FINANCIAL STATEMENTS - Fonds de solidarité FTQ

FINANCIAL STATEMENTS AS AT NOVEMBER 30, 2018

FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 1 Financial Statements as at November 30, 2018

INDEPENDENT AUDITORS’ REPORT To the Shareholders of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) We have audited the accompanying financial statements of the Fonds de solidarité des travailleurs du Québec (F.T.Q.), which comprise the balance sheets as at November 30, 2018 and at May 31, 2018, and the statements of comprehensive income, the statements of changes in net assets and the statements of cash flows for the six-month periods ended November, 30, 2018 and 2017, and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards (IFRS), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) as at November 30, 2018 and at May 31, 2018, and its financial performance and its cash flows for the six-month periods ended November 30, 2018 and 2017 in accordance with International Financial Reporting Standards (IFRS). Signed, Deloitte LLP1

Signed, Raymond Chabot Grant Thornton LLP2

1CPA auditor, CA, public accountancy permit No. A116933 2 CPA auditor, CA, public accountancy permit No. A120795

Montréal, December 20, 2018


BALANCE SHEETS

(in millions of Canadian dollars, except net assets per share) Notes November 30, 2018 May 31, 2018

ASSETS

Cash 30 25 Financial instruments related to securities sold under repurchase agreements 610 728 Accounts receivable 5 303 495 Other investments 6 6,538 6,622 Development capital investments 7 8,711 8,271 Other assets 12 97 143 16,289 16,284

LIABILITIES

Notes 13 586 638 Securities sold under repurchase agreements 610 728

Accounts payable 15 202 418 Other liabilities 16 111 171

1,509 1,955

NET ASSETS 17 14,780 14,329

NET ASSETS PER CLASS A SHARE 41.61 40.73

Commitments and contingencies (Notes 6, 7 and 19)

The accompanying notes form an integral part of these financial statements.

On behalf of the Board of Directors,

Signed "Claude Séguin" Signed "Gaétan Morin" Claude Séguin, Director Gaétan Morin, Director


STATEMENTS OF COMPREHENSIVE INCOME FOR THE SIX-MONTH PERIODS ENDED NOVEMBER 30

(in millions of Canadian dollars, except net income per share) Notes 2018 2017

REVENUES

Interest 91 78 Dividends and distributions 118 98 Rental, fee and other income 9 14

218 190 Gains (losses) on development capital investments, other investments and investment property

Realized 44 124 Unrealized 150 297 Transaction costs (1) (1)

193 420

Interest on notes (12) (12)

399 598

TOTAL OPERATING EXPENSES 20

Corporate 44 44 Development capital investments and other investments 20 20 Savings market development and Economic training 27 25

91 89

INCOME BEFORE INCOME TAXES 308 509

Income taxes 21 9 8

NET INCOME 299 501

ITEM OF OTHER COMPREHENSIVE INCOME THAT WILL NOT BE RECLASSIFIED TO NET INCOME

Remeasurement of the net defined benefit liability, net of income taxes 22 15 5

COMPREHENSIVE INCOME 314 506

Supplemental information Net income per Class A share 17 0.84 1.44



STATEMENTS OF CHANGES IN NET ASSETS FOR THE SIX-MONTH PERIODS ENDED NOVEMBER 30

Con-tributed surplus

Accumu-lated other

compre-hensive income

(in millions of Canadian dollars)

Share capital – Class A shares

Retained earnings

Net assets (Note 17) Series 1 Series 2

Sub-scribed

2017 NET ASSETS AS AT MAY 31, 2017 8,946 90 1 707 3,375 (3) 13,116 Net income 501 501 Other comprehensive income 5 5 Share issues 322 6 328 Net change in share subscriptions 1 1 Share redemptions (181) (2) (14) (66) (263) Change in outstanding redemptions 6 - 1 7

Transfers 41 (41) - NET ASSETS AS AT NOVEMBER 30, 2017 9,134 94 2 693 3,770 2 13,695

2018 NET ASSETS AS AT MAY 31, 2018 9,410 100 1 675 4,141 2 14,329 Net income 299 299 Other comprehensive income 15 15 Share issues 415 8 423 Net change in share subscriptions (1) (1) Share redemptions (192) (3) (13) (75) (283) Change in outstanding

redemptions (2) - - (2) Transfers 505 (505) - NET ASSETS AS AT NOVEMBER 30, 2018 10,136 105 - 662 3,860 17 14,780



STATEMENTS OF CASH FLOWS FOR THE SIX-MONTH PERIODS ENDED NOVEMBER 30

(in millions of Canadian dollars) 2018 2017

OPERATING ACTIVITIES Net income 299 501

Non-cash items Stock dividends and distributions in kind (2) (1) Interest capitalized on notes 12 12 Amortization of premiums and discounts 5 6 (Gains) losses realized and unrealized on development capital investments, other

investments and investment property (194) (421) Post-employment benefits 7 5 Share-based compensation 1 - Depreciation of property and equipment and amortization of intangible assets 3 3 Deferred income taxes 3 (2) 134 103 Changes in non-cash items Accounts receivable (4) 2 Income taxes (63) (5) Refundable taxes on hand 60 - Accounts payable (13) (2) Other - (3)

114 95 Acquisition of development capital investments (514) (425) Proceeds of disposal of development capital investments 361 254 Acquisition of other investments (3,083) (2,785) Proceeds of disposal of other investments 3,063 2,809 Increase in notes 56 75 Repayment of notes (120) (101)

(123) (78) FINANCING ACTIVITIES Shares issued and subscribed 421 329 Shares redeemed (282) (263)

139 66 INVESTING ACTIVITIES Acquisition of property and equipment and intangible assets (11) (6) INCREASE (DECREASE) IN CASH 5 (18) CASH AT BEGINNING OF PERIOD 25 37 CASH AT END OF PERIOD 30 19

Supplemental information (amounts included in operating activities)

Interest received 97 86 Dividends and distributions received 115 98 Income taxes paid 9 15



NOTES TO FINANCIAL STATEMENTS

1. DESCRIPTION OF THE FONDS STATUTES AND OBJECTIVES OF THE FONDS The Fonds de solidarité des travailleurs du Québec (F.T.Q.) (the “Fonds”), incorporated by an Act of the Québec National Assembly, is a joint-stock company whose principal office is located at 545 Crémazie Boulevard East, Suite 200, Montréal, Québec, Canada and whose objectives are:

to invest in businesses yielding an economic impact in Québec and provide them with services in order to contribute to their development and to create, maintain or protect jobs;

to promote economic training for workers and to allow them to increase their influence on the economic development of Québec;

to stimulate the Québec economy by making strategic investments that will be of benefit to Québec businesses;

to promote the development of qualified businesses by inviting workers to participate in that development by purchasing the Fonds’ shares.

To this end, the Fonds endeavours to concentrate most of its development capital investments in unsecured investments, mainly in small and medium-sized enterprises (“SMEs”) located in Québec. As a general rule, the Fonds will take a minority interest in the projects in which it invests.

2. SIGNIFICANT ACCOUNTING POLICIES

STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”). They have been approved by the Board of Directors of the Fonds on December 20, 2018.

MEASUREMENT BASIS

These financial statements have been prepared on a fair value basis, except for property and equipment and intangible assets, which are measured on the historical cost basis, as well as certain financial instruments, as mentioned in the “Financial instruments – Classification” section of this note. These separate financial statements are the only financial statements presented by the Fonds.

INVESTMENT ENTITY

The Fonds meets the definition of investment entity set out in IFRS 10 Consolidated Financial Statements, as the following conditions are met:

obtaining capital from many investors for the purpose of managing their savings;

commiting to its investors that the purpose of its investments activities is to generate a return and provide investment income, in accordance with its mission; and

measuring and evaluating the performance of its investments on a fair value basis.

Consequently, the Fonds does not prepare consolidated financial statements.

BALANCE SHEET PRESENTATION

The Fonds presents its Balance Sheet in a decreasing order of liquidity. All the assets and liabilities of the Fonds are non-current assets and liabilities, except for the following current items: Cash, Financial instruments related to securities sold under repurchase agreements, Accounts receivable (except as mentioned under the table in Note 5), Refundable Taxes on hand, income taxes included in Other assets or Other liabilities, as appropriate, Notes, Securities sold under repurchase agreements, Accounts payable and Share redemptions payable included in Other liabilities. The current portion of bonds and money market instruments included in Other investments is presented in Note 6, while the current portion of loans, bonds and advances included in Development capital investments is presented in Note 7.

SUBSIDIARIES AND ASSOCIATES

Investments in subsidiaries and associates are recognized at fair value through profit or loss.


SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

CHANGES IN ACCOUNTING POLICIES

IFRS 9 – Financial Instruments On June 1, 2018, the Fonds adopted IFRS 9, which replaces IAS 39 Financial Instruments: Recognition and Measurement, retrospectively with restatement of comparative periods. IFRS 9 gives rise to new requirements for the classification and measurement of financial assets and liabilities and the impairment of financial instruments, as well as requirements for hedge accounting. The Fonds does not apply hedge accounting. With respect to the classification and measurement of financial assets and liabilities, IFRS 9 requires that financial assets be classified based on both the contractual cash flow characteristics of the financial asset and the business model under which the company manages its financial assets, in one of the three following categories: amortized cost, fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVTOCI). Financial liabilities must be measured at amortized cost, except for financial liabilities held for trading or designated as at FVTPL, which are measured at FVTPL. Consequently, for the Fonds, financial assets that were designated as at FVTPL under IAS 39 are now classified as at FVTPL under IFRS 9. Financial assets that were included in the loans and receivables category and recognized at amortized cost under IAS 39 continue to be recognized at amortized cost under IFRS 9, except for accrued dividends and interest, which are now classified as at FVTPL. In addition, under IFRS 9, funds committed but not disbursed as well as guarantees and suretyships are designated as at FVTPL. Adopting IFRS 9 did not result in any other changes to the classification and measurement of financial liabilities. The change in classification of certain financial instruments did not give rise to any changes in their carrying amount and therefore had no impact on the Fonds’ balance sheet as at the transition date. The IFRS 9 impairment model applies to financial assets, loan commitments and financial guarantee contracts, except for financial instruments at FVTPL or designated as at FVTPL. As the Fonds’ financial instruments are mainly at FVTPL or designated as at FVTPL, adopting this new impairment model had no impact on the Fonds’ balance sheet as at the transition date. Adopting IFRS 9 did not give rise to any adjustments to the opening balances of these financial statements (as at June 1, 2017) and had no impact on the balance sheet and results for the comparative periods in these financial statements.

IFRS 15 – Revenue from Contracts with Customers On June 1, 2018, the Fonds adopted IFRS 15, which replaces IAS 18 Revenue, retrospectively with restatement of comparative periods. IFRS 15 establishes a single, comprehensive revenue recognition model for all contracts with customers other than those that are within the scope of other standards, such as financial instruments and leases. The core principle of this new standard is that revenue recognition should depict the transfer of goods or services in an amount that reflects the consideration received or expected to be received in exchange for these goods or services. The Fonds’ revenues subject to IFRS 15 are presented under Rental, fee and other income in the Statements of Comprehensive Income. Adopting IFRS 15 did not give rise to any adjustments to the opening balances of these financial statements (as at June 1, 2017) and had no impact on the balance sheet and results for the comparative periods in these financial statements.

FINANCIAL INSTRUMENTS – RECOGNITION AND DERECOGNITION

Financial instruments are recognized at fair value at the transaction date, when the Fonds becomes party to the contractual provisions of the instrument. The cost presented for development capital investments and other investments corresponds to the amount paid and is determined based on average cost, excluding transaction costs. Transaction costs are recognized in net income when incurred. A financial asset is derecognized when the Fonds no longer has the contractual rights to the cash flows from this asset and when it has transferred substantially all the risks and rewards of ownership of the financial asset. A financial liability is derecognized when the obligation is extinguished, which is when the obligation is discharged or cancelled or expires

FINANCIAL INSTRUMENTS – CLASSIFICATION

Financial assets and liabilities at fair value through profit or loss (FVTPL)

As they are part of a portfolio managed in accordance with a documented financial assets integrated management strategy whose performance is evaluated on a fair value basis and for which information is provided internally on that basis to the Fonds’ key management personnel, the following financial instruments are classified as at FVTPL: development capital investments, other investments, accounts receivable relating to development capital investments and other investments sold, accrued dividends and interest, loans included in other accounts receivable, cash, financial instruments related to securities sold under repurchase agreements, accounts payable relating to development capital investments and other investments purchased, derivative financial instruments and securities sold under repurchase agreements. Funds committed but not disbursed and guarantees and suretyships are designated as at FVTPL, and any resulting gain (loss) is recognized in net income. Financial assets and liabilities at amortized cost Other items included in accounts receivable, notes as well as accrued expenses and other included in accounts payable are measured at amortized cost, which approximates their fair value given their nature and short-term maturity.



FINANCIAL INSTRUMENTS – FAIR VALUE MEASUREMENT

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date.

Fair value of assets and liabilities traded on active markets To determine the fair value of financial assets and liabilities that are quoted in an active market, such as listed shares, bonds, money market instruments and listed derivative financial instruments, the Fonds uses the price within the bid-ask spread that is most representative of fair value, given the relevant facts and circumstances, at the reporting date.

Fair value of assets and liabilities that are not traded on active markets The fair value of financial assets and liabilities that are not traded on active markets (including unlisted derivative financial instruments) is determined using valuation techniques selected based on certain specified criteria and market conditions prevailing at each reporting date. The valuation techniques used are based on valuation principles derived from the guidelines that are generally used in the industry by business valuation professionals. These valuation principles are approved every six months by the Fonds’ Audit Committee. The valuation technique used for a financial instrument is generally the same from one period to the next, except when a change in valuation technique results in a more accurate estimate of fair value. Unlisted shares and units When a yield method is used, the fair value of unlisted shares is mainly determined using the capitalized cash flow technique. The two main variables used in this technique are maintainable cash flows and the capitalization rate. To determine maintainable cash flows, recurring cash flows are estimated based on the entity’s historical results and/or financial forecasts. A weighting factor is applied to each of the cash flows used to reflect its probability of occurrence. The capitalization rate used to capitalize maintainable cash flows reflects how the investee could finance its operations and the risks associated with the materialization of these maintainable cash flows. When the price of a recent transaction negotiated between unrelated parties on an arm’s-length basis is available, this valuation technique is used under certain conditions. It may also be appropriate to use a valuation technique based on a bid from a third party. Using judgment is necessary to determine whether the price in such recent transaction or bid represents the best evidence of fair value at the reporting date. The period during which referring to a past transaction or bid is deemed appropriate depends on the circumstances specific to each situation. In certain circumstances or depending on the nature of operations, the future earning potential is better reflected by the value of the assets, and the adjusted net asset method is used. This method is also used to determine the fair value of unlisted investment fund units held. In such case, this method entails using the share of all assets and liabilities appearing on the balance sheet of the investee at their fair value and adjusting it as necessary. The main adjustments made are related to the fair value of the assets and liabilities, new information available and significant events that occurred between the investee’s reporting date and the Fonds’ reporting date. The fair value of certain unlisted units is determined using the price established by their respective manager. Loans and advances The fair value of secured and unsecured loans and advances is determined by discounting the contractual cash flows expected to be received by the Fonds using a discount rate that reflects the return that the Fonds would require given the credit risk of the investee. Guarantees and suretyships When it is likely that the Fonds will have to disburse an amount on a guarantee or a suretyship it granted, a loss equivalent to the estimated amount to be assumed is recognized as a liability. Gains (losses) on funds committed but not disbursed The fair value of funds committed but not disbursed is determined using the techniques that will be used to measure the financial instrument to be issued as a result of the execution of the commitment, taking into account the probabilities that the Fonds will have to disburse the committed funds and the amount that would be disbursed. The probable and expected execution of funds committed but not disbursed under conditions that are unfavourable to the Fonds at measurement time will result in a loss that will be recognized as a liability and, under conditions that are favourable to the Fonds, will result in a gain that will be recognized as an asset. Derivative financial instruments The fair value of unlisted derivative financial instruments is determined using appropriate valuation techniques, including discounting future cash flows at the current rate of return. Accounts receivable relating to development capital investments and other investments sold The fair value of accounts receivable relating to development capital investments sold that are not traded on active markets is determined by discounting contractual cash flows. Generally, the estimated amounts to be received and timing of their collection depend on future events or the satisfaction of certain conditions.



FINANCIAL INSTRUMENTS – FAIR VALUE MEASUREMENT (CONTINUED)

Fair value of assets and liabilities that are not traded on active markets (CONTINUED)

Accrued dividends and interest Accrued dividends and interest are recognized at the amounts that the Fonds expects to receive at the reporting date, which approximates their fair value given their short-term maturity.

SECURITIES LENDING AND SECURITIES SOLD UNDER PURCHASE AGREEMENTS

To generate additional revenues, the Fonds participates in the securities lending program put in place by its depositary for securities of which it is the custodian. Under this program, the Fonds can enter into securities lending transactions, as well as short-term sales of securities with a simultaneous commitment to repurchase them at a specified price and date. Repurchase agreements are recognized as secured borrowing transactions and are recorded on the Balance Sheet at the repurchase price determined by the commitment, which approximates their fair value. The revenues resulting from the Fonds’ participation in this program are recorded in net income under Rental, fee and other income.

INVESTMENT PROPERTY

Investment property is property held by the Fonds for renting and value appreciation purposes. The investment property is occupied by tenants. The Fonds presents its investment property using the fair value model. Fair value is measured at each reporting date, and any change in fair value is recognized in net income. The fair value used is determined using the discounted cash flow technique, whereby fair value represents the aggregate of the present value of projected cash flows and the reversion value at the end of the projection period. To ensure that such fair value is appropriate, the result is compared with other techniques, such as the direct discounting technique, under which an overall discount rate is applied to normalized net operating income, and the direct comparison method, under which the most likely selling price is estimated by comparing and analyzing real estate transactions involving similar properties.

CASH

Cash includes bank accounts used in operating, processing transactions on share capital and managing development capital investments and other investments.

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS

Property and equipment and intangible assets are stated at cost less any accumulated depreciation or amortization and accumulated impairment losses. Cost includes items that are directly attributable to the acquisition of the item of property and equipment or intangible asset. Subsequent costs for an item of property and equipment or an intangible asset are recognized only if it is probable that future economic benefits associated with it will flow to the Fonds and the cost can be measured reliably. Repair and maintenance expenses are recognized in total operating expenses through net income when incurred. The main property and equipment and intangible asset categories are depreciated or amortized over their estimated useful life using the following depreciation and amortization methods, periods and annual rates:

November 30, 2018 May 31, 2018 Depreciation or

amortization Methods Periods

Depreciation or amortization Methods Periods/rates

Property and equipment

Buildings Straight-line 15 to 60 years Straight-line 15 years to 60 years Office furniture and equipment Straight-line 5 and 10 years Diminishing balance 20 % Computer hardware Straight-line 4 years Straight-line 4 years Intangible assets Information systems development Straight-line 3 to 7 years Straight-line 3 years

The Fonds allocates the amount initially recognized in respect of an item of property and equipment or intangible assets to its significant parts and depreciates or amortizes them separately. The carrying amount of a replaced part is derecognized upon replacement. Residual values, depreciation or amortization methods and useful life of assets are reviewed at each reporting date and adjusted if needed. As a result of this review, the Fonds changed the depreciation method for office furniture and equipment and introduced new amortization periods for information systems development. The changes to the depreciation method and amortization periods have been applied prospectively effective June 1, 2018, and their application has no material impact on the balance sheet and results for the current and subsequent periods.



PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS (CONTINUED)

At each reporting date, property and equipment and intangible assets are tested for impairment when events or changes in circumstances indicate that their carrying amount may not be recoverable. To determine the recoverable amount, items of property and equipment and intangible assets are aggregated at the lowest level for which identifiable cash flows are independent from the cash flows from other groups of items of property and equipment or intangible assets. The Fonds assesses possible reversals when events or circumstances warrant it.

POST-EMPLOYMENT BENEFITS

The cost of earned pension benefits and the insurance plan is recognized through net income and comprises current service cost and net interest on the net defined benefit plan liability. Remeasurements of the net defined benefit liability are recognized in Other comprehensive income. They are not reclassified subsequently to net income and are presented separately in the Statement of Changes in Net Assets. Remeasurements of the net defined benefit liability comprise actuarial gains and losses as well as the return on plan assets, excluding interest income. Actuarial gains and losses result from changes in the actuarial assumptions used to determine the defined benefit obligation and from experience gains and losses on such obligation. The net defined benefit liability corresponds to the present value of the post-employment benefit plan obligation less the fair value of plan assets.

SHARE CAPITAL

The Fonds’ Class A shares are puttable (redeemable at the option of the holder), subject to certain conditions, and are classified in net assets as they have all the following features:

they entitle the holder to a pro rata share of the Fonds’ net assets in the event of the Fonds’ liquidation;

they are in a class of instruments that is subordinate to all other classes of instruments of the Fonds;

they have features that are identical to those of all the other instruments of this class;

apart from the contractual obligation for the Fonds to repurchase or redeem the instrument for cash or another financial asset, they do not include any contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity, and they are not a contract that will or may be settled in the Fonds’ own equity instruments;

the total expected cash flows attributable to the shares over their life are based substantially on the change in net assets. Share issues and redemptions are recognized as transactions on net assets. The consideration received for share issues is included in share capital. Share redemptions are recognized when the requests are approved under redemption criteria at the current redemption value, and shares are derecognized based on average cost.

SHARE-BASED COMPENSATION

The Fonds offers its employees and executives compensation plans for which payment is based on Class A shares. The rights to acquire shares granted under the share award plan are recognized as compensation expense over their vesting period, adjusted based on the share value prevailing at each reporting date. A corresponding liability is recognized under Accrued expenses and other, in Accounts payable. Shares issued under the share allocation and share purchase plans are recognized as compensation expense.

FUNCTIONAL CURRENCY AND FOREIGN CURRENCY TRANSLATION

The Canadian dollar is the functional currency and the reporting currency of the Fonds. Transactions in foreign currencies are translated into the functional currency at the exchange rate prevailing at the transaction date. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate prevailing at the reporting date. Translation differences related to cash are presented as translation differences on cash, and other translation differences are presented in net income under Gains (losses) on development capital investments, other investments and investment property.

REVENUE RECOGNITION

Interest Interest revenue is recognized on an accrual basis using the effective rate method. Amortization of premiums and discounts under this method is recognized under Interest.

Dividends and distributions Non-cumulative dividends and distributions are recognized when they are declared, while cumulative dividends are recognized on an accrual basis.



REVENUE RECOGNITION (CONTINUED)

Rental, fee and other income Rental income is recognized on a straight-line basis over the term of the lease, while fee and other income are recognized on an accrual basis.

Gains and losses on development capital investments, other investments and investment property Realized gains and losses on disposals of development capital investments and other investments are recognized at the time of sale. The amount of such gains and losses is the difference between the proceeds of disposal and average cost. Unrealized gains and losses on the measurement to fair value of financial instruments and investment property are recognized in net income at the time of measurement to fair value.

INCOME TAXES

The income tax expense comprises the current tax expense and the deferred tax expense. Income taxes are recognized in net income unless they relate to items that are recognized directly in Other comprehensive income or net assets; in such case, income taxes are also recognized directly in Other comprehensive income or net assets, respectively. Current income tax is the amount of income tax payable in respect of the taxable income for the year, calculated using the tax rates that have been enacted or substantively enacted by the end of the reporting period, and any adjustments to income taxes related to prior periods. Deferred income tax is recognized for the temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is calculated on a non-discounted basis using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period and that are expected to apply to the period when the deferred tax asset is realized or the deferred tax liability is settled. A deferred tax asset is recognized only to the extent that it is probable that future taxable income will be available against which the deductible temporary differences can be utilized. The Fonds is subject to federal and Québec income taxes. It is also subject to the tax rules applicable to mutual fund corporations. For purposes of the federal income tax, the Fonds can, in particular, receive a refund of the income taxes paid on its capital gains by redeeming its shares or by transferring amounts from retained earnings to share capital. The Fonds considers itself, in substance, exempted from federal income tax related to capital gains for purposes of applying IFRS and, accordingly, does not recognize any deferred tax liability for unrealized net gains on development capital investments, other investments and investment property nor any corresponding deferred tax asset for unrealized recoveries resulting from the tax mechanisms related to refundable capital gains tax on hand.

NET INCOME PER CLASS A SHARE

Net income per share is calculated by dividing net income by the weighted average number of Class A shares outstanding during the period.

ACCOUNTINGS STANDARDS ISSUED AS AT NOVEMBER 30, 2018 BUT NOT YET ADOPTED

As at the date of authorization of these financial statements, new standards and amendments to existing standards had been issued by the International Accounting Standards Board (IASB) but were not effective. Information on those that might be relevant to the financial statements of the Fonds is provided below.

IFRS 16 - Leases The IASB issued IFRS 16 which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors and supersedes IAS 17 Leases. The standard eliminates the current requirement for lessees to classify leases as either finance leases or operating leases by introducing an accounting model for lessees that requires recognizing right-of-use assets and lease liabilities on the balance sheet for all leases (subject to limited exceptions for short-term leases and leases of low value assets). Lessees will afterwards have to recognize in net income, a depreciation expense for right-of-use assets and interest expense on lease liabilities. IFRS 16 does not include significant changes to the accounting treatment by lessors. This standard is effective for annual periods beginning on or after January 1, 2019 and, consequently, the Fonds will apply it for its next financial year. The Fonds is currently analyzing the impact of applying this standard.

3. ACCOUNTING ESTIMATES AND CRITICAL JUDGMENTS The preparation of financial statements in accordance with IFRS requires using accounting estimates and judgment when applying certain accounting policies. Changes to certain assumptions may have an impact on the financial statements for the period during which such changes are made. The Fonds believes that the underlying assumptions are appropriate and that, accordingly, its financial statements present fairly its financial position and performance. The following paragraphs present an analysis of the most significant accounting estimates and critical judgments made by the Fonds in preparing its financial statements.


ACCOUNTING ESTIMATES AND CRITICAL JUDGMENTS (CONTINUED)

FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS THAT ARE NOT TRADED ON AN ACTIVE MARKET

The Fonds must make assumptions and use estimates in measuring the fair value of financial instruments that are not traded on an active market. Judgments are made with respect to selecting valuation techniques and with respect to the assumptions used in these valuation techniques. Although these techniques use observable inputs to the extent practicable, fair value is also determined using unobservable market inputs that take into account the specific features of the financial instrument and any factor relevant to the measurement. Using unobservable inputs requires the Fonds’ qualified valuators to make judgments so that these inputs reflect the assumptions, if any, that market participants would use to determine fair value using the best information possible in the circumstances. The Fonds considers observable inputs to be market data that is readily available, regularly distributed and updated, reliable and verifiable, not proprietary and provided by independent sources that are actively involved in the relevant market. Fair value reflects market conditions on a given date and, as such, may not be representative of future fair values. In accordance with the Regulation Respecting Development Capital Investment Fund Continuous Disclosure issued by the Autorité des marchés financiers, the Fonds implemented various controls and procedures to ensure that financial instruments are appropriately and reliably measured. To measure the fair value of financial instruments in accordance with the valuation principles adopted by the Fonds, the Fonds’ team of qualified valuators monitor twice a year the performance of the companies in the portfolio and are continuously looking for information on the business and operations of the companies being valued. Where appropriate, the qualified valuators monitor data on comparable companies, the results of recent transactions and the ratings of instruments issued by similar companies. Except in the case of companies whose financial instruments are traded in an active market, any relevant information related to fair value measurements is submitted to an independent valuation committee composed of a majority of qualified valuators independent from the Fonds, as required by the Regulation Respecting Development Capital Investment Fund Continuous Disclosure. This committee reviews this information and submits a written report to the Audit Committee, which must examine the compliance of the financial statements. The President and Chief Executive Officer as well as the Executive Vice-President, Finance, sign a certification for the Audit Committee on the valuation of development capital investments that is filed with the Autorité des marchés financiers. This certification confirms, in particular, the reasonableness of the aggregate fair value of the development capital investments portfolio.

FAIR VALUE MEASUREMENT OF THE INVESTMENT PROPERTY

The Fonds must make assumptions and use estimates in measuring the fair value of its investment property. These assumptions include the internal rate of return and the capitalization rate. The investment property is measured based on its highest and best use. The Fonds uses a firm of independent real estate appraisal experts to determine fair value and approves the reasonableness of the assumptions used.

MEASUREMENT OF THE NET DEFINED BENEFIT LIABILITY

The Fonds must make assumptions for using statistical data and other parameters to measure the net defined benefit liability. These assumptions include the discount rate for the pension obligation and for calculating the expected return on plan assets, the expected rate of increase in salaries and the mortality table used. Should the actuarial assumptions be materially different from the actual data observed subsequently, the plan cost recognized in Other comprehensive income as well as the net defined benefit liability presented on the Balance Sheet could substantially change. The Fonds uses independent actuaries to determine the fair value of the net defined benefit liability and approves the reasonableness of the assumptions used.

4. FINANCIAL INSTRUMENT RISKS Risks arising from financial instruments are an integral part of the audited financial statements and are discussed in the audited “Risk management” section of the Interim Management Discussion and Analysis for the Six-month Period Ended November 30, 2018, which is available at the Fonds’ head office, on its website at fondsftq.com or at sedar.com.

5. ACCOUNTS RECEIVABLE (in thousands $) November 30, 2018 May 31, 2018 Accounts receivable relating to development capital investments and other

investments sold 193,812 388,139 Accrued dividends and interest 83,825 83,821 Other 25,164 22,170

302,801 494,130

Accounts receivable maturing in more than twelve months amounts to $38.6 million (May 31, 2018: $33.5 million).

http://fondsftq.com/


6. OTHER INVESTMENTS The unaudited Statement of Other Investments is available at the Fonds’ head office, on its website at fondsftq.com or at sedar.com.

