barrington Street
26 and 36 Mercer Street
780, 790 and 796 Granville Street
319, 325 and 329 8th Avenue Sreet West
335 8th Avenue Street West
175 Bloor Street East
300 Carlton Street
5800, boulevard Cavendish
1401, boulevard Talbot
3000 and 3100 Steeles Avenue
2590 and 2600, boulevard Laurier
4605 to 4635, 1re Avenue
1515, rue St-Jean-Baptiste
6355, rue Sherbrooke Est
1900, route Transcanadienne
1255037 Ontario Inc.
1280642 Ontario Limited et al.
180 Duncan Mill Corporation
2423-5632 Québec inc.
30 Adelaide Street East Inc.
3828808 Canada inc.
3830845 Canada inc. et al.
4030125 Canada inc.
70 York Street Ltd.
75 Broad LLC
9097-0286 Québec inc & Immeubles Régime VIII inc.
930439 Alberta Ltd.
959635 Alberta Ltd.
962860 Alberta Inc.
Aménagement Lyndale ltée
Amexon Capital Corporation
Amexon Real Estate Investment Syndicate Inc.
Amexon Realty Inc.
Atlantic Shopping Centres Limited
Balmain Hotel Group, LP
Bonnis Properties Limited Partnership
BPO Properties Ltd.
BPO Properties Ltd.
Canadian Property Holdings (Ontario) Inc.
Carlton Call Centre Inc.
Centre Commercial Cavendish Cie ltée
Centre Commercial Place du Royaume (Chicoutimi) inc.
CLIC Properties Inc.
Cominar, Les fiduciaires du FPI
Construction Olymbec inc. et al.
Construction Olymbec inc. et al.
Copez Properties Ltd.
13
1 King Street West
Preston Avenue and Circle Drive
= $10 million and over
1 King West Inc.
101017683 Saskatchewan Ltd.
B
Address
= $5 to $10 million
BORROWERS
A
CDP CAPITAL - MORTGAGES
MORTGAGES OF $5 MILLION AND OVER
Balance:
88
Boucherville
Brampton
Toronto
Sherbrooke
Montréal
Montréal
Toronto
Saint-Laurent
Pointe-Claire
Saint-Jean-sur-Richelieu
Toronto
New York
Sainte-Marie
Brossard
Québec
Montréal
Montréal
Calgary
Edmonton
Anjou
Salaberry-de-Valleyfield
Toronto
Toronto
Toronto
Halifax
Toronto
Vancouver
Calgary
Calgary
Toronto
Winnipeg
Côte-Saint-Luc
Chicoutimi
Markham
Sainte-Foy
Sainte-Foy
Vanier
Montréal
Mont-Royal
Calgary
Toronto
Saskatoon
Location
A
B
B
A
A
A
B
B
A
A
B
B
A
B
B
B
B
A
B
B
A
A
A
A
B
A
B
B
B
B
A
B
B
B
B
B
B
A
A
B
B
B
Balance
CDP CAPITAL - MORTGAGES
MORTGAGES OF $5 MILLION AND OVER
Balance: A = $5 to $10 million
B = $10 million and over
Address
200, chemin Sainte-Foy
1500 Block Station Street
Bayview Avenue and Major Mackenzie Drive
644 Main Street
1111, rue St-Charles Ouest
160 Elgin Street
4152 27th Street N.E.
930, chemin Sainte-Foy
3500 and 3526, rue Saint-Laurent
480, rue Saint-Laurent
515 Legget Drive
700, rue de La Gauchetière Ouest
361 Water Street
100 Front Street West
2050-60, rue De Bleury
320 Queen Street and 112 K
90 Matheson Boulevard West
3250 and 3300 Bloor Street West
700 Palladium Drive
750 and 770 Palladium Drive
5 Cherry Blossom Road
Part of Lot 1, Concession 4
1500, rue Atwater
1228 and 1290, rue Sherbrooke
310 to 500, avenue Dorval
7100, rue Jean-Talon
1448 Lawrence Avenue East
87, rue Prince and 50 and 80, rue Queen
111, rue Duke
6835 to 6875, rue Jean-Talon Est
5900 Mavis Road
ZAC Danton
154 University Avenue
5160, boulevard Décarie
1535 to 1565,1545 and 1655, boulevard Le Corbusier
31, rue Duke
1500 to 1660, boulevard Le Corbusier
75, rue Queen
700, rue Wellington and 75, rue Queen
1, Place du Commerce
14
BORROWERS
Devcorp inc.
Discovery Parks Inc.
Fifth Avenue Place (Calgary) Ltd.
First Baymac Developments Ltd.
Fortis Properties Corp.
Gestion Place du Royaume inc. et al.
Gilles Mercille et al.
H & R Reit
Hopewell Development Corporation
Immeubles Régime inc. et als.
Jesta Capital Corp.
Jesta Capital Corp.
Kanata Research Park Corporation
La Fiducie Darion
Landing Holdings Limited
Legacy Hotels Real Estate Investment Trust
Les Gestions Château D'Or ltée
O & Y Properties Inc.
Orlando Corporation
Oxford Properties Group Inc.
Palladium Development II (Ottawa) Corporation
Palladium Development II (Ottawa) Corporation
Pauls Properties Corporation
Pauls Properties Corporation
Place Alexis Nihon inc.
Promo Hotels Canada S.A.
Pyxis Real Estate Equities Inc.
Redbourne
Rossland Real Estate Limited
S.E.C. CDTI de Montréal
S.E.C. Duke-Wellington
S.E.C. Kau et Associés
Select Properties Limited
SITQ Adria & al.
Skyline - 154 University Ave. Inc.
Société 5160 boulevard Décarie
Société de gestion Accurso ltée et al.
Société en commandite Brennan-Duke
Société en commandite Centre Laval
Société en commandite King Wellington
Société en commandite King-Wellington
Société immobilière Dundee Québec inc.
88
Québec
Vancouver
Calgary
Town of Richmond Hill
Moncton
Chicoutimi
Longueuil
Ottawa
Calgary
Québec
Montréal
Montréal
Ottawa
Montréal
Vancouver
Toronto
Montréal
Ottawa
Mississauga
Toronto
Ottawa
Ottawa
Cambridge (Ont)
Mississauga
Montréal
Montréal
Dorval
Anjou
Toronto
Montréal
Montréal
Montréal
Mississauga
Paris La Défense
Toronto
Montréal
Laval
Montréal
Laval
Montréal
Montréal
Longueuil
Location
B
B
B
B
A
B
B
B
A
B
B
A
B
B
B
B
B
B
B
B
A
B
A
B
B
B
B
B
A
B
B
A
A
B
A
A
A
B
B
A
B
A
Balance
Southwest Properties Limited
Spartacus N.V. (Canadian Division)
Tonko Development Corporation
15
1 to 245, Place Frontenac
470 to 472, rue Deslauriers
712 to 740, rue Renaud
9551 to 9579, chemin Côte-de-Liesse
1595 and 1597 Bedford Highway
2045, rue Peel
317 Banff Avenue
Pointe-Claire
Saint-Laurent
Dorval
Dorval
Halifax
Montréal
Banff
A
A
A
A
B
A
B
SUMMARY OF BOND PORTFOLIO
as at December 31, 2002
3
2
1
Weighted as per nominal value.
Weighted as per fair value.
Including bonds managed by CDP Private Equity.
Foreign
Government issued
U.S. Government
Other foreign governments
Government guaranteed
Other foreign governments
3
Corporates
Domestic
Government issued
Other governments
Government guaranteed
Guaranteed by grants, municipalities and school boards
Corporate and mortgage bonds3
Securities
9
0,8
1,9
0,3
1,1
0,3
5,7
100,0
389,8
111,1
1 941,0
34 064,8
12,6
1,0
4,0
11,9
4 298,1
343,9
1 376,5
4 038,0
287,0
632,7
92,8
37,1
22,5
0,8
12 632,4
7 650,5
271,0
$
Fair value
%
16
7,10
6,69
6,66
3,48
2,66
5,23
6,98
9,30
8,72
6,54
7,10
6,18
6,47
1
Average
nominal rate1
%
16,19
14,05
13,36
10,02
10,63
13,57
13,28
12,93
7,89
4,43
5,61
10,77
8,63
17,98
1
Average
naturity1
(years)
9,17
13,01
7,34
6,42
8,96
10,19
8,84
8,12
5,55
3,57
4,23
6,54
5,95
9,91
Modified
duration2
(volatility)
819
1 100
1 518
957
937
2 063
150
434
207
998
1 224
888
3 902
376
545
16 118
Shares and
convertible
securities
42
81
78
41
132
105
86
55
198
92
173
2 804
54
3 941
Bonds
INVESTMENTS IN CANADIAN CORPORATE SHARES AND BONDS
BY SECTOR OF ACTIVITY
Metals and minerals
Gold and precious minerals
Oil and gas
Paper and forest products
Consumer products
Industrial products
Real estate
Transportation and environmental services
Pipelines
Utilities
Communications
Distribution and services
Financial services
Conglomerates
Index participation units
10
861
1 100
1 599
1 035
978
2 195
255
520
262
1 196
1 316
1 061
6 706
376
599
20 059
Total
17
4,3
5,5
8,0
5,1
4,9
10,9
1,3
2,6
1,3
6,0
6,5
5,3
33,4
1,9
3,0
100,0
%
18
212,806
505,610
ASM Lithography Holding
ASM Pacific Technology Ltd
2,678,572
394,400
ARM Holdings Plc
ART Advances Research Technologies Inc. ¹
495,600
ARA S.A. de C.V., Consorcio
26,900
AO VimpelCom
1,934,853
AOL Time Warner Inc.
26,036
1,078,623
AMVESCAP PLC
AON Corporation
13,077
515,340
AMR Corporation
409,200
AMP Limited
37,697
385,856
154,426,776
AMMB Holdings Berhad
ALLTEL Corporation
AKITA Drilling Ltd
AKBANK T.A.S.
class A
23,800
A.G. Edwards, Inc.
2,340,500
130,447
AFLAC Incorporated
AGF Management Limited
353,900
AEterna
47,543
2,383,563
AES Corporation
class B
68,600
281,676
395,200
class A
depositary receipts
1,509,299
79,367
4,000
534,188
50,508
138,500
1.5
2.8
5.7
0.5
1.2
1.4
0.8
40.0
10.9
0.1
5.1
0.6
3.0
8.1
0.8
36.3
1.2
6.2
2.1
0.2
14.8
5.1
0.9
-
39.0
0.4
-
7.5
9.8
6.0
Shares
Convertible
Number
Amount
Securities
AEON Co., Ltd
ADS inc. ¹
ADC Telecommunications, Inc.
ABS-CBN Broadcasting Corporation
ABN AMRO Holding NV
ABB Ltd
77 Bank Ltd, The
407 International Inc.
360 Networks Inc.
3i Group PLC
3M Co.
1-800 Contacts, Inc.
Designation
INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES
CORPORATIONS
11
0.8
43.7
-
Bonds
Subtotal
1.5
2.8
5.7
0.5
1.2
1.4
0.8
40.0
10.9
0.1
5.1
0.6
3.0
8.1
0.8
36.3
1.2
6.2
2.1
0.2
14.8
5.1
0.9
-
39.0
0.4
0.8
-
43.7
-
7.5
9.8
6.0
Total
class A
Agilent Technologies, Inc.
Agfa Gevaert NV
Afri-Can Marine Minerals Corporation
Aetna Inc.
warrants
19
42,622
773,810
83,404
5,214,286
62,655
300
1,613,758
Aegon N.V.
Aeon Credit Service Co., Ltd.
118,550
1,523,121
Aegis Group plc
950
28,820
391,000
Advantest Corp.
Advanced Semiconductor Engineering Inc.
Advanced Micro Devices, Inc.
Advanced Info Service Public Co., Ltd
5,020
40,530
Adobe System Incorporated
Adolph Coors Company
18,400
210,912
Adecco SA
74,988
35,600
Adaptec, Inc.
Administradora de Fondos de Pensiones Provida alain
49,400
Activision, Inc.
Adidas-Salomon AG
39,300
Acom Co., Ltd
30,480
175,540
Acerinox, S.A.
Adept Technology, Inc.
209,014
Acer Inc.
88,063
150,950
Accton Technology Corporation
Ace Limited
236,395
39,600
386,300
Accor SA
Accenture Ltd.
Acadai Realty Trust
class B
1,036,360
Aber Diamond Corporation
16,372,936
1,239,425
Abitibi-Consolidated Inc.
1,138,443
Abbott Laboratories
628,900
14,900
677,072
1,152,575
300,000
2,994,254
Abbey National Plc
Aastra Technologies Limited
AVX Corporation
AT&T Wireless Services Inc.
ATS Automation Tooling Systems Inc.
ATP Oil & Gas Corporation
ATI Technologies Inc.
1.2
2.9
1.6
4.1
-
32.8
3.0
8.4
-
0.3
0.5
0.5
1.6
0.7
10.2
-
13.1
0.3
1.1
2.0
10.2
0.3
4.1
0.2
11.3
1.1
4.5
198.6
31.9
78.3
15.0
11.8
0.2
6.0
14.0
1.9
21.8
-
1.6
1.2
1.6
2.9
4.1
-
32.8
3.0
8.4
-
0.3
0.5
0.5
1.6
0.7
10.2
-
13.1
0.3
1.1
2.0
10.2
0.3
4.1
0.2
11.3
1.1
4.5
198.6
31.9
78.3
15.0
11.8
0.2
6.0
14.0
1.9
21.8
Allgreen Properties
Allergan, Inc.
20
883
14,451
6,743
10,998
Allegheny Technologies Incorporated
236,281
3,799,011
Allegheny Energy, Inc.
class B
20,000
Alleanza Assicurazioni
Alimentation Couche-Tard Inc.
Align Technology, Inc.
Aliant Inc.
1,041,959
240,436
Aldea Vision Inc.
Alderwoods Group
341,961
Alcoa Inc.
48,600
1,399,911
Alcatel SA
warrants
5,433,993
52,632
4,809
4,344,000
Alcan Inc.
Albertson's, Inc.
Alberto-Culver Company
Alarko Holding A.S.
18,300
Akzo Nobel NV
1,285,000
57,100
318,471
2,145,465
23,032,000
class B
preferred B
5,132
premiun
72,298
8,188,782
134,109
299,364
-
1.3
0.1
0.1
2.8
50.9
0.1
26.3
-
12.3
0.4
9.7
251.8
1.8
0.4
0.1
0.9
0.1
21.2
0.4
2.6
1.8
4.9
1.1
23.3
28.0
1.4
3.3
35.4
2,000,351
55,280
3.7
0.8
3.5
66.0
139,600
41,200
436,200
2,827,126
class A
warrants
Shares
Number
Amount
Aksigorta A.S.
Ajinomoto Co., Inc.
Aixtron AG
Airnet Communications Corporation
Air Products and Chemicals, Inc.
Air Liquide SA
Air Canada ¹
Aiful Corporation
Agrium Inc.
Agree Realty Corporation
Agora SA
Agnico-Eagle Mines Limited
Designation
INVESTMENTS IN SHARES AND BONDS OF PUBLICLY TRADED COMPANIES (continued
(continued))
CORPORATIONS
11
-
5.4
Convertible
Securities
-
3.6
Bonds
0.4
9.7
2.6
1.8
1.1
23.3
28.0
10.4
3.5
66.0
Subtotal
-
1.3
0.1
0.1
2.8
50.9
0.1
26.3
-
-
12.3
10.1
251.8
1.8
0.4
0.1
0.9
0.1
21.2
0.4
4.4
4.9
29.1
33.7
3.3
35.4
3.7
0.8
69.5
Total
class B
21
1.2
37,500
fund units
31,986
Altera Corporation
53,576
Ameren Corporation
AmeriPath, Inc.
Americredit Canada Receivables Trust
68,300
269,358
10,665
American Standard Companies Inc
American Telephone and Telegraph Co.
16,319
67,500
1,717,637
American Power Conversion Corporation
American Italian Pasta Company
American International Group, Inc.
class A
509,495
American Express Company
25,199
173,149
American Electric Power Company, Inc.
American Greetings Corporation
166,800
America Telecom, S.A. de C.V.
1,169,300
12,922
Amerada Hess Corporation
America Movil S.A. de C.V.
27,320
607,454
1,206,000
15,611
Amer Group Ltd
Amethyste Arbitrage Fund
Amcor Limited
Ambac Financial Group, Inc.
class A
128,137
AmSouth Bancorporation
8,900
898,622
Alumina Limited
Amazon.Com, Inc.
1,024,877
Altria Group, Inc.
650,000
55,024
Altana AG
Alternative Fuel System Inc.
296,173
14,995
244,070
70,000
376,200
Altadis, S.A.
Alstom
Allstate Corp.
Allos Therapeutics Inc.
Alliance Atlantis Communications Inc.
16,584
1,784,398
Allied Waste Industries, Inc.
1,256,122
Allied Irish Banks Plc
151,859
Allied Domecq Plc
Allianz Holding
Alliant Techsystems Inc.
3.7
2.3
11.1
1.2
0.4
3.8
157.0
0.6
28.4
7.5
0.2
6.6
3.5
1.1
1.6
5.9
9.1
1.4
0.3
3.9
3.9
65.6
0.1
0.6
4.0
10.7
0.1
14.3
0.8
6.4
0.3
38.1
12.7
22.8
10.6
2.3
10.6
11.1
1.2
0.4
3.8
157.0
0.6
28.4
7.5
0.2
6.6
3.5
1.1
1.6
5.9
9.1
1.4
0.3
3.9
3.9
65.6
0.1
0.6
4.0
10.7
0.1
14.3
0.8
6.4
0.3
38.1
12.7
22.8
3.7
1.2
20.3
106,600
20.3
Alliance Unichem plc
42.2
42.2
7.7
Alliance Pipeline LP
7.7
Alliance Plc
Alliance Laundry Equipment Receivables
class A
22
48,889
Anadarko Petroleum Corporation
44,600
36,900
13,404
Anthem, Inc.
Antofagasta Holdings plc
preferred B
17,701
Arcelik A.S.
Arc Land Sakamoto Co., Ltd.
convertible bonds
76,600
650,000
96,501,920
156,400
512,000
150,000
Apria Healthcare Group Inc.
Aracruz Celulose S.A.
25,257
Applied Micro Circuits Corporation
256,970
Applera Corporation - Applied Biosystems Group
Applied Materials Inc
30,152
14,526
148,500
Apple Computer, Inc.
App Intl Finance
Apollo Group, Inc.
Apex Silver Mines Limited
60,616
100,000
AnorMED Inc.
Apache Corporation
171,216
Anheuser-Busch Companies, Inc.
1,766
176,540
AngloGold Limited
Aokam Perdana Bhd
430,009
1,289,200
Anglo Irish Bank Corporation plc
Anglo American Plc
Anglo American Platinum Corporation Limited
405,264
8,245
Andrew Corporation
Angiotech Pharmaceuticals, Inc.
30,568
Analog Devices, Inc.
70,236,100
12,837
Anadolu Efes Biracilik Ve Malt Sanayii SA
13,200
Amylin Pharmaceuticals, Inc.
450,938
Amgen Inc.
Amkor Technology, Inc.
695,272
30,224
0.8
1.2
2.5
1.5
4.4
2.7
0.2
5.3
0.5
0.7
1.0
3.5
5.5
-
0.2
3.7
0.3
13.1
9.4
4.8
30.0
2.6
21.7
0.1
1.2
1.6
3.7
0.3
0.1
34.4
9.8
2.6
Shares
Number
Amount
Amersham plc
AmerisourceBergen Corporation
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
0.4
Bonds
0.8
2.5
1.5
4.4
Subtotal
3.3
1.2
5.9
2.7
0.2
5.3
0.5
0.7
0.4
1.0
3.5
5.5
-
0.2
3.7
0.3
13.1
9.4
4.8
30.0
2.6
21.7
0.1
1.2
1.6
3.7
0.3
0.1
34.4
9.8
2.6
Total
class B
class A
23
30,276
43,408
80,000
AvialL, Inc.
706,109
346,539
Avery Dennison Corporation
Aventis SA
Avenor Inc.
Avcorp Industries Inc.
Avaya Inc.
1,597,173
174,548
Autoroute du Sud de la France (ASF)
Autostrade S.p.A.
794,153
122,400
Automatic Data Processing, Inc.
Autonation, Inc
154,401
Autoliv, Inc.
69,199
Autodesk, Inc.
1,011,436
13,618
Autogrill SpA
65,000
AutoZone, Inc.
1,094,022
Australian Gas Light Company Limited
2,526,700
Australia & New Zealand Banking Group
24,912
1,387,352
Aur Resources Inc.
Attica Enterprises Holding SA
AstraZeneca Plc
Astral Media Inc.
1,728,016
6,100
Associated Banc-Corp
Associated Capital Corporation of Canada
60,346
1,683,000
Assicurazioni Generali
Assante Corporation
Assa Abloy AB
559,470
50,000
Ashton Mining of Canada Inc.
Asia Pulp and Paper Finance IX Ltd
39,347
Ashland Inc.
323,400
Ashanti Goldfields Company Ltd
12,000
259,065
Asbestos Corporation Limited
Ashikaga Bank, Ltd, The
742,000
2,089,000
Asahi Kasei Corporation
Asahi Glass Company, Limited
54,200
274,168
Aristocrat Leisure Limited
360,000
351,000
Archstone-Smith Trust
Asahi Breweries, Ltd
221,432
Archer Daniels Midland Company
Arrow Electronics, Inc.
466,128
Arcelor
1.0
4.2
60.6
0.1
0.1
25.1
6.7
2.4
49.2
5.0
12.5
1.6
1.5
0.6
16.9
9.4
0.1
78.0
40.0
0.3
2.0
12.0
10.1
0.1
1.8
-
3.0
0.6
2.9
20.2
3.7
1.1
1.1
13.0
4.3
9.1
5.6
50.9
0.6
1.0
4.2
60.6
5.6
0.1
0.1
25.1
6.7
2.4
49.2
5.0
12.5
1.6
1.5
0.6
16.9
9.4
0.1
78.0
40.0
50.9
0.3
2.0
12.0
10.1
0.6
0.1
1.8
-
3.0
0.6
2.9
20.2
3.7
1.1
1.1
13.0
4.3
9.1
24
30,100
BT Group plc
28,800
71,752
60,600
Bajaj Auto Limited
Baker Hughes Incorporated
Baldwin & Lyons, Inc.
368,200
11,600
6,439,875
BSES Limited
BW Technologies Ltd
11,954
15,746,086
453,149
1,017,125
BRE Bank SA
BP p.l.c.
BOC Group
BNP Paribas SA
BMO Capital Trust
1,120,871
BJ's Wholesale Club, Inc
BMC Software
30,686
BJ Services Company
8,437
4,024,108
BHP Billiton Limited
BHP Steel Limited
1,588,022
3,200
742,400
BG Group Plc
BEA Systems Inc.
BC Gas Inc.
15,417,874
1,779,100
BCE Emergis inc.
BCE Inc.
1,644,083
B.C. Gaz Inc
B2B Trust
class B
422,123
BASF AG
40,185
1,235,727
BB&T Corporation
9,738,000
BAA Plc
2,161,334
Ayala Land, Inc.
Aygaz A.S.
4,270,837
class B
1,216,360
Axcan Pharma Inc. ²
509,787
49,200
2,908,241
2.3
3.6
0.5
7.8
31.9
0.2
0.4
172.9
10.2
65.5
30.3
0.9
1.6
-
36.3
10.8
0.1
28.3
439.4
13.3
13.2
2.4
25.2
15.8
0.1
0.3
79.4
25.8
43.4
0.8
32.8
Shares
Number
Amount
Axa
Avon Products Inc.
Avnet, Inc.
Aviva plc
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
9.8
60.4
21.0
Bonds
Subtotal
2.3
3.6
0.5
7.8
31.9
0.2
0.4
172.9
10.2
65.5
9.8
30.3
0.9
1.6
-
36.3
10.8
0.1
28.3
499.8
13.3
13.2
21.0
2.4
25.2
15.8
0.1
0.3
79.4
25.8
43.4
0.8
32.8
Total
preferred
25
243,627
fund units
Batavia Investments Fund Ltd
3,910,000
60,254
Bed Bath & Beyond Inc.
Beijing Datang Power Generation Company Limited
26,314
Becton Dickinson & Company
463,000
Baytex Energy Ltd
12,098
341,980
Bayerische Vereinsbank AG
Bear Stearns Companies Inc., The
337,221
92,076
4,427
101,600
96,000
129,400
11,662,528
12,040
6,060,247
2.0
3.3
1.3
1.1
3.9
8.6
16.2
4.1
0.2
-
3.0
1.4
284.0
1.0
59.3
0.7
321.1
7,701,276
48,000
2.2
23.2
9.4
9.2
4.3
1.0
-
0.8
79.8
1.6
2.9
0.3
1.9
35.9
6.3
-
0.6
1.8
64.1
21.3
16.7
0.4
56,178
401,558
Bayerische Motoren Werke (BMW) AG
Baxter International Inc.
Bausch & Lomb Incorporated
indexed fund units
Basic Industries Select Sector SPDR Fund
Barlow Limited
Barrick Gold Corporation
Barco N.V.
Barclays Plc
Banyu Pharmaceutical Co., Ltd.
Bank of Montreal
Bank Polska Kasa Opieki Grupa Pekao SA
Bank One Corporation
1,503,000
Bank of New York
Bank of Yokohama, Ltd, The
263,781
Bank of Ireland
7,000
20,100
Bank of Hawaii
Bank of Fukuoka, Ltd, The
3,293,800
725,934
Bank of America Corporation
Bank of Ayudhya Public Company Limited
699,058
1,337,700
Bank Hapoalim Ltd
Bangkok Bank
83,900
Bancolombia S.A.
3,308,283
82,409,700
64,850
preferred
4
22,565
Banco Santiago
Banco Santander Central Hispano, SA
Banco Itau S.A.
Banco Frances S.A.
Banco de Chile
366,974,020
4,236,830
Banco Bilbao Vizcaya S.A.
Banco Bradesco S.A.
6,384,431
956,919
4,677
Banca Intesa S.p.A.
Ballard Power Systems Inc.
Ball Corporation
10.7
2.0
3.3
1.3
1.1
3.9
8.6
16.2
4.1
0.2
-
3.0
1.4
284.0
1.0
59.3
0.7
331.8
2.2
23.2
9.4
9.2
4.3
1.0
-
0.8
79.8
1.6
2.9
0.3
1.9
35.9
6.3
-
0.6
1.8
64.1
21.3
16.7
0.4
26
22,684
4,468
654,900
1,160,480
Boardwalk Equities, Inc.
Bodycote International plc
24,658
Block H & R Inc.
Blue Coat Systems, Inc.
22,842
Black & Decker Corporation, The
3,201,471
30,000
Biovail Corporation
21,780
Biotech HOLDRs Trust
137,000
12,362
Biomet, Inc.
Biomarin Pharmaceutical Inc.
Biogen Inc.
2.4
9.9
-
1.6
1.6
134.7
4.0
1.0
1.5
0.8
0.7
31.9
3,778,906
3,863,637
Billiton Plc
BioEnvelop Technologies Corporation
2.3
0.2
0.8
374,000
0.5
1.3
0.3
0.5
4.1
0.8
0.4
0.2
-
8.3
1.8
-
3.0
3.5
42.0
0.5
0.1
48,660
Billerud Aktiebolag
Billabong International Limited
9,716
320,386
Big Food Group Plc
Big Lots, Inc.
158,899
Bidvest Group Limited
41,000
353,400
Bezeq Israel Telecom
Bharat Petroleum Corporation Limited
107,367
Best Buy Co., Inc.
class A
634,850
7,035
11,751
class B
Bergesen d.y. A/S
Berjaya Sports Toto Berhad
760
Benq Corporation
785,350
115,879
Bemberg Industrial S.A
Bemis Company, Inc.
Bennett Environmental Inc.
1,500,000
64,350
1,028,633
277,055
1,009
Shares
Number
Amount
Bema Gold Corporation
Belluna Co., Ltd.
BellSouth Corporation
Bell Mobilité Cellulaire
Bell Canada International Inc.
Bekaert NV
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
10.6
Bonds
0.4
0.2
Subtotal
2.4
9.9
-
1.6
1.6
134.7
4.0
1.0
1.5
0.8
0.7
31.9
0.8
2.3
0.2
0.5
1.3
0.3
0.5
4.1
0.8
0.6
-
8.3
1.8
-
3.0
3.5
42.0
10.6
0.5
0.1
Total
class A
27
764,813
Bristol-Myers Squibb Company
5,650
CBO Fifth Ave Ltd. (subordinated notes)
CAE Inc.
Burlington Resources Inc.
2,242,294
64,570
146,027
Burlington Northern Santa Fe Inc.
13,203
650,360
class B
Bunzl Plc
Brunswick Corporation
Brown-Forman Corporation
988,900
Brookfield Properties Corporation
23,186
197,780
Brookfield Homes Corporation
Broadcom Corporation
7,920
1,461,805
Bro-X Minerals Ltd
British Sky Broadcasting Group PLC
154,200
1,833,860
British American Tobacco (Malaysia) Berhad
British American Tobacco Plc
142,600
British Airways Plc
4,343,185
324,200
British Aerospace Plc
549,900
125,000
111,780
42,500
129,900,000
Bridgestone Corp.
class A
units
preferred
70,438,241
Bridges.com Inc.
Brembo S.p.A.
Brazil Fast Food Corporation
Brasil Telecom Participacoes S.A.
1,466,646
379,200
Brascan Corporation
1,533,266
Brandywine Realty Trust
729,760
13,500
235,200
59,545
Brambles Industries plc
Brambles Industries Limited
Bowater Inc.
Bouygues S.A.
Boston Scientific Corporation
1,500
951,000
Borders Group, Inc.
326,553
Boralex inc.
class A
6,571,300
class A
97,000
20,705,904
class B
4,828
291,556
Boots Group plc
Bonavista Petroleum Ltd
Bombardier Inc.
Boise Cascade Corporation
Boeing Company, The
11.6
4.4
6.0
6.3
0.4
0.6
28.3
2.7
0.6
-
23.8
28.9
2.3
0.5
13.7
28.0
6.3
0.7
0.8
-
1.1
0.4
46.6
13.1
5.9
3.0
0.9
10.4
4.0
-
3.8
4.9
3.3
36.3
110.2
0.2
15.2
8.4
5.0
-
-
1.1
0.4
41.3
110.2
8.4
11.6
4.4
6.0
6.3
0.4
0.6
28.3
2.7
0.6
-
23.8
28.9
2.3
0.5
13.7
28.0
6.3
0.7
0.8
1.5
46.6
13.1
5.9
3.0
0.9
10.4
4.0
-
3.8
4.9
3.3
151.5
0.2
15.2
CRH Plc
28
199,400
Caminus Corporation
CanWest Global Communications Corp. ²
10,990
5,042,539
55,011
1,172,566
Cameco Corporation
Campbell Soup Company
33,082
2,651,103
8,400
37,200
10,000
15,000
29,038,064
Calpine Corporation
Cadbury Schweppes Plc
Cabot Microelectronics Corporation
class A
Cablevision Systems Corporation
Cabot Corporation
class A
warrants
class A
Cable Satisfaction International Inc. ¹
713,721
69,790
90,858
CVF Technologies Corporation
CVS Corporation
Cable & Wireless Plc
88,445
305,623
0.1
32.5
2.0
0.7
43.9
0.2
26.1
0.6
1.6
0.4
11.0
0.8
3.6
-
4.0
1.7
1.9
24.3
89,000
1,240,626
42.9
1.6
6.9
0.4
0.2
7.8
3.3
61.3
106.4
1.7
0.6
CSX Corporation
CSR Limited
CSG Systems International, Inc.
0.8
8.2
6,915
2,021,846
CP Ships Limited
C. R. Bard, Inc.
1,654,000
COM DEV International Ltd
8,400
12,047
1,218,400
50,276
6,129,331
15,647,571
3,349,500
class A
35,000
CNOOC Limited
CNF Inc.
