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1996 Operations Report
Page 1
1996 OPERATIONS REPORT
Overview Financial Review and Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Section Headings Message from the Chairman of the Board and Chief Executive Officer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Investments and Returns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Operations Core Portfolios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Private Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Depositors' Accounts Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Administration and Institutional Affairs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Contribution to the vitality of the Québec economy and support for Montréal as a financial centre . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Caisse Board of Directors and Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 Administrative Information - Caisse Real Estate Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 Administrative Information - Caisse Private Investments Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Offices in Québec and abroad . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
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Tables and graphs
Financial statistics
8
Breakdown of investments
62
Changes in depositors' holdings in 1996
8
Caisse returns
63
Annual interest or income paid out on average deposits
9
Financial indices
63
11
Summary of bond portfolio
Acquisitions of new bonds issued by the Gouvernement du Québec and the Québec public sector
13
Acquisitions of new bonds issued by the Gouvernement du Québec and the Québec public sector in 1996
64
Investments in Canadian corporate shares and bonds by sector of activity
13
Changes in yield on Treasury Bills in 1996
64
Participation in new bond issues of the Gouvernement du Québec in 1996
17
Changes in the Canadian dollar in 1996
65
19
Private investments realized in 1996
Statement of bonds acquired directly from the Gouvernement du Québec or Hydro-Québec
20
Changes in private investments
67
Statement of real estate holdings
21
Breakdown of private investments by amount
71
Hypothèques CDPQ - Mortgages of $5 million and over
21
Breakdown of private investments under management by subsidiary
72
Statement of properties held for resale
73
Caisse Real Estate Group - Summaries of the specific portfolios
74
Investments in shares and bonds of public corporations
23
Caisse Real Estate Group portfolio
24
Sectorial distribution of Caisse Real Estate Group portfolio
120 Investments in shares and bonds of private corporations
24
Breakdown of real estate portfolio
25
Breakdown of real estate holdings
25
Geographical breakdown of the real estate portfolio
28
Depositors
30
Breakdown of depositors' holdings
30
Changes in depositors' holdings
30
Value added to depositors' funds since 1966
34
Caisse returns 1966-1996
41
Report of Management
130 Summary of foreign investments
41
Auditor's Report
131 Summary of short-term investments
42
Financial statements
131 Changes in private investments
Ten-year review 126 Funds entrusted by depositors 128 Summary of depositors' holdings 128 Funds' net assets 129 Net income allocated to depositors 129 Changes in investments as part of net assets 130 Summary of investments
132 Breakdown of investments in percentage
Supplementary information 56
Summary financial statements for the funds
58
Summary financial statements for the specific portfolios
134 Breakdown of investments in millions of dollars 136 Administrative statistics
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FINANCIAL REVIEW AND TOTAL RETURN 1996
1995
NET ASSETS Investments at cost Bonds Shares and convertible securities Mortgages Real estate holdings Short-term investments Securities acquired under reverse repurchase agreements
23,653 19,742 1,487 4,375 2,075
22,661 16,127 1,642 3,424 3,067
21,948 15,504 1,874 2,412 1,796
20,689 14,179 1,847 2,094 2,778
19,200 14,286 1,966 1,823 1,984
1,324
62
-
-
-
Total investments Other assets and liabilities
52,656 (2,905)
46,983 (657)
43,534 333
41,587 560
39,259 286
Total net assets at cost Excess fair value over cost of investments
49,751
46,326
43,867
42,147
39,545
7,463
4,859
993
4,970
1,762
Total net assets at fair value
57,214
51,185
44,860
47,117
41,307
23,137 15,660 5,543 5,705 5,568
19,502 15,361 4,974 4,962 4,943
16,046 14,409 4,692 4,219 4,264
15,917 16,401 5,710 4,315 4,360
12,895 15,201 5,328 3,835 3,753
1,088 513
939 504
803 427
414
295
57,214
51,185
44,860
47,117
41,307
2,819
2,867
2,717
2,631
2,693
2,213
1,212
166
1,358
576
Accumulated net income Accumulated unrealized increase (decrease) in value
5,032 2,604
4,079 3,863
2,883 (3,975)
3,989 3,661
3,269 (1,603)
Total net depositors' income
7,636
7,942
(1,092)
7,650
1,666
Net depositors' withdrawals
1,607
1,617
1,165
1,840
1,412
1996
1992-1996 (5 years)
1987-1996 (10 years)
Total return
15.6
10.8
10.2
Current return
11.9
9.0
9.5
DEPOSITORS' HOLDINGS Commission administrative des régimes de retraite et d'assurances - RREGOP Régie des rentes du Québec Société de l'assurance automobile du Québec Commission de la santé et de la sécurité du travail Commission de la construction du Québec Fonds d'amortissem*nt des régimes de retraite gouvernementaux Other depositors Total depositors' holdings NET DEPOSITORS' INCOME Net income from investments Accumulated gains and losses on the sale of investments
1994 1993 (in millions of dollars)
1992
Figures prior to 1995 have not been restated to conform with the presentation of 1996.
fair value - in percentage Total return is calculated using the time-weighted method. Current return is calculated at cost.
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PROFILE
A portfolio manager, the Caisse de dépôt et placement du Québec invests the funds entrusted to it by Québec public pension and insurance plans and various public bodies. Since its creation by a special Act of the National Assembly in 1965, the Caisse has had the objective of achieving optimal financial returns and contributing by its activities to the vitality of the Québec economy, while ensuring the safety of the capital under management. A team of professionals makes an astute selection of investments and actively manages the Caisse portfolio. In doing so, managers use the best financial vehicles available: bonds, shares and convertible securities, mortgages, real estate and short-term investments, and derivative products. Active on all major financial markets, the Caisse is also the leading provider of risk capital in Québec and in Canada for private investments. The Caisse is also the leading investor in the Canadian stock market and is an important portfolio manager in North America. Operations are worldwide: the Americas, Europe and Asia. Its principal place of business is in Montréal, a major financial centre, while its Québec regional network Accès Capital has over 10 offices across Québec. The Caisse also shares representative offices in various countries.
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MESSAGE FROM THE CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER
In 1996, thanks to its investment management teams, the Caisse de dépôt et placement du Québec achieved an overall return of 15.6%, bringing the average annual return for the last two years to 16.9%, the five-year return to 10.8% and the 10-year return to 10.2%. Income and added value totalled $15.5 billion for the last two years, $7.6 billion of which was generated in 1996. Assets rose from $44.9 billion at year-end 1994 to $51.2 billion at the end of 1995 and $57.2 billion at the end of 1996. Withdrawals by depositors were $1.6 billion in both 1995 and 1996. The 1996 Caisse results were very much in line with its long-term asset mix objectives. Bonds and other fixedincome instruments remain the largest asset class, while equities continue at the 40% legal limit, lower than most major pension funds and the real estate and mortgage sector represents 8 to 10% of assets. Overall, this asset mix has proven to be profitable for the domestic market over the last 15 years. In 1996, however, North American stock markets outperformed bond markets by a wide margin, with investor demand pushing up the value of the Canadian equities market by approximately 28% for the year. On its Québec and Canadian equities, which account for approximately 25% of the portfolio, the Caisse came close to matching the return for the domestic equities market, with one of the lowest portfolio risk levels in recent years. In other words, the Caisse adopted a cautious approach in 1996 in both the domestic and U.S. markets. However, it resisted the temptation – and was proven right – to liquidate its U.S. equity positions, which might have been a justifiable response to the extraordinarily high returns in this market in 1995. Overall, the performance of the foreign equity portfolio exceeded the objectives set. For their part, real estate investments finally seemed to have emerged from their long slump, with a 1996 return comparable to bond yields. In future years, the Caisse expects real estate investments to make a useful and positive contribution to its returns as a stabilizing force, which is the role they were originally intended to play. The managers responsible for fixed-income securities, in other words the management of interest rate risk, obtained an excellent performance from their portfolio, once again demonstrating a remarkably high level of expertise. The Private Investments Group also turned in noteworthy results. The five subsidiaries formed in 1995 were given the task of executing a $1.3 billion investment programme in 1996 and 1997. In 1996 alone, they succeeded in carrying out 80% of the programme with investments of $1.040 billion, generating a 31.5% return on their total portfolio of domestic equities and 20% on foreign securities. The management and Board of Directors of the Caisse believe such private investments offer long-term potential that, with the added value in the form of talent, expertise, information and networks, may surpass performance on markets that are increasingly efficient. They also offer opportunities for making a positive impact on the Québec economy, employment and businesses in Québec. Private investments will therefore continue to grow as a proportion of the total portfolio. In spite of rapid changes in the world of finance, the Caisse remains committed to its original mission: obtaining the best possible financial returns continues to be its fundamental purpose. The second important aspect of its mission, obtaining economic returns, or in other words, securing collateral economic benefits, calls for close and informed partnerships with results-oriented Québec businesses of all sizes and in all sectors and with all participants in Québec’s financial and economic life.
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The Caisse intends to promote the expansion of high-potential sectors such as technological innovation, communications, telecommunications and biotechnology, without neglecting successful businesses in more traditional sectors, which continue to play an important role both in the economy and in its portfolios. Small, midsize and large businesses interested in capturing foreign markets are the object of special attention. It was for this reason that in 1996 the Caisse, in conjunction with other partners, set up Infradev International, a company specializing in infrastructure project financing. The Caisse also offers financial backing for foreign companies seeking to establish themselves in Québec and supports Québec-based companies in their efforts to expand into foreign markets. The institution worked harder than ever at fostering entrepreneurship and stimulating the creation of new businesses to strengthen the industrial and commercial fabric of its milieu. In 1996, for example, the Caisse went straight to the heart of local economies by setting up Accès Capital, a business investment network that will operate in every region of Québec and deliver the full range of financial products as well as the expertise of the Caisse and its partners. A programme for loans of less than $250,000 was also introduced to support business startups. Sodémex, an investment company specializing in capital for small mining exploration companies, was formed during the year. Parallel to its activities at home, the Caisse continued its expansion abroad to provide services and business opportunities to its partners and thereby enhance the return on its portfolios. To assure its economic vitality and favourable conditions for business, Montréal, as the engine of economic activity in Québec, must be able to rely on a dynamic and vigorous financial industry. Montréal’s strength, effectiveness and success as a financial centre depend on the commitment, determination and involvement of all participants. The presence of strong and efficient local institutions is central to this strategy for increasing financial activity and creating quality employment. The Caisse is resolved to support local institutions by continuing, for instance, to trade on the Montréal Exchange and by actively participating in the derivatives market. Furthermore, it fosters business partnerships which target the same objectives. In its never-ending pursuit of excellence, the Caisse counts on one of the best teams in the business, made up of creative, innovative specialists who are keenly aware of the stakes not only in their own sector of activity, but also in the world around them. Having a high-calibre team will remain vital to the institution so it can meet the many challenges ahead. Expertise and information The economy has become increasingly global in scope and is driven by knowledge and know-how. In a knowledge-based economy, the strategic analysis of information is crucial, and it is this capacity which transforms the institution’s partnerships and alliances into a genuine network. It also encourages a winning strategy. Success hinges on having intelligent, efficient, rapid and uninterrupted access to quality information, and the ability to act on it. This is one of the challenges facing our management teams in 1997 and the years leading up to the year 2000. On behalf of the Board of Directors, I wish to express my thanks to all the personnel of the Caisse and its subsidiaries for their efforts and their drive to innovate, build and succeed, and of course, for the remarkable overall results they achieved in 1996. It is to them first and foremost that we owe our success. The Board of Directors, for its part, carried out a review of each investment sector, its orientations and its management style. It also adopted the business plan of the Caisse as a whole and reviewed the business plan of the Real Estate Group, which integrated mortgage financing activities during the year, and adopted the business plan of the Private Investments Group.
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The Committees of the Board - the Resources Committee, the Audit Committee, the Board of the Caisse Real Estate Group, as well as the Ethics and Corporate Governance Committee - were particularly active, and made a significant contribution to the institution and its operations. I would be remiss if I did not thank the members of the Board for the invaluable assistance which they provide to the institution. I would especially like to express our appreciation to Ms. Denise Verreault, Mr. Alain Rhéaume and Mr. Pierre Shedleur, three members of the Board who stepped down during the year, and extend a sincere welcome to Mr. Gilles Godbout, who joined the Board in 1996.
Jean-Claude Scraire Chairman of the Board and Chief Executive Officer
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INVESTMENTS AND RETURNS
The breakdown of investments at the end of 1996 reflected the long-term orientations of the total portfolio, which are to reduce the weighting in bonds, short-term investments and Canadian equities, and to increase that of foreign equities, including U.S. securities.
1
BREAKDOWN OF INVESTMENTS as at 31 December 31, 1996 fair value - in percentage
The yield on the Caisse bond portfolio stood at 12.7%, despite low interest rates, outperforming the comparable figure for that market's index. Stock markets had an outstanding year in 1996. Return deriving from the various management styles applied to the Caisse Canadian equities portfolio reached 27.1%, while its U.S. equities portfolio posted 21.6%.
2
CAISSE RETURNS in percentage 1996
1992-1996 (5 years)
1987-1996 (10 years)
Bonds Canadian shares U.S. shares Other foreign shares1 Mortgages Specific real estate investments portfolio Short-term investments
12.7 27.1 21.6 13.2 12.0 12.2 5.4
11.1 13.6 8.5 9.7 (2.9) 6.2
11.3 10.3 7.2 11.0 2.4 -
TOTAL RETURN2
15.6
10.8
10.2
11.9
9.0
9.5
Current rate of return
3
1
Data prior to April 1994 includes U.S. shares.
2
The total return includes results of tactical currency transactions, tactical and strategic investments, as well as cash management operations.
3
The current rate of return is calculated at cost while the other rates of return are calculated at fair value using the time-weighted method.
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3
FINANCIAL INDICES in percentage 1996
1992-1996 (5 years)
1987-1996 (10 years)
12.3 12.7 11.8
11.0 11.1 10.4
11.0 11.1 10.6
30.0 28.6 27.2 28.3 32.8 29.9 34.0
13.5 13.6 16.2 13.9 13.4 13.3 -
10.8 10.4 8.7 10.1 10.6 10.1 -
21.7 23.5 24.1 28.7 19.1 18.8 11.4 11.6 12.5 6.6 9.8 23.7 28.2 11.6 (2.6)
16.2 19.1 15.6 18.3 11.3 12.2 8.5 8.0 8.9 11.9 5.5 5.6 12.9 10.6 (3.4)
16.8 15.2 15.4 16.5 11.0 11.4 7.8 6.1 10.1 8.4 4.2 8.5 7.3 9.4 0.3
8.3 12.5
7.2 9.6
9.2 10.8
8.2
(4.0)
2.9
5.0
6.1
8.4
BONDS ScotiaMcLeod Universe ScotiaMcLeod Medium-Term Salomon Brothers Canada1 CANADIAN EQUITIES TSE 35 TSE 100 TSE 200 TSE 300 XXM - Montréal MSCI - Canada2 LBG Québec small cap FOREIGN EQUITIES S & P 5002 Hedged Unhedged MSCI - US2, 3 Dow Jones2, 3 NYSE2, 3, 4 Wilshire 50002, 3 MSCI - EAFE + EMF 5 MSCI - EAFE Hedged Unhedged Financial Times World, exluding U.S.2, 3 CAC 40 - France2, 3, 4, 6 DAX - Germany2, 3, 4 FT-SE 100 - United Kingdom2, 3, 4 NIKKEI 225 - Japan2, 3, 4 REAL ESTATE SECTOR Mortgages ScotiaMcLeod - residential mortgages (1 year)7 ScotiaMcLeod - residential mortgages (3 years)7 Real estate investments MLH+A8 SHORT-TERM INVESTMENTS ScotiaMcLeod - Canadian Treasury bills (91 days) 1
Remaining maturities of at least one year.
2
Without witholding taxes for foreigners not benefiting from any double taxation treaty.
3
Local currencies.
4
Price index.
5
Data prior to January 1991 does not include hedging against foreign exchange risk. The MSCI-World index is used for periods prior to April 1994, and the MSCI-EAFE is used for the period from April 1994 to December 1995.
6
Includes the MSCI - France index return for the first six months of 1987.
7
Does not account for non-performing loans or foreclosures.
8
Prior to 1993, the reference index was the Frank Russell Canada.
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The foreign equity portfolio offered a 13.2% return, more than 180 basis points higher than the hedged MSCI EAFE + EMF index. Equity investments performed very well. The private investments in Canadian equities produced a remarkable result of 31.5%. The 20% return on private investments in foreign equities outperformed the hedged MSCI EAFE + EMF index by 860 basis points. The Caisse's real estate portfolio reported a 12.2% return, still a good performance given the gloom prevailing in this sector for several years, and representing 400 basis points more than the MLH+A real estate index at 8.2%. Apart from short-term investments, all asset classes obtained returns over 11%, an impressive showing in a low interest rate context. The overall return stood at 15.6%, a very satisfactory result in the context of an inflation rate of 2%. The year 1996 has therefore been very profitable to Caisse depositors, with real return the fifth highest in its history. Selection of securities in the different asset classes again proved to be a winning factor in 1996, since wise picks improved Caisse earnings by over $54 million. The holdings of Caisse depositors had an aggregate fair value of $57.2 billion at year-end.
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OPERATIONS - CORE PORTFOLIOS
Bond and money market investments Team of 28 specialists Total portfolio value:$27.9 billion, a 2.1% increase over 1995
Bonds Bond portfolio of $25.8 billion at fair value, 42.8% of the Caisse's total investments Daily trading volume of $438 million, 88% in Montréal Record trading volume on Government of Canada bonds, all in Montréal The Caisse profited from exceptional movements in Canada-U.S. yield spreads
4
SUMMARY OF BOND PORTFOLIO as at December 31, 1996 in millions of dollars Fair value ($)
(%)
Average nominal rate1 (%)
10,633.5 6,684.8 14.7
41.21 25.90 0.06
8.53 7.99 8.06
7.81 8.67 7.13
4.88 5.27 5.42
5,436.3 110.0
21.06 0.42
7.39 10.50
12.57 11.81
6.83 7.15
2,021.6 301.4
7.83 1.17
10.77 8.85
6.65 7.28
4.51 3.75
25,202.3
97.65
8.30
9.04
5.37
485.9 122.4
1.88 0.47
6.84 8.89
9.36 21.46
6.73 11.51
25,810.6
100.00
8.28
9.11
5.43
Securities Domestic Government issued Gouvernement du Québec Government of Canada Other governments Government guaranteed Gouvernement du Québec Government of Canada Guaranteed by grants, municipalities and school boards Corporate and other
Foreign U.S. Government Other
1
weighted as per nominal value
2
weighted as per fair value
Average maturity1 (years)
Modified duration2 (volatility)
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Markets EUROPE AND ASIA Interest rates the rate for 10-year securities rose in the United States and the United Kingdom and fell in France, Germany and Japan. The yield spread between the German and U.S. rates fell from 43 basis points in January to -66 in December. French rates caught up with German rates: the spread dropped from 67 to 6. European Monetary Union the convergence of high-yield countries - Italy, Spain and Sweden - is reflected in a significant reduction in yield spreads between these countries and Germany. Emerging markets
high return.
UNITED S TATES The U.S. market posted the lowest return of all G-7 countries Interest rates average increase of 75 basis points on the 2- to 30- year securities curve. The 30-year bond rate, the market's barometer index, rose from 5.97% in January to 6.64% in December. The rate for 2-year securities increased from 5.18% to 5.88%. Inflation inflation fears, revived by strong growth in a full employment economy, combined with an inflation rate under 3%, triggered sharp interest rate movements throughout the year.
C ANADA The Canadian market showed one of the best returns of the G-7 countries Interest rates
Canadian interest rates resisted U.S. rate fluctuations: rate reductions for securities of all terms.
Fiscal policy deficit around 3% of GDP, one of the best performances in the G-7. Low economic growth combined with an inflation rate of 1.6%. Bond rates 2-year securities dropped from 5.86% to 4.08%. 30-year securities fell from 7.58% to 7.11%. The yield curve of 2- to 30-year securities rose by 131 basis points. Canada-U.S. spreads marked improvement over the entire curve. The 10-year securities spread dropped below the 130 basis point average of the past 10 years. The 5-year securities spread shrank by 187 points and that of the 30-year securities by 114 points.
QUÉBEC The Québec market posted one of the highest returns $1.3 billion trading volume on the primary market and $13.9 billion on the secondary market for Québec and Hydro-Québec securities Interest rates
sustained decline. 10-year term securities fell from 7.65% to 6.87%.
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5
ACQUISITIONS OF NEW BONDS ISSUED BY THE GOUVERNEMENT DU QUÉBEC AND THE QUÉBEC PUBLIC SECTOR IN 1996 par value - in millions of dollars Gouvernement du Québec Issued Acquisitions ($) ($) (%)
Issued ($)
Hydro-Québec Acquisitions ($) (%)
Issued ($)
Total Acquisitions ($) (%)
Canadian market World market Other markets1
3,559 5,086
1,100 -
30.9 -
637 1,311
200 -
31.4 -
4,196 6,397
1,300 -
31.0 -
Total
8,645
1,100
12.7
1,948
200
10.3
10,593
1,300
12.3
1
issues in various currencies or in Canadian Eurodollars
Québec-Canada spreads narrowing of 15 basis points, staying below the 71 point historical average and fuelled by the improvement of public finances. The good return on public sector securities was particularly reflected by shrinkage of some 12 points of Québec-Ontario spreads.
Caisse management Tactical management development of new sectors, such as financial engineering, foreign bonds and short selling that allowed the Caisse to profit from investment opportunities.
Short-term investments Daily trading reached $1 billion
Markets Monetary policy Canadian policy was independent of U.S. policy, as shown by control of the inflation rate, stability of the dollar, current account surplus and the fiscal discipline of the federal and provincial governments.
6
CHANGES IN YIELD ON TREASURY BILLS IN 1996 in percentage
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Money supply easing the Bank of Canada lowered the discount rate 11 times, bringing it down from 6% to 3.25%, the lowest level in 35 years. Total easing of 500 basis points since May 1995. In the United States, the Federal Reserve only reduced its rate once, in January, to 5.25%. T-bills in Canada, the 91-day T-bill rate fell from 5.55% in January to 2.9% in December. In the United States, these bills held around 5%. The rate for Canadian 6-month T-bills fell from 5.61% to 3.30% and for 12-month T-bills from 5.72% to 3.7%. Canada-U.S. yield spreads the yield has been negative since March for securities with terms of 2 years or less. The spread for 3-month securities fell from 59 basis points in January to -216 in December. Discount rate since February, the Bank of Canada has set its rate at the upper end of its target range for overnight rate fluctuations. Previously this rate was set at the same level as weekly auctioned 3-month T-bills, plus 25 basis points. Bank of Canada issues
T-bill issues will be reduced to the benefit of 2- to 3-year term bonds.
Caisse management Active management use of banker's acceptance futures and their OBX option, traded on the Montréal Exchange. This trading volume has doubled since 1995. Treasury and arbitrage
increased securities lending and borrowing activities on the bond and money markets.
Québec issuers securities accounted for 53.1% of the portfolio and stood at $834.5 million, a growth of $111 million over 1995.
Canadian stock markets Team of 20 specialists, six management styles Assets under management increased by $1 billion to $12.6 billion Total trading of $7.7 billion, 73% on the Montréal Exchange Investments make up 20.8% of the Caisse's total portfolio Investors Investor enthusiasm for equities resulted in many first public issues Households invested massively in mutual funds Foreign investors returned in force to the Canadian markets
Markets Stock markets were stimulated by major takeovers: Diamond Fields Resources Inc./Inco Ltd.: $4.4 billion; Arequipa Resources Ltd./Barrick Gold Corp.: $1.1 billion.
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TSE 300 index the 14 sectors of the index posted a positive return. The substantial second-quarter drop in interest rates favoured financial services, conglomerates and real estate and construction, which reported the highest returns. Securities related to cyclical sectors, such as paper and forest products, gold and silver, and metals and minerals, produced lower returns, put at a disadvantage by economic growth that was less vigorous than anticipated. Index yields sectorial return was reflected in the BARRA-Value and BARRA-Growth market indices, with yields of 36.17% and 22.01% respectively. Higher large cap return large cap securities, as reflected by the TSE 35 and TSE 100 indices, posted a slightly higher return than the small cap securities comprising the TSE 200 index.
Caisse management Investment strategy accentuating the importance of stock picking and reducing the sectorial weighting spreads to maintain the risk at a relatively low level. The strategy of slightly favouring securities with a return dependent on economic growth had an effect which, as at December 31, 1996, was still negative on the portfolio's relative return. Financial and stock market ratios decline in corporate profits over the first three quarters of the year, and yearend drop in interest rates, increasing the price-earnings ratio, the most widely followed indicator of high market prices. Reflecting its pro-growth strategy, in anticipation of accelerated economic growth, the price-earnings ratio of the Caisse portfolio rose from 15.8 at the beginning of the year to 21.8 at year-end, while that of the TSE 300 increased from 15.7 to 19.2.
International stock markets Team of 13 specialists The foreign equities portfolio rose from $5.8 billion to $9.9 billion, or from 11.3% to 16.4% of the Caisse's total portfolio 39% of trades made by the in-house team
Markets Europe and Asia returns over 20% in France and Germany. Hong Kong climbed to first place with 33.1%, while Japan, at -4.9%, trailed behind the world's other major stock markets. United States second year with a return over 20%. The financial and energy sectors led the pack at 33.1% and 31.6%, while the housing sector was last at 6.8% despite over 10% growth in the second half. Record levels and high prices resulted in nervousness and caution. Emerging markets holding up well, particularly in Central Europe, with a 2.10% return on the emerging index (ex-Malaysia) in US dollars, or 5.77% in Canadian dollars.
Caisse management Portfolio
from 11.3% of the Caisse's total investments in 1995, the portfolio rose to 16.4%.
Page 16
Emerging markets
the proportion of investments rose from 1% in 1995 to 9.2% of the foreign equities portfolio.
In-house team the strong increase in funds led to the hiring of two new managers for the U.S. market and a third for Latin America. The team now includes 13 specialists. External managers increase in funds entrusted to external managers and hiring of several managers, especially for emerging markets. The Caisse assigned two mandates for management of non-U.S. foreign equities to the Montréal firms Montrusco and Bolton Tremblay. Geographical mix portfolio foreign equity investments.
allowed the in-house team to contribute nearly 20% of the Caisse's value-added
Investment strategy the Caisse's mix favoured certain European countries as well as Japan during the first nine months, and the United States on several occasions, especially in the fourth quarter.
Strategic management of asset mix Team of three specialists, hired for an initial year of strategic activities Portfolio of six asset classes Adoption of defensive measures on the markets and continued globalization of investments Creation of a neutral portfolio equally divided between long and short positions Compared to 1995, significant reduction in the weighting of bonds and Canadian equities, 2.8% and 1.7% at year-end, to the benefit of foreign equities, which stood at over 17.4%; slight reduction in mortgages, to 2.6% of total investments
Markets Levels fixed-income and variable-income securities reached record levels in Europe. The Canadian and U.S. stock markets, sustained by monetary flows related to population aging and good earnings growth, maintained and surpassed their historical ceilings. Combined with the valuation multiples, this aroused caution. Spreads market globalization despite the trend to greater stock market convergence, major divergences persisted, creating the need for an efficient winning strategy for asset mix management. On the stock market, a dollar invested in Canada produced an average return of 30.1% more than in Japan, 5.4% more than in the United States, but 9.1% and 18.3% less than in Hong Kong and Spain respectively. Limited to the main markets, international diversification was less successful in 1996 than in the past, because of the Canadian market's good relative performance. On the bond markets, the worst results were registered in the United States and Japan, which respectively underperformed the Canadian market by 14.4% and 5.61%, and the Italian market by 39% and 30.2%.
Page 17
Caisse management The slight reduction in U.S. equity positions reflected the concern about the high levels of the market. However, positions remained high, which allowed to take advantage of the market's excellent return and of added value.
Currency markets Team of four specialists Total trading volume rose from $153 billion to $262 billion 60.4% of trade were with institutions operating in Montréal
Markets Volatility banks.
collapse due to convergence towards the European Monetary Union and increased control by central
US dollar
7.1% gain against the deutschmark and 12.1% against the yen.
Canadian dollar from US$0.73 at the beginning of the year, it passed the US$0.75 mark in November despite the drop in interest rates. It ended the year at US$0.73 because of year-end stock and bond market fluctuations. Pound sterling 10.7% rise against the US dollar, regaining a large part of the ground lost since the United Kingdom's withdrawal from the European monetary system, thanks to the change in perception of monetary policy. French franc
7
5.8% drop against the US dollar.
CHANGES IN THE CANADIAN DOLLAR IN 1996 in US cents per CAN dollar
Caisse management Trading
sharp increase due to the increase in foreign assets requiring hedging.
Tactical portfolio the derivatives sector gained ground. $23.3 billion in option trades, against $5.6 billion in 1995. Emerging economies held an increasing amount of attention.
Page 18
Since short-term interest rates in Canada kept below the U.S. rates for most of the year, it cost the Caisse $91 million to hedge the US dollar, compared to a $46 million gain in 1995. Forward hedging against other currencies cleared a profit of $124 million, compared to $65 million in 1995. For the total portfolio, futures cleared a $33 million gain, compared to $111 million in 1995.
Tactical investments Team of four specialists Risk and investment opportunities are now spread over four continents. Major new international partnership resulting in creation of a new Caisse fund, Varan, and the addition of an external management structure provided by N.T. Global Advisors, thus doubling the capital available for tactical management. Outsourcing tactical management of $25 million in assets to Globagest, a new Montréal firm Investment strategy A first half based on equities outperforming bonds; conclusive results: sell position in U.S. bonds and buy position in European equities, and 20% gain in 20 days for correctly predicting Boris Yeltsin's reelection as president of Russia. A second half during which the high risk of capital markets, especially in the United States, called for caution; inconclusive results: non-correction of the U.S. stock market or other stock markets and wipe-out of gains from buy positions on European bonds. Outsourcing
Tactical management mandates were entrusted to external teams, particularly to Globagest.
Partnership A management mandate was assigned to N.T. Global Advisors Inc., a new Québec firm, a subsidiary of Northern Trust Corporation of Chicago. Capital under management was allocated equally among a consortium of four tactical hedge fund managers: Omnia Asset Management, of London, specializes in investment opportunities arising from the sociopolitical context in Europe, and has developed special expertise on Eastern European countries; Opportunity Asset Management Limited, of Rio de Janeiro, relies on its considerable comparative advantage concerning South America; Regent Pacific, of Hong Kong, also exploits its geographical advantage to identify investment opportunities, as well as its expertise in derivatives on the Asian markets and its skill at covering arbitrage opportunities, all these giving it a marked advantage; Finally, Varan, the fund created by the Caisse under this partnership, stands out from the competition because of its systematic investment model approach in the G-10 countries and its expertise in derivatives on the equity, bond and currency markets. These management teams, located near regional markets, distinguish this "superfund" from other hedge funds, most of which are managed from New York. Contribution to Montréal's economic growth The outsourcing initiatives, in particular, will ensure major spinoffs for the Montréal region, particularly the creation of skilled jobs and investment in Montréal by foreign fund managers, either directly or through partnerships.
Page 19
OPERATIONS - PRIVATE INVESTMENTS
Caisse Private Investments Group Team of specialists included in the subsidiaries grows from 37 to 54 employees to meet the private investments objectives Total portfolio value: $3.5 billion, or 5.7% of the Caisse's entire portfolio 118 transactions authorized Total of 269 investments 160 directly in companies 61 in Québec small cap securities 48 in investment funds Unprecedented level in 1996 of over $1 billion in investments in companies, especially Québec small and mediumsize businesses. Five main achievements highlighted the year's activities: an increased presence in small and medium-size businesses, resulting from the launching of new products; a small business startup support programme, and the establishment of Accès Capital, a regional network of investment corporations delivering all products and services of the Caisse and its accessible subsidiaries throughout Québec; creation of new specialized ventures to better meet financing needs of specific sectors of activity, such as Sodémex and Infradev International; development of a debt securities portfolio; the remarkable growth of the portfolio of Québec small cap corporate securities; a growing presence in foreign markets offering good prospects for return and business contact networks, to assist Québec companies interested in these promising markets;
8
PRIVATE INVESTMENTS REALIZED IN 1996 fair value - in millions of dollars Direct
Capital CDPQ Capital d'Amérique CDPQ Equities and convertible securities Debt securities Capital Communications CDPQ Sofinov Capital International CDPQ Total
Indirect Number
$
Number
$
3.4
5
1.9
18
5.3
56 23 20 28 -
389.4 348.5 121.0 79.8 -
4 4 6 11
8.9 9.2 14.6 62.9
60 23 24 34 11
398.3 348.5 130.2 94.4 62.9
140
942.1
30
97.5
170
1,039.6
Number
$
13
Total
Page 20
Capital CDPQ Capital CDPQ supports small and medium-size businesses in various regions of Québec, recognized for their strong market position, dynamism and growth potential. Its investments, under $1 million as a rule, are made directly or through the Accès Capital network. Eighteen new transactions totalling $5.3 million brought the portfolio's fair value to $19.5 million or a total of 29 investments, among them $400,000 in Les Collections Shan, $500,000 in Distributions Alimentaires Le Marquis, $300,000 in Lamcom Lamination, and $290,000 in the John Meunier firm.
The year's other main transactions included: establishment of a programme for startup companies in the incubation phase and financing of four companies under this programme; approval of nine business incubator organizations; formation of an advisory committee with business people from the Italian community; launching of Accès Capital, the regional network of the Caisse, and allocation of $60 million to its member investment corporations; inauguration of Accès Capital Abitibi-Témiscamingue, an investment company with $5 million in initial capital, and the signing of a syndication agreement with the regional investment corporation Sodénor; signing of a memorandum of understanding with the Centre de haute technologie de Jonquière concerning the mode of representation in the Saguenay Lac-Saint-Jean region.
Capital d'Amérique CDPQ Capital d'Amérique CDPQ invests in large and medium-size companies offering good return and growth opportunities. It negotiates partnerships with successful companies operating in various sectors of activity. An unprecedented volume of 83 new investments files, representing a total of $746.8 million, brought the portfolio's fair value to $1.9 billion or 155 investments, including 69 equity positions, 25 debt security placements and 61 transactions in small cap securities.
9
CHANGES IN PRIVATE INVESTMENTS fair value - in millions of dollars
Page 21
The other highlights for 1996 can be summed up as follows:
new investments authorized, including in John Lewis Industries ($2.5 million), Ronor Innovations ($1.5 million), J.M. Asbestos ($30 million), R.S.P. Hydro ($20 million) and Cavalier Textiles Group ($29 million); the Québec small cap portfolio rose from $42.5 million to $109 million; sales of investments amounted to $747.4 million, including over $87 million in profits from Power Financial Corporation; the portfolio value grew by over $260 million, an increase mainly resulting from the interests in Noverco ($113 million), Power ($98 million), and Sceptre Resources ($45 million); establishment of a call centre marketing firm in Montréal with Bell Canada and other Québec investors; creation of Globagest, a firm specializing in management of derivatives, in partnership with Gordon Capital; establishment of Sodémex, in conjunction with SOQUEM, to invest in junior mining companies with under $125 million in capitalization.
10
BREAKDOWN OF PRIVATE INVESTMENTS BY AMOUNT as at December 31, 1996 Initial amount invested
Investments Number
%
Fair value $
%
$0 - 5 million $5 - 10 million $10 million and up
215 19 35
80 7 13
809 246 2,448
23 7 70
Total
269
100
3,503
100
11
BREAKDOWN OF PRIVATE INVESTMENTS UNDER MANAGEMENT BY SUBSIDIARY as at December 31, 1996 fair value - in millions of dollars Investments
Subsidiaries Capital d'Amérique CDPQ Small capitalizations Medium-size businesses Large companies Debt securities Capital CDPQ Capital International CDPQ Sofinov, Société financière d'innovation Capital Communications CDPQ Total
Number
$
61 56 13 25
109 275 1,265 301
155 29 18 38 29
1,950 20 280 303 950
269
3,503
Page 22
Capital Communications CDPQ Capital Communications CDPQ offers intelligent and dynamic capital to companies in the communications and telecommunications sector seeking to penetrate or consolidate their position in promising markets. The portfolio's fair value increased by over 50% to $950 million, mainly due to investments in Teleglobe, Télésystème, Groupe Vidéotron and Groupe Coscient. A total of 24 new investments representing an amount of $130.2 million were realized.
The main transactions included : two partnerships in the telecommunications sector, concluded with Max Link and Vision régionale, which obtained licences for local multipoint telecommunications systems (LMTS); an investment in Public Technologies Multimédia, a new economy enterprise which specializes in the production of multimedia content; participation in the establishment of an international investment fund specializing in the communications and telecommunications sector (US$ 30 million); reinvestment in Groupe Coscient, Québec's largest producer and distributor of TV shows and feature films, and in Telesystem International Wireless Corporation, an investment fund active worldwide in wireless telecommunications.
Sofinov, Société financière d'innovation Sofinov offers strategic financing to technologically innovative companies on the leading edge, showing good growth and return potential. It invests in companies in the health and biotechnology, software, electronics and industrial technology. The portfolio's fair value stood at $303.4 million at year-and, with 38 investments. A total of 34 investment transactions amounting to $94.4 million were completed, particularly: in Neuroscience Pharma ($6.5 million) and RTP Canada ($2.4 million), two U.S. companies specializing in biotechnology and wishing to establish themselves in Québec; in Sabex ($14.4 million), a generic drug manufacturer; a partnership with CGI to create Solfitech, a new computer services outsourcing firm; participation in the startup of small companies, including Organogel, a new company in the Québec City region.
Capital International CDPQ Capital International CDPQ assists and accompanies Québec companies in their projects abroad, thanks to its network of partners in Europe, the Middle East, Asia and the Americas. It also manages an investment portfolio in merchant banks and funds in other countries.
Page 23
Investments made during the year and the increase in value of the total portfolio brought its fair value to $280 million. The authorized investments included the following transactions: US$20 million in an Asian fund managed by Hambrecht & Quist Asia Pacific, Ltd.; US$25 million in a pan-European fund raised by Schroder Ventures; US$17.5 million in the U.S. fund TA\ADVENT VIII, L.P., managed by TA Associates and specializing in the technology, communications, medical services and consumer products sectors; US$25 million in a U.S. acquisitions fund managed by Kohlberg Kravis Roberts & Co. (KKR); creation, in partnership with the Royal Bank, Hydro-Québec and Manuvie, of the Infradev International investment firm, capitalized at $20 million, to meet the financing and financial setup know-how needs of infrastructure projects, especially on the international markets, in the energy, transportation, telecommunications and environment fields;
The representation offices opened in Mexico City and Hanoi are the first in a series of foreign offices intended to support Caisse subsidiaries and Québec companies in identifying, negotiating and achieving partnership projects in the manufacturing, service, real estate and infrastructure sectors. This network will be expanded once an agreement is signed with the Milan Chamber of Commerce.
Caisse Real Estate Group Acquisition and new investments totalling $1.1 billion The combined net assets of the real estate and mortgage portfolios stand at $4 billion, or 6.9% of total Caisse net assets
12
CAISSE REAL ESTATE GROUP PORTFOLIO as at December 31, 1996 fair value - in millions of dollars Value of portfolio1
Subsidiaries Cadim Ivanhoe SITQ Immobilier Hypothèques CDPQ and other mortgage subsidiaries Total 1
represents the value of the Caisse's net holdings in the company
Percentage of the Group's portfolio
556.1 1,084.9 844.1
13.7 26.8 20.8
1,566.4
38.7
4,051.5
100.0
Page 24
13
SECTORIAL DISTRIBUTION OF CAISSE REAL ESTATE GROUP PORTFOLIO as at December 31 fair value - in percentage
Real estate holdings Mortgages Shares and debentures Land Emphyteosis and leasebacks
1996
1995
59.4 30.7 5.5 2.4 2.0
49.5 40.3 5.8 2.0 2.4
Real estate The real estate portfolio's net assets rose from $2.2 billion at the end of 1995 to $2.4 billion, or 4.3% against 4.2% of total Caisse net assets: investments of $4 billion, compared to $2.9 billion in the previous year the related bank and mortgage loans, third-party minority interests and other assets and liabilities were $1.6 billion, as against $0.7 billion in 1995
14
BREAKDOWN OF REAL ESTATE PORTFOLIO as at December 31 fair value - in percentage
Real estate holdings Shares of other real estate companies Mortgages Short-term securities Debentures
1996
1995
88.1 7.6 3.9 0.3 0.1
84.8 9.0 2.4 3.7 0.1
Net real estate holdings included in the specific real estate porfolio accounted for 4.2% of the Caisse's total net assets, or $2.4 billion, taking the related financial liabilities into account, as against 3.6% and $1.8 billion respectively in 1995. The main acquisitions of Caisse real estate subsidiaries in Canada totalled $320.8 million: SITQ IMMOBILIER acquired a control position in Bentall, a Vancouver owner and manager with a portfolio of office buildings, shopping centres and industrial parks totalling over $480 million, or 406,000 square metres, 80% in British Columbia and 15% in California, thus allowing the Caisse to position itself advantageously in Western Canada; SITQ IMMOBILIER doubled its position in the Carrefour Saint-Georges shopping centre in Beauce and increased its stake in Les Galeries Orford; The Caisse became the exclusive owner of the World Trade Centre Montréal, following redemption by SITQ IMMOBILIER of the 55% interest of the City of Montréal and Canada Life. Cadim held the balance; Ivanhoe increased its interest in Le Carrefour Laval and Les Promenades Saint-Bruno, two malls held in partnership with Cadillac Fairview;
Page 25
Cadim bought a 114-unit residential building in Scarborough, Ontario, with Intracorp; Cadev concluded partnerships to build a 36-hole golf course in Anjou and residential developments in Laval.