November 30, 2018 May 31, 2018

(in thousands $) Cost

Unrealized appreciation

(depreciation) Fair value

Cost



Listed shares and unlisted units 2,580,672 772,914 3,353,586 2,502,212 874,004 3,376,216

Bonds 3,034,049 (9,594) 3,024,455 3,006,340 29,493 3,035,833

Money market instruments 157,450 247 157,697 208,414 252 208,666 5,772,171 763,567 6,535,738 5,716,966 903,749 6,620,715

Derivative financial instruments 434 1,750 2,184 - 1,609 1,609

5,772,605 765,317 6,537,922 5,716,966 905,358 6,622,324

Other investments include securities denominated in foreign currencies with a fair value of $2,486.7 million (May 31, 2018: $2,464.2 million), mainly including $1,578.8 million (May 31, 2018: $1,512.0 million) in U.S. dollars, $241.5 million (May 31, 2018: $255.4 million) in euros, $222.1 million (May 31, 2018: $232.9 million) in yens and $139.6 million (May 31, 2018: $145.8 million) in pounds sterling.

BREAKDOWN BY MATURITY

BONDS

(in thousands $) Less than

1 year 1 to

5 years 5 to

10 years 10 to

20 years 20 to

30 years 30 years

and more

Total

November 30, 2018

Fair value 41,242 1,052,754 821,853 460,744 508,925 138,937 3,024,455 Cost 41,238 1,065,391 831,684 441,455 510,207 144,074 3,034,049 Par value 41,248 1,057,145 830,506 374,327 464,090 135,670 2,902,986

Average effective rate (%) 2.5 2.3 2.9 3.7 3.3 4.0 2.9 Average nominal rate (%) 2.7 2.6 3.0 5.4 4.0 4.4 3.4

May 31, 2018

Fair value 40,750 1,006,929 800,718 520,090 488,085 179,261 3,035,833 Cost 40,342 1,016,733 810,222 492,182 469,203 177,658 3,006,340 Par value 40,230 1,005,974 799,454 421,921 418,542 172,415 2,858,536

Average effective rate (%) 3.7 2.2 2.7 3.6 3.4 3.9 2.9 Average nominal rate (%) 4.0 2.6 3.0 5.1 4.1 4.1 3.4

MONEY MARKET INSTRUMENTS

(in thousands $) Less than 1 month

1 to 6 months

6 months and more Total

November 30, 2018 Fair value 25,973 116,931 14,793 157,697 Average effective rate (%) 1.8 2.1 2.1 2.0

May 31, 2018

Fair value 30,954 177,712 208,666 Average effective rate (%) 1.6 1.6 1.6


OTHER INVESTMENTS (CONTINUED)

DERIVATIVE FINANCIAL INSTRUMENTS

(in thousands $) Less than 1 month

1 to 6 months

6 months and more Total

November 30, 2018 Fair value1

Stock option contracts Purchased call options 239 239

Stock index option contracts Purchased call options 255 255 Written put options (182) (182)

Foreign currency forward contracts Sales (5,994) (5,994)

Interest rate forward contracts 890 890 Stock index futures - -

(5,031) 239 (4,792)

Notional amount

Stock option contracts

Purchased call options 1 1

Stock index option contracts

Purchased call options 36,886 38,886

Written put options 23,486 23,486

Foreign currency forward contracts Sales 445,188 445,188

Interest rate forward contracts 341,192 341,192

Stock index futures 2,190 2,190

May 31, 2018 Fair value1

Stock option contracts Purchased call options 373 373

Foreign currency forward contracts Sales 186 186

Interest rate forward contracts (591) 62 (529)

(405) 62 373 30 Notional amount

Stock option contracts

Purchased call options 1 1 Foreign currency forward contracts

Sales 65,488 65,488 Interest rate forward contracts 91,560 228,684 320,244

1.The fair value of instruments with positive values is $2.2 million (May 31, 2018: $1.6 million) and is presented under Other investments. The fair value of those with negative values is $7.0 million (May 31, 2018: $1.6 million) and is presented under Accounts payable.


OTHER INVESTMENTS (CONTINUED)

BREAKDOWN BY INDUSTRY SEGMENT1

(in thousands $) Energy and

materials Indus-

trials

Consumer discretionary

and consumer staples

Financials, real estate

and utilities

Information technology,

communication services and

healthcare

Govern-ments and

government agencies Total

November 30, 2018 Listed shares and unlisted units 510,547 330,202 552,194 996,470 964,173 3,353,586 Bonds 78,730 59,259 53,025 825,523 61,235 1,946,683 3,024,455 Money market instruments 63,350 94,347 157,697 Fair value 589,277 389,461 605,219 1,885,343 1,025,408 2,041,030 6,535,738 Funds committed but not disbursed2 19,401 19,401 589,277 389,461 605,219 1,904,744 1,025,408 2,041,030 6,555,139

May 31, 2018 Listed shares and unlisted units 584,915 348,148 544,633 929,163 969,357 3,376,216 Bonds 86,337 65,093 47,383 732,624 81,278 2,023,118 3,035,833 Money market instruments 21,990 83,091 103,585 208,666 Fair value 693,242 413,241 592,016 1,744,878 1,050,635 2,126,703 6,620,715 Funds committed but not disbursed2 19,000 19,000 693,242 413,241 592,016 1,763,878 1,050,635 2,126,703 6,639,715

1. During the period ended November 30, 2018, changes have been made to the Global Industry Classification Standard (GICS) structure, which is the classification structure used to prepare the breakdown by industry segment. As a result, the classification of certain financial instruments was changed as at November 30, 2018. Comparative figures as at May 31, 2018 were modified using the classification in effect as at November 30, 2018.

2. Funds committed but not disbursed to international infrastructure funds represent other investments that have already been agreed to and for which amounts have been committed by the Fonds but have not been disbursed at the reporting date. Disbursements are subject to compliance with the agreement’s terms and conditions. These commitments, having a weighted average maturity of 2.7 years (May 31, 2018: 3.2 years), are denominated in U.S. dollars. As at November 30, 2018 and May 31, 2018, there were no gains or losses recognized on these funds committed but not disbursed.


7.DEVELOPMENT CAPITAL INVESTMENTS The Audited Statement of Development Capital Investments, at Cost, is available at the Fonds’ head office, on its website at fondsftq.com or at sedar.com.

November 30, 2018 May 31, 2017

(in thousands $) Cost


(depreciation) Fair value Cost



Unsecured Listed shares 1,326,410 146,846 1,473,256 1,127,831 325,519 1,453,350 Unlisted shares and units 4,025,578 2,008,346 6,033,924 4,036,168 1,529,431 5,565,599 Loans, bonds and advances 1,159,341 11,790 1,171,131 1,196,176 23,481 1,219,657 Secured Loans 37,500 (4,750) 32,750 36,500 (3,750) 32,750

6,548,829 2,162,232 8,711,061 6,396,675 1,874,681 8,271,356

Development capital investments include securities denominated in foreign currencies, mainly the U.S. dollar, with a fair value of $689.0 million (May 31, 2018: $665.0 million).

Investment agreements may include clauses providing for conversion and redemption options. Thus, in the normal course of business, the Fonds may exercise these options and make non-monetary exchanges of financial instruments.

BREAKDOWN BY MATURITY OF LOANS, BONDS AND ADVANCES AT FAIR VALUE

Variable rates Fixed rates

(in thousands $) Less than

1 year 1 to

5 years 5 years and

more Less than

1 year 1 to

5 years 5 years and

more Total

November 30, 2018

Unsecured 1,560 264,400 24,924 26,464 369,245 484,538 1,171,131

Average effective rate (%) 6.1 5.1 11.4 7.8 8.2 6.2

Secured 26,500 5,000 1,250 32,750

Average effective rate (%) 6.9 17.4 7.7

May 31, 2018

Unsecured 156,086 100,911 109,933 400,979 451,748 1,219,657

Average effective rate (%) 4.4 8.9 6.4 7.5 6.3

Secured 1,500 25,000 5,000 1,250 32,750

Average effective rate (%) 5.0 7.0 17.4 8.0

Based on agreements in effect, principal receipts expected over the next twelve months total $60.9 million (May 31, 2018: $128.7 million).


DEVELOPMENT CAPITAL INVESTMENTS (CONTINUED)

BREAKDOWN BY INDUSTRY SEGMENT1

(in thousands $)

Energy and materials Industrials

Consumer discretionary

and consumer

staples

Financials, real estate

and utilities

Information technology,

communication services and

healthcare Total

November 30, 2018

Cost 973,442 1,233,830 1,074,217 2,127,521 1,139,819 6,548,829 Unrealized appreciation (depreciation) 33,686 239,494 581,050 1,121,222 186,780 2,162,232 Fair value 1,007,128 1,473,324 1,655,267 3,248,743 1,326,599 8,711,061 Funds committed but not disbursed2 105,781 251,026 69,268 179,154 411,742 1,016,971 Guarantees and suretyships3 1,500 200 10,048 11,748

1,112,909 1,725,850 1,724,735 3,427,897 1,748,389 9,739,780

May 31, 2018

Cost 881,627 1,107,938 1,062,204 2,289,977 1,054,929 6,396,675 Unrealized appreciation (depreciation) 106,944 330,209 383,128 920,343 134,057 1,874,681 Fair value 988,571 1,438,147 1,445,332 3,210,320 1,188,986 8,271,356 Funds committed but not disbursed2 110,073 262,163 39,931 220,933 372,466 1,005,566 Guarantees and suretyships3 1,500 200 9,807 11,507

1,098,644 1,701,810 1,485,463 3,431,253 1,571,259 9,288,429

During the period ended November 30, 2018, changes have been made to the GICS structure, which is the classification structure used to prepare the breakdown by industry segment. As a result, the classification of certain financial instruments was changed as at November 30, 2018. Comparative figures as at May 31, 2018 were modified using the classification in effect as at November 30, 2018.

Funds committed but not disbursed represent development capital investments that have already been agreed to and for which amounts have been committed by the Fonds but have not been disbursed at the reporting date. Most of the funds committed but not disbursed have a maximum maturity date, and the counterparties may call amounts on demand. Disbursements are subject to compliance with the agreement’s terms and conditions. Of funds committed but not disbursed, an amount of $288.2 million (May 31, 2018: $305.5 million) represents credit facilities and project financing for operating companies, having a weighted average maturity of 28 months (May 31, 2018: 16 months) and an amount of $728.8 million (May 31, 2018: $700.1 million) represents commitments that will be disbursed to investment entities in tranches, having a weighted average maturity of 7.4 years (May 31, 2018: 6.6 years). Commitments amounting to $253.8 million (May 31, 2018: $179.8 million) are denominated in foreign currencies, mainly the U.S. dollar. As at November 30, 2018 and May 31, 2018, there were no gains or losses recognized on these funds committed but not disbursed.

Under Section 17 of its Incorporation Act, when the Fonds makes a development capital investment in the form of a guarantee or a suretyship, it must establish and maintain a reserve equal to at least 50% of the guarantee or suretyship amount for the term thereof. This reserve is established from Other investments.

GUARANTEES AND SURETYSHIPS

The Fonds granted guarantees and suretyships for operating activities and operating lines of credit purposes that do not generally include a specific maturity and that are irrevocable commitments by the Fonds to make the payments of partner companies that cannot meet their obligations to third parties. As at November 30, 2018 and May 31, 2018, there were no liabilities recognized for guarantees and suretyships. As well, in the normal course of business, the Fonds enters into various indemnification agreements, usually related to sales of development capital investments, for the representations and warranties made as well as to the liability of the Fonds’ directors, officers or representatives toward partner companies. The latter liability is covered, subject to certain conditions, by liability insurance. Due to the nature of these agreements, it is impossible to reasonably estimate the maximum amount that the Fonds may have to pay to counterparties. In management’s opinion, it is highly unlikely that these commitments will result in material expenses.

8. OFFSETTING OF FINANCIAL INSTRUMENTS The Fonds entered into International Swaps & Derivatives Association Inc. (“ISDA”) enforceable master netting arrangements with the counterparties with which it trades derivative financial instruments over the counter. These master arrangements may make it possible to apply full netting of over-the-counter derivative financial instrument transactions. Derivative financial instruments subject to enforceable master netting arrangements are presented in the financial statements before offsetting. The fair value of derivative financial instrument assets subject to such arrangements is $1.7 million (May 31, 2018: $1.2 million), and the fair value of derivative financial instrument liabilities subject to such arrangements is $6.8 million (May 31, 2018: $1.6 million).


OFFSETTING OF FINANCIAL INSTRUMENTS (CONTINUED) For securities sold under repurchase agreements, the Fonds receives from or pledges to the counterparty collateral to manage credit risk. In the event of default, amounts related to a specific counterparty may be settled on a net basis under the Global Master Repurchase Agreement. As at November 30, 2018 and May 31, 2018, no amount was set off in the Balance Sheet.

9. FAIR VALUE OF FINANCIAL INSTRUMENTS

CLASSIFICATION

Financial instruments measured at fair value are classified using a hierarchy that reflects the significance of the inputs used in making the measurements. This hierarchy has the following levels: Level 1: Fair value based on the most representative price within the bid-ask spread observed on active markets for identical instruments. Level 2: Fair value based on quoted prices for similar financial instruments or based on valuation techniques for which all significant inputs are based on observable market information. Level 3: Fair value based on valuation techniques for which all significant inputs are not based on observable market information. The classification in one of the hierarchy levels is determined upon the initial fair value measurement of the financial instrument and is reviewed each reporting period. Transfers between hierarchy levels are measured at fair value at the beginning of the year.

(in thousands $) Level 1 Level 2 Level 3 Total

November 30, 2018 Financial assets Development capital investments

Unsecured 1,473,256 1,473,256 Listed shares 6,033,924 6,033,924 Unlisted shares and units 85,562 1,085,569 1,171,131 Loans, bonds and advances

Secured Loans 32,750 32,750

1,473,256 85,562 7,152,243 8,711,061 Other investments

Listed shares and unlisted units 3,288,952 64,634 3,353,586 Bonds 3,024,455 3,024,455 Money market instruments 157,697 157,697 Derivative financial instruments 255 1,929 2,184

3,289,207 3,184,081 64,634 6,537,922 Accounts receivable relating to development capital investments and other investments sold 193,812 193,812 Accrued dividends and interest 83,825 83,825 Cash 29,840 29,840 Financial instruments related to securities sold under repurchase agreements 610,441 610,441

Financial assets at FVTPL 4,792,303 4,157,721 7,216,877 16,166,901 Financial liabilities Accounts payable relating to development capital investments

and other investments purchased (158,315) (158,315) Derivative financial instruments (182) (6,794) (6,976) Securities sold under repurchase agreements (610,441) (610,441)

Financial liabilities at FVTPL (182) (775,550) (775,732)

In addition to the transfers presented in the LEVEL 3 – RECONCILIATION table found on page 20, during the six-month period ended November 30, 2018, there were no transfers between Levels 1 and 2.


FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED)

CLASSIFICATION (CONTINUED)

(in thousands $) Level 1 Level 2 Level 3 Total

May 31, 2018 Financial assets

Development capital investments Unsecured

Listed shares 1,453,246 104 1,453,350 Unlisted shares and units 5,565,599 5,565,599 Loans, bonds and advances 292,894 926,763 1,219,657

Secured Loans 32,750 32,750

1,453,246 292,998 6,525,112 8,271,356 Other investments

Listed shares and unlisted units 3,313,701 62,515 3,376,216 Bonds 3,035,833 3,035,833 Money market instruments 208,666 208,666 Derivative financial instruments 1,609 1,609

3,313,701 3,246,108 62,515 6,622,324 Accounts receivable relating to development capital

investments and other investments sold 388,139 388,139 Accrued dividends and interest 83,821 83,821 Cash 24,615 24,615 Financial instruments related to securities sold under

repurchase agreements 728,187 728,187 Financial assets at FVTPL 4,791,562 4,739,253 6,587,627 16,118,442 Financial liabilities

Accounts payable relating to development capital investments and other investments purchased (366,751) (366,751)

Derivative financial instruments (1,579) (1,579) Securities sold under repurchase agreements (728,187) (728,187)

Financial liabilities at FVTPL (1,096,517) (1,096,517)

In addition to the transfers presented in the LEVEL 3 – RECONCILIATION table found on page 20, during the twelve-month period ended May 31, 2018, financial instruments having a fair value of $19.2 million were transferred from Level 2 to Level 1 as their fair value is now based on a price observed on an active market.



LEVEL 3 – RECONCILIATION

DEVELOPMENT CAPITAL INVESTMENTS

(in thousands $) Unlisted shares

and units Loans, bonds and advances

Total Unsecured Secured

November 30, 2018

Fair value as at May 31, 2018 5,565,599 926,763 32,750 6,525,112 Purchases 161,797 270,600 1,000 433,397 Sales and settlements (96,425) (105,139) - (201,564) Realized gains (losses) (28,933) (2,301) - (31,234) Unrealized gains (losses) 478,915 (4,354) (1,000) 473,561 Transfers out of Level 31 (47,029) - - (47,029)

Fair value as at November 30, 2018 6,033,924 1,085,569 32,750 7,152,243 Unrealized gains (losses) on development capital

investments held as at November 30, 2018 442,075 (6,555) (1,000) 434,520

November 30, 2017

Fair value as at May 31, 2017 4,923,420 791,102 39,012 5,753,534 Purchases 196,798 111,858 3,425 312,081 Sales and settlements (45,034) (96,454) (1,371) (142,859) Realized gains (losses) (14,359) (41) (1,862) (16,262) Unrealized gains (losses) 273,281 (5,050) 104 268,335 Transfers out of Level 31 (19,407) - - (19,407)

Fair value as at November 30, 2017 5,314,699 801,415 39,308 6,155,422 Unrealized gains (losses) on development capital

investments held as at November 30, 2017 255,247 (4,125) (2,101) 249,021

During the six-month period ended November 30, 2018, financial instruments having a fair value of $47.0 million (November 30, 2017: $13.7 million) were transferred to Level 1 as their fair value is now based on a price observed on an active market. In addition, during the six-month period ended November 30, 2017, financial instruments having a fair value of $5.7 million were transferred to Level 2 as their measurement method is now based on observable market information.

Purchases as well as sales and settlements may include non-monetary exchanges of financial instruments resulting from conversions in the normal course of the Fonds’ business.

OTHER INVESTMENTS

For the six-month periods ended November, 30

2018 2017 (in thousands $) Unlisted units Fair value at the beginning 62,515 55,685 Purchases 359 166 Sales and settlements - (101) Realized gains (losses) - 14 Unrealized gains (losses) 1,760 7,712 Fair value at the end 64,634 63,476 Unrealized gains (losses) on other investments held as at November 30 1,760

7,712



USE OF UNOBSERVABLE INPUTS IN MEASURING LEVEL 3 FINANCIAL INSTRUMENTS

Level 3 financial instruments are measured at fair value using valuation techniques and models that may incorporate assumptions derived from unobservable market inputs. The following table shows the main techniques and inputs used in measuring the fair value of financial instruments categorized within Level 3:

Fair value

(in thousands $) Main valuation techniques Unobservable inputs Input value ranges (weighted average)

November 30, 2018 Development capital investments

Unlisted shares and units 1,471,282 Capitalized cash flows Capitalization rate 5.3% - 15.5% (8.4%) EBITDA margin %1 2.9% - 36.6% (10.3%) 466,891 Discounted cash flows Required rate of return 4.0% - 20.3% (9.6%) 2,915,349 Adjusted net assets Adjusted net assets N/A2 456,782 Recent transaction 713,064 Bid value 10,556 Other3

Loans, bonds and advances 1,114,900 Discounted cash flows Required rate of return 3.6% - 20.6% (7.0%)

3,419 Other 7,152,243 Other investments

Unlisted units 64,634 Manager’s quote

May 31, 2018 Development capital investments

Unlisted shares and units 711,892 Capitalized cash flows Capitalization rate 5.3% - 15.5% (7.9%) EBITDA margin %1 2.9% - 36.7% (14.9%) 501,222 Discounted cash flows Required rate of return 4.0% - 20.3% (9.5%) 3,425,799 Adjusted net assets Adjusted net assets N/A2 509,093 Recent transaction 403,205 Bid value 14,388 Other3

Loans, bonds and advances 953,843 Discounted cash flows Required rate of return 3.0% - 20.0% (7.1%)

5,670 Other 6,525,112 Other investments

Unlisted units 62,515 Manager’s quote

1. As a result of the high variety in sizes of the companies in the portfolio, maintainable flows are presented as a percentage of earnings before interest, taxes, depreciation and amortization (EBITDA) over sales.

2. Since the nature and size of adjustments to net assets vary greatly between investments, no input range is presented for adjusted net assets.

3. Other valuation techniques include the expected transaction value, redemption value and liquidation value techniques.



SENSITIVITY OF THE FAIR VALUE OF FINANCIAL INSTRUMENTS CATEGORIZED WITHIN LEVEL 3

Sensitivity analyses have been performed for financial instruments measured using the capitalized cash flow and the discounted cash flow techniques, for which the judgment of the Fonds’ qualified valuator is significantly important in determining fair value. The adjusted net assets, recent transaction and redemption value valuation techniques are not suited for sensitivity analysis as they use few or no underlying assumptions to determine fair value. The adjusted net assets technique is the most commonly used of these techniques. In most cases, it is used to determine the fair value of investment fund units. Such fair value is essentially based on the share in limited partners’ equity appearing in the most recent audited financial statements of these funds, adjusted to take into account interim results and subsequent transactions carried out up to the valuation date. The Fonds uses to a lesser extent other valuation techniques that rely on the valuator’s judgment and use certain assumptions, namely the expected transaction value, liquidation value and bid value techniques. These techniques were used to measure financial instruments having an aggregate fair value of $720.9 million as at November 30, 2018 (May 31, 2018: $414.7 million). In general, management believes that performing sensitivity analyses on these valuation techniques is not relevant given the low materiality of the financial instruments measured using these techniques. However, as financial instruments measured using the bid value method were material as at November 30, 2018 and May 31, 2018, sensitivity analyses were performed on these instruments, and management determined that using reasonably plausible alternative assumptions would not change fair value significantly. Our sensitivity analyses on loans, bonds and advances measured using the discounted cash flow technique lead us to conclude that a +/- 0.50% change in the required rate of return would result in a change in fair value that would not be material to net income and total assets and liabilities. For unlisted shares and units measured using the capitalized cash flow and the discounted cash flow techniques, using different variables related to maintainable EBITDA as well as capitalization and required rate of return could result in a material increase or decrease in fair value. Since the assumptions are highly interrelated, a sensitivity analysis that isolates the impact of only one of these assumptions on the unlisted shares and units portfolio would not represent fairly the sensitivity of the results. In practice, the Fonds’ qualified valuators determine a range of plausible values for each of the securities being valued and the mid-range point is generally used for preparing financial statements. Accordingly, for a given investment, the low end of the range reflects the worst-case scenario, while the high end of the range reflects the best-case scenario. This practice is the most common method used to estimate the overall financial impact of changing the main assumptions by other reasonably acceptable assumptions. Since the portfolio is diversified in terms of industries, maturities and sizes, estimating sensitivity to the various assumptions used by aggregating all the worse-case and best-case scenarios is not reasonable. Using alternative assumptions is unlikely to result in an undervaluation or overvaluation of all investments. Based on a probabilistic approach, management determined that using reasonably plausible alternative assumptions would not change fair value significantly.

10. INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES Further to its quantitative and qualitative analyses, management determined that the Fonds controls (subsidiaries) or exercises significant influence over (associates) operating companies and investment entities:

November 30, 2018 May 31, 2018

Number Fair value

(in thousands $) Number Fair value

(in thousands $)

Subsidiaries Operating companies 18 1,355,119 18 1,313,510 Investment entities 13 1,409,286 12 1,320,045

Associates

Operating companies 77 1,668,119 80 1,465,665 Investment entities 31 418,598 31 416,563

The principal place of business of the majority of subsidiaries and associates is in Québec. Subsidiaries are entities that the Fonds controls when it has power over the entity, exposure or rights to variable returns from its involvement with the entity and the ability to affect such returns as a result of its power over the entity. Generally, the proportion of ownership interests held by the Fonds is greater than 50% for subsidiaries and between 20% and 50% for associates.


INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES (CONTINUED)

Interests in operating companies are in the form of common shares or units, while interests in investment entities are in the form of units. In certain circumstances, some conditions could restrict the ability of a subsidiary to transfer amounts to the Fonds: for instance, compliance with certain ratios or approval of a payment by another financial institution or other shareholders. However, the Fonds considers that there are no significant restrictions to these transfers, except for one subsidiary operating in the insurance industry. In that case, laws and regulations do not allow the Fonds to receive dividends, redeem its shares or obtain repayment of its loans without approval by the Autorité des marchés financiers. When the Fonds controls an investment entity, it must also take into account in its scope of subsidiaries and associates those of that investment entity. Accordingly, as at November 30, 2018, the Fonds indirectly had 90 additional subsidiaries and 194 additional associates under this criterion (May 31, 2018: 89 subsidiaries and 186 associates).

11. SECURITIES LENDING As part of the securities lending program, the Fonds receives, in exchange for the securities loaned, guarantees or assets, mainly government and corporate bonds, equivalent to the minimum percentage prescribed by any applicable law or agreement or to a percentage that may vary according to best practices. Depending on the securities loaned, this percentage is at least 102% as at November 30, 2018 and as at May 31,2018. The fair value of the securities loaned is $771.8 million (May 31, 2018: $792.4 million).

12. OTHER ASSETS

(in thousands $) Note November 30, 2018 May 31, 2018 Income taxes 5,135 - Refundable taxes on hand 21 - 59,783 Investment property1 29,646 29,407 Property and equipment1 44,331 43,655 Intangible assets1 18,055 10,243

97,167 143,088

1. Detailed information on these items is provided below.

INVESTMENT PROPERTY

The investment property held by the Fonds comprises rental space. The following table presents the changes in the fair value of the investment property for the period or the year ended:

(in thousands $) November 30, 2018 May 31, 2018 Balance at beginning 29,407 29,374 Decrease in rental space - (2,848) Change in fair value recognized in net income 239 2,881 Balance at end 29,646 29,407

Unobservable inputs The investment property measured at fair value is an asset categorized within Level 3 of the fair value hierarchy, as significant unobservable inputs are used in the valuation techniques applied. Main unobservable inputs used in measuring the investment property are as follows:

Fair value

(in thousands $) Valuation technique Unobservable inputs Input value

November 30, 2018 Investment property 29,646 Discounted cash flows Internal rate of return 7.00% Capitalization rate 6.25%

May 31, 2018 Investment property 29,407 Discounted cash flows Internal rate of return 7.00% Capitalization rate 6.25%


OTHER ASSETS (CONTINUED)

PROPERTY AND EQUIPMENT

(in thousands $) Buildings Office furniture and equipment

Computer hardware Total

November 30, 2018

Cost 44,805 5,453 9,049 59,307 Accumulated depreciation (5,814) (3,039) (6,123) (14,976) Net carrying amount 38,991 2,414 2,926 44,331

Change during the period Net carrying amount as at May 31, 2018 38,563 2,172 2,920 43,655 Acquisitions 1,126 790 613 2,529 Depreciation (698) (548) (607) (1,853) Net carrying amount as at November 30, 2018 38,991 2,414 2,926 44,331

May 31, 2018

Cost 43,679 4,656 8,644 56,979 Accumulated depreciation (5,116) (2,484) (5,724) (13,324) Net carrying amount 38,563 2,172 2,920 43,655

Change during the year Net carrying amount as at May 31, 2017 35,485 2,173 3,297 40,955 Acquisitions 5,050 801 1,980 7,831 Depreciation (1,972) (802) (2,357) (5,131) Net carrying amount as at May 31, 2018 38,563 2,172 2,920 43,655

As at November 30, 2018 and May 31, 2018, no item of property and equipment was impaired. In addition, as at November 30, 2018 and May 31, 2018, the Fonds had no significant contractual commitment for the acquisition of property and equipment. The depreciation expense is presented under Corporate in Total operating expenses in the Statements of Comprehensive Income.

INTANGIBLE ASSETS

Information system development (in thousands $) November 30, 2018 May 31, 2018

Cost 47,445 38,887 Accumulated amortization (29,390) (28,644) Net carrying amount 18,055 10,243 Change during the period or the year ended Net carrying amount at beginning 10,243 5,553 Acquisitions 8,558 7,303 Amortization (746) (2,613) Net carrying amount at the end 18,055 10,243

As at November 30, 2018 and May 31, 2018, no intangible asset was impaired. In addition, as at November 30, 2018 and May 31, 2018, the Fonds had no significant contractual commitment for the acquisition of intangible assets. The amortization expense is presented under Corporate in Total operating expenses in the Statements of Comprehensive Income.


13. NOTES The notes, which arise from excess liquidities of regional, local and real estate funds and of certain other specialized funds, are repayable on demand and bear interest at a rate based on the expected average long-term rate of return of Other investments. As at November 30, 2018 and May 31, 2018, the interest rate is 4%.

14. CREDIT FACILITY As at November 30, 2018 and May 31, 2018, the Fonds has a line of credit of $60 million bearing interest at prime rate and renewable annually. The line of credit was not used during the six-month period ended November 30, 2018 and the financial year ended May 31, 2018.

15. ACCOUNTS PAYABLE (in thousands $) November 30, 2018 May 31, 2018 Accounts payable relating to development capital investments and other investments

purchased 158,315 366,751 Accrued expenses and other 36,708 49,576 Derivative financial instruments 6,976 1,579

201,999 417,906

16. OTHER LIABILITIES

(in thousands $) Notes November 30, 2018 May 31, 2018 Share redemptions payable 30,908 27,647 Income taxes - 57,678 Net defined benefit liability 22 65,418 77,183 Deferred income taxes 21 14,669 8,199

110,995 170,707

17. NET ASSETS

SHARE CAPITAL

Authorized Class A shares Unlimited number of Class A shares to be issued in Series 1 and 2, without par value, voting, redeemable and inalienable unless approved by a resolution of the Board of Directors. Class A shares, Series 1 and 2 can be exchanged for shares of another series and rank pari passu. However, Class A share, Series 1 may be issued only to an individual requesting their transfer to a trustee under a registered retirement savings plan. Class B shares Unlimited number of Class B shares, without par value, non-voting, entitled to a preferential dividend at the rate determined by the Board of Directors. In the event of liquidation, the Class B shares rank prior to Class A shares.