CMS Energy Corporation
CLP Holdings Ltd
CIT Group Inc.
CIGNA Corporation
C.I. Fund Management Inc.
CGI Group Inc.
CEC Entertainment Inc.
40,000
424,031
class A
class B
CCL Industries Inc.
Shares
Number
Amount
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
1.9
15.2
Bonds
0.1
32.5
1.9
11.0
8.2
0.8
Subtotal
32.6
2.0
0.7
43.9
0.2
26.1
0.6
1.6
12.9
0.4
0.8
3.6
-
4.0
1.7
1.9
24.3
0.6
42.9
1.6
6.9
0.4
0.2
7.8
15.2
3.3
61.3
106.4
1.7
9.0
Total
class A
Cascades inc.
29
147,919
847,955
Cementos Pacasmayo S.A.A.
Cemex S.A. de C.V.
13,000
657,718
-
5.9
0.1
5.8
0.3
83.2
3,773,789
25,000
2.7
2.7
1,256,456
37,266
4.1
23.8
1,517,744
131,200
1.2
883.2
0.3
42.9
2.4
5.8
1.0
6.7
7.1
3.4
0.4
2.0
200.1
2.0
122.7
55.3
7.6
0.6
3.8
44.2
87.2
154.2
2,294,364
Celltech Plc
Cell Therapeutics, Inc.
Celestica Inc.
Cathay Pacific Airways
Caterpillar Inc.
Catellus Development Corporation
warrants
fund units
Cartier Investment Fund
Cartier Partners Financial Group Inc.
166,800
class A
Carso Global Telecom (Telecom A)
3,566,344
609,635
Carrefour SA
59,793
205,096
Carnival Corporation
289,221
Carmax, Inc.
1,386,236
Carlton Communications Plc
CardioDynamics International Corporation
75,529
487,582
Cardinal Health, Inc.
365,824
Cara Operations Ltd
43,300
4,597,872
790,400
Capitaland Limited
Capital One Financial Corporation
Capital Desjardins inc.
Canadian Imperial Bank of Commerce
Canadian 88 Energy Corp.
3,044,449
929,800
Canada Life Financial Corporation
856,800
Canon Inc.
1,401,700
Canfor Corporation
Canbras Communications Corp.
640,000
1,360,765
Canadian Tire Corporation Limited
class A
2,798,603
Chemin de Fer Canadien Pacifique Limitée
Canary Wharf Group plc
3,294,048
1.2
10.8
6,666,666
37,800
2.7
300,000
Canadian Natural Resources Limited
Canadian Medical Laboratories Limited
Canadian Hydro Developers inc. ¹
Canadian Hotel Income Properties REIT
units
55.3
4.0
26.2
95.9
6.9
-
5.9
5.9
0.1
5.8
0.3
138.5
2.7
2.7
4.1
23.8
1.2
883.2
0.3
42.9
2.4
5.8
1.0
6.7
7.1
7.4
0.4
2.0
26.2
296.0
2.0
122.7
55.3
7.6
0.6
3.8
44.2
94.1
154.2
1.2
10.8
2.7
7.4
247.3
7.4
247.3
Canada MTGE & Housing
Canada Life Cap Trust
826.2
826.2
Canada Housing Trust
preferred B
class H
30
3,000,000
China Oilfield Services Limited
China Telecom Corporation Limited
22,478
2,011,269
738,000
China Southern Airlines Company Limited
China Steel Corporation
540,000
China Resources Enterprise Limited
100
3,034,000
China Mobile (Hong Kong) Limited
China Petroleum and Chemical Corporation (Sinopec)
2,238,000
1,108,000
391,178
30,400
China Merchants Holdings International Company Limited
China Eastern Airlines Corporation Ltd
China Development Financial Holdings Corporation
Children's Place Retail Stores, Inc. , The
9,000
538,540
ChevronTexaco Corporation
Chiba Bank, Ltd,, The
121,000
1,344,900
5,800
149,400
59,787
112,791
3,424,000
602,250
Cheung Kong Infrastructure Holdings Limited
Cheung Kong
Checkfree Corp.
Check Point Software Technologies Ltd
Charter One Financial, Inc.
Charles Schwab Corporation, The
Chaoda Modern Agriculture (Holdings) Limited
Chambers Street CDO, Ldt
Cerveceria Backus & Johnston S.A.
1,050,000
14,000
Cequel Energy Inc.
19,896
Cephalon, Inc.
2,371,805
486
79,400,000
CenturyTel, Inc.
Centrica plc
Central Japan Railway Company
Centrais Electricas Brasileiras S.A.
5,086
13,360
Centerpulse AG
Centex Corporation
33,017
286,000
Centerpoint Energy, Inc.
146,383
Center Trust, Inc.
0.6
1.8
0.3
0.8
-
1.2
11.4
2.5
0.2
0.2
0.5
-
56.6
0.3
13.8
0.2
3.1
2.7
1.9
0.9
0.3
5.8
1.1
0.9
10.3
4.8
0.8
0.4
3.7
0.4
3.5
2.4
Shares
Number
Amount
Cendant Corporation
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
0.2
Bonds
Subtotal
0.6
1.8
0.3
0.8
-
1.2
11.4
2.5
0.2
0.2
0.5
-
56.6
0.3
13.8
0.2
3.1
2.7
1.9
0.9
0.2
0.3
5.8
1.1
0.9
10.3
4.8
0.8
0.4
3.7
0.4
3.5
2.4
Total
31
75,209
Cinergy Corp.
Cisco Systems, Inc.
854,912
City Developments
17.9
45.2
4,376,076
1,221,078
Cognicase Inc. ²
Cognos Incorporated
3.7
1.3
0.3
Cogeco Cable Inc.
1.0
70.6
1.4
5.0
1.4
10.7
0.5
0.9
18.8
3.2
0.7
30,000
38,000
383,409
Cochlear Limited
Cogeco Inc.
36,700
1,019,646
Coca-Cola Femsa, S.A. de C.V.
Coca-Cola Enterprises Inc. (Canada)
Coca-Cola Enterprises Inc.
40,832
1,071,229
Coca-Cola Amatil Ltd
Coca-Cola Ent CN
21,923
181,436
Clorox Company, The
Clear Channel Communications, Inc.
27,100
600,000
Claude Resources, Inc.
Clayton Homes Inc.
617,222
Clark/Bardes Inc.
Clarica Life Insurance Company
35,249
Citrix Systems, Inc.
0.4
147.9
2,659,638
23,606
4.4
68.4
1.4
0.4
1.0
23.3
4.0
0.8
0.5
2.3
0.4
8.7
56.1
0.6
2.5
1.2
3.1
1,524,000
3,306,478
Citizens Communications Compagny
Citigroup Inc.
Citic Pacific Ltd
Citibank Canada
123,726
12,000
Cipla Limited
Circuit City Stores-Circuit City Group
14,152
Cintas Corporation
2,352,254
13,467
Cinram International Inc.
65,491
Cincinnati Financial Corporation
152,800
15,700
3,878,181
Ciena corporation
Chugai Pharmaceutical Co., Ltd
Chubu Electric Power Company, Incorporated
Chubb Plc
517,437
680,730
843,434
Chromos Molecular Systems Inc.
warrants
70,800
Chubb Corporation, The
20,751
Choice Hotels International, Inc
2,414,178
Chiron Corporation
Chinatrust Financial Holdings Company Ltd.
0.9
20.4
34.3
21.4
-
0.6
45.2
17.9
0.3
4.6
1.3
1.0
70.6
1.4
20.4
5.0
1.4
10.7
0.5
0.9
18.8
34.3
3.2
0.7
0.4
147.9
4.4
21.4
68.4
1.4
0.4
1.0
23.3
4.0
0.8
0.5
2.3
0.4
8.7
0.6
56.1
2.5
1.2
3.1
32
15,794
Compania de Minas Buenaventura S.A.
27,187
131,115
Compania de Saneamento Basico do Estadode Sao Paulo
Compania Nacional de Chocolates S.A.
206,200
Compania de Petroleos de Chile S.A.
46,537
52,883
Compania de Cemento Argos S.A.
class A
44,300
Compañía Anónima Nacional Telefonos de Venezuela (CANTV)
130,800
179,400
preferred A
Companhia Vale do Rio Doce (CVRD)
91,700
167,742,335
125,000
9,968,820
18,322,000
133,100
34,300
764,552
1,584
111,460
304,234
2,439,654
50,000
preferred
preferred
preferred
preferred
units
769,923
768,000
404,665
240,451
39,757
class A
300,000
class A special
convertible bonds
88,000
157,771
9,166,100
0.1
1.3
1.2
1.0
0.7
0.3
0.9
5.7
2.5
1.1
0.4
2.0
1.4
1.2
4.4
3.3
0.8
1.6
0.1
6.1
9.0
159.2
18.5
1.0
8.6
2.7
15.1
0.4
1.0
13.1
0.9
Shares
Number
Amount
Companhia Siderurgica Nacional S.A.
Companhia Paranaense de Energia (COPEL)
Companhia Energetica de Minas Gerais (CEMIG)
Companhia de Tecidos Norte de Minas
Companhia de Bebidas das Americas (Ambev)
Companhia Brasileira de Distribuicao Grupo Pao de Acucar
Compal Electronics Inc.
Compagnie Maritime Belge S.A. (CMB)
Compagnie Générale des Établissements Michelin
Compagnie Financiere Richemont AG
Compagnie des chemins de fer nationaux du Canada
Commonwealth Bank of Australia
Commercial Mortgage Lease-backed cert
Commerce Asset-Holding Berhad
Comm
Comerica Incorporated
Comcast Corporation
Column Canada Issuer Corporation
Colowide Co., Ltd.
Colgate-Palmolive Company
Colbun S.A.
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
16.2
27.9
9.7
Bonds
1.0
0.7
5.7
2.5
2.0
1.4
4.4
3.3
8.6
15.1
0.4
1.0
Subtotal
0.1
1.3
1.2
1.7
0.3
0.9
8.2
1.1
0.4
3.4
1.2
7.7
0.8
1.6
0.1
6.1
9.0
159.2
18.5
16.2
1.0
27.9
23.7
2.7
1.4
9.7
13.1
0.9
Total
33
15,790
Comverse Technology, Inc.
class B
670,000
553,980
600,000
962,361
Corvis Corporation
Cosco Pacific Limited
Costco Wholesale Corporation
761,640
Corvas International Inc.
557,000
class B
Corus Entertainment Inc.
1,029
Corporation Aurifère Ariane
Corporacion Mapfre S.A.
85,801
Corning Incorporated
Corporacion Interamericana de Entretenimiento S.A.
403,897
Coretec Inc.
95,500
810,000
Coreco Inc. ¹
Corporacion Geo S.A. de C.V.
70,100
812,276
Copart, Inc.
70,302
57,045
520,000
1,378,389
14,541
326,045
110,000
Cooper Tire & Rubber Company
Cooper Industries, Inc.
CoolBrands International, Inc.
Cookson Group Plc
class A
class A
Convera Corporation
Convergys Corporation
indexed fund units
Consumer Discretionary Select Sector SPDR Fund
20,153
36,500
Constellation Brands, Inc.
Constellation Energy Group, Inc.
60,856
42.7
0.8
0.6
1.6
14.4
0.4
-
0.2
0.3
2.1
2.6
3.4
1.3
1.7
3.3
2.8
0.7
0.4
1.5
4.0
0.9
1.4
4.1
15.0
196,754
Consolidated Edison, Inc.
ConocoPhillips
0.8
39,879
Connetics Corporation
1.1
2.6
6.5
42,728
4,246,712
0.2
0.4
0.8
1.4
4.4
3.0
0.1
7.5
23.1
-
Concord EFS, Inc.
Concert Industries Ltd ¹
164,727
56,748
ConAgra Food, Inc.
14,294
Compuware Corporation
110,000
Computer Sciences Corporation
204,572
590,000
55,787
172,117
2,748,851
Computer Engineering & Consulting Ltd.
class A
fund units
fund units
Computer Associates International, Inc.
Compucredit credit card master trust
Compton Petroleum Corporation
Compiana colombiana de tabaco SA
Compass RF Latin America Investment Fund
Compass Group Plc
Compass Equity Fund
2.5
3.3
4.6
15.0
42.7
0.8
0.6
1.6
17.7
0.4
-
0.2
0.3
2.1
2.6
3.4
1.3
1.7
3.3
2.8
0.7
0.4
1.5
4.0
0.9
1.4
4.1
15.0
0.8
1.1
9.7
6.5
0.2
0.4
0.8
1.4
4.4
15.0
3.0
0.1
7.5
23.1
-
class A
warrants
DaimlerChrysler Canada Finance Inc.
34
87,000
319,477
DaimlerChrysler AG
643,000
75,000
Daikin Industries, Ltd
Dai Nippon Printing Co., Ltd
Daelim Industrial Co., Ltd
DaVita, Inc.
6,500
48,313
DTE Energy Company
DVI Business Credit Receivables Corp.
10,000
117
class B
D/S 1912
DST Systems, Inc.
2,700
DPL Inc.
1,237,898
DBS Group Holdings Limited
300,000
1,173,000
676,300
special warrants
3,364
Cytovax Biotechnologies Inc.
Cymat Corp.
Cummins Engine Co., Inc.
173,000
1,111,112
Cubist Pharmaceuticals, Inc.
42,000
3,425,100
Crown Cork & Seal Company, Inc.
CryoCath Technologies Inc. ¹
72,400
1,188,643
1,529,293
Credit Suisse Group
Creo Inc.
Cresco, Ltd
151,700
66,073
Credit Saison Co., Ltd
Credit Lyonnais
4,899
250,000
Cray, Inc.
4,100
Cox Communications Inc.
Crane Co.
1,700
Coventry Health Care, Inc.
109,000
34,842
Countrywide Financial Corporation
Courts Mammoth Berhad
23,800
687,113
15.5
2.2
11.2
1.4
0.2
3.5
0.6
1.3
0.1
12.4
0.5
0.4
1.4
0.2
10.8
2.2
22.9
0.5
0.6
19.7
40.7
4.1
5.8
3.0
0.2
0.2
0.1
0.1
2.8
0.7
9.8
Shares
Number
Amount
Cott Corporation
Cosette Communications Inc.
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
69.4
4.5
Bonds
0.4
1.4
10.8
2.2
Subtotal
69.4
15.5
2.2
11.2
1.4
0.2
4.5
3.5
0.6
1.3
0.1
12.4
0.5
1.8
0.2
13.0
22.9
0.5
0.6
19.7
40.7
4.1
5.8
3.0
0.2
0.2
0.1
0.1
2.8
0.7
9.8
Total
class A
35
30,558
2,098,420
Dofasco Inc.
Dollar General Corporation
1,727,000
Dixons Group Plc
100
622,732
Distressed Opportunities International, Inc.
761,700
Disney (Walt) Co.
9,996
113,100
Dimension Data Holdings Limited
Dillard's Inc.
Diamond Lease Company Limited
2,200
1,665,938
DiagnoCure Inc.
Dial Corporation, The
2,353,196
49,940
Diageo Plc
63,177
Dexia
1,360,911
Devon Energy Corporation
Deutsche Telekom AG
367,248
Deutsche Bank AG
353,700
346,500
Descartes Systems Group Inc., The
Desc S.A. de C.V.
45,000
950,000
Denway Motors Limited
Dentsply International Inc.
5,309
576,900
732,465
Delta Electronics Inc.
Denso Corporation
44,117
Deluxe Corporation
146,332
1,157,949
Dell Computer Corporation
Delta Air Lines, Inc.
13,105
Del Monte Foods Company
Delphi Corporation
290,000
99,952
349,100
6,600
490,600
DelGro Corporation Limited
Deere & Company
Decom International Inc.
Dean Foods Company
Datamark Inc.
class B
Danone Group
14,443
195,428
Danske Bank Group
Darden Restaurants, Inc.
24,709
837,412
Danaher Corporation
class A
81
965,000
63,240
class B
27,000
Dana Corporation
Dampskibsselkabet Svendborg A/S
Daiwa Securities Group Inc.
Daiwa House Industry Co., Ltd
0.6
58.7
6.4
-
16.0
0.5
0.2
3.4
0.1
0.9
42.4
1.0
4.6
27.6
26.7
1.7
0.2
0.5
2.6
15.0
0.4
1.4
0.8
1.9
48.9
0.2
0.6
7.2
4.3
0.4
1.4
0.5
41.5
21.9
2.6
1.2
1.3
6.8
0.2
10.2
0.6
68.9
6.4
-
16.0
0.5
0.2
3.4
0.1
0.9
42.4
1.0
4.6
27.6
26.7
1.7
0.2
0.5
2.6
15.0
0.4
1.4
0.8
1.9
48.9
0.2
0.6
7.2
4.3
0.4
1.4
0.5
41.5
21.9
2.6
1.2
1.3
6.8
0.2
36
336,300
134,000
class A
class A
Duke Realty Corporation
Dundee Bancorp Inc.
Dupont Canada Inc.
class A
32,807
77,141
Eastman Kodak Company
3,340
Eastman Chemical Co.
East Japan Railway Company
2,000
59,660
E.W. Scripps Company, The
16,200
387,300
Empresa Brasileira de Aeronautica S.A (EMBRAER)
EOG Resources, Inc.
972,698
ENSCO International Incorporated
209,031
EMI Group plc
88,790
EMC Corporation
ECI Telecom Limited
35,400
eSPEED, Inc
class A
33,800
eBay, Inc.
32,252
3,500,000
Dynatec Corporation
Dynegy Inc.
50
911,250
Dynacity Corporation
class A
322,493
Duke Energy Corporation
Durect Corporation
427,100
Duke Energy Canada Exchangeco Inc.
417,800
329,444
1,087,000
60,700
7,040
93,804
140,430
16,953
Du Pont (E.I.) De Nemours & Company
Draxis Health Inc.
Dr. Reddy's Laboratories Limited
Dow Jones & Company, Inc.
Dow Chemical Company
Dover Downs Gaming & Entertainment, Inc
Dover Corporation
924,585
32,745
class B
Donnelley (R.R) & Sons Company
Dorel Industries Inc.
14,200
35,630,422
85,291
4.3
1.9
26.2
0.2
3.8
0.8
2.4
3.4
2.0
0.3
1.0
3.6
0.1
2.5
0.3
2.9
9.0
1.7
13.5
10.0
13.3
22.1
2.5
1.8
0.5
4.4
2.0
0.8
33.3
1.1
0.8
559.4
7.4
Shares
Number
Amount
Donaldson Company, Inc.
Domtar Inc. ¹‘²
Dominion Resources Inc.
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
13.5
Bonds
Subtotal
4.3
1.9
26.2
0.2
3.8
0.8
2.4
3.4
2.0
0.3
1.0
3.6
0.1
2.5
0.3
2.9
9.0
15.2
13.5
10.0
13.3
22.1
2.5
1.8
0.5
4.4
2.0
0.8
33.3
1.1
0.8
559.4
7.4
Total
warrants
37
33,661
Edison International
160,000
class B
warrants
Electrolux AB
Electromed Inc.
245,362
16,700
class A
class A
preferred
Emmis Communications Corporation
Empire Company Ltd
Empresa Brasileira de Compressores S.A.
1,261,077
2,115,828
Endesa S.A.
Enel SpA
Enerflex Systems Ltd
2,026,608
250,000
1,649,231
Enbridge Inc.
Enerchem International Inc.
6,019,897
EnCana Corporation
47,600
Empresa Nacional de Telecomunicaciones S.A.
Empresas ICA Sociedad Controladora S.A. de C.V.
66,560
100,100
Empresa Nacional de Electricidad, S.A. (Endesa)
883,000
222,400
58,006
447,741
Emerson Electric Co.
fund units
Emerging Markets S. Asian Funds
28
188,000
Emera Inc.
fund units
269,100
Emco Limited
Emerging Markets Chile Trust
112,500
Embotelladoras Arca S.A.
55,858,000
Electronic Data Systems Corporation
Eletropaulo Metropolitana
104,300
Electronic Arts Inc.
preferred
1,134,936
Electrofuel Inc.
500,000
2,075,108
250,000
Electrocomponents plc
Electricity Generating Public Company Limited
375,000
1,550,000
14,055
Elbit Systems Ltd.
Eldorado Gold Corporation
52,474
110,000
Ekornes ASA
El Paso Corporation
181,400
Eisai Co., Ltd
Egis Rt.
8,900
47,000
Edaran Otomobil Nasional Berhad
Edper Group Ltd
10,919
9,247
124,972
Ecolab Inc.
Eaton Corporation
EasyJet plc
30.4
1.2
17.4
23.3
70.3
293.7
0.1
0.7
0.8
0.8
6.6
0.6
4.7
6.4
2.4
3.0
3.3
0.3
0.6
7.1
8.2
-
4.0
0.6
15.2
0.3
-
3.2
0.4
0.6
2.1
6.4
0.9
0.6
0.2
0.8
1.1
0.9
0.3
-
3.2
30.4
1.2
17.4
23.3
70.3
293.7
0.1
0.7
0.8
0.8
6.6
0.6
4.7
6.4
2.4
3.0
3.3
0.3
0.6
7.1
8.2
-
4.0
0.6
15.2
0.3
3.2
0.4
0.6
2.1
6.4
0.9
0.3
0.6
0.2
0.8
1.1
0.9
units
Enerplus Resources Corporation
38
529,307
E.on AG
34,537
Equity Office Properties Trust
2,624,000
FACB Resorts Berhad
5,006,693
3,729,511
Emerging markets
Exxon Mobil Corporation
indexed fund units
210,059
class A
Extendicare Inc.
Externs Funds
122,400
Extended Stay America, Inc.
1,300
78,000
Expeditors International of Washington, Inc.
Expidia, Inc.
74,641
Exelon Corporation
341,965
48,407
class A
769,940
555,000
Exel plc
Exco Technologies Limited
European Goldfields Limited
42,600
Ethan Allen Interiors Inc.
0.2
205.9
63.6
0.9
2.8
0.1
4.0
6.2
0.8
4.6
-
1.9
2.3
2.0
16.9
260,149
73,000
2.5
0.1
9.9
1.4
0.4
0.8
33.7
8.1
94.3
24.0
0.9
6.6
0.4
-
3.5
925,000
5,728,000
Esterline Technologies Corporation
Essilor International S.A.
Esprit Holdings Limited
Eregli Demir Ve Celik Fabrikalari T.A.S
255,661
11,901
Equifax Inc.
Equity Residential
45,600
Epcos AG
Epcor Utilities
112,292
Entergy Corporation
1,439,612
3,690,812
Ensign Resource Service Group Inc.
24,025,021
642,450
10,758
337
98,000
Shares
Number
Amount
Ente Nazionale Idrocarburi
Enka Insaat Ve Sanayi AS
Enhanced mortgage-backed securities
Enghouse Systems Limited
warrants
indexed fund units
Energy Select Sector SPDR
Engelhard Corporation
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
44.7
35.2
Bonds
-
1.9
Subtotal
0.2
205.9
63.6
0.9
2.8
0.1
4.0
6.2
0.8
4.6
1.9
2.3
2.0
16.9
2.5
0.1
9.9
1.4
0.4
0.8
44.7
33.7
8.1
94.3
24.0
0.9
35.2
6.6
0.4
-
3.5
Total
Fairfax Financial Holdings Limited
class B
39
91,550
118,069
139,900
Faro Technologies Inc.
Fauji Fertilizer Company Ltd
27,395
3,985,300
FirstRand Limited
Fiserv, Inc.
36,039
FirstEnergy Corp.
400,000
20,284
special warrants
500,000
354,029
1,014,149
150,248
First Tennessee National Corp
First Source Loan
First Quantum Minerals Ltd.
First Greensboro Home Equity Loan Trust
First Greensboro
First Data Corporation
First Consumers Master Trust
Finning Ltd
Finning Intl Inc
Finanziaria Ernesto Breda S.p.A.
635,000
25,100
Financial Select Sector SPDR Fund
48,611
Financial Federal Corporation
4,500
170,000
3,100
87,954
Fifth Third Bancorp
Fiducie Garantie LNH
Fidelity National Financial, Inc.
Felcor Lodging Trust Inc.
Federated Investors, Inc
Federated Department Stores
Federal Home Loan Bank
indexed fund units
35,562
Far Eastern Textile Ltd
43,533
63,000
Fanuc Ltd
FedEx Corporation
960,611
14,459
6,717,498
1,372,734
Fannie Mae
Family Dollar Stores, Inc.
Falconbridge Limited
Falcon Trust Commercial Mortgage
Fairview Mall
Fairmont Hotels & Resorts Inc.
4,800
113,550
Fair, Isaac and Company, Incorporated
815,700
FPL Group, Inc.
15,400
FNX Mining Company Inc.
FMC Corporation
1.5
5.4
1.9
1.2
1.5
1.8
19.8
25.9
-
22.1
1.0
4.5
0.2
3.1
0.1
4.0
3.7
0.3
0.4
-
4.4
97.6
0.7
101.6
50.3
11.1
0.3
10.8
5.4
0.7
4.0
2.7
10.3
20.1
7.1
10.4
83.7
662.9
6.1
14.9
1.5
1.8
1.5
5.4
1.9
1.2
4.0
3.3
2.7
10.3
19.8
20.1
25.9
7.1
-
22.1
1.0
4.5
10.4
0.2
3.1
0.1
4.0
83.7
3.7
0.3
0.4
-
4.4
760.5
0.7
101.6
6.1
14.9
50.3
11.1
0.3
10.8
5.4
0.7
GATX Corporation
Fuso Lexel Incorporated
Fujitsu Ltd
Fujisawa Pharmaceutical Company Limited
Fuji Soft ABC Incorporated
Fuji Photo Film Company, Ltd
Fuji Electronics Co., Ltd.
Fubon Financial Holding Co., Ltd
Frontline Limited
Friends Provident plc
Friedman's Inc.
Fresenius Medical Care AG
Freeport-McMoRan Copper & Gold Inc.
Freddie Mac
Franklin Resources, Inc.
Four Seasons Hotels and Resorts
Foster's Group Limited
Foschini Limited
Forzani Group Ltd., The
Fortune Brands, Inc.
Fortis Inc.
Formosa Plastic Corporation
Formosa Chemicals & Fibre Corporation
Forest Laboratories, Inc.
class A
class B
40
68,500
177,000
1,042,000
600,000
1,100
541,600
79,400
1,473,364
18,273
272,947
195,000
64,049
43,582
890,326
45,050
364,383
2,134,386
188,800
198,000
56,865
263,190
1,258,213
556,261
26,853
200,000
ForeningsSparbanken AB (Swedbank)
1,036,794
306,106
class A
20,079
108,000
Fording Inc.
Ford Motor Company
Ford Credit Canada
Foodland Associated Limited
Fomento Economico Mexicano, S.A. de C.V.
6,742
840,000
Fluor Corporation
230,489
Fletcher Building Limited
2.5
0.8
4.7
21.7
-
27.9
0.7
2.7
0.2
0.8
2.7
1.4
1.2
83.1
2.4
16.2
8.5
0.4
4.0
4.2
7.3
2.6
0.9
4.2
3.7
10.1
15.2
1.7
1.2
0.3
2.3
8.8
Shares
Number
Amount
FleetBoston Financial Corporation
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
10.4
16.0
Bonds
Subtotal
2.5
0.8
4.7
21.7
-
27.9
0.7
2.7
0.2
0.8
2.7
1.4
1.2
83.1
2.4
16.2
8.5
0.4
4.0
4.2
17.7
2.6
0.9
4.2
3.7
10.1
15.2
16.0
1.7
1.2
0.3
2.3
8.8
Total
units
41
80,684
Gap, Inc., The
54,168
-
67,081
69,286
Genzyme Corporation
530,400
3.2
3.3
3.0
-
66,666
500
13.5
35.9
2.8
6.2
6.3
168.4
6.8
1.3
-
1.5
0.4
40.5
0.1
10.4
2.0
3.3
2.0
0.3
2.1
24.6
15.6
21.8
1,140,867
1,977,763
1,050,000
106,988
85,290
Genuine Parts Company
Genting Berhad
Genting International Plc
Genoil Inc.
Gennum Corporation
Genesis Trust
Générale de Santé
General Property Trust
General Motors Corporation
General Motors Acceptance Corporation of Canada, Ltd
General Mills, Inc.
4,378,180
General Dynamics Corporation
General Electric Co.
24,300
2,912,342
Génécan, Corporation Financière
Genentech, Inc.
1,104,090
4,000
9,421,794
27,082
Genaissance Pharmaceuticals Inc. ²
Gedeon Richter Rt.
Geac Computer Corporation Limited ¹
Gaz Métropolitain, Inc
Gateway, Inc.
346,108
29,486
Gannett Co., Inc.
Gas Natural SDG, S.A.
886,000
34,080
131,497
Gamuda Berhad
Gambro AB
Gallaher Group Plc
Galerie d'Anjou
5,283,400
Gabriel Resources Ltd
590,500
1,065,816
class A
GUS plc
7.8
239,600
208,667
GST Telecommunications Inc.
G.T.C. Transcontinental Group Ltd.
class B
358.6
10.7
20.5
0.2
3.8
465,590
1,122,900
20,094
373,500
68,500
fund units
fund units
class A
GSNA-Unités Actions Sectoriel Nord Américains
GSI Lumonics Inc.
GRP
GPC-Unités Fonds Actions canadiennes petites capitalisations
GMM Grammy PCLited
G & K Services Inc.
-
36.8
19.4
8.8
21.8
25.7
1.1
47.5
7.8
3.2
3.3
3.0
-
-
13.5
36.8
35.9
2.8
6.2
19.4
6.3
168.4
6.8
1.3
-
1.5
0.4
40.5
8.8
0.1
10.4
2.0
3.3
2.0
0.3
2.1
21.8
24.6
15.6
55.3
-
358.6
10.7
1.1
20.5
0.2
3.8
Grupo Aeroportuario del Sureste S.A. de C.V.
Groupe Publicis
Groupe BMTC Inc.
Greenwich Capital Commercial Funding Co
Greenpoint Financial Corp.
Great-West Lifeco Inc.
42
6,300
24,185
116,721
7,700
748,622
7,700
Greater Bay Bancorp
Great-West Life Cap Trust
4,166
200,000
Great Canadian Gaming Corporation
Great Lakes Chemical Corporation
125,000
29,040
Great Basin Gold Ltd.
Grasim Industries Limited
3,336,977
72,535
Granada Plc
Goodyear Tire & Rubber Company
160,300
61,980
42,000
1,614,400
48,031
class A
warrants
217,400
12,700
5,464,787
182,700
1,778,400
24,222
586,000
1,194,886
1,337,888
30,934,908
Goodrich Corporation
Goldman Sachs Group, Inc., The
Golden West Financial Corp.
Goldcorp Inc.
Gold Fields Limited
Gloucester Credit Card Trust
GlobalSantaFe Corporation
GlaxoSmithKline Plc
Glamis Gold Limited
Givaudan SA
Giordano International Limited
rights
class A
Gildan Activewear Inc. ²
Gillette Company, The
preferred
Gerdau Metalurgica S.A.
873,010
97,725
Gerdau AmeriSteel Corporation
443,178
Georgia-Pacific Group
0.1
0.8
1.7
0.6
27.9
0.2
0.2
1.7
0.2
0.3
6.8
0.8
1.4
17.2
7.0
1.1
32.4
4.8
0.5
167.0
-
31.7
17.2
0.4
57.3
49.6
0.8
2.0
2.5
40.0
Shares
Number
Amount
George Weston Limited
Designation
(continued))
CORPORATIONS
11
123.8
Convertible
Securities
17.6
4.1
26.4
61.6
15.8
8.0
Bonds
1.1
32.4
-
31.7
Subtotal
0.1
0.8
1.7
17.6
0.6
32.0
26.4
0.2
0.2
1.7
0.2
0.3
6.8
0.8
1.4
17.2
7.0
33.5
4.8
61.6
0.5
167.0
31.7
17.2
0.4
57.3
65.4
0.8
2.0
2.5
171.8
Total
43
3,990
37,800
class A
Hart Trust
11,304
155,000
Harrah's Entertainment, Inc.