BREAKDOWN OF REAL ESTATE HOLDINGS as at December 31, 1996 fair value - in millions of dollars
15
Subsidiaries Cadim Ivanhoe SITQ Immobilier Total 1
combines subsidiaries' interests in Cadev
2
combines hotels and the residential sector
Land1
Other2
9.6 24.5 176.4
128.7 63.3 65.4
168.0 50.0
210.5
257.4
218.0
Commercial buildings
Office
Industrial
164.6 1,188.4 420.0
145.6 921.3
1,773.0
1,066.9
INTERNATIONAL OPERATIONS $442.5 million in acquisitions in the United States: Ivanhoe invested in four shopping centres with the Wilmorite Group, for a total area of 283,700 square metres; SITQ IMMOBILIER went into a partnership with investment adviser Greystone Realty Corporation and bought a 22,150 square metre office building in Denver, Colorado; Cadim and Québec partners acquired five essentially residential properties in New York, including the Ritz Plaza with its 479 luxury apartments; Cadim invested with the Paragon Group in a private real estate investment trust and became a partner in two residential complexes with a total of 900 housing units in Texas and North Carolina, and in a North Carolina construction project for 336 dwellings, completed in October;
16
GEOGRAPHICAL BREAKDOWN OF THE REAL ESTATE PORTFOLIO as at December 31 fair value - in percentage
Québec Canada outside Québec Outside of Canada
1996
1995
49.3 23.5 27.2
67.0 17.1 15.9
Page 26
$154.1 million of new investments consolidated SITQ IMMOBILIER's positions in the United Kingdom and France: six shopping centres totalling 98,000 square metres, acquired with the British firm Pillar Property: four in England, the other two in Scotland and Northern Ireland; the second phase of the Docks de Saint-Ouen industrial park, in partnership with the Aaron Group;
An $11.7 million investment in Mexico: SITQ IMMOBILIER acquired an industrial park of over 42,300 square metres in Juarez, with the Bermudez Group.
Other activities contributed to the vitality of the economy, promoted Québec goods and services and permitted to assist Québec entrepreneurs on foreign markets: accommodation of a first foreign partner in Québec, Compagnie Immobilière de Belgique S.A., following its acquisition of a 10% interest in the BNP building in Montréal; launching of the Alliance commerciale Québec-Vietnam with Québec companies wishing to do business in Vietnam and participation in opening a representation office in Vietnam; development of a real estate fund (PREF) to invest in the residential sector and small commercial buildings in Poland, with the Polish American Enterprise Fund; Phase II of Centre IncubAffaires, in support of new tenants and young entrepreneurs; development of tools to promote business networking; establishment of a school for training and career improvement courses on customer service, merchandising, communication, customer relations, personnel and inventory management, financial management, and quality of service.
On the capital expenditures front: Development, redevelopment and improvement projects valued at over $61.4 million: 1981 and 1200 McGill College, Place Mercantile, Place Dupuis and Hôtel Place Dupuis in Montréal; various stores in Gaspé, the Saguenay region, Thetford Mines and Trois-Rivières-Ouest; Saint-Martin shopping centre in Laval, Place Sainte-Foy and Mail Champlain in Brossard; revitalization project for 2000 Notre-Dame in Montréal.
The real estate subsidiaries made $50.1 million in sales, the main transaction being the sale of the Fairhill Shopping Centre, in the United Kingdom, held by SITQ IMMOBILIER and its British partner.
Page 27
Mortgages The mortgage portfolio grew to $1.6 billion, or 2.7% of total Caisse net assets, as against $1.7 billion and 3.3% in 1995 New loans totalling $157.9 million were the main investments in 1996, including: $31.6 million in financing for an office building in downtown Montréal; $17.4 million in loans for industrial properties in Saint-Laurent and $9 million for industrial properties and warehouses in Verdun; $3.4 million and $2.4 million in financing for shopping centres in Gatineau and Chicoutimi; a $6.2 million transaction on a residential property in Québec City.
The other transactions and achievements of Hypothèques CDPQ in 1996 included: exploration of the market outside Québec and conclusion, with other institutions, of financing projects for a total of $22.5 million in Vancouver and Halifax; loan renewals amounting to $211.5 million; foreclosures and non-performing loans totalling $114 million, accounting for 7.4% of the portfolio; sale of the portfolio of single-family residential loans managed by agents, given advantageous market conditions, to focus exclusively on institutional lending; establishment of a team to manage portfolio properties, through the development of properties that show interesting potential and the sale of such properties when they reach their full value; the sale of the Delta Hotel at the end of the year was a notable transaction in this respect.
Page 28
DEPOSITORS' ACCOUNTS MANAGEMENT
With a view to better meet its depositors' needs, the Caisse established in 1996 an individual fund for the management of sums deposited by the Société de l'assurance automobile du Québec (SAAQ). It also created a specific bond portfolio during the year. Participation in research on optimization of foreign exchange risk hedging for the Caisse portfolio, a significant increase in meetings with depositors, publication of their returns for 1995 within two weeks of submitting the operations report to the National Assembly, improved presentation of reports intended for depositors, and comprehensive analysis and presentation of their portfolio results, were among the improvements in the management of depositors' accounts in 1996.
17
DEPOSITORS as at December 31, 1996 Abbreviation
First deposit
Number of contributors1
Depositors' holdings2
Régie des rentes du Québec
R.R.Q.
1966
3,144,900
15,660.1
Régie des marchés agricoles et alimentaires du Québec Régie des assurances agricoles du Québec Régie de l'assurance-dépôts du Québec
R.M.A.A.Q.
1967 1968 1969
76 46,101 1,357
2.8 120.1
Commission de la construction du Québec Supplemental Pension Plan for Employees of the Québec Construction Industry
C.C.Q. 1970
95,277
5,567.8
1973
430,000
23,137.2
1975 1977 1989
375 2,150
142.5 136.3
Commission administrative des régimes de retraite et d'assurances Government and Public Employees Retirement Plan General Retirement Plan for Mayors and Councillors of Municipalities3 Individual Plans Pension Plan for Elected Municipal Officers
CARRA RREGOP
Commission de la santé et de la sécurité du travail
C.S.S.T.
1973
180,000
5,705.3
Société de l'assurance automobile du Québec
SAAQ
1978
4,329,366
5,542.9
Fonds d'assurance-prêts agricoles et forestiers
FAPAF
1978
1
37.4
1989
25,274
1.9
La Fédération des producteurs de bovins du Québec Régime complémentaire de rentes des techniciens ambulanciers œuvrant au Québec
R.R.T.A.Q.
1990
3,112
62.5
Office de la protection du consommateur
O.P.C.
1992
-
9.1
Fonds d'amortissem*nt des régimes de retraite gouvernementaux
F.A.R.R.G.
1994
1
1,088.2
Centre de recherche industrielle du Québec
CRIQ
1994
-
-
Société des alcools du Québec
SAQ
1994
-
-
1
estimate
2
fair value - in millions of dollars
3
In 1992, the net assets of this plan's fund were merged with that of the Pension Plan for Elected Municipal officers.
Page 29
The Caisse has a total of 18 depositors, including Québec public pension and insurance plans and various public bodies:
Pension plans the Government and Public Employees Retirement Plan, which includes the contributions of permanent and occasional employees of the public and parapublic sectors, headed by the Commission administrative des régimes de retraite et d'assurances, is the Caisse's largest depositor; the Pension Plan for Elected Municipal Officers, administered by the Commission administrative des régimes de retraite et d'assurances, which is offered to elected council members of municipalities; nine other pension plans named Individual Plans, managed by the Commission administrative des régimes de retraite et d'assurances, and covering certain participants from municipalities, crown corporations and hospitals, as well as federal government employees; the Régie des rentes du Québec, which ensures a security of income for Quebecers in particular through its pension plan, is the second largest depositor; the Régime complémentaire de rentes des techniciens ambulanciers oeuvrant au Québec; the General Retirement Plan for Mayors and Councillors of Municipalities whose fund was merged with that of the Pension Plan for Elected Municipal Officers in 1992;
Insurance plans the Société de l'assurance automobile du Québec, whose mission is to reduce risks inherent to the use of roads by controlling access to the highway system and road transportation, promoting safety and compensating victims of traffic accidents; the Fonds d'assurance prêts agricoles et forestiers, which guarantees lenders repayment of losses resulting from loans granted under laws administered by the Société de financement agricole; the Régie des assurances agricoles du Québec, which ensures financial stability for farming enterprises by covering significant revenue losses; the Régie de l'assurance-dépôts du Québec governs the solicitation and receiving of deposits from the public, guarantees deposit of payments and manages the deposit insurance fund; the Fonds d'amortissem*nt des régimes de retraite gouvernementaux, established to provide the Québec government with the necessary funds to cover its employer contributions to various pension plans;
Public bodies La Fédération des producteurs de bovins du Québec, a farm association that oversees the study of problems associated with cattle production and marketing. the Régie des marchés agricoles et alimentaires du Québec ensures the supervision, coordination and improvement of marketing of agricultural products and acts as an administrative tribunal to foster the efficient marketing of Québec agricultural, forest and food products;
Page 30
the Commission de la construction du Québec oversees the enforcement of collective agreements, and regulations for workforce placement, hiring and mobility and the administration of supplementary benefits plans accounts; the Commission de la santé et de la sécurité du travail which, in particular, compensates workers who are victims of industrial accidents and facilitates their rehabilitation; the Office de la protection du consommateur, which manages the Fonds des cautionnements des agents de voyage and the fund of Protégez-Vous magazine which publishes the Office's test results; the Société des alcools du Québec engages in the alcoholic beverage business in Québec; the Centre de recherche industrielle du Québec acts as a partner in the business, industry and government sectors to support Québec's economic development.
18
BREAKDOWN OF DEPOSITORS' HOLDINGS as at December 31 fair value - in percentage 1996
1995
1994
1993
1992
40.4 27.4 10.0 9.7 9.7 1.9 0.9
38.1 30.0 9.7 9.7 9.7 1.8 1.0
35.8 32.1 9.4 9.5 10.5 1.8 0.9
33.8 34.8 9.2 9.3 12.1 0.8
31.2 36.8 9.3 9.1 12.9 0.7
Net income allocated
Deposits less withdrawals
Unrealized increase (decrease) in value
CARRA - RREGOP R.R.Q. C.S.S.T. C.C.Q. SAAQ F.A.R.R.G. OTHER
19
CHANGES IN DEPOSITORS' HOLDINGS in millions of dollars
1996 1995 1994 1993 1992
20
5,682 4,066 2,983 3,989 3,269
(1,607) (1,617) (1,165) (1,840) (1,412)
1,954 3,876 (4,075) 3,661 (1,603)
VALUE ADDED TO DEPOSITORS' FUNDS SINCE 1966 as at December 31, 1996 in millions of dollars
Net deposits (1966 - 1983) Net withdrawals (1984 - 1996) Net investment income allocated Excess fair value over cost
8,449 (10,960) 52,887 6,838
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A DMINISTRATION AND INSTITUTIONAL AFFAIRS
Administrative expenses The Caisse: $35.4 million in internal investment management and administrative expenses in 1996, versus $44.2 million in 1995 The Caisse determines the major management guidelines, investment policies and optimum mix of different investment classes for the entire Caisse Financial Group, in addition to its direct management of core portfolios. At the same time, the companies of the Caisse Private Investments Group and the Caisse Real Estate Group manage private equity, as well as real estate and mortgage investments portfolios. The Caisse, with 224 employees as at December 31, reported $22.4 million in investment management expenses and $13 million in administrative expenses in 1996, a reduction over the previous year. This reduction is the result of tight cost control and optimization measures, the results of which include outsourcing of administrative services related to the safekeeping of securities and all computer services. External management of investments by the Caisse Private Investments Group and the Caisse Real Estate Group companies and international advisers This was a significant year for the specialized companies of the Caisse Private Investments Group in terms of business development, new financial products and growth of investment portfolios, which increased from $0.7 billion to $3.5 billion as of December 31, 1996. The creation of 17 positions to meet the private investment objectives and the sharp growth in portfolios resulted, despite tight management, in a $1.6 million rise in investment management and administrative expenses, which totalled $9 million for the year, an increase more than offset by income from additional services. The companies of the Caisse Real Estate Group pursued their mortgage and real estate investment diversification programme, including numerous transactions outside Québec. The Caisse Real Estate Group's total investments grew by $0.8 billion to $5.6 billion as of December 31, 1996. The investment management and administrative expenses for these activities amounted to $18.6 million in 1996, a $1.5 million rise over the previous year. The Caisse's foreign equity investments increased from $6.2 billion in 1995 to $10.5 billion as of December 31, 1996. The greatest diversification of investments, particularly in emerging markets, largely occurred through new international advisers. Aggregate external management expenses thus rose from $6.6 million to $12.5 million in 1996.
Public Affairs The Caisse adopted a proactive communications approach to help position its private investment subsidiaries in their respective niches and inform its various publics about operations carried out in 1996: 80 press releases 18 media interviews, press conferences and briefings On behalf of its real estate group, the Caisse published and distributed a new publication during the year: ImmoCaisse, intended for the real estate and financial industry. It also published promotional brochures for five investments subsidiaries, a semi-annual financial newsletter Financial Review, its semi-annual economic forecast published in Cycles et Tendances, and its Operations Report.
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The institution participated in 38 different sponsorships to assist university students, the financial community and Québec companies, the main ones being: the Relève financière des universités québécoises, the regional tour of Groupe Innovation, in collaboration with the ministère de l'Industrie, du Commerce, des Sciences et de la Technologie (MISCT), the economic symposium of Les Entretiens Jacques-Cartier, the symposium of InnovatechGrand Montréal, the CIFO, the International Conference on Derivatives, and the symposium of the International Organization of Securities Commissions (IOSC). The year also featured the creation of the Caisse's Internet site and its commitment to make optimum use of new information technologies. The site conveys information on the Caisse, but also helps to disseminate the institution's financial and economic knowledge and know-how through different studies in these various fields. The Caisse wishes to develop and improve the dynamic dimension of this new medium, which also enables all kinds of participants to find out about the services it offers and identify the people to contact. The year 1996 marked the 30th year of the institution. The use of an anniversary signature on the Caisse's letterhead and publications and an evening for its personnel highlighted this event. The Chairman and CEO chaired the fundraising campaign of the Red Cross Society in 1996 and the Caisse participated actively in various organizations, such as Fondation de l'Entrepreneurship, Forum pour l'emploi, Cercle des chefs mailleurs and various business associations.
Corporate Secretariat The Caisse reviewed the Code of Ethics in force since 1984 and adopted a new Code of Ethics and Professional Conduct in August 1995, the application of which was the object of a first report to management and the Board of Directors in December 1996, completing the Board's rules of practice. On October 23, 1996, the government approved amendments to the Regulation respecting the internal management of the Caisse, making it possible to improve personnel management methods by establishing guidelines within which the Board, on the recommendation of the Resources Committee, can determine the working conditions and compensation of employees, taking into account the institution's operations and reference market. In 1996, the Caisse incorporated measures into its policy on contracts, which governs the process of acquisition or leasing of goods and services, to counter moonlighting practices in the Québec construction industry. These new measures should enable the institution to contribute to this industry's recovery, within a policy based on transparency and sound management. Since January 1, 1995, the Caisse has applied a policy on air quality and the use of tobacco in the workplace, intended to create a smoke-free work environment, so that all employees can function in a healthy workplace.
Computer systems and outsourcing To maximize its operations, the Caisse began the implementation in 1996 of a corporate information system, allowing it to benefit from technological developments to facilitate and improve communication and the exchange of information between the Caisse and its subsidiaries. It thus considers that it can offer quality services more quickly to its current and potential partners. As the year 2000 draws closer, and particularly to integrate the required changes to its investment administration system, the Caisse is engaged in a race against time to modernize its equipment and integrate management of new products and currencies.
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In 1996, the Caisse concluded an agreement with Fiducie Desjardins for complete outsourcing of its safekeeping operations, assisting this Québec company in developing this niche. It also outsourced its computer services while contributing to the creation, in Montréal, of Solfitech, a new leading edge computer service firm in investment management: held by the investment subsidiary Sofinov and the consulting firm CGI, Solfitech offers consulting and design services in portfolio management to other clients in the financial community throughout North America; this approach reduces costs while improving efficiency, thanks to the projected economies of scale; 41 employees were transferred to Solfitech, in premises adjacent to the institution; a small team continues to be employed by the Caisse to manage the information technology development plan and advise the various investment and administrative teams.
Research and performance Research on performance, risk and products, and the need for developments in the institution's pursuit of excellence, led the Caisse to the following achievements in 1996: publication of the Financial Review; development of a performance calculation system conforming to the standards of the Association for Investment Management and Research (AIMR); evaluation and calculation of the risk of exotic derivatives such as double barriers and knock-in and knock-out options, in the context of measuring the non-linear risk of derivatives; development of risk and fair value evaluation, largely oriented to interest rate and currency swaps; perfecting of middle office risk control to implement the main recommendations of the Group of 30; applied research on derivatives, mainly oriented to hedging the foreign exchange risk.
Human and other resources The Caisse who employs Quebecers of various origins relies on the expertise of a solid team of 107 men and 117 women, a total of 224 employees with an average age of 40, whose profile breaks down as follows: 123 university graduates, or 55%, including 5 with a Ph.D, 54 with a Master's and 64 with a Bachelor's degree; 29 Chartered Financial Analysts, and 32 on the way to gaining this title: 6 level III candidates, 13 level II candidates and 13 level I candidates; 108 professionals, including 35 women; 4 women holding the position of manager and one woman who is a member of the senior management team. With the acquisition of a new central telephone system and new phones in Montréal and Québec City, and the implementation of voice mail providing managers with additional tools to achieve their goals, the Caisse continued modernizing its system to meet its growing needs. In 1996, these needs amounted to 1,670,232 phone calls.
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Finally, as for recycling, seven million sheets of printer and photocopier paper were used. This represents a total of 4,340,000 photocopies, justifying the paper recycling and environmental protection programme in which the Caisse participates.
C AISSE RETURNS 1966-1996 Global return 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 Fair value - in percentage Return is calculated using the time-weighted method.
15.6 18.2 (2.1) 19.7 4.5 17.2 0.5 16.9 10.5 4.7 13.5 24.0 10.1 17.0 32.8 (1.9) 9.9 7.2 9.9 10.9 18.3 12.5 (5.6) 3.4 10.8 14.1 12.8 (4.4) 4.4 (1.2) 6.4
Consumer price index
Real return
2.0 1.7 0.2 1.7 2.1 3.8 5.0 5.2 4.0 4.1 4.2 4.4 3.8 4.5 9.2 12.2 11.2 9.7 8.4 9.4 5.9 9.5 12.3 9.4 4.9 5.2 1.3 4.8 3.9 4.1 3.5
13.6 16.5 (2.3) 18.0 2.4 13.4 (4.5) 11.7 6.5 0.6 9.3 19.6 6.3 12.5 23.6 (14.1) (1.3) (2.5) 1.5 1.5 12.4 3.0 (17.9) (6.0) 5.9 8.9 11.5 (9.2) 0.5 (5.3) 2.9
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CONTRIBUTION TO THE VITALITY OF THE QUÉBEC ECONOMY AND SUPPORT FOR MONTRÉAL AS A FINANCIAL CENTRE
Bonds 88% of daily Montréal trading volume ($438 million). Record trading volume on Government of Canada bonds, all in Montréal. $1.3 billion trading volume on the primary market and $13.9 billion on the secondary market for Québec and Hydro-Québec securities.
Short-term investments Use of banker's acceptance futures and their OBX option traded in Montréal; this trading volume has doubled since 1995.
Canadian Equities 73% of trades ($7.7 billion) were made on the Montréal Exchange.
Foreign Equities Two mandates for management of non-U.S. foreign equities were given to the Montréal firms Montrusco and Bolton Tremblay.
Currency Markets 60.4% of exchange trades were with institutions operating in Montréal.
Tactical Investments Outsourcing initiatives that will ensure major spin-offs for the Montréal region, particularly the creation of skilled jobs and investment in Montréal by foreign fund managers, either directly or in partnership. Creation of the Varan Fund and addition of an external management structure assured by N.T. Global Advisors, a subsidiary of Northern Trust Corporation of Chicago, thus doubling the capital available for tactical management; management teams located near regional markets distinguish this "superfund" from other hedge funds, most of which are managed from New York. Outsourcing of tactical management of $25 million in assets to Globagest, a new Montréal firm.
Real Estate Group Accommodation of a first foreign partner in Québec, Compagnie Immobilière de Belgique S.A., following its acquisition of a 10% interest in the BNP building in Montréal.
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Launching of the Alliance commerciale Québec-Vietnam with Québec companies wishing to do business in Vietnam. Development of a real estate fund (PREF) to invest in the residential sector and small commercial buildings in Poland, with the Polish American Enterprise Fund. Phase II of Centre IncubAffaires, in support to new tenants and young Québec entrepreneurs. Development of tools to promote business networking. Establishment of a school for training and career improvement courses on customer service, merchandising, communication, customer relations, personnel and inventory management, financial management and quality of service. On the capital expenditures front, development, redevelopment and improvement projects valued at over $61.4 million.
Private Investments Group Unprecedented level of investments in companies, especially Québec small and medium-size businesses (over $1 billion). Increased presence in small and medium-size businesses resulting from the launching of new products, a small business startup programme, and the establishment of Accès Capital, a regional network of investment corporations delivering all products and services of the Caisse and its accessible subsidiaries throughout Québec. With Bell Canada and other Québec investors, establishment of a call centre marketing firm in Montréal. Investment in two companies specialized in biotechnology and wishing to establish themselves in Québec (Neuroscience Pharma and RTP Canada). Representation offices opened in Mexico City, Hanoi and Milan to support Caisse subsidiaries and Québec companies in identifying, negotiating and achieving partnership projects in the manufacturing, service, real estate and infrastructure sectors.
Administration and Institutional Affairs Participation in different sponsorship activities to assist university students, the financial community and Québec companies, such as the Relève financière des universités québécoises, the economic symposium of Les Entretiens Jacques-Cartier, the symposium of Innovatech - Grand Montréal, and various organizations such as Fondation de l'Entrepreneurship, Forum pour l'emploi, Cercle des chefs mailleurs and various business associations. Incorporation of measures into its policy on contracts, which governs the process of acquisition or leasing of goods and services to counter moonlighting in the Québec construction industry. These measures should enable the institution to contribute to this industry's recovery, within a policy based on transparency and sound management. Conclusion of an agreement with Fiducie Desjardins for complete outsourcing of its safekeeping operations, assisting this Québec company in developing this niche. Outsourcing of computer services while contributing to the creation in Montréal, of Solfitech, a new leading edge computer services firm in investment management which offers consulting and design services in portfolio management systems to other clients in the financial community throughout North America.
Board of Directors
Jean-Claude Scraire Chairman of the Board and Chief Executive Officer Claude Legault Deputy Chairman of the Board President and General Manager Régie des rentes du Québec Jean-Claude Bachand Counsel Byers Casgrain Claude Béland President La Confédération des caisses populaires et d’économie Desjardins du Québec
Senior Management
Jean-Claude Scraire Chairman of the Board and Chief Executive Officer Michel Nadeau Senior Vice-President Core Portfolios and Assistant General Manager Fernand Perreault Senior Vice-President Caisse Real Estate Group Serge Rémillard Senior Vice-President Administration and Finance Carmen Crépin Vice-President and Corporate Secretary
Rodrigue Biron Partner Biron,Lapierre et Associés Yves Filion Deputy Chief Executive Officer and Chief Financial Officer Hydro-Québec Clément Godbout President Fédération des travailleurs et travailleuses du Québec Gilles Godbout Deputy Minister Ministère des Finances du Québec Thomas O. Hecht Chairman Emeritus IBEX Technologies Inc. Gérald Larose President Confédération des syndicats nationaux Jacques O’Bready President Commission municipale du Québec Michel Sanschagrin President Commission administrative des régimes de retraite et d’assurances
Member of the Audit Committee Member of the Caisse Real Estate Group Board of Directors Member of the Resources Committee Member of the Ethics and Corporate Governance Committee
Management
Claude Bergeron Legal Affairs Pierre Bouvier Research and Return Jean-Claude Cyr Development and Planning and Coordinator, Québec Economic Affairs Serge Desjardins Internal Audit André duch*esne Bond Investments and Money Market Philippe Gabelier Public Affairs and Corporate Relations and Coordinator, Institutional Affairs Hubert Lapierre Canadian Stock Markets Mario Lavallée Depositors’ Accounts Management Pierre Lussier Strategic Management of Asset Mix Jacques Malenfant Human Resources Yves Moquin Tactical Investments Adel Sarwat International Stock Markets Alain Tessier Finance and Control
Caisse Real Estate Group
Management Fernand Perreault Senior Vice-President and Chairman of the Board of the subsidiaries André Charest Vice-President, Administration and Finance Sylvie Drouin Director, Legal Affairs and Corporate Secretary Karen Laflamme Director Administration and Finance Louise Poirier-Landry Director Real Estate Portfolio Planning and Management
Cadim Real estate investment management 383, rue Saint-Jacques, bureau 720 Montréal (Québec) H2Y 1N9 Telephone: (514) 841-0870 Fax: (514) 841-0890 Internet: cadim.lacaisse.com Management Pierre Duhaime President and Chief Operating Officer André Collin Vice-President, Acquisitions and Asset Management Canada and United States Sylvie Drouin Vice-President, Legal Affairs and Corporate Secretary Denis Auclair Director, Acquisitions Foreign Markets Pierre Desnoyers Director, Finance and Treasury Jean Laramée Director, Acquisitions Foreign Markets Geneviève B. Beaulieu Assistant Secretary Board of Directors Fernand Perreault Chairman of the Board Senior Vice-President Caisse Real Estate Group André Charest Vice-President, Administration and Finance Caisse Real Estate Group Pierre Duhaime President and Chief Operating Officer
Guy Hénault Manager, Place Ville-Marie Business Banking Centre Royal Bank of Canada Ghislaine Laberge Consultant in real estate financing Monique Landry President Dessau International Alain Lapointe Director Centre d’études en administration internationale École des Hautes Études Commerciales Alain Tessier Vice-President, Finance and Control Caisse de dépôt et placement du Québec Cadev Management of a portfolio of land 413, rue Saint-Jacques, bureau 700 Montréal (Québec) H2Y 3Z4 Telephone: (514) 841-7766 Fax: (514) 841-7755 Internet: cadev.lacaisse.com Management Germain B. Mathieu President Clément Demers Executive Vice-President Sylvie Drouin Corporate Secretary Geneviève B. Beaulieu Assistant Secretary Board of Directors Fernand Perreault Chairman of the Board Senior Vice-President Caisse Real Estate Group Pierre Duhaime President and Chief Operating Officer Cadim Richard Lasalle President Richard Lasalle construction Germain B. Mathieu President and Chief Operating Officer SITQ Immobilier René Tremblay President and Chief Operating Officer Ivanhoe Ivanhoe Owner and manager of shopping centres 413, rue St-Jacques, bureau 700 Montréal (Québec) H2Y 3Z4 Telephone: (514) 841-7600 Fax: (514) 841-7762 Internet: ivanhoe.lacaisse.com [emailprotected] Management René Tremblay President and Chief Operating Officer Paul S. Chehab Vice-President, Acquisitions Gervais Levasseur Vice-President, Finance E. Claude Molleur Vice-President, Legal Affairs and Public Affairs
Gilbert Vocelle Vice-President, Operations Sylvie Drouin Corporate Secretary Chantal Laporte Assistant Secretary Board of Directors Fernand Perreault Chairman of the Board Senior Vice-President Caisse Real Estate Group Hervé Cantin Superintendent of group plans Le comité de retraite et des assurances collectives du Mouvement Desjardins André Charest Vice-President, Administration and Finance Caisse Real Estate Group Claude Dalphond Director Fiducie globale des régimes complémentaires de retraite de la Société de transport de la Communauté urbaine de Montréal Reynald Harpin Vice-president Alcan Adminco Ronald M. Kirshner Consultant Ivanhoe Alain Lapointe Director, Centre for International Business Studies École des Hautes Études Commerciales Jacques Marleau Assistant Manager Pension fund financial management City of Montréal Jacques Perron President and General Manager and Chairman of the Board Association de bienfaisance et de retraite des policiers de la Communauté urbaine de Montréal Serge Rémillard Senior Vice-President, Administration and Finance Caisse de dépôt et placement du Québec Michel Sanschagrin President Commission administrative des régimes de retraite et d’assurances René Tremblay President and Chief Operating Officer SITQ Immobilier PenYork Properties Management of office buildings, shopping centres and industrial buildings SITQ Immobilier 380, rue Saint-Antoine Ouest, bureau 6000 Montréal (Québec) H2Y 3X7 Telephone: (514) 287-1852 Fax: (514) 287-0871 Internet: sitqimm.lacaisse.com Management Germain B. Mathieu President and Chief Operating Officer Yvon Tessier Senior Vice-President, Investments and Asset Management
Jean-Louis Dubé Senior Vice-President, Operations Louiselle Paquin Vice-President, Finance Sylvie Drouin Corporate Secretary Marisa Giannetti Coordinator of Legal Affairs and Assistant Corporate Secretary PenYork Properties 4 Eva Road, Suite 427 Etobico*ke,Ontario M9C 2A8 Telephone: (416) 695-0600 Fax: (416) 695-0608 Internet: penyork.com [emailprotected] David Hicks Vice-President, Operations Board of Directors of SITQ Immobilier and PenYork Properties Fernand Perreault Chairman of the Board Senior Vice-President Caisse Real Estate Group Hervé Cantin Superintendent of group plans Comité de retraite et des assurances collectives du Mouvement Desjardins Jean Cartier Assistant Vice-Rector Executive Université Laval André Charest Vice-President, Administration and Finance Caisse Real Estate Group Roger Chiniara Vice-President Alcan Adminco Claude Dalphond Director Fiducie globale des régimes complémentaires de retraite de la Société de transport de la Communauté urbaine de Montréal Francine Harel Giasson Professor École des Hautes Études Commerciales de Montréal Claude Legault President and General Manager Régie des rentes du Québec Jacques Marleau Assistant Manager, Pension fund financial management City of Montréal Germain B. Mathieu President and Chief Operating Officer Gaston Pelletier Vice-President Les conseillers financiers du St-Laurent Jacques Perron President and General Manager and Chairman of the Board Association de bienfaisance et de retraite des policiers de la Communauté urbaine de Montréal Serge Rémillard Senior Vice-President, Administration and Finance Caisse de dépôt et placement du Québec
Hypothèques CDPQ Mortgages 1981, avenue McGill College Montréal (Québec) H3A 3C7 Telephone: (514) 842-3261 Fax: (514) 847-2397 Internet: hypcdpq.lacaisse.com Management Jean C.Pinard President and Chief Operating Officer Normand Lamontagne Assistant Vice-President, Asset Management Sylvie Drouin Corporate Secretary Céline Lévesque Assistant Secretary Rock Daneau Director, Montréal office Lucien Goulet Director, Québec City office Board of Directors Fernand Perreault Chairman of the Board Senior Vice-President Caisse Real Estate Group André Charest Vice-President, Administration and Finance Caisse Real Estate Group Jean-Claude Cyr Vice-President, Development and Planning Caisse de dépôt et placement du Québec Ghislaine Laberge Consultant in real estate financing Gérald Larose President Confédération des syndicats nationaux Peter Martin President Place Bonaventure Jean C.Pinard President and Chief Operating Officer Serge Rémillard Senior Vice-President, Administration and Finance Caisse de dépôt et placement du Québec
Caisse Private Investments Group
Management
Capimont inc.
Management
393, rue Saint-Jacques Ouest Bureau 258 Montréal (Québec) H2Y 1N9 Telephone: (514) 281-0903 Fax: (514) 281-0906
Paul Juneau President Carmen Crépin Corporate Secretary Charles Cazabon Director Nathalie Cyrenne Director Administration and Finance Anatole Pouliot Marketing Director
Hubert d’Amours President
Normand Provost Coordinating Vice-President
Capital CGD
Carmen Crépin Corporate Secretary of Group companies
975, boulevard Saint-Joseph Bureau 206 Hull (Québec) J8Z 1W8 Telephone: (819) 771-2707 Fax: (819) 771-3624 [emailprotected]
Ginette Depelteau Assistant Secretary Nathalie Cyrenne Director Administration and Finance Anatole Pouliot Marketing Director
Accès Capital Regional investment companies network 1-888-PME-3456 1981, avenue McGill College, 9e étage Montréal (Québec) H3A 3C7 Telephone: (514) 847-5454 Fax: (514) 847-2383 Internet: accescapital.lacaisse.com [emailprotected] Management Paul Juneau President Pierre-André Pomerleau Director Network Offices in Québec Accès Capital AbitibiTémiscamingue 640, 3e Avenue Bureau 205 Val d’Or (Québec) J9P 1S5 Telephone: (819) 825-6855 Fax: (819) 825-6224 [emailprotected] Pierre Ouellet Director
Pierre Giroux President
Jean-Claude Scraire Chairman of the Board Reynald Brisson Chartered Accountant R.Brisson & Associés Paul Juneau President Germain Jutras Attorney Jutras & Associés Emmanuel Marcotte President Planification financière Marcotte & Marcotte Pierre Parent President and General Manager Groupe Promexpo Normand Provost Coordinating Vice-President Caisse Private Investments Group Serge Rémillard Senior Vice-President, Administration and Finance Caisse de dépôt et placement du Québec Lisette M. Therrien President Gestion Devenir
Gestion Estrie Capital inc.