Subscribed Subscribed capital represents money received for which no Class A share can be issued in consideration thereof pursuant to laws, policies or regulations. If applicable, these Class A shares will be issued when such laws, policies or regulations are complied with at the share value in effect at that date. Following the issuance of the prospectus as of July 5, 2018, these amounts are now reimbursable upon request and held separately in a trust account until the issuance of the Class A shares. These amounts are now recognized as a liability, under accounts payable, and the Fonds no longer has subscribed capital as at November 30, 2018.


NET ASSETS (CONTINUED)

SHARE CAPITAL (CONTINUED)

Redemption terms The Fonds is required to redeem shares in the circumstances set out in its Incorporation Act or to redeem them by mutual agreement in exceptional situations provided under a policy for such purpose adopted by the Fonds’ Board of Directors and approved by the Minister of Finance of Québec. The redemption price is determined semi-annually based on the value of the Fonds.

Contributed surplus Contributed surplus arises from the reduction in issued and paid-up capital resulting from transfers and the excess of the average value of share capital over the redemption price. This excess is reduced when shares are redeemed at a price exceeding the average value of issued share capital, pro rata to the redeemed shares.

Transfers During the period, the Board of Directors approved an increase in the issued and paid-up capital on Class A shares, Series 1 of $505 million through transfers from retained earnings (November 30, 2017: $41 million). As at November 30, 2018, the Fonds had, since its incorporation, transferred the following cumulative amounts: $2,738 million from retained earnings to share capital, $1,500 million from share capital to contributed surplus and $291 million from contributed surplus to retained earnings.

NET INCOME PER CLASS A SHARE

Net income per share is based on the weighted average number of Class A shares, which was 353,931,200 (November 30, 2017: 347,351,135).

SHARE-BASED COMPENSATION

The Fonds offers three compensation plans for which payment is based on Class A shares. Share allocation plan This plan, offered to employees who do not participate in the other plans, provides for the annual issuance of 20 or 50 shares, based on the number of years of service. The shares are vested upon their issuance to the employee by the Fonds. During the six-month period ended November 30, 2018, the Fonds issued 24,092 shares (November 30, 2017: 22,895 shares) under this plan.

Share purchase plan This plan allows certain executives to purchase shares of the Fonds and, for each share purchased, the Fonds issues to such executive one share, up to a maximum annual value of $6,250. The shares are vested upon their issuance to the executive by the Fonds. During the six-month period ended November 30, 2018, the Fonds issued 2,208 shares (November 30, 2017: 1,056 shares) under this plan.

Share award plan This plan, offered to certain executives, provides for the award of rights to acquire shares for each financial year the Fonds meets a minimum comprehensive income threshold of $50 million. The number of shares underlying the granted rights is determined using a maximum percentage of 10% of the target rate for the executive’s salary grade, divided by the share value at the time of the grant. The awarded rights are vested at the end of the three-year period following the award date if the executive remains employed by the Fonds during such vesting period or, in the event of an eligible departure, such as retirement, proportionally to the vesting period completed at the time of departure. Once vested, these rights are converted into shares at the then prevailing share value. The following table presents the reconciliation of the shares underlying the outstanding rights to acquire shares awarded under the share award plan:

For the six-month periods ended November 30 (in shares) 2018 2017

Outstanding at beginning 2,454 - Awarded 5,334 2,454

Outstanding at end 7,788 2,454

As at November 30, 2018, the carrying amount of the liability for the share award plan was $0.08 million. (May 31, 2018: $0.02 million).


NET ASSETS (CONTINUED)

SHARE-BASED COMPENSATION (CONTINUED)

The following table presents the compensation expense recognized for plans for which payment is based on shares:

For the six-month periods ended November 30 (in thousands $) 2018 2017

Share allocation plan 419 405 Share purchase plan 90 40 Share award plan 51 17

560 462

NET ASSETS – CLASS A

Series 1 Series 2 Subscribed Total (in thousands) Number $ Number $ $ $

November 30, 2017

Net assets as at May 31, 2017 342,794 12,983,762 3,470 131,443 1,162 13,116,367 Net income 495,534 5,105 500,639 Other comprehensive income 5,341 55 5,396 Share issues 8,573 321,485 170 6,356 327,841 Net change in share subscriptions 653 653 Share redemptions (6,888) (259,454) (90) (3,377) (262,831) Change in outstanding redemptions 220 7,262 7,262

Net assets as at November 30, 2017 344,699 13,553,930 3,550 139,582 1,815 13,695,327

November 30, 2018

Net assets as at May 31, 2018 348,107 14,178,746 3,682 149,966 364 14,329,076 Net income 295,414 3,240 298,654 Other comprehensive income 15,195 164 15,359 Share issues 10,280 415,109 192 7,722 422,831 Net change in share subscriptions (364) (364) Share redemptions (6,887) (279,316) (92) (3,722) (283,038) Change in outstanding redemptions (50) (2,833) (2,833) Net assets as at November 30, 2018 351,450 14,622,315 3,782 157,370 - 14,779,685


18. CAPITAL DISCLOSURES The Fonds collects capital to make development capital investments in keeping with its mission, while maintaining the liquidities required to satisfy the share redemption requests submitted by shareholders and meet its commitments. The Fonds’ policy is to reinvest all income generated by its operations, and it does not expect to pay dividends to its shareholders. The Fonds is not subject to externally imposed capital requirements other than those governing share issues and redemptions.

EXTERNALLY IMPOSED REQUIREMENTS GOVERNING SHARE ISSUES

Investment rule The Fonds may make development capital investments in any business enterprise with or without security. However, at the end of each financial year, qualified development capital investments must meet the investment rule minimum threshold as prescribed by the Fonds’ Incorporation Act. As at May 31, 2018, the minimum threshold was 63% (May 31, 2017: 62%). The investment rule threshold is gradually raised (by 1% per year starting with the financial year ending May 31, 2016) to 65% in financial year ended May 31, 2020. Accordingly, the investment rule minimum threshold as at May 31, 2019 will be 64 %. If the Fonds fails to reach this threshold, the share issues giving rise to labour-sponsored fund tax credits for the following financial year are limited to a prescribed percentage of the total value of shares in the preceding financial year, except for shares acquired through payroll deductions and employer contributions stipulated in agreements concluded at the end of the preceding financial year. The percentage under the investment rule was 67.7% as at May 31, 2018 (May 31, 2017: 65.7%). Since the minimum threshold of the investment rule was reached as at May 31, 2018, the amount of share issues giving rise to labour-sponsored fund tax credits for the financial year ending May 31, 2019 will not be limited by the investment rule.

EXTERNALLY IMPOSED REQUIREMENTS GOVERNING SHARE REDEMPTION

The Taxation Act (Québec) provides for the payment of a penalty by the Fonds when the total amount paid for purchases by mutual agreement made during a financial year exceeds 2% of paid-up capital, with certain criteria for purchases by mutual agreement being excluded from the calculation. Since this provision has been in effect, the Fonds had always complied with this limit.

19. CONTINGENCIES In the normal course of business, the Fonds is party to claims and litigations that could result in losses. A contingent loss is recognized when it is likely and can be estimated. Management believes that the aggregate amount of other contingent losses would not have a material adverse effect on the Fonds’ financial position.

20. TOTAL OPERATING EXPENSES For the six-month periods ended November 30 (in thousands $) 2018 2017

Salaries and benefits 54,824 50,194 Advertising and information 9,065 10,444 Professional fees 8,113 8,580 Occupancy expenses and rent 5,162 5,320 Licenses, market data and office expenses 4,257 3,242 Management fees 3,404 4,064 Travel and entertainment 1,841 1,721 Shareholder reporting costs 1,259 1,724 Custodial fees and trustee’s fees 687 559 Depreciation of property and equipment 1,853 1,584 Amortization of intangible assets 746 1,298

91,211 88,730


21. INCOME TAXES For purposes of the Income Tax Act (Canada), the Fonds is subject to the rules applicable to mutual fund corporations. As such, the Fonds can receive a refund of the income taxes paid on its capital gains by redeeming its shares or by increasing its issued and paid-up capital through transfers. Since these income taxes are refundable and that, in management’s opinion, the issued and paid-up share capital will be increased sufficiently to recover them, these income taxes are not presented in the Statements of Comprehensive Income, but are presented as a deduction from income taxes payable. The balance of these refundable taxes nil as at November 30, 2018 (May 31, 2018: $59.8 million) is presented under Other assets. The Fonds, as a private company under the Income Tax Act (Canada), can receive a refund of a portion of the income taxes paid on its investment income through the refundable dividend tax on hand (RDTOH). The RDTOH is recoverable by increasing the issued and paid-up share capital through a transfer from retained earnings. This tax was applied against income taxes payable following transfers approved by the Board of Directors during the period. Under the Taxation Act (Québec), the Fonds is an open-ended investment company. As such, the Fonds can, in calculating its Québec taxes, deduct taxable capital gains from its taxable income. Consequently, capital gains realized by the Fonds are not subject to taxes in Québec. Income taxes on income are detailed as follows:

For the six-month periods ended November 30 (in thousands $) 2018 2017 Current 6,350 9,558 Deferred 2,750 (1,558) 9,100 8,000

The above income taxes are different from the amounts that would be obtained by applying the combined basic tax rate (Québec and federal) to income before income taxes. The difference is explained as follows:

For the six-month periods ended November 30 (in thousands $) 2018 2017 Income before income taxes 307,754 508,639 Tax rate to which the Fonds is subject 50.3% 50.4% Income taxes 154,800 256,354

Non-taxable dividends and distributions (44,350) (36,162) Refundable dividend tax on hand (17,755) (13,208) Realized and unrealized capital gains (losses) Non-taxable portion and federal rate difference (52,031) (121,986) Refundable federal tax (23,883) (55,901) Québec tax deduction (9,945) (23,478) Other items 2,264 2,381 9,100 8,000

Items giving rise to deferred income tax liabilities are as follows:

(in thousands $) November 30, 2018 May 31, 2018 Development capital investments (21,703) (17,068) Investment property (1,734) (2,176) Property and equipment and intangible assets (3,449) (3,063) Net defined benefit liability 12,756 15,051 Other (539) (943) (14,669) (8,199)


22. POST-EMPLOYMENT BENEFITS The Fonds offers defined benefit pension plans and a post-employment insurance plan to eligible employees. The defined benefit obligation of these plans, as measured by independent actuaries, and the fair value of plan assets are determined as at November 30, 2018.

DEFINED BENEFIT PENSION PLANS

The pension plans provide retirement benefits that are based on the number of years of service and the average annual salary, which is the highest annualized average salary for 36 consecutive months of service. The Fonds is responsible for these funded and unfunded plans. The Fonds set up retirement committees to manage the plans, and these committees engaged independent investment managers, actuaries and trustees to obtain professional services. Changes in the defined benefit obligation and the fair value of plan assets during the period are as follows:

For the six-month periods ended November 30 2018 2017

(in thousands $)

Present value of pension obligation

Fair value of plan

assets

Net defined benefit liability

Present value of pension obligation

Fair value of plan assets

Net defined benefit liability

Balance at beginning of period (374,572) 303,083 (71,489) (341,715) 274,773 (66,942)

Current service cost (12,481) (12,481) (9,249) (9,249) Interest (6,792) (6,792) (6,160) (6,160) Interest income 5,328 5,328 4,810 4,810 Impact on net income (19,273) 5,328 (13,945) (15,409) 4,810 (10,599)

Remeasurements

Return on plan assets, excluding

interest income (11,905) (11,905)

6,703 6,703 Gain (loss) arising from changes in

financial assumptions 30,660 30,660

Impact on other comprehensive income 30,660 (11,905) 18,755

6,703 6,703

Fonds contributions 6,763 6,763 5,928 5,928 Employees contributions (3,381) 3,381 - (2,881) 2,881 - Benefits paid 3,723 (3,723) - 2,985 (2,985) - 342 6,421 6,763 104 5,824 5,928

Balance at end of period (362,843) 302,927 (59,916) (357,020) 292,110 (64,910)

As at November 30, 2018, the weighted average duration of the defined benefit obligation for defined benefit pension plans is 17.5 years (November 30, 2017: 18.3 years). During the next twelve months, the Fonds expects to contribute approximately $12.8 million to these pension plans.


POST-EMPLOYMENT BENEFITS (CONTINUED)

POST-EMPLOYMENT-INSURANCE PLAN

The post-employment insurance plan provides prescription drug insurance and other insurance products up to a maximum annual premium amount. This plan is unfunded. Changes in the defined benefit obligation, which is equal to the defined benefit liability, during the period are as follows:

For the six-month periods ended November 30

2018 2017

(in thousands $) Present value of obligation and net defined benefit liability Balance at beginning of period (5,694) (5,437) Current service cost (97) (97) Interest (100) (96) Impact on net income (197) (193) Remeasurements Impact on other comprehensive income resulting from

gain (loss) arising from changes in financial assumptions

324

Benefits paid 65 68 Balance at the end of period (5,502) (5,562)

As at November 30, 2018, the weighted average duration of the defined benefit obligation for post-employment insurance plan is 14.3 years (November 30, 2017: 14.8 years). During the next twelve months, the Fonds expects to contribute approximately $0.1 million to this insurance plan.

SIGNIFICANT ACTUARIAL ASSUMPTIONS

The significant actuarial assumptions used to measure the Fonds’ defined benefit obligation and the costs recognized for the plans are as follows:

November 30, 2018 November 30, 2017

(in %) Pension plans Insurance plan Pension plans Insurance plan Defined benefit obligation Rate at end of period Discount rate 4.00 3.90 3.50 3.50 Rate of increase in salaries 3.50 3.50 Mortality table CPM 2014 CPM 2014 CPM 2014 CPM 2014

Defined benefit costs recognized

Rate at end of previous year Discount rate 3.50 3.50 3.50 3.50 Rate of increase in salaries 3.50 3.50 Mortality table CPM 2014 CPM 2014 CPM 2014 CPM 2014

The Fonds set the maximum annual amount it will assume per retiree under the insurance plan and does not expect any increases in that amount in the future.


POST-EMPLOYMENT BENEFITS (CONTINUED)

SENSITIVITY ANALYSES

The sensitivity analyses for the defined benefit obligation were prepared based on reasonably possible changes in each significant actuarial assumption, without considering the impact of simultaneous changes in several significant actuarial assumptions. Any change in an actuarial assumption may result in a change in another actuarial assumption, which could amplify or reduce the impact of changes in such assumptions on the present value of the defined benefit obligation. Actual results could differ from these estimates.

Impact on the defined benefit obligation as at November 30, 2018 Change in

assumption Increase in assumption

(impact in thousands $) Decrease in assumption

(impact in thousands $)

Discount rate 0.50% (29,111) 30,513 Rate of increase in salaries 0.50% 7,674 (7,234) Life expectancy 1 year 6,577 (6,566)

Impact on the defined benefit obligation as at November 30, 2017 Change in

assumption Increase in assumption

(impact in thousands $) Decrease in assumption

(impact in thousands $)

Discount rate 0.50% (26,204) 29,843 Rate of increase in salaries 0.50% 7,598 (7,560) Life expectancy 1 year 7,446 (7,434)

COMPOSITION OF PENSION PLAN ASSETS

Funded plan assets are held in trust and their breakdown is as follows:

(in %) November 30, 2018 November 30, 2017

Equity mutual funds 62.3 62.4 Bond mutual funds 37.4 37.4 Cash and other 0.3 0.2

100.0 100.0

EXPOSURE TO ACTUARIAL RISKS

As a result of its defined benefit plans, the Fonds is exposed to certain risks, the most significant of which are described below.

Interest rate risk A decrease in fixed-rate bond interest rates, which would decrease the discount rate used, would increase the present value of the defined benefit obligation. This increase would however be partially offset by an increase in the value of plan assets.

Longevity and rate of increase in salaries risk As the majority of the plan obligations relate to the payment of benefits over the retiree’s lifetime, an increase in life expectancy would increase the plan liability. Likewise, an increase in the rate of increase in the participants’ salaries would increase the plan liability.

REMEASUREMENT OF THE NET DEFINED BENEFIT LIABILITY


Actuarial gain (loss) arising from post-employment benefits 19,079 6,703 Deferred income taxes (3,720) (1,307)

15,359 5,396


23. RELATED PARTY TRANSACTIONS

TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL

The Fonds’ key management personnel comprise the members of the Board of Directors and the members of the Management Committee. The following table presents the Fonds’ key management personnel compensation:


Salaries and short-term benefits 1,509 1,418 Post-employment benefits 854 827 Share-based compensation 45 16 Directors’ remuneration and fees1 353 345

2 761 2,606

1. Excludes the directors’ remuneration paid directly to the Fédération des travailleurs et travailleuses du Québec (FTQ) amounting to $0.3 million (November 30, 2017: $0.3 million), which is included in the amount presented in the “Other transactions” section of this note.

TRANSACTIONS WITH RELATED INCLUDED IN DEVELOPMENT CAPITAL INVESTMENTS

In the normal course of business, the Fonds conducts transactions with related companies that it either controls or over which it has significant influence. Many of the development capital investments are of such an amount and nature that the investee is considered a related party. The number of investments in subsidiaries and associates is presented in Note 10. The following table details the transactions carried out with all the subsidiaries and associates of the Fonds during the period and presents the ending balances appearing on the Balance Sheet.

For the six-month periods ended November 30

2018 2017

(in thousands $) Subsi- diaries Associates Total

Subsi- diaries Associates Total

Transactions Interest 4,973 7,768 12,741 5,103 4,899 10,002 Dividends and distributions 6,882 23,355 30,237 5,111 21,316 26,427 Rental, fee and other income 1,765 985 2,750 1,734 691 2,425 Interest expense on notes 11,451 501 11,952 11,661 522 12,183 Total operating expenses 2,660 460 3,120 2,823 1,484 4,307 Increase on notes 52,979 2,950 55,929 74,441 90 74,531 Repayment of notes 116,940 2,690 119,630 99,687 1,640 101,327

Disbursements for development capital investments 10,748 31,817 42,565

4,451 91,857 96,308 Receipts on development capital investments 32,752 50,615 83,367 704 22,726 23,430 November 30, 2018 May 31, 2018 Balances Development capital investments, at cost 1,752,496 1,302 024 3,054,520 1,774,151 1,354,486 3,128,637 Accounts receivable 7,095 15,778 22,873 10,172 12,116 22,288 Accounts payable 125 120 245 66 222 288 Notes 558,899 26,386 585,285 611,408 25,625 637,033 Other information Funds committed but not disbursed 123,540 187,539 311,079 131,359 211,563 342,922

The Fonds engaged one of its associates to manage portfolios with assets amounting $85.4 million (May 31, 2018 : two associates with assets totalling $848.8 million).


RELATED PARTY TRANSACTIONS (CONTINUED)

OTHER TRANSACTIONS

The Fonds, of which directors are elected by the Fédération des travailleurs et travailleuses du Québec (FTQ), agreed to pay $1.4 million to the FTQ for the six-month period ended November 30, 2018 (November 30, 2017: $1.5 million) under an agreement that calls for compensation to be paid for services rendered in respect of economic training, savings market development, attendance at the Fonds’ governing bodies and support and guidance of certain activities. These transactions are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. The Fonds granted non-interest bearing loans of $15 million with a fair value of $10.7 million (May 31, 2018: $10.8 million) to the Fonds étudiant solidarité travail du Québec (FESTQ), which are considered related to the Fonds because the Fonds appoints some of their directors together with the Government of Québec. The Fonds granted a non-interest bearing loan of $5 million with a fair value of $3.3 million (May 31, 2018: $3.3 million) to Fiducie Montréal inc., which is considered related to the Fonds because the Fonds appoints some of its directors. These loans are presented under Accounts receivable on the Balance Sheet.

24. ADDITIONAL INFORMATION The audited Statement of Development Capital Investments, at Cost, the unaudited Relevé des autres investissements and the unaudited Index of the Share of the Fonds in Investments Made by the Specialized Funds, at Cost are available at the Fonds’ head office, on its website at fondsftq.com or at sedar.com.

INTERIM MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE SIX-MONTH PERIOD ENDED NOVEMBER 30, 2018

FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.) 1 Interim Management Discussion and Analysis for the six-month period ended November 30, 2018

INTERIM MANAGEMENT DISCUSSION AND ANALYSIS FOR THE SIX-MONTH PERIOD ENDED NOVEMBER 30, 2018

This interim Management Discussion and Analysis (“MD&A”) is intended to help the readers assess, through the eyes of management, the Fonds de solidarité FTQ’s (the “Fonds”) results and financial condition as well as the material changes therein during the six-month period ended November 30, 2018. The interim MD&A complements and supplements the financial statements as at November 30, 2018 and contains financial highlights, but does not contain the financial statements of the Fonds. For ease of understanding, this interim MD&A should be read in conjunction with the financial statements and the notes thereto.

This MD&A contains forward-looking statements that should be interpreted with caution. These statements necessarily involve assumptions, uncertainties and risks; it is therefore possible that, due to a number of factors, they will not materialize. Legislative or regulatory changes, economic and business conditions and the level of competition are examples of major factors that may influence, sometimes significantly, the accuracy of the forward-looking statements in this MD&A. This MD&A is dated December 20, 2018.

The Fonds is subject to the Regulation Respecting Development Capital Investment Fund Continuous Disclosure (the “Regulation”) and, as such, applies the requirements of this Regulation, notably to its financial statements and its interim MD&A.

You can get a copy of the financial statements as at November 30, 2018 and a copy of the annual documents, at no cost, as follows:

• by visiting our website (fondsftq.com) or the SEDAR website (sedar.com)

• at your request:

o by calling Saving Services at 514 383-3663 or toll free at 1 800 567-3663;

o by writing us at P.O. Box 1000, Chabanel Station, Montréal, Québec H2N 0B5.


FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Fonds and are intended to help you understand the Fonds’ financial performance for the past five financial years and the six-month period ended November 30, 2018. This information is derived from the Fonds’ audited financial statements, and financial data are in accordance with International Financial Reporting Standards (“IFRS”). Financial data for the financial year ended May 31, 2014 have been restated in accordance with IFRS. The Fonds’ results are discussed under “Results of operations” on page 5.

RATIOS AND SUPPLEMENTAL DATA Six-month period or years ended

(in millions of dollars, unless otherwise specified)

November 30, 2018

(six-month period)

May 31, 2018

May 31, 2017

May 31, 2016

May 31, 2015

May 31, 2014

Revenues 399 1,206 1,269 691 1,149 940 Net incomea 299 1,001 1,081 513 985 772 Comprehensive incomea 314 1,006 1,085 498 992 773 Fair value of development capital investmentsb 9,740 9,288 8,483 7,571 7,112 6,415 Net assets 14,780 14,329 13,116 11,750 11,150 10,131 Issues of shares 423 833 900 774 667 787 Redemption of shares 283 626 614 678 643 730 Class A shares outstanding (number, in thousands) 355,232 351,789 346,264 338,320 335,197 334,234 Number of shareholders (number) 667,417 c 667,417 645,664 618,551 610,605 613,958 Total operating expense ratiod (%) 0.62 1.38 1.35 1.36 1.36 1.51 Trading expense ratioe (%) 0.00 0.01 0.02 0.01 0.01 0.02 Portfolio turnover ratef:

Development capital investments (%) Other investments (%)

4.27

39.09

12.22 69.90

6.39

62.92

9.92

97.18

6.05

119.55

7.14

167.36

a Net income corresponds to revenues less total operating expenses and income taxes. Comprehensive income is obtained by deducting (adding) the remeasurement of the net defined benefit liability from (to) net income.

b These investments include funds committed but not disbursed as well as guarantees and suretyships.

c As at May 31, 2018.

d Total operating expense ratio is obtained as follows: for a six-month period, by dividing total operating expenses for the six-month period presented in the Statements of Comprehensive Income by the net assets attributable to security holders of the Fonds at the end of the six-month period; for a year, by dividing total operating expenses for the year presented in the Statements of Comprehensive Income by the average net assets attributable to the security holders of the Fonds for the year. Average net assets correspond to the average of net assets at the end of the interim period and net assets at the end of the financial year. The total operating expense ratio for the six-month period ended November 30, 2018 is presented on a non-annualized basis.

e Trading expense ratio is obtained as follows: for a six-month period, by dividing transaction costs for the six-month period by the net assets attributable to security holders of the Fonds at the end of the six-month period; for a year, by dividing transaction costs for the year by the average net assets attributable to security holders of the Fonds for the year.

f Portfolio turnover rate reflects the number of changes made to portfolio composition. For example, a portfolio turnover rate of 100% would mean that the Fonds purchased and sold all the securities in its portfolio once during the period. There is not necessarily a relationship between a high turnover rate and portfolio performance. The portfolio turnover rate for the six-month period ended November 30, 2018 is presented on a non-annualized basis.


CHANGE IN NET ASSETS PER SHARE Six-month period or years ended

(in dollars)

November 30,

2018 (six-month

period)

May 31, 2018

May 31, 2017

May 31, 2016

May 31, 2015

May 31, 2014

Net assets per share, beginning of six-month period/yeara 40.73 37.88 34.73 33.26 30.31 27.98

Impact of the transition to IFRS 0.02 Net assets per share, beginning of

six-month period/year after the impact of the transition to IFRSa 40.73 37.88 34.73 33.26 30.31 28.00

Increase from operationsb:

Interest, dividends and distributions, rental, fee and other income and interest on notes 0.59 1.27 1.14 1.09 1.02 1.08

Realized gains 0.12 1.25 0.45 0.51 0.67 0.53

Unrealized gains 0.42 0.94 2.14 0.46 1.74 1.21

Total operating expenses (0.26) (0.56) (0.51) (0.47) (0.44) (0.45)

Income tax (0.02) (0.03) (0.05) (0.07) (0.05) (0.06)

Increase (decrease) from other comprehensive income 0.04 0.01 0.01 (0.04) 0.02 0.01

Variance from issues and redemption of shares (0.01) (0.03) (0.03) (0.01) (0.01) (0.01)

Net assets per share, end of six-month period/yeara 41.61 40.73 37.88 34.73 33.26 30.31

a Net assets per share is based on the actual number of shares outstanding at the relevant time.

b The increase from operations is based on the weighted-average number of shares outstanding during the relevant six-month period or financial year.

ECONOMIC CONDITIONS AND OUTLOOK Based on International Monetary Fund (“IMF”) forecasts, growth in global gross domestic product (“GDP”) for 2018 will be 3.7%, which is stable compared to 2017 (3.7%). The IMF reduced the 2018 forecast growth rate for emerging countries from 4.9% to 4.7% to reflect, in particular, tighter financial conditions in Latin America and stricter regulations on the real estate industry in China, and it maintained the rate for advanced countries at 2.4%. For 2019, the IMF is forecasting global growth to remain at 3.7%. It believes that slowing growth in advanced countries caused by the relaxation of fiscal stimulus programs in the United States and the weakening of the favourable impact of U.S. demand on U.S. trade partners would be offset by accelerating growth in emerging countries.

Europe

According to the IMF, growth in the Eurozone should decelerate in 2018, from 2.4% to 2.0%. It lowered its projections for 2018 by 0.2% and is expecting a 1.9% growth in 2019. After reaching a historical high in January, the PMI indicator, which reflects private sector’s overall activity, continued to decline and recorded in October its lowest level since the end of 2016, which could impact economic activity on the continent. In addition, continued hiring by businesses pushed the Eurozone unemployment rate down 0.1% compared to May 2018 to stand at 8.1% in October, its lowest level since 2008. Core inflation shrank slightly from 1.1% in May to 1.0% in November. In Italy, two populist and non-conformist parties came to power following the March 4 elections, and this will undermine Eurozone cohesion as it will give rise to an increase in the country’s budget deficit. In 2018, the European Central Bank (“ECB”) held its overnight deposit rate steady at 0.40%, but announced at its October meeting that it would continue to compress its quantitative easing program. Monthly bond purchases have gone from €60 billion in January 2018 to €15 billion in October and will be maintained at that level until December 2018. The ECB also confirmed that it will halt this program by the end of December.


In the United Kingdom, Brexit talks with Brussels seem to be at an impasse, despite the nearing deadline for an agreement on the terms of the country’s withdrawal from the Eurozone, set for March 29, 2019. This imminent exit undermines the country’s economic growth, which slipped from 1.8% in 2016 to 1.7% in 2017, leading to a depreciation of the pound sterling since April. The IMF is forecasting growth of only 1.4% in 2018. The Bank of England increased its key rate to 0.75% at its August 2 meeting. Based on market indications, a third hike is likely in 2019, but depends on the terms of the United Kingdom’s exit from the Eurozone.

United States

U.S. economic growth continued to accelerate in 2018 compared to 2017: according to the IMF, it will climb from 2.2% to 2.9%. This acceleration was driven by the tax reform adopted by Congress in December 2017, which stimulated consumption and business investment. Financial conditions are tightening1, but continue to be favourable, while consumer confidence indicators are at record highs. In contrast, the business leader confidence indicator began to drop, reaching a two-year low. For 2019, the IMF is forecasting that growth will slow down and stand at 2.5%.

President Trump began the second year of his term by adopting protectionist measures to protect the steel and aluminum industry, which are still in effect for Canada, Mexico, Japan and European countries. Following tense negotiations in September, his administration showed some flexibility towards Canada to arrive at an agreement on a redesigned NAFTA, renamed the United States-Mexico-Canada Agreement (“USMCA”). The White House also intensified protectionist measures against China by announcing tariffs on a series of imported goods valued at US$200 billion, which are in addition to those previously announced at the beginning of the year. China responded with its own tariffs on U.S. imports. The White House threatened to take additional measures on the remaining Chinese imports that have not yet been targeted, which are valued at US$257 billion. Following a meeting during the G20 Summit, on December 1, Beijing and Washington announced a 90-day trade truce to continue their discussions. During this truce, the White House will not increase tariffs and will not announce any new measures on Chinese imports. In addition, the U.S. President began free trade negotiations with Europe and Japan, and should soon do so with the United Kingdom. Although a trade war between the two largest global economies is well underway, President Trump is trying to mitigate the risk of a trade war with important U.S. allies.