Harmony Gold Mining Company Limited
3,032,667
Hanson Plc
100,787
1,004,300
Harley-Davidson, Inc.
2,079,000
Hang Seng Bank Limited
61,500
4,690,130
173,319
2,255
class B
0.7
4.2
7.4
21.3
16.9
3.2
1.5
13.2
5.1
0.4
-
2.0
111.6
6,392,030
490,421,189
7.8
0.1
1.9
0.7
9.6
43.0
-
0.2
0.7
0.5
0.2
8.4
0.6
0.3
0.1
2.4
2.2
2.4
1.8
2.9
0.3
15.2
0.4
0.3
1,291,667
5,500
112,700
Hang Lung Properties Limited
Hancock Fabrics, Inc.
Halma Plc
Halliburton Company
Hagemeyer N.V.
Hafnia Holding Group Ltd
Haci Omer Sabanci Holding AS
HSBC Holdings Plc
H Power Corp. ²
HEICO Corporation
34,000
145,902
HCA Inc.
HDFC Bank Ltd.
2,579,657
5,000
520,833
HBOS plc
Gunma Bank Ltd, The
class A
392,700
Guinness Peat Group plc
1,040,833
122,000
Guinness Anchor Berhad
units
171,328
Gulf International Minerals Ltd
376,500
25,000
Guidant Corporation
class A
1,900
55,000
Gudang Garam
Guardian Capital Group Limited
Gtech Holdings Corporation
Grupo Televisa S.A.
583,700
Grupo Modelo S.A. de C.V.
class C
619,830
Grupo Financiero Banorte S.A. de C.V.
1,500,000
71,741
class B
Grupo Ferrovial, S.A.
Grupo Financiere BBVA Bancomer, S.A de C.V.
86,520
566,078
Grupo Elektra, S.A. de C.V.
164,200
121,800
Grupo Dragados, S.A.
class A
Grupo Continental, S.A.
Grupo Bimbo SA de CV
10.3
-
-
0.1
1.9
0.2
0.7
10.3
0.7
4.2
7.4
21.3
16.9
3.2
1.5
13.2
5.1
0.4
2.0
111.6
7.8
2.0
0.7
9.6
43.0
-
0.9
0.5
0.2
8.4
0.6
0.3
0.1
2.4
2.2
2.4
1.8
2.9
0.3
15.2
0.4
0.3
44
35,526
Haw Par Corporation Ltd
class A
7,700
Hitachi, Ltd
Hirose Electric Co., Ltd
2,101,000
53,900
174,900
Hindustan Petroleum Corporation Limited
21,550
354,200
Hindalco Industries Ltd
Hindustan Lever Ltd
31,568
1,770,487
Hilton Hotels Corporation
Hilton Group Plc
Hibernia Corporation
49,600
1,148,427
Hewlett-Packard Company
Hibbett Sporting Goods, Inc.
11,778
12.7
6.5
1.7
2.1
0.4
0.6
7.5
0.2
1.9
31.5
1.2
14.9
2,898,000
Hershey Foods Corporation
Héroux Inc. ¹
0.5
52,000
0.1
13.7
Hero Honda Motors Ltd.
136,459
-
10.2
13.0
2.5
47.4
9,043
preferred
Henkel KGaA
37,500
582,982
457,500
55,000
912,504
14.7
0.2
0.2
-
4.3
0.6
4.8
0.3
2.4
0.1
0.3
1.7
Hercules Incorporated
warrants
Hemosol Inc.
Heller Financial Canada
Hellenic Telecommunication Organization S.A.
Hélicoptères Canadiens Limitée, Les
Heinz Co., H. J.
class A
18,800
238,585
Hecla Mining Company
Heineken N.V.
33,205
5,412
102,449
Healthsouth Corporation
HealthExtras, Inc.
class A
class A
Health Management Associates, Inc.
19,932
115,000
indexed fund units
Health Care Select Sector SPDR Fund
Health Net Inc.
900,000
Headline Media Group Inc.
1,039,878
14,534
Hays PLC
23,389
Hasbro, Inc.
Shares
Number
Amount
Hartford Financial Services
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
16.7
Bonds
2.5
14.7
Subtotal
12.7
6.5
1.7
2.1
0.4
0.6
7.5
0.2
1.9
31.5
1.2
14.9
0.5
0.1
13.7
-
16.7
10.2
13.0
17.2
47.4
0.2
0.2
-
4.3
0.6
4.8
0.3
2.4
0.1
0.3
1.7
Total
class B
class A
45
350,000
647,000
Hongkong and Shanghai Hotels, Limited, The
Hongkong Land Holdings Limited
13,000
229,500
Humax Co., Ltd
Hummingbird Ltd
1,383,311
Hutchison Whampoa Limited
Hyundai Department Store Co., Ltd.
62,800
193,000
1,170,700
Husky Injection Molding Systems Ltd.
Hydrogenics Corporation
3,085,628
53,162,900
1,079,800
Husky Energy Inc.
Hurriyet Gazetecilik ve Matbaacilik A.S
Hurricane Hydrocarbons Ltd
19,747
93,005
Humana Inc.
Huntington Bancshares Incorporated
18,300
Hughes Supplys, Inc.
7,176,011
381,500
Hudson's Bay Company ¹
814,000
Hub Power Company Limited, The
91,600
Huaneng Power International, Inc.
34,700
Hoya Corporation
348,323
Housng Development Finance Corporation Limited
Household International, Inc.
Household Financial Corporation of Canada
Horizon Organic Holding Corporation
95,000
198,000
Hong Leong Credit Berhad
Horizon Fund
335,000
Hong Leong Bank Berhad
1,265,000
Hong Kong Electric Holdings Ltd
118,881
1,628,869
Honeywell International Inc.
Hong Kong and China Gas Company Ltd
454,100
19,000
Honda Motor Co.
558,018
Honam Petrochemical Corporation
1,674,537
Hon Hai Precision Industry Co., Ltd
Home Depot Inc., The
301,932
Home Capital Group Inc
class B
175,000
Hologic, INc.
Hollis Receivables Term Trust (TM)
70,147
9,000
Holcim Ltd
539,974
Hockey Company, The ²
4,000
Hokuriku Bank, Ltd, The
Hite Brewery Co., Ltd
1.5
1.1
13.7
6.9
50.8
0.2
17.8
0.6
7.8
0.2
1.5
0.8
64.0
0.4
1.0
10.1
0.4
15.3
2.4
1.4
0.2
0.3
0.6
7.6
3.3
4.5
26.5
0.6
3.0
63.5
4.4
3.4
20.1
-
-
0.3
14.9
20.3
17.4
47.6
1.5
1.1
13.7
6.9
50.8
0.2
17.8
0.6
7.8
0.2
1.5
0.8
78.9
0.4
1.0
10.1
0.4
15.3
20.3
2.4
17.4
1.4
0.2
0.3
0.6
7.6
3.3
4.5
26.5
0.6
3.0
63.5
4.4
3.4
47.6
20.1
-
-
0.3
indexed fund units
class B
46
381,061
344,820
Imperial Oil Ltd
Imperial Tobacco Group Plc
44,700
326,579
1,198,990
Impala Platinum Holdings Limited
Imperial Chemical Industries, Plc
Imperial Holdings Limited
650,000
Iluka Resources Limited
70,125
586,054
Illinois Tool Works, Inc.
ITT Industries Inc.
1
95,500
99,900
class B
57,406
1,702,569
ITO EN, LTD
ITC Limited
IRSA Inversiones y Representaciones S.A.
IPSCO Inc.
595,500
IPL Inc.
class A
986,000
603,189
23,568
1,014,400
36,300
IOI Corporation Berhad
INSCAPE corporation ²
IMS Health Incorporated
IMI International Medical Innovation Inc.
IMI Co., Ltd.
861,000
28,000
IHOP Corp.
IJM Corporation Berhad
42,003
IHC Caland NV
234,000
172,000
ID Biomedical Corporation
110,100
ICICI Limited
p/notes
519,500
3,666,600
ICICI Bank Limited
iUnit S&P/TSX 60 Index Fund
iShares Russell 2000 Index Fund
7,890
425,000
iManage Inc.
416,900
i-CABLE Communications Limited
42,000
Hyundai Securities Company
IAMGOLD Corporation
257,156
38,000
9.2
17.1
0.4
7.0
32.8
2.7
60.0
6.7
5.4
2.1
0.2
26.9
14.3
2.3
10.1
0.6
3.0
0.6
1.8
1.1
3.5
2.4
0.8
1.1
137.2
59.4
-
0.2
3.2
0.3
9.5
1.1
Shares
Number
Amount
Hyundai Motor Company Ltd
Hyundai Mobis
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
40.0
Bonds
-
0.2
Subtotal
9.2
57.1
0.4
7.0
32.8
2.7
60.0
6.7
5.4
0.2
2.1
26.9
14.3
2.3
10.1
0.6
3.0
0.6
1.8
1.1
3.5
2.4
0.8
1.1
137.2
59.4
-
0.2
3.2
0.3
9.5
1.1
Total
fund units
Interpublic Group of Companies, Inc.
Internationale Nederlanden Groep NV
International Speedway Corporation
International Power Plc
International Paper Company
International Hospitality Inc.
International Game Technology
International Forest Products Limited
International Flavors & Fragrances Inc.
class A
class A
47
81,057
1,612,697
79,100
517,838
55,409
4,099,831
7,665
350,000
8,276
1.8
43.2
4.7
1.3
3.1
0.1
0.9
2.0
0.5
4.0
105.8
250
863,978
International Finance Participation Trust
International Business Machines Corp.
1.0
25,000
Intermune Pharmaceuticals, Inc.
3.4
5.7
1.0
90,000
262,900
Interactive Data Corporation
85.9
2.5
0.3
2.4
8.7
0.4
1.7
7.4
3.7
0.4
0.5
1.4
1.1
1.6
29.0
78.9
31.1
14.3
286.3
0.3
0.8
0.9
187.5
Interbrew
139,000
Inter Co., Ltd
3,493,620
95,200
Intel Corporation
19,765
Insurance Auto Auctions, Inc.
250,000
Inspire Pharmaceuticals, Inc.
units
1,443,000
Inmet Mining Corporation
Inn Vest REIT
14,437
86,500
109,112
Inmobiliaria Colonial, S.A.
Ingram Micro Inc.
Ingersoll-Rand Company
23,800
Infosys Technologies Limited
38,816
2,211,700
91,931
353,150
892,000
425,000
class A
indexed fund units
3,000,000
Informatics Holdings Limited
InfoSpace, Inc.
Inflazyme Pharmaceuticals Ltd
Infineon Technologies AG
Inex Pharmaceuticals Corporation
Industries Select Sector SPDR Fund
preferred
788,245
Industrielle-Vie, Cie d'assurance
382,180
202,711,210
2,547,500
72,000
53,356
Industrielle-Alliance, Compagnie d'Assurance sur la Vie, L'
units
warrants
5,618,863
Industria de Diseno Textil, S.A. (Inditex)
Index participation units - TSE 35
Indofood Sukses Makmur
India Fund Inc., The
Inco Limited
61.2
16.9
78.7
26.1
140.1
109.8
0.8
213.6
1.8
43.2
4.7
1.3
3.1
0.1
0.9
2.0
0.5
4.0
105.8
1.0
3.4
5.7
1.0
85.9
2.5
0.3
2.4
8.7
0.4
1.7
7.4
3.7
0.4
0.5
1.4
1.1
1.6
29.0
16.9
249.9
14.3
286.3
0.3
214.4
0.9
warrants
48
538,100
6,452
31,709
664
119,900
Japan Co., Ltd
Japan Prime Realty Investment
311,000
18,607
Japan Airlines System Corporation
Janus Capital Group Inc.
771,393
Jabil Circuit, Inc.
James Hardie Industries Limited
406,000
JSR Corporation
2.1
2.3
1.0
0.4
4.7
0.9
6.4
2.0
19.9
63,300
524,424
JSC Mining & Smelting Company Norilsk Nickel
J.P. Morgan Chase & Co.
9.6
500,600
13.8
0.5
1.7
JFE Holdings, Inc.
JDS Uniphase Corporation
3,258,225
47,044
129,342
J. C. Penney Company, Inc.
1.0
9.2
-
-
0.8
3.1
5.8
2.3
9.3
106.8
73.2
2.0
0.1
0.5
-
1.1
4.0
1.4
73.7
JD Wetherspoon
60,500
JASTEC Co.,Ltd.
197,000
Ista Pharmaceuticals Inc.
Ito-Yokado Co., Ltd
1
473,729
Israel Corporation Limited
Israel Chemicals Limited
1,000,800
Isetan Company Ltd
Isotechnika Inc.
580,000
Iscor Limited
3,991,520
81,456,850
545,634
fund units
Irish Life & Permanent plc
Investors Group Inc.
Investors Emerging Markets Taiwan IV
56,800
27,600
Investment Technology Group, Inc.
23,700
Investment Company of China
fund units
Investec Limited
40,000
805,317
Inventronics Limited
608,720
Invensys Plc
18,899
4,013,222
Shares
Number
Amount
Intertape Polymer Group Inc.
Intuit Inc.
Intl Bk Recon , Dev
Intrawest Corporation ²
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
65.2
4.4
51.3
Bonds
Subtotal
2.1
2.3
1.0
0.4
4.7
0.9
6.4
2.0
19.9
9.6
13.8
0.5
1.7
1.0
9.2
-
-
0.8
3.1
5.8
2.3
9.3
172.0
73.2
2.0
0.1
0.5
-
1.1
4.0
1.4
4.4
125.0
Total
146,726
John Hancock Financial Services Inc.
49
407,941
John Fairfax Holdings Ltd
51,349
22,736
123,800
KGHM Polska Miedz S.A.
KLA-Tencor Corporation
K'S Denki Corporation
432,200
469,000
136,000
Kansai Electric Power Company, Incorporated, The
Kao Corp.
Katokichi Co., Ltd
6,000
Kellwood Company
806,600
66,879
Kellogg Company
Keppel Corporation Limited
40,000
870,000
Keithley Instruments, Inc.
Keisei Electric Railway Co., Ltd
55,300
431,000
Kaneka Corporation
Kaydon Corporation
187,895
3,691,000
5
4,340,597
Kana Software, Inc.
Kalbe Farma Pt
KT&G Corporation
KT Freetel
63,300
28,094
KB HOME
KT Corporation
10,000
166,000
Joyo Bank, Ltd, The
Joyfull Co.,Ltd.
28,232
121,500
Jones Apparel Group, Inc.
731,941
Joint Corporation
8,736,242
34,276
1,817,458
Johnson Matthey Plc
Johnson Electric Holdings Limited
Johnson Controls, Inc.
Johnson & Johnson
John Wiley & Sons, Inc.
87,600
12,026
John Hancok Canadian CP
35,000
Jefferson-Pilot Corporation
class A
162,093
2,876,153
Jefferies Group, Inc.
Jean Coutu Group Inc., The
Jazztel p.l.c.
class A
450
Japan Tobacco Inc.
57,176
415
Japan Telecom Company Limited
Jardine Fleming India Fund
288
Japan Retail Funds Investments
2.7
0.2
3.6
0.8
3.6
1.8
3.2
16.3
10.3
3.6
0.6
0.2
-
163.0
4.3
2.4
1.3
0.3
1.9
-
2.8
1.6
1.1
14.9
15.2
4.3
154.2
3.3
6.5
1.2
0.7
2.3
47.3
0.1
0.7
4.8
2.0
2.2
6.8
2.7
0.2
3.6
0.8
3.6
1.8
3.2
16.3
10.3
3.6
0.6
0.2
-
163.0
4.3
2.4
1.3
0.3
1.9
-
2.8
1.6
1.1
14.9
15.2
4.3
154.2
3.3
6.8
6.5
1.2
0.7
2.3
47.3
0.1
0.7
4.8
2.0
2.2
class A
50
47,000
Kia Motors Corporation
preferred
128,496
Kohl's Corporation
11,600
Korean Air Lines Co., Ltd
Korea Telecom Corporation
Korea Information & Communications Co. Ltd. (Kicc)
Korea Electric Power Corporation
Koram Bank
Koor Industries Limited
Kookmin Bank
Koninklijke Numico N.V.
156,852
53,900
621,076
868,819
181,280
6,437,258
17,279
280,881
43,700
116,958
2,288,678
Koninklijke KPN N.V.
1,484,807
Koninklijke Ahold NV
Koninklijke (Royal) Philips Electronics N.V.
Komercni Banka, a.s.
1,040,000
48,760,000
Koc Holding A.S.
Komatsu Ltd
15,319
150,000
Knight Trading Group, Inc.
Knight-Ridder, Inc.
375,000
11,558,600
Kirin Brewery Company, Limited
Kinross Gold Corporation
4,205,813
Kingsway Financial Services Inc. ²
64,314
2,690,993
Kingfisher plc
King Pharmaceuticals, Inc.
140,700
Kimberly-Clark de Mexico, S.A. de C.V.
14,677
118,329
Kimberly-Clark Corporation
Kinder Morgan, Inc.
595,000
Kikkoman Corporation
1,143,777
25,100
Keyence Corporation
Kidde Plc
12,531
569,142
8,307
2.4
1.8
5.8
8.3
4.4
63.5
0.3
15.7
0.9
23.5
2.4
41.1
1.3
5.4
11.4
0.8
1.5
1.1
3.8
44.7
57.6
15.2
1.8
1.0
0.5
8.9
6.5
2.1
0.6
6.9
0.7
22.6
0.6
Shares
Number
Amount
KeySpan Corporation
KeyCorp
Kerr-McGee Corporation
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
Bonds
8.3
63.5
Subtotal
2.4
1.8
5.8
71.8
4.4
0.3
15.7
0.9
23.5
2.4
41.1
1.3
5.4
11.4
0.8
1.5
1.1
3.8
44.7
57.6
15.2
1.8
1.0
0.5
8.9
6.5
2.1
0.6
6.9
0.7
22.6
0.6
Total
class A
Lexar Media, Inc.
Lever Brother Pakistan Ltd
Leon's Furniture Limited
51
50,000
4,600
11,600
500
40,348
Lennar Corporation
Lend Lease Corporation Limited
50,000
Leighton Holdings Limited
1,870,003
82,440
Leitch Technology Corporation ²
76,463
Lehman Brothers Holdings Inc.
1,680,000
Legend Group LImited
Leggett & Platt, Incorporated
8,022,237
168,400
36,900
57,253
330,300
Legal & General Group Plc
Legacy Hotels Real Estate Investment Trust
Learning Tree International, Inc.
Lear Corporation
Le Groupe Jitney Inc.
Lawson Inc.
Laurentian Bank of Canada
20,300
969,077
Larsen & Toubro Ltd
372,828
Laperrière & Verreault Group Inc. ¹
360,609
Land Securities Group plc
Laidlaw Inc. (ex-Scott's hosp.)
Lagardere S.C.A.
Lafayette Street, LLC
28,000
Lafarge SA
425,400
Labopharm Inc.
37,400
270,000
La Quinta Corporation
Laboratory Corporation of America Holdings
316,444
0.5
0.2
0.4
-
0.4
10.1
0.4
6.9
2.7
0.9
19.6
3.6
1.9
2.2
9.0
0.3
16.7
7.4
23.1
3.3
1.4
1.5
1.9
20.5
0.3
23.7
197,163
31,163
0.2
0.2
8,320
3,000
-
11.7
10.2
0.5
4.1
66.6
5.0
3,083
LVMH (Louis Vuitton Moet Hennessy)
LSI Logic Corporation
L'Oréal SA
L-3 Communications Holdings, Inc.
preferred
110,700
211,955
Kyocera Corporation
LG Electronics Inc.
LG Life Sciences Ltd
200,000
Kuala Lumpur Kepong Berhad
1,082,130
166,509
class A
708,000
Kroger Co., The
Kraft Foods Inc.
Koyo Seiko Co., Ltd
25.2
-
147.1
4.5
100.1
0.2
-
0.5
0.2
0.4
-
0.4
10.1
0.4
6.9
2.7
0.9
19.6
25.2
3.6
1.9
-
2.2
156.1
0.3
16.7
7.4
4.5
23.1
100.1
3.3
1.4
1.5
1.9
20.5
0.3
23.7
0.2
0.2
11.7
10.2
0.5
4.1
66.6
5.0
52
14,892
Lincoln National Corporation
567,473
191,200
Lucent Technologies Inc.
Lukoil Holding
37,339
804,806
Lowe's Companies, Inc.
Louisiana-Pacific Corporation
159,286
Lorus Therapeutics Inc.
42,723
172,998
Logitech International S.A.
Loews Corporation
145,092
1,840,358
Lockheed Martin Corp.
Loblaw Company Limited
71,886
5,431,994
Liz Claiborne, Inc.
Lloyds TSB Group Plc
50,000
799,232
4,247,300
334
29,085
Liquidmetal Technologies
Liquidation World Inc. ²
LionOre Mining International Ltd
Lion Bioscience AG
Linear Technology Corporation
Lindsey Morden Group Inc
151,433
26,900
Linde AG
1,891,648
Linamar Corporation
Lincare Holdings Inc
118,159
6,932,500
Limtech Lithium Metal Technologies Inc.
Limited Brands
Lilly (Eli) & Company
73,400
75,959
301,089
class B
warrants
Ligand Pharmaceuticals Inc.
58,036
278,659
47,900
3,322,572
75,008
777,500
class A
class A
11.7
1.1
47.7
0.5
0.1
8.2
3.0
13.2
98.5
61.6
3.4
0.8
4.3
21.0
-
1.2
8.8
0.7
1.3
17.5
0.6
2.6
1.3
30.2
0.6
0.8
2.8
2.9
5.0
7.2
5.8
Shares
Number
Amount
Liberty Media Corporation
Liberty Group Limited
Liberty Corporation, The
Li & Fung Ltd
Lexmark International Group, Inc.
Lexicon Genetics Incorporated
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
49.8
3.4
Bonds
1.3
0.6
Subtotal
11.7
1.1
47.7
0.5
0.1
8.2
3.0
13.2
148.3
61.6
3.4
0.8
4.3
21.0
-
1.2
3.4
8.8
0.7
1.3
17.5
0.6
2.6
1.9
30.2
0.8
2.8
2.9
5.0
7.2
5.8
Total
fund units
fund units
MBI-Unités Actions Américaines
MBI-Unités Actions Européennes
class A
118,300
4.4
16.4
50.0
Mansfield Trust
0.4
3.1
44.7
Manulife Capital Trust
12,647
806,411
Manor Care, Inc.
196.7
5,719,613
Manulife Financial Corporation
Manitoba Telecom Services Inc.
28.6
0.9
310,000
Malaysia International Shipping Corporation Berhad
2.0
660,500
2.0
0.7
1.2
1.0
0.7
153.8
-
10.4
2.2
1.2
5.7
-
51.5
0.4
43.5
23.7
0.1
4.9
56.7
161.0
345.1
39.0
Malayan Banking Berhad
1,176,000
Mahanagar Telephone Nigam Limited
Malakoff Berhad
209,300
26,900
Magyar Olaj-es Gazipari Rt.
Magyar Tavkozlesi Rt.
715,000
Magnum Corporation Berhad
1,746,240
2,541
Magna International Inc.
Magma Design Automation, Inc.
104,705
3,671,624
Macquarie Infrastructure Group
Macquarie Bank Limited
813,400
Mackenzie Income Trust
units
255,000
1,100
51,458
8,700
666,779
1,077,243
27,600
163,283
68,957
210,085
MacDonald, Dettwiler and Associates Ltd
MTR Corporation Limited
MSF
MM-Unités Monétaire Canadien
MGM Mirage
MGIC Investment Corporation
MDS Inc.
MDSI Mobile Data Solutions Inc.
MBNA Corporation
fund units
fund units
MBI-Unité Actions EAFE
MBNA Canada Bank
47,597
420,140
63,562
fund units
53
45.4
100.3
2,694,834
102,531
3.9
0.8
2.3
1.2
3,441,188
41,800
860,715
108,355
MBI-Unité Actions Asiatiques
fund units
warrants
2,423,915
MBIA Inc.
MBC-Unités Actions Canadiennes Multi Styles
MAAX Inc. ¹
mm02 plc
Lyondell Petrochemical Company
Luxottica Group S.p.A.
Luxell Technologies Inc.
-
1.2
50.0
16.4
0.4
28.6
196.7
0.9
2.0
2.0
0.7
1.2
1.0
0.7
153.8
-
10.4
2.2
1.2
5.7
-
3.1
51.5
0.4
43.5
23.7
0.1
4.9
44.7
56.7
161.0
345.1
39.0
4.4
100.3
45.4
3.9
0.8
1.2
2.3
subscription receipts
class A
54
McWatters Mining, Inc.
Mellon Financial Corporation
Medtronic, Inc.
136,192
1,500,220
9,100
73,100
Mediaset S.p.A.
Medicis Pharmaceutical Corporation
49,003
MedImmune, Inc.
100,219
78,058
3,933,375
McKesson Corporation
MeadWestvaco Corporation
33,029
259,057
5,307
McGraw-Hill Companies Inc.
McDonald's Corporation
McDermott International, Inc.
class A
4,722,738
Mazarin inc. ¹
1
19,482
McDATA Corporation
79,426
Maytag Corp.
525,000
Maxis Comminications BHD
May Department Stores Company
937,758
1,254,000
Matsushita Electric Industrial Cie Ltd
Maxim Integrated Products, Inc.
671,700
Masonite International Corporation
293,793
108,597
Masco Corp.
Mattel, Inc.
14,000
1,275,000
1,717,000
82,546
234,765
Marui Co., Ltd
Martinrea International Inc.
Marshall & Ilsley Corporation
Marsh & McLennan Companies, Inc.
Marriott International Inc.
19,910
364,285
Marlif Life Cdn Fdg
355,378
Marks & Spencer Plc
107,426
1,046,800
5.6
108.1
0.7
0.9
2.1
3.9
1.0
3.3
3.2
6.6
-
-
1.4
0.9
2.9
1.2
49.0
8.9
19.5
17.9
3.6
0.2
9.4
12.7
3.6
17.1
1.0
2.9
2.8
3.6
11.5
Shares
Number
Amount
Marks & Spencer Group Plc
Maritimes & Northeast Pipeline Ltd Partnership
Marathon Oil Corp
Maple Leaf Foods Inc.
Designation
(continued))
CORPORATIONS
11
10.3
Convertible
Securities
20.0
9.5
Bonds
9.4
12.7
Subtotal
5.6
108.1
0.7
0.9
2.1
3.9
1.0
3.3
3.2
6.6
-
-
11.7
0.9
2.9
1.2
49.0
8.9
19.5
17.9
3.6
0.2
22.1
3.6
17.1
1.0
20.0
2.9
2.8
9.5
3.6
11.5
Total
class A
Mitsubishi Electric Corporation
Mitsubishi Corporation
Mitsubishi Chemical Corporation
Mitec Telecom Inc.
Misys Plc
Mirant Corporation
Mines Lyon Lakes ltée
Minefinders Corporation Ltd.
warrants
55
3.2
14.2
1,470,000
889,000
3.5
0.2
8.1
0.1
2.6
5.8
0.4
2.1
0.2
0.6
20.4
0.4
0.1
-
211.8
2.4
0.1
1.1
4.2
0.8
0.7
106.1
38.8
1.2
1.8
3.8
6.1
225,000
1,103,000
652,000
1,807,923
38,301
387,500
1,051,000
350,000
Mindready Solutions Inc.
Minebea Co., Ltd
1,432,000
3,957
38,266
Minacs Worldwide Inc.
Millipore Corporation
Millennium Chemicals Inc.
1,799
Millea Holdings, Inc.
2,100
28,286,340
Mid Atlantic Medical Services, Inc.
Migros Turk Ticaret
650
Micro-Star International Co., Ltd.
2,593,472
155,324
Microsoft Corporation
125,000
Micron Technology, Inc.
27,700
Micrologix Biotech Inc.
Microchip Technology Incorporated
39,748,660
744,000
class B
Microtec Enterprises Inc. ¹
Microcell Télécommunications Inc. ¹‘²
795,130
Metropolitan Bank & Trust Company
5,166,590
2,183,800
Métro Inc.
Metro-Goldwyn-Mayer Inc.
2,881,452
Metro Cash & Carry Limited
48,100
285,000
Metro AG
142,900
Methanex Corporation
-
-
24.1
Merrl Lynch Financial Asset Inc
MetLife, Inc.
80.8
Merrill Lynch Morgage Loans Inc.
15.2
96.0
252,930
35.4
0.3
0.3
92.8
Merrill Lynch Canada Finance Company
Merrill Lynch & Company, Inc.
1,275,346
4,147
Meridian Gold Inc.
6,953
Meredith Corporation
1,037,087
Mercury Interactive Corporation
Merck & Co., Inc.
-
0.2
3.2
14.2
0.2
3.5
8.1
0.1
-
2.6
5.8
0.4
2.1
0.2
0.6
20.4
0.4
0.1
-
211.8
2.4
0.1
1.1
4.2
0.8
0.7
106.1
38.8
1.2
1.8
3.8
6.1
24.1
80.8
96.0
15.2
35.4
0.3
0.3
92.8
56
671,000
Mitsubishi Motors Corporation
830,000
Mitsui Fudosan Co.
3,543
10,000
Mizuho Holdings, Inc.
Mobile Telesystems
NEG Micon A/S
NEC Corporation
1,289
1,313,000
77,300
8,228
NCR Corporation
NDCHealth Corporation
2,800
Mylan Laboratories Inc.
173,600
84,794
Murata Manufacturing Co., Ltd
70,300
Muenchener Rueckversicherungs-Gesellschaft AG
947,322
527,115
1,434,800
20,418
9,693,987
57,117
3,058,718
class A
fund units
865,000
class B
16,223
Mueller Industries, Inc.
Motorola, Inc.
Morguard Real Estate Investment Trust
Morgan Stanley
Moore Corporation Limited
Moody's Corp.
Montrusco Bolton Inc.
Monsanto Company
Molson Limitée, Les Brasseries
Molson Companies limited, The
Molex Incorporated
4,300
2,200
Mitsumi Electric Company, Ltd.
Mohawk Industries, Inc.
8,000
416,000
Mitsui Trust Holdings, Inc.
Mitsui Sumitomo Insurance Company, Limited
1,153,000
1,465,000
Mitsui Chemicals Inc.
Mitsui O.S.K. Lines, Ltd.
1,328,000
Mitsui & Co., Ltd
2,259
2,939,000
Mitsubishi Tokyo Financial Group, Inc.
1,628,000
Mitsubishi Heavy Industries, Ltd
-
7.8
2.4
0.3
0.2
10.8
16.0
3.0
13.0
33.2
20.5
1.3
96.3
1.7
102.3
28.7
0.6
0.4
0.6
5.2
-
-
3.0
3.8
8.5
10.3
9.8
19.4
2.3
11.4
19.6
Shares
Number
Amount
Mitsubishi Estate Co., Ltd
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
13.6
18.6
Bonds
102.3
28.7
Subtotal
-
7.8
2.4
0.3
0.2
10.8
16.0
3.0
13.0
13.6
33.2
20.5
1.3
96.3
1.7
18.6
131.0
0.6
0.4
0.6
5.2
-
-
3.0
3.8
8.5
10.3
9.8
19.4
2.3
11.4
19.6
Total
warrants
57
12,008
Nabors Industries, Inc.
fund units
fund units
fund units
fund units
New Century Holding V
New Century Fd Ped III
New Century Funds IX
New Century Funds XII
249,700
149,447
Newell Rubbermaid Inc.
1,556,000
Newalta Corporation
Newcrest Mining Limited
18,173
532
916,700
1,081
534
195
402
59
108,363
2,327,607
28,149
342,832
28,000
129,000
5,118
854,100
5,871,476
15,113
183,483
New York Times Co
New World Development Company Ltd
New Clicks Holdings Limited
warrants
Neuroscience Pharma (NPT) Inc.
Neurochem Inc. ¹
Network Appliance, Inc.
Nestlé S.A.
Nestle India Ltd.