Capital d’Amérique CDPQ
2100, rue King Ouest Bureau 230 Sherbrooke (Québec) J1J 2E8 Telephone: (819) 822-4244 Fax: (819) 822-2827
Medium-size and large companies with high return and growth potential
Pierre L. Raymond President Capital Montérégie inc. 1550, rue Ampère Bureau 300 Boucherville (Québec) J4B 7L4 Telephone: (514) 449-2009 Fax: (514) 449-6472 [emailprotected] Jean Matteau Partner Serge Riopel Partner Gestion Capital de développement 04 2492, boulevard des Récollets Trois-Rivières (Québec) G8Z 3X7 Telephone: (819) 372-3300 336-2117 Fax: (819) 373-9847
Mario Beaudoin General Manager
1981, avenue McGill College, 9e étage Montréal (Québec) H3A 3C7 Telephone: (514) 847-2612 Fax: (514) 847-2493 Internet: capdamer.lacaisse.com
Investissem*nts 3L
Management
3100, boulevard Le Carrefour Bureau 553 Laval (Québec) H7T 2K7 Telephone: (514) 688-4545 Fax: (514) 688-8587 [emailprotected]
Normand Provost President Carmen Crépin Corporate Secretary Pierre Fortier Vice-President Paul-Henri Couture Vice-President Ghislain Gauthier Vice-President Luc Houle Vice-President Nathalie Cyrenne Director, Administration and Finance Benoît Deschamps Director Anatole Pouliot Marketing Director
Accès Capital Québec
Normand Chartrand General Manager
1303, rue Maguire Sillery (Québec) G1T 1Z2 Telephone: (418) 682-1115 Fax: (418) 681-4338 [emailprotected]
Bas Saint-Laurent–Gaspésie–
Gilles Desharnais Director Serge Olivier Director
Saguenay–Lac-Saint-Jean Telephone: Fax:
Investissem*nt Les Îles-de-la-Madeleine Telephone: Fax:
1-888-PME-3456 (514) 847-2383
Capital CDPQ Investments under one million dollars
Accès Capital
1-888-PME-3456 (514) 847-2383
Board of Directors of Accès Capital and Capital CDPQ
1981, avenue McGill College, 9e étage Montréal (Québec) H3A 3C7 Telephone: (514) 847-2611 Fax: (514) 847-2493 Internet: capcdpq.lacaisse.com
Board of Directors Jean-Claude Scraire Chairman of the Board Sylvie Archambault President Technologies M4 Rodrigue Biron Partner Biron, Lapierre et Associés Roger Chiniara Vice-President Alcan Adminco Carmen Crépin Vice-President and Corporate Secretary Caisse de dépôt et placement du Québec Pierre Michaud Chairman of the Board and Chief Executive Officer Réno-Dépôt Michel Nadeau Senior Vice-President, Core Portfolios and Assistant General Manager Caisse de dépôt et placement du Québec Normand Provost President Alain Rhéaume Chief Financial Officer and Treasurer Microcell Telecommunications John D. Thompson Deputy Chairman of the Board Montréal Trustco Advisor Bernard Lemaire Chairman of the Board Cascades Capital Communications CDPQ Companies in the communications and telecommunications industries 1981, avenue McGill College, 9e étage Montréal (Québec) H3A 3C7 Telephone: (514) 847-2614 Fax: (514) 847-2493 Internet: capcomm.lacaisse.com Management Pierre Collins President Pierre Leblanc Vice-President Carmen Crépin Corporate Secretary Ginette Depelteau Assistant Secretary Nathalie Cyrenne Director, Administration and Finance Anatole Pouliot Marketing Director Board of Directors Jean-Claude Scraire Chairman of the Board Pierre Collins President Jean-Claude Delorme Corporate director and consultant Paul Major Corporate director
Michel Nadeau Senior Vice-President, Core Portfolios and Assistant General Manager Caisse de dépôt et placement du Québec Normand Provost Coordinating Vice-President Caisse Private Investments Group Michel Sanschagrin President Commission administrative des régimes de retraite et d’assurances Advisor Serge Godin President and Chief Executive Officer Groupe CGI
Normand Provost Coordinating Vice-President Caisse Private Investments Group Louis Roquet President and General Manager Société de développement industriel du Québec (S.D.I.) Pierre-André Roy President Bombardier Capital Advisor Bernard Lamarre Advisor SNC-Lavalin Chairman of the Board Infradev International Sofinov
Capital International CDPQ Companies in the high-tech industry Business networks,strategic alliances 1981, avenue McGill College, 9e étage Montréal (Québec) H3A 3C7 Telephone: (514) 847-2615 Fax: (514) 847-2383 Internet: capintern.lacaisse.com
1981, avenue McGill College, 7e étage Montréal (Québec) H3A 3C7 Telephone: (514) 847-2613 Fax: (514) 847-2628 Internet: sofinov.lacaisse.com Management
Management Jean Lamothe President Réal Desrochers Vice-President Carmen Crépin Corporate Secretary Ginette Depelteau Assistant Secretary Suzanne Brochu Director, Business Networks Nathalie Cyrenne Director, Administration and Finance Serge L. Desjardins Director, America Daniel Dupont Director, Asia Anatole Pouliot Marketing Director Helen Steers Director, Europe Board of Directors Jean-Claude Scraire Chairman of the Board Jean-Claude Bachand Counsel Byers Casgrain Gretta Chambers Chancellor McGill University Réal Desrochers Vice-President Emmanuel G. Kampouris President Bethune Import-Export, Executive Vice-President Québec Association of Export Trading Houses Jean Lamothe President Gérald Larose President Confédération des syndicats nationaux Fernand Perreault Senior Vice-President Caisse Real Estate Group
Denis Dionne President Carmen Crépin Corporate Secretary Louis Lacasse Vice-President,Biotechnology and Health Care Pierre Pharand Vice-President,Software and Electronics Marcel Paquette Vice-President, Industrial Technologies Nathalie Cyrenne Director, Administration and Finance Anatole Pouliot Marketing Director Board of Directors Jean-Claude Scraire Chairman of the Board Line Boisvert Executive Portfolio Manager, Caisse de dépôt et placement du Québec Jacques M. Brault Senior Vice-President Lévesque Beaubien Geoffrion Carmen Crépin Vice-President and Corporate Secretary Caisse de dépôt et placement du Québec Denis Dionne President Clément Godbout President Fédération des travailleurs et travailleuses du Québec Marc J. Jetté President MarkeTek Claude Lajeunesse President and Vice-Chancellor Ryerson Polytechnic University Serge Martin President Martin International Normand Provost Coordinating Vice-President Caisse Private Investments Group
Advisor Livia Masnaghetti Partner Raymond,Chabot, Martin, Paré Other business investments Infradev International Specializing in financing and financial package expertise for infrastructure projects 2190, rue Crescent, 1er étage Montréal (Québec) H3G 2B8 Telephone: (514) 286-4477 Fax: (514) 286-4083 Internet: infradev.lacaisse.com Bernard Lamarre Chairman of the Board Michel Branchaud President and Chief Executive Officer Sodémex Private investments in junior exploration companies 2525, boulevard Laurier Ste-Foy (Québec) G1V 2L2 Telephone: (418) 656-4331 Fax: (418) 656-6577 Denis Landry President Solfitech Service marketing company in portfolio management information systems 1130, rue Sherbrooke Ouest, 5e étage Montréal (Québec) H3A 2M8 Telephone: (514) 841-9855 Fax: (514) 281-5879 Serge Godin Chairman of the Board Yves Benoit Chief Executive Officer Caisse Offices Abroad Vietnam Capital International CDPQ inc. Daeha Business Centre,5th floor Ngoc Khanh / Lieu Gai Ba Ding District Hanoi, Vietnam Telephone: 84-4 831-5104 or (514) 847-2390 Fax: 84-4 831-5106 Internet: www.lacaisse.com [emailprotected] Daniel Leblanc Managing Director Mexico Grupo inmobiliario Caisse Lope de Vega 117,Piso 10 México, D.F.,11540 Mexico Telephone: (525) 545-1204/1224 Fax: (525) 545-1246 Internet: www.lacaisse.com Pierre Alarie Managing Director Italy Via Ansperto 5 Promos building
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REPORT OF MANAGEMENT The financial statements of the Caisse de dépôt et placement du Québec were prepared by management, which is responsible for their preparation and presentation, including estimates and material judgements. This responsibility includes selecting the appropriate accounting policies in accordance with generally accepted accounting principles. Financial information presented elsewhere in this Operations Report is consistent with that shown in the accompanying financial statements. Management maintains systems of internal accounting controls which are designed to provide reasonable assurance that assets are safeguarded and that transactions are recorded in an appropriate and timely manner, that they are duly authorized and allow for the preparation of reliable financial statements. The internal audit team reviews the internal controls on a regular basis to ensure they are adequate and applied consistently by the Caisse. The Caisse is aware of its responsibility to manage its operations in accordance with the rules and regulations that govern the institution. The Board of Directors supervises the manner in which management assumes its responsibility regarding financial information, and it has approved the financial statements. The Board of Directors is assisted by the Audit Committee, of which only one member is also an officer of the Caisse. The Audit Committee meets with management and the auditor, examines the financial statements and recommends their approval by the Board of Directors. The financial statements of the Caisse are audited by the Auditor General of Québec, who conducted his audit in accordance with generally accepted auditing standards. The auditor's report covers the nature and scope of the audit and expresses the auditor's opinion on the financial statements. The Auditor General has unrestricted access to the Audit Committee to discuss any matter relating to his audit. Jean-Claude Scraire Chairman of the Board and Chief Executive Officer Serge Rémillard Senior Vice-President, Administration and Finance Montréal, March 11, 1997
AUDITOR'S REPORT To the National Assembly I have audited the combined statement of net assets of the Funds of the Caisse de dépôt et placement du Québec as at December 31, 1996, the combined statement of income, and the combined statement of changes in net assets for the year then ended. These financial statements are the responsibility of the Caisse's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In my opinion, these combined financial statements present fairly, in all material respects, the financial position of these Funds as at December 31, 1996 and the results of their operations and the changes in their net assets for the year then ended in accordance with generally accepted accounting principles. As required by the Auditor General Act (R.S.Q., chapter V-5.01), I report that, in my opinion, these principles have been applied on a basis consistent with that of the preceding year. Guy Breton, F.C.A. Auditor General of Québec Québec City, March 11, 1997
Page 42
FINANCIAL STATEMENTS
COMBINED STATEMENT OF NET ASSETS AS AT DECEMBER 31, 1996
1996
1995 (in millions of dollars)
ASSETS Investments at fair value (Notes 3 and 4) Bonds Shares and convertible securities Mortgages Real estate holdings Short-term investments Securities acquired under reverse repurchase agreements
25,836 26,073 1,567 3,610 2,094 1,252
24,294 20,216 1,688 2,569 3,070 62
Investment income, accrued and receivable Transactions being settled Other assets
60,432 638 62 201
51,899 611 20 169
61,333
52,699
645 153 154
62 127 88
1,606 930 304 155 172
360 637 83 78 79
4,119
1,514
57,214
51,185
LIABILITIES Deposits on loans of securities (Note 4) Bank loans and notes payable Transactions being settled Commitments related to short selling of securities (Note 4) Mortgage loans payable (Note 4) Derivative financial instruments (Note 4) Other liabilities Non-controlling interests (Note 4)
DEPOSITORS' HOLDINGS (Note 5) DERIVATIVE FINANCIAL INSTRUMENTS (Note 7) COMMITMENTS (Note 8) BREAKDOWN OF COMBINED NET ASSETS (complementary statistics)
On behalf of the Board of Directors, Jean-Claude Scraire Jean-Claude Bachand
Page 43
COMBINED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1996
1996
1995 (in millions of dollars)
INCOME Investment income Interest on bonds Dividends and interest on convertible securities Interest on mortgages Net income from real estate holdings Interest on short-term investments
2,020 472 125 197 76
2,002 446 168 141 175
Other income
2,890 16
2,932 8
2,906
2,940
54
45
2,852
2,895
22
21
INCOME BEFORE THE FOLLOWING ITEM Less: Non-controlling interests
2,830
2,874
11
7
NET INVESTMENT INCOME
2,819
2,867
Less: Investment management expenses (Note 6) EXPENDITURES Administrative expenses (Note 6)
Page 44
COMBINED STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED DECEMBER 31, 1996
1996
1995 (in millions of dollars)
INVESTMENT OPERATIONS Net investment income
2,819
Gains (losses) on sale of investments Bonds Shares and convertible securities Mortgages Real estate holdings Short-term investments
498 1,761 7 (1) (51) 2,214
Less: Non-controlling interests
Unrealized increase (decrease) in value Investments Bonds Shares and convertible securities Mortgages Real estate holdings Short-term investments Securities acquired under reverse repurchase agreements
Less: Commitments related to short selling of securities Mortgage loans payable Derivative financial instruments Non-controlling interests
1
2,867 417 873 2 (79) (3) 1,210 (2)
2,213
1,212
550 2,242 34 90 16 (72)
2,043 1,698 79 (7) (22) -
2,860
3,791
59 157 40
11 13 (95) (1)
256
(72)
2,604
3,863
7,636 1,607
7,942 1,617
INCREASE IN COMBINED NET ASSETS COMBINED NET ASSETS, BEGINNING OF YEAR
6,029 51,185
6,325 44,860
COMBINED NET ASSETS, END OF YEAR
57,214
51,185
Total investment operations Excess depositors' withdrawals over deposits
Page 45
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1996
1
CONSTITUTION AND OPERATIONS
The Caisse de dépôt et placement du Québec is a legal person within the meaning of the Civil Code, created by a special act (R.S.Q., chapter C-2). It receives funds, the deposit of which is provided for under a particular act. GENERAL FUND The General Fund is comprised of diversified investments and is a pooled fund for demand, term and participation deposits. The General Fund's net equity and net income as at December 31 were shared among participation deposit holders as follows: 1996
Régie des rentes du Québec Société de l'assurance automobile du Québec Fonds d'assurance-prêts agricoles et forestiers Office de la protection du consommateur Fonds des cautionnements collectifs des agents de voyages Détaillants Grossistes Magazine Protégez-Vous Régie des marchés agricoles et alimentaires du Québec Fédération des producteurs de bovins du Québec
Number of units
1995 %
Number of units
%
17,585,369 6,120,094 12,871
74.1 25.8 0.1
17,656,968 5,635,479 12,871
75.7 24.2 0.1
3,997 2,287 2,100
-
7,167 1,559
-
3,006
-
2,621
-
1,448
-
1,041
-
23,731,172
100.0
23,317,706
100.0
As of January 1, 1996, the Fonds des cautionnements collectifs des agents de voyages was split in order to create the Fonds des cautionnements collectifs des agents de voyages - Détaillants, and the Fonds des cautionnements collectifs des agents de voyages Grossistes. In addition, on January 1, 1997, the Société de l'assurance automobile du Québec's share of the General Fund's net assets, or 25.8% of the net holdings of the Fund's participation deposit holders, was transferred to the Fund 307 created at that date for this depositor. The fair value of the net assets transferred, established as at December 31, 1996, was $5,481 million. INDIVIDUAL FUNDS The Individual Funds are comprised of diversified investments and each have only one depositor who exclusively makes participation deposits therein. The various Individual Funds are: Fund 301 For the Government and Public Employees Retirement Plan - contributions from unionized employees and transfer from supplemental pension plans - administered by the Commission administrative des régimes de retraite et d'assurances. Fund 302 For the Government and Public Employees Retirement Plan - contributions from non-unionized employees - administered by the Commission administrative des régimes de retraite et d'assurances. Fund 303 For the Individual Plans administered by the Commission administrative des régimes de retraite et d'assurances. Fund 305 For the Pension Plan for Elected Municipal Officers and the General Retirement Plan for Mayors and Councillors of Municipalities, administered by the Commission administrative des régimes de retraite et d'assurances.
Page 46
Fund 306 For the Régime complémentaire de rentes des techniciens ambulanciers œuvrant au Québec. Fund 308 For the Fonds d'amortissem*nt des régimes de retraite gouvernementaux, administered by the Minister of Finance. Fund 311 For the Supplemental Pension Plan for Employees of the Québec Construction Industry - active participants - administered by the Commission de la construction du Québec. Fund 312 For the Supplemental Pension Plan for Employees of the Québec Construction Industry - retired participants - administered by the Commission de la construction du Québec. Fund 313 For the Supplemental Pension Plan for Employees of the Québec Construction Industry - additional contributions - administered by the Commission de la construction du Québec. Fund 330 For the Commission de la santé et de la sécurité du travail.
SPECIFIC PORTFOLIOS The specific portfolios are comprised of one category of investments only. The portfolios are pooled funds for participation deposits of the various Funds. As at December 31, 1996, the seven following specific portfolios were in operation: the bond portfolio (created October 1, 1996), the Canadian equities portfolio, the U.S. equities portfolio, the emerging market equities portfolio, the foreign equities portfolio, the mortgage portfolio and the real estate investments portfolio.
2
ACCOUNTING POLICIES
The combined financial statements of the Caisse have been prepared by management in accordance with generally accepted accounting principles. These statements include amounts based on best judgement and estimates. a) COMBINED FINANCIAL STATEMENTS The combined financial statements comprise the accounts of the Caisse's subsidiaries, those of the General Fund and the Individual Funds, as well as those of the specific portfolios. The accounts of each of these Funds and of each of these portfolios are reflected in separate financial statements audited by the Auditor General of Québec. b) INVESTMENTS AND JOINT OPERATIONS Purchases and sales of investments are recorded as at the commitment date, except transactions involving bonds, mortgages and real estate holdings, which are recorded as at the settlement date. Investments and related assets and liabilities are accounted for at fair value, which is the estimated exchange value which would be agreed upon in an arm's length transaction between knowledgeable, willing parties who are under no compulsion to act, established at year-end. Such values are determined using 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 brokerage firms. In addition, valuations are made by independent valuators while others are made in-house based on commonly used valuation methods. Transactions by way of commitments related to short selling of securities result in the acquisition of securities under reverse repurchase agreements as well as in transactions on loans on securities.
Page 47
c) INCOME Income from derivative financial instruments is included in the income from the underlying investments. Interest income on bonds includes income derived from securities acquired under reverse repurchase agreements reduced by interest expenses on deposits on loans of securities. Dividend income is recognized on the ex-dividend date. Income from loans of shares and convertible securities is presented under the item Dividends and interest on convertible securities. Income from real estate holdings is reduced by interest on bank and mortgage loans payable. Interest on short-term investments is reduced by interest expenses on notes payable. d) GAINS AND LOSSES ON SALE OF INVESTMENTS The gains and losses on the sale of investments are calculated using the average unamortized cost in the case of bonds, mortgages and short-term investments, the average cost in the case of shares and convertible securities, and the specific cost in the case of real estate holdings. The average unamortized cost is the acquisition cost restated to take into account the amortization of the premium and the discount that allows the investment to maintain a constant real return until maturity. e) FOREIGN CURRENCY TRANSLATION The fair value of investments and any other assets and liabilities denominated in foreign currencies is translated into Canadian dollars at the rate of exchange prevailing at year-end. The cost of investments in shares and that of real estate holdings from integrated foreign operations are translated at the rate prevailing on the acquisition date. The cost of real estate holdings from self-sustaining foreign operations is translated at the rate prevailing at year-end. The unamortized cost of hedged investments in bonds, mortgages and short-term investments is translated at the average rate of the financial foreign exchange risk hedging instruments held at year-end, and that of unhedged investments is translated at the rate prevailing at year-end. Income is translated at the average rate prevailing in each of the fiscal periods of the various Funds and portfolios, except dividend income, which is translated at the rates prevailing on the ex-dividend date. Foreign exchange gains and losses are included in net investment income, except those gains and losses relating to financial foreign exchange risk hedging instruments used for shares and real estate holdings, which are deferred and accounted for in gains and losses on the sale of investments, upon the realization of the hedged shares and real estate holdings. f) FIXED ASSETS Costs related to the acquisition of telephone, computer and office automation equipment are capitalized and amortized over the useful life of each asset. Set-up costs for the premises and other leasehold improvement costs are amortized over the term of the lease. These fixed assets are presented under the item Other assets. g) INVESTMENT MANAGEMENT EXPENSES AND ADMINISTRATIVE EXPENSES Investment management expenses cover all expenses related directly to investment operations, including expenses paid to external financial institutions. These expenses are presented under a specific item, and are deducted from investment income. General administrative expenses are presented under the item Administrative expenses.
Page 48
3
INVESTMENTS
Canadian and foreign investments as well as related derivative financial instruments, accounted for at fair value, are as follows: 1996 (in millions of dollars) Canadian Foreign
Total
Bonds Shares and convertible securities Mortgages Real estate holdings Short-term investments Securities acquired under reverse repurchase agreements
25,202 15,571 1,445 2,680 1,599 771
609 10,455 122 922 450 481
25,811 26,026 1,567 3,602 2,049 1,252
Derivative financial instruments
47,268 19
13,039 106
60,307 125
47,287
13,145
60,432
1995 (in millions of dollars) Canadian Foreign
Total
Bonds Shares and convertible securities Mortgages Real estate holdings Short-term investments Securities acquired under reverse repurchase agreements
24,202 13,990 1,660 2,190 2,954 62
85 6,173 29 377 105 -
24,287 20,163 1,689 2,567 3,059 62
Derivative financial instruments
45,058 6
6,769 66
51,827 72
45,064
6,835
51,899
The foreign exchange position for investments in foreign securities, other than those hedged by a corresponding financial liability, is hedged by derivative financial instruments as shown in note 7, with the exception of those from emerging markets in the amount of $958 million as at December 31, 1996 ($93 million in 1995), which are hedged for risks related to fluctuations in the US currency only.
Page 49
4
INVESTMENTS AND LIABILITIES AT COST
The cost of investments and liabilities accounted for at fair value details as follows: 1996
1995 (in millions of dollars)
ASSETS Investments Bonds Shares and convertible securities Mortgages Real estate holdings Short-term investments Securities acquired under reverse repurchase agreements
LIABILITIES Deposits on loans of securities Commitments related to short selling of securities Mortgage loans payable Derivative financial instruments Non-controlling interests
23,653 19,742 1,487 4,375 2,075 1,324
22,661 16,127 1,642 3,424 3,067 62
52,656
46,983
645
62
1,538
351
914
621
69
5
178
125
The cost of shares and convertible securities as well as of real estate holdings was decreased by the amount of the gains and losses carried over to financial foreign exchange risk hedging instruments which totalled $160 million as at December 31, 1996 (increased by $232 million in 1995).
5
DEPOSITORS' HOLDINGS
Demand and term deposits bear interest and constitute the Caisse's indebtedness toward the depositors. Participation deposits are expressed in units and each unit gives its holder a proportionate share in the net equity and net income of a particular Fund. At the end of each fiscal period of a Fund, which is one month for the General Fund and three months for the Individual Funds, the net investment income and gains and losses on the sale of investments are distributed to participation deposit holders. At the beginning of the following period, the amounts distributed are paid out to (recovered from) the depositors' demand deposit accounts.
Page 50
1996
1995 (in millions of dollars)
Indebtedness toward depositors Demand deposits Advances to a depositor Term deposits Interest on demand and term deposits Net income to be paid out to participation deposit holders
91 (200) 110 1
Participation deposit holders' holdings Participation deposits Balance, beginning of year Units issued Units cancelled Balance, end of year Amount not allocated with respect to real estate holdings* Unrealized increase in value allocated following interfund transactions Unrealized increase (decrease) in value of investments and other related assets and liabilities
DEPOSITORS' HOLDINGS *
105 (200) 140 3
1,167
765
1,169
813
45,488 4,053 (334)
43,592 3,147 (1,251)
49,207
45,488
111
111
(736)
(86)
7,463
4,859
56,045
50,372
57,214
51,185
Represents the restated amount of accumulated amortization of real estate properties resulting from the recording of investments at fair value. This amount will be allocated upon the sale of the properties.
6 a)
INVESTMENT MANAGEMENT EXPENSES AND ADMINISTRATIVE EXPENSES Investment management expenses and administrative expenses detail as follows: 1996
1995 (in millions of dollars)
Salaries and employee benefits Professional fees Premises and material Depreciation of fixed assets Other
Management expenses
Administrative expenses
Management expenses
Administrative expenses
23 19 5 2 5
13 3 3 1 2
22 12 4 2 5
12 3 3 1 2
54
22
45
21
Page 51
b)
Management expenses are attributable to investment categories as follows: 1996
1995 (in millions of dollars)
Bonds Shares and convertible securities Mortgages Real estate holdings Short-term investments
7
9 32 3 9 1
9 24 4 7 1
54
45
DERIVATIVE FINANCIAL INSTRUMENTS
Pursuant to its investment operations management, the Caisse conducts transactions involving various derivative financial instruments either to hedge against the risks associated with fluctuations in exchange rates or to manage risks associated with interest rate and market fluctuations. As at December 31, these instruments, the favourable fair value of which is grouped with that of the underlying investments while the unfavourable fair value is recorded in liabilities, including amounts payable on these instruments, under the item Derivative financial instruments, were as follows: 1996 Fair value Over-the-counter products Foreign exchange risk hedging* Forward exchange contracts Purchases Sales Foreign currency options Purchases Foreign currency swaps Sales Interest rate and market risk management Forward exchange contracts Purchases Sales Equity index forwards Purchases Sales Forward rate agreements Purchases Sales Forward currency volatility agreements Sales Interest rate swaps Options on interest rate swaps Purchases
4 (131)
1995 (in millions of dollars) Notional Fair amount value
166 10,914
(1) 46
243 6,770
-
4
4
366
(19)
460
4 (11)
334 1,124
(1) -
837 30
(5) 5
88 88
-
-
-
80 -
-
50 50
(29) -
55 1,349 42
-
Notional amount
(29) -
-
836 -
Page 52
(continued)
1996 Fair value
Interest rate and market risk management Options on equity indices Purchases Sales Foreign currency options Purchases Sales Equity options Purchases Sales Organized market products Interest rate and market risk management Bonds futures Purchases Sales Equity index futures Purchases Sales Interest rate futures Purchases Sales Foreign currency futures Purchases Options on bond futures Purchases Sales Options on equity index futures Purchases Options on interest rate futures Purchases Equity options Sales *
-
1995 (in millions of dollars) Notional Fair amount value
Notional amount
-
(5)
47 52
37 (25)
2,460 1,651
10 (8)
439 365
3 (1)
49 41
-
-
-
492 974
-
11 76
-
853 703
-
54 344
-
87 228
-
70 -
-
17
-
-
59 1,051
-
389 413
-
12
-
-
-
56
-
-
-
5
-
4
(1)
Where hedging transactions imply simultaneous use of the US currency and other foreign currencies, the notional amount recorded herein represents the final value expressed in Canadian dollars.
Foreign exchange risks associated with foreign investments and other related assets and liabilities are hedged using hedging instruments. In the case of bonds, mortgages, real estate investments and short-term investments, these hedging instruments are representative of the value and the currency in which investments are expressed. In the case of foreign equities, the portfolio weighting by country is comparable to the major international indices, and the value of hedging instruments is representative of the relative weight of the countries whose securities make up such indices. These instruments are negotiated with banks. Terms generally range from one to three months in the case of forward exchange contracts and options, and from one to two years in the case of foreign currency swaps. Upon maturity, new hedging instruments are negotiated to maintain an effective long-term hedge against the exchange risk associated with foreign investments. Moreover, futures and options traded on stock exchanges, forward exchange contracts, equity index forwards, forward rate agreements and forward currency volatility agreements, interest rate swaps and options negotiated with banks and brokerage firms, are used to manage the interest rate and market risks of the total investment portfolio in addition to generating income from negotiation activities.
Page 53
These transactions are negotiated with financial institutions whose credit rating is established by a recognized credit rating agency and operational limits are duly approved by an internal credit committee, which supports compensation agreements in order to limit credit risk. In addition, interest rate swaps on bonds for a nominal value of $225 million as at December 31, 1996 ($252 million in 1995) have allowed to convert the income of certain fixed interest-rate bonds into variable income.
8
COMMITMENTS
The Caisse has subscribed shares and limited partnership units. Disbursem*nts will be made over the nex few years as call for funds occur and conditions are met, in accordance with the terms and conditions agreed to. As at December 31, 1996, these commitments totalled $561 million ($366 milllion in 1995).
9
COMPARATIVE FIGURES
Certain figures from the 1995 financial statements have been reclassified in order to conform with the presentation adopted in 1996.
Page 54
COMPLEMENTARY STATISTICS BREAKDOWN OF COMBINED NET ASSETS as at December 31, 1996 (in millions of dollars) Fair value %
Breakdown of portfolios
Notional amount - Maturities Under 2 to Over 2 years 5 years 5 years
Notional amount 1
Fair value
Cost2
Effective interest rate %
ASSETS
17.34 10.90 0.02
Bonds Domestic securities Government issued Gouvernement du Québec Government of Canada Other governments
28.26
8.24 0.63 0.18
Government guaranteed Gouvernement du Québec Hydro-Québec Other Government of Canada
9.05 0.11 0.61 0.15 0.03 0.73 0.02
Guaranteed by grants Colleges Hospitals Universities and affiliated schools Social service centres School boards Other
1.65
1,960.2 880.7 -
2,333.9 2,371.9 -
5,640.1 2,703.3 13.3
9,934.2 5,955.9 13.3
10,633.5 6,684.8 14.7
9,685.5 6,456.5 13.9
8.6 6.6 7.2
2,840.9
4,705.8
8,356.7
15,903.4
17,333.0
16,155.9
7.8
316.0 -
1,088.9 190.0 -
3,551.9 122.6 84.7
4,956.8 312.6 84.7
5,050.3 386.0 110.0
4,482.1 317.7 93.8
8.8 10.5 9.2
316.0
1,278.9
3,759.2
5,354.1
5,546.3
4,893.6
8.9
4.3 11.7 8.8 13.9 1.2
31.6 247.2 20.9 9.6 200.8 3.0
22.5 51.0 45.3 6.2 145.8 5.0
58.4 309.9 75.0 15.8 360.5 9.2
70.1 375.4 92.3 19.3 448.6 11.8
60.6 316.3 79.4 16.1 367.9 10.2
9.9 10.6 9.4 10.5 11.4 10.1
39.9
513.1
275.8
828.8
1,017.5
850.5
10.8
1.47 0.17
Municipalities and school boards Municipalities and municipal bodies School boards
123.1 7.8
250.8 23.8
383.0 54.5
756.9 86.1
898.9 105.2
775.9 89.3
9.5 10.1
1.64 0.49
Corporate
130.9 33.2
274.6 97.6
437.5 156.5
843.0 287.3
1,004.1 301.4
865.2 287.0
9.6 9.2
3,360.9 340.9
6,870.0 -
12,985.7 163.4
23,216.6 504.3
25,202.3 15.7
23,052.2 -
8.2
25,218.0
23,052.2
8.2
41.09 0.03
Derivative financial instruments
41.12 0.79 0.20
Foreign securities U.S. Government Other
0.99 0.02
Derivative financial instruments
2.5
16.7 -
455.8 105.1
472.5 107.6
485.9 122.4
484.4 116.2
6.6 8.2
2.5 1,218.6
16.7 -
560.9 35.0
580.1 1,253.6
608.3 9.9
600.6 0.3
6.9
1.01
618.2
600.9
6.9
42.13
25,836.2
23,653.1
6.8
1,118.3 1,295.4 1,773.5 1,026.5 1,029.4 2,135.9 450.3 414.0 138.8 1,674.1 1,090.5 686.0 2,376.3 361.2
874.1 988.3 1,189.8 878.6 557.4 1,463.4 535.2 355.9 99.9 987.1 555.2 717.4 1,292.4 207.2
15,570.2 3.0
10,701.9 4.5
15,573.2
10,706.4
564.7 166.1 180.0 207.3 749.0 1,246.1 336.8 907.4
378.1 128.6 147.0 160.6 618.1 1,289.2 249.0 926.8
1,991.2 1,115.2 269.6 269.2 1,062.5 921.1 169.2 249.3 50.9
1,683.4 817.0 243.4 203.2 811.2 992.6 122.9 211.3 52.5
10,455.6 43.7
9,034.9 0.1
1.82 2.11 2.89 1.67 1.68 3.48 0.73 0.68 0.23 2.73 1.78 1.12 3.87 0.59 25.38 -
Shares and convertible securities Domestic securities Metals and minerals Gold and silver Oil and gas Paper and forest products Consumer products Industrial products Real estate and construction Transportation and environmental services Pipelines Utilities Communications Distribution and services Financial services Conglomerates Derivative financial instruments
80.3
-
-
80.3
25.38
0.92 0.27 0.29 0.34 1.22 2.03 0.55 1.48 3.25 1.82 0.44 0.44 1.73 1.50 0.28 0.41 0.08 17.05 0.07
Foreign securities External funds United States United Kingdom France Germany Other European countries Japan Other Asian countries and Oceania Emerging markets Internal funds United States United Kingdom France Germany Other European countries Japan Hong Kong Other Asian countries and Oceania Emerging markets Derivative financial instruments
3,836.6
5.8
19.7
3,862.1
17.12
10,499.3
9,035.0
42.50
26,072.5
19,741.4
Page 55
COMPLEMENTARY STATISTICS BREAKDOWN OF COMBINED NET ASSETS (continued) as at December 31, 1996 (in millions of dollars) Fair value %
Breakdown of portfolios
Notional amount - Maturities Under 2 to Over 2 years 5 years 5 years
Notional amount 1
Fair value
Cost2
Effective interest rate %
ASSETS (continued)
0.11 0.19 0.30 1.67 0.38
Mortgages Domestic securities Residential Insured Conventional Commercial and office buildings Industrial
2.35 0.09 0.11
U.S. securities Residential Commercial and office buildings
44.9 58.4
16.9 24.4
3.2 28.4
65.0 111.2
67.1 119.0
65.0 111.2
8.2 9.2
103.3 401.7 119.7
41.3 459.7 75.5
31.6 116.9 24.3
176.2 978.3 219.5
186.1 1,025.2 234.4
176.2 978.3 219.5
8.8 9.1 9.1
624.7
576.5
172.8
1,374.0
1,445.7
1,374.0
9.1
42.5 -
8.6 1.3
2.3 58.4
53.4 59.7
54.6 67.0
53.4 59.7
10.5 12.0
0.20
42.5
9.9
60.7
113.1
121.6
113.1
11.3
2.55
667.2
586.4
233.5
1,487.1
1,567.3
1,487.1
9.2
2,679.8
3,455.9
922.6 7.9
918.9 0.1
4.37 1.50 0.01
Real estate holdings Canada Abroad Derivative financial instruments
79.0
242.7
-
321.7
1.51
930.5
919.0
5.88
3,610.3
4,374.9
57,086.3
49,256.5
1,599.3 -
1,599.7 -
3.3
1,599.3
1,599.7
3.3
450.1 44.1
446.6 28.8
5.8
93.06 2.61 -
Total long-term investments Short-term investments Domestic securities Derivative financial instruments
1,569.9 12.0
35.0 -
-
1,604.9 12.0
Foreign securities Derivative financial instruments
450.9 2,935.2
-
-
450.9 2,935.2
2.61 0.73 0.07 0.80
494.2
475.4
5.8
3.41
2,093.5
2,075.1
3.8
770.7 481.7
833.3 490.6
1.26 0.79
Securities acquired under reverse repurchase agreements Domestic securities Foreign securities
2.05 5.46 98.52 1.04 0.10 0.34 100.00
736.3 502.0
-
-
736.3 502.0
1,238.3
-
-
1,238.3
Total short-term investments Total investments Investment income, accrued and receivable Transactions being settled Other assets
61.7
-
-
61.7
TOTAL ASSETS
1,252.4
1,323.9
3,345.9
3,399.0
60,432.2
52,655.5
637.8 61.7 201.0
637.8 61.7 201.0
61,332.7
53,556.0
645.4 152.8 929.4 154.2 1,194.5 411.1 304.4 154.5 172.3
645.4 152.8 914.2 154.2 1,153.5 384.0 69.1 154.5 177.7
4,118.6
3,805.4
57,214.1
49,750.6
LIABILITIES 15.67 3.71 22.56 3.74 29.00 9.98 7.40 3.75 4.19 100.00
Deposits on loans of securities Bank loans and notes payable Mortgages loans Transactions being settled Commitments related to short selling of bonds Commitments related to short selling of equities Derivative financial instruments Other liabilities Non-controlling interests TOTAL LIABILITIES COMBINED NET ASSETS
645.4 152.8 280.0 154.2 1,174.3
329.1 -
305.1 -
645.4 152.8 914.2 154.2 1,174.3
19,972.6
949.0
198.4
21,120.0
3.4 8.0
7.3
It would not be practical to present the 1995 figures. 1
The notional amount represents the exchange value used for the evaluation of future cash flows in the case of investments and other assets and liabilities with a determined maturity date; in the case of derivative financial instruments, the notional amount represents the value of the notional principal, to which a rate or a price is applied to determine the exchange of future cash flows.
2
Certain investment categories are reported at unamortized cost.
Page 56
SUPPLEMENTARY INFORMATION SUMMARY FINANCIAL STATEMENTS FOR THE FUNDS (in millions of dollars)
GENERAL FUND 301 NET ASSETS AS AT DECEMBER 31, 1996 ASSETS Investments at fair value Bonds Shares and convertible securities Mortgages Real estate investments Short-term investments Demand deposits in the General Fund Other assets LIABILITIES Demand and term deposits Derivative financial instruments Other liabilities PARTICIPATION DEPOSIT HOLDERS' NET HOLDINGS
302
303
1996
1995
1996
1995
1996
1995
1996
1995
9,732.0 9,161.6 163.5 933.5 2,414.7 -
10,619.5 7,426.9 480.8 849.6 2,970.3 -
8,510.3 8,845.6 347.4 891.8 1,071.8
7,597.9 6,844.2 387.2 854.2 801.3
1,386.1 1,504.8 57.8 150.6 172.3
1,236.6 1,208.9 65.3 144.8 124.2
45.8 45.1 19.5 6.6 24.4
45.5 38.6 17.9 5.6 17.1
22,405.3 1,337.2
22,347.1 540.9
19,666.9 162.1
16,484,8 233.4
3,271.6 27.1
2,779.8 38.9
141.4 1.1
124.7 1.8
23,742.5
22,888.0
19,829.0
16,718.2
3,298.7
2,818.7
142.5
126.5
2,206.6 52.3 230.6
2,153.7 24.7 318.2
5.1 559.6
11.0 350.5
0.9 93.8
9.9 57.3
3.9
0.2 2.3
2,489.5
2,496.6
564.7
361.5
94.7
67.2
3.9
2.5
21,253.0
20,391.4
19,264.3
16,356.7
3,204.0
2,751.5
138.6
124.0
848.4 168.2 21.1 75.2
940.6 169.6 46.0 57.3
624.4 169.3 27.9 70.2
594.3 150.9 34.5 55.8
104.5 28.9 4.7 11.8
97.5 26.5 5.4 9.6
3.5 0.9 1.5 0.5
3.6 0.9 1.3 0.4
STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1996 INCOME Investment income Income from bonds Income from shares and convertible securities Income from mortgages Income from real estate investments Interest on short-term investments and deposits in the General Fund
82.4
157.7
25.2
49.5
3.9
8.1
1.0
1.4
Other income
1,195.3 0.3
1,371.2 0.5
917.0 -
885.0 0.2
153.8 -
147.1 -
7.4 -
7.6 -
Total income
1,195.6
1,371.7
917.0
885.2
153.8
147.1
7.4
7.6
3.6
12.5
2.4
9.6
0.4
1.6
-
0.1
1,192.0
1,359.2
914.6
875.6
153.4
145.5
7.4
7.5
2.4 78.1
5.9 127.4
1.7 -
4.7 -
0.3 -
0.8 -
-
-
1,111.5
1,225.9
912.9
870.9
153.1
144.7
7.4
7.5
1,111.5 1,163.3
1,225.9 598.3
912.9 950.4
870.9 309.1
153.1 161.0
144.7 52.9
7.4 5.6
7.5 1.0
Investment management expenses EXPENDITURES Administrative expenses Interest on demand and term deposits NET INVESTMENT INCOME CHANGES IN NET ASSETS FOR THE YEAR ENDED DECEMBER 31, 1996 INVESTMENT OPERATIONS Net investment income Gains (losses) on sale of investments Unrealized increase (decrease) in value of investments and liabilities
830.8
1,322.1
140.4
220.0
4.6
9.2
Total investment operations Participation deposits Net income allocated to participation deposit holders
2,770.0 366.4
495.2
3,337.2 (615.2)
1,513.0
2,694.1 2,076.8
2,502.1 1,569.8
454.5 312.1
417.6 236.1
17.6 10.0
17.7 5.3
(2,274,8)
(1,824.2)
(1,863.3)
(1,180.0)
(314.1)
(197.6)
(13.0)
INCREASE (DECREASE) IN NET ASSETS NET ASSETS, BEGINNING OF YEAR
861.6 20,391.4
897,8 19,493.6
2,907.6 16,356.7
2,891.9 13,464.8
452.5 2,751.5
456.1 2,295.4
14.6 124.0
14.5 109.5
NET ASSETS, END OF YEAR
21,253.0
20,391.4
19,264.3
16,356.7
3,204.0
2,751.5
138.6
124.0
8,958.4 7,026.5 155.9 1,261.9 2,396.2 -
9,877.6 5,726.0 468.1 1,201.1 2,968.8 -
7,799.0 6,910.6 332.0 1,138.9 1,071.8
7,115.5 5,460.8 376.3 1,141.9 801.3
1,261.8 1,166.9 55.4 191.8 172.3
1,143.0 964.1 63.6 193.3 124.2
42.1 36.9 18.6 7.7 24.4
42.7 33.3 17.4 6.9 17.1
19,798.9
20,241.6
17,252.3
14,895.8
2,848.2
2,488.2
129.7
117.4
110.0
140.0
-
-
-
-
-
-
32.0
12.0
0.9
1.6
0.1
0.5
-
-
(8.5)
INVESTMENTS AND LIABILITIES AT COST AS AT DECEMBER 31, 1996 ASSETS Investments Bonds Shares and convertible securities Mortgages Real estate investments Short-term investments Demand deposits in the General Fund LIABILITIES Term deposits Derivative financial instruments * Created April 1, 1995.