In November 2018, the U.S. unemployment rate was 3.7% compared to 3.8% in May 2018, its lowest level since 1970. The labour force participation rate slightly increased from 62.7% to 62.9% during this period. Economists are expecting the unemployment rate to continue to fall slightly to 3.6% in 2019 and modestly increase in 2020. The inflation rate slipped from 2.8% in May 2018 to 2.5% in October 2018, which did not prevent the U.S. Federal Reserve (the “Fed”) from raising its key rate from 2.00% to 2.25% in September and then to 2.50% in December 2018. The Federal Open Market Committee is encouraged by the U.S. economy’s solid outlook despite recent volatility in stock markets and the protectionist policies of the Trump administration. Economists are forecasting two additional key rate hikes by the end of 2019. The majority that Democrats won in the House of Representatives following the mid-term elections will significantly impact President Trump’s initiatives and any flexibility he might enjoy. In the long term, this development could be viewed negatively by market participants due to the prospects of legislative gridlock.

Canada

The IMF is forecasting that Canadian economic growth will decelerate in 2018 compared to 2017, going from 3.0% to 2.1%. For 2019, the IMF is expecting growth to be less than 2.0%. This deceleration is driven by the sharp decrease in the contribution from personal consumption, while the contribution from investments and government spending increased. In fact, the high level of Canadian household debt and the increase in the key rate by the Bank of Canada are holding consumers back. Furthermore, the real estate sector’s contribution to GDP decreased, in particular due to the new restrictions on uninsured mortgage lending and laws passed by provincial governments to curb speculation and demand from foreign buyers. Since this summer, residential housing starts were down compared to the beginning of the year, which suggests a weaker contribution to the economy from this sector.

The unemployment rate decreased from 5.8% in May to 5.6% in November, thus reaching its lowest level since this economic indicator was created, in 1976. The labour force participation rate increased slightly by 0.1% from 65.3% in May, which was its lowest level since 1999, and this mitigates the favourable impact of a low unemployment rate. Inflation climbed from 2.2% in May to 3.0% in July and was 2.4% in October. The economic growth outlook convinced the Bank of Canada to raise its key rate in July

1 According to the Bloomberg U.S. Financial Conditions Index, which monitors changes in the overall level of financial stress in the U.S. money, bond and stock markets to assess the availability and cost of credit.


and in October, bringing it to 1.75%, its fifth increase since July 2017. Economists are expecting at least three new increases in 2019. The Bank of Canada remains concerned by the economy’s sensitivity to interest rate increase given household debt as well as business investment levels considering the competitiveness challenges facing the country and falling benchmark prices for western Canadian oil. That being said, the conclusion of an agreement on the USMCA reduces, for the Bank of Canada, the uncertainty surrounding trade in North America.

Stimulated by recent key rate hikes, short-term (2 years) and long-term (10 years) interest rates in Canada rose between May 31, 2018 and November 30, 2018, going from 1.92% to 2.16% and 2.24% to 2.27%, respectively. During the same period, provincial and investment-grade corporation credit spreads widened by approximately 11 basis points (“bp”) and 25 bp on average for 5- to 10-year securities, respectively. The market correction that occurred in October and continued in November therefore had an effect on credit spreads. The Canadian dollar depreciated slightly against the U.S. dollar, from US$0.77 on May 31, 2018 to US$0.75 on November 30, 2018.

Québec

Economic growth is expected to decelerate in 2018 in Québec following impressive growth in 2017. The Minister of Finance of Québec is forecasting a 2.5% growth in 2018, compared to 2.8% in 2017, which was the largest increase in GDP in 15 years. For 2019, the Minister is expecting a 1.8% growth. In the October 1 elections, François Legault’s political party, the Coalition Avenir Québec (“CAQ”), won a parliamentary majority at the National Assembly. In its economic update, the new government announced that it will accelerate repayment of debt by using the Generations Fund in order to reduce gross debt to 45% of GDP five years earlier than planned. It also increased the surplus figures for the current year and the coming year. Québec’s unemployment rate remained almost steady over the last six months and stood at 5.4% in November. Although the real estate sector seems to be declining in certain regions of Canada, it is fairly stable in Québec with housing starts growing 1.1% since January 2018. The conclusion of an agreement on the USMCA removes some uncertainty surrounding trade with the United States, even though duties continue for now to be imposed on lumber, steel and aluminum.

The Fonds will certainly continue to play a major role, particularly by contributing to creating and maintaining quality jobs in Québec and by working with Québec companies that are looking to innovate and willing to expand abroad while generating economic spinoffs for Québec.

Conclusion

In general, 2018 was characterized by weaker economic growth for emerging and developed countries, except the United States, compared to 2017. This, combined with interest rate increases, has raised uncertainty in the stock markets. Democrats gaining control of the House of Representatives following the mid-term elections will have a determining effect on many policies that President Trump would want to implement, including new tax cuts and protectionist measures. The Fonds, like other financial institutions, is continuously monitoring the situation to anticipate risks that could negatively impact its return.

MANAGEMENT DISCUSSION OF FINANCIAL PERFORMANCE

RESULTS OF OPERATIONS

FONDS RESULTS

For the six-month period ended November 30, 2018, the Fonds posted comprehensive income of $314 million, compared to $506 million for the corresponding period of the prior year. The return to the shareholder for the six-month period was 2.2%, compared to 3.8% for the corresponding period of the prior year. The return to the shareholder for the last 12 months was 5.8%. This six-month period return is mainly explained by the solid performance of the private securities and specialized funds portfolio in a favourable economic and commercial period, as demonstrated by the main economic indicators, and despite the stock market performance. The Other Investments portfolio was negatively affected by the decline in Canadian stock markets and the increase in interest rates. The Fonds’ net assets amounted to $14.8 billion as at November 30, 2018 compared to $14.3 billion as at May 31, 2018. The value of the Fonds’ shares increased by $0.88 compared to the value announced on July 5, 2018 to stand at $41.61 as at January 5, 2019.


As a result of its mission, a significant portion of the Fonds’ portfolio is comprised of private securities and specialized funds. In general, the Fonds’ asset allocation tends to limit its return potential in a bull market, while it tends to limit its loss potential in a bear market.

RETURN BY SECTOR

Six-month periods ended November 30

2018

2017 Assets under

management* $M

Weight

%

Gross return

%

Assets under management*

$M

Weight

%

Gross return

%

Development capital investments Private securities and specialized funds 6,755 45.5 8.9

6,044 43.9 5.8 Listed securities 1,475 10.0 (9.1) 1,425 10.4 9.2 8,230 55.5 5.2 7,469 54.3 6.4

Other investments** Fixed-income securities 3,208 21.6 0.1 3,116 22.7 (0.2) Shares and other securities 3,387 22.9 (0.5) 3,166 23.0 4.9

6,595 44.5 (0.2) 6,282 45.7 2.4

14,825 100.0 2.7 13,751 100.0 4.5

* Assets under management refer to the fair value, at the end of the six-month period, of the assets managed by the Investments and Other Investments sectors and used to generate revenues presented in the Statements of Comprehensive Income. This amount differs from the amount of assets presented in the financial statements, which includes, unlike assets under management, notes from the liquidity surpluses of regional, local and real estate funds and some other specialized funds.

** Other investments represent the remaining assets not invested in partner companies. Managed by the Other Investments sector, they consist of the following portfolios: cash and money market, bonds, shares and other securities, including international infrastructure funds.

SECTOR RESULTS

Investments Sector

The assets managed by the Investments sector are essentially mission-driven development capital investments made by the Fonds in public and private companies in the form of shares, units or loans. To stabilize its return, the Fonds favours a fair balance between investments in the form of loans—that are usually unsecured and provide a current return through interest payments—, investments in shares—that potentially generate a higher return but involve an increased level of volatility—, and investments in specialized fund units—that better diversify the Fonds’ portfolio while bringing private and foreign capital inflows to Québec. Development capital investments are governed by the Fonds’ Investment Policy, which is an important component of its Integrated Financial Assets Management Policy.

The Investments sector earned a gross return of 5.2% for the six-month period, compared to a gross return of 6.4% generated for the corresponding period of 2017. Taking into account this return and given the level of mission-driven investments made by the Fonds, the assets in this sector represented $8.2 billion at the end of the six-month period or 55.5% of assets under management as at November 30, 2018 (respectively, $7.5 billion and 54.3% as at November 30, 2017).

The performance of the Investments sector is influenced by various factors, particularly the behaviour of the financial markets as well as the economic and business conditions in which our partner companies operate, and by the dynamic management of our investments. The gross return of 5.2% of the Investments sector for this six-month period is largely explained by the following:

• The gross return of 8.9% generated by the private securities and specialized funds portfolios during the six-month period (compared to 5.8% for the corresponding period in 2017). This performance is essentially attributable to the gain (realized and unrealized) generated during the six-month period in a solid economic growth environment in Québec as well as interest revenues, dividends and distributions;

• The negative gross return of 9.1% generated during the six-month period by the listed securities portfolios (compared to the positive gross return of 9.2% for the corresponding period in 2017). The performance for the six-month period is explained by negative returns on the securities of a number of Québec-based companies resulting from unfavourable stock market conditions in Canada.


Other Investments Sector

The Other Investments sector manages the Fonds’ assets that are not invested in partner companies. Other investments consist of the following portfolios: cash and money market, bonds, shares and other securities, including international infrastructure funds. Other investments are managed in accordance with the Other Investments Portfolio Policy, which is an integral part of the Integrated Financial Assets Management Policy. The Other Investments Portfolio Policy is designed to optimize the risk-return profile of the Fonds, diversify the Development Capital Investments portfolio and ensure that the Fonds maintains a sufficient level of liquidities to meet all its obligations.

For the six-month period, the Other Investments sector recorded a negative gross return of 0.2%, compared to the positive gross return of 2.4% recorded for the corresponding period in 2017. The assets of this sector amounted to $6.6 billion, or 44.5% of the Fonds’ assets under management as at November 30, 2018 (respectively, $6.3 billion and 45.7% as at November 30, 2017).

The evolution of bond interest rates (Canada bond rates and credit spreads) and exchange rates as well as stock market performance are determining factors in analyzing the performance of the Other Investments sector. Results for this sector are influenced by the behaviour of the financial markets and the conditions affecting the economic environment. The negative gross return of 0.2% of the Other Investments sector for the six-month period is mainly explained by the following:

• The poor performance of Canadian stock markets, which contributed to the negative gross return of 0.5% on the shares and other securities portfolios, compared to a positive gross return of 4.9% for the corresponding period of the prior year. The return for the six-month period is explained by the negative return on Canadian shares, while global shares generated a positive return, helped by the performance of thelow-volatility shares portfolio’s and the depreciation of the Canadian dollar against the U.S. dollar (favourable impact on the global shares return translated into Canadian dollars);

• The positive gross return of 0.1% on fixed-income securities portfolios for the six-month period, compared to the negative gross return of 0.2% for the corresponding period in 2017. The return for this six-month period is essentially explained by a decrease in the bonds’ value held in the portfolios caused by an increase in interest rates in Canada, offset by interest revenues generated by the portfolios.

TOTAL OPERATING EXPENSES

Total operating expenses consist mainly of expenses related to assets under management, shareholder services, subscription activities, economic training, systems and controls, including their improvement, the investing process in companies, personnel and all other resources the Fonds requires to achieve its mission and meet its objectives. Although it is essential that the Fonds has available resources to achieve its mission, it is also fundamental that it controls its expenses. On average, the Fonds was able to maintain its total operating expense ratio at a lower level than the management expense ratio of Canadian balanced funds2, which stands at approximately 1.1% on a six-month basis.

For the six-month period ended November 30, 2018, the ratio of total operating expenses to average net assets attributable to security holders of the Fonds, calculated using the method prescribed by the Regulation, was 0.6% (0.6% for the corresponding period in 2017). Expressed in dollars, total operating expenses amounted to $91 million for the six-month period ended November 30, 2018, up $2 million compared to the corresponding period of the prior year. This increase results essentially from the implementation of the main strategic orientations of the Fonds (attributable to the hiring of new personnel, among other factors) as well as budgeted salary and employee benefits increases.

ANALYSIS OF CASH FLOWS, BALANCE SHEET AND OFF-BALANCE SHEET ITEMS

Cash Flows

Cash flows from operating activities of the Fonds were a net cash outflow of $123 million for the six-month period, compared to a net cash outflow of $78 million for the corresponding six-month period in 2017. Changes in these cash flows mainly resulted from our current operations.

Cash flows from financing activities of the Fonds were a net cash inflow of $139 million for the six-month period, compared to a net cash inflow of $66 million for the corresponding six-month period in 2017. These cash flows for the two six-month periods

2 Source: Bloomberg (based on a sample of 185 Canadian retail balanced funds).


resulted from issues of shares amounting to $421 million3 ($329 million for the corresponding six-month period in 2017), less redemptions of shares of $282 million4 ($263 million for the corresponding six-month period in 2017). Cash flows from capital investing activities were a net cash outflow of $11 million for the six-month period, compared to a net cash outflow of $6 million for the corresponding six-month period in 2017.

As at November 30, 2018 and May 31, 2018, the Fonds had a $60 million line of credit available for its working capital requirements. This line of credit was not drawn during the six-month period ended November 30, 2018 and the year ended May 31, 2018, and the line of credit outstanding balance was nil as at November 30, 2018 and May 31, 2018.

Balance sheet and off-balance sheet items

Development capital investments shown on the balance sheet increased from $8.3 billion as at May 31, 2018 to $8.7 billion as at November 30, 2018. This $440 million growth mainly resulted from the increase in value of development capital investments during the six-month period and net investments of $115 million (investments of $457 million less divestitures of $342 million).

On a commitment basis, the Fonds made development capital investments of $464 million during the six-month period, compared to $526 million for the corresponding period of the prior year. Funds committed but not disbursed amounted to $1,017 million as at November 30, 2018 ($1,006 million as at May 31, 2018).

In addition, other investments shown on the balance sheet decreased by $84 million during the six-month period to $6.5 billion as at November 30, 2018 ($6.6 billion as at May 31, 2018). This decrease is mainly due to the poor performance of Canadian stock markets, which had a negative impact on the market value of the Other Investments portfolio.

As part of managing its assets, the Fonds may use derivative financial instruments to facilitate the management of portfolios, increase its revenues, manage its market risks, modify asset allocation and manage foreign exchange hedging. The use of derivative financial instruments is governed by a guideline and risk budgets.

MISSION OF THE FONDS, OBJECTIVES AND STRATEGIES Since the most recent annual MD&A as at May 31, 2018, there have been no material changes to the Fonds’ mission, objectives, business model and strategies.

REPORT ON OPERATIONS The Savings Market Development Sector

The first six-months of the 2018-2019 financial year saw an increase in all automatic subscription indicators. Enrolment in the Fonds’ for automatic savings increased 20% over the corresponding period in 2017. The Fonds also recorded a 19% increase in conversions to payroll deduction.

Subscriptions through automatic savings since June 1, 2018 amounted to $304 million, up $51 million from the corresponding period in 2017. This is the result of the ongoing efforts of the local representatives network and the subscription team. In addition, VSRP-related activities prompted 162 new employers to offer payroll deduction to comply with the provisions of the Voluntary Retirement Savings Plans Act that apply to companies with 10 to 19 employees. Adding to this lump-sum subscriptions, which were $119 million, subscriptions for the six-month period totaled $423 million ($328 million for the corresponding period in 2017).

With regard to our objective of attracting younger savers to the Fonds, 55% of new shareholders were under age 40 and the average age of new shareholders for the six-month period was 38 years. It is important to underscore that we have adopted a new ongoing campaign strategy to give us the opportunity to engage with members of the age 18-40 target group throughout the year. In addition, we are also capitalizing on a better saver experience at the Fonds as a way to retain existing savers.

3 This amount is presented on a cash basis and therefore includes the net change in share subscriptions between May 31, 2018 and November 30, 2018.

4 This amount is presented on a cash basis and therefore includes the net change in amounts payable between May 31, 2018 and November 30, 2018.


Lastly, the volume of redemptions for the six-month period was $283 million ($263 million for the corresponding six-month period in 2017).

The Investments Sector

During the six-month period, the Fonds made investments that contributed to creating, maintaining or protecting quality jobs in various sectors of the Québec economy. The Fonds continues to play an active role in developing and growing Québec companies. Accordingly, during the six-month period, the Fonds invested $464 million ($526 million for the corresponding period in 2017) on a commitment basis to support development projects in the Québec economy. Here are a few examples of the Fonds’ contribution to Québec’s economic development during the six-month period.

The Fonds recently announced a major investment of $55.8 million in Ocean Group, a Québec leader in maritime services. This investment will help this company continue expanding in Canada, ensure its continuing worldwide development and acquire new equipment. Through its ownership interest, the Fonds is supporting Ocean Group’s growth by giving it the means to pursue its ambitions.

The Fonds reinvested $20 million in IPL Plastics, a flagship of the Québec manufacturing industry, as part of the company’s return to the stock market through an IPO. The company is a leading supplier of sustainable packaging products that has a solid growth track record. It manufactures specialized packaging products primarily for the food, consumer, agriculture, logistics and environment industries. The company employs approximately 2,400 people around the world.

The Fonds continues to support the technology sector. LANDR Audio has developed a digital platform for musicians that offers smart mastering, collaboration, digital distribution and promotion services for music creation at the international level. The technological foundation for this platform is the fruit of over ten years of fundamental research in machine learning and artificial intelligence. The $5 million financing provided by the Fonds will support the working capital of this company, which is accelerating its development. Since the platform’s launch, the company has built a base of over 2 million users who turned to the platform to collaborate, master, distribute and promote nearly 10 million songs. It has 75 employees in Québec, the United States and Europe, and plans to add 10 to 20 more employees within the next 18 months.

The Fonds invested $50 million in Stingray Group as part of its acquisition of NCC, one of Canada’s largest radio broadcasters. The transaction represents Stingray’s entry into the radio broadcasting market, fueling its growth and supporting its business strategy through vertical integration, new revenue streams and advertising revenue synergies. This acquisition enables Stingray to consolidate its position as a leading supplier of musical products and services in Canada. The company also plans to continue building its global reach.

During their first six-month period ended September 30, 2018, the Fonds régionaux de solidarité FTQ invested, on a commitment basis, a total of $61.1 million. Overall, 61 investments were made, including 33 in new companies. Among those, $2 million was invested to support the growth of SMT Hautes Technologies inc., a Laval company specializing in the automated assembly of highly complex electronic circuits. Also to support growth, $1 million was invested in Les Toitures Raymond et Associés inc., a Gatineau general contractor specializing in commercial, industrial, institutional and residential building envelopes (roofs and walls). As part of a $4.3 million to finance research and development, $200,000 was invested in Inno-3B. This company, located in Saint-Pacôme, in the Bas-Saint-Laurent region, manufactures technological growing chambers for vertical farming. An investment of $2 million was made in EBI Électric inc., an electrical contractor of Saint-Georges, in Beauce, which operates in several areas, including industrial electrical installation, control panel manufacturing and industrial process automation.

Since January 1, 2018, Fonds locaux de solidarité FTQ has continued to expand by adding 7 new local solidarity funds (“LSFs”) to its network, bringing the total number to 80 as at November 30, 2108. The new LSFs have already started to invest in their respective regional county municipality (“RCM”). For instance, the RCM de La Côte-de-Gaspé LSF invested $60,000 in Agrès de pêche ACPG inc. only a few days after it was created. Well-established LSFs also continue to lend a hand to support economic development in Québec. With a $50,000 investment in Le Salon Image, in summer 2018, the MTL Grand Sud-Ouest LSF helped consolidating 70 jobs and creating several others. This financing allowed the company, which specializes in photo editing, to increase its working capital to integrate new major customers.

As at October 31, 2018, the Fonds immobilier de solidarité FTQ had authorized 20 new projects, including (i) the Maison Simons multi-service fulfillment centre, in Québec City; (ii) six new residential rental projects under the Axcès Trigone and Viva-Cité banners, which will be carried out with Habitations-Trigone; (iii) Fridöm, in Terrebonne, a residential condominium project that will be built in partnership with Réseau Sélection; and (iv) Magellan, a new residential condominium building, which is part of the major Solar Uniquartier project, in Brossard, and will be served by the future Réseau express métropolitain (“REM”). It also continued


to be committed to the social, community or affordable housing sector, in particular with the implementation of the Fonds d’investissement pour le logement étudiant (“FILE”). This investment brought to $76.3 million the amount dedicated to this sector, which improves quality of life for thousands of Québecers. It also continued promoting its $400 million portfolio dedicated to collective infrastructure projects, such as schools as well as multicultural and sport centres. In fact, it concluded its first investment, which consists in building a horse riding arena in partnership with the Town of Blainville and Médifice.

INTEGRATED MANAGEMENT OF THE FONDS’ ASSETS Since the most recent annual MD&A as at May 31, 2018, there have been no material changes to the integrated management of the Fonds’ assets.

INVESTMENT RULE The investment rule, set out in the Fonds’ Incorporation Act, stipulates that the Fonds’ qualified development capital investments must respect the minimum threshold of the investment rule at the end of each financial year. As at May 31, 2018, this minimum threshold was 63% of the Fonds’ average net assets of the previous financial year. The Fonds may invest the remaining assets in other financial vehicles for asset diversification and sound management purposes. The calculation method for the investment rule is based on the value of the Fonds’ assets, which depends in part on interest rate fluctuations and on stock market performance and the economy in general. It should be noted that it was announced that the investment rule threshold would be gradually raised (by 1% per year starting in 2016) to 65% in 2020.

If the Fonds does not meet the investment rule minimum threshold, issues of shares giving rise to labour-sponsored fund tax credits for the following financial year are limited to a prescribed percentage of the total value of the shares issued during the previous financial year, except for shares acquired through payroll deduction or by employer contributions set out in agreements concluded before the end of the prior year.

As at May 31, 2018, the investment rule percentage was 67.7% (compared to 65.7% as at May 31, 2017). Since the minimum threshold of the investment rule was reached as at May 31, 2018, the amount of share issues giving rise to labour-sponsored fund tax credits for the 2018-2019 financial year will not be limited by the investment rule.

As at November 30, 2018 and May 31, 2018, in addition to the investment rule, the Fonds complied with all other limits and rules set out in its Incorporation Act. The Fonds is expecting to comply with all the limits and rules set out in its Incorporation Act over the next several years.

RECENT DEVELOPMENTS At the Annual General Meeting of Shareholders held on September 29, 2018, the Fonds announced its commitment toward a just energy transition. The Fonds’ action plan has four components: i) reduce carbon footprint of its investments, in particular by reducing, by 2025, carbon intensity of its listed investments by 25%; ii) assist businesses with the transition; iii) invest in a low-carbon economy; iv) take a leadership role in ensuring a just energy transition. The Fonds also announced at that meeting that it will no longer invest in Québec oil exploration and production.


PAST PERFORMANCE This section presents past returns to the shareholder. The past performance of the Fonds does not necessarily indicate how it will perform in the future.

YEAR-BY-YEAR RETURNS TO THE SHAREHOLDER The following chart shows the annual return to the shareholder and illustrates how such return has changed from period to period for the last 10 financial years ended May 31 and the six-month period ended November 30, 2018.

The annual return to the shareholder is calculated by taking into account the non-annualized change in the value per share over the relevant financial year (annual return) or six-month period (six-month return).

ANNUAL COMPOUND RETURNS TO THE SHAREHOLDER At the current value of $41.61 per share, a shareholder who has invested at the beginning of each of the periods indicated below earns the following annual compound returns:

The annual compound return to the shareholder is calculated by taking into account the annualized change in the value per share over each of the periods indicated.

Since the inception of the Fonds, the annual compound return to the shareholder has been 4.3%.

ANNUAL COMPOUND RETURNS TO THE SHAREHOLDER (INCLUDING TAX CREDITS) A shareholder who would have invested an equal amount each year through payroll deduction would have earned, at the current value of $41.61 per share and including the Québec and federal labour-sponsored tax credits (15% at the Québec level and 15% at the federal level, except for the 2015 tax year, for which it was 10% at the federal tax level), an annual compound return of 17.5% and 13.9% for a 7-year and 10-year period, respectively. In addition to this return, the shareholder can receive additional tax benefits if he transfers his Fonds shares to an RRSP.


SUMMARY OF INVESTMENT PORTFOLIO As at November 30, 2018, the Fonds’ assets under management were comprised of the following categories of the Development Capital Investments and Other Investments portfolios:

Asset classes % or net assets

Development Capital Investments Private securities 33.4 Specialized funds 12.3 Listed securities 10.0

55.7

Other Investments Cash and money market 1.0 Bonds 20.7 Shares 22.5 International infrastructure funds 0.4

44.6 The following table presents the issuers of the top 25 positions held by the Fonds as at November 30, 2018, of which 18 are part of the Development Capital Investments portfolio and 7 are part of the Other Investments portfolio. When the Fonds holds more than one class of securities of an issuer in the Development Capital Investments portfolio, those classes are aggregated. However, for the Other Investments portfolio, debt and equity securities are not aggregated.

Issuers % of net assets Development Capital Investments (18 issuers)* 33.8 Other Investments (7 issuers)**

11.7

45.5 * The 18 issuers representing, as a group, 33.8% of the Fonds’ net

assets are (in alphabetical order): ** The 7 issuers representing, as a group, 11.7% of the Fonds’ net

assets are: Agropur Dairy Cooperative CAE Inc. Camso inc. Corporation développement Knowlton inc. Entreprises québécoises publiques5 Fonds immobilier de solidarité FTQ II, s.e.c.5 Fonds immobilier de solidarité FTQ inc.5 Fonds régionaux de solidarité FTQ, s.e.c.5 Gestion TForce inc. Groupe Solmax inc. La Coop fédérée Société de gestion d'actifs forestiers Solifor, société en commandite5

SSQ Insurance6 Stella-Jones inc. Teralys Capital Fonds de Fonds, s.e.c.5 TMX Group Limited Transcontinental inc. Trencap, s.e.c.

Province of Ontario 3.8% Province of Québec 3.3% Canada Housing Trust No 1 1.6% Government of Canada 0.9% Province of Alberta 0.8% Province of British Columbia 0.7% Royal Bank of Canada 0.6%

This summary of investment portfolio may change due to the transactions of the Fonds.

5 Despite their relatively important weight in the overall portfolio of the Fonds, these issuers do not constitute a significant concentration risk

given the large number of investees. 6 Includes all the Fonds’ investments in SSQ, Life Insurance Company inc. and SSQ, Mutual Holding inc.


TRENDS AND OUTLOOK

TRENDS IN THE SAVINGS MARKET AND RRSP On October 24, 2018, the Bank of Canada raised its key rate from 1.50% to 1.75%, the third quarter-point hike in 2018; it first raised the rate in January (from 1.00% to 1.25%) and raised it for the second time in July (from 1.25% to 1.50%). Since the economy is strong, these key rate hikes are motivated by the fact that the Bank of Canada wants to avoid an overheating economy and contain inflation. However, these hikes could not only have an overall effect on an increase in mortgage and line of credit rates, but could also promote higher savings product rates, which represents both bad news for more indebted households and good news for savers.

The debt level of Canadian households was 171.9% at the end of 2017, slightly down from 172.1% at the end of 2016. The savings rate in Canada decreased slightly in 2017 to 1.5% (compared to 1.6% for 2016). In that respect, Québec households stand out favourably from the Canadian average with a 5.5% savings rate in 2017 (compared to 5.0% for 2016). Lastly, considering rising interest rates, it seems that Québec savers have opted more for caution when contributing to their RRSPs: according to a SOM survey, 24% of them selected a index-linked term savings product (compared to 14% in 2016).

To conclude, we believe that the Fonds, with its economic development mission, will continue to be an advantageous choice in 2018-2019 for any individual looking to contribute to an RRSP, in particular because of its tax credits, which are still a distinctive benefit, the competitive return of its shares (5.8% for the 12-month period ending November 30, 2018), the personalized support by Saving Services and its engaged local representatives network.

OUTLOOK FOR THE FONDS7 There have been no material changes to the outlook presented in our most recent annual MD&A.

RISK MANAGEMENT Sound risk management practices are vital to the success of the Fonds. We manage our risks within a framework taking into account the nature of our activities and the risks we can reasonably assume considering the desired risk-return profile and stakeholder expectations. To that end, we capitalize on a structured process to identify, measure and control the significant risks with which we must contend.

Note to readers: The following paragraphs and the sections on market risk, credit and counterparty risk and liquidity risk form an integral part of the financial statements on which an unmodified opinion was expressed in an independent auditors’ report dated December 20, 2018.

The Fonds manages all its financial instruments in an integrated, comprehensive manner in accordance with the standards set out in the Integrated Financial Assets Management Policy. The Integrated Financial Assets Management Policy is complemented by the Investment Policy for the development capital investments managed by the Investments sector and by the Other Investments Portfolio Policy for the assets managed by the Other Investments sector. All these policies fall under the umbrella of the Sustainable Development Framework Policy and the Risk Management Policy. These policies, which were adopted by the Board of Directors, set goals, guidelines and several limits so that the Fonds’ management can ensure that the target risk-return profile is reached. The Fonds may use derivative financial instruments to facilitate the management of portfolios, increase its revenues, manage its market risks, modify asset allocation and manage foreign exchange hedging. The use of derivative financial instruments is governed by a guideline and risk budgets.