Nestle (Malaysia) Berhad
Navistar International Corporation
Navigo Energy Inc.
National Bank of Canada
National Semiconductor Corporation
National Petrochemical Public Company
167,164
3,639,707
National Grid Transco PLC
1,264,180
National Australia Bank Limited
National City Corporation
2,016,008
Nan Ya Plastic Corporation
348,600
27,891
NVIDIA Corporation
Nampak Limited
14,300
NTT DoCoMo, Inc.
686
5,000,000
NSI Global Inc.
NTT Data Corporation
3,291,055
1,221
NOVA Chemicals Corporation
3,698
NKT Holding A/S
25,000
NICE - Systems Ltd
NICOR Inc.
59,600
187,500
warrants
NHC Communications Inc.
N.I.C Corporation
300,000
NGK Insulators, Ltd
7.2
1.6
6.2
1.3
-
1.2
1.1
1.2
-
-
9.4
0.6
18.2
0.4
114.8
0.5
1.1
0.2
3.1
189.7
0.4
0.3
42.3
7.2
38.0
2.8
0.9
0.7
0.5
41.7
3.0
0.6
95.1
-
0.2
0.3
1.1
-
2.6
70.1
2.7
0.6
18.2
7.2
1.6
6.2
1.3
-
1.2
1.1
1.2
-
-
9.4
18.8
0.4
114.8
0.5
1.1
0.2
3.1
259.8
0.4
0.3
42.3
7.2
38.0
2.8
0.9
0.7
0.5
41.7
3.0
0.6
97.8
-
0.2
0.3
1.1
-
2.6
58
48,610
Noble Corporation
11,201
242,500
56,900
Nitori Co., Ltd
Nitto Denko Corporation
271,700
3,498,900
92,350
Nissin Co., Ltd
Nissan Motor Co., Ltd
Nishimatsuya Chain Co., Ltd
2,771
2,041
Nippon Telegraph and Telephone Corporation
61,000
1,107,000
800,000
78,300
7,000
1,279,974
Nippon Unipac Holding
Nippon Steel Corporation
Nippon Oil Corporation
Niocan Inc.
Nintendo Company Ltd
Nikon Corporation
Nikko Securities Co., Ltd, The
Nike, Inc.
625,000
66,600
Nidec Corporation
Nien Hsing Textile Co., Ltd
136,500
21,211
67,000
370,003
Nichiha Corporation
class B
class A
Nextel Partners, Inc.
NiSource Inc.
class A
Nextel Communications Inc.
Nextcard Credit Card Master Note Trust
33,333
614,452
3,102,544
Next Plc
2,286,497
926,552
1,887,143
Nexia Biotechnologies inc. ¹
warrants
preferred
26,250
964,536
warrants B
1,590,427
41,666
warrants A
462,922
0.6
10.9
3.4
3.0
43.1
3.4
14.0
15.9
0.1
7.9
0.4
11.6
0.1
6.8
3.4
0.9
6.6
1.5
0.7
0.6
6.8
11.5
5.7
18.9
7.9
64.7
16.7
0.6
44.3
0.3
21.2
Shares
Number
Amount
Nexfor inc.
Nexen Inc.
News Corporation Limited, The
Newmont Mining Corporation of Canada Ltd
Newmont Mining Corporation Holdings Company
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
7.1
14.8
Bonds
-
5.7
7.9
16.7
0.6
0.3
21.2
Subtotal
0.6
10.9
3.4
3.0
43.1
3.4
14.0
15.9
0.1
7.9
0.4
11.6
0.1
6.8
3.4
0.9
6.6
1.5
0.7
0.6
6.8
7.1
5.7
11.5
18.9
24.6
79.5
22.1
44.3
Total
class B
fund units
OBL-Unités Obligations Internationales
71,100
142,066
150,000
Optimum General Inc.
60,520,000
Open Text Corporation
Onpa International Public Company Limited
6,518,447
OneSource Information Services, Inc.
Onex Corporation
71,871
121,000
1,455,000
Omnicom Group
Olympus Optical Co., Ltd
Old Mutual Plc
332,717
26,700
Ocular Sciences, Inc.
Office Depot, Inc.
60,000
106,227
Occidental Petroleum Corporation
Ocean Energy Inc.
180,900
OTP Bank Rt.
class A
53,159
102,626
70,268
fund units
OBL-Unités Obligations Canadiennes Core Plus
70,859
Nucor Corporation
Novo Nordisk A/S
109,000
14,439
Noven Pharmaceuticals, Inc.
30,553
Novellus Systems, Inc.
2,417,495
155,000
333,333
65,565
2,375,000
Novell Inc.
Novartis AG
Northwest Airlines Corporation
Northrop Grumman
Northgate Exploration Limited
465,042
17,700
Northern Trust Corp.
315,300
North Fork Bancorporation, Inc.
59,955,374
Nortel Networks Corporation
North American Palladium Ltd
11,154,570
28,900
1,899,326
Norske Skog Canada Limited
Norsk Hydro
Norfolk Southern Corporation
11,231
1,267,300
Nordstro, Inc.
1,947,660
59
4,366,428
1,335,000
Nordea AB
warrants
class A
11,500
Noranda Inc.
Norampac inc.
Nomura Securities Co., Ltd, The
Nokia Oyj
Noble Energy, Inc.
0.4
5.2
6.0
104.3
0.9
7.3
3.1
3.2
7.8
0.6
1.9
4.8
2.8
107.9
53.5
4.6
3.2
1.6
0.6
0.2
139.4
1.8
0.2
10.0
3.6
25.8
0.9
1.7
151.1
60.8
2.0
60.0
0.3
8.8
27.7
23.7
109.7
0.7
31.2
0.2
3.6
0.4
5.2
6.0
104.3
0.9
7.3
3.1
3.2
7.8
0.6
1.9
4.8
2.8
107.9
53.5
4.6
3.2
1.6
0.6
0.2
139.4
1.8
3.8
10.0
25.8
0.9
1.7
151.1
60.8
2.0
60.0
0.3
8.8
27.7
31.2
23.7
109.7
0.7
60
69,479
PCCW Limited
18,000
13,253
PacifiCare Health Systems, Inc.
Pactiv Corporation
9,714,336
PT Telekomunikasi Indonesia
41,936
710,000
PTT Public Company Limited
Pacific Gas & Electric Company
648,700
PTT Exploration and Production Public Company Limited
3,484,500
PT Hanjaya Mandala Sampoerna
300,000
6,187,500
PT Bank Pan Indonesia Tbk
PT Indosat (Persero) Tbk
2,168,000
56,228
PPL Corp.
PT Astra International
39,859
PPG Industries Inc.
631,133
53,256
PNC Financial Services Group
P & O Princess Cruises plc
14,028
PMC-Sierra, Inc.
PEYTO Exploration & Development Corp.
300,000
33,073
PDFB Investments Inc.
32,600
PACCAR Inc.
2,341,500
52,400
Oxford Health Plans, Inc.
Oxbow Equities Corp.
Owens-Illinois, Inc.
4,200
693,000
Oversea-Chinese Banking Corporation Ltd
Overture Services, Inc.
181,400
Outokumpu Oyj
Osaka Gas Co., Ltd
1,900,000
124,400
Orix Corporation
Orléans Ressources Inc.
25,000
300,000
342,500
Orica Limited
Origin Energy Limited
1,022,590
Oriental Land Co., Ltd
2,497,862
Orange SA
0.5
0.8
0.9
7.0
1.1
2.8
0.5
2.3
0.2
1.2
3.1
3.2
6.9
3.5
0.1
3.3
-
2.4
1.9
0.9
1.2
0.2
6.1
2.5
7.4
12.7
1.0
2.4
3.2
11.2
42.6
Shares
Number
Amount
Oracle Corporation
Designation
(continued))
CORPORATIONS
11
40.6
Convertible
Securities
-
Bonds
Subtotal
0.5
0.8
0.9
7.0
1.1
2.8
0.5
2.3
0.2
1.2
3.1
3.2
6.9
3.5
0.1
3.3
40.6
-
2.4
1.9
0.9
1.2
0.2
6.1
2.5
7.4
-
12.7
1.0
2.4
3.2
11.2
42.6
Total
41,083
Palmco Holdings Berhad
61
12,000
Palm, Inc.
208,241
3,744,231
Peugeot Citroen, PSA
Pfizer Inc.
363,000
Petron Corp.
75,000
526,980
6,172,436
Petronas Gas Berhad
class A
preferred
class A
7,742,000
PetroChina Company Limited
Petroleo Brasileiro S.A.
3,782,541
150,000
Pétro-Canada
190,000
91,422
Pernod-Ricard SA
Perusahaan Otomobil Nasional
10,598
Persimmon plc
29,424
PerkinElmer, Inc
1,100,227
122,923
46,348
Perez Companc S.A.
Pepsico, Inc.
Pepsi Bottling Group, Inc., The
PeopleSoft, Inc.
123,000
7,492
People's Food Holdings Limited
7,400
Peoples Energy Corporation
1,481,073
Penn West Petroleum Ltd
Pentair, Inc.
1,262,487
Peninsular & Orie
572,990
Pearson Plc
869,400
Patheon, Inc.
36,195
305,694
Pason Systems Inc.
40,000
104,075
Parker Hannifin Corp.
Paychex Inc.
125,000
Park Place Entertainment Corporation
Patrick Corporation Limited
576,000
21,860
Paramount Resources Ltd
Parametric Technology Corporation
Paperboard Industries International Inc.
443,800
10,249
Pall Corporation
Pangeo Pharma Inc.
561,100
Paladin Labs, Inc.
107,700
264,000
Pakistan Telecommunications Company Ltd
Pan American Silver Corporation
104,341
Pakistan State Oil Co., Ltd
180.8
13.4
1.0
10.9
0.3
1.6
2.4
185.0
0.6
2.1
14.0
0.1
0.3
73.4
5.0
1.3
0.1
0.5
0.4
60.7
5.3
8.4
1.6
0.5
14.1
3.6
7.6
1.7
8.6
0.1
0.9
1.3
0.1
0.3
0.3
2.3
0.2
0.6
15.4
1.6
10.9
180.8
13.4
1.0
12.5
0.3
2.4
185.0
0.6
2.1
14.0
0.1
0.3
73.4
5.0
1.3
0.1
0.5
0.4
60.7
5.3
8.4
1.6
0.5
14.1
3.6
7.6
1.7
8.6
0.1
15.4
0.9
1.3
0.1
0.3
0.3
2.3
0.2
0.6
units
62
55,592
Philippine Long Distance Telephone Company
23,834
Pitney Bowes Inc.
224
1,210,001
Premier Tech Ltd
class A
1,202,062
800,691
2,100
72,771
7,537,377
6,571
3,382,636
Premier Farnell Plc
Precision Drilling Corporation
Precision Castparts Corp.
Praxair Inc.
Power Financial Corporation
Power-One, Inc.
Power Corporation of Canada
4.2
5.8
40.8
0.1
6.6
273.6
0.1
121.7
21.2
10.6
212,272
67,395
Potash Corporation of Saskatchewan
Posco
4.5
0.2
6,859
1.0
-
0.6
1.1
1.0
1.1
0.2
0.7
0.4
4,300
138,900
41.0
126.8
Porsche AG
preferred
class D
15,438
1,691,440
45,800
845,975
500,000
70,000
600,000
7,100,716
1.2
0.1
1.2
6.0
-
1.0
0.4
4.1
0.4
46.6
Popular, Inc.
Polski Koncern Naftowy Orlen S.A.
Pohjola Group Plc
Plum Creek Timber Company, Inc.
Pliva d.d.
Platypus S.A.
Plato Learning, Inc.
Platinium Group Metals Limited
Placer Dome Inc.
preferred
60,087
Pirelli S.p.A.
25,942,198
23,040
Placement Cash Collatéral State Street
51,930
Pinnacle West Capital Corporation
39
Pinault-Printemps-Redoute SA
Pillar property Plc
407,477
63,500
Philip Morris Companies Inc.
Pick'n Pay Stores Limited
7,868
705,597
Shares
Number
Amount
Phelps Dodge Corporation
Pharmacia Corporation
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
12.7
Bonds
1.1
1.1
0.2
0.4
Subtotal
4.2
5.8
53.5
0.1
6.6
273.6
0.1
121.7
21.2
10.6
4.5
0.2
1.0
-
0.6
2.2
1.0
0.6
0.7
126.8
41.0
1.2
0.1
1.2
6.0
-
1.0
0.4
4.1
0.4
46.6
Total
class H
63
104,000
310,565
3,428,075
1,190,352
class A
class B
Quantum Corporation - DLT & Storage Systems
Quebecor inc.
621,173
16,357
Quintiles Transnational Corporation
Qwest Communications International Inc.
41,000
Quiksilver, Inc.
Quest Diagnostics Incorporated
8,100
383,113
Quanta Computer Inc.
Quebecor World Inc.
125,117
1,222,000
538,000
7,726
2,392,670
Qualcomm Incorporated
Qingling Motors Company Limited
Qantas Airways Limited
QLogic Corporation
QLT Inc.
777,022
5,043
Pulte Homes, Inc.
QBE Insurance Group Limited
3,000
24,138
Pulitzer Inc.
Public Service Enterprise Goup
1,254,592
Public Bank Berhad
518,375
2,327,920
Prudential Plc
129,200
88,190
Prudential Financial, Inc.
Providian Financial Corporation
107,900
4,931,653
127,000
403,000
3,445
18,242
689,655
52,477
28,600
class E
warrants
1,379,310
512,993
28,300
3,381,386
181,300
Protective Life Corporation
Promise Co., Ltd
Prometic Life Sciences, Inc.
Promet Berhad
Promenade St-Bruno
Prologis Trust
Prokom Software SA
Progressive Corporation, The
Progress Energy Inc.
Procyon BioPharma Inc.
Procter & Gamble Company, The
Principal Financial Group, The
Pride Trust
Prescient NeuroPharma Inc. ¹
Prentiss Properties Trust
4.9
0.3
1.7
0.7
48.3
41.6
4.4
0.4
1.0
7.2
0.2
1.8
0.4
32.1
5.6
0.4
0.2
1.2
0.6
1.2
26.0
6.5
0.9
1.2
6.1
9.5
-
16.0
0.2
1.4
3.6
0.7
69.6
1.4
0.2
8.1
89.4
44.0
10.5
48.3
4.4
0.6
1.2
-
0.7
4.9
0.3
1.7
0.7
52.7
131.0
0.4
1.0
7.2
0.2
1.8
0.4
32.1
5.6
0.4
0.2
1.2
1.8
26.0
6.5
0.9
1.2
6.1
9.5
-
44.0
16.0
0.2
1.4
0.7
3.6
69.6
1.4
10.5
0.2
8.1
warrants
64
82,800
units
79,200
Renal Care Group, Inc.
663,000
200,000
Resorts World Berhad
Retirement Residences Real Estate Investment Trust
2,785,010
55,000
Resona Holdings, Inc.
Reuters Group Plc
782,862
1,318,300
Repadre Capital Corporation
Research in Motion Ltd
1,871,725
Rentokil Initial Plc
254,413
6,574
Renault SA
371,000
Reliant Resources, Inc.
75,379
495,800
Reliance Industries Ltd
Regions Financial Corporation
Regent Pacific Group Limited
2,264,594
Reed Elsevier plc
17,771
572,464
Reed Elsevier NV
Reebok International Ltd
200
100,000
Realtek Semiconductor Corp.
Reader's Digest Assn
16,273
Rational Software Corporation
225,266
261,760
Ranbaxy Laboratories Limited
Raytheon Company
206,300
30,667
1,142,600
14,000
565,421
Ramco-Gershenson Properties Trust
RadioShack Corporation
Radian Group Inc.
RWE AG
RMC Group Plc
RLI Corp.
122,433
R.J. Reynolds Tobacco Holdings, Inc.
13.1
2.4
2.6
-
16.2
16.1
10.5
18.9
4.0
-
4.5
4.0
-
32.7
11.1
0.8
-
2.4
10.9
0.3
5.3
6.4
0.9
67.1
0.6
5.3
3.6
8.1
0.3
36.5
510,000
RFCO strip principal
RHB Capital Berhad
74.6
Bonds
RFCO
1.4
Convertible
Securities
11.1
69,000
Shares
Number
Amount
RBC Capital Trust
RAO Unified Energy Systems
Designation
(continued))
CORPORATIONS
11
Subtotal
13.1
2.4
2.6
-
16.2
16.1
10.5
18.9
4.0
-
4.5
4.0
-
32.7
11.1
0.8
-
2.4
10.9
0.3
5.3
6.4
0.9
67.1
0.6
5.3
3.6
8.1
0.3
36.5
74.6
11.1
1.4
Total
units
65
24,600
5,146
Ryder System, Inc.
200,000
Ryanair Holdings Plc
Rubicon Minerals Corp.
360.1
6,225,293
3,079,200
Royal Bank of Canada
Royal Group Technologies Limited
0.2
1.5
0.2
46.9
1.0
162,100
Royal Host Real Estate Investment Trust
198.2
2,850,272
1.0
109.2
6.3
-
0.3
11.8
1.0
3.9
48.8
24.7
18.8
1.0
1.7
5.9
86.4
0.6
0.5
60.4
0.4
0.4
5.8
4.0
5.4
23.7
12.9
4.6
3.7
1.2
9.5
30.1
3.5
Royal Dutch Petroleum Company, The
39,700
2,886,603
Royal Bank of Scotland Group Plc
Royal Caribbean Cruises Ltd.
2,057,292
6,111
Roxio, Inc
Royal & Sun Alliance Insurance Group Plc
7,770
Rowan Companies, Inc.
407,367
92,000
Rostelecom
Rothmans, Inc.
67,800
3,604,900
Rona Inc.
Roper Industries, Inc.
9,062,862
93,200
Rohm Co., Ltd
Rolls Royce Plc
19,422
125,000
394,350
class A
Rohm and Haas Company
Rogers Wireless Communications Inc
5,892,272
class B
15,279
Rogers Communications Inc.
15,525
Rockwell Collins
548,419
Rockwell Automation, Inc
Roche Holdings AG
14,595
274,500
Road Builder (M) Holdings Berhad
Robert Half International Inc.
304,179
Riunione Adriatica di Sicurta SpA
5,930,776
Ritek Corporation
751,183
1,333,333
Rio Tinto Plc
Risc Technology Europe
428,402
Rio Tinto Limited
2,130,000
300,000
Rio Narcea Gold Mines, Ltd
1,716,000
units
Riocan Real Estate Investment Trust
365,000
2,063,400
328,318
Rio Alto Resources International Inc.
Rio Algom Limited
Ricoh Company, Ltd
Richelieu Hardware Ltd
Rexam Plc
8.2
13.1
12.8
30.9
5.9
86.4
0.2
1.5
0.2
60.0
372.9
1.0
198.2
1.0
109.2
6.3
-
0.3
11.8
1.0
3.9
48.8
24.7
18.8
1.0
1.7
92.3
0.6
0.5
60.4
0.4
0.4
5.8
4.0
5.4
23.7
12.9
4.6
34.6
1.2
8.2
9.5
30.1
3.5
66
549,275
20,200
San Miguel Corporation
26,000
10,600
29,800
112,535
Samsung Securities Company Ltd
class B
preferred
Samsung SDI Co., Ltd
Samsung Fire & Marine Insurance
Samsung Electronics Co., Ltd
385,320
Sampo Oyj
class A
36,125
9,000
1,363,478
59,925
Saint-Gobain
Sailor Pen Co., Ltd, The
Sage Group Plc, The
Saga Communications, Inc.
104,538
1,007,672
Safeway Plc
11,619
Safeco Corporation
Safeway Inc.
42,973
1.1
0.8
2.4
2.1
2.6
47.1
4.6
1.7
-
4.6
1.8
5.5
3.9
0.6
1.2
24.6
794,795
Sabre Holdings Corporation
STMicroelectronics
0.5
0.4
31,100
636,900
131.5
1.1
4.4
2.5
10.6
12.3
1.1
14.7
10.6
-
4.6
3.5
63.1
SR Telecom Inc.
3,860,544
1.0
26.6
SPT Telecom AS
7,920,730
SNC-Lavalin Group Inc.
29,800
SMC Corporation
SM Prime Holdings Inc.
14,964
211,700
SL Green Realty Corp.
SLM Corporation
40,394
357,744
22,415
1,501
SK Telecom Co., Ltd
class A
75,000
450,000
72,420
class B
units
1,472,866
237,418
37,350
Shares
Number
Amount
SK Global
SKF AB
SGS Société Générale de Surveillance Holding SA
SGL Carbon AG
SFK Pulp Fund
SCP Pool Corporation
SBC Communications Inc.
SAP AG
S1 Corporation
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
6.9
21.4
Bonds
2.1
47.1
Subtotal
1.1
0.8
2.4
49.2
2.6
4.6
1.7
-
4.6
1.8
5.5
3.9
0.6
1.2
24.6
7.4
0.4
152.9
1.1
4.4
2.5
10.6
12.3
1.1
14.7
10.6
-
4.6
3.5
63.1
26.6
1.0
Total
class B
67
633,000
Shanghai Industrial Holdings Limited
1,380,000
526,400
Severn Trent
Shangri-La Asia Ltd
341,116
22,525
160,000
Seven-Eleven Japan Co., Ltd
Sempra Energy
Semiconductor HOLDRs Trust
1,073,000
951,000
Sembcorp Industries Limited
107,000
Sekisui House, Ltd
1.4
1.4
9.3
16.4
0.8
5.6
-
10.6
5.8
3.2
22.4
1,313,509
85,424
0.7
2,307,692
11,932
47,500
2.1
19.2
2,077,698
125,000
6.3
327.7
0.2
18.7
11.0
14.1
5.0
0.6
0.3
1.5
8.8
0.7
536,331
Secom Co., Ltd
Sears, Roebuck and Co.
Sears Canada Receivable Trust
Sears Canada Inc.
Sealed Air Corporation
Seahawk Minerals Ltd.
Seagate Technology Holdings
ScottishPower Plc
Scottish & NewCastle Breweries Plc
warrants
13,021
Scientific-Atlanta, Inc.
special warrants
249,782
Schneider Electric SA
6,222,466
166,127
Schlumberger Limited
Scotiabank
400,937
73,515
100,000
Schering-Plough Corporation
Schering AG
Sceptre Investment Counsel Ltd
1,025
164,200
Satyam Computer Services Limited
Sberbank RF
456,765
Sasol Limited
592,500
Saskatchewan Wheat Pool
9.3
55.1
2,216,557
260,889
Saputo Inc.
Sara Lee Corporation
2.5
5.4
54.9
0.4
3.7
1.5
13.4
119,800
1,322,000
Sanyo Electric Co., Ltd
Sappi Limited
568,433
52,498
2,660,674
77,000
379,045
Sanofi-Synthelabo SA
Sanmina-SCI Corp
Sanlam Limited
Sankyo Company, Ltd
Sankaty High Yld II
Sandvik AB
10.7
10.2
5.3
22.5
-
-
1.4
1.4
9.3
16.4
0.8
5.6
-
10.6
5.8
3.2
10.7
32.6
0.7
2.1
19.2
6.3
333.0
0.2
18.7
11.0
14.1
5.0
0.6
0.3
1.5
8.8
0.7
9.3
55.1
2.5
5.4
54.9
0.4
3.7
1.5
22.5
13.4
fund units
68
718,400
548,926
857,000
Singapore International Airlines
Singapore Press Holdings Ltd
Singapore Technologies Engineering Ltd
1.3
9.1
6.7
0.6
14.2
263,778
500,000
Simon Property Group, Inc.
Singapore Exchange Limited
2.3
0.4
3.9
0.5
27.4
1.0
0.2
1.6
2.9
19.5
0.1
3.8
17.2
6.9
5.2
3.0
18.7
3.8
1.1
15.2
58.0
96.0
18.1
0.2
13.5
15.8
1,121,000
550,000
Sime Darby Berhad
600,000
Siliconware Precision Industries Company
6,419
407,533
82,052
15,900
1,468,400
62,700
793,212
8,000
184,000
1,697,900
307,000
Silent Witness Enterprises Ltd.
Signature 4 LTD
Sigma-Aldrich Corporation
Siemens AG
Siebel Systems, Inc.
Siam Investment Fund
Siam Commercial Bank Public Company Ltd
Siam Cement Public Company Limited
Shoppers Drug Mart Corporation
Shizuoka Bank, Ltd, The
Shiseido Company
Shire Pharmaceuticals Group Plc
Shionogi & Co., Ltd
26,124
181,400
Shinhan Financial Group Co., Ltd.
Shinsegae Department Store Company
361,400
84,428
Sherwin-Williams Company, The
Shin-Etsu Chemical Co., Ltd
265,400
1,298,212
Shermag Inc. ¹
Sherritt International Corporation
5,572,814
Shell Transport & Trading Company Plc
1,296,545
6,700
827,451
1,950,184
class A
class B
1,056,000
Shares
Number
Amount
Shell Canada Limited
Shawcor Ltd
Shaw Group Inc.
Shaw Communications Inc.
Sharp Corporation
Designation
(continued))
CORPORATIONS
11
1.8
Convertible
Securities
12.2
27.0
2.3
16.6
Bonds
15.8
16.6
Subtotal
1.3
9.1
6.7
0.6
14.2
2.3
0.4
3.9
12.2
0.5
27.4
1.0
0.2
1.6
2.9
19.5
0.1
3.8
17.2
6.9
5.2
3.0
18.7
3.8
2.9
15.2
58.0
123.0
18.1
0.2
32.4
15.8
Total
Spectra Premium Industries Inc. ¹
Southwest Airlines Company
SouthTrust Corporation
69
2,411,835
151,682
29,114
1,770,200
13,918
Southernera Resources Limited
Southern Peru Limited
70
97,355
Southern Company, The
South Africa Capital Growth
683,400
51,100
Sony Corporation
Sonoco Products Company
fund units
270,512
1,095,000
113,000
class A
1,080,243
41,352
226,115
466
7.1
3.3
1.1
11.6
0.3
4.4
-
45.1
1.8
1.0
6.2
1.5
1.6
1.8
20.8
-
-
22.6
579,600
16
0.2
4,878
3.4
23.6
1,331,959
141,843
0.7
19.4
0.4
5.6
1.8
0.6
12.0
0.8
3.3
-
1.3
7.4
2.7
1.1
2.2
11.6
13,446
Sompo Japan Assurance Inc
Solectron Global Services Canada Inc.
Solectron Corporation
Solar Trust
Sodisco-Howden Group Inc.
Sociéte Télévision française (TF1)
Société Générale
Société Expansion des Exportations
Sociedad Minera El Brocal S.A.
Sociedad Minera el Brocal
Sobeys Canada Inc.
Snap-on Incorporated
Smurfit-Stone Container Corporation
Smiths Industries Plc
Smith International, Inc.
2,007,908
220,000
Smith & Nephew Associates Plc
741,000
1
149,900
11,365,709
114,000
253,167
10,954
49,000
579,451
83,649
1,616,952
1,879,966
SmarTone Telecommunications Holdings Limited
rights
warrants
class A
preferred
class A
10,245,980
Slocan Forest Products Ltd
Slater Steel Inc.
SkyePharma plc
Sky City Entertainement Group Limited
Skandinaviska Enskilda Banken (SEB)
Skandia Forsakrings AB
Six Flags, Inc.
Six Continents PLC
Siparex
Sinopac Holdings Company
Sino-Forest Corporation
Singapore Telecommunications, Ltd
24.5
54.6
26.5
1.8
12.0
7.1
3.3
1.1
11.6
0.3
4.4
-
45.1
1.8
1.0
6.2
1.5
24.5
1.6
1.8
20.8
54.6
-
-
49.1
0.2
3.4
23.6
0.7
19.4
0.4
5.6
13.8
0.6
0.8
3.3
-
1.3
7.4
2.7
1.1
2.2
11.6
rights
70
48,243
Statoil ASA
589,000
423,000
Sumitomo Electric Industries, Ltd
1,388,000
Sumitomo Corporation
Sumitomo Chemical Co., Ltd
22.3
812,253
240,000
Suez S.A.
Sui Northern Gas Pipelines Limited
4.3
4.0
8.7
0.2
1.8
1.4
6.1
-
0.6
16.5
73.1
16,566
752,800
Stryker Corporation
709,000
StressGen Biotechnologies Corporation
2,621
17,000
990,170
19,400,171
2.4
20.4
125,000
1,526,029
Stratos Global Corporation
Strait Crossing Development Inc.
Storebrand ASA
Storage Technology Corporation
Stora Enso Oyj
Stelco Inc. ¹
Steel Dynamics, Inc.
1.7
1.6
7.3
1.0
0.5
1.6
1.1
14.1
0.4
9.2
11.1
31.4
2.6
0.1
1.8
-
6.6
1.4
27,225
177,400
State Bank of India
State Street Corporation
195,731
32,559
200,000
Starwood Hotels & Resorts Worldwide Inc.
Starbucks Corporation
Star Publications (Malaisie)
3,650,280
39,501
Star Cruises Limited
Staples, Inc.
7,368
512,300
2,006,261
225,000
843,900
class A
depositary receipts
Stantec Inc.
Stanley Works, The
Standard Chartered plc
Standard Bank Group Limited
Standard and Poor's Depositary Receipts
St-Paul Companies Inc., The
1,637,500
28,616
275,000
St.Barbara Mines Limited
St. Jude Medical, Inc.
574,164
40,000
Shares
Number
Amount
Sprint Corporation
Spinnaker Exploration
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
9.1
17.4
Bonds
0.1
-
Subtotal
4.3
4.0
8.7
0.2
22.3
1.8
1.4
6.1
9.1
-
0.6
16.5
90.5
2.4
20.4
1.7
1.6
7.3
1.0
0.5
1.6
1.1
14.1
0.4
9.2
11.1
31.4
2.6
0.1
1.8
6.6
1.4
Total
71
646,526
23,862
74,644
3,577,300
Suntrust Banks Inc.
Supervalu Inc.
Surgutneftegaz
20,545
325,085
800,000
TCL International Holdings Limited
520
TABCORP Holdings Limited
Systex Corporation
207,787
Synthes-Stratec Inc.
Sysco Corp.
25,154
240,000
Synovus Financial Corp.
Synnex Technology International Corporation
19,323
211,722
Symbol Technologies, Inc.
Syngenta AG
13,900
Symantec Corporation
0.4
3.1
-
9.8
19.9
0.8
0.6
19.4
0.2
0.9
9.7
35.5
342,827
21,284
5.1
0.3
2.2
7.9
12.3
4.8
0.8
-
8.5
2.0
2.2
2.0
1.0
-
138.8
3.2
301.8
846,300
21,594
176,950
Swisscom AG
Swiss RE
Swire Pacific Limited
Swiecie S.A.
class A
class A
Svenska Handelsbanken AB
374,250
230,880
Svenska Cellulosa AB (SCA)
Swedish Match AB
282,000
class B
Suzuki Motor Corporation
Suruga Bank, Ltd., The
38,741
Sunoco, Inc.
21,300
3,000
3,304
26,300
Sunevision Holdings Limited
5,618,934
Sungard Data Systems Inc.
Suncor Energy Inc.
Sun Microsystems Inc.
11,300,351
26.3
Sun Life Financial Services of Canada
25.0
Sun Life Canada
8.1
3.6
2.8
0.8
9.5
1.9
0.1
2.9
Sun Life Cap Trust
preferred
235,000
Summit Real Estate Investment Trust
868,366
441,623
Sumitomo Trust and Banking Co., Ltd, The
Sun Hung Kai Properties Limited
132,000
Sumitomo Realty & Development Co., Ltd
units
295,000
Sumitomo Metal Mining Co., Ltd
1,932
201,000
Sumitomo Metal Industries, Ltd
Sumitomo Mitsui Financial Group, Inc.
337,000
Sumitomo Forestry Co., Ltd
0.8
8.5
0.4
3.1
-
9.8
19.9
0.8
0.6
19.4
0.2
0.9
9.7
35.5
5.1
0.3
2.2
7.9
12.3
4.8
9.3
-
2.0
2.2
2.0
1.0
-
138.8
3.2
301.8
26.3
25.0
8.1
3.6
2.8
0.8
9.5
1.9
0.1
2.9
72
42,000
10,200
Taro Pharmaceutical Industries Ltd.