Page 57
INDIVIDUAL FUNDS 305 1996
1995
306* 1996
308
311
312
313
330
57.3 59.3 2.4 7.4 8.3
51.1 50.4 2.7 6.1 4.1
38.3 21.1 2.5
30.3 15.5 1.6
478.9 452.7 19.1 59.8 68.6
443.2 386.2 21.8 49.1 46.2
675.7 1,459.1 429.2 107.0 208.4
684.7 1,346.7 371.9 88.7 107.0
741.4 746.7 295.5 36.1 131.8
621.2 654.4 240.3 28.3 145.3
265.2 183.5 177.9 25.6 48.7
233.2 158.0 142.3 19.8 44.8
2,935.1 2,197.4 44.0 208.7 260.7
2,494.0 1,722.2 63.5 189.0 397.0
134.7 1.2
114.4 1.6
61.9 0.5
47.4 0.6
1,079.1 9.4
946.5 12.0
2,879.4 24.1
2,599.0 31.4
1,951.5 15.9
1,689.5 23.9
700.9 5.9
598.1 7.8
5,645.9 46.2
4,865.7 65.8
135.9
116.0
62.4
48.0
1,088.5
958.5
2,903.5
2,630.4
1,967.4
1,713.4
706.8
605.9
5,692.1
4,931.5
4.0
2.2
1.7
1.1
0.3 32.1
18.1 19.6
5.2 87.8
0.7 43.3
3.5 60.3
0.4 37.7
1.2 19.3
0.4 11.5
1.8 154.6
2.3 121.2
4.0
2.2
1.7
1.1
32.4
37.7
93.0
44.0
63.8
38.1
20.5
11.9
156.4
123.5
131.9
113.8
60.7
46.9
1,056.1
920.8
2,810.5
2,586.4
1,903.6
1,675.3
686.3
594.0
5,535.7
4,808.0
4.3 1.1 0.2 0.6
4.1 1.1 0.3 0.4
2.7 0.4 -
1.6 0.2 -
34.2 8.9 1.6 4.7
31.7 8.5 2.4 3.3
54.7 28.9 31.4 8.6
56.0 27.9 37.2 5.5
55.2 14.4 21.4 2.9
40.8 14.6 23.0 1.8
19.7 3.5 12.6 2.0
18.2 2.8 11.5 1.2
217.1 41.0 3.9 16.5
202.6 36.9 8.9 13.3
0.3
0.2
-
0.2
1.5
2.4
6.9
13.3
5.2
14.1
1.8
3.7
11.1
12.6
6.5 -
6.1 -
3.1 -
2.0 -
50.9 -
48.3 -
130.5 -
139.9 0.1
99.1 -
94.3 -
39.6 -
37.4 -
289.6 -
274.3 -
6.5
6.1
3.1
2.0
50.9
48.3
130.5
140.0
99.1
94.3
39.6
37.4
289.6
274.3
-
0.1
-
-
0.1
0.5
0.2
1.8
0.2
1.1
0.1
0.4
0.8
2.7
6.5
6.0
3.1
2.0
50.8
47.8
130.3
138.2
98.9
93.2
39.5
37.0
288.8
271.6
-
-
-
-
0.1 -
0.3 -
0.2 -
0.9 -
0.2 -
0.5 -
0.1 -
0.2 -
0.6 -
1.3 -
6.5
6.0
3.1
2.0
50.7
47.5
130.1
137.3
98.7
92.7
39.4
36.8
288.2
270.3
6.5 6.5
6.0 2.0
3.1 2.0
2.0 1.0
50.7 47.6
47.5 16.1
130.1 169.9
137.3 43.7
98.7 94.1
92.7 41.2
39.4 24.0
36.8 4.0
288.2 237.9
270.3 129.2
1995
1996
1995
1996
1995
1996
1995
1996
1995
1996
1995
6.2
9.3
3.1
2.7
50.7
72.7
122.2
207.6
70.3
117.6
21.4
42.7
212.0
356.7
19.2 11.9
17.3 8.4
8.2 10.7
5.7 44.2
149.0 84.6
136.3 54.0
422.2 101.9
388.6 27.2
263.1 158.0
251.5 160.6
84.8 70.9
83.5 105.9
738.1 515.7
756.2 299.5
(300.0)
(181.0)
(192.8)
(133.9)
(526.1)
(399.5)
(13.0)
(8.0)
(5.1)
(3.0)
(98.3)
(63.6)
(63.4)
(40.8)
18.1 113.8
17.7 96.1
13.8 46.9
46.9 -
135.3 920.8
126.7 794.1
224.1 2,586.4
234.8 2,351.6
228.3 1,675.3
278.2 1,397.1
92.3 594.0
148.6 445.4
727.7 4,808.0
656.2 4,151.8
131.9
113.8
60.7
46.9
1,056.1
920.8
2,810.5
2,586.4
1,903.6
1,675.3
686.3
594.0
5,535.7
4,808.0
52.0 45.4 2.2 9.4 8.3
47.3 41.0 2.6 8.2 4.1
35.2 18.3 2.5
28.4 14.6 1.6
450.7 389.1 17.8 63.2 68.6
408.2 360.6 20.5 54.2 46.2
609.8 1,106.9 416.0 139.6 208.4
636.9 1,087,0 367.3 124.1 107.0
681.5 590.4 284.2 45.8 131.8
583.1 539.3 235.2 38.9 145.3
242.7 151.2 170.8 32.4 48.7
217.3 136.0 138.6 27.4 44.8
2,688.3 1,744.8 42.2 284.2 260.7
2,313.8 1,408.9 61.7 270.2 397.0
117.3
103.2
56.0
44.6
989.4
889.7
2,480.7
2,322.3
1,733.7
1,541.8
645.8
564.1
5,020.2
4,451.6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4.8
0.1
3.3
-
1.1
-
0.3
0.4
Page 58
SUPPLEMENTARY INFORMATIION SUMMARY FINANCIAL STATEMENTS FOR THE SPECIFIC PORTFOLIOS (in millions of dollars) BONDS CONSOLIDATED NET ASSETS AS AT DECEMBER 31, 1996 ASSETS Investments at fair value Bonds Shares and convertible securities Mortgages Real estate holdings Short-term investments Demand deposits in the General Fund Securities acquired under reverse repurchase agreements Other assets LIABILITIES Advances from the General Fund Deposits on loans of securities Commitments related to short selling of securities Mortgage loans payable Derivative financial instruments Other liabilities Non-controlling interests NET HOLDINGS OF FUNDS CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1996 INCOME Investment income Interest on bonds Dividends and interest on convertible securities Interest on mortgages Net income from real estate holdings Interest on short-term investments Interest on deposits in the General Fund Other income Total income Investment management expenses EXPENDITURES Administrative expenses INCOME BEFORE THE FOLLOWING ITEM Non-controlling interests NET INVESTMENT INCOME
(Created 1996-10-01) 1996 1995
CANADIAN EQUITIES (Created 1995-07-01) 1996 1995
25,591.3 1,252.4 26,843.7 487.8 27,331.5
-
1.8 15,447.7 19.8 15,469.3 54.9 15,524.2
230.8 13,828.5 167.1 14,226.4 54.8 14,281.2
507.2 645.4 1,194.5 24.7 308.7 2,680.5 24,651.0
-
244.7 411.1 11.5 187.9 855.2 14,669.0
359.4 7.0 165.9 532.3 13,748.9
480.4 (7.6) 472.8 472.8 2.3 470.5
-
26.6 292.4 0.5 (3.8) 315.7 9.1 324.8 14.7 310.1
7.5 157.0 0.3 164.8 1.7 166.5 2.1 164.4
1.6 468.9 468.9
-
4.1 306.0 306.0
0.3 164.1 164.1
468.9 331.4
-
306.0 1,310.0
164.1 459.8
485.1 1,285.4 (1,596.7) 25,762.6 (800.3) 24,651.0 24,651.0
-
1,713.3 3,329.3 (338.2) (455.0) (1,616.0) 920.1 13,748.9 14,669.0
162.4 786.3 29.7 13,556.8 (623.9) 13,748.9 13,748.9
23,423.2 1,323.8 24,747.0
-
1.8 10,492.8 19.8 10,514.4
218.7 10,604.9 167.1 10,990.7
CHANGES IN CONSOLIDATED NET ASSETS FOR THE YEAR ENDED DECEMBER 31, 1996 INVESTMENT OPERATIONS Net investment income Gains (losses) on sale of investments Unrealized increase (decrease) in value of investments and liabilities Total investment operations Participation units Transfer from funds and portfolio Net income allocated to participation unit holders INCREASE (DECREASE) IN CONSOLIDATED NET ASSETS CONSOLIDATED NET ASSETS, BEGINNING OF YEAR CONSOLIDATED NET ASSETS, END OF YEAR INVESTMENTS AND LIABILITIES AT COST AS AT DECEMBER 31, 1996 ASSETS Investments Bonds Shares and convertible securities Mortgages Real estate holdings Short-term investments Demand deposits in the General Fund Securities acquired under reverse repurchase agreements LIABILITIES Deposits on loans of securities Commitments related to short selling of securities Mortgage loans payable Derivative financial instruments Non-controlling interests SHARE OF FUNDS (in percentage) General Fund Individual Fund 301 Individual Fund 302 Individual Fund 303 Individual Fund 305 Individual Fund 306 Individual Fund 308 Individual Fund 311 Individual Fund 312 Individual Fund 313 Individual Fund 330
645.4
-
-
-
1,153.6 -
-
384.0 -
350.8 -
5.0 -
-
2.3 -
0.4 -
39.0 34.3 5.6 0.2 0.2 0.2 1.9 2.7 3.0 1.1 11.8 100.0
-
36.7 36.3 6.3 0.2 0.3 0.1 2.2 6.6 2.8 0.6 7.9 100.0
37.9 36.4 6.3 0.2 0.3 0.1 2.1 6.5 2.6 0.6 7.0 100.0
Page 59
U.S. EQUITIES
EMERGING MARKET EQUITIES
FOREIGN EQUITIES
MORTGAGES
REAL ESTATE
(Created 1995-04-01) 1996 1995
1996
1995
1996
1995
1996
1995
1996
1995
25.7 2,403.3 2,429.0 6.5 2,435.5
26.4 2,105.4 2,131.8 11.6 2,143.4
926.1 926.1 1.9 928.0
58.9 58.9 58.9
6,991.1 6,991.1 39.6 7,030.7
3,953.8 1.4 3,955.2 25.8 3,981.0
1,465.0 84.3 6.1 1,555.4 16.8 1,572.2
1,689.3 86.3 14.2 1,789.8 21.7 1,811.5
2.9 303.7 155.8 3,525.8 14.0 1.4 4,003.6 237.1 4,240.7
2.7 268.7 68.8 2,482.5 107.7 34.6 2,965.0 180.8 3,145.8
112.4 30.6 13.5 156.5 2,279.0
18.2 0.3 0.4 18.9 2,124.5
4.9 15.6 8.4 28.9 899.1
0.8 0.6 1.4 57.5
39.7 142.3 19.0 201.0 6,829.7
31.4 28.7 60.1 3,920.9
16.0 16.0 1,556.2
17.9 17.9 1,793.6
982.9 9.3 648.9 172.3 1,813.4 2,427.3
713.1 7.3 117.2 79.6 917.2 2,228.6
5.4 43.8 0.9 50.1 0.1 50.2 2.5 47.7
3.6 45.7 0.4 49.7 0.1 49.8 0.8 49.0
6.4 0.3 6.7 6.7 2.0 4.7
0.3 0.3 0.3 0.3
119.0 3.0 122.0 0.1 122.1 12.5 109.6
71.6 0.9 72.5 72.5 4.8 67.7
129.7 0.3 130.0 0.4 130.4 3.4 127.0
126.0 0.4 126.4 0.2 126.6 0.7 125.9
0.3 10.3 9.9 186.1 5.5 1.9 214.0 6.6 220.6 8.4 212.2
12.9 5.4 133.4 7.4 4.0 163.1 5.0 168.1 6.4 161.7
0.7 47.0 47.0
49.0 49.0
0.1 4.6 4.6
0.3 0.3
1.5 108.1 108.1
0.1 67.6 67.6
0.7 126.3 126.3
125.9 125.9
7.7 204.5 11.4 193.1
5.9 155.8 6.9 148.9
47.0 386.1
49.0 (86.4)
4.6 (2.1)
0.3 8.1
108.1 212.8
67.6 5.0
126.3 14.3
125.9 1.0
193.1 (8.7)
148.9 (78.3)
-
(1.4) 431.7 155.9 (433.1) 154.5 2,124.5 2,279.0
466.0 428.6 58.1 26.4 37.4 550.5 1,574.0 2,124.5
(29.3) (26.8) 870.9 (2.5) 841.6 57.5 899.1
(13.6) (5.2) 5.4 65.7 (8.4) 57.5 57.5
401.2 722.1 2,507.6 (320.9) 2,908.8 3,920.9 6,829.7
421.7 494.3 543.6 235.1 (72.6) 1,200.4 2,720.5 3,920.9
32.8 173.4 (270.2) (140.6) (237.4) 1,793.6 1,556.2
53.3 180.2 (159.2) 1,899.5 (126.9) 1,793.6 1,793.6
70.9 255.3 127.7 (184.3) 198.7 2,228.6 2,427.3
(22.6) 48.0 452.6 (70.6) 430.0 1,798.6 2,228.6
25.3 1,935.3 1,960.6
26.0 1,661.8 1,687.8
944.1 944.1
61.3 61.3
5,998.2 5,998.2
3,461.5 1.4 3,462.9
1,363.9 111.4 6.1 1,481.4
1,622.4 112.0 14.2 1,748.6
2.6 404.9 167.8 4,235.3 14.0 1.4 4,826.0
2.6 382.3 89.0 3,283.8 107.7 34.6 3,900.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
958.7
689.8
4.5 -
-
1.9 -
-
11.8 -
0.3 -
-
-
1.0 177.7
124.6
27.5 36.8 6.1 0.2 0.2 1.6 9.0 6.2 1.6 10.8 100.0
36.5 31.4 5.3 0.2 0.2 1.8 8.9 5.8 1.5 8.4 100.0
41.0 34.8 5.8 0.1 4.3 3.0 0.8 10.2 100.0
90.6 0.3 5.4 3.0 0.7 100.0
40.7 34.8 5.8 0.2 0.2 0.1 1.3 3.6 2.5 0.6 10.2 100.0
35.5 29.8 5.8 0.2 0.2 0.1 1.7 6.7 4.3 1.0 14.7 100.0
10.5 22.3 3.7 1.3 0.2 1.2 27.6 19.0 11.4 2.8 100.0
26.8 21.6 3.6 1.0 0.2 1.2 20.7 13.5 7.9 3.5 100.0
38.5 36.7 6.2 0.3 0.3 2.5 4.4 1.5 1.0 8.6 100.0
38.0 38.2 6.5 0.2 0.3 2.2 4.0 1.3 0.9 8.4 100.0
Page 61
Financial statistics
Ten-year review
62
Changes in depositors' holdings in 1996
126 Funds entrusted by depositors
63
Annual interest or income paid out on average deposits
128 Summary of depositors' holdings
63
Acquisitions of new bonds issued by the Gouvernement du Québec and the Québec public sector
128 Funds' net assets
64
Investments in Canadian corporate shares and bonds by sector of activity
64
Participation in new bond issues of the Gouvernement du Québec in 1996
65
Statement of bonds acquired directly from the Gouvernement du Québec or Hydro-Québec
67
Statement of real estate holdings
71
Hypothèques CDPQ - Mortgages of $5 million and over
72
Statement of properties held for resale
73
Caisse Real Estate Group - Summaries of the specific portfolios
74
Investments in shares and bonds of public corporations
120 Investments in shares and bonds of private corporations
129 Net income allocated to depositors 129 Changes in investments as part of net assets 130 Summary of investments 130 Summary of foreign investments 131 Summary of short-term investments 131 Changes in private investments 132 Breakdown of investments in percentage 134 Breakdown of investments in millions of dollars 136 Administrative statistics
1
CHANGES IN DEPOSITORS' HOLDINGS IN 1996 (in millions of dollars)
DEPOSITORS
Commission administrative des régimes de retraite et d'assurances Government and Public Employees Retirement Plan Unionized level Non-unionized level and other Individual plans Pension Plan of Elected Municipal Officers
62
Régie des rentes du Québec Commission de la santé et de la sécurité du travail Commission de la construction du Québec Supplemental Pension Plan for Employees of the Québec Construction Industry Active participants' account Retired participants' account Additional contributions account Société de l'assurance automobile du Québec Fonds d'amortissem*nt des régimes de retraite gouvernementaux Régie de l'assurance-dépôts du Québec Régime complémentaire de rentes des techniciens ambulanciers œuvrant au Québec Fonds d'assurance-prêts agricoles et forestiers du Québec Office de la protection du consommateur Fonds des cautionnements collectifs des agents de voyages Magazine Protégez-Vous Régie des marchés agricoles et alimentaires du Québec La Fédération des producteurs de bovins du Québec Régie des assurances agricoles du Québec1 Centre de recherche industrielle du Québec1 Société des alcools du Québec1 Depositors' holdings
Fund
Holdings, beginning of year
Net income allocated
Cost Cash Deposits (withdrawals)
Holdings, end of year
Holdings, beginning of year
Unrealized increase (decrease) in value
Change
Fair value Holdings, Cash end of year
Excess over cost
301 302 303 305
15,110.5 2,529.2 119.0 105.3
1,863.6 314.8 13.0 13.0
443.7 42.3 (1.2) 0.6
17,417.8 2,886.3 130.8 118.9
16,690.1 2,811.5 126.1 116.5
830.8 140.4 4.6 6.2
2,307.3 357.1 11.8 13.6
19,828.2 3,309.0 142.5 136.3
2,410.4 422.7 11.7 17.4
GF 330
17,864.0 13,802.9 4,549.1
2,204.4 1,709.8 527.1
485.4 (1,775.1) 4.9
20,553.8 13,737.6 5,081.1
19,744.2 15,361.2 4,961.3
982.0 364.2 212.0
2,689.8 (65.3) 532.0
23,416.0 15,660.1 5,705.3
2,862.2 1,922.5 624.2
311 312 313
2,351.0 1,563.4 571.1
300.0 192.9 63.4
(151.0) (10.0) 16.0
2,500.0 1,746.3 650.5
2,627.1 1,710.7 604.7
122.3 70.3 21.4
149.0 182.9 79.4
2,898.4 1,963.9 705.5
398.4 217.6 55.0
GF
4,485.5 4,444.2
556.3 570.6
(145.0) (132.4)
4,896.8 4,882.4
4,942.5 4,974.3
214.0 130.4
411.3 438.2
5,567.8 5,542.9
671.0 660.5
308 GF
900.5 168.7
98.3 6.6
(55.8)
998.8 119.5
939.2 171.3
50.7 (2.0)
98.3 (49.2)
1,088.2 120.1
89.4 0.6
306
45.2
5.1
6.3
56.6
47.9
3.2
11.4
62.5
5.9
GF
28.1
2.5
5.3
35.9
29.4
0.2
7.8
37.4
1.5
GF GF
7.0 1.9
0.8 0.1
(1.1) -
6.7 2.0
7.3 1.9
0.1
(0.3) 0.1
7.0 2.1
0.3 0.1
GF GF GF GF GF
8.9 2.3 1.6 -
0.9 0.2 0.2 -
(1.1) 0.1 -
8.7 2.6 1.8 -
9.2 2.4 1.6 -
0.1 0.1 0.1 -
(0.2) 0.3 0.2 -
9.1 2.8 1.9 -
0.4 0.2 0.1 -
46,301.0
5,682.0
(1,607.4)
50,375.6
51,184.5
1,955.0
4,074.6
57,214.1
6,838.5
1995 1994 1993 1992
43,852.2 42,034.0 39,885.0 38,027.3
4,065.5 2,983.2 3,989.2 3,269.8
(1,616.7) (1,165.0) (1,840.2) (1,412.1)
46,301.0 43,852.2 42,034.0 39,885.0
GF: General Fund 1
These depositors only benefit from the Caisse's cash management services.
2
ANNUAL INTEREST OR INCOME PAID OUT ON AVERAGE DEPOSITS (rate in percentage)
CATEGORIES OF DEPOSITS
Demand deposits1 Term deposits1 Participation deposits2
63
1996
1995
4.744 5.241 11.854
7.229 6.958 8.987
1
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.
2
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.
3
1996
1995 1994 1993 1992
ACQUISITIONS OF NEW BONDS ISSUED BY THE GOUVERNEMENT DU QUÉBEC AND THE QUÉBEC PUBLIC SECTOR (par value - in millions of dollars) Government
Public sector
Total
1,100.0
200.0
1,300.0
1,200.0 1,405.0 625.0 875.0
300.0 500.0 453.4
1,500.0 1,405.0 1,125.0 1,328.4
5,205.0
1,453.4
6,658.4
44,859.9 47,116.7 41,307.2 41,053.4
3,875.8 (4,075.0) 3,660.5 (1,603.9)
2,448.8 1,818.2 2,149.0 1,857.7
51,184.5 44,859.9 47,116.7 41,307.2
4,883.5 1,007.7 5,082.7 1,422.2
4
INVESTMENTS IN CANADIAN CORPORATE SHARES AND BONDS BY SECTOR OF ACTIVITY as at December 31, 1996 (fair value - in millions of dollars)
SECTOR OF ACTIVITY
Metals and minerals Gold and silver Oil and gas Paper and forest products Consumer products Industrial products Real estate and construction Transportation and environmental services Pipelines Utilities Communications Distribution and services Financial services Conglomerates
Shares and convertible securities
Bonds
Total
%
Weighting in reference index
1,118.3 1,295.4 1,773.5 1,026.5 1,029.4 2,135.9 450.3 414.0 138.8 1,674.1 1,090.5 686.0 2,379.3 361.2
48.0 43.3 4.1 10.6 2.0 75.2 29.6 48.5 40.1 -
1,118.3 1,295.4 1,773.5 1,074.5 1,072.7 2,140.0 460.9 416.0 138.8 1,749.3 1,120.1 734.5 2,419.4 361.2
7.0 8.2 11.2 6.8 6.8 13.5 2.9 2.6 0.9 11.0 7.0 4.6 15.2 2.3
7.9 10.5 13.5 3.7 6.6 15.5 1.1 2.7 2.2 8.7 3.1 3.3 17.5 3.7
15,573.2
301.4
15,874.6
100.0
100.0
64
5
PARTICIPATION IN NEW BOND ISSUES OF THE GOUVERNEMENT DU QUÉBEC IN 1996 (in millions of dollars)
Date of offer 1996-04-04 1996-04-10 1996-04-12 1996-04-16 1996-06-06 1996-06-17
Par value
Date of maturity
Nominal rate %
Yield to maturity %
Unit price
Acquisitions by the Caisse
250 125 150 150 175 250
2006-03-30 2000-09-01 2002-04-01 2009-04-01 2023-01-16 2003-12-01
7.75 7.25 9.25 11.00 9.38 7.50
8.13 7.38 7.80 8.47 8.62 7.97
97.42 99.16 106.79 119.68 107.82 97.42
250 125 150 150 175 250
1,100
1,100
6
STATEMENT OF BONDS ACQUIRED DIRECTLY FROM THE GOUVERNEMENT DU QUÉBEC OR HYDRO-QUÉBEC as at December 31, 1996
GOUVERNEMENT DU QUÉBEC Nominal rate
65
10.50 8.50 16.50 8.50 10.00 9.75 12.15 8.00 10.25 10.00 9.75 10.75 6.00 10.70 10.75 10.00 7.25 10.00 10.50 11.75 9.75 10.25 10.25 9.25 10.35 10.00 13.00 10.63 9.00 7.50 14.63 10.90 9.75 8.00 12.75 11.70 12.60 9.50
Date of maturity
1997-01-15 1997-02-10 1997-03-22 1997-04-01 1997-06-04 1997-07-15 1997-08-15 1998-03-30 1998-04-07 1998-06-123 1998-07-07 1998-07-31 1999-04-01 1999-05-01 1999-09-043 2000-04-26 2000-09-01 2000-10-163 2001-01-15 2001-02-15 2001-03-153 2001-05-043 2001-10-15 2002-04-01 2002-06-153 2002-12-153 2003-04-07 2003-04-173 2003-05-01 2003-12-01 2004-05-31 2004-09-243 2004-10-01 2004-10-01 2004-11-29 2004-12-273 2004-12-28 2005-04-01
Cumulative amount1 (in millions of dollars)
Percentage held by the Caisse2
100 100 75 825 125 200 200 75 500 200 125 75 30 60 35 875 250 125 375 100 125 225 475 725 150 300 75 150 725 675 150 125 400 200 175 75 75 350
78 100 49 80 100 78 97 100 63 100 99 100 48 68 100 10 99 49 5 65 100 91 100 11 87 97
6
STATEMENT OF BONDS ACQUIRED DIRECTLY FROM THE GOUVERNEMENT DU QUÉBEC OR HYDRO-QUÉBEC (continued) as at December 31, 1996
GOUVERNEMENT DU QUÉBEC Nominal rate
66
12.25 11.38 7.75 9.50 10.00 11.00 10.75 10.00 10.75 9.50 9.00 10.50 11.88 10.50 13.25 11.00 11.00 9.38 9.50
Date of maturity
Cumulative amount1 (in millions of dollars)
Percentage held by the Caisse2
2005-06-30 2005-10-03 2006-03-30 2006-05-01 2006-07-07 2009-04-01 2009-06-263 2010-06-28 2011-03-28 2011-09-02 2012-02-10 2012-06-04 2012-10-09 2014-06-01 2014-09-153 2015-06-153 2015-07-27 2023-01-16 2023-03-30
100 75 250 100 75 575 125 100 75 210 25 200 100 125 37 16 50 650 75
100 100 64 94 31 16 100 100 100 100 88 100 66 100
1997-07-16 1997-09-01 1998-04-01 1998-12-033 1999-02-01 1999-04-013 2000-02-063 2000-10-10 2000-10-15 2000-12-14 2001-07-25 2001-10-213 2002-09-153 2003-05-153 2003-06-01 2003-07-053 2004-03-273
40 65 150 50 100 60 55 50 200 85 100 55 46 140 100 125 180
11 100 100 100 100 9 100 41 4 9 75 62 -
HYDRO-QUÉBEC 9.75 10.25 8.50 8.50 10.75 9.00 9.75 11.25 7.00 13.25 10.88 10.00 15.75 10.25 9.00 10.00 10.75
2004-10-153 2005-07-153 2005-08-15 2005-09-303 2008-06-01 2011-09-26 2012-07-16 2020-08-15 2021-10-15 2022-07-15
11.00 11.75 8.50 13.25 11.25 10.00 10.25 11.00 10.50 9.63
2 59 72 85 100 100 13 58 100 100
1
The cumulative amount is the total, in millions of dollars, of all investments traded by the Caisse in new bond issues of the Gouvernement du Québec or Hydro-Québec.
2
The percentage held by the Caisse represents the proportion of the cumulative acquisitions in the Caisse's portfolio as at December 31, 1996.
3
Callable.
7 67
55 90 450 150 100 100 320 525 100 350
STATEMENT OF REAL ESTATE HOLDINGS as at December 31, 1996
Location
Land and buildings
Chicoutimi
CADEV
Anjou Baie d'Urfé Blainville Laval Laval Laval Laval Mercier Montréal Montréal Québec City Saint-Laurent
Land, boulevard Bombardier Land, route Transcanadienne Land, autoroute des Laurentides Land, boulevard St-Elzéar Land, boulevard St-Martin Land, autoroute 440, rue Dagenais, rue Midlick and rue F. Hughes Land, boulevard Le Carrefour Land, boulevard St-Jean-Baptiste Land, 5400 to 5414 rue Hochelaga 10750, avenue Millen Land, boulevard de l'Ormière and boulevard Masson Land, rue Gougeon and chemin Côte-de-Liesse
CADIM
Alma Baie-Comeau Brossard Charlesbourg
Location
705, avenue du Pont Nord and adjacentland 115, boulevard Comeau 8705, boulevard Taschereau 4155, 4e Avenue Ouest
Land and buildings
1212 and 1324, boulevard Talbot and adjacent land Côte-Saint-Luc Land, 7600, rue Earle Dorval 1325, boulevard Hymus Jonquière 3460, boulevard Saint-François and adjacent land Laval 1 to 4, place Laval and land Longueuil 1999, boulevard Roland-Therrien Montréal 1170, rue Peel Montréal Land, 2020, rue University Montréal 1055, boulevard René-Lévesque Est Montréal 1500 and land, 1800, avenue McGill College Montréal 747, Square Victoria Montréal 360, rue Saint-Antoine Ouest Montréal 800, place Victoria Montréal 3901, rue Jarry Est and adjacent land boulevard Pie-IX Montréal 2000, rue Notre-Dame Est Mont-Royal 2305, chemin Rockland Pointe-Claire 241, boulevard Hymus Québec City 500, avenue Grande Allée Est Québec City 1 to 8, place Mérici Québec City Terrain Mérici
Location
Land and buildings
Québec City
Land, 690 and 700, boulevard René-Lévesque Est Rimouski 419, boulevard Jessop Rivière-du-Loup Land, 385, rue Lafontaine Saint-Laurent 655 to 817, rue Gougeon Sainte-Foy 2986 to 3004, rue Laverdure and 3001 to 3005, rue D'Entremont Scarborough 3895 Lawrence Avenue East Sherbrooke 3333, rue King Ouest Verdun Land, portion of lot 4740 et al. (Île des Sœurs) Foreign investments
Aventura (Florida, U.S.) Boca Raton (Florida, U.S.) Charlotte (N.C., U.S.) Greensboro (N.C., U.S.)
19495 Biscayne Boulevard 8207 Severn Drive 839 Scaleybark Road 1921 New Garden Road
7
STATEMENT OF REAL ESTATE HOLDINGS as at December 31, 1996
Location
Land and buildings
CADIM (continued)
68
Kirkland (Washington, U.S.) New York (N.Y., U.S.) New York (N.Y., U.S.) New York (N.Y., U.S.) New York (N.Y., U.S.) New York (N.Y., U.S.) New York (N.Y., U.S.) New York (N.Y., U.S.) New York (N.Y., U.S.) New York (N.Y., U.S.) New York (N.Y., U.S.) North Dallas (Texas, U.S.) Piaseczno (Poland)
12229 131st Place N.E. 2373 Broadway 401 West 56th Street 210 West 89th Street 6 West 107th Street 230 East 44th Street 788 Lexington 231 - 237 Second Avenue 235 - 236 West 48th Street 2700 Broadway 359 Second Avenue 9030 - 9050 Markville Drive Wifjska
IVANHOE Beaconsfield Brossard Cap-dela-Madeleine Charlesbourg Cobourg Côte-Saint-Luc Côte-Saint-Luc Delson Dollarddes-Ormeaux
50, boulevard St-Charles and adjacent land 2150, boulevard Lapinière 180, rue de Grandmont 4296, 1re Avenue 1111 Elgin Street West 7155, chemin Côte-St-Luc Land, boulevard Cavendish and chemin Kildare 1000, boulevard Georges-Gagné and adjacent land 3237, boulevard des Sources
Location
Land and buildings
Dorval 310, avenue Dorval and adjacent land Dundas 2-101 and 119 Osler Drive Greenfield Park 345 to 545, boulevard Taschereau and adjacent land Hamilton 751 Upper James Street Hull 320, boulevard St-Joseph Lachenaie Land, montée Masson Lachine 2972, rue Remembrance LaSalle 395, avenue Dollard LaSalle 8051, rue Georges Laval 901, boulevard Curé-Labelle Laval 1055 to 1085, boulevard des Laurentides Laval 2999, autoroute 440 and land Laval 3003, boulevard Le Carrefour Lévis Land, route du Président-Kennedy London Land, Adelaide Avenue and Fanshawe Longueuil 1401, chemin Chambly Mascouche Land, montée Masson Montréal 1745 to 1775, rue Fleury Est Montréal 4801 to 4885, avenue Van Horne Montréal 4815, rue Buchan Montréal 4901, rue Jean-Talon Ouest Montréal 4300 to 4700 and 4950, rue de la Savane Montréal 5010, rue Paré Montréal 5400, avenue Pierre-de-Coubertin Montréal 2615 to 2865, avenue Van Horne and adjacent land Montréal 6550, rue Sherbrooke Est Montréal 7500, rue Victoria Montréal 8275, boulevard St-Laurent Montréal Land, rue Jean-Talon Ouest (lots 100-2, 9, 16 of village de Côte-des-Neiges) Montréal Land, rue Paré and rue Buchan Montréal-Nord 10521 to 10707, boulevard Pie-IX Montréal-Nord 6000, boulevard Henri-Bourassa Est and adjacent land Montréal-Ouest 6645, rue Somerled Mont-Royal 2305, chemin Rockland Nepean 100 Bayshore Drive North York 2450 Sheppard Avenue East Outremont 1180, rue Bernard Pincourt 107, boulevard Cardinal-Léger Québec City 225, chemin Sainte-Foy
Location
Land and buildings
Québec City Repentigny
440, rue Bouvier 86 and 100, boulevard Brien and adjacent land 175, rue Notre-Dame Land, Leslie and Major Mackenzie Drive 201 to 257, boulevard Labelle 325 to 395 Bamburgh Circle 5107 Sheppard Avenue East 350, rue Belvédère Sud 250, boulevard Fiset 1, boulevard des Promenades and adjacent land 5025, boulevard Cousineau and land 4400, rue Jean-Talon Est Land, rue Jean-Talon Est and rue Provencher Land, rue Jean-Talon Est (near Palerme) 4325 to 4505, rue Jean-Talon Est Land, chemin Palomino 2452, boulevard Laurier and adjacent land 166, rue St-Charles 4763 to 4781 Yonge Street 1650, rue Royale 4015 and 4025, boulevard des Forges and land 601 Dundas Street
Repentigny Richmond Hill Rosemère Scarborough Scarborough Sherbrooke Sorel Saint-Bruno Saint-Hubert Saint-Léonard Saint-Léonard Saint-Léonard Saint-Léonard Sainte-Agathe Sainte-Foy Thetford Mines Toronto Trois-Rivières Trois-Rivières Whitby
Foreign investments Austin (Texas, U.S.) Danbury (Conn., U.S.) Holland (Mich., U.S.) Kingsport (Tenn., U.S.) Minnetonka (Minnesota, U.S.) St. Charles (Illinois, U.S.) Taylor (Michigan, U.S.)
Land, FM 2222 7 Backus Avenue 12331 James Street 2101 Fort Henry Drive 12401 Wayzata Boulevard 3800 East Main Street 2300 Eureka Road
Location
Land and buildings
IVANHOE (continued) Victor (N.Y., U.S.)
7979 Route 96, Pittford Victor Road
PEN YORK PROPERTIES Etobico*ke Etobico*ke Mississauga Mississauga Mississauga North York Toronto
2, 4 and 6 Eva Road 65, 71 and 75 Rexdale Boulevard and adjacent land 4600 to 4900 Dixie Road 2630 Skymark Avenue Land, College Square 5001 Yonge Street 55 University Avenue
SITQ IMMOBILIER Alma Beauport Brossard Calgary
69
Cap-Rouge Chandler Charlesbourg Chicoutimi Chicoutimi Cowansville Dorval
Dorval Dorval Edmonton Forestville Gaspé Jonquière Kamloops King George
705, avenue du Pont Nord and adjacent land 1100, boulevard des Chutes 1, 2, 3, 5, 7, 8, 9 and 11, place du Commerce and land Land, 315 and 325 - 25th St. S-E, 2611 and 2652-3rd Ave. S-E, 1100, boulevard Chaudière 175, rue Daigneault and adjacent land 4000, boulevard du Jardin 1212 and 1324, boulevard Talbot and adjacent land 299, rue des Saguenéens 175, rue Principale 9045, 9245 to 9255, 9341 to 9395, 9405 to 9475, 9501 to 9539, 9545, 9551 to 9579, 9601 to 9665, 9675 to 9685, 9701 to 9745, 10105 to 10195, 10205 to 10255, chemin Côte-de-Liesse 700 to 740, 735 to 745, 742 to 760, rue Renaud 9010 to 9050, rue Ryan 10180 - 102nd Street N.W. 25, route 138 39, montée Sandy Beach 3460, boulevard Saint-François and adjacent land Land, Aberdeen Hills Land, 12827 and 12835 King George Highway, 12826 and 12834 -112B Ave., 11260, 11270, 11286 and 11294 -128th St.
Location
Land and buildings
Location
La Pocatière Langley Laval Laval Lévis Longueuil Longueuil Longueuil Longueuil Magog Mill Bay Montréal Montréal Montréal
126, route 230 Ouest Land, 197th and 198th St. 2345, autoroute des Laurentides 1 to 4, place Laval and land 20, rue Saint-Georges Est 370, chemin Chambly 601 to 623, rue Le Breton 601 to 631, rue Bériault 2115 to 2147, rue de la Province 1700, rue Sherbrooke Land, 930 Delorme Road 1650, rue Berri 777, rue University 800, boulevard de Maisonneuve Est and 1415, rue Saint-Hubert 1200, avenue McGill College 1981, avenue McGill College 500, rue Sherbrooke Ouest 752 to 772, rue Sherbrooke Ouest 1055, boulevard René-Lévesque Est 4001 to 4011, boulevard Robert 2305, chemin Rockland 150, rue Éloi-de-Grandmont and adjacent land 1971, rue Bilodeau
Richmond
Montréal Montréal Montréal Montréal Montréal Montréal Mont-Royal Nicolet Plessisville Pointeaux-Trembles Pointe-Claire Pointe-Claire Pointe-Claire Québec City Québec City Québec City Québec City Québec City Québec City Québec City Regina Regina Richmond Richmond
12675, rue Sherbrooke Est 300, rue Labrosse 955 to 975 and 985, boulevard St-Jean 1 to 245, place Frontenac 1815, rue De Celles 690 and 700, boulevard René-Lévesque Est 801, chemin Saint-Louis 880 and 930, chemin Sainte-Foy 9550, boulevard de l'Ormière Land, corner of boulevard Lebourgneuf and boulevard Des Gradins 5700 to 5780, boulevard des Gradins, 565 to 585, boulevard Lebourgneuf and 300 to 350, rue Bouvier 1801 Hamilton Street 1860 Rose Street 13751 Verdun Place 13511, 13551, 13571, 13575, 13775, 13777 and 13800 Commerce Parkway 13700 International Place
Land and buildings
13140, 13155, 13211, 13231, 13251 and 13260 Delf Place Richmond 2631 and 2651 Viking Way Rimouski 419, boulevard Jessop Rimouski 80 to 84 and 114, rue Saint-Germain Rivière-du-Loup 298, boulevard Thériault and adjacent land Roberval 1221, boulevard Saint-Dominique Saint-Georgesde-Beauce 8585, boulevard Lacroix Saint-Laurent 155, rue Authier Saint-Laurent 3300, 3350 to 3450, 3500 and land, chemin de la Côte-Vertu Saint-Laurent 1055 to 1105, 1435 to 1473, 1475 to 1499, rue Bégin Saint-Laurent 105, 145, 295 to 371, 375 to 455, 457 to 533, 470, 500 to 510, 555, 602 to 678, 605 and 607, rue Deslauriers Saint-Laurent 4405, 4420 to 4440, 4445, 4448 to 4454, 4475, 4488 to 4492, 4500 to 4520, 4600 to 4620, 4700 to 4720, rue Garand Saint-Laurent 200 to 210, 220 to 232, 350 to 354, 358 and 360, boulevard Lebeau Saint-Laurent 280 to 350 and 295 to 341, rue Benjamin-Hudon Saint-Laurent Land, rue Pitfield Saint-Laurent 4150, 4155, 4200, 4205 to 4395, 4300 to 4320, 4400 to 4420, 4405 to 4515, rue Poirier Saint-Laurent 1400, rue Pomba Saint-Laurent 4600 to 4650, rue Thimens Saint-Laurent 6969, 7031 to 7045, 7875, 7905, 7945 to 7955, 8085 to 8089, route Transcanadienne Saint-Laurent 8300, chemin Côte-de-Liesse Saint-Léonard 6801, boulevard des Grandes Prairies Saint-Raymondde-Portneuf 333, côte Joyeuse Sainte-Annede-Beaupré 10516, boulevard Sainte-Anne Sainte-Foy 2095, boulevard Charest Ouest Sainte-Foy 1000 and 1020, route de l'Église Sainte-Foy 650, avenue Graham-Bell Sainte-Foy 2875, boulevard Laurier Saskatoon 255 - 2nd Avenue N. Sherbrooke 2775 and 2835, rue du Manoir Surrey Land, King George Business Park
7
STATEMENT OF REAL ESTATE HOLDINGS as at December 31, 1996
Location
Land and buildings
SITQ IMMOBILIER (continued) Thetford Mines Trois-Rivières Trois-RivièresOuest Vancouver Vancouver Vancouver Vancouver
70
Vancouver Vancouver Victoria Westmount Winnipeg Winnipeg Winnipeg Winnipeg
8051, boulevard Smith Nord and adjacent land 225, rue Des Forges 4520, boulevard Royal and 4000 to 4100, boulevard des Récollets 2020, 2030 and 2040 West Broadway 1875 Boundary Road 501, 505, 555 and 595 Burrard Street and 1055 Dunsmuir Street 533 and 535 Homby Street and 550 and 580 Burrard Street 1166 West Pender Street 540 Thurlow Street 1570 and 1690 Hillside Avenue 1 to 4, Westmount Square 35 Albert Street Land, Main Street 205 and 209 Notre-Dame 201 Portage Avenue
Foreign investments Accrington (U.K.) Anaheim (California, U.S.)
Broadway and Cornhill Street (Arndale Shopping Center) 2040 and 2050 Santa Cruz Street
Location
Land and buildings
Location
Bangor (U.K.) Brussels (Belgium)
Bloomfield Road South and Circular Road
Mexico City (Mexico) Mexico City (Mexico) Northampton (U.K.)
Charlotte (N.C., U.S.) Charlotte (N.C., U.S.) Chelmsford (U.K.) Cross Gates (U.K.) Gleendale (Denver, Colorado, U.S.) Huntington Beach (California, U.S.) Huntington Beach (California, U.S.) Juarez (Mexico) Kirkcaldy (U.K.) León (Mexico) Mansfield (R.-U.)
9, 13 and 13A, rue Bréderode, 28, 32, 48 and 52, rue Namur and rue Thérésienne 4201 Congress Street 6805 Morrison Boulevard at Colony Road High Street Springfield (Meadows Shopping Centre) Station Road (Arndale Shopping Centre) 4500 Cherry Creek South Drive
7711 and 7755 Center Avenue
7767 Center Drive Land, Azlécas and Panamericano High Street and Esplanade Avenue (Mercat Shopping Center) Land, La Cañada West Gate
Orange County (California, U.S.) Paramount (California, U.S.) Saint-Ouen (France) Santa Ana (California, U.S.)
Land and buildings Land, Terra Nova Land, Cordillera Corner of A-43 and A-500 Roads (Weston Favel Shopping Centre) 3111 N. Tustin Avenue 14905 and 15001 Paramount Boulevard 28 to 60, rue Andouin and Quay de Seine 1551 N. Tustin Avenue
8
71
HYPOTHÈQUES CDPQ MORTGAGES OF $5 MILLION AND OVER
BORROWERS
Address
Location
Alexis Nihon (Québec) Inc. Aménagement Lyndale Ltée Aménagement Westcliff Ltée Appartements Le Neuville inc. Appartements Le Neuville inc. Cambridge Leaseholds Ltd. et al. Carrefour de l'Estrie Inc. Centre commercial Cavendish Cie Ltée Centre commercial Place du Royaume (Chicoutimi) Inc. et al. Centre Perspectives Décor CPD inc. Complexe Pointe-Claire Inc. Construction Olymbec Inc., Derek and Richard Stern Construction Sarino inc. D.W.S. Hines Holdings Limited and Louis Dreyfus Canada Ltd. Devcorp Inc. Édifice d' Youville inc. Galeries Montmagny (1988) Inc., Les Germain Pelletier Ltée Gestion Place du Royaume Inc. et al. Groupe Ro-Na Dismat Inc., Le Groupe Saint-Luc inc. Hospitalité Commonwealth ltée Immeubles DSA Inc. Immeubles La Hada Ltée et al. Immeubles Plaza Z Corp. Inc. et al., Les Investissem*nts Metco Ltée Ivanhoe II and Ivanhoe III Inc. J.K. Investments inc. Jules Dallaire et al. Lyndale Development Ltd. et al. Omers Realty Corporation Pensionfund Realty Ltd. Placements Placevic inc. et al., Les SITQ bureaux inc. SITQ bureaux inc. et al. Société en commandite Cominar Société en commandite, Les Appartements d'Assigny Trizec Properties Limited Trizec Properties Limited WHWW Hotels (Sherbrooke) Company 159469 Canada Inc. (Les Associés Présud) and Les Immeubles 5500 Royalmount Inc. 2423-5632 Québec inc.