During the six-month period ended November 30, 2018, the Fonds continued to deploy its risk management model. This process, which was undertaken a few years ago, is essentially aimed at providing the Fonds’ management with an overall vision of all risks

7 The outlook presented in this interim MD&A reflects the Fonds’ expectations with respect to future events, based on information available to the Fonds as at December 20, 2018, and presupposes certain risks, uncertainties and assumptions. Many factors, several of which are beyond our control, may cause the Fonds’ actual results, performance or achievements to differ materially from explicit or implicit expected future results, performance or achievements.


to ensure that they are all managed in accordance with their degree of importance. The Fonds’ integrated risk profile had enabled prioritizing the key financial and non-financial risks of the Fonds, before and after considering the effectiveness of the controls implemented to mitigate the Fonds’ exposure to these risks. Afterwards, a mitigation strategy was developed for some of these risks, and action plans were developed and began to be deployed. During the six-month period, the Fonds overhauled its Risk Management Policy and abolished the Integrated Risk Management Advisory Committee, which was composed of internal members. New guidelines have also been developed to strengthen risk management oversight at the Fonds and in its network. The mandate, roles and responsibilities of this committee were transferred to the Chief Risk Officer, a position held by the Executive Vice-President, Finance. The Chief Risk Officer may be supported, when required, by certain persons at the Fonds in the performance of his duties. Furthermore, the quantitative statements related to the risk appetite and tolerance framework were adopted during the year. In addition, the Fonds produces on a quarterly basis a risk scorecard. This scorecard, which is integrated into its corporate scorecard, enables management to monitor the development of risks related to its business objectives and strategies. In the normal course of business, the Fonds is exposed to various risks; the main risks are presented in the following sections.

MARKET RISK Market risk is the risk of a financial loss arising from a change in the fair value of financial instruments as a result of their exposure to financial markets. More specifically, this risk varies with financial market conditions and certain parameters of these markets, such as volatility, which may lower the value of the Fonds’ financial assets and thus have a negative impact on its balance sheet and results. Difficult economic or financial conditions may have a negative impact on the value of the Fonds’ shares.

In selecting its integrated and overall financial asset allocation, the Fonds takes into account three types of market risk, namely interest rate risk, stock market risk and foreign exchange risk. More specifically, the Fonds manages market risk by allocating its financial assets across several asset classes. In addition, it invests in various industries and geographic areas, within the limits allowed by its Incorporation Act.

INTEREST RATE RISK

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument change as a result of fluctuations in bond interest rates (Canada bond rates and credit spreads).

The Fonds is exposed to this risk as interest rate fluctuations have a direct impact on the fair value of bonds held in the Other Investments portfolio and of some bonds held in the Development Capital Investments portfolio. This risk is however partly controlled through the active management of a portion of the bonds portfolio, whereby the portfolio exposure in terms of maturities and issuers is regularly revised based on anticipated changes in interest rates and credit spreads.

The Fonds performs sensitivity analyses to specifically inform management that a material level of interest rate risk exposure has been reached. The following table presents a sensitivity analysis for the interest rate risk to which the Fonds’ financial assets are exposed.

Sensitivité of the Fonds’ Results to Interest Rate Risk

(in millions of dollars) November 30, 2018 May 31, 2018 Change in bond interest rates*

1% increase in bond interest rates (256) (259) 1% decrease in bond interest rates 256 259

* This analysis is performed on bonds held by the Fonds presented under Other Investments in the financial statements and some bonds presented under Development Capital Investments in the financial statements. In this analysis, the impact on results takes into account the use, if any, of interest rate forward and futures contracts aimed at protecting assets.

Also, to inform management that a material level of interest rate risk exposure has been reached, the Fonds classifies its interest-rate-sensitive financial instruments based on their terms to maturity. This classification is based on contractual maturities. For information about this classification, please refer to the “Breakdown by maturity” section of Note 6, “Other investments”, to the financial statements, which presents separate breakdowns by maturity for bonds, money market instruments and derivative financial instruments, and to the “Breakdown by maturity of loans, bonds and advances at fair value” section of Note 7, “Development capital investments”.


STOCK MARKET RISK

Stock market risk is the risk that the fair value of a financial instrument changes as a result of price fluctuations on stock markets. Stock market fluctuations affect the Fonds’ financial assets as they have a direct impact on fair value measurement of listed shares.

The Fonds retains the services of specialized managers to manage all the listed shares held in the Other Investments portfolio and some listed shares held in the Development Capital Investments portfolio. An active approach is adopted by the external managers for Canadian shares, while a passive approach, including the replication of alternative beta indexes, is preferred for managing the global equities portfolios.

The Fonds performs sensitivity analyses to specifically inform management that a material level of stock market risk exposure has been reached. The following table presents a sensitivity analysis for the stock market risk to which the Fonds’ listed shares are exposed.

Sensitivity of the Fonds’ Results to Stock Market Risk

(in millions of dollars) November 30, 2018 May 31, 2018 Change in listed share prices*

10% increase in listed share prices 476 477 10% decrease in listed share prices (476) (477)

* This analysis is performed on listed shares held by the Fonds presented under Development Capital Investments and Other Investments in the financial statements. In this analysis, the impact on results takes into account the use, if any, of stock index futures.

FOREIGN EXCHANGE RISK

Foreign exchange risk is the risk that the fair value of a financial instrument denominated in a foreign currency changes as a result of exchange rate fluctuations.

Exchange rate fluctuations have an impact on the securities denominated in foreign currencies held by the Fonds that are translated into Canadian dollars at the prevailing exchange rate. Exchange rate fluctuations also have an impact on the results of certain companies in which the Fonds has invested. The net impact of an appreciation or a depreciation of the Canadian dollar against other currencies may be negative or positive for these companies, depending on whether they are importing or exporting goods or services.

In general, the Fonds has not been hedging its currency exposure for a few years. For the Fonds, the currency hedging ratio for a specific portfolio is determined based on a risk-management-oriented approach and not on the enhancement of returns. A currency exposure generally brings a diversification effect that reduces volatility and protects the capital of financial assets in bear markets. However, when capital protection is limited in an environment in which the Canadian dollar is greatly undervalued against the U.S. dollar, the Fonds implements a complementary overlay hedging strategy with respect to the financial assets denominated in U.S. dollars held in the global shares portfolios of the Other Investments sector. The overall foreign exchange risk management strategy enables the Fonds to meet its current financial objectives and its risk appetite and tolerance, as set out in the Integrated Financial Assets Management Policy.

The Fonds performs sensitivity analyses to specifically inform management that a material level of foreign exchange risk exposure has been reached. The following table presents a sensitivity analysis for the foreign exchange risk to which the Fonds is exposed with respect to the securities denominated in foreign currencies it holds.

Sensitivity of the Fonds’ Results to Foreign Exchange Risk

(in millions of dollars) November 30, 2018 May 31, 2018 Change in exchange rates*

10% appreciation of the Canadian dollar (273) (306) 10% depreciation of the Canadian dollar 273 306

* This analysis is performed on securities denominated in foreign currencies held by the Fonds presented under Development Capital Investments and Other Investments in the financial statements. In this analysis, the impact on results takes into account the use, if any, of foreign currency forward contracts.

Also, to inform management that a material level of foreign exchange risk exposure has been reached, the Fonds calculates its net exposure to currencies as a percentage of assets under management.


Fonds’ Net Exposure to Currencies*

(in %) November 30, 2018 May 31, 2018 Canadian dollar 78.7 78.5 U.S. dollar 14.3 13.5 Euro 2.4 3.1 Other 4.6 4.9 100.0 100.0

* This classification takes into account all the securities held by the Fonds presented under Development Capital Investments and Other Investments in the financial statements. It also takes into account the use, if any, of foreign currency forward contracts. However, it does not take into account funds committed but not disbursed amounting to $273 million ($199 million as at May 31, 2018) and denominated in foreign currencies, mainly in U.S. dollars.

SENSITIVITY OF THE FONDS’ RESULTS TO MARKET RISK RELATED TO UNLISTED FINANCIAL INSTRUMENTS IN DEVELOPMENT

CAPITAL INVESTMENTS

The value of unlisted financial instruments in development capital investments is established using approved and accepted valuation techniques. These techniques are based on a set of assumptions that take into account market conditions as at the valuation date, such as economic growth and credit spreads, but also other assumptions specific to each investment. For information about sensitivity analyses on unlisted financial instruments in development capital investments, please refer to the “Sensitivity of the fair value of financial instruments categorized within Level 3” section of Note 9, “Fair value of financial instruments”, to the financial statements.

CREDIT AND COUNTERPARTY RISK Credit risk is the potential for loss due to the failure of a partner company (financial instruments presented under Development Capital Investments), issuer or counterparty in a transaction (financial instruments presented under Other Investments) to honour its contractual obligations or due to a deterioration in its financial position. The Fonds also includes concentration risk in this risk.

The Fonds’ exposure to credit risk results mainly from its mission-driven development capital investments, which are generally unsecured. This risk is usually lower for other investment activities since the counterparties involved (governments, banks, etc.) typically are financially stronger. The Fonds is also exposed to credit risk as a result of its accounts receivable. However, the potential impact of such exposure is low given the amounts involved. The maximum exposure to credit risk related to the above-mentioned financial instruments corresponds to their fair value on the balance sheet, plus funds committed but not disbursed as well as guarantees and suretyships.

The Fonds manages the credit risk related to its development capital investments in several ways, including carrying out a due diligence review to ensure that the credit risk level is acceptable, supporting partner companies throughout their development and monitoring on an ongoing basis investments in companies either held directly or through specialized funds.

The Fonds regularly re-examines the status of its development capital investments to ensure that they are adequately classified in one of the following three categories: compliant with internal criteria, under watch or in turnaround. To deal with the more difficult situations, an internal committee closely monitors investments that involve greater credit risk.

Classification of the Development Capital Investments Portfolio (including funds committed but not disbursed)

(fair value in millions of dollars) November 30, 2018 May 31, 2018 Compliant with internal criteria 9,279 8,853 Under watch 428 409 In turnaround 21 15 9,728 9,277

Issuer and counterparty credit ratings and compliance with exposure limits by borrower or counterparty contribute to the sound management of the credit and counterparty risk of the Other Investments portfolio and to the diversification of assets. These criteria (concentration limits by credit rating), which are set out in the Other Investments Portfolio Policy, are based on the risks specific to each asset class and reduce the risk that our results will be materially affected in the event of a payment default.

The following table presents the breakdown of bonds, money market instruments and over-the-counter derivative financial instruments included in the Other Investments portfolio by credit rating as at November 30, 2018 and May 31, 2018.


Classification of Bonds, Money Market Instruments and Over-the-Counter Derivative Financial Instruments Included in the Other Investments Portfolio

November 30, 2018* May 31, 2018*

(fair value in millions of dollars)

Bonds Money market

instruments

Over-the-counter derivative financial

instruments

Bonds

Money market

instruments

Over-the-counter

derivative financial

instruments AAA/R-1(high) 531 92 457 66 AA/R-1 (middle) 1,245 66 1,241 121 - A/R-1 (low) 1,030 (5) 1,106 22 - BBB/R-2 218 232 3,024 158 (5) 3,036 209 - Weighted average AA- R-1 (high) A+ AA- R-1 (middle) A

* Presents credit quality using the Dominion Bond Rating Services (DBRS) rating scale.

Over-the-counter derivative financial instruments held in the Other Investments portfolio expose the Fonds to counterparty risk.

To limit its exposure to counterparty risk, the Fonds ensures that transactions related to over-the-counter derivative financial instruments held in the Other Investments portfolio are carried out under an International Swaps & Derivatives Association Inc. (ISDA) master agreement and entered into with recognized financial institutions.

CONCENTRATION RISK

Concentration risk is the risk that a significant portion of the Fonds’ financial commitments is attributable to a specific issuer, financial product, industry or geographic area, which could put the Fonds in a vulnerable position in the event that such issuer, product, industry or area experiences difficulties.

The Fonds maintains a sound diversification of its assets through the Integrated Financial Assets Management Policy, which is complemented by the Investment Policy for development capital investments and by the Other Investments Portfolio Policy for the assets managed by the Other Investments sector. Compliance with these policies enables managing the concentration risk associated with the exposure to an issuer or group of issuers with common characteristics (industries, class of securities, credit ratings, etc.).

Concentration by Issuer

(fair value as a percentage of net assets) November 30, 2018

May 31, 2018

Weight of the five largest investments (Development Capital Investments) 20.0* 19.9*

Weight of the five largest issuers or counterparties (Other Investments) 10.4** 11.4**

* The portion attributable to investments that do not constitute a high concentration risk given the large number of investees represented 11.0% as at November 30, 2018 (11.3% as at May 31, 2018).

** All these securities are issued or guaranteed by government issuers (Canada or provinces).

The summary of investment portfolio presented previously also discloses relevant information on concentration risk.

To enable asset diversification, the Fonds ensures to allocate its Development Capital Investments portfolio across various industries. More specifically, the Fonds approves on an annual basis targets by industries, in keeping with its internal structure. These targets are set using a risk allocation mechanism. It should be noted that the actual results may however differ from the industry targets determined based on the investment opportunities on the market. Based on an optimal risk level defined by the Fonds for this portfolio as a whole by considering its mission, the risk allocation mechanism facilitates a more effective monitoring and control of the portfolio profile and sector allocation by risk level. The risk-return balance of this portfolio is achieved through a sector-based risk allocation mechanism that takes into account the higher risk of our investments in certain sectors. The risk allocation mechanism and the sector-based allocation of the Development Capital Investments portfolio are determined by taking into account funds committed but not disbursed. In some cases, the terms of the agreements could allow the Fonds not to disburse these committed funds, which protect the Fonds against additional risks.


Given the Québec economic development mission of the Fonds, the Development Capital Investments portfolio consists primarily of Québec-based companies. The return of the Development Capital Investments portfolio is therefore highly influenced by the economic conditions prevailing in Québec. As a result, the Fonds seeks some level of geographic diversification through its Other Investments portfolio governed by the Other Investments Portfolio Policy, which forms an integral part of the Integrated Financial Assets Management Policy. In addition to allowing for the diversification of development capital investments, the Other Investments Portfolio Policy aims at optimizing the Fonds’ risk-return profile and providing the liquidity that the Fonds needs to meet all its obligations.

LIQUIDITY RISK The Fonds must make disbursements on a daily basis—in particular when it redeems shares held by its shareholders, disburses amounts it committed to invest in partner companies, reimburses notes payable and pays expenses. The Fonds is required to redeem its shares only in the circumstances set out in its Incorporation Act, or to purchase them by agreement in exceptional situations provided under a policy adopted for such purpose by the Board of Directors and approved by the Minister of Finance of Québec. That being said, possible share redemptions include redemptions by shareholders who are already eligible for share redemptions. To be classified in this category, redemptions must meet either of the following criteria: i) shares must be held by shareholders who are aged 65 and older or will reach the age of 65 in the next 12 months; or ii) shares must be held by shareholders who have already redeemed shares for retirement purposes in the past. These shares can therefore be unconditionally redeemed in the next 12 months and are designated as “latent redemptions”. As at November 30, 2018, latent redemptions amounted to $1.8 billion.

The Fonds must therefore be able to obtain the liquidity required to meet its commitments. Liquidity risk is therefore related to the potential for loss due to its inability to meet such commitments. In some cases, securities acquired on the market can be subject to resale restrictions, which may reduce their liquidity.

The Fonds’ Incorporation Act provides that part of the financial assets of the Fonds may be invested in marketable securities on organized markets, such as stock and bond markets, so it can easily obtain cash. The Fonds also has access to a bank line of credit for additional liquidities.

As at November 30, 2018, liquid financial assets, comprised of fixed-income securities (cash, money market and bonds) as well as listed shares held in the Other Investments portfolio and some listed shares held in the Development Capital Investments portfolio, amounted to $7.9 billion ($8.0 billion as at May 31, 2018). This amount represents 53.5% of assets under management as at November 30, 2018 (55.2% as at May 31, 2018), demonstrating, in management’s opinion, that the Fonds has the required liquidities to fulfill all its obligations and commitments, even under potential scenarios that would be less favourable to it. In addition, to manage its liquidity risk, the Fonds performs scenario simulations over several horizons and analyzes events that may lead to a liquidity crisis. These scenario simulations enable the Fonds to ensure it has sufficient liquidities in any circumstances.

Contractual maturities analysis is also a component of liquidity and financing management. However, this breakdown by maturity is not necessarily representative of how the Fonds manages its liquidity risk and its financing requirements.

The following table presents the contractual cash flow maturities for non-derivative financial liabilities, derivative financial liabilities and other items.


Contractual Maturities

(in millions of dollars)

On demand

Less than 1 year

1 to 5 years

Total

November 30, 2018

Non-derivative Financial Liabilities

Notes a 586

586

Accounts payable b 195

195

Share redemptions payable c 31

31

Securities sold under repurchase agreements 610

610

586 836

1,422

Derivative Financial Liabilities 7

7

Other Items

Funds committed but not disbursed d

Development capital investments 981

36 1,017

Other investments 19

19

Guarantees and suretyships e 12

12

1,012 36 1,048

1,598 843 36 2,477

May31, 2018

Non-Derivative Financial Liabilities

Notes a 638

638

Accounts payable b 416

416

Share redemptions payable c 28

28

Securities sold under repurchase agreements 728

728

638 1,172

1,810

Derivative Financial Liabilities 2

2

Other Items

Funds committed but not disbursed d

Development capital investments 970

36 1,006

Other investments 19

19

Guarantees and suretyships e 12

12

1,001 36

1,037

1,639 1,174 36 2,849

a The notes arising from excess liquidities of regional, local and real estate funds and some other specialized funds are repayable on demand and, as such, have been classified as “On demand”. The notes balance increases or decreases based on the investment and divestiture activities of these funds and has not exposed the Fonds to significant annual net disbursements to date.

b Accounts payable excludes derivative financial liabilities.

c Share redemptions payable represents all amounts payable to shareholders for which a share redemption request was being processed and no amount had yet been disbursed at the end of the financial year or the six-month period.

d Most of the funds committed but not disbursed have a maximum disbursement maturity date. However, they may generally be called on demand and are, except when there are specific conditions stipulating when such amounts may be disbursed, classified as “On demand”. In some cases, the terms of the agreements could allow the Fonds not to disburse these committed funds. Although the major part of the amount of funds committed but not disbursed is classified as “On demand”, the amount that the Fonds will have to disburse over the next 12 months will be less, as the calls for payment from specialized funds to which the Fonds has committed are usually spread over several years. For instance, funds committed but not disbursed gave rise to disbursements of $661 million during the last 12 months.

e Guarantees and suretyships are irrevocable commitments and are classified as “On demand”. However, in the current conditions, management believes it is unlikely that the Fonds will have to disburse amounts for guarantees and suretyships.


OPERATIONAL RISK Inherent to all of the Fonds’ activities, operational risk is the risk of sustaining losses as a result of the inadequacy or failure of certain processes or systems in place or due to human factors or external events. This risk also includes legal risk, regulatory compliance risk and cybersecurity risk.

Since the most recent annual MD&A, the Fonds has overhauled its Risk Management Policy, which now includes operational risk management. A plan to deploy several initiatives to improve operation risk management procedures has been adopted and will be implemented in the coming months. There have been no other material changes to the level and management of operational risk.

STRATEGIC RISK Strategic risk, which also includes competitive risk and risk associated with regulatory changes, refers to the possibility of incurring losses as a result of ineffective strategies, lack of integrated business strategies or the inability to adapt the strategies to changes in the business environment.

Since the most recent annual MD&A, there have been no material changes to the level and management of strategic risk.

REPUTATION RISK Reputation risk is the risk that negative information, whether founded or unfounded, will cause expenses, revenue losses, a decrease in liquidity or a decline in the customer base.

Since the most recent annual MD&A, there have been no material changes to the level and management of reputation risk.

GOVERNANCE

The Fonds pays special attention to governance rules both for its investments, for which it requires a transparency, integrity and sound governance framework, and for its own corporate governance. The Fonds believes that implementing and maintaining sound governance practices are essential to managing an organization and reinforce the confidence of investors and its various stakeholders, including shareholders, the federal and provincial governments, the Autorité des marchés financiers (“AMF”), socioeconomic players in the various regions of Québec and companies impacting the Québec economy.

The Management Committee, comprised of the President and Chief Executive Officer and executives, is responsible for the overall management of the Fonds’ operations. The governance structure that supports the Fonds is as follows:


KEY GOVERNING BODIES The Integrated Risk Management Advisory Committee, composed of internal members, was abolished during the six-month period. The mandate, roles and responsibilities of this committee were transferred to the Fonds’ Chief Risk Officer, who may be supported, when required, by certain persons at the Fonds in the performance of his duties. Since the most recent annual MD&A, there have been no material changes to the mandate, roles and responsibilities of the other key governing bodies of the Fonds (Board of Directors, Investment Committees and other committees).

RISK GOVERNANCE As integrated financial assets management is an essential part of its risk governance, the Fonds has put in place a management framework to ensure that risk management and control strategies and resulting operational decisions consider the established acceptable risk level.

The Integrated Risk Management Committee, which is the main committee responsible for all the Fonds’ risks, reviews and qualifies the significant risks to which the Fonds is exposed in implementing its strategy. Internally, the Chief Risk Officer identifies and analyzes the risk management input parameters to support the Management Committee in defining the risk management framework and in making decisions. The Fonds’ risk governance structure is built upon a series of policies approved by the Board of Directors. The Fonds regularly reassesses policies, standards, guidelines, and procedures to incorporate the best possible practices.

Since the most recent annual MD&A, there have been no material changes to the Sustainable Development Framework Policy, the Integrated Financial Assets Management Policy and the management framework that governs the procedure for valuing development capital investments. The Risk Management Policy was overhauled, as mentioned earlier.

MANAGEMENT’S REPORT ON INTERNAL CONTROLS The Fonds has a financial compliance framework program commonly know as Confor. While not required to apply Regulation 52-109 respecting Certification of Disclosure in Issuers’ Annual and Interim Filings, the Fonds has decided to base its work upon the principles stated in this regulation, thereby demonstrating its willingness to respect best practices in financial governance.

Management is responsible for designing and maintaining internal control over financial reporting as well as disclosure controls and procedures. These controls are developed to provide reasonable assurance that the financial information is reliable and that the financial statements are prepared in accordance with IFRS. However, because of its inherent limitations, internal control over financial reporting may not prevent or detect certain misstatements on a timely basis. Management must periodically evaluate control design and effectiveness. The design of internal control over financial reporting has been evaluated using the COSO 2013 (Committee of Sponsoring Organizations of the Treadway Commission) framework, a recognized financial governance framework.

During the six-month period, no change has occurred that has materially affected, or is reasonably likely to materially affect, internal controls.

STATEMENT OF DEVELOPMENT CAPITAL INVESTMENTS,

AT COSTAS AT NOVEMBER 30, 2018

1

INDEPENDENT AUDITOR’S REPORT To the Directors of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) We have audited the statement of development capital investments at cost of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) as at November 30, 2018 ("the statement"). The statement has been prepared by management based on the dispositions of article 18 of the Regulation respecting development capital investment fund continuous disclosure. Management's Responsibility for the Statement

Management is responsible for the preparation and fair presentation of this statement in accordance with the dispositions of article 18 of the Regulation respecting development capital investment fund continuous disclosure, and for such internal control as management determines is necessary to enable the preparation of the statement that is free from material misstatement, whether due to fraud or error. Auditor's Responsibility

Our responsibility is to express an opinion on the statement based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the statement is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of the statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the statement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion

In our opinion, the statement of development capital investments at cost of the Fonds de solidarité des travailleurs du Québec (F.T.Q.) as at November 30, 2018 is prepared, in all material respects, in accordance with the dispositions of article 18 of the Regulation respecting development capital investment fund continuous disclosure. Signed, Deloitte LLP1

1 CPA auditor, CA, public accountancy permit No. A116933 Montréal, December 20, 2018

Entreprises québécoises publiques, at cost

AS AT NOVEMBER 30, 2018(In thousands $)

APPENDIX A

Portfolio under discretionary management

Listed Shares

Description Industry Segment

5N Plus inc. V12431 9,407 15

Air Canada 008911 18,823 20

Alimentation Couche-Tard inc. 01626P 13,640 30

Bombardier inc. V13647 37,216 20

Cogeco Communications inc. V12924 21,856 50

Corporation Fiera Capital 31660A 20,260 40

CR Capital Corp. 22411L 93 15

Dollarama inc. 25675T 12,778 25

EXFO inc. 302046 3,703 45

Exploration Azimut inc. V04288 3,155 15

Exploration Dios inc. V11976 35 15

Exploration Midland inc. V12531 108 15

Forage Orbit Garant inc. 68556N 8,856 15

GDI Services aux immeubles inc. 361569 7,590 20

Groupe CGI inc. 39945C 5,299 45

Groupe d'Alimentation MTY inc. 55378N 1,133 25

Groupe SNC-Lavalin inc. 78460T 47,920 20

Groupe Stingray Digital inc. 86083Q 12,405 50

Groupe Vision New Look inc. V17373 979 25

Héroux-Devtek inc. 42774L 14,227 20

Industries Lassonde inc. 417907 4,967 30

Innergex Énergie renouvelable inc. 45790B 20,770 55

Le Groupe Intertape Polymer inc. 460919 13,213 15

Mason Graphite inc. V17459 5,588 15

Metro inc. V11740 23,534 30

Opsens inc. 683823 4,882 35

Plastiques IPL inc. V20913 7,560 15

Probe Metals inc. V19726 9 15

Quincaillerie Richelieu ltée 76329W 6,450 20

Redevances Aurifères Osisko ltée V18105 26,870 15

Rogers Sugar inc. 77519R 2,818 30

Savaria Corporation 805112 4,021 20

Société de Diamant Stornoway V14396 5,914 15

Stella-Jones inc. V02986 7,402 15

Technologies D-Box inc. DBOX 5,014 25

Technologies Interactives Mediagrif inc. V03963 12,153 50

TFI International inc. V04179 9,122 20

Thérapeutique Knight inc. 499053 5,998 35

TSO3 inc. V03827 6,246 35

1

Entreprises québécoises publiques, at cost

AS AT NOVEMBER 30, 2018(In thousands $)

APPENDIX A

Portfolio under discretionary management

Listed Shares

Description Industry Segment

Uni-Sélect inc. V02339 20,090 25

WSP Global inc. 37230Q 11,086 20

Xebec Adsorption inc. 983891 1,942 20

Total 445,132

Industry segment

1015202530354045505560

EnergyMaterialsIndustrialsConsumer discretionaryConsumer staplesHealth careFinancialsInformation technologyCommunication servicesUtilitiesReal estate

2

RELEVÉ DES AUTRES INVESTISSEMENTS

(NON AUDITÉ) IN FRENCH ONLY

AS AT NOVEMBER 30, 2018

FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.)Relevé des autres investissements

au 30 novembre 2018

non audité( )

Quantité CoûtJuste

valeurDescription(en milliers $)(en milliers $)

Actions et parts

266 3i Group plcGB00B1YW4409 30 677 439

4 940 3M Co.88579Y101 33 000 9 120

273 A.O. Smith Corp.831865209 3 700 233

627 A.P. Moeller - Maersk AS, classe B425304003 390 738

2 665 ABB Ltd710889908 115 773 3 111

6 443 Abbott Laboratories002824100 131 756 12 967

2 072 AbbVie inc.00287Y109 37 894 4 748

614 ABC-Mart inc.JP3152740001 9 900 739

494 Abiomed inc.003654100 1 000 442

331 ABN AMRO Group NVNL0011540547 9 602 325

773 Acasta Enterprises inc.00434X301 80 000 80

3 742 Accenture plcG1151C101 37 400 8 178

222 Accor SAFR0000120404 3 606 213

219 ACS, Actividades de Construccion y Servicios, SAES0167050915 5 541 283

875 Activision Blizzard inc.00507V109 17 500 1 160

288 Acuity Brands inc.00508Y102 900 156

378 Adecco SACH0012138605 4 198 276

1 411 Adidas AG403197908 10 639 3 125

139 Admiral Group plcGB00B02J6398 3 976 141

697 Adobe Systems inc.00724F101 12 100 4 035

821 Advance Auto Parts inc.00751Y106 5 300 1 252

408 Advanced Micro Devices inc.007903107 21 400 606

338 Aegon NV592737902 45 946 340

819 Aena SAES0105046009 4 853 1 023

287 Aeon Co. Ltd648004000 20 800 662

544 AerCap Holdings NVNL0000687663 9 623 677

140 Aéroports de Paris SAFR0010340141 691 179

919 AES Corp.00130H105 59 200 1 219

276 Affiliated Managers Group inc.008252108 1 300 192

2 376 Aflac inc.001055102 50 400 3 064

355 Ageas SA/NVBE0974264930 5 435 349

990 Agilent Technologies inc.00846U101 18 700 1 799

5 238 AGNC Investment Corp.00123Q104 215 527 5 070

7 528 Agnico Eagle Mines Ltd008474108 160 100 7 482

1 484 AGT Food & Ingredients inc.001264100 66 850 1 036

3 706 AIA Group LtdB4TX8S909 691 600 7 499

835 AIB Group plcIE00BF0L3536 113 074 659

7 587 Air Canada008911877 615 900 17 861

909 Air Liquide SAFR0000120073 9 788 1 572

393 Air Products & Chemicals inc.009158106 5 700 1 219

2 594 Airbus Group SE401225909 36 472 5 193

183 Aisin Seiki Co. LtdJP3102000001 2 800 147

680 Ajinomoto Co. inc.601090004 43 900 1 008

239 Akamai Technologies inc.00971T101 3 700 338

106 Aker BP ASANO0010345853 2 229 84

1 274 Akzo Nobel NV545831901 16 248 1 812

455 Alamos Gold inc.011532108 70 500 301

750 Albemarle Corp.012653101 6 500 832

296 Alexandria Real Estate Equities inc.015271109 2 000 331

531 Alexion Pharmaceuticals inc.015351109 5 400 884

359 Alfa Laval ABSE0000695876 12 557 359

135 Alfresa Holdings Corp.JP3126340003 5 100 180

1


au 30 novembre 2018

non audité( )