2,466,667
1,333,333
13,700
Targeted Genetics Corporation ²
514,000
1,295,705
Tanjong Public Limited Company
Target Corporation
150,000
Tandberg ASA
2,383,985
Talbots, Inc., The
Talisman Energy Inc.
14,640
587,500
Takeda Chemical Industries, Ltd
Takefuji Corporation
35,000
3,655,559
Take-Two Interactive Software
Taiwan Semiconductor Manufacturing Company Ltd
750,000
50,000
Taiwan Cellular Corp.
46,294
1,193,210
28,600
2,445,275
33,600
1,500,000
58,020
199,000
9,336
236,240
409,200
Taishin Financial Holdings Co., Ltd.
warrants
class B
units
class A
TXU Corp.
TVX Gold Inc.
TV Azteca, S.A. de C.V.
TVA Group Inc.
TUI AG
TSO3 Inc.
T. Rowe Price Group Inc.
TOUEI HOUSING Corporation
TMP Worldwide Inc.
TJX Companies, Inc., The
TI Automotive Limited
THQ Inc.
5,639,414
TELUS Corporation
class A
14,781
1,479,921
TECO Energy, Inc.
T.G.S. Properties, Ltd
49,000
TDK Corp.
0.8
1.6
61.4
1.8
1.4
135.5
0.4
1.3
38.8
1.3
9.0
1.0
-
1.4
29.8
0.2
34.1
0.9
2.6
2.5
3.5
0.2
7.3
-
0.9
91.1
25.8
0.4
3.1
0.8
25.6
5.3
Bonds
4.1
Convertible
Securities
TD Capital Trust II
Shares
Number
Amount
TCW GEM
Designation
(continued))
CORPORATIONS
11
-
1.6
91.1
25.8
Subtotal
1.6
0.8
61.4
1.8
1.4
161.1
0.4
1.3
38.8
1.3
9.0
1.0
-
1.4
29.8
0.2
34.1
0.9
2.6
2.5
3.5
0.2
7.3
-
0.9
0.8
116.9
0.4
3.1
5.3
4.1
Total
warrants
73
1,548,745
8,114,293
Telstra Corporation Limited
Tembec Inc.
143,811
37,100
Télévision française (TF1)
Tellabs, Inc.
430,344
Television Broadcasts Ltd
Telesystem Intl Wireless
89.2
6.1
1.6
1.6
2.1
32.4
0.1
9.6
2.8
29.1
64,800,642
3,770,769
Telesystem International Wireless Inc. ¹‘²
1.2
12.6
12.3
44,100
2.8
1.7
1.0
1.5
3.9
9.8
2.3
68.2
-
48.0
26.2
5.8
0.8
1.6
0.6
0.6
0.2
12.8
-
9.7
0.7
60.1
22.1
2.0
0.3
4.2
0.2
Télésat Canada Inc
Telemig Celular Participacoes S.A.
137,492,000
324,686
preferred
Telekomunikacja Polska S.A.
Telemar Norte Leste S.A.
308,000
95,342
Telekom Malaysia Berhad
Telekom Austria AG
193,000
Telefonos de Mexico S.A.
1,544,200
151,025
4,804,244
Telefonos de Chile
Telefónica, S.A.
class L
4,829,545
Telecom Italia SpA
520,105
3,638,073
TelecomAsia Corporation Public Compagny Limited
1,538,400
Telecom Italia Mobile SpA
rights
142,000
67,000,000
Telecom Corporation of New Zealand Ltd
Télébec Ltée
Tele Norte Leste Participacoes S.A. (Telemar)
25,000
Tele Nordeste Celular Participacoes SA
7,280
91,700
preferred
2,000
2,230,072
Tele Centro Oeste Celular Participacoes
Tektronix, Inc.
Teknion Corporation
warrants
773,800
551,306
class A
Tecsys Inc.
945,000
5,183,386
indexed fund units
class B
Technology Select Sector SPDR Fund
Teck Cominco Limited ¹
46,000
914,550
Tech Data Corporation
530,364
Tatung Co., Ltd
31,200
Tate & Lyle, Plc
Tata Engineering and Locomotive Company Limited
32.4
0.1
29.1
3.9
9.8
0.8
1.6
-
9.7
0.7
60.1
98.8
6.1
1.6
1.6
2.1
2.8
61.6
12.3
1.2
2.8
1.7
1.0
1.5
13.7
2.3
68.2
-
48.0
26.2
5.8
2.4
12.6
0.6
0.6
0.2
12.8
0.7
69.8
22.1
2.0
0.3
4.2
0.2
class A
class A
74
226,424
Tomkins Plc
560,000
836,000
64,533
Toppan Printing Co., Ltd
Toray Industries, Inc.
Torchmark Corporation
43,948
384,000
Tokyu Corporation
Topdanmark A/S
230,832
3,216,000
Tokyo Gas Co., Ltd
625,100
Tokyo Electric Power Co., Inc., The
Tokyo Electron Ltd
41,527,500
1,600
Tofas Turk Otomobil Fabrikasi A.S.
Timberland Company, The
12,204
626,997
ThyssenKrupp AG
Tiffany & Co.
677,015
Thus Group plc
3,427,667
23,728
Thomson Corporation, The
39,602
Thomas & Betts Corporation
907,700
Thermo Electron Corporation
Theratechnologies Inc.
75,000
1,050,000
Theralipids Inc.
warrants
2,943,400
Thai Farmers Bank Public Company Limited
12,118
652,106
Texas Instruments Incorporated
Textron, Inc.
174,800
200,000
Teva Pharmaceutical Industries Ltd
Tesma International Inc.
preferred B
335,100
12,204,242
Tesco Corporation
Tesco Plc
111,500
15,249
Terumo Corporation
90,606
Teradyne, Inc.
129,113
62,604
3.7
2.8
6.7
2.0
1.1
2.1
15.9
16.5
18.8
0.1
0.1
0.5
11.1
0.2
144.0
0.6
1.3
4.4
-
-
3.2
0.8
15.5
10.6
5.4
60.2
6.3
2.4
0.3
2.4
0.5
4.4
Shares
Number
Amount
Tenet Healthcare Corp.
Tenaris S.A.
Temple Inland Inc.
Tembec Industries Inc.
Designation
(continued))
CORPORATIONS
11
-
Convertible
Securities
13.9
-
13.6
Bonds
-
-
Subtotal
3.7
2.8
6.7
2.0
1.1
2.1
15.9
16.5
18.8
0.1
0.1
0.5
11.1
0.2
157.9
0.6
1.3
4.4
-
3.2
0.8
15.5
10.6
5.4
60.2
6.3
2.4
0.3
2.4
0.5
4.4
13.6
Total
75
3,674,872
Transforce Income Fund
Trans-Québec Maritimes Pipelines
738,160
58,500
class A
133,500
UFJ Holdings, Inc.
UCFC Home Equity Loan
2,298
1,192,125
Tyson Foods, Inc.
UBS AG
727,073
Tyco International Ltd
308,690,251
Turkiye IS Bankasi
41,532,500
427,646,414
Turkcell Iletisim Hizmetleri A.S.
Turkish Garanti Bankasi
48,522,550
4,828
39,000
266,000
Tupras Turkiye Petrol Rafine
Tupperware Corporation
Tundra Semiconductor Corporation
Tsubakimoto Chain Co.
Trizec Hahn Corporation
Trizec Canada Inc.
Trimac Corporation
835,250
11,500
Trilon Financial Corporation
90,609
Trigem Computer, Inc.
class A
346,032
class B
Tribune Company
Tribeca Mortgage Fund I
Trend Micro Incorporated
Travelers Property Casualty Corp.
26,820
6,044,878
TransCanada Pipelines Limited
Transocean Inc.
4,409,133
Transat A.T. Inc. ¹
58,093,271
17,746
1,736,400
553,576
18,124,663
33,900
545,000
2,721,000
2,363,496
10,322,521
2,116,455
fund units
class B
preferred
class B
183,100
TransAlta Corporation
Trakya Cam Sanayii A.S.
Toys R Us, Inc.
Toyota Motor Corporation
TouchTunes Music Corporation
Total Fina S.A.
Tostem Corporation
Toshiba Group Companies, The
Torstar Corporation
Toronto-Dominion Bank, The
Toromont Industries Ltd
3.7
91.5
2.4
19.6
1.3
0.9
0.7
0.4
0.1
0.2
1.0
9.5
0.1
6.5
17.1
1.6
8.0
1.0
27.9
138.6
22.6
36.2
0.2
0.3
73.7
124.9
49.8
3.8
13.1
13.5
60.3
351.1
3.8
270.5
14.7
16.9
14.4
31.3
10.8
33.0
10.1
6.8
5.2
17.1
8.0
124.9
3.8
3.7
16.9
91.5
2.4
19.6
1.3
0.9
0.7
0.4
0.1
0.2
1.0
270.5
9.5
14.7
14.4
0.1
6.5
31.3
25.1
1.6
10.8
1.0
27.9
171.6
32.7
36.2
0.2
0.3
73.7
128.7
56.6
13.1
13.5
60.3
356.3
3.8
fund units
76
27,135
45,700
Unisys Corporation
United Arrows Ltd.
class A
1.3
22.5
54,018
949,349
VERITAS Software Corporation
VCA Antech, inc.
0.9
32,219
UnumProvident Corporation
1.0
0.7
5.0
3.5
21.5
0.2
0.5
12.2
9.9
3.4
1.9
0.4
1.3
1.2
5.5
3.0
32.7
43.8
1.2
0.9
1.3
45.5
30.3
0.1
2.9
0.8
1.2
10.6
21,540
19,175
Univision Communications Inc.
0.5
21.5
Unocal Corporation
37,635
UnitedHealth Group Incorporated
223,266
United Utilities
8,449
219,486
United Technologies Corporation
United States Steel Corporation
12,400
122,100
United Parcel Service, Inc.
United States Cellular Corporation
918,000
United Overseas Bank Limited
3,563,013
20,400
UnionBanCal Corporation
United Microelectronics Corporation
26,497
Union Planters Corporation
536,900
2,175,524
450,724
58,224
class B
certificates
8,400
6,000,000
Union Pacific Corp.
Union des Producteurs de Grain Limitée
Unilever Plc
Unilever NV
Unified Energy Systems
Unibail (Union du Credit-Bail Immobilier)
75,000
2,600,749
Uniao de Bancos Brasileiros S.A. (Unibanco)
Uni-Select Inc. ¹
77,700
4,797,812
UniCredito Italiano SPA
Ukraine Fund
7,463,500
14,162
UTS Energy Corporation
32,900
315,416
U.S. Bancorp
UST Inc.
423,579
USA Networks, Inc.
153,000
UPM - Kymmene Oyj
Shares
Number
Amount
UMW Holdings Berhad
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
Bonds
Subtotal
1.3
22.5
0.9
1.0
0.7
5.0
3.5
21.5
0.2
0.5
12.2
9.9
3.4
1.9
0.4
1.3
1.2
5.5
3.0
32.7
43.8
1.2
0.9
1.3
45.5
30.3
0.1
2.9
0.8
1.2
10.6
21.5
0.5
Total
class B
preferred
class A
77
628,025
WPP Group plc
137,097
2,321,186
1,298,342
class V
class C
Wal-Mart de Mexico S.A. de C.V.
Wal-Mart Stores, Inc.
2,500,000
7,600
150,800
488,810
Wah Sang Gas Holdings Limited
Waddell & Reed Financial, Inc.
Wachovia Corporation
8,245
179,200
W.W Grainger, Inc.
898,622
W.P. Carey & Co., LLC
8,982
1,000,000
WMC Resources Limited
Vulcan Materials Company
warrants
19,000
Votorantim Celulose e Papel S.A.
44,340,000
3,000
88,400
Vornado Realty Trust
Vsource, Inc. ²
58,000
64,839,626
Vodafone Group Plc
Volkswagen AG
115,264
1,400,910
Vivendi Universal SA
64,500
Vitec Co., Ltd
Vivendi Environnement
10,893
1,660,200
Virginia Gold Mines Inc.
Visteon Corporation
216,500
46,800
9,100
Vincor International Inc
Vinci S.A.
Vina Concha Y Toro
preferred
preferred 4A
73,895
Vestas Wind Systems A/S
933,168
448,800
Viacom Inc.
1,298,499
Verizon Communications
40,600
Verisign, Inc.
Vermilion Resources Ltd
42,482
Vereniging Nederlandse Uitgevers Vb
185.2
0.4
4.6
0.4
4.7
28.1
0.7
7.6
7.0
3.4
0.5
-
2.4
9.0
0.5
5.2
3.3
191.0
35.7
4.2
0.5
0.1
2.2
5.0
4.2
0.5
60.1
1.2
5.0
79.5
0.5
1.8
4.4
15.0
351,000
1,133,741
Venture Corporation Limited
Velan Inc. ¹
5.0
1,484,788
1.9
28.5
Vasogen Inc
33,100
1,993,186
Valero Energy Corporation
2.6
Van Houtte Inc. ¹
45,452
VF Corporation
0.4
4.6
-
28.1
2.4
9.0
0.5
185.2
5.0
0.4
28.1
4.7
0.7
7.6
7.0
3.4
0.5
9.0
2.9
5.2
3.3
191.0
35.7
4.2
0.5
0.1
2.2
5.0
4.2
0.5
60.1
1.2
5.0
79.5
0.5
1.8
4.4
15.0
5.0
28.5
1.9
2.6
preferred
78
10.6
8,600
25,802
27,492
14,200
Winpak Ltd
Wipro Limited
980,732
Winn-Dixie Stores, Inc.
Winbond Electronics Corporation
William-Sonoma, Inc.
45,460
34,480
Williams Companies, Inc., The
30,533
1,399,657
100,802
0.8
3.3
0.6
1.0
0.4
0.2
-
2.5
4.2
7.8
17.4
657,225
1,418,670
3.5
1.9
15.2
2.6
7.4
2.4
4.7
5.8
6.0
82.4
2.5
0.6
0.6
2.1
3.8
10.4
-
2.5
4.2
1,130,580
156,330
625,000
1,453,155
William Multi-Tech Inc.
warrants E
class A
90,600
210,060
Whirlpool Corporation
Wharf (Holdings) Limited, The
Weyerhaeuser Company Limited
Westpac Banking Corporation
Westjet Airlines Ltd
Westfield Trust
Westfield Holdings Limited
Western Oil Sands Inc.
Westcoast Energy Inc.
Westaim Corporation
West Fraser Timber Co. Ltd
West Corporation
198,319
148,100
Wesfarmers Limited
140,282
class A
Wescast Industries Inc.
1,112,562
21,982
Wendy's International, Inc.
Wells Fargo Finance Canada
Wells Fargo Company
Wellpoint Health Networks Inc.
6,200
13,754
Watson Pharmaceuticals, Inc.
Wella AG
61,954
104,214
Waters Corporation
Waste Management, Inc.
900,000
191,585
warrants
1,800,000
92,048
Shares
Number
Amount
Washington Mutual Inc.
Warnex Inc.
Walgreen Co.
Designation
(continued))
CORPORATIONS
11
Convertible
Securities
8.2
15.3
29.4
Bonds
-
2.5
Subtotal
0.8
3.3
0.6
1.0
0.4
0.2
-
2.5
4.2
7.8
17.4
10.6
3.5
1.9
15.2
8.2
2.6
22.7
2.4
4.7
5.8
6.0
29.4
82.4
2.5
0.6
0.6
2.1
3.8
10.4
2.5
4.2
Total
Wyeth
class A
79
7,580
12,110
Zions Bancorporation
Zurich Financial Services AG
16,269
942,000
Zhejiang Expressway Co Ltd
Zimmer Holdings, Inc.
171,994
29,200
1,054,700
432,200
592,874
75,000
637,890
Zee Telefilms Limited
Zebra Technologies Corporation
Zarlink Semiconductor Inc.
Zais Investment Grade Ltd
ZENON Environmental Inc.
Yue Yuen Industrial Holdings Limited
Yuanta Core Pacific Securities Co.
class A
431,000
263,934,456
Yamato Transport Co., Ltd
Yapi ve Kredi Bankasi
187,800
Yamanouchi Pharmaceutical Co., Ltd
57,293
924
Yahoo! Inc.
24,764
Yageo Corporation
Xstrata plc
YUM! Brands, Inc.
41,621
182,821
Xilinx, Inc.
27,900
81,806
Xerox Corporation
YUKOS
33,483
1.8
0.5
1.1
0.6
0.6
2.6
3.7
4.7
8.7
0.4
0.5
0.4
8.9
8.6
1.5
-
1.0
6.1
3.0
1.4
1.0
0.6
1.4
55.5
11,447
939,950
Xcel Energy, Inc.
XL Capital Ltd.,
0.2
-
3.4
10.3
0.8
0.2
6.0
15.0
36.2
1.6
1.7
7,086
120,000
WorldCom, Inc. - WorldCom Group
Worthington Industries, Inc.
268,000
World Wrestling Entertainment, Inc.
class A
888,000
Woolworths Holdings Limited
1,013,728
202,922
Woolworths Limited
388,101
Woolworths Group plc
543,619
Wolverhampton & Dudley Breweries Plc
Wolters Kluwer NV
class C
18,786
2,726,028
Wm. Wrigley Jr. Company
Wolseley Plc
43,500
Wisconsin Energy Corp.
15.3
4.7
8.7
1.8
0.5
1.1
0.6
0.6
2.6
3.7
15.3
13.4
0.4
0.5
0.4
8.9
8.6
1.5
-
1.0
6.1
3.0
1.4
1.0
0.6
1.4
55.5
0.2
-
3.4
10.3
0.8
0.2
6.0
15.0
36.2
1.6
1.7
Shares
Number
Amount
Convertible
Securities
Bonds
Subtotal
Total
80
The annual list must not provide any information deemed to be detrimental to the operations of the Caisse, to its economic interests or competitiveness or which may reveal an intended transaction, a
transaction or series of transactions in process or which may cause prejudice to a company. Consequently, there may occasionnally exist differences between the investments in the annual list and those
recorded in the books of the Caisse, at December 31. However, whenever possible and without transgressing the above standards, the annual list states the total amount of these differences.
In this table are listed the major investments in share and bonds of public corporations. This table does not account for the hedging of foreigh exchange risks. This table is subject to the disclosure
standards applicable to the annual list of such investments.
¹ Company in which the Caisse is considered an insider within the meaning of applicable Canadian Securities laws.
² Company in which the Caisse is considered an insider only within the meaning of applicable American laws.
Designation
(continued))
CORPORATIONS
11
X
X
X
X
X
Carlyle Realty Partners II, L.P.
Central European Retail Property Fund
Cherokee Investment Partners II, L.P.
Chiswick Park Unit Trust
X
X
LLFC Enhanced Yield Debt Fund I, L.P.
Lazard & Frères L.P.
X
X
X
PVP, LLC
X
Lone Star Opportunity Fund L.P.
X
X
X
Lone Star Fund IV (International) L.P.
Lone Star Fund IV (Mexico) L.P.
X
X
Lone Star Fund IV (Bermuda) L.P.
MCAP inc.
H
X
A
C
B
B
A
H
G
X
D
E
B
A
A
H
A
C
B
A
A
B
F
C
A
D
E
C
Lone Star Fund II (Bermuda) L.P.
X
X
X
X
E
A
Lone Star Fund III (Bermuda) L.P.
Les Jardins de Paris
X
Kingstreet Real Estate Growth LP No.1
Immeubles Penyork Inc., Les
Hercules Unit Trust
X
X
Fonds de Résidences Maestro, SEC
Grupo Immobiliaro Caisse, S.A. de C.V.
X
Fonds de Résidences Maestro II, SEC
Desarollo Cordillera S.A. de C.V.
Desarollo Madeira S.A. de C.V.
Domaine d'Iberville (Est) Limitée
X
Blackstone Real Estate Partners II
Blackstone Real Estate Partners III
BTC Properties I Ltd.
X
A
Investment
amounts
BRE/Satellite Co-Investor L.P.
Bonds
F
X
Convertible
securities
A
X
Shares
X
Units
Atlantica Residential SA
82
Designation
G = $100 to $150 million
H = $150 million and over
X
E = $50 to $75 million
F = $75 to $100 million
Asian Property Partners ltd
Alizé, Gestion technique d'immeubles inc.
CDP Capital - Real Estate Group
CORPORATIONS
C = $10 to $30 million
D = $30 to $50 million
INVESTMENTS IN SHARES AND BONDS OF PRIVATELY HELD COMPANIES
Investment amounts:
A = $0 to $5 million
B = $5 to $10 million
12
class A
3458032 Canada inc.
X
X
X
X
X
X
AXA Secondary Fund II L.P.
AXA Secondary Fund L.P.
83
X
X
warrants
AXA Private Equity Fund
X
X
preferred B
preferred L
AXA Private Equity Fund II
ATI Medical, Inc.
X
X
X
D
A
C
A
C
A
A
A
A
A
B
A
A
A
X
A
A
A
A
X
X
X
A
A
X
class A
X
ATC Chem Holding inc.
X
AMP-IndAsia India Fund LLC
preferred A, D
class A
ARC Energy Venture Fund 3 Canadian L.P.
AEgera Thérapeutique inc.
@rgentum, Corp. gestion et recherche
9098-6522 Québec inc.³
X
X
X
class A
9045-1287 Québec Inc.
X
X
class B
preferred B
B
A
X
preferred C, D
800.com Inc.
3i UK Investment Partners L.P.
E
C
X
A
A
A
A
3i UK Investment Partners II, L.P.
X
X
X
A
B
A
A
H
A
A
C
A
C
X
X
X
X
A
D
3i Europartners III, L.P.
3712893 Canada inc.
class A, B
X
X
X
X
X
2752506 Canada inc.
162894 Canada inc.³
CDP Capital - Private Placements²
X
X
X
Société en commandite TMSA
class A
X
Société en commandite Cité du Multimédia
X
warrants
X
Schroder Asian Property Fund
Wilmorite Properties Inc.
X
X
SPV La Défense PLC
Prime Groupe Realty, L.P.
Praedium Performance Group
Pillar Caisse Management Limited
Accès Capital Québec, S.E.C.
Advent Private Equity Fund II, L.P.
X
X
warrants
preferred E, F
Anadys Pharmaceuticals Inc.
84
X
preferred E
X
X
A
A
A
X
B
A
B
A
A
A
C
X
class A
Aptilon Inc.³
A
A
A
A
preferred A
warrants
Angiogène inc.
X
X
X
A
A
A
A
X
X
class B
Anderson Energy Ltd.
X
X
class A
American Dye Source Inc.
Anapharm inc.
X
Alter Moneta Corporation³
Aliments Multibar inc., Les
X
X
class A
X
warrants
warrants
X
preferred C
Air2Web Inc.
Albums DF Ltd
X
X
A
X
X
class B
A
D
X
C
A
A
C
A
A
A
B
A
B
A
A
A
A
A
Investment
amounts
preferred D, E
X
X
X
Bonds
X
X
X
X
Convertible
securities
warrants
X
X
X
Air Data inc.
Aérobic Technologies Inc.
Aeris Communications Inc.³
X
X
Administration LVER inc.
X
Addenda Capital inc.
Addenda.math inc.
preferred B
Acurian Inc.
X
X
preferred B, D, F
stock option
X
X
X
Shares
warrants
Actu-Biotech inc.
Accovia Inc.
X
X
Accès Capital Atlantique S.A.
X
X
Accel IV L.P.
class A
Units
Accès Capital Atlantique Maroc, L.P.
Abipa Canada inc.
AXA VENTURE Fund IV
Designation
INVESTMENTS IN SHARES AND BONDS OF PRIVATELY HELD COMPANIES (continued)
CORPORATIONS
12
X
Arlington Capital Partners, L.P.
B
X
BC European Capital-GHG Syndication Fund
BG Media Investors L.P.
85
X
BC European Capital VII
X
X
BC European Capital VI
BDH Industries inc.
X
class A
Avior Integrated Products Inc.³
BC European Capital V
class A
Avantcell Technologies Inc.
X
X
X
D
A
D
E
G
B
A
A
B
preferred B
Avalon Pharmaceuticals, Inc.
X
A
C
X
X
X
preferred
A
C
Automotive Sealing Systems Holdings S.A.
X
A
X
X
preferred A
A
A
A
Autodis S.A.
X
class B, C
Auto Vu Technologies inc.
X
X
A
X
fund C
fund A
fund B
C
A
A
A
A
A
C
A
C
A
A
A
E
C
E
C
A
X
X
X
X
X
A
B
C
A
B
D
X
X
stock option
X
X
X
fund B
X
X
class H
preferred C, J
Auriga Ventures II
Auriga Ventures
Audisoft Technologie inc.
X
class A
X
Atlas Venture Fund IV, L.P.
Attraction inc.
X
Atlas Venture Fund III, L.P.
X
stock option
X
X
Atlantic Equity Partners III, L.P.
AstroVision International Inc.
warrants
X
Asia Pacific Growth Fund III, L.P.
X
X
Asia Pacific Growth Fund II, L.P.
X
preferred A
X
Asphalte Desjardins inc.
X
Ascent Medical Technology Fund, L.P.
Asia Equity Infrastructure Fund, L.P.
class A
X
Argo II:The Wireless-Internet Fund L.P.
Armoires de Cuisines Denis Couture (2002) inc., Les
X
Ares Leveraged Investment Fund, L.P.
X
preferred D, E
X
X
X
warrants
Ares Leveraged Investment Fund II, L.P.
Arc Second Inc.
ArcLight Energy Partners Fund I, L.P.
X
86
class A
Bragg Photonics Inc.
X
X
class A
Boutique Le Pentagone inc.
X
X
warrants
X
X
class A
X
X
X
Bourne Leisure Ltd
Bond Face Technology inc.
Bois Feuillus de la Lièvre inc., Les
Bois + Value inc.
Bodegas Nieto Senetiner S.A.³
preferred A
Bluerock Systems, Inc.
X
class A
Blackstone Offshore Capital Partners III L.P.
Blue Mountain Wallcoverings Inc.
X
class B
Biovet inc.
Blackstone Offshore Capital Partners II L.P.
X
X
X
class D
Biovector Therapeutics S.A.
class A, AA
preferred B
Biopharmacopae Design International Inc.
Bios Agriculture inc.
X
X
class AA
Biogénie S.R.D.C. inc.
BioAM
X
X
X
X
X
X
X
Beacon Group Energy Invest. Fund ll L.P.
X
A
X
Baring Vostok Private Equity, L.P. 1
Bestar Radio Inc.
C
X
Baring Asia Private Equity Fund L.P.4
A
A
A
A
A
A
A
A
A
B
G
D
A
A
A
A
A
A
A
A
C
D
X
C
X
A
A
Baring Asia Private Equity Fund II L.P.
class A
X
X
A
Baring Asia Private Equity Fund L.P.2
Bail Montmorency
Bail St-Jérôme
X
E
BVP Management Ltd
B
X
BVP Europe, L.P.
B
X
BVP Europe II, L.P.
A
A
X
X
BNP Europe Telecom & Media Fund II, L.P.
X
class A
A
A
Investment
amounts
A
X
X
Bonds
X
X
Convertible
securities
X
X
Shares
BMI 2000 (Bécancour Métal) inc.³
warrants
BIOMA Recherche inc.
Units
BIO MÉDIA Canada inc.
stock option
BGT BioGraphic Technologies inc.
Designation
CORPORATIONS
12
CAI Capital Partners & Co., L.P.
class A
preferred A
CMC Electronics Holdings Inc.
CML Emergency Services Inc.
Candover 2001 Fund UK No 3 L.P.
87
X
Caravelle Investment Fund, L.L.C.
Carlyle Asia Venture Partners 1, L.P.
X
X
Caricel inc.³
X
Capital Z Financial Services Fund II, L.P.
X
X
Caravelle Investment Fund II, L.L.C.
Capital Teraxis inc.³
Capital Mobicom inc.
preferred A, B, C
preferred
Canadian Regional Aircraft Finance Transaction no1. Limited
Canadian Pension Equity & Company, L.P.
class A
X
X
X
X
C
A
A
B
B
C
A
X
X
B
A
A
C
A
A
A
A
F
A
A
G
X
X
X
X
A
A
X
X
X
X
preferred
X
X
A
C
B
A
C
A
A
C
B
B
A
X
A
A
X
X
Camoplast inc.
Callisto Capital L.P.
Callahan InvestCo Germany 1 S.à.r.l.
X
X
X
X
X
X
X
X
class A, A-2, A-4, A-5, C, C-2,
C-4, C-5
class C, D
C.O.R.E. Compétence inc.
CVC European Equity Partners II, L.P.
stock option
COESI Inc.
CO2 Solution inc.
preferred A
class A
CFSL Acquisition Corp.
CFSL Holdings Corp.
X
CDP Korea Telecom and Infrastructure Fund, L.P.
X
X
CDP Concord Egyptian Direct Investment Fund Limited
CDP Capital Entertainment
X
X
A
G
C
B
B
X
X
X
X
B
A
X
X
CDP Asia International Advisory Inc.
CDP Accès Capital Québec Chaudière-Appalaches s.e.c.
CCP Allied, LDC
CAMS inc.
preferred E
X
Bruckmann, Rosser, Sherrill & Co. II, L.P.
warrants
X
CACF Limited
X
Brightspark Ventures, L.P.
X
Broadview Capital Partners Q.P. Fund L.P.
Brightspark Labs Inc.
Brazil Private Equity Fund L.P., The
A
A
88
X
X
Companhia de Participações Alpha
Compass Capital Fund Associates Ltd
X
Compagnie financière Martin-maurel
preferred
X
Commonwealth Capital Ventures III, L.P.
Compagnie d'assurances Gisco inc., La
X
X
X
Com2i & Cie, SCA
X
Commercial Alcohols Inc.
X
Columbia Capital Equity Partners II L.P.
class OA
Collège de L'Estrie inc.
A
A
C
B
A
A
A
B
A
A
class C
Coencorp Consultant Corporation
X
A
A
X
A
A
X
X
preferred A, C
X
Codagen Technologies Corp.
class A
Club Corporatil International Inc.
A
A
X
B
X
X
X
X
X
preferred F, G, H
C
A
A
A
Cobra International Systèmes de Fixations Cie
preferred B
ClearCross, Inc.
X
warrants
X
X
preferred A
CiviGenics Inc.
Citicorp Mezzanine, L.P.
Cimbec inc.
Chronogen Inc.
B
X
X
B
B
A
X
X
X
A
A
China Renaissance Industries, L.P.
X
X
X
X
C
X
X
A
D
X
class B
warrants
class A
X
X
Cherokee Investment Partners II, L.P.
Chaussure Rallye inc.
Château Mont Sainte-Anne inc. et al.
Château des Laurets S.A.S.
Champlain Capital Partners, L.P.
Cercueils Victoriaville ltée
Centennial Fund IV, L.P.
Cemex Asia Holdings Ltd
Cellex Power Products Inc.
A
A
D
Investment
amounts
C
preferred B
Bonds
X
X
Convertible
securities
Cavalier Textiles Group L.P.
X
Shares
X
Units
Catlin Westgen Group Limited
Carmanor Inc.
Designation
CORPORATIONS
12
X
X
X
DWM Inc.
D.J. LIVINGSTON & CO., INC.
DGB Développement International Inc.
DCPI Investco, Inc.
89
X
X
warrants
class A
X
preferred A
X
X
X
warrants
preferred B
X
CytoLogix Corporation
Cytochroma Inc.
X
preferred B
Cytheris S.A.
Cypress Merchant Banking Partners II, L/.P.
X
Cynovad Inc.
class C
Cycles Devinci inc.
X
X
X
X
G
A
B
A
C
A
A
A
A
C
A
A
A
A
X
A
C
B
X
preferred B
X
X
X
Cutwater Media Inc.³
X
A
A
A
A
A
A
X
class A, B
X
X
preferred D
X
X
X
A
A
Crabiers du Nord inc., Les
Craegmoor Healthcare
Coventree Capital Group Inc.