1500, rue Atwater 1125, rue Moody 20, rue Évangéline 111 and 121, rue de la Barre 130, rue de la Barre 320, boulevard Saint-Joseph 3100, boulevard Portland 5800, boulevard Cavendish 1401, boulevard Talbot 3900, autoroute 440 6301, route Transcanadienne 1450, boul. Louvain Ouest 10200, rue Renaude-Lapointe 1801, avenue McGill College 200, chemin Sainte-Foy 800, place d' Youville 101, boulevard Taché Ouest 92, 2e Rue Ouest 1401, boulevard Talbot 1250, rue Nobel 2100, boul. de Maisonneuve 395, rue de la Couronne 1200, boulevard Saint-Martin Ouest 4751, boulevard Grandes-Prairies 300, rue Barkoff 202, rue Berlioz 2100, boulevard Lapinière 1130, rue Sherbrooke Ouest 3175, chemin des Quatre-Bourgeois 30 to 70, rue Dufferin 600, boulevard de Maisonneuve 5505 to 5559, avenue Royalmount 800, place Victoria 801, chemin Saint-Louis 880 and 930, chemin Sainte-Foy 2600, boulevard Laurier 110, rue de la Barre 1, place Ville-Marie 500, boul. René-Lévesque Ouest 450, rue Sherbrooke Ouest
Westmount Terrebonne Granby Longueuil Longueuil Hull Sherbrooke Côte-Saint-Luc Chicoutimi Laval Pointe-Claire Montréal Anjou Montréal Québec City Québec City Montmagny Rimouski Chicoutimi Boucherville Montréal Québec City Laval Saint-Léonard Cap-de-la-Madeleine Verdun Brossard Montréal Sainte-Foy Salaberry-de-Valleyfield Montréal Mont-Royal Montréal Québec City Québec City Sainte-Foy Longueuil Montréal Montréal Montréal
5500, avenue Royalmount 200, rue Belvédère Nord
Mont-Royal Sherbrooke
Balance 33.1 24.3 26.3 5.5 6.4 14.8 8.2 21.2 25.7 6.0 18.9 6.9 7.3 23.9 29.2 16.4 5.5 5.5 18.8 5.4 5.8 5.4 5.4 6.1 9.2 27.8 27.9 11.0 6.7 10.5 31.5 5.7 15.4 8.1 8.5 28.0 9.5 58.8 36.8 21.6 5.4 8.8
9
72
STATEMENT OF PROPERTIES HELD FOR RESALE as at December 31, 1996
Location
Address
Alma Anjou Beaupré Dorval Dorval Dorval Gaspé Jonquière La Baie Lachine Laval Laval Laval Laval Montréal Montréal Montréal Montréal-Nord Pierrefonds Port-Cartier Québec City Québec City Québec City Repentigny Rimouski Saint-Eustache Saint-Eustache Saint-Hubert Saint-Jean-sur-Richelieu Saint-Laurent Saint-Léonard Saint-Léonard Saint-Sauveur-Des-Monts Sainte-Foy Trois-Rivières Val-Bélair
1055, rue Du Pont Sud 7333, boulevard Des Roseraies 1000, boulevard Beaupré, apt. 101 and 102 1975, 55e Avenue 707, avenue Lajoie 810 to 850, avenue Halpern 142, boulevard Gaspé 2675, boulevard du Royaume 993 to 997 and 1013, rue Bagot 795, 1re Avenue 1600, boulevard Le Corbusier 5305 to 5321, rue Notre-Dame 3603, autoroute 440 Ouest 2880 and 2895, rue Bergman 8000, boulevard Décarie 5340, rue Ferrier 5010 and 5012, boulevard de Maisonneuve Ouest 12315, boulevard Rolland 4886, boulevard Saint-Charles 24, boulevard des Îles 135 to 163, rue Des Chênes Ouest 450, rue Saint-Jean-Baptiste 5237, rue Hamel 818, rue Notre-Dame 40 to 44, rue Saint-Germain Est 15, chemin Grande-Côte 315 to 317, rue Féré 2103, boulevard Édouard 800, boulevard Industriel 391 to 395, rue Sainte-Croix 5750, boulevard Métropolitain Est 6191 to 6199, boulevard Métropolitain Est 200, rue Principale 2670, rue Dalton 525, rue Charlevoix 1231, rue Des Castors
The properties hereinabove mentioned are held by the Caisse or one of the following subsidiaries: Placements P.H.C. inc., 2954834 Canada inc., 3097-1618 Québec inc. and 3097-1626 Québec inc.
10
CAISSE REAL ESTATE GROUP - SUMMARIES OF THE SPECIFIC PORTFOLIOS as at December 31, 1996
REAL ESTATE INVESTMENTS Investments
1
Real estate holdings Buildings Land
Fair Cost value (in millions of dollars)
3,391.0 134.8
3,525.8 Bonds 2.9 Shares and convertible securities 303.8 Mortgages 155.8 Short-term investments 14.0 Total investments
Related bank and mortgage loans Non-controlling interest Other assets and liabilities
73
Net holdings
MORTGAGES
3,946.3 289.0 2
4,002.3
4,235.3 2.6 404.9 167.8 14.0
Investments 1
Mortgages Properties held for resale Total investments
Other assets and liabilities Net holdings
1,441.0 177.7 (70.9)
1,575.0
1,547.8
2,427.3
3,276.8
1
These investments include those of the Caisse and its consolidated subsidiaries in the specific real estate investments portfolio.
2
The fair value of the real estate holdings of the Caisse and its subsidiaries in Canada was certified by one of the following appraisal firms: Leonard, Chevalier, Bernard & Associés, Lecours, Bernèche & Associés, the real estate consulting service of Raymond, Chabot, Martin, Paré and the appraisal firm Desjarlais, Prévost et Associés, inc. The value of properties held in Ontario was certified by Lincoln North & Company Limited and that of properties held in Western Canada was certified by Richard Ellis-Cumberland.
Certain properties are jointly held by more than one subsidiary.
1,465.0 84.3 1,549.3 2
1,363.9 111.4 1,475.3
6.9
6.9
1,556.2
1,482.2
1
These investments include those of the Caisse and its consolidated subsidiaries in the specific mortgages portfolio.
2
The fair value of the mortgages of the Caisse was based on the interest rates of the commercial and residential sectors as at December 31, 1996. The fair value of the real estate holdings was appraised by internal certified appraisers or, in some particular cases, by the appraisal firm Lecours, Bernèche & Associés.
4,824.6
1,465.2 172.3 (62.5)
Fair Cost value (in millions of dollars)
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS as at December 31, 1996 (fair value - in millions of dollars)
Some investments are managed and/or held by one of the following subsidiaires: A B C
Capital d'Amérique CDPQ inc. Sofinov, Société financière d'innovation inc. Capital Communications CDPQ inc.
CORPORATIONS AAPC Ltd. ABB AG - Beaver ABL Canada Inc. ABN Amro Holdings NV ACP Industries Berhad ACT Networks Inc. ADS inc.
74
A.F.P. Provida S.A. AGF Management Limited AGRA Industries Limited A. H. Belo Corporation ALFA, S.A. de C.V. ALLTEL Corporation ALZA Corp. AMP, Incorporated AMR Corporation APF Energy Trust A.R.C. Resins International Corporation ASDA Group Plc ASEA AB ASM Lithography Holding ASM Pacific Technology Limited ATI Technologies Inc. ATS Automation Tooling Systems Inc. Aachener und Münchener Beteiligung Abbey National Plc Abbott Laboratories Aber Resources Ltd. Abitibi-Price Inc. Acerinox SA Acom Co., Ltd. Adidas AG Adolph Coors Company Advanced Micro Devices, Inc. Advantest Corp.
D E
Capital International CDPQ inc. Capital CDPQ inc.
Designation
class A
class A purchase options
Subsidiaries
A
A A
class B class A
receipts class A
A
F Ivanhoe Inc. G Refers to the Caisse where the subsidiary manages and/or holds only part of the investment. Number
Shares Amount
1,225,224 9,983 477,800 174,880 190,000 13,700 1,653,332 7,000
1.0 17.0 0.7 15.6 1.6 0.7 20.7 -
9,400 29,500 83,624 116,900 384,000 41,200 5,400 14,100 16,500 245,000 94,400 695,000 91,050 45,000 2,046,000 471,600 310,600 1,300 691,500 59,200 1,009,600 2,925,882 4,399 13,800 85,399 2,400 8,700 68,000
0.2 0.9 0.9 5.6 2.5 1.8 0.2 0.7 2.0 1.6 0.1 2.0 14.1 3.1 2.2 7.7 6.8 1.3 12.4 4.1 18.8 63.5 0.9 0.8 10.1 0.1 0.3 4.4
Convertible securities
Bonds
Subtotal
20.7 -
Total 1.0 17.0 0.7 15.6 1.6 0.7 20.7 0.2 0.9 0.9 5.6 2.5 1.8 0.2 0.7 2.0 1.6 0.1 2.0 14.1 3.1 2.2 7.7 6.8 1.3 12.4 4.1 18.8 63.5 0.9 0.8 10.1 0.1 0.3 4.4
Aegon Insurance Aetna Life and Casualty Company Afin Grupo Financiero African Oxygen Limited Agan Chemical Manufacturers Ltd. Agiv AG Agnigo-Eagle Mines Limited Agrium Inc. Ahold Air Canada
75
Air Products & Chemicals, Inc. AirTouch Communications Akbank T.A.S. Akcansa Cimento A.S. Aksa Akrilik Kimya Sanayii A.S. Alberta Energy Company Ltd. Alberto Culver Company Albertson's, Inc. Albright & Wilson Plc Alcan Aluminium Limited Alcatel Alsthom Alco Standard Corp. Alexander & Alexander Services, Inc. Alimentation Couche-Tard Inc. All Nippon Airways Co., Ltd. Alleanza Assicuraz Allegheny Teledyne Incorporated Allelix Biopharmaceuticals Inc. Allergan, Inc. Alliance Inc., Produits forestiers Allianz Holding Allied Domecq Allied Irish Banks Allied-Signal Inc. Allmerica Financial Corporation Allstate Corp. Alpha-Beta Vassilopoulos Alpha Credit Bank AlphaNet Telecom Inc. Aluminium of Greece S.A. Aluminum Co. of America Amada Company Ltd. Amber Energy Inc.
class B
class A
warrants
A A
preferred
A, G
70,000 25,400 696,000 176,689 20,250 10,699 124,280 1,635,567 62,000 4,405,600 1,690,000
6.1 2.8 0.9 0.8 0.5 0.2 2.4 30.6 5.3 24.0 10.5
109,400 32,000 6,240,000 3,089,678 3,234,000 3,238,617 1,800 16,100 495,000 6,079,800 59,380 8,300 2,900 236,000 66,100
10.4 1.1 1.2 0.4 0.6 105.9 0.1 0.8 2.0 281.2 6.5 0.6 0.1 1.6 0.2
164,999 165,000
1.6 1.1
11,100 600,000 4,200 1,361,307 5,992 529,541 336,200 300,800 240,900 28,500 12,800 23,460 920,000 7,130 28,400 150,000 300,000
0.3 10.1 0.2 33.0 14.9 5.7 3.1 27.6 11.1 2.3 0.2 2.0 11.0 0.4 2.5 1.6 6.3
9.4
24.0 19.9
1.6 0.2 0.1
1.6 1.1
6.1 2.8 0.9 0.8 0.5 0.2 2.4 30.6 5.3 43.9 10.4 1.1 1.2 0.4 0.6 105.9 0.1 0.8 2.0 281.2 6.5 0.6 0.1 1.8 0.1 2.7 0.3 10.1 0.2 33.0 14.9 5.7 3.1 27.6 11.1 2.3 0.2 2.0 11.0 0.4 2.5 1.6 6.3
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS
76
Amdahl Corporation Amerada Hess Corporation American Brands, Inc. American Electric Power Company, Inc. American Express Company American General Corporation American Greetings Corporation American Home Products Corporation American International Group, Inc. American Stores Co. American Telephone and Telegraph Co. Ameritech Corporation Amev NV Amgen Inc. Amisk Regional Investment, Inc. Amoco Corporation Amway Japan Ltd. Anderson Exploration Ltd. Andrew Corp. Anglo American Industrial Corporation Ltd. Anheuser-Busch Companies, Inc. Aon Corporation Aoyama Trading Co., Ltd. Apic Yamada Corporation Apple Computer, Inc. Applied Materials Inc. Arab-Malaysian Merchant Bank Bhd Aracruz Celulose S.A. Arcelik A.S. Archer Daniels Midland Company Archer Resources Ltd. Ardem Pisirici ve Isitici Cihazlar Sanayii A.S. Arjo Wiggins Appleton Armco Incorporated Armstrong World Industries, Inc. Arrow Electronics, Inc. Artopex International Inc. Arvind Mills Limited Asahi Bank, Ltd., The Asahi Breweries, Ltd. Asahi Glass Co., Ltd. Asarco Incorporated
Designation
Subsidiaries
class A
class A
A
preferred
A
Number
Shares Amount
7,700 92,800 33,600 36,900 30,400 40,800 145,400 104,000 159,600 9,300 299,900 39,200 63,170 17,000 14,800 57,400 335,000 5,074,217 3,900 22,600 189,400 6,900 183,000 3,300 8,000 11,500 241,000 386,000 4,396,484 35,000 17,900 2,670,000 518,000 6,800 17,000 11,200
0.1 7.4 2.3 2.1 2.4 2.3 5.7 8.4 23.7 0.5 17.9 3.3 3.0 1.3 6.3 14.7 89.8 0.3 1.1 10.4 0.6 6.7 0.1 0.2 0.6 2.8 0.9 0.6 1.1 0.1 0.5 2.2 1.6 0.8
733,900 162,000
4.0 2.0
398,000 2,700
5.1 0.1
Convertible securities
Bonds
0.1
Subtotal
Total 0.1 7.4 2.3 2.1 2.4 2.3 5.7 8.4 23.7 0.5 17.9 3.3 3.0 1.3 6.3 14.7 89.8 0.3 1.1 10.4 0.6 6.7 0.1 0.2 0.6 2.8 0.9 0.6 1.1 0.1 0.5 2.2 1.6 0.8 4.0 2.0 0.1 5.1 0.1
Asatsu Inc. Asbestos Limitée, Société Ashland Inc. Ashok Leyland Ltd. Asia Pacific Resources Ltd. Asia Pulp & Paper Company Ltd. Assurances Générales de France Astra Astra Cia Argentina De Petroleo S.A. Astra International Astral Communications Inc.
77
Atco Ltd. Athens Medical Center S.A. Atlantic Richfield Company Attica Enterprises S.A. Au Printemps SA Ault Foods Limited Aur Resources Inc. Australian Gas & Light Autobacs Seven Co. Autodesk, Inc. Autoliv AB Automatic Data Processing, Inc. Autostock Inc. Avcorp Inc., Les Industries Avenor Inc. Adventure Electronics Inc. Avery Dennison Corporation Avesta Sheffield Avgold Limited Avnet, Inc. Avon Products Inc. Axcan Pharma Inc.1 Axime Ayala Land, Inc. BAA Plc BASF B.A.T. Industries BC Gas Inc. BC Sugar Refinery, Limited BC Telecom Inc. BCE Inc. BCE Mobile Inc., Radiocommunication B.F. Goodrich Company, The BMTC Inc., Groupe
class A class B rights class A class B
A A
class I
A
purchase options
A A A, G A
B class B
class A
class A
A
79,000 259,065 4,100 155,800 500,000 8,613 298,200 307,025 139,450 13,945
3.4 1.3 0.2 2.0 4.1 0.4 13.2 20.8 0.4 -
413,000 186,100 1,200
1.6 2.6 -
438,900 40,500 21,600 17,900 19,070 1,779,800 3,333,700 175,900 36,000 2,900 60,000 18,600 377,699 711,039 4,653,695 125,000 6,800 209,700 221,261 158,100 14,000 2,645,900 114,000 148,472 1,845,700 161,493 1,935,988 1,390,387 192,400 549,421 7,964,554 963,886 3,400 390,900
10.4 0.4 3.9 0.2 10.3 33.9 26.7 1.4 3.5 0.1 3.6 1.1 1.5 3.4 94.5 0.3 3.1 0.8 12.6 1.1 34.7 18.0 0.2 21.0 8.5 22.0 28.2 2.3 16.3 520.1 39.1 0.2 3.3
0.4
2.6 -
23.4
2.7
3.4 1.3 0.2 2.0 4.1 0.4 13.2 20.8 0.4 1.6 2.6 10.4 0.4 3.9 0.2 10.3 33.9 26.7 1.4 3.5 0.1 3.6 1.1 1.5 3.4 117.9 2.7 0.3 3.1 0.8 12.6 1.1 34.7 18.0 0.2 21.0 8.5 22.0 28.2 2.3 16.3 520.1 39.1 0.2 3.3
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS BOC Group BSES, Ltd. BTR
78
Bagfas Bandirma Gubre Fabrikalari A.S. Bagley S.A. Bajaj Auto Ltd. Baker Hughes, Inc. Ball Corporation Ballard Power Systems Inc. Bâloise Baltimore Gas and Electric Company Banc One Corporation Banco Bradesco S.A. Banco Commercial Portugues Banco de Santander Banco Espirito Santo e Comercial de Lisboa, SA Banco Frances del Rio de la Plata S.A. Banco Itau SA Banco Osorno y La Union Banco Provincial, S.A. Banco Totta & Acores, SA Banco venezolano de crédito Bandai Co., Ltd. Bangkok Bank Bank Bali Bank Hapoalim Ltd. Bank International Indonesia Bank Negara Indonesia Bank Niaga Bank of Ayudhya Public Company Limited Bank of Boston Corp. Bank of Montréal Bank of New York Co., Inc. Bank of Piraeus S.A. Bank of Scotland Bankamerica Corporation Bankers Trust New York Corp. Banpu Coal Banque Audi Banque Marocaine Commerciale Barclays Bank Plc
Designation
warrants
preferred
preferred
class F
Subsidiaries
Number
Shares Amount
245,100 103,400 60,221 5,213,000
5.0 2.9 34.7
1,182,000 197,500 61,800 9,300 32,500 315,400 1,660 9,500 62,500 126,146,391 23,943 158,415 42,035 39,965 3,020,000 11,470 93,946 32,928 7,600 102,000 205,900 170,000 608,457 1,716,894 910,000 170,000 53,700 9,800 8,153,037 24,700 27,100 1,956,000 191,000 5,100 18,400 40,000 35,200 1,162,090
0.4 0.6 2.9 0.4 1.2 8.7 4.6 0.3 3.7 1.3 0.4 13.9 1.0 0.5 1.8 0.2 0.2 0.9 0.3 3.6 2.7 0.6 1.3 2.3 0.7 0.6 0.2 0.9 355.5 1.1 0.4 14.1 26.1 0.6 0.5 0.7 0.8 27.3
Convertible securities
Bonds
Subtotal
34.7
Total 5.0 2.9 34.7 0.4 0.6 2.9 0.4 1.2 8.7 4.6 0.3 3.7 1.3 0.4 13.9 1.0 0.5 1.8 0.2 0.2 0.9 0.3 3.6 2.7 0.6 1.3 2.3 0.7 0.6 0.2 0.9 355.5 1.1 0.4 14.1 26.1 0.6 0.5 0.7 0.8 27.3
79
Barito Pacific Timber Barnett Banks, Inc. Barrick Gold Corporation Bass Baton Broadcasting Incorporated Battle Mountain Canada Ltd. Battle Mountain Gold Company Bausch & Lomb, Inc. Baxter International Inc. Bay Networks, Inc. Bayer AG Bayer Hypo / Wech Bayerische Vereinsbank Becton, Dickinson & Co. Beiersdorf AG Bekaert SA Beko Elektronik A.S. Bell Atlantic Corporation BellSouth Corporation Bellsystem 24 Inc. Bema Gold Corporation Bemis Company, Inc. Beneficial Corp. Benvest Capital Inc. Best Denki Co., Ltd. Bestar inc. Bethlehem Steel Corporation Beverly Enterprises, Inc. Bezea Israel Telecom Bilfinger & Berger Bau AG Bimbo Bio Technology General BioChem Pharma Inc. Biomet, Inc. Biomira Inc. Biovail Corporation International Black & Decker Corporation Blue Range Resource Corporation Boatmen's Bancshares, Inc. Boeing Company, The Boise Cascade Corporation Bombardier Inc. Bombril S.A. Boots Company, Plc Borsodchem Rt
class A
class A
A A
class A purchase options
B, G B A, G
class A
class A class B preferred
1,371,500 12,400 10,256,487 412,850 197,800 356,515 14,400 24,900 262,500 12,100 516,382 68,080 69,924 8,000 22,187 8,810 4,960,000 53,300 119,100 500 200,000 3,400 3,400 250,000 330,000 590,700 7,100 6,400 294,745 9,538 525,000 32,000 2,274,336 29,000
1.2 0.7 402.6 8.0 1.7 3.4 0.1 1.2 14.8 0.3 28.8 2.8 3.9 0.5 1.5 7.7 0.6 4.7 6.6 0.1 1.6 0.2 0.3 0.4 5.2 0.4 0.1 0.1 1.0 0.5 4.3 0.6 156.6 1.2
7,400 441,966 125,000 45,600 572,500 29,000 24,400 3,100 4,160,300 9,651,892
0.2 2.9 4.4 1.9 4.7 2.6 3.6 0.1 105.5 244.2
8,800,000 1,130,000 20,050
0.2 16.0 0.7
1.6
156.6 1.2
105.5 244.2
1.2 0.7 402.6 8.0 1.7 3.4 0.1 1.2 14.8 0.3 28.8 2.8 3.9 0.5 1.5 7.7 0.6 4.7 6.6 0.1 1.6 0.2 0.3 2.0 5.2 0.4 0.1 0.1 1.0 0.5 4.3 0.6 157.8 0.2 2.9 4.4 1.9 4.7 2.6 3.6 0.1 349.7 0.2 16.0 0.7
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS Boston Scientific Corp. Bouygues Brahma, Cia Cervejaria
80
Brambles Industries Limited Brascan Limited Brasmotor S.A. Brau und Brunnen Bresea Resources Ltd. Bre-X Minerals Ltd. Bridgestone Corp. Briggs & Stratton Corporation Brisa Bridgestone Sabanci Lastik San. Ve Tic A.S. Bristol-Myers Squibb Company British Aerospace Plc British Airways British Gas British Land Company Plc British Petroleum Company Plc British Sky Broadcasting Group Plc British Steel Plc British Telecom Broken Hill Proprietary Company Limited, The Brooks Fiber Properties, Inc. Brown-Forman Corporation Browning-Ferris Industries, Inc. Bro-X Minerals Ltd. Brunswick Corporation Bryant Group Buderus AG Buenaventura S.A., Compañía de Minas Burgo (Cartiere) S.p.A. Burlington Northern Santa Fe Inc. Burlington Resources Inc. Burton Group CAE Inc. CBCI Telecom, Inc. CCL Industries Inc. CEZ A.S. CFCF Inc.
Designation
Subsidiaries
preferred class A preferred
C
class A class B
A, G A
Number
Shares Amount
11,400 134,669 960,000 2,050,000
0.9 19.1 0.8 1.5
483,000 835,800 931,000 1,180 59,100 4,796,400 91,000 23,500 1,398,000 56,300 264,230 553,080 700,000 542,200 3,666,719 335,800 936,140 3,197,700 458,700 7,314 4,400 51,000 205,560 6,300 494,000 673 27,300 540,000 9,800 8,000 250,000 2,803,503 150,000 40,000 836,580
12.9 25.5 0.4 0.1 0.6 104.1 2.4 1.4 0.9 8.4 7.9 7.9 3.7 6.6 60.2 4.1 3.5 29.6 8.9 0.3 0.3 1.8 0.5 0.2 1.6 0.5 0.6 3.4 1.2 0.6 0.9 29.0 0.8 0.6 12.5
15,390
0.8
Convertible securities
Bonds
Subtotal
0.8 1.5
0.6 12.5 4.3
Total 0.9 19.1 2.3 12.9 25.5 0.4 0.1 0.6 104.1 2.4 1.4 0.9 8.4 7.9 7.9 3.7 6.6 60.2 4.1 3.5 29.6 8.9 0.3 0.3 1.8 0.5 0.2 1.6 0.5 0.6 3.4 1.2 0.6 0.9 29.0 0.8 13.1 0.8 4.3
81
CGI Group Inc., The1 CHUM Limited CIFRA S.A. CIGNA Corporation C-MAC Industries Inc. COM DEV International Ltd. COMPAQ Computer Corporation CP Pokphand Co., Ltd. CPC International C.R. Bard, Inc. CS Holdings CS Limitée, Les Ressources CSX Corporation CUC International CVS Corporation Cable & Wireless Plc Cabletron Systems Inc. Cabre Exploration Ltd. Cadbury Schweppes Plc Caemi Mineracao e Metalurgia SA Caima - Companhia de Celulose do Caima, SA Caliber System, Inc. Call-Net Enterprises Inc. Cambiex Inc., Exploration Cambior Inc. Cambridge Shopping Centers Limited1 Cameco Corporation Campbell Soup Company Canada Tungsten Inc. Canadian Fracmaster Ltd. Canadian Imperial Bank of Commerce Canadian Marconi Company Canadian National Railway Company Canadian Natural Resources Limited Canadian Occidental Petroleum Ltd. Canadian Pacific Limited Canadian Split Shares Corporation Canadian Imperial Bank of Commerce Canadian Split Shares Corporation NOVA Corporation Canadian Split Shares Corporation Scotia Bank
class A class B class B
A, B
645,167 153,000 1,075,236 13,800 767,000 180,000 126,700 118,000 9,300 22,600 200,704 1,777,644 97,800 25,200 6,800 1,648,000 9,800 289,100 1,329,044 3,144,960 13,700 2,500 617,500 1,562,500 1,957,778 17,286,122 1,019,900 128,300 15,000 8,200 1,380,978 6,615,315 512,791 1,083,800 4,123,760 3,868,472 6,978,581
7.2 2.8 1.8 2.6 7.4 2.2 12.9 0.1 1.0 0.9 28.2 23.1 5.7 0.8 0.4 18.8 0.4 6.8 15.4 0.2 0.3 0.1 10.3 1.8 39.5 213.5 56.0 2.2 1.6 11.8 399.9 7.7 56.5 155.1 85.3 251.6
PEAC, derivative products SPEC, derivative products
900 900
-
-
-
PEAC, derivative products SPEC, derivative products
20,600 20,600
0.2 -
0.2 -
0.2
PEAC, derivative products SPEC, derivative products
1,000 1,000
-
-
-
A, G
preferred class B
receipts
A A, G F, G
55.5
56.0 2.2
7.2 2.8 1.8 2.6 7.4 2.2 12.9 0.1 1.0 0.9 28.2 23.1 5.7 0.8 0.4 18.8 0.4 6.8 15.4 0.2 0.3 0.1 10.3 1.8 39.5 269.0 58.2 1.6 11.8 399.9 7.7 56.5 155.1 85.3 251.6
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS Canadian Split Shares Corporation Thomson Corporation, The Canadian Split Shares Corporation Toronto-Dominion Bank, The
Central & South West Corporation Centrefund Realty Corporation Ceridian Corp. Cerveceria del Sur S.A. Ceska Sporitelna A.S.
Total
-
-
300 300
-
SPEC, derivative products
9,100
0.2
340,000 247,982 180,318
7.7 7.6 5.4
7.6 5.4
13.0
3,764,320 12,500
14.3 -
14.3 -
14.3
556,900 351,000 7,000 1,200 345,000 1,000 556,293 95,324 502,209
7.7 1.3 0.1 10.4 8.0 0.4 2.0
261,000 762,250 9,700 248,183 225,800 4,600 175,000 12,400 2,777,465 560,000 519,000
0.4 9.2 0.5 5.5 1.7 0.3 1.9 1.3 80.4 2.7 2.8
27,600 10,052,998 2,170,000
1.4 4.9 1.1
13,500
0.5
4,400 600,000 72,800
0.2 0.4 1.2
class A purchase options
Centex Corporation Centrais Electricas Brasileiras S.A.
Subtotal
PEAC, derivative products SPEC, derivative products
Canam Manac Inc., Le Groupe
Ceramica Carabobo Carlton Communications Plc Carolina Power & Light Company St. Laurent Paperboard Inc. Cascades Inc. Case Corporation Casio Computer Co., Ltd. Caterpillar Inc. Celanese Canada Inc. Cementos Mexicanos S.A.
Bonds
Shares Amount
class A class A class B
Subsidiaries
Convertible securities
Number
Canadian Tire Corporation Limited Canadian Utilities Limited
Canfor Corporation Canlan Investment Corporation Canon Components Inc. Canon Copyer Sales Co., Ltd. Canon Inc. Canon Software Inc. Canwest Global Communication Corporation Cara Operations Limited
82
Designation
A A
class A class A
A, G
class A class B
preferred
0.2
0.2 0.4 2.0
12.4
2.7 2.8 4.9 1.1 2.4
7.7
7.7 1.3 0.1 10.6 8.0 2.4 0.4 9.2 0.5 17.9 1.7 0.3 1.9 1.3 80.4 5.5 1.4 6.0 0.5 2.4 0.2 0.4 1.2
83
Champion International Champion Road Machinery Limited1, 2 Chargeurs SA Charming Shoppes, Inc. Chase Manhattan Corporation, The Chemical Company of Malaysia Chemopetrol A.S. Cheung Kong Chevron Corporation Chieftain International, Inc. Chilectra S.A. Chilgener China Bicycles China International Marine Containers Ltd. China Resources Beijing Land China Southern Glass Company Chiwan Wharf Holdings Chiyoda Corporation Chrysler Corporation Chubb Corporation, The Cia de Seguros Tranquilidade Cia de Tecidos Norte de Minas - Coteminas Cia Energetica de Minas Gerais (CEMIG) Cimpor - Cimentos de Portugal, SGPS, SA CINAR Films, Inc. Cincinnati Milacron Inc. Cinergy Corp. Cinram Ltd. Circuit City Stores, Inc. Cisco Systems, Inc. Citic Pacific Ltd. Citicorp Clal Insurance Enterprise Holdings Ltd. Clearnet Communications Inc.2 Clipsal Industries Ltd. Clorox Company, The Coastal Corp., The Cobepa S.A. Coca-Cola Amatil Ltd. Coca-Cola Company, The Cogeco Inc. Cognizant Corporation Cognos Incorporated co*koladovny A.S. Colgate-Palmolive Company
class A class A class B
preferred preferred class B
A
class A
class VVPR
D D
A, G
6,100 1,126,000 180,337 6,700 262,328 50,000 14,055 1,949,000 75,000 608,024 6,440 9,550 565,900 419,980 148,000 580,030 890,000 460,000 46,700 11,200 15,000 900,000 36,580,785 19,400 40,000 2,600 10,100 181,174 6,300 224,000 915,000 122,700 66,300 1,181,173 837,000 3,300 6,800 891,500 33,500
0.4 9.1 12.2 32.1 0.2 0.8 23.7 6.7 21.9 0.5 0.3 0.3 0.7 0.1 0.5 0.9 4.1 2.1 0.8 0.4 0.4 1.7 0.6 1.4 0.1 0.5 6.8 0.3 19.5 7.3 17.3 0.6 18.0 4.2 0.5 0.5 46.4 1.7
120,000 219,200 284,000 10,900 491,700 1,000 89,900
1.8 15.8 2.0 0.5 18.8 0.2 11.4
46.4 1.7
0.4 9.1 12.2 32.1 0.2 0.8 23.7 6.7 21.9 0.5 0.3 0.3 0.7 0.1 0.5 0.9 4.1 2.1 0.8 0.4 0.4 1.7 0.6 1.4 0.1 0.5 6.8 0.3 19.5 7.3 17.3 0.6 18.0 4.2 0.5 0.5 48.1 1.8 15.8 2.0 0.5 18.8 0.2 11.4
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS Colonia Konzern AG
84
Columbia Gas System, Inc. Columbia / HCA Healthcare Corporation Comalco Limited Comcast Corporation Comerica Inc. Cominco Ltée Commerce Asset Holdings Bhd Commercial International Bank Commercial Union Assurance Company Commerzbank AG Companhia Antarctica Paulista Companhia Paranaense de Energia - Copel Companhia Telefonica da Borda do Campo Compañía anónima nacional Tsle Compañía Cervecerias Unidas S.A. Compañía Nacional de Cerveza Compañía Telefónica Nacional de España S.A. Compass Group Computer Associates International, Inc. Computer Sciences Corporation Conagra, Inc. Concert Industries Ltd. Conrail Inc. Consolidated Edison Company of New York, Inc. Consolidated Freightways, Corp. Consolidated Freightways, Inc. Consolidated Natural Gas Company Consolidated Stores Corporation Continental AG Continente Cookson Group Plc Cooper Industries, Inc. Cooper Tire & Rubber Company Copene-Petroquimica do Nordeste SA Copesul-Companhia Petroquimica do Sul Coreco Inc. Corel Corporation CoreStates Financial Corp. Corning Inc. Corporación Venezolana de Cementos, S.A. C.A.
Designation
Subsidiaries
preferred
preferred
A
preferred A A
Number
Shares Amount
6,939 1,330
0.8 0.1
3,500 574,900 263,000 20,900 7,400 1,678,670 108,000 24,000 1,217,991 111,000 3,150 25,263,000 100,000 29,240 19,600 378,000 783,554 1,185,000 324,850 4,800 344,500 125,000 5,200 50,400 1,400 2,800 6,100 205,750 24,868 179,000 1,588,700 6,900 50,700 1,381,000 4,761,000 300,200 617,069 14,300 14,700 125,800
0.3 32.1 1.9 0.5 0.5 57.2 1.1 0.5 19.5 3.9 0.4 0.4 0.1 1.1 0.4 0.3 24.9 17.2 22.2 0.5 23.5 0.2 0.7 2.0 0.1 0.5 9.1 0.6 5.0 8.8 0.4 1.4 0.7 0.4 1.5 6.2 1.0 0.9 0.5
Convertible securities
Bonds
Subtotal
Total
0.8 0.1
0.9 0.3 32.1 1.9 0.5 0.5 57.2 1.1 0.5 19.5 3.9 0.4 0.4 0.1 1.1 0.4 0.3 24.9 17.2 22.2 0.5 23.5 0.2 0.7 2.0 0.1 0.5 9.1 0.6 5.0 8.8 0.4 1.4 0.7 0.4 1.5 6.2 1.0 0.9 0.5
Corporate Foods Limited Cortefiel S.A. Coscient Group Inc.1
85
Cosmos Bottling Co. Co-Steel Inc. Counsel Corporation Covitec Group Inc.1 Crane Co. Credicorp Limited Crédit Local de France Credit Saison Co., Ltd. Creditanstalt Bankverein Crestar Energy Inc. Cristalerias de Chile Crompton Greaves Ltd. Crown Cork & Seal Company, Inc. Cubiertas y Mzov SA Cukurova Electrik A.S. Cummins Engine Co., Inc. Cycle & Carriage Ltd. Cyprus Amax Minerals Company DALSA Corporation DBS Land Limited DCB Holdings DDI Corporation D.G. Khan Cement DLW AG DSC Communications Corporation DTE Energy Company DY 4 Systems Inc. Daewoo Heavy Industries Dai Yang Metal Daif*cku Co., Ltd. Daihatsu Motor Co., Ltd. Daikin Industries, Ltd. Daimler-Benz AG Dainippon Ink & Chemicals, Inc. Daitec Co., Ltd. Daito Koun Co., Ltd. Daito Trust Construction Co., Ltd. Daiwa House Industry Co., Ltd. Daiwa Securities Co., Ltd. Daiwabo Information System Co., Ltd. Dana Corporation Dankos Laboratories
class A preferred purchase options
A, C C C
E
preferred
361,000 127,000 113,801 2,048,793 100,000
5.9 5.2 0.5 9.8 0.3
2,690,000 1,559,400 318,700 772,705 2,850 28,800 24,700 579,100 51,000 2,775,176 3,700 159,000 8,200 76,900 377,000 2,500 270,000 6,000 58,500 1,399,000 537,000 335 1,260,000 372 67,500 9,300 131,300 140,270 11,850 337,000 620,000 400,000 206,042 400,000 1,000 6,000 351,000 470,000 22,000 3,300 6,500 140,000
1.1 37.9 4.5 0.2 0.1 0.7 2.9 17.7 3.2 80.8 0.1 0.9 0.6 8.1 0.6 0.2 4.5 0.2 0.6 7.1 2.5 3.0 0.4 1.7 0.4 1.2 1.2 0.5 5.8 4.5 4.9 19.4 2.0 0.1 5.2 8.3 0.3 0.1 0.3 0.2
0.5 9.8 0.3
11.0 0.3
0.1
5.9 5.2 10.6 1.1 37.9 15.5 0.5 0.1 0.7 2.9 17.7 3.2 80.8 0.1 0.9 0.6 8.1 0.6 0.2 4.5 0.2 0.6 7.1 2.5 3.0 0.4 1.7 0.4 1.2 1.2 0.5 5.8 4.6 4.9 19.4 2.0 0.1 5.2 8.3 0.3 0.1 0.3 0.2
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS
86
Danone, Le Groupe Danubius Hotel and Spa Rt Dao Heng Bank Group Ltd. Darden Restaurants Data General Corporation Datamark Inc. Dayton Hudson Corporation Dayton Mining Corporation De Beers Centenary AG De La Rue Plc Dean Witter, Discover & Co. Deelkraal Gold Mining Company Ltd. Deere & Company Degussa AG Del Monte Royal Foods Ltd. Dell Computer Corporation Delrina Corporation Delta Air Lines, Inc. Deluxe Corp. Denkodo Co., Ltd. Desc S.A. de C.V. Desjardins-Laurentian Financial Corporation Deutsche Bank AG Deutsche Telekom AG Development Bank of Singapore Dexia - Credit Communal Holding Deza Valasske Mezirici A.S. Dhana Siam Finance & Securities Public Company Limited Dia Met Minerals Ltd. DiagnoCure Inc.1 Dial Corporation, The Didier Werke AG Digital Equipment Corporation Dillard Department Stores, Inc. Disney (Walt) Co. Dixons Group Dofasco Inc. Doman Industries Limited Domco Inc. Dominion Resources Inc.
Designation
Subsidiaries
A
class B class A
class B
A
B
class A
class B warrants
A, G A, G
Convertible securities
Bonds
Subtotal
Total
Number
Shares Amount
20,000 4,000 418,000 10,100 2,500 490,600 42,200 328,100 61,600 150,000 29,000 387,800 176,600 2,272 882,900 11,600 171,200 16,500 5,300 3,000 250,000 155,856 223,051 1,678,198 259,000 35,000 1,410
3.8 0.1 2.7 0.1 1.4 2.3 3.0 2.4 2.0 2.6 0.4 9.8 1.4 1.2 0.8 3.3 1.6 0.2 1.9 1.6 14.3 47.6 4.8 4.4 0.2
3.8 0.1 2.7 0.1 1.4 2.3 3.0 2.4 2.0 2.6 0.4 9.8 1.4 1.2 0.8 3.3 1.6 0.2 1.9 1.6 14.3 47.6 4.8 4.4 0.2
75,400 102,850 3,000,000 28,700 646 10,000 35,200 52,800 702,210 20,000 385,800 469,420 250,000
0.2 2.2 11.1 0.6 0.1 0.5 1.5 5.0 8.9 0.5 3.7 5.4 0.4
0.2 2.2 11.1 0.6 0.1 0.5 1.5 5.0 8.9 0.5 3.7
35,300
1.9
9.3
14.7 0.4
15.1 1.9
Domtar Inc.1, 2 Dongbu Steel Co. Dongshin Pharmaceutical Company Dongwon Securities Co. Donnelley (R.R.) & Sons Company Donohue Inc. Dorel Industries Inc. Dorset Exploration Ltd. Douglas Holding AG Dover Corporation Dow Chemical Company Dow Jones & Company, Inc. Dresdner Bank AG Dresser Industries, Inc. Driefontain Consolidated Ltd. Dr. Reddy's Laboratories Ltd. Du Pont (E.I.) De Nemours & Company Duke Power Company Dun & Bradstreet Corporation, The Dupont Canada Inc. Dyckerhoff AG
87
EGE Biracilik ve Malt Sanayii A.S. EGE Seramik Sanayi ve Ticaret A.S. EG&G, Inc. EMC Corporation EVN Energie-Versogung Niederoesterreich AG East Japan Railway East Rand Gold and Uranium Company Ltd. East Rand Proprietary Mines Ltd. Eastern Enterprises Eastern Tobacco Co. Eastman Chemical Co. Eastman Kodak Company Eaton Corporation Eaux, Générale des Echlin Inc. Echo Bay Mines Ltd. Ecolab, Inc. Eczacibasi Yapi Gerecleri Sanayi ve Ticaret AS Edison International Edper Group Limited, The Egis Rt Egyptian International Pharmaceuticals Eicon Technology Corporation Eisai Company, Ltd.