Actions et parts

6 828 Algonquin Power & Utilities Corp.015857105 572 153 8 068

342 Align Technology inc.016255101 1 800 550

5 841 Alimentation Couche-Tard inc., classe B01626P403 98 200 6 847

305 Alkermes plcIE00B56GVS15 4 400 213

102 All Nippon Airways Co. LtdJP3429800000 2 800 133

478 Alleghany Corp.017175100 1 100 922

260 Allegion plcIE00BFRT3W74 2 400 292

2 016 Allergan plcG0177J108 8 684 1 807

461 Alliance Data Systems Corp.018581108 1 400 373

766 Alliant Energy Corp.018802108 17 500 1 056

2 007 Allianz SE523148906 10 652 2 984

5 346 Allied Properties Real Estate Investment Trust019456102 145 621 6 567

3 232 Allstate Corp.020002101 37 200 4 410

324 Ally Financial inc.02005N100 11 400 404

402 Alnylam Pharmaceuticals inc.02043Q107 2 400 259

4 164 Alphabet inc., classe A02079K305 7 350 10 840

4 386 Alphabet inc., classe C02079K107 7 720 11 230

282 Alps Electric Co. LtdJP3126400005 7 600 234

221 Alstom SAFR0010220475 4 528 264

6 067 AltaGas Ltd021361100 177 600 2 567

1 295 Alumina Ltd695498006 674 268 1 460

49 Amada Holdings Co. LtdJP3122800000 3 000 43

515 Amadeus IT Holding SAES0109067019 10 917 1 039

5 592 Amazon.com inc.023135106 10 650 23 924

1 100 Amcor Ltd606660009 98 288 1 281

137 Amerco023586100 300 138

721 Ameren Corp.023608102 13 400 1 222

149 American Airlines Group inc.02376R102 3 300 176

3 533 American Electric Power Co. inc.025537101 54 700 5 652

1 409 American Express Co.025816109 17 900 2 671

453 American Financial Group inc.025932104 3 200 435

1 150 American International Group inc.026874784 23 500 1 351

5 458 American Tower Corp.03027X100 35 408 7 741

862 American Water Works Co. inc.030420103 13 900 1 763

288 Ameriprise Financial inc.03076C106 3 400 586

215 AmerisourceBergen Corp.03073E105 3 900 461

228 AMETEK inc.031100100 5 100 498

1 816 Amgen inc.031162100 17 000 4 705

460 AMP Ltd670995901 87 935 207

3 966 Amphenol Corp., classe A032095101 48 800 5 704

166 Amundi SAFR0004125920 1 658 126

1 656 Anadarko Petroleum Corp.032511107 24 700 1 737

519 Analog Devices inc.032654105 9 546 1 166

757 Andritz AG013042748 11 025 705

5 069 Anheuser-Busch InBev NV475531901 57 184 5 820

5 803 Annaly Capital Management inc.035710409 434 500 5 798

202 Ansys inc.03662Q105 1 800 388

212 Antero Resources Corp.03674X106 6 400 112

1 779 Anthem inc.036752103 13 763 5 306

2 892 Antofagasta plcGB0000456144 190 215 2 582

2 103 Aon plcG0408V102 15 460 3 393

330 Aozora Bank LtdJP3711200000 8 300 362

2


au 30 novembre 2018

non audité( )



Actions et parts

804 AP Moeller - Maersk ASDK0010244425 341 600

277 APA Group624730909 42 887 366

1 708 Apache Corp.037411105 24 000 1 120

26 334 Apple inc.037833100 284 200 67 455

2 091 Applied Materials inc.038222105 83 700 4 148

906 Aptiv plcG6095L109 15 698 1 500

290 Aramark03852U106 5 900 298

4 998 ARC Resources Ltd00208D408 203 800 1 855

2 252 ArcelorMittalLU1598757687 69 934 2 106

2 068 Arch Capital Group LtdBMG0450A1053 84 700 3 222

527 Archer-Daniels-Midland Co.039483102 15 500 948

552 Arconic inc.03965L100 15 166 433

270 Arista Networks inc.040413106 1 100 349

266 Aristocrat Leisure LtdAU000000ALL7 14 393 331

184 Arkema SAB0Z5YZ906 1 164 147

236 Arrow Electronics inc.042735100 2 300 235

575 Arthur J. Gallagher & Co.363576109 6 800 696

336 Asahi Glass Co. LtdJP3112000009 9 500 428

954 Asahi Group Holdings Ltd605440007 24 800 1 380

137 Asahi Intecc Co. LtdJP3110650003 2 200 137

190 Asahi Kasei Corp.605460005 32 100 467

104 Ascendas Real Estate Investment TrustSG1M77906915 44 000 110

50 Ashikaga Holdings Co. LtdJP3117700009 10 000 40

287 Ashtead Group plcGB0000536739 13 773 411

51 ASICS Corp.JP3118000003 2 300 44

285 ASM Pacific Technology LtdKYG0535Q1331 16 200 220

4 129 ASML Holding NVACI02GTQ9 32 311 7 250

331 Assa Abloy AB, classe B569878903 23 624 584

566 Assicurazioni Generali SPA405671009 27 726 621

296 Associated British Foods plc067312900 12 173 500

105 Assurant inc.04621X108 800 103

2 006 Astellas Pharma inc.698538006 140 800 2 875

5 513 AstraZeneca plc098952906 76 226 7 907

907 ASX LtdAU000000ASX7 20 328 1 189

14 113 AT&T inc.00206R102 364 056 15 115

210 ATCO Ltd, classe I046789400 4 400 179

835 Athabasca Oil Corp.04682R107 634 700 654

710 Athene Holding Ltd, classe AG0684D107 11 000 636

331 Atlantia SPAIT0003506190 11 327 309

812 Atlas Copco AB, classe ASE0011166610 39 806 1 297

629 Atlas Copco AB, classe BSE0011166628 32 570 979

280 Atmos Energy Corp.049560105 2 600 331

362 Atos SEFR0000051732 2 435 275

1 518 ATS Automation Tooling Systems inc.001940105 85 800 1 460

178 Auckland International Airport LtdNZAIAE0002S6 30 203 199

1 162 Aurizon Holdings LtdAU000000AZJ1 265 877 1 086

107 AusNet ServicesAU000000AST5 75 187 113

4 776 Australia and New Zealand Banking Group Ltd606558005 172 070 4 476

284 Auto Trader Group plcGB00BVYVFW23 35 904 267

536 Autodesk inc.052769106 5 700 1 095

376 Autoliv inc.052800109 4 400 502

1 722 Automatic Data Processing inc.053015103 23 300 4 565

3


au 30 novembre 2018

non audité( )



Actions et parts

2 039 Autozone inc.053332102 3 599 3 870

2 674 AvalonBay Communities inc.053484101 14 600 3 698

290 Avery Dennison Corp.053611109 2 800 358

516 Aviva plc021623004 88 386 610

1 039 Axa SA708842901 46 887 1 518

465 Axalta Coating Systems LtdG0750C108 11 434 380

427 Azrieli Group LtdIL0011194789 7 779 518

301 Babcock International Group plcGB0009697037 13 643 131

686 BAE Systems plc026349902 107 080 892

1 508 Baker Hughes inc.05722G100 26 300 798

197 Ball Corp.058498106 7 488 489

107 Baloise Holding AGCH0012410517 535 104

5 572 Banco Bilbao Vizcaya Argentaria SA550190904 521 871 3 941

382 Banco de Sabadell SAES0113860A34 160 957 273

8 514 Banco Santander SA570594903 1 012 953 6 379

208 Bandai Namco Holdings inc.JP3778630008 5 500 307

994 Bank Hapoalim BMIL0006625771 145 480 1 323

583 Bank Leumi Le-Israel BMIL0006046119 118 696 1 033

3 798 Bank of America Corp.060505104 244 300 9 221

111 Bank of East Asia LtdHK0023000190 23 018 103

222 Bank of Ireland group plcIE00BD1RP616 19 720 167

105 Bank of Queensland LtdAU000000BOQ8 10 546 102

148 Bankia SAES0113307062 29 852 131

235 Bankinter SAES0113679I37 17 107 190

12 083 Banque Canadienne Impériale de Commerce136069101 123 400 13 759

23 627 Banque de Montréal063671101 272 300 26 994

5 612 Banque Nationale du Canada633067103 93 917 5 691

42 486 Banque Royale du Canada780087102 554 825 54 050

42 394 Banque Toronto-Dominion891160509 758 510 55 796

2 839 Barclays plc313486904 727 254 2 008

236 Barratt Developments plcGB0000811801 21 665 170

524 Barry Callebaut AG547692905 385 865

1 623 BASF SEACI0054Q2 22 717 2 201

2 223 Baxter International inc.071813109 45 018 4 102

6 213 Bayer AG506921907 48 645 4 751

2 390 Bayerische Motoren Werke AG575602909 21 577 2 348

265 Bayerische Motoren Werke AG - PRFDE0005190037 2 423 233

669 BB&T Corp.054937107 19 600 1 331

8 957 BCE inc.05534B760 180 180 10 261

2 243 Becton Dickinson and Co.075887109 14 744 4 953

68 Beiersdorf AG510740905 865 123

141 BeiGene Ltd07725L102 700 143

180 Bendigo and Adelaide Bank LtdAU000000BEN6 17 290 179

6 039 Berkshire Hathaway inc., classe B084670702 41 800 12 125

209 Best Buy Co. inc.086516101 6 300 541

567 Bezeq Israeli Telecommunication Corp. Ltd609803903 355 920 543

2 154 Biogen inc.09062X103 7 950 3 526

390 BioMarin Pharmaceutical inc.09061G101 4 700 600

52 bioMérieuxFR0013280286 485 45

3 133 Birchcliff Energy Ltd090697103 573 600 2 025

727 BlackBerry Ltd09228F103 61 600 720

951 BlackRock inc.09247X101 3 000 1 707

4


au 30 novembre 2018

non audité( )



Actions et parts

370 BlueScope Steel Ltd653323907 28 794 314

1 753 BNP Paribas730968906 28 154 1 880

2 030 BOC Hong Kong Holdings Ltd653611905 399 500 2 069

454 Boliden ABSE0011088665 15 897 473

129 Bolloré SAFR0000039299 20 138 117

8 929 Bombardier inc., classe B097751200 2 441 000 5 419

1 194 Booking Holdings inc.09857L108 1 200 3 017

211 Boral Ltd621867902 44 592 221

614 BorgWarner inc.099724106 12 700 668

546 Boston Properties inc.101121101 4 900 854

765 Boston Scientific Corp.101137107 47 400 2 373

366 Bouygues SA400212908 6 401 327

1 019 Boyd Group Income Fund103309100 9 100 1 045

5 093 BP plc079805909 611 824 5 395

416 Brambles LtdB1FJ0C904 45 079 449

167 Brenntag AGDE000A1DAHH0 2 630 162

549 Bridgestone Corp.613210004 15 800 851

291 Brighthouse Financial inc.10922N103 4 463 239

2 621 Bristol-Myers Squibb Co.110122108 47 500 3 375

354 British Land Co. plc013670005 36 358 348

6 112 Broadcom inc.11135F101 33 840 10 678

1 216 Broadridge Financial Solutions inc.11133T103 11 800 1 661

13 742 Brookfield Asset Management inc., classe A112585104 280 948 16 363

787 Brookfield Business Partners L.P.G16234109 21 200 993

5 845 Brookfield Infrastructure Partners L.P.G16252101 113 959 5 780

10 889 Brookfield Property Partners L.P.G16249107U 440 306 10 321

6 065 Brookfield Renewable Energy Partners L.P.G16258108 168 294 6 402

142 Brother Industries LtdJP3830000000 5 700 127

829 Brown-Forman Corp., classe B115637209 27 625 1 752

2 329 BRP inc.05577W200 48 179 2 281

2 050 BT Group plc309135903 396 765 1 763

1 715 Bunge LtdG16962105 21 100 1 600

1 168 Bunzl plcGB00B0744B38 38 304 1 569

833 Burberry Group plc317430908 29 928 901

494 Bureau Veritas SAB28DTJ907 16 137 474

862 Burlington Stores inc.122017106 3 900 859

1 202 Cabot Oil & Gas Corp.127097103 38 100 1 274

384 Cadence Design Systems inc.127387108 8 000 479

1 705 CAE inc.124765108 79 100 2 134

561 CaixaBank SAES0140609019 95 258 521

69 CALBEE inc.B3TBRZ902 2 700 119

1 622 Caltex Australia Ltd616150009 56 685 1 515

1 693 Camden Property Trust133131102 14 700 1 859

3 981 Cameco Corp.13321L108 254 100 4 007

1 609 Campbell Soup Co.134429109 33 600 1 751

1 751 Canada Goose Holdings inc.135086106 25 000 2 234

4 121 Canadian Apartment Properties Real Estate Investment Trust134921105 139 000 6 500

9 126 Canadian National Railway Co.136375102 99 700 11 382

16 507 Canadian Natural Resources Ltd136385101 440 900 14 722

10 775 Canadian Pacific Railway Ltd13645T100 47 500 13 348

6 718 Canadian Tire Corp., classe A136681202 52 100 7 729

198 Canadian Utilities Ltd, classe A136717832 5 200 163

5


au 30 novembre 2018

non audité( )



Actions et parts

1 736 Canfor Pulp Products inc.137584207 122 800 2 355

6 709 Canon inc.617232004 178 300 6 720

313 Cap Gemini SAFR0000125338 4 067 631

769 Capital One Financial Corp.14040H105 12 100 1 442

6 306 Capital Power Corp.14042M102 253 000 6 902

71 CapitaLand Commercial TrustSG1P32918333 42 700 72

941 CapitaLand Ltd630930907 310 785 939

391 Cardinal Health inc.14149Y108 7 500 547

909 Carlsberg AS, classe B416921005 8 399 1 236

196 CarMax inc.143130102 4 100 360

346 Carnival Corp.143658300 10 200 817

600 Carnival plcGB0031215220 7 538 582

647 Carrefour SA564156909 16 547 396

1 490 Cascades inc.146900105 176 800 2 212

572 Casino Guichard Perrachon SA417841004 6 402 384

271 Casio Computer Co. LtdJP3209000003 13 800 256

3 159 Caterpillar inc.149123101 31 900 5 752

278 Cboe Global Markets inc.12503M108 2 200 315

273 CBRE Group inc.12504L109 7 500 435

1 904 CBS Corp., classe B124857202 29 452 2 121

89 CCL Industries inc., classe B124900309 2 000 110

819 CDK Global inc.12508E101 9 900 663

207 CDW Corp.12514G108 2 700 333

535 Celanese Corp., série A150870103 9 100 1 220

3 979 Celestica inc.15101Q108 315 700 4 312

1 279 Celgene Corp.151020104 19 200 1 843

12 607 Cenovus Energy inc.15135U109 661 900 6 499

534 Centene Corp.15135B101 4 700 889

273 CenterPoint Energy inc.15189T107 15 900 592

1 530 Central Japan Railway Co.618355903 8 800 2 402

765 Centrica plcB033F2900 166 067 388

805 CenturyLink inc.156700106 25 043 626

1 105 Cerner Corp.156782104 16 000 1 231

163 CF Industries Holdings inc.125269100 5 900 331

7 908 CGI Group inc., classe A39945C109 111 400 9 470

1 314 CH Robinson Worldwide inc.12541W209 15 500 1 902

196 Challenger LimitedAU000000CGF5 15 977 148

433 Champion Iron LtdQ22964102 380 100 460

1 262 Charter Communications inc., classe A16119P108 4 338 1 898

5 375 Chartwell Retirement Residences16141A103 406 573 6 127

791 Check Point Software Technologies LtdIL0010824113 5 853 870

3 197 Chemtrade Logistics Income Fund16387P103 183 600 2 139

147 Cheniere Energy inc.16411R208 4 900 398

7 256 Chevron Corp.166764100 68 500 10 829

228 Chipotle Mexican Grill inc.169656105 600 377

495 Chr. Hansen Holding ASDK0060227585 5 063 608

4 468 Chubb LtdCH0044328745 32 375 5 755

452 Chubu Electric Power Co. inc.619560006 19 400 386

182 Chugai Pharmaceutical Co. LtdJP3519400000 4 400 400

135 Chugoku Electric Power Co. inc.619590003 6 500 109

1 599 Church & Dwight Co. inc.171340102 44 600 3 923

52 CI Financial Corp.125491100 1 800 36

6


au 30 novembre 2018

non audité( )



Actions et parts

1 828 Cigna Corp.125509109 14 000 4 157

1 623 Cimarex Energy Co.171798101 13 400 1 460

946 CIMIC Group LtdAU000000CIM7 25 525 1 006

151 Cincinnati Financial Corp.172062101 3 100 337

4 807 Cineplex inc.172454100 118 825 3 072

338 Cintas Corp.172908105 2 200 548

6 152 Cisco Systems inc.17275R102 198 700 12 642

221 CIT Group inc.125581801 3 713 229

9 723 Citigroup inc.172967424 176 018 15 157

394 Citizens Financial Group inc.174610105 11 300 546

158 Citrix Systems inc.177376100 3 000 434

184 City Developments LtdSG1R89002252 21 400 175

1 588 CK Asset Holdings LtdKYG2177B1014 175 721 1 682

1 678 CK Hutchison Holdings Ltd619027006 140 488 1 952

337 CK Infrastructure Holdings LtdBMG2178K1009 50 000 506

435 Clariant AGCH0012142631 13 411 353

2 442 Clorox Co.189054109 22 200 4 887

706 CLP Holdings Ltd609701909 84 000 1 230

2 239 CME Group inc.12572Q105 18 200 4 598

1 282 CMS Energy Corp.125896100 26 300 1 821

358 CNH Industrial NVNL0010545661 29 771 385

63 CNP AssurancesFR0000120222 1 963 60

559 Cobalt 27 Capital Corp.19075M309 64 600 304

364 Coca-Cola Amatil Ltd612345900 34 319 288

157 Coca-Cola Bottlers Japan inc.JP3293200006 3 600 137

10 195 Coca-Cola Co.191216100 253 700 16 995

397 Coca-Cola European Partners plcGB00BDCPN049 8 022 518

903 Coca-Cola HBC AGB9895B904 27 104 1 072

851 Cochlear LtdAU000000COH5 6 181 1 016

4 664 Cogeco Communications inc.19239C106 71 000 4 587

300 Cognex Corp.192422103 3 500 205

1 417 Cognizant Technology Solutions, classe A192446102 24 300 2 301

286 Coles Group LtdAU0000030678 30 763 350

6 113 Colgate-Palmolive Co.194162103 96 200 8 122

4 202 Colliers International Group inc.194693107 50 600 4 428

682 Coloplast ASDK0060448595 7 032 891

1 397 Colruyt SAACI009ZR8 21 018 1 785

5 798 Comcast Corp., classe A20030N101 185 600 9 623

229 Comerica inc.200340107 4 000 421

90 ComfortDelGro Corp. LtdSG1N31909426 46 600 95

253 Commerzbank AGACI05RX61 23 540 270

5 271 Commonwealth Bank of Australia621503002 72 493 5 012

921 CommScope Holding Co. inc.20337X109 23 500 565

592 Compagnie de St-Gobain738048909 13 614 671

3 604 Compagnie Financière Richemont SAB3DCZF902 36 270 3 131

406 Compagnie Générale des Établissements Michelin SCA458836004 4 449 619

1 678 Compass Group plcGB00BD6K4575 92 129 2 622

100 Computershare LtdAU000000CPU5 8 908 157

2 146 Conagra Brands inc.205887102 55 400 2 381

1 755 Concho Resources inc.20605P101 12 317 2 134

159 Concordia Financial Group LtdJP3305990008 28 000 175

3 155 ConocoPhillips20825C104 50 900 4 477

7


au 30 novembre 2018

non audité( )



Actions et parts

4 165 Consolidated Edison inc.209115104 65 100 6 952

1 584 Constellation Brands inc., classe A21036P108 10 600 2 758

1 366 Constellation Software inc.21037X100 2 000 1 823

442 Continental AG459858908 2 694 538

584 Continental Resources inc.212015101 11 400 693

122 ConvaTec Group plcGB00BD3VFW73 32 134 83

946 Cooper Companies inc.216648402 3 900 1 446

285 Copart inc.217204106 4 000 272

1 532 Corning inc.219350105 70 700 3 027

283 CoStar Group inc.22160N109 700 344

1 900 Costco Wholesale Corp.22160K105 18 100 5 564

1 383 Cott Corp.22163N106 64 600 1 275

448 Coty inc.222070203 13 670 152

1 252 Covestro AGDE0006062144 11 323 867

531 Crédit Agricole SAFR0000045072 31 297 517

1 623 Credit Suisse Group AG717158901 63 982 1 002

499 CRH plcIE0001827041 20 651 759

803 Croda International plcGB00BYZWX769 15 725 1 300

1 908 Crown Castle International Corp.22822V101 24 500 3 741

300 Crown Holdings inc.228368106 6 600 449

205 Crown Resorts LtdAU000000CWN6 15 653 178

659 CSL Ltd618549901 10 903 1 877

549 CSX Corp.126408103 21 100 2 037

520 Cummins inc.231021106 4 200 843

4 265 CVS Health Corp.126650100 56 087 5 979

150 CyberAgent inc.JP3311400000 2 200 132

334 D.R. Horton inc.23331A109 8 500 420

167 Dai Nippon Printing Co. LtdJP3493800001 5 900 181

243 Daicel Corp.625054002 22 600 336

222 Daifuku Co. LtdJP3497400006 3 200 217

262 Daiichi Sankyo Co. LtdB0J7D9901 15 000 732

844 Daikin Industries Ltd625072004 13 700 2 022

1 491 Daimler AG552902900 22 446 1 687

683 Dairy Farm International Holdings LtdBMG2624N1535 60 000 701

805 Daito Trust Construction Co. LtdJP3486800000 5 200 903

335 Daiwa House Industry Co. Ltd625136007 16 900 707

1 805 Daiwa House REIT Investment Co.JP3046390005 579 1 743

351 Daiwa Securities Group inc.625144001 42 000 308

3 190 Danaher Corp.235851102 40 300 5 868

3 730 Danone SAFR0000120644 47 369 4 709

393 Danske Bank AS458882909 19 189 508

679 Darden Restaurants inc.237194105 6 800 999

339 Dassault Aviation SAFR0000121725 169 343

376 Dassault Systèmes SEFR0000130650 3 314 529

169 Davide Campari-Milano SPAIT0005252207 17 410 193

737 DaVita HealthCare Partners inc.23918K108 9 900 869

2 039 DBS Group Holdings Ltd617520903 129 473 3 058

267 DCC plcIE0002424939 2 133 214

873 Deere & Co.244199105 8 300 1 709

235 Delivery Hero AGDE000A2E4K43 3 897 188

603 Dell Technologies inc.24703L103 8 575 1 202

256 Delta Air Lines inc.247361702 5 200 420

8


au 30 novembre 2018

non audité( )



Actions et parts

103 DeNa Co. LtdJP3548610009 2 500 62

510 Denso Corp.664038007 11 700 719

336 Dentsply Sirona inc.24906P109 4 700 236

301 Dentsu inc.JP3551520004 4 900 290

1 495 Deutsche Bank AG575035902 47 843 583

421 Deutsche Börse GroupDE0005810055 4 734 804

141 Deutsche Lufthansa AGDE0008232125 5 916 191

649 Deutsche Post AG461785909 22 468 955

2 153 Deutsche Telekom AG584235907 119 101 2 769

338 Deutsche Wohnen AGDE000A0HN5C6 8 648 551

908 Devon Energy Corp.25179M103 13 400 481

380 DexCom inc.252131107 2 200 379

1 146 DEXUS Property GroupAU000000DXS1 115 797 1 175

6 740 Diageo plc023740905 219 191 10 495

894 Diamondback Energy inc.25278X109 6 380 936

674 Digital Realty Trust inc.253868103 5 300 810

2 329 Direct Line Insurance Group plcGB00BY9D0Y18 408 678 2 274

467 Disco Corp.JP3548600000 1 900 368

479 Discover Financial Services254709108 9 700 919

120 Discovery Communications inc., classe A25470F104 2 900 118

354 Discovery Communications inc., classe C25470F302 9 152 340

402 DISH Network Corp.25470M109 6 600 287

391 DNB ASA426330007 23 285 531

1 677 Dollar General Corp.256677105 18 900 2 788

750 Dollar Tree inc.256746108 10 211 1 177

226 Dollarama inc.25675T107 7 800 274

5 793 Dominion Resources inc.25746U109 73 800 7 308

114 Domino's Pizza Enterprises LtdAU000000DMP0 1 750 78

221 Domino's Pizza inc.25754A201 1 200 442

249 Don Quijote Holdings Co. LtdJP3639650005 3 300 266

4 207 Dorel Industries inc., classe B25822C205 120 850 2 204

286 Dover Corp.260003108 4 600 519

5 678 DowDuPont inc.26078J100 130 805 10 057

1 584 Dream Global Real Estate Investment Trust26154A106 112 000 1 509

239 Drone Delivery Canada Corp.26210W100 144 600 257

440 DSV ASDK0060079531 5 206 529

4 043 DTE Energy Co.233331107 32 400 5 157

352 Dufry AGCH0023405456 1 965 277

7 115 Duke Energy Corp.26441C204 89 014 10 479

881 Duke Realty Corp.264411505 23 800 901

468 DXC Technology Co.23355L106 6 754 566

219 E*TRADE Financial Corp.269246401 6 200 431

1 676 E.ON SE494290901 54 290 736

1 653 East Japan Railway Co.629854902 19 600 2 368

292 East West Bancorp inc.27579R104 3 700 264

194 Eastman Chemical Co.277432100 5 000 524

99 EasyJet plcGB00B7KR2P84 3 660 69

763 Eaton Corp. plcG29183103 11 100 1 135

104 Eaton Vance Corp.278265103 1 500 81

942 eBay inc.278642103 39 600 1 571

2 673 Ecolab inc.278865100 25 800 5 503

483 EdenredFR0010908533 14 168 718

9


au 30 novembre 2018

non audité( )



Actions et parts

1 517 Edison International281020107 20 400 1 500

296 EDP - Energias de Portugal SA410359905 61 402 285

512 Edwards Lifesciences Corp.28176E108 5 100 1 098

332 Eiffage SAFR0000130452 2 328 294

242 Eisai Co. Ltd630720001 6 000 731

169 Elbit Systems LtdIL0010811243 932 151

530 Électricité de France SAB0NJJ1901 17 105 373

193 Electrolux ABSE0000103814 5 123 155

168 Electronic Arts inc.285512109 7 300 816

648 Element Fleet Management Corp.286181201 83 200 587

2 287 Eli Lilly & Co.532457108 38 200 6 023

972 Elisa Co.57015902 21 602 1 152

908 Emerson Electric Co.291011104 14 900 1 337

5 820 Empire Co. Ltd, classe A291843407 242 800 6 111

2 089 Ems-Chemie Holding AG763561909 3 041 2 170

3 059 Enagas SA738307909 83 095 3 035

23 253 Enbridge inc.29250N105U 514 090 22 443

7 328 Encana Corp.292505104 510 100 4 565

1 130 Endeavour Mining Corp.G3040R158 48 700 806

420 Endesa SA527178909 15 238 452

1 260 Enel SPA714456902 203 042 1 464

963 Enerflex Ltd29269R105 66 000 1 076

2 182 Enerplus Corp.292766102 251 800 3 218

1 293 Engie SAB0C2CQ902 43 522 813

3 823 ENI SPA714505906 166 373 3 567

1 484 Entergy Corp.29364G103 15 000 1 736

4 530 EOG Resources inc.26875P101 46 800 6 426

548 Epiroc AB, classe ASE0011166933 39 806 434

437 Epiroc AB, classe BSE0011166941 32 570 348

319 Equifax inc.294429105 2 600 355

1 040 Equinix inc.29444U700 2 923 1 497

3 550 Equinor ASANO0010096985 118 684 3 676

2 965 Equity Residential29476L107 41 500 3 930

2 316 Ericsson LM, classe B595937905 186 449 2 067

1 067 Erste Group Bank AGAT0000652011 26 207 1 374

1 596 Essex Property Trust inc.297178105 5 700 1 989

829 Essilor International721247906 6 456 1 090

310 Essity Aktiebolag, classe BSE0009922164 20 411 695

146 Eurazeo SAFR0000121121 1 439 143

202 Eurofins Scientific SEFR0000038259 280 161

109 Eutelsat CommunicationsFR0010221234 3 140 89

1 065 Everest Re Group LtdBMG3223R1088 5 600 1 653

2 144 Evergy inc.30034W106 29 200 2 304

1 243 Eversource Energy30040W108 22 489 2 043

182 Evonik Industries AGDE000EVNK013 3 887 139

1 686 Exelon Corp.30161N101 32 000 1 973

226 EXOR NVNL0012059018 2 861 223

213 Expedia inc.30212P303 3 200 514

1 316 Expeditors International of Washington inc.302130109 21 000 2 124

555 Experian plcB19NLV907 28 995 937

2 101 Express Scripts Holdging Co.30219G108 27 572 3 719

1 044 Extra Space Storage inc.30225T102 8 500 1 084

10


au 30 novembre 2018

non audité( )