Corporation Opendesk.com
Corporation MDS Aérospatial
warrants
X
Corporation Flexia
Corporation Inglasco Ltée, La
X
Corporation de Commercialisation des Centres d'appels du Québec CCCQ
X
X
preferred C
warrants
Corporation Canacure, La
Corporation 3-Soft inc.
A
A
A
X
X
X
preferred A-1
warrants
preferred C
Coradiant Inc.
X
A
A
X
X
A
X
warrants
A
Convac Technologies Limited
A
X
C
A
A
X
X
X
A
A
A
A
X
X
X
X
X
B
A
Convac Holding International Limited³
Consultants Akitek inc.³
class A
class A
Conning Capital Partners VI, L.P.
stock option
X
warrants
Concept Fiatlux inc.
X
Composites BHS inc.
Compatigène Inc.
preferred A
X
Compass Group Holdings Ltd
Compass Minerals Groups Inc.
X
X
Compass Group Holdings LLC
Compass Capital Fund L.P.
X
class A
Diesel Force Marketing inc.
stock option
preferred B
e.Pak Resources (S) Pte Ltd
preferred D
Editorial Medcom S.A. de C.V.
Efco inc.
Emerging Europe Capital Investors, LDC
Emballages Novus inc.
90
class A
Emballage St-Jean ltée
preferred D, E
ETL Electronique Ltée
X
X
EGS Private Healthcare Partnership, L.P.
EOS Biotechnology Inc.
X
EBF Group, LLC
e-XML Media
X
X
X
X
X
X
X
X
X
X
stock option
Dynapix Intelligence Imaging inc.
Duff Ackerman & Goodrich CD Fund, L.P.
Dubuc Mode de Vie inc.
X
X
preferred B
Dream Mechanics Inc.
X
X
warrants
warrants
X
Domain Partners IV, L.P.
Dometic Appliances AB
X
class A
X
X
warrants
preferred G, H
Domain Partners III, L.P.
Dolphin Telecom plc
Dolphin Communications Fund, L.P.
Dolan Media Company
X
X
preferred C
Distraction Formats 2000 Inc.
X
class A
X
X
X
X
X
X
X
X
X
Distech Contrôles inc.
X
preferred A
Dispensing Containers Corporation
X
X
class A
Dion Machineries inc.³
X
X
X
Bonds
X
X
Convertible
securities
Digico Réseau Global inc.
X
X
preferred D
Dicos Technologies inc.
X
X
Shares
X
preferred B
Dénommé Vincent prêt-à-porter masculin inc.
Units
Deshors International S.A.³
preferred D
Décisif Solutions Logiciels inc.
Designation
CORPORATIONS
12
A
A
A
A
B
A
A
C
B
A
A
A
B
A
A
A
A
A
B
A
A
A
A
E
A
A
A
A
B
A
A
A
A
A
A
A
Investment
amounts
class A
Entreposage Maska ltée
X
X
preferred C
warrants
X
91
X
Fonds d'investissements Micro-Cap II, S.E.C.
X
X
Fonds mutuels Cartier Inc.
Fonds Mutuels Cartier Ltée
X
Fonds Évolution inc.
Fonds mezzanine EdgeStone Capital II
Fonds d'investissements Micro-Cap, S.E.C.
X
Fonds d'investissements Focus, S.E.C.
X
X
X
Fleetmind Solutions inc.³
Foliot inc.
X
Financière Qualiac
Fiducie Immobilière 1200 Nobel
Fiducie AM
X
X
class A
class A
X
preferred C
Fiducie Alter Moneta
Festival Fun Parks, LLC
Fenêtres M Q inc.
Fermag inc.
X
X
X
class A
X
Exxel Capital Partners V, L.P.
FRV Média Inc.
X
stock option
Extenso Tech inc.
Exxel Capital Partners 5.5, L.P.
preferred
Exploration SOQUIP inc.
Evercore Venture Partners L.P.
Eximias Pharmaceutical Corporation
X
X
class A, E
Esteem Fashions Inc.
Europe Loisirs SA
X
X
class A
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Équipements de Sécurité Arkon Inc., Les
Estaris inc.
X
X
Environmental Research and Development Capital, L.P.
X
Eon Media inc.
X
Environmental Private Equity Fund II, L.P.
preferred B
Entrisphere, Inc.
X
class B
Entreprises Railquip inc., Les
X
X
class B
Entreprises Bigknowledge inc., Les
X
X
Entreprise Robert Thibert inc.
X
X
class D
Entomed S.A.
X
X
X
class A
X
Entertainment Network India Limited
Enerplus Pension Resource Corporation IV
Energy One Private Equity Fund L.P.
Endurance Specialty Holdings Ltd
A
D
C
C
A
A
B
A
A
A
A
B
C
B
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
B
A
A
A
A
A
C
B
A
C
Forward Ventures IV, L.P.
X
class A
class A
class A, B
Gestion SFL inc.
Gestion Sky High Inc.
Gestion Sodémex inc.
92
class A, B
class A
Gestion de placements Holdun inc.
Gestion Groupe RT (1996) ltée
X
Gestion d'Arbitrage Cristallin inc.³
X
X
X
X
X
X
Gestion Biothermica Énergie Inc.³
X
X
Chrystaline Arbitrage Management³
Gestion Capital 07 Enr.
X
X
class A
Géo-3D inc.
Géomax International inc.
X
X
X
X
X
class A
X
warrants
preferred B
X
preferred A
Genstar Capital Partners III
Genesis Partners II LDC
Générale de Services Santé N.A. inc.³
GeneChem Technologies S.E.C.
Gemmar Systems International Inc.
GeminX Biotechnologies inc.
Gecko Électronique inc.
X
X
X
X
X
X
A
A
B
A
A
B
A
A
A
A
A
C
B
B
B
A
A
A
B
A
A
B
Galileo Laboratories Inc.
C
X
A
A
B
A
B
A
B
A
A
D
A
D
A
Investment
amounts
X
preferred F
X
X
Bonds
GS Special Opportunities (Asia) Offshore Fund, L.P.
Convertible
securities
Galen Partners International II, L.P.
X
X
GSM Capital Limited Partnership
GSS L.A. LTD³
X
X
preferred C
GFI Group
GSM Capital Annex Fund, L.P.
X
X
X
X
X
X
Shares
G.B.A Industrial Equipment Inc.
Fournitures Funéraires Victoriaville Inc.
class A, B, D
X
Fort L.P.
Fort Management Inc.
X
class A
Forambec ltée
X
Units
Fort Global
preferred
Fonds Technocap Inc.
Fonds mutuels StrategicNova
Designation
CORPORATIONS
12
X
Glencoe/d'Amérique LLC
X
X
X
X
X
stock option
class AA, BB
class B
stock option
Groupe Minutia inc.
Groupe Optimum inc.
Groupe SNS inc.
X
X
HealthCap IV L.P.
93
X
Harbour Group Investments IV, L.P.
warrants
Halfords Ltd
X
X
class A
HR Strategies Inc.
X
X
HRS Asset Management Limited
Harbour Group Investments III, L.P.
X
Grupo Corporativo Ono, S.A.
X
X
class A
preferred B, C, E
X
A
B
B
A
D
A
A
D
A
A
A
A
B
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
Groupe Triton Électronique International inc.
X
X
X
A
H
X
X
X
X
D
C
X
stock option
Groupe Sydsons inc.³
X
X
preferred F
X
preferred E
Groupe Lysac inc.
X
class A
Groupe Lincora inc.
Groupe Image Buzz inc.
Groupe Hauts-Monts inc.
X
Groupe Expordev³
warrants
X
X
class A
preferred G
Groupe Documens inc.
Groupe Drolet inc.
X
X
class A
Groupe Cinémaginaire inc.
X
X
Groupe BBSP S.A.
Groupe C.N.P. inc.
X
X
preferred A
Grohe Holding GmbH
X
X
preferred
Green Equity Investors III, L.P.
Grocery Gateway Inc.
B
C
A
B
D
C
X
X
F
B
Great Hill Equity Partners, L.P.
X
X
X
X
X
X
GrandBanks Capital Venture Fund L.P.
Golf Manitou inc.
preferred B
X
Glencoe Capital Partners III, L.P.
Glimmerglass Networks Inc.
X
preferred D
Gilde IT Fund II
Gestion Télésystème Inc.
X
X
X
94
X
Infotriever Inc.
Infrastructure and Environmental Private Equity Fund III, L.P.
X
Info Financial Consulting Group inc.
InfoBank Corporation
Industries Z-Tech inc., Les
preferred A
X
X
preferred I
X
X
class A-1, B
Industries Machinex Inc.
Industries Plastipak Inc.³
X
X
Industries Fib-Pak inc., Les
X
X
X
X
Imprimerie Solisco inc.
X
X
X
X
X
X
X
Immeubles Nordic enr., Les
X
preferred B
Imagerie xyz inc.
stock option
class A
IdexMed inc.³
X
Imascope inc.
preferred D, E
IXIA inc.
X
X
X
stock option
Imaginum Inc.
class B
ISM BioPolymer inc.
X
ICG Mezzanine Fund, L.P.
IRG Groupe de recherche infomédia inc.
X
ICG Mezzanine Fund 2000, L.P.
X
X
A
class A
X
I.C. Axon Inc.³
A
X
X
warrants
C
A
A
A
A
C
A
A
A
A
A
A
A
A
A
A
A
A
C
E
A
A
A
B
stock option
X
Hydrogen Burner Technology Inc.
X
class A
X
Hybride Technologies Inc.
Hydro Bromptonville S.A.
A
B
X
stock option
A
A
A
A
A
A
A
Investment
amounts
HyRadix Inc.
X
X
Bonds
Hôtel Carrefour St-Jérôme inc.
X
Convertible
securities
X
X
X
X
X
preferred A
Shares
warrants
Units
Hôtel Baker ltée
Highcrest Special Opportunity Fund, L.P
Hidroélectrica Rio Lajas
Hemera Technologies inc.
Heatwave Technologies Inc.
Designation
CORPORATIONS
12
X
X
B
Labcal Technologies inc.
preferred B
95
X
LaGran Textiles, Limited Partnership
X
X
X
X
LVG 3 Private Equity Fund, L.P.
L. Tanguay (1986) inc.
X
X
X
X
warrants
X
X
X
X
X
LR JET Corporation
X
preferred A
X
LGV 2 Private Equity Fund, L.P.
LMDS Holdings Limited
X
X
X
X
warrants
preferred P
X
X
X
rights
preferred A
X
preferred B
LGV 1999 Private Equity (UK), L.P.
Kutoka Interactive inc.
Keopsys, Key Optical Systems
Kadmus Pharmaceuticals Inc.
KW Gaspé et compagnie L.P.
KM Technologies inc.
KKR 1996 Fund, L.P.
JohnsonDiversey Inc.
X
X
Japan Venture Fund III - (CI)LP3, The
X
X
Japan Technology Fund, L.P.
X
X
J.W. Childs Equity Partners II, L.P.
John Meunier inc.
X
J.P. Morgan Partners Global Investors (Cayman) L.P.
X
X
X
Jenbal inc.
X
X
class A
J.L. Albright II Venture Fund
J.L. Albright III Venture Fund
Investissements Novacap inc.
Investissements 3L (Laval-Laurentides-Lanaudière) S.E.C.
Investissement Projet Ex Machina Inc.³
preferred series D-1
IntraLuminal Therapeutics, Inc.
A
X
X
preferred A, C
X
rights
Interstar Technologies Inc.
A
X
preferred A
Intercontinental Telecommunications Corp.
A
A
A
A
D
B
A
B
B
A
A
A
A
C
A
A
A
D
A
A
A
C
A
C
C
C
B
B
A
A
B
A
A
A
X
A
X
class G
Inotech Fabrication Normandin inc.
A
A
C
A
Innovacom3
X
X
X
X
X
Innergex, Fonds de revenu
X
X
preferred D
warrants
Innergex Hydro inc.
Inhibitex, Inc.
X
X
preferred B
class A
warrants
Meridian Automotive Systems Inc.
96
X
X
preferred
stock option
Melenny Production inc.
Menuiseries F & J Hébert inc.
X
X
preferred D
Méga Bleu inc.
X
X
MédiaTel Capital
X
class A
MedQuest Associates Inc.
X
MedPointe Inc.
X
class A
X
preferred C, D
Mechtronix Systems Inc.
X
Maxlink.Net Inc.
X
class A
X
Markland Inc.
class A
Manzoni International S.A.
X
X
March Networks Corporation
class A
MainStream PCS Holdings
Machinerie Optimum inc.
class A
Machinerie Feuiltault Canada inc.
X
X
X
X
X
X
X
X
X
X
X
X
C
A
A
A
A
C
A
B
C
A
A
A
A
A
A
D
A
A
A
A
C
X
X
class A
MXT Inc.
M.T.I. Fund
B
C
X
B
X
MG Stratum Fund II, L.P.
G
A
A
A
A
C
A
A
A
A
A
Investment
amounts
X
X
X
X
Bonds
X
preferred
Lone Star Fund III L.P.
MDS Health Ventures Inc.
X
Convertible
securities
MDS Life Sciences Technology Fund, L.P.
class A, B
Logiciels Dynagram inc., Les
X
X
Lise Watier cosmétiques inc.
X
X
preferred D, E
Lightyear Fund, L.P.
X
warrants
Life Imaging Systems Inc.
Lime Rock Partners II, L.P.
X
warrants
Leica Microsystems AG
X
Shares
X
class A
Units
Laminage Lamcom inc.
Laboratoires Bio-Med inc., Les ¹
Designation
CORPORATIONS
12
warrants
class A
class A
preferred
Miralta Capital II Inc.
Miralta Teramira Inc.
Mobile Storage Group, Inc.
class A
Moliflor Loisirs Participations
Mon mannequin Virtuel inc.³
X
class A
Nertec Design inc.³
X
Network Planning Systems inc.
97
X
preferred
X
A
A
B
B
A
A
A
A
A
A
A
X
A
A
A
A
X
class A
A
C
C
Netwell Holdings Inc.
B
A
X
X
X
X
X
X
C
C
A
A
B
C
A
A
A
A
A
D
A
A
X
preferred E
X
X
Netstar International Holdings (BVI) Ltd
NetActive Inc.
preferred C-1, C-2
Nephros Therapeutics, Inc.
X
X
preferred B, D, E
preferred D
X
X
class A
Neo Photonics Corporation
Neks Technologies inc.
Nassau Broadcasting Partners, L.P.
Nanoledge
NTB Neurotrophic Bioscience Inc.
X
X
preferred C
NCP-MHZ, L.P.
NETdelivery Corporation
X
X
class A
Motus Technologies inc.³
X
X
NCP-EAS L.P.
class A
Motovan Corporation
Mosaic Venture Partners II, L.P.
Mosaic Music Publishing LLC³
X
preferred A-1
Mosaic Media Group
X
X
X
X
class A
X
X
X
X
X
X
X
X
Morgan Schaffer inc.³
X
X
X
X
X
X
X
A
A
X
A
X
X
X
X
A
B
B
X
X
A
A
X
X
Montfort Diffusion inc.
Monterrey Private Equity Fund
preferred B
Molecular Mining Corporation
Modes Freedom inc.
Mobilix Holding A/S
Mobilier de bureau Logiflex inc. et Distributions Silver Fox inc.
preferred
Mine Jeffrey inc.
Minacom Inc.
class A
Micro Optics Design Corporation
X
X
preferred B
warrants
MethylGene Inc.
Merix Bioscience inc.
X
class A
class P
PHS Mems
98
preferred A
Orleans General Insurance Company³
Ormecon Chemie GmbH
A
A
A
A
A
A
A
A
A
A
A
C
X
X
X
B
B
A
C
A
A
A
A
A
X
X
X
X
warrants
Orisar inc.
X
class A
Organogel Canada ltée
X
X
X
preferred B
X
X
Orange Hungaria 1800
warrants
OptiAssurance Inc.
class C
Ono Finance Plc
Oncap, L.P.
Omega Lumber Ltd
OPTI Canada inc.
X
ONSET IV, L.P.
X
preferred D, D-1
X
X
X
warrants
ONSET Enterprise Associates, III L.P.
NuVasive Inc.
Nth Power Technology Fund II-A, L.P.
Noverco Inc.
X
Novabrik Europe Inc.
A
X
A
X
C
A
A
X
X
X
A
A
A
X
X
A
A
A
X
X
X
X
Northstar Trade Finance Inc.
class A
X
class A
North Castle Partners II, L.P.
Northam Inc.
X
NextGen Enabling Technologies Funds, L.P.
Nir-Vivo inc.
preferred D
X
Next Generation Network Inc.
X
Newbridge Asia III, L.P.
Newbury Ventures Associates, L.P.
stock option
A
X
New Enterprise Associates VIII, L.P.
New IT Technologies inc.
B
X
B
Investment
amounts
New Enterprise Associates VIII A, L.P.
Bonds
X
Convertible
securities
X
Shares
New Enterprise Associates 9, L.P.
Units
Neuroscience Partners, L.P.
Designation
CORPORATIONS
12
class A
preferred A, B
class C
warrants
PROCRÉA Biosciences inc.
PSI Holdings, Inc.
PV-Tron inc.
Palace Entertainment, Inc.
X
X
X
X
X
Produits Forestier J.V. inc.
99
X
X
X
X
Produits du loup-marin Tamasu inc.
X
Produits de Haute Technologie Intrad inc.
stock option
X
X
Productions Pascal Blais inc.
X
ProQuest Investments II, L.P.
X
X
class A
preferred G
ProQuest Investments, L.P.
Pro-Alimentel inc.
Priva inc.
Pricoa Private Capital Partners II A, L.P.
X
X
Prémoulé inc.
X
class A
X
X
Premier Caskets Corporation
preferred H
preferred E
PolyStor Corporation
Polyplan Technologies inc.
Pompaction inc.
warrants
Pollyconcept Holding B.V.
X
X
preferred G
X
X
class A, H
Placetel inc.
Polish Enterprise Fund L.P.
X
Placements TCD, (Les), S.E.N.C.
X
X
class A
Placage R.T. Plating ltée³
X
X
X
X
class C
warrants
Photolumen ltée
Phenogene Thérapeutiques inc.
X
X
X
Permira U.K. III
preferred B
class A
X
Permira Europe II L.P.
PhageTech Inc.
Pharma Laser Inc.
X
X
Pêcheries Marinard ltée, Les
Permira Europe I L.P.
X
X
A
A
A
A
C
C
A
A
A
A
A
A
A
A
A
A
B
A
A
A
A
A
A
A
A
A
C
C
C
A
A
A
A
A
A
X
A
X
X
B
A
X
A
X
X
A
B
X
X
Pêcheries Gaspésiennes inc., Les
Papeteries Lafayette Limitée
Papersource Converting Mill Corp.
warrants
PRA Holdings inc.
Quester Venture Partnership
X
100
X
X
Schroder Ventures Asia Pacific Fund III, L.P.
class A
X
Schroder Canadian Buy-Out Fund III Limited Partnership LPI
Scientech R & D inc.
X
X
ScénoPlus inc.³
Schroder Canadian Buy-Out Fund II Limited Partnership CLP2
class A
X
X
X
X
X
X
X
X
X
Sanitec Corporation
X
Sanderling Venture Partners IV, L.P.
X
X
Sanderling Venture Partners V, L.P.
San-Roche Financial Inc.³
class A
class A
Sablynx inc.
Saints Capital I, L.P.
preferred A, B, C
SS8 Networks Inc.
SSQ Vie
class A
SM Cable Holdings, LLC³
X
class A, B
SAM Private Equity Energy Fund L.P.
SIPAR - Société d'investissements en participations inc.
X
class A
SAM HealthCare/Biotech Equity Fund Limited
Ryshco Média inc.
Resort One Inc.
Renyco inc.
Renaissance Funds LDC, The
X
X
X
X
X
X
X
X
X
X
stock option
Recypro Technologie inc.
X
preferred C
X
X
X
Bonds
X
X
X
X
X
X
X
X
Convertible
securities
Ragzoo inc.
R.O. International inc.
Racman inc.
RHJ Industrial Partners, L.P.
RAD Equipements inc.
X
class A
class A, B
class E, G
Quantiscript Inc.
Quebecor Media Inc.³
class A
X
X
Shares
class A, B
Units
preferred C
PyroGenesis inc.
Putnam Lovell Equity Partners, L.P.
Prowatt inc.
Designation
CORPORATIONS
12
A
C
A
A
B
C
B
C
A
B
A
B
D
A
C
A
A
C
A
A
A
A
A
A
A
A
A
B
A
B
H
A
A
C
A
A
Investment
amounts
class A, B
Silonex Inc.
Société de Développement du Magnésium, S.E.C.
X
X
X
X
X
Société en commandite Addenda
Société en commandite Biothermica Énergie
Société en commandite Capidem enr.
Société en commandite Capimex
Société en commandite Capimont Technologies
X
X
X
X
X
X
X
X
X
Société en commandite Gestion T2C2/ Bio
Société en commandite Investissements Mauricie-Bois-Francs-Drummond
Société en commandite Novacap II
Société en commandite Omni Science IV-V
Société en commandite Sodémex
Société en commandite Sodémex II
Société en Commandite Ste-Catherine/Bleury
Société en commandite T2C2 / Bio
Société en commandite T2C2 / Bio 2000
101
X
Société en commandite Capital Montérégie enr.
Société en commandite Cramex
X
Société en commandite Capital Cartier
fund B
X
X
Société d'investissements Capimont enr.
Société des Chemins de fer du Québec inc.
class A
X
X
SmartSight Networks Inc.
Société de cogénération de St-Félicien
X
X
X
X
X
X
X
Siparex S.C.A.
class A
preferred B
Signpost Films Ltd³
Silanis Technology Inc.
Silver Lake Partners, L.P.
preferred
SiGe Semiconductor Inc.
Sheila Dassin Boutique inc.
class B
Services de Consultation Supérieures Aérospatiales inc.
X
preferred H
X
X
class A
Sérico inc.
class A
X
Sentient Group Limited, The
stock option
X
Sentient Global Resources Fund I, L.P.
Services Alimentaires Montclair inc.
X
Sentient Executive GP 1, Limited
Servi Technologies Inc.
X
X
X
X
Sentient Executive 2 GP, Limited
Sécurité Polygon inc.
Seaflower Health Ventures 3, L.P.
SeQant Asset Management Pty. Limited
Scierie Tech inc.
X
X
X
X
X
X
X
X
X
X
X
C
C
A
D
B
A
B
A
A
A
A
E
A
A
A
A
D
A
B
C
C
A
A
E
A
D
A
B
A
A
A
A
A
A
A
A
A
A
A
B
A
A
102
warrants
X
Takko ModeMarkt GmbH
X
TVG Asian Communications Fund II L.P.
X
X
X
warrants
class A
TRAF-PARK inc.
Taiwan Broadband Communications
X
preferred
X
X
X
TNP Enterprises Inc.
TIW-Asie
TGI Coffee Inc.³
class A
X
TA Associates - Advent VII, L.P.
TEC Innovation inc.
X
TA/Advent VIII, L.P.
class A
Systèmes de gestion Heuristic inc.
X
stock option
X
X
preferred C
stock option
X
class A
Synercard Corporation
Systèmes d'acoustique appliquée DVM inc.
X
preferred B
Symagery Microsystems Inc.
X
X
X
preferred C
X
X
X
X
Sweeteners Holdings inc.
Supermétal Structures inc.
Sudinnova II
Studentawards inc.
StarVest Partners, L.P.
St-Joseph Printing Ltd
Spring Pension Fund Management Ltd
Spectrum Equity Investors III, L.P.
Spécialités M.B. inc.³
X
X
X
X
X
X
X
X
X
X
X
X
Spanish Telecommunications Limited
A
G
C
A
A
D
A
A
A
A
C
A
A
A
A
A
A
C
A
A
A
C
C
A
B
A
A
A
A
X
SpaceVest III, L.P.
A
C
A
A
A
A
B
Investment
amounts
X
X
X
Bonds
SpaceVest II, L.P.
class A
X
Convertible
securities
X
X
X
X
Shares
SpaceVest Capital L.P.
Souris Mini inc.
class B
X
Solvision inc.
X
Société Européenne d'Investissement CFI/CDPQ
Units
Société en commandite T2C2 / Info
Designation
CORPORATIONS
12
X
class A
Unique Pub Company Limited, The
103
class A
Unigraph International inc.
Unique Pub Holding Company Limited, The
X
Unigistix Inc.
X
X
X
class A
UTV Software Communication Ltd
X
warrants
warrants
X
X
preferred A
class A
X
class A
Tru-Circle Corporation
Tube Images inc.
X
warrants
Triosyn Corp.
X
X
Trident II, L.P.
X
TransMedics, Inc.
preferred A
Trak inc.
X
X
X
warrants
stock option
X
class A
Toon Boom Technologies Inc.
Tour de Mons S.A.S., La
X
X
Time Infotainment Media Limited
preferred B
X
preferred B, C
Think Dynamics Inc.
X
warrants
Therion Biologics Corporation
X
preferred E, G
Télogène inc.
X
preferred D
Télésystème, Corporation financière
Télésystème ltée
X
X
X
warrants
preferred
warrants
X
preferred A
Telemetry Co., The
Telenet Holding N.V.
X
Teckn-O-Laser Global inc.
X
X
X
rights
class A, B
X
class A
Technologies Thérapeutiques d'Avant-garde AT2 inc.
preferred D
X
Technologies Sensorielles TEG inc., Les
Technosoude inc.
X
X
X
warrants
preferred C
X
X
preferred D
Technologies Innovations AIKS inc.
Techno Diesel inc.
Technique d'usinage Sinlab inc.
Tandem Medical Inc.
Tandem Journalism Investments
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
A
C
A
A
B
C
A
A
A
C
A
B
C
A
A
A
C
A
A
B
A
A
A
A
A
D
A
D
A
B
A
X
A
A
A
A
A
A
A
A
A
X
X
X
A
G
X
preferred C, F
class A
Visionael Corporation
Vista Midstream Solutions Ltd
104
X
X
X
X
X
preferred B
stock option
X
stock option
Virocell Inc.
X
Viridis Biotech inc.
fund B
X
X
X
fund A
X
X
X
Virginia Merger Sub, Inc.
X
class A
Violy, Byorum & Partners Holdings, LLC
X
preferred E
Vinya Plastiques inc.³
X
class B
Viandes Abitemis inc.
X
preferred H
X
class A
Viacell Inc.
X
warrants
Vêtements S&P inc., Les
X
preferred A
Versaware inc.
X
class A, C
X
Warrants
Verre Select inc.
X
spécial warrants
X
Venturion VGI L.P.
X
X
Venturion Financial Services Fund, L.P.
preferred A
A
X
Ventures West B.C. Technology Investment Fund, The
Veracel Inc.
A
X
VantagePoint Venture Partners IV(Q), L.P.
C
A
A
A
A
C
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
C
X
VantagePoint Venture Partners III, L.P.
A
C
X
X
A
X
X
A
C
X
X
A
X
C
D
A
A
A
Investment
amounts
VantagePoint Communications Partners L.P.
Valadeo Technologies Corp.³
Vacances Air Transat A.T. inc.
preferred A
X
preferred A
VS & A-HW Holdings, LLC
VS&A-DTN, LLC
X
VS & A Communications Partners III L.P.
class A
Usines Huntingdon Canada ltée, Les
X
X
Bonds
X
X
Convertible
securities
class B, C
Shares
Usines d'Autray Ltée, Les
Units
Usinage L. Couët inc.
Designation
CORPORATIONS
12
X
preferred C
preferred CC
warrants
Zycos Inc.
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
A
A
A
A
A
A
C
B
D
A
A
A
A
A
A
A
A
B
105
Pursuant to agreement, the specific value of investments in any private company (according to the definition of the Québec Securities Act) does not appear in this list unless the company has agreed to
such disclosure.
The annual list must not provide any information deemed to be detrimental to the operations of the Caisse, to its economic interests or competitiveness or which may reveal an intended transaction, a
transaction or series of transactions in process or which may cause prejudice to a company. Consequently, there may occasionnally exist differences between the investments in the annual list and
those recorded in the books of the Caisse, at December 31. However, whenever possible and without transgressing the above standards, the annual list states the total amount of these differences.
In this table are listed the major investments in shares and bonds of private corporations. This table does not account for the hedging of foreigh exchange risks. This table is subject to the disclosure
standards applicable to the annual list of such investments.
¹ Insider
² Investment made or held by the Caisse or a subsidiary created pursuant to section 37.1 of the Act respecting the Caisse .
³ Investment made or held by the Caisse or one of its subsidiaries pursuant to the last paragraph of subsection 37.1 of the Act respecting the Caisse .
Difference between investments reflected in the annual list and those on the record at the Caisse: 15 debentures convertible files privately held company shares.
preferred B
Zephyr Telecommunications, Inc.
preferred P
preferred A
X-Ceptor Therapeutics Inc.
Wynnchurch Capital Partners Canada, L.P.
Wokup !
Windward Capital Partners II, L.P.
webPLAN inc.
WaveMarket Inc.
WCC Investments L.P.
Vortex Aquatic Structures International Inc.
class A
X
preferred F, I
Voltige Inc.
X
class A
X
stock option
Volaille Giannone inc.
X
X
warrants
preferred B, C-1, C-2
Visuel Corporation Canada inc.
VistaScape Technology Corp.
Land and buildings
Bariloche
(Argentina)
Brasilia
(Brazil)
Sao Paulo
(Brazil)
Seoul
(Korea)
Tokyo
(Japan)
Nice
(France)
Warsaw
(Poland)
Warsaw
(Poland)
Land – Burco Desarollos S.A.