A, G
class A class B class A
A
class A preferred class C
class A receipts
A, G
32,891,094 23,510 4,500 43,250 9,800 2,731,211 127,600 900,000 8,485 7,300 32,400 28,100 117,878 11,500 70,000 100,400 99,600 13,000 10,900 37,214 418 409
381.5 0.5 0.3 0.6 0.4 67.6 2.4 5.4 0.5 0.5 3.5 1.3 4.8 0.5 1.0 0.6 12.9 0.8 0.4 1.2 0.2 0.2
1,152,627 7,950,000 3,000 58,900 27,735 470 214,800 780,300 1,300 11,150 8,400 21,600 5,000 49,170 3,900 812,300 127,500 7,020,000 268,100 600,000 4,566,000
0.3 0.4 0.1 2.7 5.7 2.9 0.5 0.4 0.1 0.2 0.6 2.4 0.5 8.3 0.2 7.4 6.6 0.4 7.3 4.7 4.1
4,010 7,998 862,300 450
0.3 0.5 3.8 -
2.5
0.2 0.2
4.7 4.1
381.5 0.5 0.3 0.6 0.4 70.1 2.4 5.4 0.5 0.5 3.5 1.3 4.8 0.5 1.0 0.6 12.9 0.8 0.4 1.2 0.4 0.3 0.4 0.1 2.7 5.7 2.9 0.5 0.4 0.1 0.2 0.6 2.4 0.5 8.3 0.2 7.4 6.6 0.4 7.3 8.8 0.3 0.5 3.8 -
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS El Paso Natural Gas Company Elan Energy Inc. Eldorado Gold Corporation Ltd. Electricidad de Caracas, C.A., La Electrolux Electronic Data Systems Corporation Elektrim Spolka Akcujna S.A. Elf Aquitaine Elsevier-NDU NV Embotelladores del Valle de Anahuac, SA Emerging Markets Taiwan Emerson Electric Co. Empire Company Ltd. Empresa Brasileira de Compressores SA - Embraco Empresa Nacional de Electricidad, S.A. (Endesa) Empresa National de Celulosas SA Empresas La Moderna S.A. de C.V. Endemol Entertainment BV Enerplus Resources Corporation1
88
Enersis Engelhard Corporation Enron Corporation Enron Oil & Gas Co. Enserch Corp. Ensign Resource Service Group Inc. Ente Nazionale Idrocarburi Entergy Corporation Epilectos S.A. (Selected Textiles) Ergo Bank S.A. Ericsson (LM) Telephone Company Escada AG Esselte AB Estabelecimentos Jeronimo Martins & Filho Etac Sales Ltd. Euro-Nevada Mining Corporation Limited Evander Gold Mines Limited Extendicare Inc.
Designation
Subsidiaries
class B
class B class A preferred class A trust units, series G purchase options
class B preferred class B
A A
Number
Shares Amount
1,013 1,933,839 500,000 751,988 66,500 87,900 37,000 144,200 440,890 477,000 25,510,970 87,200 226,900 300,000 35,840 150,361 407,852 70,858 5,181,250 50,000
0.1 23.2 4.6 1.0 5.3 5.2 0.5 18.0 10.2 0.4 40.6 11.6 3.0 0.2 0.8 2.5 2.8 3.2 27.7 -
6,789 9,200 16,300 229,500 4,400 100,000 3,147,700 14,600 77,350 7,890 515,205 222 193
0.3 0.2 1.0 7.9 0.1 2.5 22.1 0.6 0.3 0.5 21.8 -
253,700 16,657 970,572 400,600 82,590 2,047,941
7.7 1.2 16.4 1.0 33.1
Convertible securities
Bonds
Subtotal
27.7 -
-
Total 0.1 23.2 4.6 1.0 5.3 5.2 0.5 18.0 10.2 0.4 40.6 11.6 3.0 0.2 0.8 2.5 2.8 3.2 27.7 0.3 0.2 1.0 7.9 0.1 2.5 22.1 0.6 0.3 0.5 21.8 7.7 1.2 16.4 1.0 33.1
External Funds United States United Kingdom France Germany Other European countries Japan Other Asian countries and Oceania Emerging markets Exxon Corporation FCA International Ltd. FCC Co., Ltd. FMC Corporation FPL Group, Inc. fa*g Kugelfischer Vz Fairfax Financial Holdings Limited Falconbridge Limited Fanuc Ltd. Farallon Resources Ltd.
89
Fauji Fertilizer Company Ltd. Federal Express Corporation Federal Home Loan Mortgage Corp. Federal National Mortgage Association Federated Department Stores Fernz Corporation Limited Fifth Third Bancorp Filinvest Land Inc. Filipacchi Medias Finance One Company Limited Financial & Industrial Co. Finning Ltd. First Bank Systems, Inc. First Chicago NBD Corporation First Data Corporation First Leisure Corporation First National Bank Holdings Ltd. First Union Corp. Fleet Financial Group Fleetwood Enterprises, Inc. Fleming Companies Inc. Fletcher Challenge Canada Limited Fluor Corp. Fomento Económico Mexicano, S.A. de C.V. Forbo Holding AG Ford Motor Company
units units units units units units units units
receipts
1,910,904 1,066,711 758,742 793,057 2,557,842 8,993,144 894,864 25,534,000 234,700 118,700 3,300 14,500 11,700 16,142 107,539 2,465,972 1,545,300
564.7 166.1 180.0 207.3 643.1 1,246.1 336.8 533.1 31.5 0.3 0.1 1.4 0.7 0.3 31.2 72.0 30.3
72.0 30.3
warrants
75,000 37,800 50,000
3.3 0.6 0.5
0.6 0.5
155,000 28,500 25,900 446,600 141,100 954,000 6,800 775,000 35,740 84,700 8,225 220,856 63,900 20,300 28,700 100,000 133,800 28,600 146,100 2,300 2,400 2,371,926 174,300 327,893 5,280 136,600
0.4 1.7 3.9 22.8 6.6 4.5 0.6 0.3 10.9 0.2 0.3 6.4 6.0 1.5 1.4 0.8 0.9 2.9 10.0 0.1 0.1 51.2 15.0 1.5 2.9 6.0
A
class A
564.7 166.1 180.0 207.3 643.1 1,246.1 336.8 533.1 31.5 0.3 0.1 1.4 0.7 0.3 31.2 102.3 3.3 1.1 0.4 1.7 3.9 22.8 6.6 4.5 0.6 0.3 10.9 0.2 0.3 6.4 6.0 1.5 1.4 0.8 0.9 2.9 10.0 0.1 0.1 51.2 15.0 1.5 2.9 6.0
11
90
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS
Designation
Subsidiaries
Forex Group Inc. Fortis Inc. Foster Wheeler Corporation Foundation Health Corporation Founder Hong Kong Limited Fourlis Brothers Corp. Franco-Nevada Mining Corporation Limited Fraser & Neave Free State Cons. Gold Mines Freeport-McMoran Cooper & Gold, Inc. Fresenius Medical Care AG Friedrich Grohe AG Frigobras-Cia Brasileira de Frigorificos Frisco Bay Industries of Canada Limited2 Fruit of the Loom, Inc. Fuji Co., Ltd. Fuji Machine Mfg. Co., Ltd. Fuji Photo Film Company, Ltd. Fujikura Ltd. Fujitsu Ltd. GPU, Inc. GST Telecommunications, Inc.
class A
A
G.T.C. Ltée, Groupe Transcontinental GTE Corp. Gadjan Tunggal Gakken Co., Ltd. Galimberti Compania Gandalf Technologies Inc. Gannett Company Inc. Gap, Inc., The Gazprom Geac Computer Corporation Limited Gencor Limited Génécan, Corporation Financière General Dynamics Corporation General Electric Co. General Electric Plc General Instrument Corp. General Mills, Inc. General Motors Corporation General Nutrition Companies
class B
preferred preferred class A class A
A
warrants A
A
Number
Shares Amount
90,000 127,700 2,600 106,000 800,000 21,650 94,800 130,000 50,000 12,500 37,267 793 1,035,000 68,148 4,900
0.6 4.3 0.1 4.6 0.4 0.4 5.9 1.8 0.5 0.5 4.4 0.3 0.6 0.3 0.3
17,000 514,000 447,000 649,000 32,700 170,000 128,600
0.6 23.2 4.9 8.3 1.5 2.1 1.6
208,667 162,800 650,000 234,000 66,997 301,600 24,500 18,400 45,000 606,964 253,585 2,912,342 4,000 418,800 1,562,100 8,800 10,200 57,700 290,000
2.1 10.2 0.4 1.8 0.6 1.5 2.5 0.8 1.1 16.6 1.3 0.4 56.8 14.0 0.3 0.9 4.4 6.7
Convertible securities
Bonds
Subtotal
0.1
2.1 1.6 5.5
0.9
Total 0.6 4.3 0.1 4.6 0.4 0.4 5.9 1.8 0.5 0.5 4.4 0.3 0.6 0.3 0.3 0.1 0.6 23.2 4.9 8.3 1.5 3.7 7.6 10.2 0.4 1.8 0.6 1.5 2.5 0.8 1.1 16.6 1.3 0.9 0.4 56.8 14.0 0.3 0.9 4.4 6.7
91
General Re Corp. General Signal Corporation Genting BHD Genuine Parts Company Georgia-Pacific Corp. Giant Food Inc. Giddings & Lewis Gillette Company, The Gist-Brocades NV Glaxo Wellcome Plc Global Stone Corporation Goldcorp Inc. Golden West Financial Corp. Goltas Goller Bolg Goodyear Lastikleri T.A.S. Goodyear Tire & Rubber Company Granada Group Plc Grand Metropolitan, Plc Grand Optical Photoservice Grasim Industries Ltd. Great Atlantic & Pacific Tea Company, Inc. Great Lakes Chemical Corporation Great Pacific Enterprises Inc.1 Great Universal Stores, Plc Great Western Financial Corp. Great-West Lifeco Inc. Green Tree Financial Corp. Greencore Greenstone Resources Ltd. Grilli Property Group Inc. Grupo Carso S.A. de C.V. Grupo Casa Autrey S.A. de C.V. Grupo Elektra S.A. de C.V. Grupo Financiero Banamex-Accival
5,300 3,200 65,000 7,800 5,900 3,800 42,500 91,700 50,785 1,953,900 700,000 1,577,600 14,700 1,185,000 732,000 86,900 832,000 1,623,910 11,050 63,200 2,400 17,100 397,410 155,000 8,800 1,463,884 8,800 670,400 1,111,200
1.1 0.2 0.6 0.5 0.6 0.2 0.8 9.8 2.2 43.4 3.7 18.5 1.3 0.3 0.5 6.1 16.8 17.5 2.5 1.3 0.1 1.1 21.1 2.2 0.3 31.1 0.5 5.9 17.7
class B class L
130,000 230,000 71,000 547,000 71,000
0.9 0.6 0.8 1.6 0.2
Grupo Financiero Bancomer
class B rights
1,749,695 16,460
1.0 -
Grupo Herdez S.A. Grupo Industrial Maseca S.A. de C.V. Grupo Mexico S.A. de C.V. Grupo Modelo S.A. de C.V. Grupo Televisa S.A. Guangdong Electric Power Development Guangdong Investments Limited Guangshen Railway Company Limited Gucci Group Gudang Garam
class B class B class B class C
750,000 389,000 621,000 429,000 119,000 500,000 180,369 859,000 124,510 201,000
0.3 0.7 2.6 3.4 2.1 0.6 0.2 0.5 11.4 1.2
class A
class A
class A
A
-
1.6 0.2 1.0 -
1.1 0.2 0.6 0.5 0.6 0.2 0.8 9.8 2.2 43.4 3.7 18.5 1.3 0.3 0.5 6.1 16.8 17.5 2.5 1.3 0.1 1.1 21.1 2.2 0.3 31.1 0.5 5.9 17.7 0.9 0.6 0.8 1.8 1.0 0.3 0.7 2.6 3.4 2.1 0.6 0.2 0.5 11.4 1.2
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS
92
Guinness Plc Gujarat Ambuja Cements Ltd. Gulfstream Resources Canada Limited Guoco Group HCO Energy Ltd. H.F. Ahmanson & Co. HFS, Inc. H & R Block Inc. HSBC Holdings Hagemeyer N.V. Halliburton Company Halma Plc Han Wha Corporation Hana Microelectronics Public Co., Ltd. Hang Seng Bank Limited Hankuk Glass Industry Company Ltd. Hansol Paper Hanson Trust Harbin Power Equipment Company Limited Harcourt General, Inc. Harland Company, John H. Harmac Pacific Inc. Harmony Gold Mining Co., Ltd. Harnischfeger Industries Inc. Harrah's Entertainment, Inc. Harris Corporation Hasbro, Inc. Havas Advertising SA HealthStreams Technology Inc. Hees International Bancorp Inc. Heidelberger Zement Heinz Co., H. J. Hellas Can Packaging S.A. Hellenic Bottling Co., SA Hellenic Sugar Industry Hellenic Technodomiki Hellenic Telecommunication Organization S.A. Helmerich & Payne, Inc. Hemosol Inc. Hennes & Mauritz AB Heracles General Cement Co. Hercules Inc.
Designation
class H
class B
Subsidiaries
Number
Shares Amount
1,198,000 90,600 705,000 345,000 465,900 6,900 7,900 32,200 1,449,662 43,500 8,000 1,299,999 58,222 45,300 1,004,500 21,200 3,291 2,420,000 2,500,000 4,700 2,000 815,900 65,000 3,000 6,600 2,500 5,500 106,565 78,700
12.9 1.0 9.2 2.6 0.7 0.3 0.6 1.3 43.7 4.8 0.7 5.8 0.9 0.3 16.7 0.1 0.1 4.7 0.6 0.3 0.1 9.5 0.7 0.2 0.2 0.2 0.3 16.2 0.3
11,660 57,200 13,950 21,370 31,400 11,450 18,100 1,600 610,783 29,000 64,700 6,900
1.3 2.8 0.3 0.9 0.4 0.2 0.4 0.1 2.3 5.5 1.1 0.4
Convertible securities
7.4
0.6
Bonds
Subtotal
Total 12.9 1.0 9.2 2.6 0.7 0.3 0.6 1.3 43.7 4.8 0.7 5.8 0.9 0.3 16.7 0.1 0.1 4.7 0.6 0.3 0.1 16.9 0.7 0.2 0.2 0.2 0.3 16.2 0.3 0.6 1.3 2.8 0.3 0.9 0.4 0.2 0.4 0.1 2.3 5.5 1.1 0.4
Herlitz AG
preferred 1
Héroux Inc.
93
Hershey Foods Corp. Hewlett-Packard Company High River Gold Mines Ltd. Hilton Hotels Corp. Hindalco Industries Ltd. Hirata Technical Co., Ltd. Hitachi AIC Inc. Hitachi Information System Hitachi, Ltd. Hochtief AG Hoechst AG Hoganas AB Holderbank Financière Hollandsche Beton Groep NV Hollinger Inc. Holsten Brau AG Home Depot, Inc., The Homestake Mining Company Honda Motor Co. Honeywell Inc. Hong Kong Electric Holdings Limited Hong Kong Land Holdings Ltd. Hong Kong Telecommunications Limited Hong Kong & China Gas Company Limited, The Hongkong and Shanghai Hotels Ltd., The Hôtels Quatre Saisons Inc.1 Household International, Inc. Houston Industries Inc. Hoya Corp. (Hoya Garasu) Huaneg Power International Hudson's Bay Company Humana, Inc. Hummingbird Communications Ltd.2 Hunter Douglas Hutchison Whampoa Limited Hysan Development Hyundai Engineering & Construction Company Hyundai Motor Company Ltd. Hyundai Securities Co. IBEX Technologies Inc.1 ICA
purchase options
A A
class B
A, G
purchase options
B B
519 465
0.1 0.1
0.1 0.1
0.2
2,390,400 15,000
7.6 -
7.6 -
7.6
9,900 80,900 67,900 15,800 72,863 10,000 5,000 4,000 908,000 59,134 134,300 70,920 5,400 37,235 1,427,200 290 30,700 9,400 34,000 8,100 1,120,000 572,000 1,800,000 2,378,800 884,000 2,636,059 6,200 16,000 35,000 25,000 1,699,330 10,400 899,600 5,359 2,462,000 1,000,000 26,120 21,300 46,030 1,093,396 314,500
0.6 5.6 0.3 0.6 2.5 0.2 0.1 11.6 3.2 8.7 3.4 5.3 10.6 18.4 0.1 2.1 0.2 1.3 0.7 5.1 2.2 4.0 6.3 2.3 73.2 0.8 0.5 1.9 0.8 38.9 0.3 35.5 0.5 26.5 5.5 0.8 0.2 0.8 6.0 0.5
93,968
1.9
20.5
6.0 0.5
0.6 5.6 0.3 0.6 2.5 0.2 0.1 11.6 3.2 8.7 3.4 5.3 10.6 18.4 0.1 2.1 0.2 1.3 0.7 5.1 2.2 4.0 6.3 2.3 73.2 0.8 0.5 1.9 0.8 59.4 0.3 35.5 0.5 26.5 5.5 0.8 0.2 0.8 6.5 1.9
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS
94
IDB Holding Corp., Ltd. IOI Properties Berhad IPL Energy Inc. IPL Inc.1 IPSCO Inc. IRSA Inversiones y Representaciones S.A. ITT Corporation ITT Hartford Group Inc. ITT Industries IIlovo Sugar Ltd. Il Shin Spinning Company Illinois Tool Works, Inc. Illinova Corporation Imasco Limitée Imperial Chemical Industries, Plc Imperial Tobacco Group Plc Imperial Oil Limited Inabata & Co. Inax Corp. Inchon Iron & Steel Inco Indonesia Inco Limited
Designation
Subsidiaries
A class B
class VBN preferred E
Indian Aluminium Co., Ltd. Indian Hotels Company Limited, The Indian Petrochemicals Corporation Ltd. Indian Rayon & Industries Ltd. Indian Tobacco Company Limited (ITC) Indo Gulf Fertilizers and Chemical Corp., Ltd. Indocement Tunggal-Prakarsa Indosat Industrial Bank of Japan Industrial Credit & Investment Corp. Industrial Finance Corp. of Thailand Industrial-Alliance Life Insurance Company Informix Corporation Ingersoll-Rand Company Inland Steel Industries, Inc. Inmet Mining Corporation Inner Mongolia Erdos Cashmere Products Co., Ltd.
class B
A
class B
Number
Shares Amount
89,700 1,949,000 974,307 695,500 673,210 92,200 7,500 26,800 7,600 259,800 3,500 7,800 29,300 186,457 175,000 242,000 618,282
0.5 4.1 38.9 8.3 26.3 0.4 0.4 2.5 0.3 0.6 0.4 0.9 1.1 6.3 3.2 2.1 39.9
396,000 14,560 99,500 24,506 5,639,678 33,920
4.0 0.3 0.3 0.8 246.8 2.4
112,300 76,500 117,200 81,400 139,800 756,400 333,000 10,000 359,800 166,400 167,500
0.8 2.7 1.6 0.9 1.9 0.8 0.7 0.4 8.5 2.2 0.6
608,800 7,000 3,100 2,894,400 900,000
17.0 0.4 0.1 19.2 0.8
Convertible securities
Bonds
Subtotal
-
0.8 246.8 2.4
58.4
6.1
5.4
Total 0.5 4.1 38.9 8.3 26.3 0.4 0.4 2.5 0.3 0.6 0.4 0.9 1.1 6.3 3.2 2.1 39.9 4.0 0.3 0.3 250.0 0.8 2.7 1.6 0.9 1.9 0.8 0.7 0.4 8.5 2.2 0.6 63.8 17.0 0.4 0.1 25.3 0.8
Innova Technologies Corporation Intel Corporation Intensity Resources Ltd. Inter-Europa Bank Rt Intergraph Corporation Internatio-Mueller NV International Business Machines Corp. International Flavors & Fragrances, Inc. International Forest Products Limited International Hospitality Inc.
95
International Paper Company Internationale Nederlanden Groep NV Interpublic Group of Companies, Inc. Intertape Polymer Group Inc. Intracom S.A. Intrawest Corporation1 Investicni A Postovni Banka Investor AB Investors Group Inc. Ipiranga, Companhia Brasileira de Petroleo Irish Life Isetan Co., Ltd. Ishihara Sangyo Kaisha, Ltd. Ishikawajima-Harima Heavy Industries Israel Chemicals Limited Israel Corp. Limited, The Italcementi Ito-Yokado Co., Ltd. Iwka AG Izmir Demir Celik Sanayi AS JD Wetherspoon James River Corp. Japan Associated Finance Co., Ltd. Japan Airlines Co., Ltd. Jean Coutu (PJC) Inc., Le Groupe Jefferson-Pilot Corporation John Keells Holdings Ltd. Johnson Controls Inc. Johnson Matthey Plc Johnson & Johnson Jordan Petroleum Ltd. Jordan Petroleum Refinery Jordan Phosphate Mines Jordan Worsted Mills, The Jostens Inc.
warrants
class A warrants
A, G
class B preferred
class A
260,000 130,000
0.5 0.1
241,400 3,428,200 1,000 3,000 72,999 142,400 7,100 1,284,500 520,000 130,000
43.1 6.9 0.3 2.5 29.5 0.4 13.8 1.8 -
106,900 316,732 5,200 615,212 4,660 2,392,292 43,680 45,804 285,309 21,350,000 42,831 267,000 655,000 1,450,000 241,615 4,787 90,637 2,000 592 27,600,000 90,000 5,500 2,000 375,000 1,519,400 4,600 53,000 2,700 637,000 270,000 421,300 16,500 51,000 22,000 2,500
5.9 15.6 0.3 19.3 0.1 58.6 0.7 2.8 7.7 0.4 0.3 4.7 2.2 8.8 0.3 0.4 0.7 0.1 0.2 0.3 2.5 0.2 0.2 2.7 15.9 0.4 0.3 0.3 8.2 18.4 3.5 0.3 0.3 0.3 0.1
0.5 0.1
1.8
3.6
0.6 43.1 6.9 0.3 2.5 29.5 0.4 13.8 3.6 5.9 15.6 0.3 19.3 0.1 58.6 0.7 2.8 7.7 0.4 0.3 4.7 2.2 8.8 0.3 0.4 0.7 0.1 0.2 0.3 2.5 0.2 0.2 2.7 15.9 0.4 0.3 0.3 8.2 18.4 3.5 0.3 0.3 0.3 0.1
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS Jusco Co., Ltd. K Mart Corporation KFC Holdings Bhd KLA Instruments Corporation KPN Kajima Corporation Kalbe Farma Kang Won Industrial Kap Resources Ltd. Karachi Electric Supply Karstadt AG Kaucuk Kaufel Ltée, Groupe
96
Kaufman & Broad Home Corp. Kawasaki Steel Corp. Kellogg Company Kentucky Fried Chicken Japan Ltd. Kenya Commercial Bank Limited Keppel Corporation Limited Kerr-McGee Corp. Kerry Group Kesoram Industries Limited KeyCorp Keyence Corp. Kia Motors Corporation Kian Joo Can Factory Kimberly-Clark Corporation Kimberly-Clark de Mexico, S.A. de C.V. Kinden Corporation King World Productions, Inc. Kingfisher Kinross Gold Corporation Kloeckner Humboldt Deutz AG Knight-Ridder Inc. Kokuyo Co., Ltd. Komag, Inc. Komatsu Ltd. Komercni Banka A.S. Komori Corp.
Designation
Subsidiaries
warrants A
class A class B
class A
class A
A A
Number
Shares Amount
290,000 31,100 400,000 60,000 63,000 275,000 541,500 33,780 558,071 1,124,043
13.5 0.4 2.3 2.9 3.3 2.7 0.8 0.6 0.8 3.7
286,000 5,724 10,500 100,000 109,500
0.2 2.6 0.6 0.3 0.4
49,900 1,944,000 13,600 37,000 15,000 130,000 3,200 21,700 300,000 31,000 1,000 72,100 806,000 100,200 197,000 500 2,400 746,520 1,407,900 15,692 6,100 162,000 20,500 335,000 23,000 565,000
0.9 7.6 1.2 0.7 1.4 0.3 0.3 0.6 2.1 0.2 1.8 6.1 13.1 5.3 0.1 11.1 13.7 0.1 0.3 5.5 0.8 3.8 0.9 16.4
Convertible securities
Bonds
Subtotal
0.8 3.7
0.3 0.4
4.0
Total 13.5 0.4 2.3 2.9 3.3 2.7 0.8 0.6 4.5 0.2 2.6 0.6 0.7 0.9 7.6 1.2 0.7 1.4 0.3 0.3 0.6 2.1 0.2 1.8 6.1 13.1 5.3 0.1 11.1 17.7 0.1 0.3 5.5 0.8 3.8 0.9 16.4
97
Kookmin Bank Koor Industries Limited Koor Industries Ltd. Koram Bank Korea Electric Power Corporation Korea Export Packaging Korea Green Cross Corporation Korea Mobile Telecommunications Corp. Korea Reinsurance Co. Korea Tungsten Mining Company Korea Zinc Co. Kroger Company, The Kum Kyung Company Kuoni Reisen Kurabo Industries Kuraray Co., Ltd. Kurita Water Industries Ltd. Kuritomo, Ltd. Kyocera Corp. L.G. Chemical Limited L.G. Metals Corp. LGS Inc., Groupe LSI Logic Corp. Labopharm Inc. Laboratorio Chile S.A. Ladbroke Group, Plc Lafarge Coppee Lagardère, Groupe Laidlaw Inc.1, 2
Land Securities Land & House Public Company Limited Langar Company Ltd. Lanoptics Ltd. Laperrière & Verreault Inc., Groupe1 Larsan & Toubro Ltd. Lassonde Inc., Industries Laurentian Bank of Canada Leader Industries Inc. Ledesma S.A. Legal & General Group Plc Lend Lease Corporation Limited Leroux Inc., Acier Levi Strauss Japan Liberty Life Association of Africa Ltd. Lilly (Eli) & Company
class A
A A, B
class A class B
class A
A
class A
A A, G A
12,880 7,600 25,000 29,200 190,670 12,950 2,500 61,800 23,230 3,080 43,150 8,100 27,500 4,830 295,000 5,000 133,000 808,000 101,000 125,650 14,210 63,000 8,300 150,000 9,615 490,000 20,661 400,000 20,100 5,446,647 10,161,358
0.3 0.9 0.6 0.5 7.6 0.4 0.3 1.1 0.9 0.1 1.1 0.5 0.4 16.0 1.1 0.1 3.7 9.5 8.6 1.7 0.3 0.3 0.3 0.9 0.2 2.7 1.7 15.0 0.3 87.7 162.1
259,900 21,600
4.6 0.2
65,500 456,400 236,500 54,700 313,430 150,000 344,500 875,000 89,600
0.7 1.9 4.7 0.9 6.1 0.1 0.6 7.6 2.4
4,000 94,560 161,600
0.1 3.2 16.2
0.3 87.7 162.1
16.2
-
2.7
19.6
0.3 0.9 0.6 0.5 7.6 0.4 0.3 1.1 0.9 0.1 1.1 0.5 0.4 16.0 1.1 0.1 3.7 9.5 8.6 1.7 0.3 0.3 0.3 0.9 0.2 2.7 1.7 15.0 250.1 4.6 0.2 16.2 0.7 1.9 4.7 0.9 25.7 0.1 0.6 7.6 2.4 2.7 0.1 3.2 16.2
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS Limited Inc., The Linamar Corp. Lincoln National Corp. Linde AG Lippo Bank Lippo Life Insurance Lithos Corporation Liz Claiborne, Inc. Lloyds TSB Group Plc Loblaw Companies Limited Lockheed Martin Corp. Loewen Group Inc., The
98
Loews Corporation Logistec Corporation1 London Electricity London Insurance Group Inc. Longs Drug Stores, Inc. L'Oréal Louisiana Land and Exploration Louisiana-Pacific Corporation Lowes Companies Inc. Luby's Cafeterias, Inc. Lucas Varity Plc Lucent Technologies Inc. Lufthansa AG Lukoil Holding Lusotur-Sociedade Financeira de Turismo, SA Lyonnaise des Eaux Maanshan Iron & Steel Company MAAX Inc. M.A.N. AG MBNA Corp. MCI Communications Corporation M-Corp Inc. MDS Inc. MEPC Plc
Designation
Number
Shares Amount
66,100 100,700 26,400 5,276 600,000 250,000 370,000 185,000
1.7 4.4 1.9 4.4 0.8 0.3 1.0 -
4,700 3,312,665 2,665,258 12,800 659,768 719,600
0.2 33.5 37.7 1.6 35.3 27.5
preferred
21,000 172,125 308,714 1,491,148 1,300 5,000 2,200 7,000 11,000 1,500 588,000 146,745 101,043 45,000 17,500 22,550 1,014,000 770,532 2,920 1,163
2.7 3.6 4.9 27.1 0.1 2.6 0.2 0.2 0.5 3.1 9.3 1.9 2.8 0.4 2.9 0.3 13.7 1.0 0.3
class A class B
14,300 231,900 40,000 52,600 1,563,420
0.8 10.2 0.1 1.3 36.9
210,000
2.1
warrants
Subsidiaries
A A
preferred class A
A
A
A
Convertible securities
Bonds
Subtotal
1.0 -
35.3 27.5
1.0 0.3
1.3 36.9
Total 1.7 4.4 1.9 4.4 0.8 0.3 1.0 0.2 33.5 37.7 1.6 62.8 2.7 3.6 4.9 27.1 0.1 2.6 0.2 0.2 0.5 3.1 9.3 1.9 2.8 0.4 2.9 0.3 13.7 1.3 0.8 10.2 0.1 38.2 2.1
MFS Communications Company, Inc. MGIC Investment Corporation MIM Holdings Ltd. MNT Ltd.
MPACT Immedia Corporation
99
MSV Resources Inc. Mackenzie Financial Corporation MacMillan Bloedel Limited Macronix International Co., Ltd. Madeco S.A. Maderas y Sinteticos SA Maezawa Industries, Inc. Maezawa Kyuso Industries Co., Ltd. Magic Software Enterprises Ltd. Magna International Inc. Magnum Corporation Bhd Magyar Olaj Es Gas Mahindra & Mahindra Ltd. Malayan Banking Malayan Cement Malaysian Assurance Alliance Berhad Malaysian Oxygen Bhd Malaysian Pacific Industries Bhd Mallinckrodt Inc. Malofilm Communications Inc. Manila Electric Company Mannesmann AG Manor Care, Inc. Mapco, Inc. Maple Leaf Cement Industry Marcopolo S.A. Markborough Properties Inc. Marko Marks & Spencer Marriott International, Inc. Marsh & McLennan Companies, Inc. Marshall Boya Ve Vernik Sanayii A.S. Masco Corporation Matsumoto Inc. Matsush*ta Electric Industrial Company, Ltd. Matsush*ta Electric Works Mattel, Inc.
C appreciation stocks shares giving right to a share dividend warrants
A A A, G
class A
class A class B class B
preferred
A A
248,622 3,800 593,000 5,400
18.6 0.4 1.1 0.2
0.2
5,400
0.1
0.1
0.3
233,300 75,000
0.5 -
0.5 -
0.5
911,100 1,782,500 4,079,321 47,292 7,280 8,837 3,000 4,000 37,500 1,462,812 425,500 77,248 141,600 500,000 609,000 619,000 273,000 360,000 4,800 5,000 237,143
0.5 32.1 73.2 0.9 0.2 0.2 0.1 0.1 0.5 111.5 1.1 1.3 2.3 7.6 1.9 4.1 1.9 1.9 0.3 1.8
37,393 32,219 4,000 164,600 1,368,500 970,000 6,415,155 20,000 1,913,000 8,200 4,600 3,560,000 35,500 1,000 295,000 451,000 17,500
0.4 19.1 0.1 7.7 0.5 0.2 3.0 0.2 22.0 0.6 0.7 0.4 1.8 6.6 5.3 0.7
17.9
14.9
1.8
18.9
18.6 0.4 1.1
0.5 32.1 91.1 0.9 0.2 0.2 0.1 0.1 0.5 126.4 1.1 1.3 2.3 7.6 1.9 4.1 1.9 1.9 0.3 1.8 0.4 19.1 0.1 7.7 0.5 0.2 21.9 0.2 22.0 0.6 0.7 0.4 1.8 6.6 5.3 0.7
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS
100
May Department Stores Company Maytag Corp., The Mazarin Mining Corporation Inc. Mb-Caradon Plc McDermott International McDonald's Corporation McDonnell Douglas Corporation McGraw-Hill Companies Inc., The Mead Corp. Medison Company Limited Medtronic, Inc. Meiji Milk Products Co., Ltd. Meikles Africa Limited Meitec Corp. Mellon Bank Corporation Mentor Corporation Mercantile Stores Co., Inc. Merck KGaA Merck & Co., Inc. Meredith Corporation Merrill Lynch & Company, Inc. Methanex Corporation Metro AG
Metro Cash & Carry Limited Metropolitan Bank & Trust Company Métro-Richelieu Inc. Metrowerks Inc.2 Michaniki S.A. Michelin & Cie Micron Technology, Inc. Microsoft Corporation Microtec Enterprises Inc. Milkyway Networks Corporation Millipore Corporation Milltronics Ltd. Minnesota Mining and Manufacturing Company Minorca Resources Inc. Mirai Industry Co., Ltd. Miramar Mining Corporation Mirror Group Plc
Designation
Subsidiaries
A
preferred preferred VZ
class A
A, G B
A, C
Number
Shares Amount
103,600 54,100 2,867,000 1,038,000 3,500 51,200 13,800 6,400 3,400 6,169 81,700 15,000 204,000 361,000 8,300 117,500 2,400 45,554 363,100 1,700 22,900 562,051 49,922 2,111 430
6.6 1.5 4.7 5.8 0.1 3.2 1.2 0.4 0.3 0.8 7.6 0.1 0.4 9.4 0.8 4.8 0.2 2.2 39.4 0.1 2.6 7.0 5.5 0.2 -
100,000 33,205 338,300 589,333 13,410 75,631 13,400 163,000 930,000 98,200 2,800 176,100 51,300 900,000
0.5 1.1 7.1 7.2 0.1 5.6 0.5 18.5 4.0 0.5 0.2 7.2 5.8 2.7
825,000 2,262,200
5.0 11.4
Convertible securities
Bonds
Subtotal
5.5 0.2 -
0.2
Total 6.6 1.5 4.7 5.8 0.1 3.2 1.2 0.4 0.3 0.8 7.6 0.1 0.4 9.4 0.8 4.8 0.2 2.2 39.4 0.1 2.6 7.0 5.7 0.5 1.1 7.1 7.2 0.1 5.6 0.5 18.5 4.0 0.5 0.2 7.2 5.8 2.7 0.2 5.0 11.4
Mitel Corporation2 Mitsubishi Bank, Ltd. Mitsubishi Corp. Mitsubishi Electric Corporation Mitsubishi Estate Co., Ltd. Mitsubishi Heavy Industries, Ltd. Mitsubishi Kasei (chemical) Ind. Ltd. Mitsubishi Motors Corporation Mitsubishi Trust & Banking Corp., The Mitsui & Co., Ltd. Mitsui Fudosan Co. Mitsui Trust & Banking Co., Ltd., The Mitsukoshi, Ltd. Mo och Domsjö AB Mobil Corporation Modern Photo Film Company Moebel Walther AG Molinos Rio de la Plata S.A. Molson Companies Limited, The
101
Mondadori Monsanto Company Montedison SpA Montrusco Associates Inc. Moore Corporation Limited Morgan Crucible Morgan Stanley Group, Inc. Morgan & Company, Inc., J.P. Mori Seiki Co., Ltd. Morrison Petroleums Ltd. Morton International Inc. Mos Food Services, Inc. Mosenergo Motorola, Inc. Mulia Industrindo Münchener Ruckversicherungen Mundicenter-Sociedade Imobiliaria, SA Murata Manufacturing Co., Ltd. NACCO Industries, Inc. NBM-Amstelland N.V. NEC Corporation NGK Spark Plug Co., Ltd. NICOR Inc. NKK Corp. NTN Corp. NYNEX Corporation Nabisco Holdings
class B
class A class B
5,669,647 1,394,000 530,000 22,000 1,064,000 399,000 20,000 625,000 17,000
49.6 35.4 7.5 0.2 15.0 4.3 0.1 6.2 0.3
819,000 701,000 754,000 353,800 250,600 80,000 27,000 138,570 2,581,303 435,344
11.2 7.5 7.3 13.6 42.0 0.3 2.4 0.7 55.5 9.3
607,500 37,600 9,900,000 5,817,076 1,859,167 425,000 28,900 20,800 501,000 482,500 133,300 198,300 28,000 42,300 354,000 2,192 1,982 103,000 600 365,000 2,118,000 12,000 3,200 1,414,000 496,000 28,100 155,600
6.8 2.0 9.3 105.9 52.8 4.4 2.3 2.8 9.5 4.0 7.4 5.4 1.2 3.6 0.5 7.4 0.1 4.6 10.2 35.0 0.2 0.2 4.4 3.7 1.9 8.3
0.2
55.5 9.3
49.6 35.4 7.5 0.2 15.0 4.3 0.1 6.2 0.3 0.2 11.2 7.5 7.3 13.6 42.0 0.3 2.4 0.7 64.8 6.8 2.0 9.3 105.9 52.8 4.4 2.3 2.8 9.5 4.0 7.4 5.4 1.2 3.6 0.5 7.4 0.1 4.6 10.2 35.0 0.2 0.2 4.4 3.7 1.9 8.3
11
102
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS
Designation
Nacional de Drogas S.A. de C.V. Nafta Gbely AS Nalco Chemical Company National Australia Bank Limited National Bank of Canada National Bank of Greece S.A. National City Corporation National Finance and Securities Company, Ltd. National Grid Group National Mutual Asia Ltd. National Power Plc National Semiconductor Corporation National Service Industries, Inc. National Trustco Inc. Nationsbank Corp. Navistar International Corporation Naxos Resources Ltd. Nedcor Limited Nestlé S.A. Nestle (Malaysia) Bhd Netscape Communications Corporation New Dimension Software Ltd. New Oji Paper Co., Ltd. New World Development Company Limited New World Infrastructure New York Times Co., The Newbridge Network Corporation Newell Co. Newmont Mining Corp. Newport News Shipbuilding Inc. News Corporation
class L
NewTel Enterprises Limited Niagara Mohawk Power Corporation Nichia Steel Works Ltd. Nichiei Co., Ltd. Nihon Cement Co., Ltd. Nike, Inc. Nikon Corporation Nintendo Co., Ltd. Nippon Hodo Co., Ltd. Nippon Koei, Co., Ltd.