Actions et parts

13 723 Exxon Mobil Corp.30231G102 165 200 17 456

2 319 F5 Networks inc.315616102 12 000 2 743

3 930 Facebook inc., classe A30303M102 58 900 11 008

1 389 Fairfax Financial Holdings Ltd303901102 2 400 1 508

92 FamilyMart Co. Ltd633127006 1 900 358

2 020 Fanuc Corp.635693005 11 700 2 655

563 Fast Retailing Co. Ltd633243902 1 400 967

381 Fastenal Co.311900104 7 100 559

113 FaureciaFR0000121147 1 068 55

827 Federal Realty Investment Trust313747206 4 700 825

621 FedEx Corp.31428X106 6 200 1 887

452 Ferguson plc098834435 7 731 658

205 Ferrari NVNL0011585146 2 653 383

316 Ferrovial SAES0118900010 12 064 330

217 Fiat Chrysler Automobiles NVNL0010877643 25 985 570

2 525 Fidelity National Information Services inc.31620M106 32 800 4 706

374 Fifth Third Bancorp316773100 20 000 742

14 694 Financière Sun Life inc.866796105 322 567 15 806

431 Finning International inc.318071404 14 400 398

611 First Capital Realty inc.31943B100 33 600 663

297 First Data Corp.32008D106 13 600 345

2 046 First Quantum Minerals Ltd335934105 133 100 1 623

286 First Republic Bank33616C100 3 600 474

612 FirstEnergy Corp.337932107 12 100 608

2 522 FirstService Corp.33767E103 27 200 2 742

2 628 Fiserv inc.337738108 57 900 6 090

125 Fisher & Paykel Healthcare Corp. LtdNZFAPE0001S2 10 744 130

365 FleetCor Technologies inc.339041105 2 100 540

56 Fletcher Building Ltd634160907 9 634 42

593 Flextronics International LtdSG9999000020 41 700 485

49 Flight Centre Travel Group LtdAU000000FLT9 1 085 51

734 FLIR Systems inc.302445101 14 500 884

598 Flowserve Corp.34354P105 9 000 580

332 Fluor Corp.343412102 4 600 250

668 FMC Corp.302491303 9 900 1 089

509 FNF Group31620R303 16 145 721

176 Foncière des RégionsFR0000064578 1 964 254

1 712 Ford Motor Co.345370860 105 400 1 318

3 626 Fortescue Metals Group Ltd608625901 769 193 2 986

263 Fortinet inc.34959E109 5 200 510

7 075 Fortis inc.349553107 169 476 7 822

392 Fortive Corp.34959J108 7 668 775

847 Fortum OYJ557955903 36 970 1 025

318 Fortune Brands Home & Security inc.34964C106 4 000 233

7 616 Franco-Nevada Corp.351858105 106 400 9 788

529 Franklin Resources inc.354613101 10 000 450

117 Fraport AG Frankfurt Airport Services WorldwideDE0005773303 1 019 100

4 607 Freeport-McMoRan inc.35671D857 162 000 2 571

344 Fresenius Medical Care AG & Co. KGaA512907908 4 913 531

382 Fresenius SE & Co. KGaA435209903 9 276 704

2 621 Fresnillo plcB2QPKJ909 130 612 1 669

54 Fuchs Petrolub SE435435003 1 244 68

11


au 30 novembre 2018

non audité( )



Actions et parts

2 844 FUJIFILM Holgings Corp.635652001 61 200 3 231

216 Fujitsu Ltd635694003 5 000 409

102 Fukuoka Financial Group inc.JP3805010000 3 600 109

840 G4S plcGB00B01FLG62 170 200 560

1 984 Galaxy Entertainment Group LtdHK0027032686 230 000 1 877

1 476 Galp Energia SGPS, SAB1FW75903 72 729 1 588

76 Gamesa Corp. Tecnologica SAES0143416115 3 865 72

617 Garmin LtdCH0114405324 7 300 647

250 Gartner inc.366651107 2 200 448

460 GEA Group AGDE0006602006 8 607 301

735 Geberit AGB1WGG9901 1 873 970

260 Gecina SAFR0010040865 1 180 219

13 258 General Electric Co.369604103 604 417 6 024

2 659 General Mills inc.370334104 52 500 2 952

1 197 General Motors Co.37045V100 31 700 1 599

327 Genmab ASDK0010272202 1 494 302

146 Genting Singapore LtdSGXE21576413 126 100 118

1 348 Genuine Parts Co.372460105 14 300 1 971

948 George Weston Ltd961148509 10 647 1 023

2 860 Gilead Sciences inc.375558103 43 100 4 121

3 134 Givaudan SA598061901 1 757 5 749

817 Gjensidige Forsikring ASANO0010582521 37 063 768

5 445 Glaxosmithkline plc092528900 204 601 5 626

461 Global Payments inc.37940X102 4 000 594

381 GoDaddy inc.380237107 3 900 338

8 715 Goldcorp inc.380956409 387 200 4 770

478 Golden Agri-Resources Ltd616447900 1 062 200 252

1 750 Goldman Sachs Group inc.38141G104 9 600 2 433

272 Goodman GroupAU000000GMG2 39 698 395

835 GPT GroupAU000000GPT8 176 085 900

1 524 Granite Real Estate Investment Trust387437114 26 851 1 472

3 569 Great Canadian Gaming Corp.389914102 101 823 5 246

2 710 Great-West Lifeco inc.39138C106 86 600 2 639

292 Grifols SAES0171996087 7 615 284

964 Groupe Bruxelles Lambert SABE0003797140 7 038 842

599 Groupe Eurotunnel SEFR0010533075 34 368 593

4 927 Groupe SNC-Lavalin inc.78460T105 90 000 4 365

1 523 Groupe TMX Limitée87262K105 17 700 1 396

198 GrubHub inc.400110102 1 900 198

235 GVC Holdings plcIM00B5VQMV65 13 824 173

160 H&R Block inc.093671105 5 300 190

5 148 H&R Real Estate Investment Trust403925407 238 600 5 020

100 H. Lundbeck ASDK0010287234 1 310 72

5 563 Halliburton Co.406216101 87 700 3 664

1 855 Hamamatsu Photonics K.K.JP3771800004 33 900 1 568

312 Hammerson plcGB0004065016 24 834 163

327 Hanesbrands inc.410345102 9 200 195

366 Hang Lung Group LtdHK0010000088 78 000 287

275 Hang Lung Properties Ltd603050006 74 000 199

2 558 Hang Seng Bank Ltd640837001 134 400 4 123

1 001 Hankyu Hanshin Holdings inc.377420000 27 900 1 257

109 Hannover Rueck SEDE0008402215 844 156

12


au 30 novembre 2018

non audité( )



Actions et parts

211 Hargreaves Lansdown plc030166469 8 278 267

273 Harley-Davidson inc.412822108 4 800 270

2 361 Harris Corp.413875105 13 400 2 546

107 Harvey Norman Holdings LtdAU000000HVN7 30 780 94

1 407 Hasbro inc.418056107 13 200 1 596

1 598 HCA Holdings inc.40412C101 19 200 3 674

2 825 HCP inc.40414L109 74 100 2 882

248 HD Supply Holdings inc.40416M105 5 300 281

160 HeidelbergCement AG512067901 2 782 246

476 Heineken Holding NVB0CCH4904 7 168 840

1 202 Heineken NV779255900 17 181 2 089

1 857 Helmerich & Payne inc.423452101 24 800 1 997

673 Henderson Land Development Co. LtdHK0012000102 103 919 709

1 956 Henkel AG & Co. KGaA500246905 19 833 2 944

763 Hennes & Mauritz AB, classe B568743900 22 020 539

1 176 Henry Schein inc.806407102 15 100 1 790

3 662 Hermès InternationalFR0000052292 5 123 3 683

509 Hess Corp.42809H107 8 000 573

1 199 Hewlett Packard Enterprise Co.42824C109 90 700 1 808

554 Hexagon ABSE0000103699 10 555 699

1 136 High Liner Foods inc.429695109 86 200 591

450 Hikari Tsushin inc.6416322 2 500 530

619 Hilton Worldwide Holdings inc.43300A203 7 266 730

70 Hino Motors Ltd433406105 4 100 56

58 Hirose Electric Co. LtdJP3799000009 419 59

151 Hisamitsu Pharmaceutical Co. inc.JP3784600003 1 400 119

114 Hitachi Chemical Co. Ltd642912000 6 200 130

240 Hitachi Construction Machinery Co. LtdJP3787000003 6 400 235

59 Hitachi High-Technologies Corp.JP3678800008 1 400 65

826 Hitachi Ltd642910004 23 400 901

251 Hitachi Metals Ltd642920003 17 500 262

1 004 HK Electric Investments and HK Electric Investments LtdHK0000179108 887 021 1 130

2 202 HKT Trust and HKT LtdB4TXDZ907 1 388 700 2 670

53 Hochtief AGDE0006070006 228 43

145 HollyFrontier Corp.436106108 3 800 316

758 Hologic inc.436440101 14 800 874

5 853 Home Depot inc.437076102 49 900 11 959

1 708 Honda Motor Co. Ltd643514003 42 900 1 608

3 616 Honeywell International inc.438516106 30 300 5 910

3 413 Hong Kong and China Gas Co. LtdHK0003000038 1 786 567 4 788

523 Hong Kong Exchanges and Clearing LtdHK0388045442 26 038 1 008

2 182 Hongkong Land Holdings LtdBMG4587L1090 233 800 2 023

1 354 Hormel Foods Corp.440452100 46 300 2 774

66 Hoshizaki Electric Co. LtdJP3845770001 600 62

343 Host Hotels & Resorts inc.44107P104 18 700 472

183 Hoya Corp.644150005 8 600 695

1 514 HP inc.40434L105 100 901 3 084

5 830 HSBC Holdings plc054052907 508 506 5 728

4 747 HudBay Minerals inc.443628102 520 800 3 510

155 Hugo Boss AG079582719 1 019 94

1 628 Humana inc.444859102 8 200 3 591

350 Huntington Bancshares inc.446150104 23 500 456

13


au 30 novembre 2018

non audité( )



Actions et parts

407 Huntington Ingalls Industries inc.446413106 1 500 430

11 159 Husky Energy inc.448055103 466 901 7 704

3 239 Hydro One Ltd448811208 147 028 2 891

91 Hysan Development Co. LtdHK0014000126 15 000 95

360 IAC/InterActive Corp.44919P508 2 200 520

1 052 Iberdrola SAES0144580Y14 136 601 1 355

143 ICA Gruppen ABSE0000652216 2 937 142

75 IcadeFR0000035081 586 62

81 Idemitsu Kosan Co. LtdB1FF8P905 3 900 189

283 IDEX Corporation45167R104 1 900 347

403 IDEXX Laboratories inc.45168D104 2 100 569

101 IHI Corp.JP3134800006 3 000 121

689 IHS Markit LtdBMG475671050 12 446 883

112 Iliad SA775943905 950 170

647 Illinois Tool Works inc.452308109 8 500 1 571

619 Illumina inc.452327109 3 800 1 705

84 Imerys SAB011GL903 1 352 96

1 545 Imperial Oil Ltd453038408 35 500 1 405

209 Incitec Pivot Ltd667304901 58 244 213

536 Incyte Corp.US45337C1027 5 000 427

2 145 Industria de Diseño Textil SAES0148396007 54 672 2 229

3 356 Industrielle Alliance, Assurance et services financiers inc.455871103 67 475 3 277

220 Industrivärden ABSE0000107203 8 293 219

1 072 Infineon Technologies AGDE0006231004 63 800 1 774

442 Informa plcGB00BMJ6DW54 30 425 357

994 Ing Groep NV715418901 95 620 1 537

395 Ingenico GroupFR0000125346 2 883 277

448 Ingersoll-Rand plcG47791101 7 500 1 032

1 010 Ingredion inc.457187102 6 665 925

79 Innogy SEDE000A2AADD2 1 660 101

1 013 Inpex Corp.B10RB1904 71 600 1 010

347 Insurance Australia Group LtdAU000000IAG3 59 091 418

9 442 Intact Financial Corp.45823T106 115 500 12 286

9 436 Intel Corp.458140100 306 300 20 075

324 Inter Pipeline Ltd45833V109 10 800 231

778 Intercontinental Exchange inc.45866F104 16 971 1 844

260 InterContinental Hotels Group plcGB00BD8QVH41 6 330 451

1 261 Interfor Corp.45868C109 83 250 1 249

10 058 International Business Machines Corp.459200101 48 200 7 962

223 International Consolidated Airlines Group SAES0177542018 21 197 225

1 133 International Flavors & Fragrances inc.459506101I 8 655 1 628

290 International Paper Co.460146103 8 700 534

304 Interpublic Group of Cos inc.460690100 9 900 309

1 378 Intertape Polymer Group inc.460919103 66 301 1 120

927 Intertek Group plc316383900 14 769 1 176

769 Intesa Sanpaolo407683002 374 126 1 153

338 Intuit inc.461202103 5 600 1 597

1 184 Intuitive Surgical inc.46120E602 4 325 3 052

409 Invesco LtdG491BT108 11 700 316

579 Investec plcGB00B17BBQ50 61 838 499

811 Investment AB Kinnevik, classe BSE0008373906 19 694 664

394 Investor AB, classe B567959903 12 327 718

14


au 30 novembre 2018

non audité( )



Actions et parts

583 Invitation Homes inc.46187W107 20 200 577

741 IPG Photonics Corp.44980X109 2 400 453

95 Ipsen SAFR0010259150 554 95

505 IQVIA Holdings inc.46266C105 4 300 715

319 Iron Mountain inc.46284V101 6 900 312

69 Isetan Mitsukoshi Holdings LtdJP3894900004 4 700 72

205 Israel Chemicals Ltd645553900 30 687 238

797 ISS ASDK0060542181 16 001 689

481 Isuzu Motors LtdJP3137200006 30 300 574

592 Itochu Corp.646780007 44 000 1 038

383 ITV plcGB0033986497 104 766 258

420 Ivanhoe Mines Ltd46579R104 220 000 583

343 J Sainsbury plcB019KW907 57 043 295

70 J. Front Retailing Co. LtdJP3386380004 3 100 56

2 559 Jack Henry & Associates inc.426281101 17 300 3 212

250 Jacobs Engineering Group inc.469814107 3 000 262

91 James Hardie Industries plc641297908 12 730 198

125 Japan Airlines Co. LtdJP3705200008 2 600 125

169 Japan Exchange Group inc.018949717 11 800 282

2 508 Japan Post Bank Co. LtdJP3946750001 153 900 2 389

4 861 Japan Post Holdings Co. LtdJP3752900005 307 900 4 981

1 158 Japan Prime Realty Investment Corp.JP3040890000 288 1 495

2 947 Japan Real Estate Investment Corp.JP3027680002 469 3 442

2 181 Japan Retail Fund Investment Corp.JP3039710003 917 2 337

751 Jardine Cycle & Carriage LtdSG1B51001017 20 088 685

4 142 Jardine Matheson Holdings LtdBMG507361001 53 200 4 670

2 689 Jardine Strategic Holdings LtdBMG507641022 50 300 2 574

270 Jazz Pharmaceuticals plcIE00B4Q5ZN47 1 400 281

226 JB Hunt Transport Services inc.445658107 2 100 297

240 JCDecaux SAFR0000077919 5 529 250

334 Jefferies Financial Group inc.47233W109 10 400 302

274 Jeronimo Martins SGPS, SAB1Y1SQ901 16 063 255

617 JFE Holdings inc.654379908 22 900 536

406 JGC Corp.JP3667600005 13 400 260

209 John Wood Group plcGB00B5N0P849 18 014 194

9 619 Johnson & Johnson478160104 98 100 19 154

1 038 Johnson Controls International plcH89128104 22 776 1 053

143 Johnson Matthey plcB70FPS903 4 560 226

332 Jones Lang Lasalle inc.48020Q107 1 600 304

6 238 JPMorgan Chase & Co.46625H100 92 400 13 655

155 JSR Corp.647098003 7 500 160

117 JTEKT Corp.JP3292200007 6 100 103

312 Julius Baer Group LtdCH0102484968 5 733 308

782 Juniper Networks inc.48203R104 22 500 859

467 JX Holdings inc.B627LW906 90 450 727

228 Kajima Corp.JP3210200006 11 000 202

40 Kakaku.com inc.JP3206000006 2 000 53

485 Kansai Electric Power Co. inc.648348001 22 200 443

146 Kansai Paint Co. Ltd648374007 12 300 306

780 Kansas City Southern485170302 6 400 877

389 Kao Corp.648380004 13 200 1 291

101 Kawasaki Heavy Industries LtdJP3224200000 2 700 84

15


au 30 novembre 2018

non audité( )



Actions et parts

1 887 KBC Groep NVBE0003565737 21 399 2 042

1 738 KDDI Corp.624899902 100 500 3 134

68 Keikyu Corp.JP3280200001 3 000 64

49 Keio Corp.JP3277800003 900 66

71 Keisei Electric Railway Co. LtdJP3278600006 1 800 78

3 214 Kellogg Co.487836108 47 000 3 976

446 Keppel Corp. LtdB1VQ5C905 51 100 300

1 002 Kering550507909 4 234 2 447

3 757 Kerry Group plc, classe A451957906 36 165 4 967

232 Kerry Properties LtdBMG524401079 52 000 237

590 KeyCorp493267108 27 900 680

357 Keyence Corp.649099009 2 200 1 586

5 792 Keyera Corp.493271100 164 600 4 789

556 Keysight Technologies inc.49338L103 7 100 584

63 Kikkoman Corp.649080009 5 300 411

2 849 Kimberly-Clark Corp.494368103 29 700 4 554

345 Kimco Realty Corp.49446R109 10 500 228

1 493 Kinaxis inc.49448Q109 19 533 1 451

1 012 Kingfisher plc331952903 162 512 689

94 Kingspan Group plcIE0004927939 1 626 93

3 836 Kinross Gold Corp.496902404 790 700 2 846

852 Kintetsu Corp.JP3260800002 16 600 919

209 KION Group AGDE000KGX8881 1 829 137

319 Kirin Holdings Co. Ltd649374006 22 000 686

3 361 Kirkland Lake Gold Ltd49741E100 170 700 4 701

1 284 KLA-Tencor Corp.482480100 12 600 1 650

307 Klepierre SAFR0000121964 5 137 224

153 Knight-Swift Transportation Holdings inc.499049104 2 500 115

128 Kobayashi Pharmaceutical Co. LtdJP3301100008 1 100 102

358 Kobe Steel Ltd649602000 22 400 245

268 Kohl's Corp.500255104 5 000 446

181 KOITO Manufacturing Co. LtdJP3284600008 2 200 156

1 526 Komatsu Ltd649658002 55 100 1 956

104 Konami Holdings Corp.JP3300200007 1 400 83

1 245 Kone OYJ, classe BB09M9D905 23 619 1 555

170 Konica Minolta inc.JP3300600008 15 000 179

1 665 Koninklijke Ahold Delhaize NV525260907 67 172 2 295

776 Koninklijke DSM NV025328825 10 668 1 256

474 Koninklijke KPN NV595607904 106 426 418

1 652 Koninklijke Philips NV598662906 49 246 2 464

111 Koninklijke Vopak NVNL0009432491 1 920 112

96 KOSÉ Corp.619446909 800 159

335 Kroger Co.501044101 22 500 887

464 Kubota Corp.649750007 29 600 671

3 345 Kuehne + Nagel International AGB142S6906 21 070 3 937

179 Kuraray Co. Ltd649766003 14 400 297

410 Kyocera Corp.649926003 7 900 566

84 Kyowa Hakko Kirin Co. LtdJP3256000005 4 000 109

234 Kyushu Electric Power Co. inc.649980000 11 300 176

870 Kyushu Railway Co.JP3247010006 19 309 847

824 L Brands inc.501797104 17 700 779

27 237 La Banque de Nouvelle-Écosse064149107 408 187 29 512

16


au 30 novembre 2018

non audité( )



Actions et parts

1 237 Laboratory Corp. of America Holdings50540R409 10 800 2 091

158 Labrador Iron Ore Royalty Corp.505440107 5 300 141

2 727 LafargeHolcim LtdCH001221405E 36 479 2 173

1 617 Lam Research Corp.512807108 13 100 2 733

459 Lamb Weston Holdings inc.513272104 4 500 459

412 Land Securities Group plcGB00BYW0PQ60 28 122 388

297 Lanxess AGB05M8B904 3 804 278

2 136 Las Vegas Sands Corp.517834107 29 000 2 117

1 521 Lawson inc.626691901 18 700 1 626

593 Lear Corp.521865204 4 000 724

453 Legal & General Group plc056039902 145 338 604

756 Leggett & Platt inc.524660107 11 400 587

485 Legrand SAB11ZRK906 7 290 594

233 Leidos Holdings inc.525327102 2 900 243

214 LendLease GroupAU000000LLC3 14 001 172

513 Lennar Corp., classe A526057104 7 900 449

249 Lennox International inc.526107107 1 000 300

293 Leonardo SPAIT0003856405 16 747 219

203 Les Vêtements de sport Gildan inc.375916103 5 200 227

279 Liberty Broadband Corp.530307305 2 800 316

459 Liberty Global plc, classe A530555101 6 766 223

421 Liberty Global plc, classe C530555309 13 295 429

216 Liberty Media Corp., Liberty Formula One, classe C531229854 4 700 186

1 798 Liberty Property Trust531172104 30 300 1 824

87 Liberty Sirius Group, classe A531229409 3 700 196

92 Liberty Sirius Group, classe C531229607 3 900 208

4 760 Linamar Corp.53278L107 82 200 3 960

426 Lincoln National Corp.534187109 6 000 502

4 998 Linde plcIE00BZ12WP8E 36 065 7 623

663 Lindt & Spruengli AG-PC596228908 148 1 342

1 961 Lindt & Spruengli AG-REG596230904 25 2 670

176 Lion Corp.JP3965400009 8 000 210

194 Live Nation Entertainment inc.538034109 3 400 252

140 LIXIL Group Corp.JP3626800001 5 000 86

320 LKQ Corp.501889208 8 000 296

3 873 Lloyds Banking Group plc087061008 3 778 404 3 547

1 559 Loblaw Companies Ltd539481101 29 143 1 786

1 394 Loews Corp.540424108 23 300 1 488

261 London Stock Exchange GroupGB00B0SWJX34 6 965 476

346 Lonza Group AG733337901 2 120 910

1 004 L'Oreal SA405780909 6 491 2 031

2 018 Lowe's Cos inc.548661107 31 100 3 901

865 Lucara Diamond Corp.54928Q108 403 300 762

221 Lululemon Athletica inc.550021109 2 700 476

3 317 Lundin Mining Corp.550372106 595 400 3 447

108 Lundin Petroleum AB718762909 4 699 164

3 022 LVMH Moet Hennessy Louis Vuitton SA406141903 15 537 5 905

399 LyondellBasell Industries NV, classe AN53745100 8 900 1 104

391 M&T Bank Corp.55261F104 3 600 809

213 M3 inc.019947980 10 600 228

413 Macquarie Group LtdB28YTC906 8 248 916

380 Macy's inc.55616P104 8 400 382

17


au 30 novembre 2018

non audité( )



Actions et parts

4 566 Magna International inc.559222401 83 800 5 557

226 Makita Corp.JP3862400003 4 000 209

212 ManpowerGroup inc.56418H100 2 000 216

13 057 Manulife Financial Corp.56501R106 641 600 14 095

530 Marathon Oil Corp.565849106 23 900 530

937 Marathon Petroleum Corp.56585A102 18 544 1 606

1 440 Marine Harvest ASANO0003054108 59 379 1 845

2 621 Markel Corp.570535104 2 060 3 133

1 675 Marks & Spencer Group plc312748908 316 023 1 568

476 Marriott International inc., classe A571903202 7 660 1 171

2 382 Marsh & McLennan Cos inc.571748102 38 800 4 574

130 Martin Marietta Materials inc.573284106 1 400 355

444 Marubeni Corp.656946001 60 200 597

162 Marui Group Co. LtdJP3870400003 6 000 172

1 862 Maruichi Steel Tube Ltd656950003 48 200 1 901

930 Marvell Technology Group LtdBMG5876H1051 46 100 987

309 Masco Corp.574599106 7 500 316

2 875 MasterCard inc., classe A57636Q104 31 900 8 524

451 Mattel inc.577081102 9 700 179

938 Maxim Integrated Products inc.57772K101 19 500 1 449

424 Mazda Motor Corp.690030002 19 900 282

1 979 McCormick & Co. inc.579780206 26 700 5 323

4 256 McDonald's Corp.580135101 38 600 9 671

611 McDonald's Holdings Co. Japan LtdJP3750500005 18 500 1 102

646 McKesson Corp.58155Q103 5 300 877

175 Medibank Private LtdAU000000MPL3 58 000 136

99 Mediobanca SPAIT0000062957 11 101 130

4 543 Medtronic plc585055106 64 844 8 406

897 MEG Energy Corp.552704108 95 900 798

370 Meggitt plcGB0005758098 42 635 375

1 736 MEIJI Holdings Co. LtdB60DQV902 21 500 2 247

564 Melco Resorts & EntertainmentUS5854641009 22 599 543

393 Melrose Industries plcGB00BZ1G4322 96 531 289

1 267 MercadoLibre inc.58733R102 4 800 2 245

5 806 Merck & Co. inc.58933Y105 102 100 10 767

781 Merck KGaADE0006599905 6 525 955

91 Meridian Energy LtdNZMELE0002S7 34 852 105

154 Merlin Entertainments plcGB00BDZT6P94 18 150 103

2 361 Methanex Corp.59151K108 32 600 2 400

922 MetLife inc.59156R108 22 400 1 329

311 Metro AGDE000BFB0019 12 415 253

3 980 Metro inc.59162N109 91 362 4 184

295 Metso OYJFI0009007835 6 997 265

606 Mettler-Toledo International inc.592688105 1 300 1 100

257 MGM China Holdings LtdKYG607441022 72 800 165

492 MGM Resorts International552953101 13 700 491

314 Michael Kors Holdings LtdVGG607541015 3 500 204

166 Micro Focus International plcGB00BD8YWM01 4 414 115

183 Micro Focus International plc ADR594837304 6 001 156

1 110 Microchip Technology inc.595017104 16 600 1 655

2 722 Micron Technology inc.595112103 95 000 4 869

9 792 Microsoft Corp.594918104 211 700 31 201

18


au 30 novembre 2018

non audité( )



Actions et parts

999 Mid-America Apartment Communities inc.59522J103 7 400 1 018

1 031 Millicom International Cellular SAB00L2M903 11 406 893

406 Minebea Co. Ltd001227033 23 200 500

523 Minth Group LtdKYG6145U1094 78 000 348

804 Mirvac GroupAU000000MGR9 345 646 735

146 MISUMI Group inc.JP3885400006 4 600 138

253 Mitsubishi Chemical Holdings Corp.B0JQTJ900 44 700 486

721 Mitsubishi Corp.659678007 38 900 1 394

464 Mitsubishi Electric Corp.659704001 46 400 814

900 Mitsubishi Estate Co. Ltd659672000 35 000 746

149 Mitsubishi Gas Chemical Co. inc.659692008 11 200 244

544 Mitsubishi Heavy Industries Ltd659706006 8 400 424

360 Mitsubishi Materials Corp.659708002 9 400 350

356 Mitsubishi Motors Corp.JP3899800001 39 700 324

1 214 Mitsubishi Tanabe Pharma Corp.JP3469000008 68 400 1 395

1 888 Mitsubishi UFJ Financial Group633517909 302 300 2 210

146 Mitsubishi UFJ Lease & Finance Co. LtdJP3499800005 18 000 130

1 998 Mitsui & Co. Ltd659730006 115 300 2 395

151 Mitsui Chemicals inc.JP3888300005 4 000 135

694 Mitsui Fudosan Co. Ltd659760003 23 800 756

138 Mitsui O.S.K. Lines LtdJP3362700001 3 500 109

706 Mizrahi Tefahot Bank LtdIL0006954379 43 977 1 058

3 879 Mizuho Financial Group inc.659101901 1 816 600 4 004

301 Mohawk Industries inc.608190104 1 300 221

405 Molson Coors Brewing Co., classe B60871R209 6 100 533

394 Moncler SPAIT0004965148 6 650 288

6 230 Mondelez International inc., classe A609207105 148 128 8 855

1 043 Mondi plcB1CRLC906 36 245 1 050

345 Monster Beverage Corp.61174X109 9 775 775

341 Moody's Corp.615369105 4 400 930

976 Morgan Stanley617446448 34 800 2 053

384 Morguard Corp.617577101 2 330 422

679 Morneau Shepell inc.61767W104 25 000 653

3 972 Motorola Solutions inc.620076307 37 118 6 475

253 MS&AD Insurance Group Holdings inc.B2Q4CS905 9 600 387

298 MSCI inc.55354G100 2 300 480

2 302 MTR Corp. LtdHK0066009694 501 806 3 460

453 MTU Aero Engines AGDE000A0D9PT0 2 001 553

776 Muenchener Rueckver AG529412900 3 703 1 069

1 609 Murata Manufacturing Co. Ltd661040006 15 000 3 040

1 394 Mylan NV628530107 29 900 1 346

76 Nabtesco Corp.JP3651210001 1 500 54

1 307 Nagoya Railroad Co. LtdJP3649800004 56 800 1 891

266 Nasdaq inc.631103108 2 900 352

5 089 National Australia Bank Ltd662460005 190 653 4 560

1 822 National Grid plcGB00BDR05C01 130 662 1 845

1 024 National Oilwell Varco inc.637071101 21 000 896

1 627 National Retail Properties inc.637417106 26 800 1 783

245 Natixis SAFR0000120685 24 712 181

769 Naturgy Energy Group SAES0116870314 28 525 938

3 830 Nec Corp.JP3733000008 96 400 3 972

417 Nektar Therapeutics640268108 4 000 215

19


au 30 novembre 2018

non audité( )