Foreign Investments - Others
Location
106
Land – Residential
Land – Paulo Octavio
Land – Business Park
2 and 4 Silver Maple Court
Several lands – Atlantica
100 Burloak Drive
9110 Macleod Trail
23-8 and 23-10 Yoido-Dong
4220, Place Orsainville
15, 17, 21, 25, 76, 80, 94, 95, 96 and 98
6-25 Jingumaë, Shibuya-Ku
Highfield Park Drive
Dartmouth
20, 30, 40, 47 and 51 Joseph Young
24, rue St-François de Paule
Street
Etobicoke
279 Humberline Drive
Land – rue Julianowska
Fonthill
20 Candoro Drive
Laval
Land – chemin du Bord de l'eau
39 Mokotowska
Moncton
1380 Mountain Road
Montréal
360, rue St-Antoine Ouest
Montréal
Land – Corner of Sherbrooke and
Saint-Laurent
IVANHOÉ CAMBRIDGE
North York
10 Senlac Road
Ottawa
1344 Belcourt Boulevard
Anjou
7999, boulevard Les Galeries d'Anjou
Ottawa
624 Wilson Street
Barrie
Land – Simcoe
Ottawa
610 Montreal Road
Beauport
Land – Joseph-Casavant and
Québec
1 to 4, Place de Merici and land
Clémenceau
Sainte-Foy
795, rue Alain
Belleville
390 North Front Street
Sainte-Foy
3634 and 3636, chemin Sainte-Foy
Belleville
100 Bell Boulevard
Toronto
1770 to 1790 Eglinton East
Belleville
Land – Belleville Lands
Toronto
1530 to 1570 Victoria Park Avenue
Boisbriand
Land – Sud Est Autoroutes 13 and 640
Toronto
725 Warden Avenue
Brantford
171 Colborne Street
rd
Vancouver
2110 West 43 Avenue
Brantford
84 Lynden Road and land
Brantford
Land – Brantford Lands
Brossard
2151, boulevard Lapinière
Foreign Investments - United States
Burlington
777 and 900 Guelph Line
Carol Stream
535 E Thornhill Drive
Burlington
900 Maple Avenue
Cranston
100 Elena Street
Burnaby
4710, 4720 and 4800 Kingsway Street
Gloucester
145 Essex Avenue
Burnaby
Land – Metrotown Phase III
La Verne
1938 Rock Lane
Calgary
100 Anderson Road SE
La Verne
1825 Foothill Boulevard
Calgary
11012 MacLeod Trail S
Manassas
10303 7th Regiment Drive
Calgary
2525 36th Street NE and land
New York
108 West 15th Street
th
Calgary
3625 Shaganappi Trail NW
New York
235 and 237 West 48 Street
Calgary
901 64th Avenue NE and land
New York
401 West 56th Street
th
Calgary
Land – Northgate Site
New York
210 West 89 Street
Charlesbourg
4250, 1re Avenue
New York
6 West 107th Street
Chatham
100 King Street W
Newport Beach
1700 16th Avenue
Dartmouth
21 Micmac Boulevard
Newport Beach
880 Irvine Street
Dundas
101 Osler Drive
San Francisco
303 Second Street
Edmonton
11100 51s Avenue
Silver Spring
3408 Hampton Hallow Drive
Edmonton
6203 28th Avenue
Southfield
23275 Riverside Drive
Edmonton
2323 111th Street et 2 lands
Woodridge
2472 Emerald Court
Edmonton
2331 66th Street NW and land
Etobicoke
500 Rexdale Boulevard
Hull
320, boulevard St-Joseph
Anjou
Anjou
Brampton
Burlington
Calgary
Charlesbourg
Dartmouth
CADIM
Land and buildings
STATEMENT OF REAL ESTATE HOLDINGS
Location
13
Winnipeg
Saint John's
Saint-Laurent
Saint-Léonard
Surrey
Trois-Rivières
Vancouver
Vaughan
Victoria
Waterloo
Windsor
Windsor
Kelowna
Kingston
Kingston
Laval
Laval
Laval
Laval
Lévis
Lévis
Mascouche
Mascouche
Mercier
Mississauga
Montréal
Montréal
Montréal
Montréal
Montréal
Montréal
Montréal
Mont-Royal
Nanaimo
Newmarket
Niagara Falls
North York
Oakville
Oshawa
Ottawa
Pointe-Claire
Québec
Red Deer
Repentigny
Richmond
Saint Albert
Sainte-Agathe
Sainte-Foy
Location
Land – Kelowna Site
1040 to 1096 Princess Street
945 Gardiners Road
2800, avenue du Cosmodôme and land
1799, avenue Pierre-Péladeau
Land – boulevard St-Elzéar
Land – St-Martin et Laval
Land – Autoroute Jean Lesage
Land – route du Président-Kennedy
Land - montée Masson
Land – Mascouche/Lachenaie
Land – boulevard St-Jean-Baptiste
1250 South Service Road
1500, avenue McGill College
1500, avenue University
Land – 500, boulevard de Maisonneuve
677, rue Sainte-Catherine Ouest
705, rue Sainte-Catherine Ouest
6000, boulevard Henri-Bourassa Est
7500, rue Victoria
2305, chemin Rockland
6631 Island Highway N and land
17600 Yonge Street and land
7555 Montrose Road and land
1800 Sheppard Avenue E
240 Leighland Avenue
419 King Street W
100 Bayshore Drive and land
6801, route Transcanadienne
440, rue Bouvier
4900 Molly Baister Drive
100, boulevard Brien
6060 Minoru Boulevard
375 St. Albert Road
Land – chemin Palomino
2452 and 2700, boulevard Laurier and
land
430 Topsail Road
3205 and 3333, boulevard Côte Vertu
Land – Jean-Talon et Provencher
2695 Guildford Town Centre
4125, boulevard Des Forges
650 W 41st Avenue
Land – Rutherford Road
3147 Douglas Street
550 King Street N and land
3100 Howard Avenue and land
2700, 7650 and 7654 Tecumseh
Boulevard E and land
1555 Regent Avenue W
Land and buildings
Land and buildings
Laval
Mill Bay
Mississauga
Montréal
Montréal
Montréal
Montréal
Laval
Alma
Baie d'Urfé
Blainville
Burlington
Burlington
Calgary
Calgary
Calgary
Calgary
Calgary
Calgary
Calgary
Chandler
Chicoutimi
Chicoutimi
Gaspé
Jonquière
Jonquière
Kamloops
Laval
Laval
Laval
SITQ
Alexandria
Chattanooga
Gainesville
Lancaster
Las Vegas
Omaha
Omaha
San Jose
Savannah
Tampa
Wauwatosa
705, avenue du Pont Nord
Land – Paroisse Ste-Anne
Lands – Industrial – Ste-Thérèse
1100 Burloak Drive
5575 North Service Road
10 Country Village Cove NE
Land – 500 Fourth Avenue S.W.
125 9th Avenue S.E.
1726 14th Avenue NW
211 11th Avenue S.W.
4020 Bowness Road NW
4315 Richardson Road SW
175, rue Daigneault
1212 and 1324, boulevard Talbot
299, rue des Saguenéens and land
39, montée Sandy-Beach
3460, boulevard St-François
Land – rue Stanley
2189 Troon Way
1, 2, 3 and 4, Place Laval
2525, boulevard Daniel Johnson
3080, 3090 and 3100, boul. Le
Carrefour
420 and 440, boulevard Armand
Frappier
Land – Paroisse Ste-Rose
851 Frayne Road
2600, 2630 and 2680 Skymark Avenue
1 à 5, Place Ville-Marie
1000, rue de La Gauchetière
1155, rue Metcalfe
1170, rue Peel
5801 Duke Street
271 Northgate Mall
6419 Newberry Road
142 Park City Center
4300 Meadows Lane
10000 California Street
3001 South 144th Street
1 Eastridge Mall
1405 and 7804 Abercorn Street
2223 North West Shore Boulevard
2500 North Mayfair Road
Foreign Investments - United States (continued)
IVANHOÉ CAMBRIDGE (continued)
Location
Toronto
Thetford Mines
Toronto
Toronto
Saint-Laurent
Saint-Léonard
St-Georges-de-Beauce
Surrey
Surrey
Saint-Laurent
Saint-Laurent
Saint-Laurent
Saint-Laurent
Richmond
Rimouski
Rimouski
Rivière-du-Loup
Roberval
Sainte-Foy
Saint-Laurent
Saint-Laurent
107
1200, 1981 and 2001, ave. McGill
College
500, rue Sherbrooke Ouest
748, square Victoria
900, rue Ste-Catherine Ouest
1055, boulevard René-Lévesque Est
12675, rue Sherbrooke Est
111, rue Duke
Land – rue Duke
Land – rue Queen
46, 50, 75 and 80, rue Queen
71c and 87, rue Prince
700, rue Wellington
10, 16, 20 and 36 York Mills
4101, 5150 and 5160 Yonge Street
90 Sheppard Avenue East
505, boul. du Parc Technologique
565 to 585, boul. Lebourgneuf
5700 to 5780, boul. des Gradins
700, rue René-Lévesque Est
801, chemin St-Louis
Land – boulevard L'ormière
Land – chemin de La Canardière
13900 Maycrest Way
13511, 13551, 13571, 13575, 13775,
13777 and 13800 Commerce Parkway
13700 and 13711 International Place
419, boulevard Jessop
80, 84 and 114, rue St-Germain
298, boulevard Thériault
1221, boulevard Marcotte
1000 and 1020, route de L’Eglise
1111, Doc. Frederick Phillips
3300, 3350, 3450 and 3500, chemin de
La Côte Vertu and land
555 and 655, rue Gougeon
880 and 900, rue McCaffrey
6969, 7031 and 7045, route
Transcanadienne
Lands – Gougeon/Reverchon and
Côte de Liesse
Land – Pitfield/Bois-Franc
6801, boulevard Des Grandes Prairies
8585, boulevard Lacroix
Land – 10231 154th Street
Lands – 12827 and 12835
King George Highway
8051, boulevard Smith Nord
3381 and 3389 Steeles Avenue
3900 and 4000 Victoria Park Avenue
and land
55 University Avenue
Montréal
Montréal
Montréal
Montréal
Montréal
Montréal
Montréal
Montréal
Montréal
Montréal
Montréal
North York
North York
North York
Québec
Québec
Québec
Québec
Québec
Québec
Québec
Richmond
Richmond
Land and buildings
Location
Montréal
4000 and 4300, boulevard Des
Récollets
4520, boulevard Royal
1055 Dunsmuir Street
1075 West Georgia Street
1166 West Pender Street
1508 Broadway Street
2020 West Broadway Street
505, 555, 580 and 595 Burrard Street
540 Thurlow Street
1644 Hillside Avenue
201 Portage Avenue
Land – 416 Main Street
Land and buildings
Farmer's Branch
Farmer's Branch
Houston
Los Angeles
New York
New York
New York
New York
Plano
Round Rock
San Diego
Seattle
Seattle
Seattle
Everett
Farmer's Branch
Farmer's Branch
Farmer's Branch
Farmer's Branch
Bellevue
Boston
Denver
Amarillo
Austin
Baton Rouge
Bellevue
Bellevue
Bellevue
Bellevue
Bellevue
Bellevue
Bellevue
Bellevue
600 South Tyler Street
7600 Burnet Road
450 Laurel Street
10885 NE 4th Street
13231 36th Street SE
12920 38th Street SE
320 108th Avenue NE
355 110th Avenue NE
3617, 3650 and 3655 131st Avenue SE
3605 and 3625 132nd Avenue SE
18200, 18300, 18400, 18500, 18600
and 18700 NE Union Hill Road
Land - Richard Road
201 Washington Street
4300 and 4500 Cherry Creek South
Drive
12121 Admiralty Way
13456 Midway Street
4100 Alpha Street
4141 Blue Lake
4001, 4020, 4040, 4099, 4100 and 4101
McEwen Street
4000 S. McEwen Street
4000 N. McEwen Street
1001 McKenney Street
1888 Century Park Street East
1 Park Avenue
1250 and 1515 Broadway Street
340 Madison Street
498 - 7th Avenue
1700 Coit Road
1111 North IH 35
401 West "A" Street
1420 5th Avenue
1925 9th Avenue
5614 17th Avenue NW
Foreign Investments – United States
Trois-Rivières
Vancouver
Vancouver
Vancouver
Vancouver
Vancouver
Vancouver
Vancouver
Victoria
Winnipeg
Winnipeg
Trois-Rivières
Location
Land – 1525 NW 57th Street
1942 Westlake Avenue
Land – 819 Virginia Street
100 South Ashley Drive
1776 Eye Street NW
2100, 2110 and 2120 Washington Blvd.
1501 K Street
3811 Bee Caves Road
Lands – La Défense
Lands – Danton
16, avenue de La République
52, rue d'Anjou
42, avenue de Friedland
4, 6 and 8, rue d'Alsace
20, Bis Jardins Boieldieu
13, esplanade du Général De Gaulle
11 and 13, Cours Valmy
1, Place Carpeaux
35 Basinghall Avenue
Ropemacker Street
Castle Street and Parsons Street
Montréal
Montréal
Montréal
Montréal
Québec
415, rue Saint-Antoine
455, rue Saint-Antoine
1000, Place Jean-Paul Riopelle
901, Carré Victoria
65, rue Sainte-Anne
SOCIÉTÉ IMMOBILIÈRE CAMONT INC.
Banbury
(Angleterre)
London
(Angleterre)
London
(Angleterre)
Paris
(France)
Paris
(France)
Paris
(France)
Paris
(France)
Paris
(France)
Paris
(France)
Paris
(France)
Puteaux
(France)
Puteaux
(France)
Puteaux
(France)
Foreign Investments - Others
Seattle
Seattle
Seattle
Tampa
Washington D.C.
Washington D.C.
Washington D.C.
Westlake Hills
Foreign Investments – United States (continued)
SITQ (continued)
Land and buildings
STATEMENT OF REAL ESTATE HOLDINGS
Location
13
108
Address
1055, rue Du Pont Sud
1000, boulevard Beaupré, app. 101
142, boulevard Gaspé
214, boulevard de la Cité-des-Jeunes
2675, boulevard du Royaume
1750, rue Sherbrooke
24, boulevard des Îles
135 to 163, rue Des Chênes Ouest
40 to 44 and 70, rue Saint-Germain Est
908 to 920, 12e Avenue Nord
STATEMENT OF PROPERTIES HELD FOR RESALE
Location
Alma
Beaupré
Chicoutimi
Gaspé
Hull
Jonquière
Magog
Port-Cartier
Québec
Rimouski
Sherbrooke
109
The properties herein above mentioned are held by the Caisse or one of the following subsidiaries : Placements P.H.C.inc
and 3097-1618 Québec inc.
14
CHANGES IN PRIVATE EQUITY
as at December 31
ADMINISTRATIVE STATISTICS
as at December 31
15 417
932
11 330
932
Does not include real estate subsidiaries employees'.
For the current year, expenses do not include reorganization costs.
13 977
867
20
685
189,3
16,9
219,1
129 673
2002
15 290
781
1999
20
670
196,5
11,7
154,6
131 657
2001
12 001
636
20
524
238,0
11,3
141,0
124 708
2000
6 899
491
1997
20
459
230,6
9,3
98,5
105 843
1999
4 621
367
1996
20
395
219,5
110
9,9
86,1
86 695
1998
3 503
269
The Caisse establishes the general orientations concerning the management of global assets, as well as the investment policies and optimal allocation of the
various asset classes for the Group as a whole.
2
1
Number of depositors
Number of permanent and occasional employees2
Total assets under management per employee
Amount in basis points
2000
Fair value
2001
1998
2002
Cost
2002
Investment management expenses net of fees received and administrative expenses1
Total assets under management
16
In millions of dollars
Number of companies in portfolio
15
1995
2 817
206
1994
2 288
183
1993
2 278
149
III. Code of Ethics and Professional Conduct
TABLE OF CONTENTS
MESSAGE FROM THE CHAIRMAN OF THE BOARD AND GENERAL MANAGER
PREAMBLE
A.
DEFINITIONS............................................................................................................ 1
B.
GENERAL PROVISIONS .......................................................................................... 3
B.1
B.2
B.3
B.4
B.5
C.
RULES OF PROFESSIONAL CONDUCT................................................................ 5
C.1
C.2
C.3
C.4
C.5
C.6
C.7
C.8
C.9
C.10
C.11
D.
Status of the Code and Three-year Review .................................................. 3
Scope of Application ..................................................................................... 3
Compliance with Legislation and Regulations ............................................... 4
Policies and Related Directives..................................................................... 4
Annual Statement ......................................................................................... 4
Knowledge of Applicable Legislation and Regulations .................................. 5
Competence and Diligence ........................................................................... 5
Integrity of Accounting Records .................................................................... 5
Loyalty, Honesty and Integrity....................................................................... 5
Ethical Obligations Survive Cessation of Employment or Duties .................. 5
Priority Accorded to Outside Duties and Activities ....................................... 6
Use of Resources ......................................................................................... 6
Business and Professional Relationships ..................................................... 6
Solicitation .................................................................................................... 6
Inventions as Part of Employment Duties ..................................................... 7
Political Activities .......................................................................................... 7
CONFIDENTIALITY OF INFORMATION.................................................................. 8
D.1
D.2
D.3
D.4
D.5
D.6
D.7
Principle ........................................................................................................ 8
Scope of Application ..................................................................................... 8
Protection of Confidential Information ........................................................... 8
Protection Measures Applicable to Confidential Information ......................... 9
Media Contact and Disclosure of Information ............................................. 10
Personal Investments, Current or Planned ................................................. 10
Communications with a Company, Partner or Customer ............................ 11
Code of Ethics and Professional Conduct
E.
CONFLICT OF INTEREST....................................................................................... 13
E.1
E.2
E.3
E.4
F.
General Principles....................................................................................... 13
Personal Transactions ................................................................................ 14
Gifts, Donations, Services or Benefits......................................................... 14
Board Memberships.................................................................................... 16
ROLES, RESPONSIBILITIES AND SANCTIONS .................................................. 18
F.1
F.2
F.3
F.4
F.5
F.6
Responsibilities of Employees .................................................................... 18
Role of the Secretary .................................................................................. 18
Role of the Committee on Human Resources, Ethics and Corporate
Governance ................................................................................................ 20
Role of the Board of Directors..................................................................... 20
Mechanism for Confidential Communication of Non-compliance ................ 20
Sanctions .................................................................................................... 21
SCHEDULES
A
B
C
D
E
Declaration Regarding Gifts Donations, Services and Benefits
Undertaking upon Being Hired regarding Adherence to the Code of Ethics and
Professional Conduct
Annual Statement Regarding Compliance with the Code of Ethics and Professional
Conduct
Annual Portfolio Statement (three versions)
Policy on Personal Transactions
Message from the Chairman of the Board and General Manager
The CDP and all its wholly-owned Subsidiaries (hereinafter the CDP Group) must meet
the expectations of various stakeholders, such as depositors and other customers, the
general public, the Government, partners, suppliers and the business community.
Moreover, the asset management and advisory services offered to public and privatesector organizations are of critical importance for future generations. Accordingly, the
CDP Group functions in a justifiably demanding environment.
Over the last decade and especially in light of recent financial scandals at home and
abroad, the general public, customers and large organizations are becoming
increasingly critical of the methods employed by fund managers. They have
significantly greater expectations regarding transparency, honesty and integrity.
The world has changed and along with it so has the CDP Group. This is reflected in the
strong growth of assets under CDP management and the establishment of CDP offices
and agencies in various cities. The CDP Group has expanded its strategic alliances with
partners in various places around the world, a situation that poses greater ethical risks
especially given that our foreign personnel and partners may have ways of operating
and values that differ from ours.
It has therefore become necessary to reassess our rules and adapt them to the new
context within which we must function. Our worldwide reputation for excellence and our
success must remain solidly based on our ethical conduct. It is in this spirit that the
CDP Group has adopted a best ethical practices approach.
Performance, commitment, creativity, entrepreneurship, integrity, high ethical
standards, transparency and prudence are the basic values that guide us in doing
business and as a consequence we rank among the major managers of world renown.
While our ethical conduct has contributed to our success and enhanced our reputation,
it also is instrumental in attracting and retaining responsible employees, in unifying our
operations, in creating a better work environment and in doing the right thing, in addition
to doing it well. Performance must never prevail over ethical conduct.
Each of us must, at least once a year, reassert our commitment to complying with the
Code of Ethics and Professional Conduct. This yearly reaffirmation also provides us
with an opportunity to reread the Code. I ask each of you to put the Code into practice
in your daily decision-making tasks and give an undertaking to fully comply with the
Code.
Chairman of the Board and General Manager
Preamble
The Caisse de dépôt et placement du Québec has always prided itself on
maintaining high standards and strict criteria for the conduct and practices of any
person involved in CDP activities, including its members of Senior Management
and personnel, as well as persons performing such duties at its Subsidiaries. In this
regard, the CDP Group considers it important, as an institution, to develop
standards and provisions, over and above applicable legislative and contractual
provisions, relating to professional ethics and conduct to be observed by all
persons acting for and on behalf of the institution. It must be noted that, this Code
is in no way intended to supersede any provisions that are otherwise applicable.
However, given the role and mission of the Caisse, it does seem reasonable to
codify and observe high standards of honesty and conduct, while continuing to
comply with the laws and regulations in effect, in order to maintain confidence in
the CDP Group and safeguard its reputation for integrity at every level of the
organization. The CDP Group furthermore acknowledges that the conduct of all its
personnel must be able to pass the most careful scrutiny.
This Code integrates all the various rules applicable in a single document so that
the persons concerned may readily familiarize themselves with them and apply
them in their day-to-day conduct. The spirit of these rules is not to dictate
prohibitions, but rather to sensitize those persons involved in the Caisse’s activities
to and make them more aware of what constitutes integrity and responsible
conduct, as well as to reflect the values favoured by the institution with respect to
the development of Québec society.
Further information regarding the Code or its application may be obtained from the
Secretary of the CDP Group by dialing 514 847-5901.
Definitions
A.
DEFINITIONS
Definitions
In this Code, unless the context otherwise requires:
a) "Board" means the Board of Directors of the Caisse de dépôt et placement
du Québec;
b) "CDP Group" collectively refers to the Caisse de dépôt et placement du
Québec and its wholly-owned Subsidiaries;
c) "Committee" means the Committee on Human Resources, Ethics and
Corporate Governance;
d) "Confidential Information" means any information related to the Group, any
information of a strategic or executive nature and any information on industry
or sectoral trends which is not known to the public and which, were it known
to a person who is not an officer or an Employee, would likely give him a
certain advantage and compromise the finalization of a transaction in which
the Group is involved. This expression also covers any information related to
investments held or being considered by the CDP Group or legal persons,
companies and investment funds in which the CDP Group has or is
considering making an investment, either directly or through a Subsidiary.
This definition includes, among other things, information on a company or
other entity in which the CDP Group has a stake, which is obtained by an
officer or Employee in his capacity as a member of the board of directors of
such company or entity, which information the CDP Group is obligated by
securities legislation or contractual agreement to keep confidential. Without
limiting the generality of the foregoing, "Confidential Information" is also any
information that is not known by and has not been released to the public and
which could affect the decisions made by a reasonable investor or have a
material effect on the value or price of securities issued by a public company,
including any information concerning the following events: a securities issue,
a change in dividend policies, a material change in the composition of
management, a material change in share ownership which could affect
control of the company, as well as a material change in business or clientele;
e) "Conflict of Interest" means any real, apparent, potential or contingent
situation in which an officer or Employee might be inclined to favour one
person (including the officer or Employee or a related person) to the
detriment of another, because such officer or Employee has a direct or
indirect interest in any of such persons, or in one of the persons to which any
such person is directly or indirectly related. This definition also covers any
1
Definitions
situation that could affect the loyalty, integrity or judgement of such officer or
Employee;
f) "Dealer" means a natural or legal person specializing in securities trading,
depending on the context in which this term is used;
g) "Employee" means any person who is part of the personal complement of
the CDP Group, and includes any officer, whether engaged on a full-time,
part-time, permanent or temporary basis;
h
"Person" means any natural or legal person contemplated by this Code;
i)
"Related Person" means any person contemplated in Section 40 of the Act
respecting the Caisse de dépôt et placement du Québec, including, for the
purposes hereof, a spouse (legally married or living in a conjugal relationship
for at least one year), a child, a legal person or company in which the
Employee holds 10% or more of the voting or controlling shares and of which
he is a director or officer, as well as a legal person controlled by the
Employee or by a person related to the Employee;
j) "Secretary" refers to the Vice-President and Corporate Secretary of the
Caisse de dépôt et placement du Québec and of CDP Capital;
k) "Security" means any security within the meaning of the Securities Act
(Québec), notably stocks, bonds, rights, warrants and all options, futures or
derivatives. For the purpose of this Code any present, contingent or
conditional or financial instrument that is convertible into a security or that
entitles the holder to purchase a security is also a Security.
Notwithstanding the foregoing, debt securities issued by a government,
Treasury bills or bonds, term notes and term deposits issued by a financial
institution or government are not covered by this definition;
l)
"Subsidiary" means a legal person in which the CDP Group holds the
majority of shares, including the real estate Subsidiaries in the Real Estate
Group as well as all specialized entities or companies constituted under the
Act respecting the Caisse de dépôt et placement du Québec;
m) "transaction" means any purchase, sale, transfer, disposition or any other
acquisition or assignment effected in any manner whatsoever, or any attempt
to effect any such transaction.
In the Code of Ethics and Professional Conduct, any words in Italics refer to the
definitions in this section.
2
General Provisions
B.
GENERAL PROVISIONS
B.1
Status of the Code and Three-year Review
This Code is decreed by the Chairman of the Board and General Manager
pursuant to Section 53 of the Regulation respecting the internal management of
the Caisse de dépôt et placement du Québec and has been approved by the
Board of Directors, which ensures a review thereof at least every three years
upon recommendation of the Committee on Human Resources, Ethics and
Corporate Governance (hereinafter referred to as the "Committee").
B.2
Scope of Application
This Code applies to all officers and employees of the CDP Group (hereinafter
referred to as "Employees") and to all persons bound contractually to the CDP.
The term of application includes any period during which an Employee holds a
position in the Group. Notwithstanding the foregoing, certain provisions or
special measures, such as those governing confidentiality of information, may
continue to apply even after the cessation of duties.
This Code does not apply to directors who are governed by a separate code of
ethics and professional conduct.
Subsidiaries of the Group
This Code applies to all wholly-owned Subsidiaries of the Group.
A Subsidiary that is not wholly-owned but is already governed by a code
approved by its board of directors shall continue to be governed by that code.
However, the Subsidiary must submit its code to the Committee on Human
Resources, Ethics and Corporate Governance, which may make
recommendations regarding the provisions thereof. The Committee may identify
specific provisions of this Code which, in its opinion, should in substance, be
contained in the code governing the not wholly-owned Subsidiary concerned, or
it may identify specific issues on which the Subsidiary should establish rules.
3
General Provisions
B.3
Compliance with Legislation and Regulations
This Code does not in way supersede the provisions of any applicable statute,
regulation, or code of conduct, given that the CDP Group wishes at all times to
strictly comply with the legislation and regulations in force, especially those
governing securities in the various countries in which the Group conducts its
activities.
B.4
Policies and Related Directives
The provisions contained in this Code do not in any way preclude the duly
authorized drafting of additional directives or rules, or directives or rules that
may be more specific to certain sectors or situations. All such provisions
supplement this document and determine the manner in which Employees of the
Group shall carry out their work. They are as follows:
ü
ü
B.5
Policy and Procedures Manual
•
Service policy for companies, partners and customers;
•
Policies on the management of human resources;
•
Policy on harassment;
•
Institutional policy on security of information technologies and
applicable guidelines;
•
Policy on contracts and application guidelines.
Compliance Manual.
Annual Statement
All Employees are required to confirm their compliance with the Code for the
calendar year ended. Also, before January 31 of each year, they must each
provide the Secretary with the appropriate Annual Portfolio Statement.
4
Rules of Professional Conduct
C.
RULES OF PROFESSIONAL CONDUCT
C.1
Knowledge of Applicable Legislation and Regulations
Employees must comply with the applicable legislation and regulations.
Accordingly, as ignorance of the law is no excuse, it is the duty of all Employees
to comply with the applicable regulations governing their duties.
C.2
Competence and Diligence
Employees must provide competent service with all due efficiency and diligence
in the performance of assigned tasks and responsibilities. Employees must also
strive for increased knowledge and show independent professional judgement.
C.3
Integrity of Accounting Records
The CDP Group prides itself on compliance with the highest standards regarding
the recording and presenting its transactions and the results thereof.
Furthermore, it wishes to maintain the mechanisms in place that ensure the
integrity of its accounting records. Accordingly, Employees who process and
record information on behalf of the Group must do so in scrupulous adherence
with the applicable and standards.
C.4
Loyalty, Honesty and Integrity
Employees must act with loyalty, honesty and integrity, and may not take part in
any manner whatsoever in illicit transactions or transactions which may be so
perceived.
C.5
Ethical Obligations Survive Cessation of Employment and
Duties
An Employee's obligations of loyalty and integrity continue after the Employee
ceases to be employed by or no longer performs duties with the CDP Group.
Former Employees must continue to respect and ensure the confidentiality of all
information brought to their attention in the performance of their duties.
Moreover, former Employees must continue to respect the integrity of the CDP
Group and refrain from using any item of Confidential Information to their
advantage, to the advantage or detriment of a third party or to the detriment of
the CDP Group.
5
Similarly, no former Employee may effect a transaction that would give the
former Employee a material benefit arising from or occasioned by such
Confidential Information unless it has become public.
C.6
Priority Accorded to Outside Duties and Activities
Employees must give first priority to their duties and positions within the Group
and must not allow their outside activities to interfere with the performance of
their duties within the Group.
Moreover, the performance of activities outside the position held by an
Employee must not be susceptible of constituting a contravention of the rules
contained in this Code; where the situation is unclear, the Employee may refer to
the Committee which may make any recommendation in respect thereof. No
employee may engage in outside activities for remuneration without having
obtained specific authorization form the Committee.
When an Employee engages in activities contemplated by this section, the
Employee must ensure that such activities are clearly personal to that
Employee, are perceived as such and do not in any way involve the CDP Group.
C.7
Use of Resources
Employees must use resources for the purposes for which they are intended,
and in compliance with the policies and directives issued in respect thereof. Any
personal or other use must be brought to the attention of the Committee.
Employees must ensure that CDP Group assets and funds are used exclusively
for Group purposes.
C.8
Business and Professional Relationships
Employees must maintain professional relationships based on honesty and
respect for individuals and the organization with the goal of establishing lasting
and equitable employment and business relationships. Employees must
specifically encourage respect for others and cooperation and professionalism
among colleagues.
C.9
Solicitation
No Employee may solicit funds from other Employees, suppliers, customers or
portfolio companies when such solicitation is intended to obtain funds, goods or
services for the benefit of an organization with which the Employee is personally
6
associated or when such activity formalizes the Employees involvement in such
a way that could create the impression that the CDP Group supports the
initiative, unless the Committee specifically authorizes such solicitation.
C.10
Inventions as Part of Employment Duties
Any invention, including computer software, developed by an Employee as part
of the Employee's duties, during or after business hours, belongs to the CDP
Group.
The Employee must disclose to the CDP Group all information regarding any
such invention and must cooperate with the CDP Group in registering the
copyright or patent. Moreover, Employees must sign assignments of rights in
favour of the CDP Group when required
C.11
Political Activities
Section 24 of the Regulation respecting the internal management of the Caisse
dépôt and placement du Québec determines the rules governing political activity.
Under the rules, it is prohibited to engage in partisan activity during a federal or
provincial election. Moreover, any Employee who wishes to run as a candidate in
any such election must indicate that intention by way of a letter of resignation to
take effect, if the need arises, on the day the Employee is officially proclaimed
elected. The Employee, upon announcing his or her candidacy for office shall be
regarded as on leave without pay.
The CDP Group does not wish to be involved in any manner whatsoever with the
personal political activities of any Employee, especially any activity of a
fundraising or partisan nature.
7
Confidentiality of information
D.
CONFIDENTIALITY OF INFORMATION
D.1
Basic Principle
Employees must respect the confidential nature of the information to which they
may have access and they may not communicate such information except to
authorized persons. Moreover, such information may not be used by an
Employee for his own or anyone else’s personal gain.
All Employees must give an undertaking to comply with the provisions provided
for in this section that involve, in certain circumstances, the application of the
Competition Act (R.S.C. 1985, c. C-34).
D.2
Scope of Application
This section applies to all Employees in their duties within the Group and when
they are called upon to represent the CDP Group or one of its Subsidiaries or
act on their behalf in dealings with companies and who are therefore likely to
have access to Confidential Information. The obligations in this section regarding
the protection of Confidential Information or restrictions on the use thereof
survive termination of the mandate and cessation of employment. For the
purposes of this section, a "company" is a legal person or partnership in which
the CDP Group has made or is considering making an investment. The affiliates
of the legal person or partnership are also "companies".
D.3
Protection of Confidential Information
Primacy
The purpose of this section is to affirm the primacy accorded by the Group to the
protection of Confidential Information within the framework of the applicable
legislative or regulatory provisions and undertakings or agreements entered into,
as well as through industry practices in this matter, such as the use of "Chinese
Walls".
"Chinese Walls"
The expression is a metaphor for all formal rules and procedures designed to
restrict and control the dissemination of Confidential Information received. All
such procedures contribute to maintaining confidence in and the integrity of
investment activities. In the ordinary course of its activities, the CDP Group may
obtain Confidential Information on public companies which, if known, could affect
the value of their shares. It is imperative that such information be kept strictly
8
Confidentiality of Information
confidential and not be used to the detriment of the issuers or to the benefit of
the Group's Employees. Accordingly, the measures proposed in this section
regarding confidentiality of information, others pertaining to personal
transactions, as well as the relevant procedures set forth in the Compliance
Manual all form a set of rules to be complied with by all Employees in
establishing "Chinese Walls".
Use of Confidential Information
Employees in possession of Confidential Information must advise the Corporate
Secretariat, which shall place the Security concerned under embargo if required.
Employees must refrain from communicating or using the information except for
the purpose for which it was provided or for which the Employee had access;
such purposes specifically include communication of the information within the
Group. In the latter case, the information may be discussed only with the
relevant persons on a need-to-know basis.