Subsidiaries
class F
C
class A
preferred
class B
Number
Shares Amount
93,000 5,550 27,800 270,000 7,707,012 7,610 14,200 149,800 1,574,763 1,831,000 725,000 168,900 3,000 491,811 146,500 4,800 12,000 91,800 24,790 190,000 4,892 48,000 12,000 556,893 1,378,000 6,300 4,764,792 10,200 6,400 2,180 1,130,424 328,609
0.4 0.4 1.4 4.4 106.7 0.7 0.9 0.4 7.2 2.4 8.3 5.6 0.2 11.8 19.6 0.1 0.1 1.7 36.4 2.1 0.4 0.5 0.1 5.2 5.5 0.3 185.1 0.4 0.4 8.2 2.0
202,000 9,300 10,000 33,000 607,000 18,400 210,000 94,000 192,000 800
5.0 0.1 0.1 3.3 4.2 1.5 3.6 9.2 3.0 -
Convertible securities
Bonds
Subtotal
8.2 2.0
Total 0.4 0.4 1.4 4.4 106.7 0.7 0.9 0.4 7.2 2.4 8.3 5.6 0.2 11.8 19.6 0.1 0.1 1.7 36.4 2.1 0.4 0.5 0.1 5.2 5.5 0.3 185.1 0.4 0.4 10.2 5.0 0.1 0.1 3.3 4.2 1.5 3.6 9.2 3.0 -
103
Nippon Light Metal Co., Ltd. Nippon Oil Co., Ltd. Nippon Shokubai Co., Ltd. Nippon Steel Corporation Nippon Telegraph and Telephone Corporation Nippon Yakin Kogyo Co., Ltd. Nireco Corporation Nishat Textile Mills Ltd. Nissan Motor Co., Ltd. Nitto Kohki Co., Ltd. Noble China Inc. Nobleza Piccardo S.A. Nokia Corporation Nomura Securities Co., Ltd., The NorAm Energy Corp. Noranda Inc. Noranda Forest Inc. Norcen Energy Resources Limited Nordstrom, Inc. Norfolk Southern Corporation Norsk Hydro North Limited North West Company Inc.1 Northern States Power Company Northern Telecom Ltd. Northrop Grumman Northstar Energy Corporation Northwest Natural Gas Co. Nova Corporation Nova Hut Nova Scotia Power Corporation Novartis SA Novell Inc. Novicourt Inc. Novo Nordisk AS Nucor Corporation Occidental Petroleum Corp. Ohio Edison Company Old Republic International Corp. Olympus Optical Co., Ltd. ONEOK Inc. OSA S.A. OTP Bank Rt Onex Corporation Optimum General Inc. Oracle Systems Corp. Orkla A.S.
class A
class B
preferred class A class A
A
1,288,000 1,514,000 613,000 50,000 1,276 522,000 7,000 821,000 920,000 200 892,800 160,387 389,483 827,000 8,800 4,613,225 2,600,647 3,726,957 5,200 16,900 154,969 2,760,766 1,531,800 73,000 3,570,575 3,700 315,700 23,800 10,469,930 38,000 1,246,000 34,291 22,600 704,200 68,600 5,600 68,600 9,800 33,750 507,000 1,700 31,000,000 26,600 735,782 300,000 295,900 66,000
7.2 10.6 6.2 0.2 13.2 2.1 0.1 0.4 7.3 2.4 0.8 30.9 17.0 0.2 140.9 24.2 113.3 0.3 2.0 11.5 11.1 17.5 4.6 304.2 0.4 5.0 1.4 127.2 0.9 17.9 53.7 0.3 4.2 17.7 0.4 2.2 0.3 1.2 6.6 0.1 0.3 0.7 14.3 3.7 16.9 6.3
6.1
7.2 10.6 6.2 0.2 13.2 2.1 0.1 0.4 7.3 2.4 0.8 30.9 17.0 0.2 147.0 24.2 113.3 0.3 2.0 11.5 11.1 17.5 4.6 304.2 0.4 5.0 1.4 127.2 0.9 17.9 53.7 0.3 4.2 17.7 0.4 2.2 0.3 1.2 6.6 0.1 0.3 0.7 14.3 3.7 16.9 6.3
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS Orleans Resources Inc.
104
Orogen Minerals Limited Oryx Energy Company Oshawa Group Limited, The Otosan Otomobil Sanayii AS Outokumpu Oy Oversea-Chinese Banking Corporation Owens-Corning Fiberglass Corporation Oxiteno Industria e Comercio, SA PACCAR Inc. PC DOCS Group International Inc. PECO Energy PNC Bank Corp. PP & L Resources, Inc. PPG Industries Inc. PT Fajar Surya Wisea PT Hanjaya Mandala Sampoerna PT Hero Supermarket PT Indorama Synthetics PT Kawasan Industri Jababeka PT Ramayana Lestari Sentosa PT Tambang Timah P.T. Telekomunikasi Indonesia PTT Exploration & Production Public Co., Ltd. Pacific Enterprises Pacific Gas & Electric Company Pacific Telesis Group PacifiCorp Paging Network Inc. Pakistan State Oil Co., Ltd. Pakuwon Jati Pall Corp. PanCanadian Petroleum Limited PanEnergy Corp. Pannonplast Rt Paperboard Industries International Inc. Papierwerke Waldhof-Aschaffenburg AG Paranapanema Mineracao, Industria e Construcao, SA Pargesa Holding S.A.
Designation
Subsidiaries
warrants
A A
class A class A
rights
class F
preferred
D
Number
Shares Amount
Convertible securities
17,107 1,237,500
1.3
5.3
235,000 6,700 853,074 653,000 257,600 408,000 232,200 48,250 2,500 400,000 14,300 52,800 49,400 12,000 139,500 60,000 300,000 366,200 300,000 100,000
7.4 0.2 17.3 0.4 6.0 7.0 13.6 0.2 0.2 5.3 0.5 2.7 1.6 0.9 0.1 0.4 0.3 0.5 0.5 -
170,000 337,000 1,568,000 239,000 5,400 68,900 67,800 44,954 240,000 55,120 894,000 7,400 2,433,965 9,700 861 3,900,600 1,896 47,950,000 46,140
0.5 0.8 3.7 4.7 0.2 2.0 3.4 1.3 5.0 0.5 0.5 0.3 131.7 0.6 15.6 0.3 0.7 70.4
Bonds
Subtotal
Total
5.3 1.3
6.6
0.5 -
7.4 0.2 17.3 0.4 6.0 7.0 13.6 0.2 0.2 5.3 0.5 2.7 1.6 0.9 0.1 0.4 0.3 0.5 0.5 0.5 0.8 3.7 4.7 0.2 2.0 3.4 1.3 5.0 0.5 0.5 0.3 131.7 0.6 15.6 0.3 0.7 70.4
Parker Hannifin Corporation Paulista Péchiney Pegasus Gold Inc. Peninsular & Orie Penn West Petroleum Ltd. Penney (J.C.) Company, Inc. Pennzoil Company Peoples Energy Corporation Pep Boys Manny Moe & Jack Pepsico, Inc. Perez Companc S.A. Perkin-Elmer Corp. Perkins Papers Ltd. Petro-Canada
105
Petrol Ofisi A.S. Petrolo Brasileiro S.A. Petron Corp. Peugeot SA Pfizer Inc. Pharmacia & Upjohn, Inc. Phatra Thanakit Company, Ltd. Phelps Dodge Corp. Philex Gold Inc. Philex Mining Corp. Philip Environmental Inc. Philip Morris Companies Inc. Philippine Long Distance Telephone Company Philips Electronics Phillips Petroleum Company Phoenix International Life Sciences Inc. Pick Jzeged Rt Pinnacle Resources Ltd. Pioneer Electronic Pioneer Hi-Bred International, Inc. Pioneer International Ltd. Pitney Bowes Inc. Placer Dome Inc. Poco Petroleums Ltd. Pohang Iron & Steel Co. Polaroid Corporation Polifin Limited PolyGram NV Portugal Telecom SA Potash Corporation of Saskatchewan
rights class A
class B class A receipts
A, G
preferred class A
class T A, G
4,800 4,177,152 25,568
0.3 0.7 -
94,810
5.4
347,456 550,000 89,600 3,000 2,200 4,000 634,100 173,340 2,800 777,700 3,450,000 6,703,119
4.8 7.7 6.0 0.2 0.1 0.2 25.4 1.7 0.2 4.8 66.8 100.9
1,185,000 15,645,000 360,530 47,006 150,000 70,500 67,800 4,200 85,000 100,000 1,581,560 272,200 4,186 178,929 44,300 550,000 1,400 851,400 435,000 5,300 529,300 9,600 7,846,942 3,553,838 16,300 2,900 86,000 197,075 45,500 1,107,680
0.4 3.4 0.2 7.2 17.0 3.8 0.3 0.4 0.7 31.2 42.0 0.3 9.9 2.7 6.7 0.1 18.3 11.4 0.5 2.2 0.7 235.8 46.6 0.5 0.2 0.2 13.7 1.8 129.3
0.7
8.8
66.8 100.9
0.3 0.7 5.4 8.8 4.8 7.7 6.0 0.2 0.1 0.2 25.4 1.7 0.2 4.8 167.7 0.4 3.4 0.2 7.2 17.0 3.8 0.3 0.4 0.7 31.2 42.0 0.3 9.9 2.7 6.7 0.1 18.3 11.4 0.5 2.2 0.7 235.8 46.6 0.5 0.2 0.2 13.7 1.8 129.3
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS
Designation
Potlatch Corporation Power Corporation of Canada Power Financial Corporation Praxair Inc. Precision Drilling Corporation Premdor Inc.2 Premier CDN Ltée, Entreprises Premier Choix Networks Inc. Premier Farnell Plc Preussag AG Price/Costco, Inc. Prime Resources Group Inc. Primex Forest Products Ltd. Procter & Gamble Company, The Promodes Provident Companies Inc. Providian Corp. Provigo Inc.1, 3
106
Prudential Corporation Plc Public Service Enterprise Group, Inc. Puget Sound Power & Light Company Pulte Corporation QLT Phototherapeutics Inc. QNI Limited Qantas Airways Ltd. Qingling Motors Company Limited Quaker Oats Company, The Quantum Corporation Quebecor inc. 1, 2
Quebecor Inc., Printing Québec-Téléphone Quilmes Industrial S.A. Quorum Growth Inc. RJR Nabisco Holdings Corp. RMC Group Plc RTZ Corp. Plc
Subsidiaries
A, G
class A preferred E
A A
class A
A
warrants purchase options
A A A
class H class A class B C, G A, G
Number
Shares Amount
1,800 1,692,354 4,462,900 10,000 150,000 2,166,635 100,001 3,787,879
0.1 46.5 217.8 0.6 7.1 27.9 0.1 5.0
127,500 874,000 4,035 12,600 2,569,900 567,900 107,200 9,000 117,400 6,000 31,773,405 872,600 10,000
3.3 15.4 1.3 0.4 24.9 4.5 15.8 3.5 7.8 0.4 176.3 -
1,330,000 15,700 35,800 30,200 570,248 427,600 622,200 1,484,000 8,700 28,100 1,233,040 1,065,239
15.3 0.6 1.2 1.3 15.8 1.2 1.4 1.1 0.5 1.1 28.4 24.4
7,773,274 569,965 29,750
188.5 13.7 0.4
29,800 110,000 564,412
1.4 2.6 12.4
Convertible securities
Bonds
Subtotal
71.8
0.1 5.0
24.8
201.1 -
28.4 24.4
3.0
Total 0.1 46.5 289.6 0.6 7.1 27.9 5.1 3.3 15.4 1.3 0.4 24.9 4.5 15.8 3.5 7.8 0.4 201.1 15.3 0.6 1.2 1.3 15.8 1.2 1.4 1.1 0.5 1.1 52.8 188.5 13.7 0.4 3.0 1.4 2.6 12.4
Radiomutuel Inc. Ralston Purina Company Ranbaxy Laboratories Limited Randfontein Estates Gold Mining Company Witwatersrand Ltd. Randon Participacoes S.A. Ranger Oil Limited Rank Organisation, Plc, The Raychem Corp. Raytheon Company Rea Gold Corporation Reckitt & Colman Plc Redland, Plc Reebok International Ltd. Reed International, Plc Refrigeracao Parana S.A. Reitmans (Canada) Limited
107
Rembrandt Group Limited Renaissance Energy Ltd. Renault Renong Rentokil Initial Plc Repap Enterprises Inc. Repsol SA Republic Glass Holdings Corp. Republic New York Corp. Resorts World Reunert Limited Reuters Holdings Plc Revenue Properties Co., Ltd.1, 2 Rexam Plc Rexel Reynolds Metals Company Rheinisch-Westfälisches Elektrizitätswerk AG Rheinmetall AG Rhone Poulenc Richelieu Hardware Ltd.1 Richland Petroleum Corporation Richmont Mines Inc. Richter Gedeon VEG Rigel Energy Corporation Rio Algom Limited Riso Kagaku Corporation
class A
A
185,800 6,800 75,600
1.3 0.7 1.8
1.3 0.7 1.8
157,880 540,000,000 790,161 1,247,200 2,900 161,200 1,725,000 522,500 255,308 31,500 685,000 121,000,000 49,780 189,993
1.1 0.4 10.7 12.8 0.3 10.6 2.9 8.9 2.2 1.8 17.8 0.4 0.7 3.0
1.1 0.4 10.7 12.8 0.3 10.6 2.9 8.9 2.2 1.8 17.8 0.4
preferred
94,700 5,292,797 104,000 400,000 1,352,700 2,346,759 181,216 1,200,000 15,200 1,182,000 274,088 975,520 5,041,631 815,600 6,864 4,100 89,387 57,371
1.2 246.9 3.1 1.0 14.0 9.1 9.5 0.3 1.7 7.4 1.2 17.2 13.1 7.0 2.9 0.3 5.2 2.7
preferred
477 318
0.1 0.1
68,500 824,700 580,000 1,206,200 5,682 1,374,100 501,200
3.2 6.5 2.5 7.0 0.5 18.7 15.3
preferred
preferred class A
class A
A, G
A, G A
0.7 3.0
9.4
5.2 2.7 0.1 0.1
0.1
3.7 1.2 246.9 3.1 1.0 14.0 9.1 9.5 0.3 1.7 7.4 1.2 17.2 22.5 7.0 2.9 0.3 7.9 0.2 3.2 6.5 2.5 7.0 0.5 18.7 15.3 0.1
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS Rite Aid Corporation Roche Holdings AG Rocket Electric Company Rockwell International Corp. Rogers Cantel Mobile Inc.2 Rogers Communications Inc.
108
Rohm and Haas Company Rohm Co., Ltd. Rolls Royce Plc Rothmans Inc. Rowan Companies, Inc. Royal Aviation Inc. Royal Bank of Canada Royal Bank of Scotland Group Plc Royal Dutch Petroleum Company, The Royal Ltd. Royal Oak Mines Inc. Royal Plastics Group Limited Royal & Sun Alliance Insurance Group Plc Rubbermaid, Inc. Russel Metals Inc. Russell Corp. Rustenburg Platinum Holdings Limited Ryan's Family Steak Houses, Inc. Ryder System, Inc. SAP AG SASA SBC Communications Inc. SCHW Bankgesellschaft SCMP Holdings SGL Carbon AG SM Prime Holdings Inc. SMART Corporation SMH AG SNC @ Lavalin Group Inc. SPT Telecom AS SR Telecom Inc.
Designation
Subsidiaries
warrants
class B class A class B
A, G
class A
preferred
class A
Number
Shares Amount
5,400 2,469 390
0.3 26.2 -
10,000 14,000 1,524,407 588,700 5,984,297
0.4 1.2 41.4 6.4 60.4
4,200 263,000 1,369,003 33,757 5,500 261,900 7,820,089 150,000 260,025
0.5 23.6 8.3 4.2 0.2 0.6 376.1 2.0 61.9
285,000 647,600 1,078,300 9,600 1,445,100 2,500 79,279 3,300 107,400 16,151 11,212
1.2 16.4 11.3 0.3 4.7 0.1 1.5 4.1 3.0 2.1
2,825,000 43,900 2,960 2,381,000 5,550 1,557,730 500,000 51,064 3,422,840 12,610 1,557,060
0.3 3.1 3.5 2.7 1.0 0.6 0.5 18.9 47.4 2.1 14.2
Convertible securities
Bonds
Subtotal
26.2 -
6.4 60.4
4.8 0.1
3.0 2.1
Total 0.3 26.2 0.4 1.2 41.4 66.8 0.5 23.6 8.3 4.2 0.2 0.6 380.9 2.0 61.9 0.1 1.2 16.4 11.3 0.3 4.7 0.1 1.5 4.1 5.1 0.3 3.1 3.5 2.7 1.0 0.6 0.5 18.9 47.4 2.1 14.2
109
Sabah Yayincilik A.S. Sabre Group Holdings Inc. Sadia-Concordia SA Safeco Corporation Safety-Kleen Corp. Safeway Plc Safmarine & Rennies Holdings Limited Sage Group Plc, The Saha Union Corp., Ltd. Saint-Gobain Sakura Bank Salamander AG Salomon Inc. Samsung Electronics Co., Ltd. San Miguel Corporation Sani Gestion Inc. Sani Mobile Inc., Groupe Sankyo Company Limited Sankyu Inc. Sanshin Corp. Santa Fe Energy Resources Santa Fe Pacific Gold Corporation Santa Isabel S.A. Sao Paulo Alpargatas SA Sara Lee Corporation Sasol Limited Satori Electric Co., Ltd. Saturn (Solutions) Inc. Sawako Corp. Scancem AB Schering AG Schering-Plough Corporation Schibsted ASA Schlumberger Limited Schneider Corporation Schneider SA Schwab Corporation, The Charles Scientific-Atlanta Inc. Scorpion Minerals Inc. Scotia Bank Scottish & NewCastle Breweries Plc Seagate Technology Seagram Company Ltd., The Sears Canada Inc. Sears, Roebuck and Co. Secom Co.
preferred
class B class A class A
A A
A class A class B
class A
special warrants
10,900,000 15,000 1,224,000 33,700 3,700 900,000 218,600 150,000 86,800 16,563 845,000 501 30,000 33,000 123,370 41,200 559,900 233,000 34,000 6,000 5,800 8,400 4,200 3,960,000 401,000 217,400 1,200 175,000 202,500 260,287 37,948
0.2 0.6 1.3 1.8 0.1 8.5 0.7 1.8 0.1 3.2 8.3 0.1 1.9 2.4 0.7 0.2 0.8 9.0 0.2 0.1 0.2 0.1 0.3 20.5 3.5 0.1 1.4 5.5 13.1 1.7
18,104 202,000 50,000 15,700 478,800 70,000 257,900 4,900 200,000 6,405,210 435,000 48,400 8,809,023 175,000 25,100 21,000
2.1 17.9 1.3 2.1 5.1 4.4 11.3 0.1 1.1 293.7 7.0 2.6 477.9 1.8 1.6 1.7
13.1 1.7
0.2 0.6 1.3 1.8 0.1 8.5 0.7 1.8 0.1 3.2 8.3 0.1 1.9 2.4 0.7 0.2 0.8 9.0 0.2 0.1 0.2 0.1 0.3 20.5 3.5 0.1 1.4 5.5 14.8 2.1 17.9 1.3 2.1 5.1 4.4 11.3 0.1 1.1 293.7 7.0 2.6 477.9 1.8 1.6 1.7
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS
110
Securitas AB Sedgwick Group Plc Sekisui Chemical Co., Ltd. Sekisui House, Ltd. sem*n Gresik Semi-Tech Corporation1, 2 Senko Co., Ltd. Sentrachem Limited Seoul City Gas Co. Seoul Securities Co. Sermsuk Public Co., Ltd. Service Corp. International Seven-Eleven Japan Co., Ltd. Severn Trent Severoceske Doly Shanghai Dazhong Taxi Co. Shanghai Diesel Engine Co., Ltd. Shanghai New Asia (Group) Co., Ltd. Shanghai Petrochemical Company Limited Shanghai Refrigerator Compressor Co., Ltd. Shanghai Shanglin Electric Appliance Co., Ltd. Shanghai Yaohua Pilkington Glass Co., Ltd. Shared Medical Systems Corp. Sharp Corporation Shaw Communications Inc. Shaw Industries Ltd. Shell Canada Products Limited Shell Transport & Trading Company, Plc, The Shelman S.A. Shenzen Konka Electronics Group Limited Shermag Inc. Sherritt International Corporation Sherwin-Williams Company Shikoku Coca-Cola Bottling Co., Ltd. Shimano Inc. Shimizu Corp. Shinawatra Computer & Communications Plc Shin-Etsu Chemical Co., Ltd. Shinhan Bank Shinmaywa Industries, Ltd. Shinseido Company Limited
Designation
Subsidiaries
class A
class B class B class H class B class B class B class A class A
A receipts
Number
Shares Amount
38,000 1,050,600 365,000 150,000 76,000 5,929,493 342,000 85,650 2,320 28,350 15,000 15,100 18,200 719,300 2,811 350,000 737,059 900,000 2,448,000 1,000,000 700,000 700,000 1,500 10,000 1,841,600 153,400 599,641 253,500 50,000 119,985 518,000 6,048,800 8,946,000
1.5 3.2 5.0 2.1 0.3 29.9 1.9 0.2 0.2 0.3 0.3 0.6 1.5 11.2 0.1 0.4 0.5 0.6 1.0 0.7 0.4 0.5 0.1 0.2 14.0 4.2 32.1 6.0 0.4 0.2 5.5 49.0 4.9
112,300
8.6
204,000 14,000 42,700 408,100 17,000 812,000 290,000
4.7 0.1 0.7 10.2 0.4 8.2 4.6
Convertible securities
20.2
0.1
Bonds
Subtotal
69.2 4.9
Total 1.5 3.2 5.0 2.1 0.3 29.9 1.9 0.2 0.2 0.3 0.3 0.6 1.5 11.2 0.1 0.4 0.5 0.6 1.0 0.7 0.4 0.5 0.1 0.2 14.0 4.2 32.1 6.0 0.4 0.2 5.5 74.1 8.6 0.1 4.7 0.1 0.7 10.2 0.4 8.2 4.6
111
Shizuoka Bank, Ltd., The Shohkoh Fund Shoneys Inc. Siam Cement Public Company Limited Siam City Cement Public Company Limited Siam Commercial Bank Public Company Limited Sico Inc. Sidel, SA Siderar S.A.I.C. Siderca S.A. Siebe Plc Siemens AG Sierad Produce Sigma-Aldrich Corporation Silcorp Limited Silicon Graphics, Inc. Sime Darby Berhad Singapore International Airlines Singapore Land Singapore Press Holdings Sinocan Holdings Limited Siparex Associés S.A. Siparex S.C.A. Sirti SPA Skandinaviska Enskilda Banken Skoda Plzen A.S. Slater Steels Corporation Slovnaft A.S. Smith & Nephew Associates Plc Smithkline Beecham Smiths Industries Plc Snap-On Inc. Socanav Inc.1 Sociedad Quimica y Minera de Chile S.A. Société Générale de Belgique Sodarcan inc. Sodisco-Howden Group Inc.1 Softbank Corp. Solidere Sonae Industria SGPS, SA Sonae Investimentos SGPS, SA Sonat Inc. Sony Corporation Sony Music Entertainment South African Breweries Ltd. Southam Inc. Southern Company, The Southern Peru Copper Corporation
class F A
A
D D class A
class A
A
class A
A A
class T
520,000 10,000 3,100 34,900 26,000 37,500 317,548 30,000 14,600 365,000 310,000 187,286 258,000 17,800 92,400 11,000 190,000 259,000 363,000 245,000 43,155 15,624 103,463 432,700 1,238,205 4,862 83,000 15,860 3,130,000 2,309,164 613,145 3,900 3,803,557 6,600 24,128 172,270 22,332,867 21,000 15,200 36,000 14,649 5,500 360,000 196,500 47,000 260,334 43,200 100,000
7.6 3.0 1.5 0.2 0.4 2.6 2.8 0.1 0.9 7.9 12.1 0.1 1.5 1.7 0.4 1.0 3.2 2.8 6.6 0.4 3.2 3.6 17.4 0.2 1.2 0.5 13.3 43.8 11.5 0.2 0.5 2.6 0.3 3.6 2.0 0.2 0.5 0.6 0.4 32.3 10.6 1.6 5.0 1.3 0.5
7.6 3.0 1.5 0.2 0.4 2.6 2.8 0.1 0.9 7.9 12.1 0.1 1.5 1.7 0.4 1.0 3.2 2.8 6.6 0.4 3.2 3.6 17.4 0.2 1.2 0.5 13.3 43.8 11.5 0.2 0.5 2.6 0.3 3.6 2.0 0.2 0.5 0.6 0.4 32.3 10.6 1.6 5.0 1.3 0.5
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS
112
Southern Peru Limited Southern Petrochemicals Industries Corp., Ltd. Southwest Airlines Company Souza Cruz S.A. Spar Aérospace Limited Springs Industries, Inc. Sprint Corporation Square Co., Ltd. Ssangyong Cement Company Limited St. Jude Medical, Inc. St. Paul Companies Inc., The Stagecoach Holdings Plc Stalexport S.A. Stampeder Exploration Ltd. Stanley Works, The Star Data Systems Inc. Starch & Glucose State Bank of India Steel & Tube Holdings Ltd. Stelco Inc.1 Stet (SAV) Stockmann AB Stone Container Stone-Consolidated Corporation Stora Kopparbergs Storehouse Plc Stork N.V. Strabag Bau AG Strafor Facom SA Straits Steamship Land Limited Stride Rite Corporation Sui Northern Gas Pipelines Sumitomo Bank, Ltd., The Sumitomo Corp. Sumitomo Electric Industries, Ltd. Sumitomo Metal Industries, Ltd. Sumitomo Metal Mining Co., Ltd.
Designation
Subsidiaries
class A
class A preferred class B class A
preferred
A, G
Number
Shares Amount
13,000 187,700 9,300 35,000 374,500 1,300 58,500 1,000 21,600 5,200 21,200 145,000 13,500 2,131,600 5,700 402,700 29,425 136,400 200,000 11,312,131 3,157,020 764,050
0.3 1.1 0.3 0.3 4.7 0.1 3.2 0.1 0.4 0.3 1.7 2.4 0.2 16.2 0.2 1.6 0.5 3.3 1.8 95.0 18.1 3.2
41,700 6,400 3,478,817 99,000 281,440
3.4 0.1 68.2 1.9 5.3
772,000 20,000 600 62
4.7 1.0 0.1 -
119,666 556,000 3,200 613,000 568,000 1,615,000 257,000 1,430,000 1,329,000
12.1 2.4 0.6 11.2 17.4 4.9 4.8 12.3
Convertible securities
Bonds
Subtotal
18.1 3.2
48.0
1.9 5.3
0.1 -
Total 0.3 1.1 0.3 0.3 4.7 0.1 3.2 0.1 0.4 0.3 1.7 2.4 0.2 16.2 0.2 1.6 0.5 3.3 1.8 95.0 21.3 3.4 0.1 116.2 7.2 4.7 1.0 0.1 12.1 2.4 0.6 11.2 17.4 4.9 4.8 12.3
Sumitomo Realty & Development Co., Ltd. Sumitomo Trust & Banking Co., Ltd., The Summit Resources Ltd. Sun Co. Sun Hung Kai Properties Sun Microsystems Suncor Inc. SunTrust Banks, Inc. Superior Telecom Inc. Super-Sol Limited Supervalu Inc. Suzuki Motor Swire Pacific «A» Swissair AG Sydney Harbor Casino Holdings Limited Sysco Corporation T. Sise-Cam Co. TCI Satellite Entertainment, Inc. TEL NT Ltd.
113
TJX Companies, Incorporated, The TPI Polene Company Ltd. TRW Inc. TVI Pacific Inc. TVX Gold Inc.2 Tabak A.S. Tablex, S.A. de C.V. Tai Lim Packaging Ind., Co. Taisei Corp. Taisho Pharmaceutical Co., Ltd. Takahashi Curtain Wall Corporation Takara Printing Co., Ltd. Takeda Chemical Industries, Ltd. Talisman Energy Inc. Tambour Ltd. Tamron Co., Ltd. Tamura Corp. Tandem Computers, Inc. Tandy Corporation Tarragon Oil and Gas Limited Tata Electric Companies, The Tate & Lyle, Plc Technology Modeling Association Inc. Teck Corporation1 Tee-Comm Electronics Inc.
class A
appreciation stocks shares giving right to a share dividend
class A class B
354,000 250,000 181,300 40,600 613,000 23,600 1,168,520 14,300 40,000 7,200 30,000 290,000 972,000 2,000 1,000,000 479,900 4,600,000 4,180 9,600
3.1 3.4 1.3 1.4 10.3 0.8 66.3 1.0 1.1 0.2 1.2 3.6 12.7 2.2 2.1 21.5 0.7 0.1 0.1
0.1
9,600
0.1
0.1
107,500 59,100 8,200 760,000 9,163,000 939 168,000 13,000 520,000 368,000 7,000 5,000 395,000 2,019,715 220,000 5,000 20,000 7,500 3,800 300,000 2,890 1,093,500 92,600 705,600 2,625,648
7.0 0.2 0.6 1.0 98.0 0.3 0.7 0.4 3.7 11.9 0.1 0.1 11.3 92.1 0.6 0.1 0.1 0.2 4.5 1.2 12.2 1.7 21.2 83.4
34.3 4.3
55.5 83.4
3.1 3.4 1.3 1.4 10.3 0.8 66.3 1.0 1.1 0.2 1.2 3.6 12.7 2.2 2.1 21.5 0.7 0.1 0.2 7.0 0.2 0.6 1.0 98.0 0.3 0.7 0.4 3.7 11.9 0.1 0.1 11.3 92.1 0.6 0.1 0.1 0.2 4.5 1.2 12.2 1.7 138.9 4.3
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS Tektronix, Inc. Telco Telecom Corp. of New Zealand Telecom Italia Mobile SpA Tele-Communications Inc. Telecomunicacoes Brasileiras S.A. - Telebras Telefonica de Argentina S.A. Telefonica del Peru S.A. Telefonos de Chile Telefonos de Mexico SA Téléglobe Inc.
114
Designation
preferred preferred class B class L
1
Telekom Malaysia Telekomunikacni Montaze Praha A.S. (TMP) Télé-Métropole Inc. Télévision française (TF1) Tellabs, Inc. Telus Corporation Tembec Inc. Temple-Inland Inc. Tenaga Nasional Berhad Tencor Instruments Tenet Healthcare Corp. Tenneco, Inc. Tesco Tesco Corporation Tesco Co., Ltd. Teva Pharmaceutical Industries Ltd. Texaco Inc. Texas Instruments Incorporated Texas Utilities Company Textron, Inc. Thai Farmers Bank Co., Ltd. Thai Glass Industries Ltd. Thai Telephone & Telecommunication Co., Ltd. Thomas & Betts Corp. Thomson Corporation, The
Subsidiaries
purchase options
class B
class A
class F warrants
C, G C
Convertible securities
Bonds
Subtotal
Number
Shares Amount
2,100 301,950 1,380,000 8,666,180 3,027,800
0.1 4.4 9.7 30.0 6.0
41,800 55,966,990 532,030 575,000 8,500 15,000 2,924,000
0.7 5.9 1.9 1.5 1.2 0.7 6.6
0.7 6.6
8,088,953 571
327.6 -
327.6 -
488,000 3,000 637,023 30,000 11,400 3,326,117 1,150,700 3,600 613,000 75,900 13,900 10,900 1,439,300 102,500 6,000 12,020 83,500 12,100 151,500 51,200 71,900 6,150
6.0 0.4 11.4 3.9 0.6 66.2 10.2 0.3 4.0 2.7 0.4 0.7 12.0 1.9 2.1 11.2 1.1 8.5 6.6 0.6 -
70,000 82,900 2,600 6,942,045
0.3 0.1 0.2 210.0
30.0 6.0
7.4
0.6 -
Total 0.1 4.4 9.7 36.0 0.7 5.9 1.9 1.5 1.2 7.3 327.6 6.0 0.4 11.4 3.9 0.6 66.2 17.6 0.3 4.0 2.7 0.4 0.7 12.0 1.9 2.1 11.2 1.1 8.5 6.6 0.6 0.3 0.1 0.2 210.0
115
Thorn Emi, Plc Thorn Plc Threecom Corp. Thyssen AG Time Warner Inc. Times Mirror Co. Timken Company, The Tiomin Resources Inc. Tisza Vegyi Kombinat Rt Titan Cement Co. Tobu Railway Co., Ltd. Toda Corp. Tohcello Co., Ltd. Tohoku Misawa Homes Co., Ltd. Tokai Bank, Ltd., The Tokio Marine & Fire Insurance Company, Ltd., The Tokyo Electric Power Co., Inc., The Tokyo Electron Ltd. Toppan Printing Co., Ltd. Toray Industries, Inc. Torchmark Corporation Toronto-Dominion Bank, The Torrington Resources Ltd. Torstar Corporation Toshiba Corp. Total Petroleum (North America) Ltd. Total, Cie française pétrolière Toyo Communication Equipment Co., Ltd. Toyo Corp. Toyo Ink Mfg. Co., Ltd. Toyota Motor Corporation Toys "R" Us, Inc. Trans Zambezi Industries Limited TransAlta Corporation Transamerica Corp. Transat A.T. Inc. TransCanada PipeLines Limited Trans-Natal Coal Corp., Ltd. Travelers Group Inc. Tri Link Resources Ltd. Tribune Company Trimac Limited Trimark Financial Corporation Trinova Corp. Triton Mining Corporation TrizecHahn Corporation
special warrants
class B class B
A
warrants
134,200 106,000 10,800 8,289 36,400 6,600 2,000 150,000 38,600 6,150 465,000 9,000 7,000
4.4 0.6 1.1 2.0 1.9 0.5 0.1 0.5 0.6 0.5 3.1 0.1 -
310,000 1,890,000 90,000 395,000 10,000 24,000 23,500 9,142,735 20,000 434,646 1,000,000 891,138 172,424 3,000 5,000 15,000 1,019,000 53,600 211,500 3,069,702 4,200 397,107 4,163,479 43,170 253,466 464,300 3,900 233,300 150,426 1,800 430,500 2,148,816 100,000
4.4 24.3 2.7 16.6 0.2 0.2 1.6 321.8 0.1 14.3 8.6 12.5 19.2 0.1 0.1 0.1 40.1 2.2 0.7 53.0 0.5 4.5 99.9 0.4 15.8 11.1 0.4 3.9 6.2 0.1 1.8 64.4 0.6
0.1
0.3
104.0
168.4 0.6
4.4 0.6 1.1 2.0 1.9 0.5 0.1 0.5 0.6 0.5 3.1 0.1 0.1 4.4 24.3 2.7 16.6 0.2 0.2 1.6 321.8 0.1 14.3 8.6 12.5 19.2 0.1 0.1 0.1 40.4 2.2 0.7 53.0 0.5 4.5 99.9 0.4 15.8 11.1 0.4 3.9 6.2 0.1 1.8 169.0
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS
116
Tsutsunaka Plastic Industry Co., Ltd. Tupperware Corporation Tupras-Turkiye Petrol Rafinerileri A.S. Turcas Petroculuk A.S. Turkish Garanti Bankasi Turkish Siemens Turkiye Garanti Bankasi A.S. Tyco International, Ltd. U A P Inc. UNICFK-Uniao Cervejeira SA UNIPAR-Uniao de Industrias Petroquimicas SA UNUM Corporation U.S. Bancorp U S West Inc. USAir Group, Inc. USF & G Corporation USLIFE Corporation UST, Inc. USX-Marathon USX-U.S. Steel Group Ulster Petroleums Ltd. Uniao de Bancos Brasileiros S.A. (Unibanco) Unicom Corporation Unidanmark A.S. Uniforêt Inc. Unigate Group Plc Unilever Plc Union Camp Corporation Union Carbide Corporation Union Electric Company Union Pacific Corp. Union Pacific Resources Group Inc. Unirab Spinning & Weaving Uni-Sélect Inc. Unisys Corporation United Communications Industry United Dominion Industries Ltd. United Engineers (Malaysia) United Healthcare Corporation United Motor Works Holdings United Overseas Bank Limited
Designation
Subsidiaries
class A preferred B
preferred class A
A
Number
Shares Amount
304,000 4,000 1,168,000 5,261,500 7,622,374 1,087,449 5,433,000 9,800 73,600 14,194 642,000 4,700 9,900 85,900 4,100 7,600 28,100 12,000 18,400 5,400 1,491,650 16,600,000 13,800 94,650
2.8 0.3 0.4 0.6 0.5 0.4 1.1 0.7 1.2 0.3 0.4 0.5 0.6 3.0 0.1 0.2 1.3 0.5 0.6 0.2 14.3 0.7 0.5 6.7
199,400 260,300 90,100 158,900 6,500 32,900 16,000 15,197 633,000 11,100 25,200 293,100 648,042 239,700 413,000 518,680
1.9 10.8 5.9 8.9 0.3 2.7 0.6 0.4 8.7 0.1 0.4 9.5 8.0 14.8 2.6 7.9
Convertible securities
0.9
Bonds
Subtotal
Total 2.8 0.3 0.4 0.6 0.5 0.4 1.1 0.7 1.2 0.3 0.4 0.5 0.6 3.0 0.1 0.2 1.3 0.5 0.6 0.2 14.3 0.7 0.5 6.7 0.9 1.9 10.8 5.9 8.9 0.3 2.7 0.6 0.4 8.7 0.1 0.4 9.5 8.0 14.8 2.6 7.9
117
United States Surgical Corp. United Technologies Corporation United Utilities Plc Universal Foods Corp. Unocal Corp. Upper Egypt Flour Mills Uralita Usinas Siderurgicas de Minas Gerais Usinor Sacilor SA VAE Eisenbahnsysteme AG VF Corporation VIAG AG VSZ AS Vychodoslovenske Zeleziarne Vale do Rio Doce, Conpanhia Valeo SA Van Houtte Ltée, A.L. Van Melle N.V. Velan Inc. Vendex International N.V. Venezolana de pulpa y papel CA Venezolana Prerreducidos CAR Ventritex Inc. Veba AG Vereniging Nederlandse Uitgevers Vb Viacom, Inc. Viad Corp. Viceroy Resource Corporation Vicom Multimedia Inc. Vidéotron Ltée, Le Groupe1 Vienna International Airport Village Roadshow Ltd. Virginia Gold Mines Inc.
Vodafone Group Plc Vogue Resources Inc. Volkswagenwerk AG Volmac Software Group Volvo Votorantim Celulose e Papel SA WESCO Inc. WIC Western International Communications Ltd.
4,000 235,000 140,000 184,600 146,400 16,875 758,255 820,000,000 241,550 10,110 158,500 6,970 19,000 117,900 60,000 170,900 12,200 95,400 69,000 112,000 63,500 86,000 226,478 520,000 22,900 28,700 350,000 47,500 5,616,608 9,451,576
0.2 21.3 2.0 8.9 8.2 0.4 8.1 1.1 4.8 1.6 14.7 3.7 0.5 3.1 5.1 4.8 1.4 1.9 4.0 0.1 0.5 2.9 17.9 14.9 1.1 0.6 2.1 0.1 63.5 106.8
warrants
32,450 476,030 400,000 100,000 100,000
2.3 1.8 1.4 0.3 0.1
1.4 0.3 0.1
warrants
1,257,000 35,100 75,000
7.3 0.1 -
0.1 -
preferred
7,350 9,732
4.2 4.3
4.2 4.3
class B
290,571 156,700 27,600
11.6 4.7 0.3
class B
425,800
8.9
preferred
preferred A A, G
class A preferred A special warrants
C, G C, G
63.5 106.8
0.1
0.2 21.3 2.0 8.9 8.2 0.4 8.1 1.1 4.8 1.6 14.7 3.7 0.5 3.1 5.1 4.8 1.4 1.9 4.0 0.1 0.5 2.9 17.9 14.9 1.1 0.6 2.1 0.1 170.3 2.3 1.8 1.8 7.3 0.1 8.5 11.6 4.7 0.3 0.1 8.9
11
INVESTMENTS IN SHARES AND BONDS OF PUBLIC CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS Wrigley (WM) Jr. Company WMX Technologies, Inc. WPP Group Plc W.R. Grace & Co. W.W. Grainger, Inc. Wachovia Corporation Walgreen Company Wal-Mart Stores, Inc. Warner-Lambert Company Wascana Energy Inc. Waterford Wedgwood Wells Fargo & Company Wendy's International, Inc. West Africa Mining Exploration Corporation Inc. West Fraser Timber Co., Ltd. Westaim Corporation Westburne, Inc.1
118
Western Atlas Inc. Western Mining Corporation Holdings Limited Western Star Trucks Holdings Ltd. Westinghouse Electric Corp. Westmin Resources Limited Westpac Banking Corporation Westvaco Corporation Weyerhaeuser Company Wharf Holdings Whirlpool Corporation White Martins S.A. White Rose Crafts & Nursery Sales Limited Whitman Corp. Wielkopolski Bank Kredytowy S.A. Wienerberger Baustoffindustrie AG Willamette Industries, Inc. William Gothong & Aboitiz William Resources Inc. Williams Companies, Inc., The Williams Holdings Plc
Designation
Subsidiaries
units
warrants
warrants
rights
A, G
Number
Shares Amount
7,400 187,700 527,000 5,700 3,300 10,700 15,800 434,600 17,400 1,497,149 501,878 6,000 8,200 130,300 443,800 377,821 6,807,648 550,000
0.6 8.4 3.1 0.4 0.4 0.8 0.9 13.6 1.8 23.7 0.9 2.2 0.2 0.8 19.5 1.5 83.7 0.9
3,400 1,080,300 310,000 27,000 3,844,400 76,890
0.3 9.3 10.7 0.7 25.6 -
1,378,000 6,500 12,700 1,297,000 20,400 615,600,000 101,400 101,400
10.7 0.3 0.8 8.9 1.3 1.2 0.1 -
6,700 30,000 10,400 3,500 644,000
0.2 0.3 2.8 0.3 0.2
10,050 500,000
0.5 4.0
Convertible securities
Bonds
Subtotal
83.7 0.9
25.6 -
0.1 -
5.5
Total 0.6 8.4 3.1 0.4 0.4 0.8 0.9 13.6 1.8 23.7 0.9 2.2 0.2 0.8 19.5 1.5 84.6 0.3 9.3 10.7 0.7 25.6 10.7 0.3 0.8 8.9 1.3 1.2 0.1 0.2 0.3 2.8 0.3 0.2 5.5 0.5 4.0
Winn-Dixie Stores, Inc. Winpak Ltd. Wisconsin Energy Corp. Wolseley Plc Wolters Kluwer Woodside Petroleum Ltd. Woolworth Co. Limited, F.W. WorldCom, Inc. Worthington Industries Xerox Corporation YPF S.A. Yamada Denki Co., Ltd. Yapi ve Kredi Bankasi A.S. Yasuda Fire & Marine Insurance Co., Ltd., The Yasuda Trust & Banking Co., Ltd., The Yoosung Enterprise Company York International Yukong Limited Zalakeramia Rt Zeneca Group Plc 3i Group Plc
119
class D
9,700 70,300 120,800 498,300 15,000 344,000 8,500 24,900 5,800 190,800 75,161 6,000 22,800,000 398,000 1,490,000 9,000 130,500 1,798 944 745,300 81,530
1
Company in which the Caisse is considered an insider within the meaning of applicable Canadian laws.