In the event of uncertainty regarding disclosure of Confidential Information, it is
the Employee's duty to obtain the requisite legal opinion.
D.4
Protection Measures Applicable to Confidential Information
Employees must take the necessary measures to respect the confidentiality of
information, specifically by doing the following:
ü
Refrain from leaving documents containing Confidential Information where
they can be read by third parties or Employees not concerned therewith;
ü
Take measures appropriate to ensure the material protection of documents
(keep under lock and key when not in use and, at night, use a password or
access code for computerized documents, etc;
ü
Do not discuss matters pertaining to the Confidential Information in public
places;
ü
Use designated units for copying and transmitting Confidential Information;
ü
Take appropriate measures to dispose of documents (shredding, archiving,
etc.);
ü
Return documents upon the cessation of duties;
ü
Give requisite notices to avoid Conflict of Interest situations; and
ü
Documents intended for circulation must be identified as containing
Confidential Information and dealt with accordingly.
9
In the event of inadvertent disclosure of Confidential Information, the Employee
concerned must submit a report to the Committee, which shall recommend such
measures as it considers necessary.
D.5
Media Contacts and Disclosure of Information
No Employee, unless authorized, may discuss or comment on a specific
investment or discuss any other subject pertaining to the CDP Group with
representatives of the news media.
D.6
Personal Investments, Current or Planned
Principle
Employees who currently have personal investments or who plan to make a
personal investment in a company or to work for a company, may not receive
any Confidential Information from another Employee concerning a competitor of
that company. In that regard, such Employees must withdraw from meetings or
discussion when Confidential Information may be disclosed.
Notwithstanding the foregoing, this provision does not preclude the exchange of
industry-related or market-related information, unless the nature of the
information is confidential within the meaning of this Code.
In general, Employees may not hold interests that are incompatible with the
performance of their duties and responsibilities.
Obligation of disclosure and responsibility for taking measures
Employees must notify the Secretary, on a confidential basis, of all proposals or
offers made by a company with which such Employees have a business
relationship on behalf of the CDP Group.
Employees must, as soon as discussions pertaining to employment are likely to
prove productive, notify their immediate superiors so that the necessary
measures may be taken. Employees must also advise the Secretary of the CDP
Group of the situation and report on the measures taken.
Specific application
Any person bound contractually to the CDP under a services agreement who
does not have employee status must inform the CDP Group, within a reasonable
period of time, of any offer of employment made by a company in respect of a
contract, an agreement or a mandate with the CDP Group and, in conjunction
with the Group, shall determine what measures are to be taken.
10
D.7
Communications with a Company, Partner or Customer
Confidentiality rule
All communications between an Employee and a company are subject to the
confidentiality rule, regardless of whether they involve review of an investment
proposal, the monitoring of an investment made or a fund management proposal
for a customer.
Consent to consultations
The submission of a financing proposal by a company must reflect its
acceptance of the fact that, while recognizing the confidential nature of the
communications, Employees must conduct studies, engage in consultations and
validations in order to recommend an investment or the monitoring of an
investment.
It is therefore the responsibility of the company, at the initial stage or at any
other stage thereafter, to notify the relevant Employee in writing of the
confidential nature of the information provided by it and the consultations and
validations that it agrees to for that sole purpose or to identify the information
that must be kept confidential.
Notification to the CDP Group
Similarly, a company may convey its concerns regarding the handling of
Confidential Information pertaining to it within the CDP Group or one of its
components. Accordingly, insofar as possible, it must specify the information
giving rise to such concerns and stipulate the use of such information or the
restrictions on use.
The notification may be given to the Employee handling the file or to the
Secretary of the CDP Group who must give notice thereof to all persons and
authorities concerned and report to the Committee.
Specific application
Even in the absence of a specific provision in the employment contract, services
agreement or mandate of a person who does not have Employee status, a
reference to the application of the CDP Code of Ethics and Professional
Conduct implies compliance with all provisions pertaining to confidentiality of all
information obtained from the CDP Group and from the companies with which it
does business, during and after the term of the agreement, contract or mandate.
11
Similarly, the aforementioned person may not use the information thus obtained
during or after the agreement, contract or mandate, to derive from it any
personal benefit or benefit for a third party.
When the views expressed by the Committee and the company diverge, the
rules set forth in this section shall be applied with the utmost strictness in order
to ensure that the Confidential Information is used for the purposes for which it
was transmitted.
12
Conflict of Interest
E.
CONFLICT OF INTEREST
E.1
General Principles
Incompatible interests
In order to ensure that their honesty and impartiality are beyond reproach,
Employees must avoid placing themselves in situations that could create
personal obligations that could be exploited explicitly or implicitly for the purpose
of obtaining preferential treatment within the Group.
Employees must take the necessary measures to avoid any Conflict of Interest
or appearance thereof, or any situation that could potentially or contingently
constitute a real or perceived conflict, in such a manner as to constantly
maintain impartiality in the performance of their tasks and responsibilities. Any
Employee in a real or apparent Conflict of Interest, potential or contingent must
withdraw from any discussions, decisions or assessment related to the particular
subject.
Obligation of disclosure
Employees must disclose to their immediate superiors and to the Secretary any
situation that may reasonably be construed as a Conflict of Interest situation,
and must comply, if applicable, with any directive or special condition
established in the application of this Code.
Situations to be avoided
Employees must avoid placing themselves in any Conflict of Interest situations.
Furthermore, there must be no conflict between an Employee’s personal
interests and his duties.
Employees must furthermore avoid situations in which they, a related person, a
dependent or a member of their immediate family could directly or indirectly
benefit from a transaction or contract concluded within the Group. Similarly,
Employees must avoid situations in which they, a related person, a dependent or
a member of their immediate family could directly or indirectly benefit from an
Employee’s influence or decision-making powers by virtue of the Employee’s
position within the Group.
Settling of personal matters
From the moment they assume their duties, Employees must settle their
personal matters in such a manner as to avoid incompatible interests as well as
any situation which might place them in a Conflict of Interest or, as the case may
13
be, take any necessary measures in order to comply with the provisions of this
Code.
Employment of related persons
Employment of related persons is permissible, but in each individual case, the
procedure followed must be equitable.
Nonetheless, when two related persons might hold a position in which one would
report to the other, the hiring of the person who does not already have a position
should be avoided.
Where such a situation occurs and both persons are already in the employ of
the Group, they are responsible for informing their immediate superior who shall,
if necessary, recommend specific conditions. If required, the Committee may
determine whatever terms and conditions it considers appropriate.
E.2
Personal Transactions
Given the importance and necessity for proper monitoring of personal
transactions, the rules detailed in a special policy set forth in Schedule E have
been adopted and are part of this Code.
E.3
Gifts, Donations, Services or Benefits
Principle
Employees must avoid giving or receiving any gift, donation, service, benefit or
other favour capable of affecting the performance of their roles and
responsibilities or that could adversely affect the credibility of the Group.
Employees must maintain high standards of independence and impartiality and
avoid being under a personal obligation to any person whatsoever.
14
Standards of acceptability
As a general rule, any gift, donation, service or benefit of a symbolic nature, that
is non-recurring and of small monetary value may be accepted in the ordinary
course of activities. The same applies as regards meals and tickets to cultural,
sporting or community events, provided that reasonable sums are involved. If
uncertain, the Employee may consult the Secretary, who will refer the matter to
the Committee, if necessary.
The Committee shall establish parameters of acceptability.
The following are some examples of situations regarded as unacceptable:
ü
An Employee participates in an event organized by a corporate customer,
an organization or non-profit company sponsored by the CDP Group and
accepts a door prize that is not negligible in value, such as a trip.
ü
An Employee develops a friendship with a business partner and as such
accepts goods or favours, regardless of their value, for himself and his
immediate family.
ü
An influential and or high-achieving Employee accepts a gift on the pretext
that it is justly deserved and is entitled to be treated as an exception to the
rule.
Important questions to ask oneself before accepting a gift
ü
Does the gift affect my ability to remain objective and independent?
ü
Have I properly considered all aspects and the scope of the situation?
ü
Would knowledge of my acceptance of the gift adversely affect the credibility
of the CDP Group?
ü
Am I be publicly perceived as being in a Conflict of Interest situation?
Gift that exceeds acceptability standards and the obligation to report the
gift
Gift, donations and benefits of small monetary value that are non-recurring and
given in the ordinary course of activities are acceptable. For example, this would
included a business lunch, tickets to cultural or sporting, gifts consistent with
standards of courtesy and hospitality exchanged by partners or presented at
public receptions, provided that they are reasonable.
In order to determine what is reasonable, consultation with one's immediate
superior is suggested. Thus, if you consider that although the standards may
have been exceeded, the situation does not constitute a Conflict of Interest and
15
you then decide to accept the gift, you must declare it to the Corporate
Secretariat, using the prescribed form. Should you be uncertain, refer to the
Secretariat before accepting, and report any gift received.
When the value of a gift, donation, service or benefit exceeds the established
standards or those determined from time to time by the Committee, the
Committee may apply any measure it may deem expedient, including recording
the related amount as an asset of the Group
E.4
Board Memberships
Rules governing board memberships put forward by the CDP Group or as
part of Employee’s duties
An Employee who sits on a board of directors, other than that of a Subsidiary, at
the request of the CDP Group or pursuant to an agreement to that effect, must
follow the following rules:
i)
Consult the Secretary concerning the obligations incumbent upon
directors of legal persons;
ii)
Declare any Conflict of Interest that may result from the Employee's role
as director; and
iii)
Remit attendance vouchers and other fees as well as options or
privileges to acquire same received by the Employee in his or her
capacity as director, following which the necessary documents must be
prepared for tax purposes and all necessary measures must be taken to
neutralize this situation.
Rules governing board memberships, other than those put forward by the
CDP Group
Whenever an Employee is invited to sit on a board of directors or on a
committee that fulfills or may fulfill such a role, without having been put forward
by the CDP Group, such invitation must reported to the Secretary.
An Employee invited to sit on a board or committee referred to above, must
obtain an opinion from the Committee in order to obtain authorization from the
Employee's immediate superior, and Clause E.4 iii) shall apply.
Such board memberships must be disclosed annually and filed with the
Secretary, and renewals shall be governed by the same terms and conditions.
16
Authorized remuneration
Notwithstanding the foregoing rules, the Committee may authorize remuneration
in light of special circumstances.
No solicitation
As regards all board memberships provided for in this section, Employees must
avoid any form of solicitation or representation involving the Group, unless the
Committee has given its authorization therefor or unless such actions are
engaged in as part of a public affairs policy.
Use of Group property and premises
As regards all board memberships provided for in this section, no Employee
may use material or equipment belonging to the Group, nor may the Employee
lead anyone to believe that the Group is connected with or involved in the
activities in which the Employee is participating, unless the Committee has given
its authorization therefor or unless such actions are performed as part of a public
affairs policy.
17
Roles, responsibilities and sanctions
F.
ROLES, RESPONSIBILITIES AND SANCTIONS
F.1
Responsibilities of Employees
This Code is part of the professional obligations of all Employees, who must give
a formal undertaking to read it and comply therewith and all directives or special
instructions that may be issued regarding the application thereof. Furthermore,
they must annually confirm their compliance with the Code. A copy of the Code
is provided to every person upon commencing duties.
In the event of doubt regarding the application of any provision, it is the
Employee's duty to consult the Secretary who shall, if necessary, refer to the
Committee.
Employees must be vigilant regarding situations that are contrary to the
principles set forth in this Code and to apprise the Secretary or the Committee of
any situation that may constitute a contravention thereof.
Specifically, each Employee, in accordance with the level of his or her position
and responsibilities must do the following:
ü
Set an example for colleagues and other Employees;
ü
Demonstrate leadership and promote compliance with the Code of Ethics
and Professional Conduct;
ü
Contribute to creating a corporate culture that facilitates discussion of
ethical issues;
ü
Ensure that all Employees under his or her supervision understand that
performance never takes precedence over compliance with the Code of
Ethics and Professional Conduct;
ü
Take action promptly when required and, where applicable, indicate the
behaviour that is unethical;
ü
Closely monitor and control the giving of gifts and entertainment for
professional purposes.
F.2
18
Role of the Secretary
ü
Prepares and disseminates reports required under this Code;
ü
Provides the necessary studies and documentation to Committee;
ü
Between meetings, the Secretary shall apply this Code according to the
parameters determined by the various committees and shall submit to such
Roles, Responsibilities and Sanctions
committees, on the basis of their respective jurisdictions, any situation that
requires a prior opinion or recommendation;
ü
May submit any situation which to his or knowledge may be covered by this
Code;
ü
Is responsible for the dissemination and interpretation of this Code; Issues
opinions and advice regarding application of the rules;
ü
Elaborates upon and updates the Code or policies pertaining to ethics;
ü
Ensures the monitoring of professional conduct and
investigations where there have been breaches of conduct;
ü
Assesses sanctions to be applied and makes appropriate
recommendations to the Chairman and General Manager, Committee or
Board of Directors;
ü
Gives explanations and interpretations of the Code and policies on ethical
conduct;
ü
Organizes training on ethical conduct;
ü
Meets with interested parties (Employees, managers and other parties if
required) to attempt to resolve problems of an ethical nature;
ü
Formulates the corporate vision or strategy on ethics;
ü
Advises senior management and the Committee on ethical dilemmas;
ü
Assists and advise Employees faced with ethical dilemmas;
ü
Calls meetings of the Committee as often as required regarding the
situations brought to his or her attention. The Secretary shall submit a
report on all activities for the relevant period for ratification or modification
of the conditions of application;
ü
Receives and analyzes complaints from customers and the public as well
as all confidential communication regarding non-compliance with the Code
and follows up such matters with the Chairman of the Board and General
Manager.
conducts
The minutes of Committee meetings and the Secretary's reports shall be
transmitted to the Chairman of the Board and General Manager.
19
Roles, responsibilities and sanctions
F.3
Role of the Committee on Human Resources, Ethics and
Corporate Governance
ü
In addition to any duty specifically provided for in this Code, the Committee
on Human Resources, Ethics and Corporate Governance may issue any
recommendation regarding any matter included therein or arising from the
application thereof;
ü
Receive reports submitted by the Secretary;
ü
May, on its own initiative, submit any proposal to the Chairman of the
Board and the General Manager.
F.4
Role of the Board of Directors
ü
The Board of Directors receives activity reports periodically from the
various committees;
ü
At the request of the Chairman of the Board, the General Manager or the
Committee on Human Resources, Ethics and Corporate Governance, the
Board of Directors may at any time examine any situation contemplated by
this Code and recommend any measure to be applied;
ü
The Board of Directors may issue opinions regarding a sanction applicable
to a contravention of this Code.
Any situation involving the General Manager must be brought to the attention of
the Chairman and Deputy Chairman of the Board.
F.5
Mechanism for Confidential Communication of Non-compliance
The CDP Group has designated the Secretary as the person responsible for
receiving and analyzing information regarding non-compliance with the Code
and of giving such information all due attention in the strictest of confidentiality.
Employee requests or complaints submitted in writing, by telephone or by e-mail
will be dealt with on a confidential basis. The purpose of the information
mechanism is as follows:
20
ü
To ensure that the CDP Group is made aware of conduct that may be
unethical;
ü
To provide information on the contents of the Code or a particular policy;
ü
To provide assistance to Employees who are faced with an ethical dilemma
in making a decision.
Roles, Responsibilities and Sanctions
F.6
Sanctions
Compliance with the Code of Ethics and Professional Conduct is mandatory.
Employees who contravene the spirit or the letter of the rules will be subject to
the disciplinary proceedings appropriate to the seriousness of the situation. The
disciplinary proceedings may take any of the following forms:
ü
A written warning placed in the Employee's record;
ü
Imposition of a fine or the obligation to personally proceed with a
transaction that may result in a financial loss;
ü
Suspension of the Employee;
ü
Dismissal of the Employee;
And, depending on the nature of the case, referral of the matter to:
ü
The relevant civil or regulatory authorities;
ü
The relevant judicial authorities in the case of contravention of penal
legislation.
The following are examples of conduct that may result in disciplinary
proceedings:
ü
Breach of a rule;
ü
Asking a third party to breach a rule;
ü
Failure to cooperate in an investigation.
The Committee is responsible for assessing contraventions and making
recommendations to the appropriate persons.
21
SCHEDULES
Schedule A
DECLARATION REGARDING GIFTS, DONATIONS,
SERVICES OR BENEFITS
IMPORTANT QUESTIONS TO ASK ONESELF BEFORE ACCEPTING A GIFT, DONATION,
SERVICE OR BENEFIT
Yes
No
Ø Does the gift affect my ability to remain objective and independent?
Ø Have I properly considered all aspects and scope of the situation?
Ø Would knowledge of my acceptance of the gift adversely affect the credibility
of the CDP Group?
Ø Am I publicly perceived as being in a Conflict of Interest situation?
Reminder of standards of acceptability
Gift, donation, service or benefit should be non-recurring in nature, of small monetary value,
offered in the ordinary course of activities; meals or tickets related to cultural, sporting or
community events would be acceptable provided that reasonable sums are involved.
If you consider that the standards of acceptability may have been exceeded but the
situation does not constitute a Conflict of Interest, declare the situation using this form. If
you are unsure, find out before accepting and declare any gift.
Description of the situation, gift, donation, service or benefit:
Position held and/or relationship with the third party offering the gift, donation, service or
benefit:
Financial value:
Signature:
Name:
Subsidiary/Division:
Title:
Date:
Schedule B
UNDERTAKING UPON BEING HIRED
TO COMPLY WITH THE CODE OF ETHICS AND PROFESSIONAL CONDUCT
I, the undersigned
hereby acknowledge that I have read and
understood the meaning and scope of the CDP Code of Ethics and Professional Conduct and I undertake
to comply with the requirements thereof.
I hereby declare all outside interests and activities that could be regarded as being in conflict with
the interests of the CDP Group or of persons with whom the CDP Group has a business relationship. I
also include the names of the companies for which I act as an officer or director, independently of any
request to so act having been made by the CDP Group:
Securities in my personal investment portfolio that are subject to the pre-authorization process (for
example listed or unlisted shares, share derivatives, and corporate bonds). Provide the following
information or statements of account:
Security
Issuer
Dealer
Where applicable, I enclose an inventory of the Securities of the persons for whom I act as mandatary,
attorney or representative that are subject to pre-authorization.
I hereby certify that the information provided in this declaration is complete and accurate.
Signature:
Title:
Date:
Schedule C
ANNUAL STATEMENT REGARDING COMPLIANCE WITH THE CDP CODE OF
ETHICS AND PROFESSIONAL CONDUCT
I, the undersigned
hereby acknowledge that I have read
and understood the meaning and scope of the CDP Code of Ethics and Professional
Conduct. I hereby certify that I have complied with it during the past calendar year and I
undertake to comply with the requirements thereof in the future.
Specifically, I hereby state that I have complied with the clauses pertaining to confidentiality
of information, if not, I have provided details of the relevant situations.
Moreover, I have taken the necessary measures to ensure impartiality in the performance of
my duties and responsibilities, by avoiding placing myself in a Conflict of Interest situation.
I hereby declare all outside activities or interests that could be regarded as being in conflict
with the interests of the CDP Group or of persons with whom the CDP Group has a
business relationship. I also include the names of the companies for whom I act as officer
or director, independently of any request by the CDP Group that I so act:
In no case have I offered or accepted any gift, donation, service or benefit other than those
that are of a symbolic nature, of small monetary value and non-recurring. I hereby
acknowledge that I am fully aware of my obligation to report any gift, donation, service or
benefit that exceeds this standard, using the prescribed form.
I hereby also state that I have complied with the provisions of the Code regarding personal
transactions. Neither I, nor the persons for whom I act as mandatary, attorney,
representative or adviser, has contravened any such provisions. Specifically:
I have not traded in prohibited Securities;
•
•
I obtained pre-authorization before trading in prescribed Securities;
I have complied with all notices and opinions received from the Compliance Division.
Signature:
Title:
Date:
Schedule D
ANNUAL PORTFOLIO STATEMENT
AS AT DECEMBER 31
PORTFOLIO CONSISTING SOLELY OF SECURITIES THAT DO NOT REQUIRE PREAUTHORIZATION
hereby state that my personal investment
I, the undersigned
portfolio consists solely of Securities that are not subject to the pre-authorization process
provided for in the Policy on Personal Transactions appended to the Code of Ethics and
Professional Conduct.
Securities not subject to pre-authorization:
•
•
•
•
•
•
Treasury Bills or money market instruments
Deposit certificates
Government bonds (federal, provincial, municipal and public utility bonds and those
issued by school boards and other similar statutory bodies) including government
bond derivatives
Security indexes and market index derivatives
Units in any mutual fund
Securities purchased under a dividend re-investment plan
Where applicable, I enclose an inventory of the Securities of the persons for whom I act as
mandatary, attorney, representative or adviser that are subject to pre-authorization.
I hereby certify that I have not disclosed any Confidential Information to any person,
specifically to members of my family or other persons living with me.
Signature:
Title:
Date:
Schedule D
AS AT DECEMBER 31
PORTFOLIO GOVERNED BY A "BLIND TRUST" AGREEMENT
hereby state that my personal investment
I, the undersigned
portfolio is managed by a third party pursuant to a "blind trust" or discretionary depositmanagement agreement and that I am not in any way informed of any transactions effected
in my account. The Agreement is filed with the Corporate Secretariat.
mandatary, attorney or representative that are subject to pre-authorization.
I hereby certify that I have not disclosed Confidential Information to any person whatsoever,
specifically to members of my family or other persons living with me.
Signature:
Title:
Date:
Schedule D
AS AT DECEMBER 31
PORTFOLIO CONTAINING SECURITIES SUBJECT TO PRE-AUTHORIZATION
For example shares, listed or unlisted, share derivatives, corporate bonds, etc. Provide the
following information or statements of account:
Security
Issuer
Dealer
mandatary, attorney or representative that are subject to pre-authorization.
I hereby certify that I have not disclosed Confidential Information to any person whatsoever,
specifically to members of my family or other persons living with me. I hereby certify that the
information provided in this declaration is complete and accurate.
Name:
Signature:
Title:
Date:
Schedule E
POLICY ON
PERSONAL TRANSACTIONS
Goal
To set forth management's expectations that all persons in the CDP Group not
benefit personally from their position within the CDP Group or derive personal gain
from received information, in order to maintain confidence in the integrity of the CDP
Group and safeguard its reputation.
Context
This policy is of paramount importance as it is aimed at respect for basic values
adopted by the CDP Group, specifically integrity and ethics. In that regard, honesty,
transparency, professionalism, confidentiality and rigor must exist at all levels within
the organization in order to ensure that the interests of CDP customers, depositors,
unitholders in funds managed by CDP Capital as well as those of other investors
remain our top priority.
In connection with the task of fund management with which institutional customers
throughout the world are increasingly entrusting it, the CDP Group must implement
the requisite initiatives to manage its ethical risks in order to measure up against the
best practices in its sphere of activities. The CDP Group also prefers a pro-active
approach regarding the context-adapted recommendations of bodies concerned,
such as the AIMR, the IFIC and various securities commissions.
This Policy does not in any way supersede any applicable legislative provisions,
specifically those enacted in securities legislation. The principles enunciated in this
Policy are intended to supplement the rules and legislation of general application
pertaining to securities.
1)
Persons concerned
This policy applies:
ü
To all Employees and officers;
ü
To consultants in accordance with the terms and conditions set forth in the
specific policy;
ü
To persons for whom the above-mentioned persons act as mandatary,
attorney, representative or advisor.
1
2)
Basic Principles
All persons concerned must respect the confidentiality of information to which they
may have access and may not communicate such information except to authorized
persons. Moreover, no person may use the information for personal gain or to the
benefit of any other persons.
All persons concerned may not disclose any information to any other person
regarding the content of the lists to which they have access or the conditions or
terms determined by the Committee on Human Resources, Ethics and Corporate
Governance (the Committee) regarding specific Securities or specific types of
transactions.
In general, the persons concerned may not hold any interests that are incompatible
with the performance of their duties and responsibilities.
They must effect their personal transactions in the ordinary course of business and
in accordance with market prices and commissions or market fees.
In their relations with a Dealer regarding the finalizing of personal transactions, the
persons concerned must avoid placing themselves in a situation that could be
perceived as creating a Conflict of Interest with their position with the CDP Group.
Priority to customers and depositors
The persons concerned must conduct themselves so that the investments for the
CDP Group always take priority in all respects over their personal investments and
those of the members or their immediate families, acquaintances or friends any
other person living with them.
3)
Prohibited Transactions
No transaction may be effected by the persons concerned in the following
circumstances:
2
ü
When they have had access to privileged information;
ü
Regarding Securities on the "List of Securities to be Monitored" (embargo) kept
up-to-date by the Corporate Secretariat;
ü
Regarding Securities on the "List of Securities to be Monitored, Prior
Verifications with the Corporate Secretariat";
ü
Regarding Securities on the list of Securities where the CDP and/or one of its
Subsidiaries are insiders;
ü
Regarding "venture capital deals" already in portfolios managed by the CDP
Group (unlisted Securities);
ü
Regarding shares of a company issued under an initial public offering ("IPO
shares") except for Stock Savings Plan (SSP) Securities;
The Compliance Division shall determine all exceptions.
New Employee
Employees holding a Security on one of the aforementioned lists at the time of taking
up their positions must keep them or dispose of them as prescribed by the
Committee.
Waiting period where Confidential Information has become public
Where to the knowledge of an officer or Employee, Confidential Information has
become public, officer or Employee must wait until a reasonable time has elapsed
before proceeding with a transaction on the basis of the information. They must also
ensure that no other person proceeds with such a transaction without waiting for
such reasonable time to have elapsed.
Departmental directives
Departmental directives may from time to time supplement this policy.
4)
Securities Subject to the Pre-authorization Process
•
All Securities, regardless of whether they are held in a regular account or in an
RRSP account, except the following:
ü
Treasury Bills or money market instruments;
ü
Deposit certificates;
ü
Government bonds (including federal, provincial, municipal and public utility
bonds and those issued by school boards and other similar statutory bodies)
and government bond derivatives;
ü
Security indexes and market index derivatives;
ü
Units in any mutual fund;
ü
Securities purchased under a divided re-investment plan.
3
For example, the pre-authorization process applies to all shares (listed or unlisted),
share derivatives and corporate bonds, etc.
5)
Pre-authorization Process for Personal Transactions
Prior verification
It is the duty of all persons to whom this Code applies to conduct appropriate prior
verifications to avoid a situation incompatible with their duties and to avoid any use of
Confidential Information.
All transactions, except those listed in point 4, effected by Employees, officers and
certain consultants require prior authorization.
Procedures
Requests for authorization, using the prescribed form, must be sent to the Corporate
Secretariat.
A reply shall automatically be provided after comparison with the lists of prohibited
transactions, which includes the confidential liste maintained in the Secretariat as
well as very recent transactions of the CDP Group.
The reply is entered in the Authorization Requests management system.
Duration of validity of authorization
Authorization remains valid for the day it is given.
Maintenance of a confidential list of prohibited transactions
The list basically consists of Securities in the CDP Group's Buy/Sell program. It is
updated under the supervision of the Corporate Secretariat.
Every manager or Vice-President responsible for portfolio management must
promptly notify the Corporate Secretariat if he or she has reason to believe that a
Security should be added to aforementioned list.
Abstention period
The pre-authorization process subjects the persons concerned to a period of
abstention from personal transactions that applies for five (5) business days before
and after the transaction date of a Security bought or sold by the CDP Group and
until the buy or sell order is executed or cancelled.
4
Exceptions
The Compliance Director may determine certain exceptions to the rules at the time
of the pre-authorization process.
For example, the following personal transactions, unless they are covered in point 3),
should be authorized in accordance with the pre-authorization process:
6)
ü
Regarding Securities traded in non-Canadian or emerging markets;
ü
Regarding Securities that are part of an index;
ü
Regarding Securities of minor importance compared to the level of trading on
organized markets;
Minimum Holding Period
The persons concerned must keep Securities acquired personally for 30 calendar
days.
7)
Declaration of Personal Transactions
All persons concerned are required to arrange for a duplicate of all confirmations of
transactions and all monthly statements of account to be sent directly to the
Corporate Secretariat and/or daily transmission of personal transactions via
electronic links with Dealers.
Moreover, one copy of any Insider Trading Report filed with the regulatory
authorities, where applicable, must be remitted to the Corporate Secretariat, which
shall keep it on a confidential basis.
5
8)
Discretionary Management Agreement
Security transactions effected pursuant to discretionary management agreement,
namely, where an Employee or an officer gives a securities Dealer or a portfolio
manager the authority to effect Security transaction on behalf of the Employee or
officer without being required beforehand to consult the Employee or the officer
regarding such transactions, are exempted from the pre-authorization process.
Notwithstanding the foregoing, legislation pertaining to insider trading may create
problems for such an agreement if the Dealer or portfolio manager buys or sells
Securities when the Employee or the officer has knowledge of undisclosed material
information concerning the issuer. In such a case, it may be difficult for the
Employee or the officer to establish, as regards a particular transaction, that the
Dealer or the portfolio manager did not consult the Employee or the officer
beforehand. Employees or officers who have discretionary management agreements
could ensure that they are protected by establishing a "blind trust" or by requiring
that the Dealer or portfolio manager consult the Employee prior to effecting any
transaction.
In the latter case, Employees or officers with discretionary management agreements
should establish a procedure with the Dealer or portfolio manager whereby every
transaction effected is documented to ensure consultation with the Employee or the
officer. The procedure should be in writing. Regarding the transactions in question,
the Employee or the officer must comply with insider trading requirements.
In the case of discretionary management agreements, monthly statements of
account and Annual Portfolio Statements must be submitted to the Corporate
Secretariat unless, according to parameters set by the Committee, the nature of the
portfolio Securities do not call for special terms and conditions or authorization.
9)
Blind Trust
Where the account holder is not informed in any manner whatsoever of transactions
effected in his or her account and of the composition of the account holder's
portfolio, which may be appropriate for certain senior management and executive
positions, all that is required is that the blind deposit-management mandate or blind
trust agreement be submitted to the Corporate Secretariat. No restriction would then
apply.
6
10)
Statements and Declarations required annually and Upon Being Hired
Upon being hired and at least once a year thereafter, as at December 31 and for
submission before January 31 of the following year, all Employees, officers and
certain consultants must complete the following pertinent forms:
ü
Annual Statement regarding past compliance with the Code of Ethics and
Professional Conduct;
ü
The following Annual Portfolio Statements, whichever is appropriate:
ü
11)
o
Portfolio consisting solely of Securities that do not require preauthorization;
o
Portfolio governed by "blind trust" agreement;
o
Portfolio containing Securities subject to pre-authorization;
Declaration upon being hired regarding adherence to the Code of Ethics and
Professional Conduct.
Sanctions for Non-compliance
Certain sanctions, depending on the seriousness of the contravention of this Code
will be applied, ranging from verbal or written reprimands to dismissal. The
Committee shall impose the appropriate sanction.
12)
Compliance
The Compliance Division shall implement the following procedures:
ü
ü
Reconciliation of confirmations of transactions and statements of account with
CDP Group transactions to verify:
o
that there has not been any "front running", namely, that personal
interests did not prevail over those of the CDP Group;
o
consistency between
transactions;
o
compliance with the abstention period;
o
compliance with the security-holding period;
o
compliance with prohibited transaction lists.
reported
transactions
and
authorized
Mechanism for ensuring timely receipt of all confirmations of transactions,
statements of account, and statements and declarations required annually and
upon being hired;
7
ü
13)
Random review of annual declarations in comparison with monthly information
received.
Reporting
The Corporate Secretariat shall report all breaches of which it has been informed to
the Committee and all situations requiring its attention. Once a year, the Secretariat
shall submit a report on activities, prepared with the utmost respect for confidentiality
of information.
8
www.cdpcapital.com
1000, place Jean-Paul-Riopelle
Montréal (Québec)
H2Z 2B3
Tel: (514) 842-3261
Fax: (514) 847-2498

Additional Information 2002 - Caisse de dépôt et placement du

Transcription

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