2
Company in which the Caisse would be considered an insider only within the meaning of applicable American laws.
3
Securities held by the Caisse for more than two years in accordance with Section 36 of the act respecting the Caisse.
0.4 2.3 4.4 5.4 2.7 3.4 0.3 0.9 0.1 13.8 2.6 0.2 0.8 2.8 8.6 0.4 10.0 0.1 28.8 0.9
0.4 2.3 4.4 5.4 2.7 3.4 0.3 0.9 0.1 13.8 2.6 0.2 0.8 2.8 8.6 0.4 10.0 0.1 28.8 0.9
In this table are listed the major investments in shares and bonds of public corporations. This table does not account for the hedging of foreign exchange risks. This table is subject to the disclosure standards applicable to the annual list of such investments. 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 occasionally 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.
12
INVESTMENTS IN SHARES AND BONDS OF PRIVATE CORPORATIONS as at December 31, 1996 (fair value - in millions of dollars)
Investment amounts: A B
= =
$0 to $5 million $5 to $10 million
C D
= =
CORPORATIONS
$10 to $30 million $30 to $50 million Designation
E F
= =
$50 to $75 million $75 to $100 million
G = H = Units
$100 to $150 million $150 million and over Shares
Convertible securities
Bonds
Investment amounts
CAISSE REAL ESTATE GROUP
120
Cadim inc. PSR-Boca Associates Limited Partnership Domaine d'Iberville (Est) Limitée Lone Star Opportunity Fund L.P. Polish Real Estate Fund B.V. Princess Associates Limited Partnership Sinocad Inc. Société en commandite Condominiums Mérici Société en commandite St-Jacques Société en commandite Les Développements du Lac du Haut Anjou Société immobilière du Vietnam inc. Ivanhoe Inc. Cavendish Shopping Centre Co. Ltd. SITQ Inc. Alizé, Gestion technique d'immeubles inc. Grupo Inmobiliario Caisse, S.A. de C.V. PenYork Properties Inc. PillarCaisse Management Limited SITQ International inc. Épic S.A. SITQ Placements inc. 3269655 Canada inc.
X X X X X X X
A B A A A A A A
X
X
X
A A
X
A
X X X X
A A A A
X
C
X
A
CAISSE PRIVATE INVESTMENTS GROUP Capital CDPQ inc.1 Accès Capital Abitibi-Témiscamingue, S.E.C. Choisy Inc., Le Groupe Clé Ltée, Compagnie de location d'équipement Collections Shan Inc., Les Complexe serricole Drummond Distributions Alimentaires Le Marquis Dubuc Mode de Vie inc. Ecoval Inc.
X class B
X
preferred G class A
X X
class A
X
class A
X
X X X X
X X
A A A A A A A A A A
121
Enterprise Planning Systems Inc. Faro Technologies Inc. Gestion Capital 07 Enr., S.E.C. Investissem*nts 3L (Laval-Laurentides-Lanaudière) S.E.C. Investissem*nts Bas-Saint-LaurentGaspésie-Les-Iles-de-la-Madeleine Enr. Lamcom Lamination Inc. Metcor Inc. Meunier Inc., John Placetel inc. Société d'investissem*nts Capimont Enr. Société en commandite Capidem Enr. Société en commandite Capital de l'Estrie Enr. Société en commandite Capital Montérégie Enr. Société en commandite Investissem*nts Mauricie-Bois-Francs-Drummond St-Jean Ltée, Emballage Vinya Plastiques Inc. 3192032 Canada Inc. 9013-8082 Québec Inc. (Verity Audio) 9039-0246 Québec Inc. (Paradox) 9039-2911 Québec Inc. Capital Communications CDPQ inc.1 Accel IV L.P. B & B Jocus Inc. CML Technologies Inc. Centennial Fund IV, L.P. Com 2i et Cie SCA Groupe Communications Services Inc. Groupe Image Buzz Inc. Logibro inc. NetStar Communications Public Technologies Multimédia (PTM) Inc. Régional Vision Inc. ResourceCan Ltd. Services CartoGraphiques 2+1 Inc., Les Société en commandite d'affichage Omni Société en commandite R.Q.C.D. Société Européenne d'Investissem*nt CFI/CDPQ Telesystem Ltd., National Telesystem Financial Corporation2
X
X X
A A A
X
A
X class A X X X X X class A
X X X
X
X
X X
X
class A purchase options class A purchase options class A classes A, B notes class A notes class A
class A preferred D, E preferred D class A
X X
X X X X X
X
X X X X X X X X
X
X X X X
X
X
X X
classes A, B, C preferred A
X
X
X
X
X
X X X
X X
A A A A A A A A A A A A A A A A C A A A C A B A A A A D A A A B A B A A G D A D
12
122
INVESTMENTS IN SHARES AND BONDS OF PRIVATE CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS
Designation
Telesystem International Wireless Corporation Toon Boom Technology Inc. TotalNet Inc. 3163199 Canada Inc. 3321118 Canada Inc. Capital d'Amérique CDPQ inc.1 AML Almiria Holdings Inc. Air Transat Holidays A.T. Inc. Algonquin Power Financial Services (Donnacona) Inc. Almiria Capital Corporation Altacap Inc., Investisseurs Artel Cuisifrance Inc. Bail Montmorency Ltée Bail St-Jérôme Limitée Biogénie S.R.D.C. Inc. Biothermica Énergie Inc. Bolton Tremblay (1994) Inc. CAI Advisors & Co. CGTX Inc. Canadian Pension Equity and Company, L.P. Capital de participation québécois, Société en commandite Cavalier Textiles Group Centreville (Longueuil) Inc. Chapais Énergie, Société en commandite Château des Laurets S.A.S.
class B
Chemins de fer Charlevoix Inc. Chemins de fer du Québec Inc., Société des Commercial Alcools Inc. Cramex, Société en commandite Datamark-Lithochrome Inc. Domaine d'Iberville (Est) Limitée Duopac Inc., Emballages Énergie CDPQ (1996) Inc. Équipements de Sécurité Arkon Inc., Les Environmental Private Equity Fund II, L.P. Environmental Research and Development Capital, L.P.
Units
Shares X X X X X
class A class A class A
X
class A
X
class A
X
class A
X X
Convertible securities
X X X
X X
X
X
purchase options
X X
special
X X X
preferred H
class A
X X
X X
X X X X X X
X
X X X
X X X X X
X X
Investment amounts D A A A A
X X
X
classes A, B
Bonds
X X X
B C B A A B A A A A A B A A A C A C B A A A B A A A A A A A B B A
Globagest Inc., Les conseillers financiers Hamro Inc., Groupe Hidroeléctrica Rio Lajas, S.A. Hydro-Bromptonville Inc. Hydroméga Inc., Développements Hydroméga I, Société en commandite Imprimerie Gagné Ltée Innergex, Société en commandite JM Asbestos inc. LR Jet Corporation Lafayette Paper Mills Limited Miralta Capital Inc. Mobicom inc., Capital Novacap Inc., Investissem*nts Noverco (1991) Inc.
123
Optimum Inc., Groupe Poirier Inc., Magnus Premier Caskets Corporation Previc Corporation, Les Cercueils R & M Metaltek Inc. R.S.P. Hydro inc. Ronor Innovations Inc. SOQUIP Inc., Exploration Sabex inc. Schroders Canadian Buy-Out Fund II Société d'investissem*nt Desjardins Société en commandite Gazmont Société en commandite hydro-électrique Buckingham Sodémex inc., Gestion Sodémex, Société en commandite Tour de Mons, La, SA
class C class B preferred B
X X X
preferred
X X
class A warrants class B class C class C purchase options classes A, B preferred
classes A, B
Vic Royal Inc., Les Cercueils Victoriaville Ltée., Cercueils Zorro Holding Corp. 2318-4518 Québec Inc.
purchase options class E class A classes B, D preferred
3189180 Canada Inc. 9003-3291 Québec Inc.
class B
X X X X X X X
X X X X X X X X X X X X X
preferred A, B, C
preferred A, G
X
X X X X
X X X X
X
X X
X
X X X
X X X X X X X X X X X
X
X X X
A B A A B B A A C A A D A A D A B H D A A A A A A C A A C A A C B A A A B A A A C B A A A
12
INVESTMENTS IN SHARES AND BONDS OF PRIVATE CORPORATIONS (continued) as at December 31, 1996 (fair value - in millions of dollars)
CORPORATIONS Capital International CDPQ inc.1 Asia Pacific Growth Fund III, L.P. BC European Capital V Blackstone Group, The China Renaissance Industries, L.P. Corporate Partners L.P. Euro-Clinvest Harbour Group Investments III, L.P. Infradev International Investissem*nts Communications In-Com S.A. Japan/U.S. Venture Partners Martin-Maurel, Compagnie financière Pallas, Compagnie Industrielle (Comipar) Renaissance Funds LDC, The Schroder UK Buy-Out Fund III 3i UK Investment Partners Sofinov, Société financière d'innovation inc.1 Air Data inc. Alex Informatique Inc. Bio-IMRM R&D Inc.
124
Designation
Units
X X X X X X X X X X X class A purchase options
Bio-Research Laboratories Ltd. Biosignal Inc. BondFace Technology inc. Cératel Inc., Micro-électronique Conik Technologies Inc. Domain Partners III, L.P. Electromed International Limitée Equiconcept Inc. Galen Partners II, L.P. Highquest Engineering Inc. IAF BioVac Inc. Imagemed Corporation M3i Inc., Systèmes MDS Health Ventures Inc. MDS Health Ventures Capital Corp. Neurochem Inc. Neuroscience Partners, L.P. Neuroscience Pharma (NPT) Inc.
warrants
Nexia Biotechnologies inc.
preferred preferred
class A purchase options class A X class A
X
preferred I X X
Convertible securities
Bonds
X X X
X X X X X X X X X
X
X
X X
X X
X X X X X X
Investment amounts A B D C B A C A A A A A C D B
X
X
notes
special
Shares
X X
X
A B A A A A A A A A A A C A C A A B A A B A A B A
Organogel Canada Ltée Phoenix Gaz Systems Phoenix Hydrogen Systems RTP Pharma Inc. Research Triangle Pharmaceuticals Ltd. Sabex inc. Seragen Inc. Seragen Biopharmaceuticals Ltd. Silonex Inc. Solfitech inc. Spinex International Inc. TA Associates - Advent VII L.P. Technocap Inc., Fonds Ventures West B.C. Technology Investment Fund, The Virtual Prototypes Inc.
125
purchase options class A
X X
warrants class A preferred A, H purchase options
preferred classes A, B preferred C preferred class D
X X
X X
X
A A A A A A A A A C A A A A A A A C B
X
A A
X X X X X X X X X X X X X
X X
Difference between investments reflected in the annual list and those on record at the Caisse
nil
There may exist differences of up to 20% between the fair value of these investments and the classification assigned to them by the Caisse. 1 2
Investment made or held by a subsidiary in accordance with Section 37.1 of the act respecting the Caisse. le securities of Telesystem Financial Corporation for an amount of $85.3 million. The Caisse holds and manages, through its Canadian Stock Markets team, convertib
In this table are listed the major investments in shares and bonds of private corporations. This table does not account for the hedging of foreign exchange risks. This table is subject to the disclosure standards applicable to the annual list of such investments. 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 occasionally 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. The specific value of investments in any closed company (according to the definition of the Québec Securities Act) does not appear in this list unless the company has agreed to such disclosure.
13
FUNDS ENTRUSTED BY DEPOSITORS as at December 31 (in millions of dollars) 1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
20,304.1 2,178.4 486.0 2,664.4 65.4
17,639.7 1,379.1 534.7 1,913.8 78.1
15,725.9 1,023.5 474.5 1,498.0 82.4
14,227.9 1,240.2 479.9 1,720.1 80.1
12,507.8 937.6 477.3 1,414.9 76.2
11,092.9 944.7 460.7 1,405.4 59.4
9,687.5 699.3 425.4 1,124.7 48.1
8,562.8 902.7 345.1 1,247.8 36.3
7,315.0 613.0 327.6 940.6 37.0
6,374.4 686.7 233.0 919.7 38.3
13,737.6 1,709.8 (1,775.1) (65.3) (1.6)
13,802.9 1,392.8 (1,606.7) (213.9) (8.7)
14,016.8 1,021.1 (1,565.0) (543.9) (29.9)
14,560.7 1,522.5 (1,561.5) (39.0) (1.8)
14,599.7 1,262.3 (1,352.0) (89.7) (4.8)
14,689.4 1,521.0 (1,240.2) 280.8 11.9
14,408.6 1,156.8 (820.1) 336.7 14.4
14,071.9 1,546.3 (902.8) 643.5 18.7
13,428.4 1,222.3 (741.6) 480.7 18.9
12,947.7 1,356.6 (672.8) 683.8 28.4
5,081.1 527.1 4.9 532.0 13.0
4,549.1 401.0 (15.7) 385.3 15.7
4,163.8 278.3 278.3 15.3
3,885.5 351.6 (213.2) 138.4 6.4
3,747.1 331.7 (313.4) 18.3 1.0
3,728.8 395.4 (262.3) 133.1 5.6
3,595.7 275.0 (19.0) 256.0 10.9
3,339.7 340.8 388.3 729.1 21.2
2,610.6 211.7 248.9 460.6 18.1
2,150.0 223.5 (143.1) 80.4 3.4
4,896.8 556.3 (145.0) 411.3 10.1
4,485.5 355.7 (45.0) 310.7 12.7
4,174.8 289.1 (65.0) 224.1 12.3
3,950.7 321.6 (43.7) 277.9 12.9
3,672.8 281.2 41.0 322.2 17.3
3,350.6 275.6 76.5 352.1 14.9
2,998.5 233.5 153.0 386.5 16.5
2,612.0 271.3 77.5 348.8 10.1
2,263.2 196.4 58.5 254.9 10.1
2,008.3 197.2 68.1 265.3 11.0
4,882.4 570.6 (132.4) 438.2 10.8
4,444.2 439.0 (501.0) (62.0) (2.5)
4,506.2 360.1 (866.5) (506.4) (27.8)
5,012.6 527.8 (578.0) (50.2) (2.3)
5,062.8 437.7 (296.5) 141.2 7.6
4,921.6 514.5 (328.5) 186.0 7.9
4,735.6 388.8 (274.7) 114.1 4.9
4,621.5 501.2 (34.7) 466.5 13.6
4,155.0 377.3 (8.1) 369.2 14.5
3,785.8 396.9 34.0 430.9 17.9
Commission administrative des régimes de retraite et d'assurances Government and Public Employees Retirement Plan (RREGOP) Funds entrusted Net income allocated Deposits (withdrawals) Cash Percentage of total cash Régie des rentes du Québec Funds entrusted Net income allocated Deposits (withdrawals) Cash Percentage of total cash Commission de la santé et de la sécurité du travail
126
Funds entrusted Net income allocated Deposits (withdrawals) Cash Percentage of total cash Commission de la construction du Québec Supplemental Pension Plan for Employees of the Québec Construction Industry Funds entrusted Net income allocated Deposits (withdrawals) Cash Percentage of total cash Société de l'assurance automobile du Québec Funds entrusted Net income allocated Deposits (withdrawals) Cash Percentage of total cash
Fonds d'amortissem*nt des régimes de retraite gouvernementaux Funds entrusted Net income allocated Deposits (withdrawals) Cash Percentage of total cash
998.8 98.3 98.3 2.4
900.5 63.6 63.6 2.6
836.9 (13.1) 850.0 836.9 46.0
-
-
-
-
-
-
-
474.8 41.5 (45.8) (4.3) (0.1)
479.1 34.3 17.0 51.3 2.1
427.8 24.2 7.0 31.2 1.7
396.6 25.5 76.3 101.8 4.7
294.8 19.3 31.5 50.8 2.7
244.0 21.9 (14.7) 7.2 0.3
236.8 21.5 98.8 120.3 5.2
116.5 13.1 (9.0) 4.1 0.1
112.4 12.0 23.0 35.0 1.4
77.4 7.1 15.8 22.9 1.0
50,375.6 5,682.0 (1,607.4) 4,074.6
46,301.0 4,065.5 (1,616.7) 2,448.8
43,852.2 2,983.2 (1,165.0) 1,818.2
42,034.0 3,989.2 (1,840.2) 2,149.0
39,885.0 3,269.8 (1,412.1) 1,857.7
38,027.3 3,673.1 (1,308.5) 2,364.6
35,662.7 2,774.9 (436.6) 2,338.3
33,324.4 3,575.4 (135.6) 3,439.8
29,884.6 2,632.7 (91.7) 2,541.0
27,343.6 2,868.0 (465.0) 2,403.0
Other depositors Funds entrusted Net income allocated Deposits (withdrawals) Cash Percentage of total cash Total depositors Funds entrusted Net income allocated Deposits (withdrawals) Cash
127
14
SUMMARY OF DEPOSITORS' HOLDINGS as at December 31 (fair value - in percentage) 1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
40.4 27.4
38.1 30.0
35.8 32.1
33.8 34.8
31.2 36.8
29.2 38.7
27.3 40.4
26.2 42.1
25.0 44.6
23.9 46.9
10.0 9.7 9.7
9.7 9.7 9.7
9.4 9.5 10.5
9.2 9.3 12.1
9.3 9.1 12.9
9.7 8.7 13.1
9.9 8.3 13.5
9.7 7.7 14.0
8.6 7.5 14.1
7.8 7.3 14.1
1.9 0.9
1.8 1.0
1.8 0.9
0.8
0.7
0.6
0.6
0.3
0.2
-
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Cost 1996
1996
1995
1994
1993
1992
1991
Fair value 1990
1989
1988
1987
General Fund
18,667.6
21,253.0
20,391.4
19,493.6
21,945.0
20,263.8
20,957.8
19,379.1
20,318.4
18,372.8
17,091.1
Individual Funds 301 302 303 304 305 306 308 311 312 313 330
16,853.9 2,781.3 126.9 114.5 54.8 966.7 2,412.2 1,686.0 631.3 4,911.5
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
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
13,464.8 2,295.4 109.5 96.1 794.1 2,351.6 1,397.1 445.4 4,151.8
13,169.7 2,305.5 103.8 93.7 2,468.6 1,350.9 425.0 4,198.1
10,557.4 2,126.4 41.2 77.4 2,247.7 1,090.8 345.2 3,761.1
9,691.6 1,979.2 39.9 14.2 55.5 2,255.5 949.2 286.9 3,888.7
8,049.4 1,634.2 35.6 23.6 27.5 2,063.5 679.0 204.5 3,487.5
7,739.6 1,608.3 35.0 24.4 1,962.3 636.0 148.5 3,438.7
6,294.8 1,369.2 30.7 21.8 1,650.5 549.3 102.7 2,653.5
5,453.1 1,235.0 28.0 19.1 1,454.1 524.9 74.6 2,186.4
30,539.1
34,791.7
29,977.4
25,105.8
24,115.3
20,247.2
19,160.7
16,204.8
15,592.8
12,672.5
10,975.2
49,206.7
56,044.7
50,368.8
44,599.4
46,060.3
40,511.0
40,118.5
35,583.9
35,911.2
31,045.3
28,066.3
Commission administrative des régimes de retraite et d'assurances - RREGOP Régie des rentes du Québec Commission de la santé et de la sécurité du travail Commission de la construction du Québec Société de l'assurance automobile du Québec Fonds d'amortissem*nt des régimes de retraite gouvernementaux Other depositors
128
15
FUNDS' NET ASSETS as at December 31 (in millions of dollars)
16
NET INCOME ALLOCATED TO DEPOSITORS as at December 31 (in millions of dollars)
Participation deposits General Fund
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
2,274.8
1,824.2
1,384.0
2,042.4
1,668.1
2,008.6
1,520.3
2,027.2
1,592.2
1,741.6
1,863.3 314.1 13.0 13.0 5.1 98.3 300.0 192.8 63.4 526.1
1,180.0 197.6 8.5 8.0 3.0 63.6 181.0 133.9 40.8 399.5
1,058.7 180.1 5.9 7.5 192.0 95.8 33.8 351.5
783.8 152.8 3.0 5.5 174.7 79.1 27.4 331.2
785.0 158.7 3.4 1.5 4.2 183.9 68.6 23.1 394.2
576.4 121.0 3.1 2.1 1.0 162.8 53.7 16.9 268.9
741.8 159.2 3.8 2.6 196.0 62.3 13.0 331.0
498.9 112.4 2.9 1.4 136.6 52.2 7.5 210.6
557.4 128.2 3.3 1.7 134.6 55.8 6.5 223.4
3,389.1
2,215.9
1,588.9
1,925.3
1,557.5
1,622.6
1,205.9
1,509.7
1,022.5
1,110.9
18.1
25.4
10.3
21.5
44.2
41.9
48.7
38.5
18.0
15.5
5,682.0
4,065.5
2,983.2
3,989.2
3,269.8
3,673.1
2,774.9
3,575.4
2,632.7
2,868.0
Individual Funds
301 302 303 304 305 306 308 311 312 313 330
Demand and term deposits
129
17
873.3 149.2 7.0 5.5 (13.1) 169.4 91.3 28.4 277.9
CHANGES IN INVESTMENTS AS PART OF NET ASSETS as at December 31 (in percentage)
Cost Variable-income securities Fixed-income securities2
1996
1996
1995
1994
1993
Fair value 1992
1991
1990
1989
1988
1987
45.8 54.2
49.1 50.9
43.1 56.9
43.6 56.4
41.5 58.5
41.5 58.5
41.9 58.1
41.3 58.7
41.1 58.9
35.7 64.3
34.3 65.7
1
1
Shares, convertible securities, real estate holdings.
2
Bonds, mortgages, short-term investments, securities acquired under reverse repurchase agreements.
Figures prior to 1996 have not been restated to conform with the presentation of 1996.
18
SUMMARY OF INVESTMENTS as at December 31 (in percentage)
Bonds and securities acquired under reverse repurchase agreements Canadian shares Foreign shares Mortgages Real estate holdings Short-term investments
Cost 1996
1996
1995
1994
1993
1992
1991
Fair value 1990
1989
1988
1987
47.4 20.3 17.2 2.8 8.3 4.0
44.8 25.7 17.4 2.6 6.0 3.5
47.6 27.4 12.1 3.3 3.6 6.0
48.3 29.6 10.4 4.1 3.6 4.0
48.3 28.1 10.1 4.2 3.3 6.0
48.7 27.5 10.2 5.0 3.7 4.9
48.4 28.3 9.3 5.2 4.3 4.5
48.3 27.6 8.6 5.5 5.0 5.0
46.7 28.0 8.2 5.3 5.0 6.8
52.0 28.7 4.6 5.8 2.4 6.5
55.4 28.0 4.3 6.2 2.0 4.1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Figures prior to 1996 have not been restated to conform with the presentation of 1996.
130
19
SUMMARY OF FOREIGN INVESTMENTS as at December 31 (in millions of dollars)
Bonds and securities acquired under reverse repurchase agreements Shares and convertible securities Mortgages Real estate holdings Short-term investments Foreign investments Total investments Percentage
Cost 1996
1996
1995
1994
1993
1992
1991
Fair value 1990
1989
1988
1987
1,092 9,035 113 919 475
1,100 10,499 122 930 494
84 6,184 29 211 114
391 4,639 74 324
804 4,666 102
1,760 4,196 225
2,282 3,757 70
1,742 3,132 416
1,762 2,991 592
1,400 1,429 387
1,526 1,228 1
11,634 52,656 22.1
13,145 60,432 21.8
6,622 51,042 13.0
5,428 44,536 12.2
5,572 46,557 12.0
6,181 40,915 15.1
6,109 40,551 15.1
5,290 36,108 14.6
5,345 36,829 14.5
3,216 31,157 10.3
2,755 28,360 9.7
Figures prior to 1996 have not been restated to conform with the presentation of 1996.
20
SUMMARY OF SHORT-TERM INVESTMENTS as at December 31 (in percentage)
Treasury bills Financial institution paper Government corporation notes1 Commercial paper Other commercial paper
1
1996
1995
1994
1993
1992
1991
Par value 1990
1989
1988
1987
39.3 36.9 10.8 13.0 -
48.6 31.3 9.2 10.9 -
50.4 31.0 14.4 4.2 -
52.3 21.8 16.7 9.2 -
53.3 17.6 16.7 12.4 -
56.7 13.0 18.1 12.2 -
67.2 15.8 12.3 4.6 0.1
45.8 10.5 20.9 22.3 0.5
33.5 29.4 12.3 23.5 1.3
57.6 21.5 10.1 6.3 4.5
69.1 13.5 9.0 8.4
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
es are included in commercial paper. In 1987, government corporation not
21 131
Fair value 1996
CHANGES IN PRIVATE INVESTMENTS as at December 31
In millions of dollars Number of investments
Cost 1996
1996
1995
1994
1993
1992
1991
Fair value 1990
1989
1988
1987
2,151
3,503
2,817
2,288
2,278
1,715
1,802
1,887
2,025
1,893
1,698
269
269
206
183
149
124
128
138
140
129
113
22
BREAKDOWN OF INVESTMENTS IN PERCENTAGE as at December 31
INVESTMENTS
Cost 1996
1996
1995
1994
1993
1992
1991
Fair value 1990
1989
1988
1987
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
18.4 12.3 9.1 0.2 1.6 1.6 0.6
17.6 11.1 9.0 0.2 1.7 1.7 0.5
19.1 11.3 12.0 0.2 2.2 2.1 0.5
22.1 6.5 0.4 12.8 0.3 2.4 2.6 0.3
21.8 4.3 0.1 14.5 0.4 2.6 2.6 0.3
20.0 5.7 12.7 0.4 2.6 2.6 0.4
21.6 2.8 0.2 11.3 0.6 3.0 2.9 0.4
24.3 2.0 9.6 0.5 3.5 3.1 0.4
23.7 3.0 7.0 0.6 3.7 2.8 1.1
26.3 5.5 7.6 0.6 4.0 2.6 0.9
30.0 4.0 7.8 0.4 3.8 2.7 1.3
43.8
41.8
47.4
47.4
46.6
44.4
42.8
43.4
41.9
47.5
50.0
0.9 0.2
0.8 0.2
0.2
0.9 -
1.7 -
1.4 1.2 1.3 0.2 0.2
2.0 1.7 1.0 0.8 0.1
2.2 1.4 1.0 0.3 -
4.1 0.6 0.1
4.5 -
5.3 0.1
1.1
1.0
0.2
0.9
1.7
4.3
5.6
4.9
4.8
4.5
5.4
44.9
42.8
47.6
48.3
48.3
48.7
48.4
48.3
46.7
52.0
55.4
1.6 1.8 2.2 1.6 1.1 2.8 1.0 0.7 0.2 1.9 1.1 1.4 2.5 0.4 -
1.9 2.2 2.9 1.7 1.7 3.5 0.7 0.7 0.2 2.8 1.8 1.1 3.9 0.6 -
2.2 2.2 2.9 1.9 1.9 3.7 0.6 0.6 0.4 2.6 1.9 1.6 3.9 1.0 -
2.4 2.3 2.9 2.0 1.9 4.2 0.8 0.8 0.3 2.8 2.1 1.6 4.3 1.2 -
2.1 1.9 2.7 1.6 2.1 3.3 0.6 0.6 0.4 2.6 2.4 1.7 4.7 1.4 -
1.9 1.4 2.2 1.0 2.8 3.3 0.2 0.7 0.5 2.8 2.7 1.4 5.0 1.5 0.1
1.7 1.5 2.0 0.8 2.5 3.0 0.4 0.7 0.6 3.0 2.4 2.0 6.0 1.6 0.1
1.6 1.9 2.3 0.9 2.3 2.5 0.2 1.0 0.6 3.2 2.2 2.1 5.3 1.5 -
1.9 1.8 2.0 0.9 2.7 2.6 0.2 1.0 0.5 3.1 2.0 2.0 5.6 1.7 -
2.9 1.5 1.9 1.3 2.6 3.0 0.1 0.5 0.4 3.1 2.0 2.4 5.4 1.6 -
3.5 1.3 2.0 1.5 2.7 2.5 0.1 0.4 0.7 3.1 1.6 1.5 4.9 2.2 -
20.3
25.7
27.4
29.6
28.1
27.5
28.3
27.6
28.0
28.7
28.0
Foreign securities U.S. Government Government of France Government of Germany Government of the United Kingdom Other
132 Shares and convertible securities Domestic securities Metals and minerals Gold and silver Oil and gas Paper and forest products Consumer products Industrial products Real estate and construction Transportation and environmental services Pipelines Utilities Communications Distribution and services Financial services Conglomerates Toronto index participation units (TIP)
Foreign securities External funds Internal funds
Mortgages Canada United States Real estate holdings Canada Abroad Total long-term investments Short-term investments Domestic securities Foreign securities
133
Securities acquired under reverse repurchase agreements Domestic securities Foreign securities Total short-term investments Total Breakdown of long-term investments Public sector Private sector Total
7.4 9.8
7.2 10.2
5.7 6.4
5.4 5.0
3.8 6.3
4.5 5.7
5.4 3.9
6.0 2.6
5.6 2.6
2.1 2.5
1.1 3.2
17.2
17.4
12.1
10.4
10.1
10.2
9.3
8.6
8.2
4.6
4.3
37.5
43.1
39.5
40.0
38.2
37.7
37.6
36.2
36.2
33.3
32.3
2.6 0.2
2.4 0.2
3.2 0.1
4.1 -
4.2 -
5.0 -
5.2 -
5.5 -
5.3 -
5.8 -
6.2 -
2.8
2.6
3.3
4.1
4.2
5.0
5.2
5.5
5.3
5.8
6.2
6.5 1.8
4.5 1.5
3.2 0.4
3.4 0.2
3.3 -
3.7 -
4.3 -
5.0 -
5.0 -
2.4 -
2.0 -
8.3
6.0
3.6
3.6
3.3
3.7
4.3
5.0
5.0
2.4
2.0
93.5
94.5
94.0
96.0
94.0
95.1
95.5
95.0
93.2
93.5
95.9
3.1 0.9
2.7 0.8
5.8 0.2
3.3 0.7
5.8 0.2
4.3 0.6
4.3 0.2
3.9 1.1
5.2 1.6
5.3 1.2
4.1 -
4.0
3.5
6.0
4.0
6.0
4.9
4.5
5.0
6.8
6.5
4.1
1.6 0.9
1.2 0.8
-
-
-
-
-
-
-
-
-
2.5
2.0
-
-
-
-
-
-
-
-
-
6.5
5.5
-
-
-
-
-
-
-
-
-
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
47.2 52.8
44.5 55.5
50.1 49.9
50.0 50.0
51.1 48.9
50.7 49.3
50.3 49.7
50.3 49.7
49.0 51.0
54.6 45.4
56.4 43.6
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Figures prior to 1996 have not been restated to conform with the presentation of 1996.
23
BREAKDOWN OF INVESTMENTS IN MILLIONS OF DOLLARS as at December 31
INVESTMENTS 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 Foreign securities U.S. Government Government of France Government of Germany Government of the United Kingdom Other
134 Shares and convertible securities Domestic securities Metals and minerals Gold and silver Oil and gas Paper and forest products Consumer products Industrial products Real estate and construction Transportation and environmental services Pipelines Utilities Communications Distribution and services Financial services Conglomerates Toronto index participation units (TIP)
Cost 1996
1996
1995
1994
1993
1992
1991
9,685.5 6,456.5 13.9 4,799.8 93.8 850.5 865.2 287.0
10,649.2 6,684.8 14.7 5,436.3 110.0 1,017.5 1,004.1 301.4
9,735.3 5,778.9 7.2 6,110.9 104.8 1,107.0 1,090.1 246.7
9,830.3 2,900.2 176.8 5,717.0 133.4 1,086.9 1,124.8 138.9
10,158.6 1,988.4 44.2 6,762.5 177.9 1,217.5 1,230.7 121.7
8,173.2 2,304.3 18.1 5,190.2 175.5 1,076.2 1,051.8 146.9
8,771.1 1,125.7 65.9 4,588.2 228.3 1,264.5 1,174.8 169.8
23,052.2
25,218.0
24,180.9
21,108.3
21,701.5
18,136.2
484.7 116.2
495.8 122.4
0.2 84.0
390.6 -
775.7 10.1 3.6 14.8
600.9
618.2
84.2
390.6
23,653.1
25,836.2
24,265.1
874.1 988.3 1,189.8 878.6 557.4 1,463.4 535.2 355.9 99.9 987.1 555.2 717.4 1,296.9 207.2 -
1,118.3 1,295.4 1,773.5 1,026.5 1,029.4 2,135.9 450.3 414.0 138.8 1,674.1 1,090.5 686.0 2,379.3 361.2 -
10,706.4
15,573.2
Fair value 1990
1989
1988
1987
8,773.8 713.8 14.8 3,454.7 154.7 1,266.6 1,121.7 150.6
8,717.7 1,105.4 2,573.1 215.9 1,393.6 1,028.3 421.2
8,204.9 1,718.0 2,367.8 196.9 1,229.2 784.6 291.4
8,507.2 1,146.0 2,204.3 115.3 1,097.4 747.2 363.2
17,388.3
15,650.7
15,455.2
14,792.8
14,180.6
580.8 508.6 528.9 69.3 72.5
813.4 669.9 423.4 326.2 48.7
777.0 497.2 374.8 93.3 -
1,491.8 244.2 26.2
1,399.9 -
1,501.5 24.7
804.2
1,760.1
2,281.6
1,742.3
1,762.2
1,399.9
1,526.2
21,498.9
22,505.7
19,896.3
19,669.9
17,393.0
17,217.4
16,192.7
15,706.8
1,143.9 1,122.3 1,482.3 958.6 942.8 1,905.1 319.6 323.1 180.0 1,312.6 986.1 842.7 1,969.4 502.1 -
1,071.1 1,025.0 1,312.9 888.8 837.5 1,861.7 339.8 332.1 135.9 1,258.1 945.0 705.5 1,905.8 540.7 -
966.5 882.0 1,272.1 752.4 988.8 1,522.0 295.7 272.1 176.2 1,197.5 1,139.4 798.0 2,191.3 661.8 -
773.8 590.2 898.5 426.8 1,141.6 1,340.4 91.5 294.9 213.5 1,134.1 1,089.8 581.7 2,056.6 605.5 28.7
722.3 590.4 792.0 322.2 1,030.4 1,210.5 151.3 268.6 255.8 1,224.0 963.7 826.0 2,439.7 645.4 28.8
563.0 693.8 845.8 325.6 822.3 901.6 63.5 351.3 207.7 1,153.8 811.6 760.3 1,925.0 556.4 8.9
700.7 661.1 741.1 331.3 1,006.7 946.0 77.0 373.5 181.5 1,141.6 724.8 748.9 2,069.2 591.2 -
889.6 474.1 599.5 405.9 819.1 928.9 41.1 165.7 131.9 968.9 624.0 736.1 1,652.7 505.7 -
979.9 380.3 557.4 432.5 754.3 701.4 21.9 121.2 195.8 867.1 451.7 422.0 1,432.0 620.1 -
13,990.6
13,159.9
13,115.8
11,267.6
11,471.1
9,990.6
10,294.6
8,943.2
7,937.6
Foreign securities External funds Internal funds
3,897.4 5,137.6
4,357.4 6,141.9
2,913.1 3,271.2
2,415.3 2,223.9
1,769.5 2,896.2
1,852.7 2,343.7
2,184.4 1,573.1
2,179.2 953.2
2,050.4 940.8
658.1 771.1
304.8 923.6
9,035.0
10,499.3
6,184.3
4,639.2
4,665.7
4,196.4
3,757.5
3,132.4
2,991.2
1,429.2
1,228.4
19,741.4
26,072.5
20,174.9
17,799.1
17,781.5
15,464.0
15,228.6
13,123.0
13,285.8
10,372.4
9,166.0
1,374.0 113.1
1,445.7 121.6
1,659.8 28.5
1,842.0 -
1,957.9 -
2,047.4 -
2,104.9 -
1,984.0 -
1,969.2 -
1,813.2 -
1,752.1 -
1,487.1
1,567.3
1,688.3
1,842.0
1,957.9
2,047.4
2,104.9
1,984.0
1,969.2
1,813.2
1,752.1
3,455.9 919.0
2,679.8 930.5
1,634.2 210.6
1,527.4 74.0
1,517.2 -
1,519.0 -
1,744.0 -
1,788.0 -
1,836.3 -
749.0 -
564.1 -
4,374.9
3,610.3
1,844.8
1,601.4
1,517.2
1,519.0
1,744.0
1,788.0
1,836.3
749.0
564.1
49,256.5
57,086.3
47,973.1
42,741.4
43,762.3
38,926.7
38,747.4
34,288.0
34,308.7
29,127.3
27,189.0
1,599.7 475.4
1,599.3 494.2
2,954.7 114.1
1,471.1 323.9
2,692.6 101.6
1,763.5 224.9
1,733.5 70.0
1,404.1 416.0
1,928.2 592.0
1,643.1 387.0
1,169.0 1.0
2,075.1
2,093.5
3,068.8
1,795.0
2,794.2
1,988.4
1,803.5
1,820.1
2,520.2
2,030.1
1,170.0
833.3 490.6
770.7 481.7
-
-
-
-
-
-
-
-
-
1,323.9
1,252.4
-
-
-
-
-
-
-
-
-
3,399.0
3,345.9
-
-
-
-
-
-
-
-
-
Total
52,655.5
60,432.2
51,041.9
44,536.4
46,556.5
40,915.1
40,550.9
36,108.1
36,828.9
31,157.4
28,359.0
Breakdown of long-term investments Public sector Private sector
23,249.9 26,006.6
25,412.4 31,673.9
24,018.4 23,954.7
21,360.0 21,381.4
22,384.0 21,378.3
19,749.4 19,177.3
19,500.1 19,247.3
17,242.4 17,045.6
16,796.2 17,512.5
15,901.3 13,226.0
15,343.6 11,845.4
Total
49,256.5
57,086.3
47,973.1
42,741.4
43,762.3
38,926.7
38,747.4
34,288.0
34,308.7
29,127.3
27,189.0
Mortgages Canada United States Real estate holdings Canada Abroad Total long-term investments Short-term investments Domestic securities Foreign securities
135
Securities acquired under reverse repurchase agreements Domestic securities Foreign securities Total short-term investments
Figures prior to 1996 have not been restated to conform with the presentation of 1996.
24
ADMINISTRATIVE STATISTICS as at December 31 (in millions of dollars)
Net assets at cost Investment management expenses and administrative expenses Amount per 1,000 dollars of net assets Net assets per employee Number of depositors Number of employees
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
49,751
46,326
43,867
42,147
39,545
38,027
35,668
33,341
29,885
27,344
35.4 0.71
44.2 0.95
46.4 1.06
43.2 1.02
37.4 0.94
31.4 0.82
25.3 0.70
19.8 0.58
17.5 0.58
17.5 0.64
222.1
168.5
137.9
131.3
127.2
125.9
129.7
140.1
134.6
140.2
18 224
18 275
18 318
15 321
15 311
15 302
15 275
13 238
11 222
11 195
Except for net assets at cost, figures reflect operations managed internally only. Outsourcing of computer services to Solfitech reduced the number of employees by 41 in 1996.
136
For information or an additional copy of this report, call voice mail (514) 847-2616
For information : (514) 842-3261, ext. 3320 http://www.lacaisse.com
Ce rapport peut être obtenu en français sur demande.
Legal Deposit - 1997 Bibliothèque nationale du Québec
ISBN 2-551-17311-6 ISSN 200-3735
Printed on recycled paper
1981, avenue McGill College, Montréal (Québec) Canada H3A 3C7 (514) 842-3261 Fax: (514) 847-2498 www.lacaisse.com
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