Actions et parts

663 Neo Performance Materials inc.64046G106 38 200 575

79 Neste Oil OYJB06YV4907 2 746 285

18 275 Nestlé SA712387901 247 679 28 046

318 NetApp inc.64110D104 7 400 658

710 Netflix inc.64110L106 10 800 4 107

788 New World Development Co. LtdHK0017000149 566 597 1 012

4 057 Newcrest Mining Ltd663710002 245 440 4 943

773 Newell Brands inc.651229106 14 693 457

9 216 Newmont Mining Corp.651639106 217 400 9 345

158 News Corp., classe A65249B109 7 975 138

591 Nexon Co. Ltd070973251 42 900 674

280 Next plc320898901 3 724 310

3 806 NextEra Energy inc.65339F101 36 300 8 767

2 767 NFI Group inc.62910L102 76 883 2 906

68 NGK Insulators LtdJP3695200000 3 000 59

100 NGK Spark Plug Co. LtdJP3738600000 2 700 74

121 NH Foods Ltd664076007 3 500 172

440 NICE Sytems LtdIL0002730112 3 852 587

969 Nidec Corp.JP3734800000 13 000 2 301

288 Nielsen Holdings plcGB00BWFY5505 8 200 296

2 383 NIKE inc., classe B654106103 50 400 5 032

488 Nikon Corp.654111103 23 300 485

387 Nintendo Co. Ltd663955003 2 800 1 134

2 859 Nippon Building Fund inc.JP3027670003 436 3 608

148 Nippon Electric Glass Co. LtdJP3733400000 4 600 164

72 Nippon Express Co. LtdJP3729400006 1 100 88

464 Nippon Paint Co. LtdJP3749400002 10 900 513

1 440 Nippon Prologis Real Estate Investment Trust inc.JP3047550003 586 1 613

1 126 Nippon Steel & Sumitomo Metal Corp.664256005 38 800 943

2 409 Nippon Telegraph and Telephone Corp.664137007 77 800 4 262

105 Nippon Yusen Kabushiki KaishaJP3753000003 3 500 79

317 NiSource inc.65473P105 9 900 348

56 Nissan Chemical Industries LtdJP3670800006 1 100 79

4 695 Nissan Motor Co. Ltd664286002 386 100 4 493

58 Nisshin Seifun Group inc.664096005 6 180 173

609 Nissin Foods Holdings Co. Ltd664176005 10 900 935

590 Nitori Co. LtdJP3756100008 5 300 944

657 Nitto Denko Corp.664180007 11 900 864

779 NMC Health plcGB00B7FC0762 12 731 712

285 NN Group NVNL0010773842 5 629 318

446 Noble Energy inc.655044105 12 000 379

2 686 Nokia OYJFI0009000681 390 193 2 852

71 Nokian Renkaat OYJFI0009005318 1 195 51

769 Nomura Holdings inc.JP3762600009 99 400 595

55 Nomura Real Estate Holdings inc.JP3762900003 1 800 47

1 855 Nomura Real Estate Master Fund inc.JP3048110005 1 102 1 956

100 Nomura Research Institute LtdJP3762800005 1 700 99

3 395 Norbord inc.65548P403 128 800 4 782

1 101 Nordea Bank AB538003906 83 950 990

700 Nordstrom inc.655664100 10 200 717

574 Norfolk Southern Corp.655844108 7 200 1 634

527 Norsk Hydro ASAB11HK3901 73 618 461

20


au 30 novembre 2018

non audité( )



Actions et parts

314 Northern Trust Corp.665859104 5 200 686

3 324 Northland Power inc.666511100 179 400 4 008

347 Norwegian Cruise Line Holdings LtdBMG667211046 5 000 341

7 091 Novartis AG710306903 85 954 10 398

1 516 Novo Nordisk AS, classe B707752903 43 384 2 677

349 Novozymes AS, classe BB798FW902 10 171 630

319 NRG Energy inc.629377508 6 200 317

498 NSK LtdJP3720800006 29 700 371

812 NTT Data Corp.JP3165700000 63 100 975

5 553 NTT DOCOMO inc.612927905 222 500 6 846

582 Nucor Corp.670346105 11 300 907

17 468 Nutrien Ltd67077M108 256 443 17 551

680 NuVista Energy Ltd67072Q120 94 800 366

3 326 NVIDIA Corp.67066G104 45 000 9 775

289 NVR inc.62944T105 90 293

405 NWS Holdings LtdBMG668971101 174 000 486

3 865 NXP Semiconductors NVNL0009538784 28 719 3 182

204 Obayashi Corp.JP3190000004 15 500 205

99 OBIC Co. LtdJP3173400007 1 400 161

6 159 Occidental Petroleum Corp.674599105 68 300 6 379

209 Odakyu Electric Railway Co. Ltd665610002 10 200 304

211 OGE Energy Corp.670837103 6 000 316

2 979 Oil Search LtdPG0008579883 416 508 2 955

106 Oji Holdings Corp.665770004 21 000 163

243 Old Dominion Freight Line inc.679580100 1 500 273

261 Olympus Corp.JP3201200007 5 500 206

1 452 Omnicom Group inc.681919106 17 400 1 780

236 OMRON Corp.JP3197800000 3 600 210

1 533 OMV AG465145001 30 906 2 075

368 ON Semiconductor Corp.682189105 11 300 288

2 535 Oneok inc.682680103 36 400 2 972

612 Onex Corp.68272K103 6 500 536

323 Ono Pharmaceutical Co. LtdJP3197600004 10 200 328

2 836 Open Text Corp.683715106 62 300 2 836

5 106 Oracle Corp.68389X105 117 700 7 627

368 Oracle Corp. JapanJP3689500001 6 600 569

2 299 Orange SA517617908 99 987 2 282

784 O'Reilly Automotive inc.67103H107 5 300 2 443

254 Orica Ltd645800004 11 844 201

787 Oriental Land Co. Ltd664889904 14 100 1 864

597 Origin Energy Ltd621486901 59 742 376

72 Orion OYJFI0009014377 1 782 79

497 Orix Corp.666114004 35 200 758

1 904 Orkla ASAB1VQF4902 169 706 1 861

168 Orsted ASDK0060094928 3 179 275

205 Osaka Gas Co. Ltd666176003 10 400 252

190 Osram Licht AGDE000LED4000 3 793 231

327 Otsuka Corp.JP3188200004 10 400 465

795 Otsuka Holdings Co. LtdB5LTM9909 21 600 1 399

3 666 Oversea-Chinese Banking Corp.B0F9V2906 421 339 4 596

270 Owens Corning690742101 2 400 166

557 PACCAR inc.693718108 9 700 802

21


au 30 novembre 2018

non audité( )



Actions et parts

291 Packaging Corp. of America695156109 2 500 325

872 Paddy Power Betfair plcIE00BWT6H894 5 185 619

1 078 Palo Alto Networks inc.US6974351057 4 800 1 104

454 Panasonic Corp.657270005 56 400 769

1 542 Pandora ASDK0060252690 15 074 1 082

586 Park24 Co. Ltd007429126 24 600 882

392 Parker Hannifin Corp.701094104 3 800 869

7 739 Parkland Fuel Corp.70137T105 268 433 10 507

246 Parsley Energy inc., classe A701877102 5 200 139

283 Partners Group Holding AGCH0024608827 380 331

2 302 Paychex inc.704326107 47 400 4 457

1 425 PayPal Holdings inc.70450Y103 32 300 3 683

1 167 PCCW Ltd657407904 1 565 395 1 221

422 Pearson plc067760009 21 818 356

14 293 Pembina Pipeline Corp.706327103 363 937 16 305

2 167 Pengrowth Energy Corp.70706P104 847 500 576

203 Pentair LtdH6169Q108 4 900 278

151 People's United Financial inc.712704105 7 800 175

7 891 Pepsico inc.713448108 94 600 15 332

1 627 Pernod Ricard SA468232004 14 528 3 087

358 Perrigo Co.714290103 3 000 248

1 017 Persimmon plcGB0006825383 31 386 1 012

86 Persol Holdings Co. LtdJP3547670004 3 100 77

175 Peugeot SAFR0000121501 11 356 332

1 669 Peyto Exploration & Development Corp.717046106 158 700 1 609

7 692 Pfizer inc.717081103 252 200 15 496

570 PG&E Corp.69331C108 12 500 438

1 493 Phillips 66718546104 20 724 2 576

263 Pigeon Corp.380160000 4 800 263

685 Pinnacle West Capital Corp.723484101 7 600 902

1 685 Pioneer Natural Resources Co.723787107 10 600 2 081

233 Pirelli & C. SPAIT0005278236 22 445 210

1 493 Plains GP Holdings L.P.72651A207 49 204 1 447

876 PNC Financial Services Group693475105 11 800 2 129

25 Pola Orbis Holdings inc.JP3855900001 900 34

302 Polaris Industries inc.731068102 1 800 232

283 Porsche Automobil Holding SE710106907 3 203 270

43 283 Portefeuille de deux fonds d'infrastructures privésCITI5 2 64 634

49 Poste Italiane SPAIT0003796171 4 870 49

1 392 Power Assets Holdings Ltd643532005 149 000 1 342

9 371 Power Corp. of Canada739239101 309 900 8 212

160 Power Financial Corp.73927C100 4 800 135

252 PPG Industries inc.693506107 6 200 901

1 914 PPL Corp.69351T106 58 300 2 370

704 PrairieSky Royalty Ltd739721108 28 813 523

980 Precision Drilling Corp.74022D308 312 200 952

1 227 Premium Brands Holdings Corp.74061A108 19 812 1 538

1 882 Pretium Resources inc.74139C102 199 600 1 886

275 Principal Financial Group inc.74251V102 7 000 459

670 Prologis inc.74340W103 14 500 1 298

303 ProSiebenSat.1 Media AGDE000PSM7770 5 987 160

2 112 Proximus SAB00D9P907 55 793 2 052

22


au 30 novembre 2018

non audité( )



Actions et parts

796 Prudential Financial inc.744320102 10 700 1 333

1 207 Prudential plc070995006 63 841 1 668

129 Prysmian SPAIT0004176001 4 189 102

221 PTC inc.69370C100 1 900 218

988 Public Service Enterprise Group inc.744573106 25 100 1 865

4 695 Public Storage74460D109 20 100 5 697

415 Publicis Groupe SA438042905 5 562 438

235 PulteGroup inc.745867101 6 000 211

92 Puma SEDE0006969603 166 111

294 PVH Corp.693656100 2 100 308

580 QBE Insurance Group Ltd671574002 36 693 403

149 QIAGEN NVNL0012169213 5 419 253

1 135 Qorvo inc.74736K101 11 567 1 012

10 953 QUALCOMM inc.747525103 134 800 10 438

4 473 Quebecor inc., classe B748193208 229 000 6 566

814 Quest Diagnostics inc.74834L100 11 400 1 342

329 Qurate Retail Group inc.74915M100 10 000 295

465 Raiffeisen Bank InternationalAT0000606306 11 359 445

315 Rakuten inc.39672000 22 800 244

251 Ralph Lauren Corp.751212101 1 500 222

199 Ramsay Health Care LtdAU000000RHC8 2 912 153

4 958 Randgold Resources LtdB01C3S908 52 982 5 632

132 Randstad Holding NVNL0000379121 1 461 94

234 Raymond James Financial inc.754730109 3 000 318

98 REA Group LtdAU000000REA9 1 166 86

2 075 Realty Income Corp.756109104 27 600 2 351

3 698 Reckitt Benckiser Group plcB24CGK904 49 950 5 516

113 Recordati SPAIT0003828271 2 344 100

424 Recruit Holdings Co. LtdJP3970300004 24 700 903

136 Red Electrica Corp. SAES0173093024 10 164 291

245 Red Hat inc.756577102 4 000 949

680 Regency Centers Corp.758849103 7 900 669

539 Regeneron Pharmaceuticals inc.75886F107 2 000 972

286 Regions Financial Corp.7591EP100 30 300 662

279 Reinsurance Group of America inc.759351604 1 700 338

410 Reitmans (Canada) Limitée, classe A759404205 67 900 236

411 RELX NVGB00B2B0DG97 18 000 498

880 RELX plcB2B0DG904 52 944 1 466

141 Rémy Cointreau SA474171006 1 294 199

1 587 RenaissanceRe Holdings LtdBMG7496G1033 13 500 2 380

1 515 Renault SA471279901 13 404 1 251

330 Renesas Electronics Corp.JP3164720009 23 100 145

844 Repsol SA566935904 35 966 825

2 191 Republic Services inc.760759100 45 300 4 656

223 ResMed inc.761152107 3 200 475

276 Resona Holdings inc.642155907 58 700 414

294 Restaurant Brands International inc.76131D103 5 478 425

159 Rexel SAFR0010451203 6 663 106

759 Ricoh Co. LtdJP3973400009 62 600 807

523 Rinnai Corp.JP3977400005 4 500 429

6 603 RioCan Real Estate Investment Trust766910103 254 100 6 285

264 Robert Half International inc.770323103 3 000 247

23


au 30 novembre 2018

non audité( )



Actions et parts

7 004 Roche Holding AG711038901 25 441 8 766

282 Rockwell Automation inc.773903109 3 100 718

16 510 Rogers Communications inc., classe B775109200 303 600 21 517

1 138 Rogers Sugar inc.77519R102 186 600 1 064

429 Rohm Co. LtdJP3982800009 6 300 582

109 Rollins inc.775711104 1 800 152

910 Rolls-Royce Holdings plcB63H84900 49 249 710

4 Rolls-Royce Holdings plc, classe CGB00BFCMW356 2 265 454 4

411 Roper Industries inc.776696106 3 200 1 266

1 170 Ross Stores inc.778296103 25 500 2 969

1 494 Royal Bank of Scotland GroupB7T772907 381 053 1 410

490 Royal Caribbean Cruises LtdLR0008862868 4 400 661

10 575 Royal Dutch Shell plc, classe AB03MLX903 292 960 11 774

7 523 Royal Dutch Shell plc, classe BB03MM4906 227 545 9 244

1 220 Royal Mail plcGB00BDVZYZ77 128 698 698

253 RSA Insurance Group plcGB00BKKMKR23 24 949 230

801 RTL Group SALU0061462528 8 186 652

713 RWE AG476896907 10 069 289

587 Ryman Healtcare LtdNZRYME0001S4 66 866 707

174 Ryohin Keikaku Co. LtdJP3976300008 500 179

439 S&P Global inc.78409V104 6 400 1 555

360 Sabre Corp.78573M104 12 200 414

659 Safran SAB058TZ909 9 803 1 628

1 441 Salesforce.com inc.79466L302 21 200 4 023

3 619 Sampo OYJ, classe A522603901 62 350 3 699

1 740 Sands China LtdB5B23W909 253 200 1 456

1 197 Sandvik ABB1VQ25903 72 176 1 423

728 Sankyo Co. LtdJP3326410002 15 300 813

3 116 Sanofi567173901 28 324 3 402

100 Santen Pharmaceutical Co. LtdJP3336000009 5 700 130

366 Santos Ltd677670002 60 525 324

2 482 SAP SE484628904 27 351 3 769

835 Saputo inc.802912105 25 200 1 041

98 Sartorius AGDE0007165631 519 88

127 Sartorius Stedim Biotech SAFR0013154002 933 126

644 SATS LtdSG1I52882764 130 228 604

125 SBA Communications Corp., classe A78410G104 3 000 681

147 SBI Holdings inc.JP3436120004 4 800 145

191 SCANA Corp.80589M102 3 700 229

1 634 Scentre GroupAU000000SCG8 447 424 1 694

97 Schibsted ASA, classe BNO0010736879 2 105 94

1 168 Schindler Holding AGCH0024638212 5 790 1 458

756 Schindler Holding AG - part. cert.B11TCY906 3 952 1 051

16 083 Schlumberger Ltd806857108 174 403 10 454

2 418 Schneider Electric SA483410007 29 314 2 835

144 Schroders plcGB0002405495 3 136 134

120 Scor SEFR0010411983 2 167 138

359 Seagate Technology plcG7945M107 8 000 458

102 Sealed Air Corp.81211K100 4 600 223

182 Seattle Genetics inc.812578102 2 400 200

267 SEB SAFR0000121709 1 118 213

1 447 Secom Co. Ltd679159004 23 500 2 642

24


au 30 novembre 2018

non audité( )



Actions et parts

170 Securitas AB, classe BSE0000163594 7 669 172

859 Seek LtdAU000000SEK6 50 182 900

263 SEGRO plcGB00B5ZN1N88 31 485 322

213 SEI Investments Co.784117103 3 000 214

69 Seibu Holdings inc.JP3417200007 3 200 79

185 Seiko Epson Corp.JP3414750004 7 200 152

119 Sekisui Chemical Co. LtdJP3419400001 5 300 114

291 Sekisui House LtdJP3420600003 12 800 256

69 SembCorp Industries LtdSG1R50925390 22 900 58

1 861 Sempra Energy816851109 18 800 2 879

249 Sensata Technologies Holding NV049581602 4 400 271

233 ServiceNow inc.81762P102 4 200 1 034

304 SES SAB00ZQQ907 9 924 286

1 138 Seven & I Holdings Co. LtdB0FS5D909 30 200 1 748

1 205 Seven Generations Energy Ltd, classe A81783Q105 77 400 784

313 Severn Trent plcB1FH8J905 11 108 345

1 365 SGS SA482477007 499 1 570

131 Shangri-La Asia LtdBMG8063F1068 58 000 109

414 Sharp Corp.JP3359600008 15 600 308

5 873 Shaw Communications inc., classe B82028K200 232 900 5 826

70 Shimadzu Corp.JP3357200009 2 300 71

800 Shimamura Co. LtdJP3358200008 6 500 733

861 Shimano inc.JP3358000002 5 500 1 068

155 Shimizu Corp.JP3358800005 13 400 152

514 Shin-Etsu Chemical Co. Ltd680458007 9 300 1 103

50 Shinsei Bank LtdJP3729000004 2 500 46

321 Shionogi & Co. LtdJP3347200002 6 700 589

1 096 Shire plcB2QKY0906 22 516 1 737

167 Shiseido Co. Ltd680526001 9 000 761

1 066 Shopify inc., classe A82509L107 17 100 3 459

124 Showa Denko KKJP3368000000 2 000 107

73 Showa Shell Sekiyu KK680554003 6 200 128

4 924 Siemens AG572797900 39 462 6 079

203 Siemens Healthineers AGDE000SHL1006 3 810 219

221 Signature Bank82669G104 1 300 213

115 Sika AGCH0418792922 3 480 573

4 586 Simon Property Group inc.828806109 23 600 5 824

1 086 Singapore Airlines LtdSG1V61937297 105 031 968

429 Singapore Exchange LtdSG1J26887955 60 400 428

1 590 Singapore Press Holdings LtdSG1P66918738 445 300 1 139

422 Singapore Technologies Engineering LtdSG1F60858221 128 000 440

4 845 Singapore Telecommunications LtdB02PY2901 1 572 955 4 693

123 Sino Land Co. LtdHK0083000502 54 000 123

1 026 Sirius XM Holdings inc.82968B103 123 000 1 018

398 SJM Holdings LtdHK0880043028 185 000 221

397 Skandinaviska Enskilda Banken AB, classe A481334902 35 336 489

292 Skanska ABSE0000113250 8 571 179

497 SKF AB, classe BB1Q3J3907 19 307 405

1 408 Skyworks Solutions inc.US83088M1027 16 950 1 639

361 SL Green Realty Corp.78440X101 2 600 333

3 866 Smart Real Estate Investment Trust83179X108 120 035 3 773

942 SMC Corp.676396005 3 400 1 532

25


au 30 novembre 2018

non audité( )



Actions et parts

1 014 Smith & Nephew plc092232909 61 231 1 480

372 Smiths Group plcB1WY23900 16 980 400

267 Smurfit Kappa Group plcIE00B1RR8406 4 934 177

1 771 Snam SPA725147904 321 740 1 874

316 Snap-on inc.833034101 1 500 331

551 Société BIC SAFR0000120966 3 944 563

800 Société Générale SA596651901 19 369 946

181 Sodexo706271905 2 055 283

701 Softbank Corp.677062903 20 800 2 319

102 Sohgo Security Services Co. LtdJP3431900004 1 600 100

515 Solvay SA482110004 3 415 491

146 Sompo Japan Nipponkoa Holdings inc.B62G7K908 6 100 313

1 790 Sonic Healthcare LtdAU000000SHL7 91 664 2 028

286 Sonova Holding AGCH0012549785 1 351 290

687 Sony Corp.682150008 30 700 2 133

50 Sony Financial Holdings inc.JP3435350008 2 200 61

197 Soutwest Airlines Co.844741108 3 500 254

1 601 Spark New Zealand Ltd012285353 497 628 1 922

3 106 Spin Master Corp.848510103 71 900 2 948

425 Spirit AeroSystems Holdings inc.848574109 3 800 414

308 Splunk inc.848637104 3 200 475

147 Sprint Corp.85207U105 18 708 156

433 Square inc.852234103 7 600 705

353 SS&C Technologies Holdings inc.78467J100 5 600 358

657 SSE plc079087003 28 227 524

230 St. James's Place plcGB0007669376 12 537 214

4 693 Standard Chartered plc040828907 257 723 2 664

465 Standard Life Aberdeen plcGB00BF8Q6K64 57 216 258

352 Stanley Black & Decker inc.854502101 4 300 748

1 612 Starbucks Corp.855244109 46 400 4 115

690 State Street Corp.857477103 10 000 971

505 Steel Dynamics inc.858119100 10 600 496

1 341 Stelco Holdings inc.858522105 65 200 1 265

661 STMicroelectronics NVNL0000226223 42 989 837

1 010 StocklandAU000000SGP0 242 695 857

179 Stora Enso OYJ, classe R507267904 11 955 202

300 Straumann Holding AGCH0012280076 356 289

2 797 Stryker Corp.863667101 23 100 5 387

349 Subaru Corp.635640006 15 000 443

237 Suez Environnement Co.B3B8D0900 11 931 236

476 Sumco Corp.JP3322930003 14 800 302

219 Sumitomo Chemical Co. Ltd685856007 43 000 310

507 Sumitomo Corp.685894008 37 900 773

114 Sumitomo Dainippon Pharma Co. LtdJP3495000006 4 200 182

293 Sumitomo Electric Industries Ltd685870008 23 000 429

117 Sumitomo Heavy Industries LtdJP3405400007 2 400 106

329 Sumitomo Metal Mining Co. Ltd685884009 11 000 426

1 443 Sumitomo Mitsui Financial Group inc.656302908 34 700 1 699

377 Sumitomo Mitsui Trust Holdings inc.643189905 8 600 458

480 Sumitomo Realty & Development Co. Ltd685890006 12 000 591

608 Sun Hung Kai Properties Ltd685992000 44 364 840

18 694 Suncor Energy inc.867224107 490 802 21 026

26


au 30 novembre 2018

non audité( )



Actions et parts

420 Suncorp Group Ltd658508007 33 095 428

97 Sundrug Co. LtdJP3336600006 1 800 81

100 Suntec Real Estate Investment TrustSG1Q52922370 62 000 106

1 738 Suntory Beverage & Food LtdJP3336560002 40 694 2 268

413 SunTrust Banks inc.867914103 12 400 1 033

2 187 Superior Plus Corp.86828P103 196 400 2 043

738 Suzuki Motor Corp.686550005 21 300 1 410

375 SVB Financial Group78486Q101 1 300 440

588 Svenska Handelsbanken AB, classe A570366906 38 696 567

567 Swedbank AB, classe A484652904 22 270 688

1 174 Swire Pacific Ltd, classe A686774001 90 000 1 322

541 Swire Properties LtdHK0000063609 130 200 602

243 Swiss Life Holding AGCH0014852781 774 403

2 154 Swiss Prime Site AGB083BH906 24 874 2 726

950 Swiss Re AGACI00MQT5 11 270 1 368

5 541 Swisscom AG553397902 8 502 5 420

852 Sydney AirportAU000000SYD9 147 999 977

352 Symantec Corp.871503108 15 200 447

537 Symrise AG027647189 6 173 662

812 Synchrony Financial87165B103 19 445 671

1 578 Synopsys inc.871607107 16 000 1 955

1 579 Sysco Corp.871829107 41 700 3 735

837 Sysmex Corp.JP3351100007 8 900 628

227 T&D Holdings inc.JP3539220008 14 400 272

431 T. Rowe Price Group inc.74144T108 5 500 726

238 Tabcorp Holdings LtdAU000000TAH8 45 518 190

101 Taiheiyo Cement Corp.666020003 4 800 216

176 Taisei Corp.JP3443600006 7 300 426

1 024 Taisho Pharmaceutical Holdings Co. LtdJP3442850008 7 300 1 121

50 Taiyo Nippon Sanso Corp.JP3711600001 2 800 63

87 Takashimaya Company LtdJP3456000003 4 500 87

1 451 Takeda Pharmaceutical Co. Ltd687044008 29 600 1 474

354 Take-Two Interactive Software inc.874054109 2 500 364

2 478 Tapestry inc.876030107 43 200 2 235

1 417 Targa Resources Corp.87612G101 22 900 1 358

1 621 Target Corp.87612E106 22 500 2 122

1 105 Taylor Wimpey plcGB0008782301 458 148 1 041

450 TD Ameritrade Holding Corp.87236Y108 7 400 529

666 TDK Corp.JP3538800008 9 900 1 037

916 TE Connectivity LtdH84989104 13 869 1 418

2 047 TechnipFMC plcGB00BDSFG98E 51 832 1 592

160 Techtronic Industries Co. LtdHK0669013440 29 500 211

122 Tele2 AB, classe BB97C73904 7 331 122

650 Telecom Italia SPA763439908 404 714 334

289 Teleflex inc.879369106 1 100 403

119 Telefonica Deutschland Holding AGDE000A1J5RX9 15 806 85

7 105 Telefonica SA879382109 438 165 5 228

99 Telenet Group Holding NVB0LKSK908 1 522 100

2 904 Telenor ASA473249902 124 729 3 208

466 Teleperformance SEFR0000051807 2 549 561

566 Telia Co. AB597838903 82 068 503

2 477 Telstra Corp. Ltd608728903 541 634 1 541

27


au 30 novembre 2018

non audité( )



Actions et parts

23 170 TELUS Corp.87971M103 548 440 26 156

329 Temenos AGCH0012453913 1 761 289

358 Tenaris SA753851906 17 722 283

73 Terna - Rete Elettrica Nazionale SPAB01BN5908 18 657 139

397 Terumo Corp.JP3546800008 7 700 603

564 Tervita Corp.88159E111 32 626 277

1 424 Tesco plc088470000 233 688 783

831 Tesla Motors inc.88160T101 3 100 1 444

915 Teva Pharmaceutical Industries Ltd688217900 23 060 662

3 665 Texas Instruments inc.882508104 73 700 9 780

2 545 TFI International inc.87241L109 55 000 2 428

368 Thales SAFR0000121329 3 822 623

176 The a2 Milk Co. LtdNZATME0002S8 17 765 168

68 The Bank of Kyoto LtdJP3251200006 1 000 64

794 The Bank of New York Mellon Corp.064058100 25 300 1 725

523 The Berkeley Group Holdings plcGB00B02L3W35 9 193 503

3 919 The Boeing Co.097023105 29 500 13 595

751 The Charles Schwab Corp.808513105 30 300 1 804

780 The Chemours Co.163851108 12 000 454

99 The Chiba Bank LtdJP3511800009 13 000 113

404 The Dai-ichi Life Insurance Co. LtdB601QS905 26 700 618

1 615 The Descartes Systems Group inc.249906108 36 000 1 409

1 426 The Estée Lauder Cos. inc., classe A518439104 15 100 2 863

763 The Gap inc.364760108 20 100 730

181 The Goodyear Tire & Rubber Co.382550101 4 300 132

273 The Hartford Financial Services Group inc.416515104 8 600 505

3 297 The Hershey Co.427866108 26 900 3 872

1 572 The J.M. Smucker Co.832696405 15 100 2 097

1 657 The Kraft Heinz Co.500754106 18 200 1 237

1 363 The Link Real Estate Investment TrustHK0823032773 184 500 2 334

255 The Macerich Co.554382101 3 000 201

282 The Middleby Corp.596278101 1 500 241

1 174 The Mosaic Co.61945C103 25 237 1 208

2 353 The North West Co. inc.663278208 91 500 2 694

9 698 The Procter & Gamble Co.742718109 126 926 15 943

1 668 The Progressive Corp.743315103 36 400 3 207

297 The Sage Group plcGB00B8C3BL03 33 599 331

202 The Sherwin-Williams Co.824348106 2 100 1 184

97 The Shizuoka Bank LtdJP3351200005 9 000 107

6 812 The Southern Co.842587107 134 300 8 448

665 The Swatch Group AGCH0012255144 5 861 456

1 118 The Swatch Group AG - BR718472905 1 904 753

1 916 The Travelers Cos. inc.89417E109 19 500 3 379

705 The Weir Group plcGB0009465807 17 285 432

1 761 The Western Union Co.959802109 72 600 1 807

1 328 Thermo Fisher Scientific inc.883556102 10 500 3 483

148 THK Co. LtdJP3539250005 3 000 91

8 147 Thomson Reuters Corp.884903709 157 372 10 566

619 ThyssenKrupp AG563692904 18 280 454

254 Tiffany & Co.886547108 2 300 278

4 497 TJX Cos. inc.872540109 120 600 7 830

347 T-Mobile US inc.872590104 8 100 737

28


au 30 novembre 2018

non audité( )



Actions et parts

1 141 Tobu Railway Co. Ltd689516003 39 400 1 499

179 TOHO GAS Co. LtdJP3600200004 3 200 172

275 Tohoku Electric Power Co. inc.689526002 13 300 231

497 Tokio Marine Holdings inc.651312902 14 800 971

102 Tokyo Century Corp.JP3424950008 1 300 82

977 Tokyo Electron Ltd689567006 11 700 2 174

340 Tokyo Gas Co. Ltd689544005 12 400 424

208 Tokyu Corp.JP3574200006 10 500 243

50 Tokyu Fudosan Holdings Corp.JP3569200003 5 400 40

204 Toppan Printing Co. Ltd890747108 10 000 214

1 223 Toray Industries inc.689714004 132 900 1 384

200 Torchmark Corp.891027104 2 000 230

1 417 Toromont Industries Ltd891102105 23 000 1 335

724 Toshiba Corp.689721009 16 100 663

149 Tosoh Corp.JP3595200001 6 200 116

4 353 TOTAL SAFR0000120271 54 239 4 013

307 Total System Services inc.891906109 4 200 488

120 TOTO LtdJP3596200000 2 600 134

1 519 Tourmaline Oil Corp.89156V106 63 100 1 160

109 Toyo Seikan Group Holdings Ltd690026000 6 600 200

1 339 Toyo Suisan Kaisha Ltd689996007 32 800 1 493

303 Toyota Industries Corp.JP3634600005 3 900 266

3 510 Toyota Motor Corp.690064001 56 600 4 507

255 Toyota Tsusho Corp.JP3635000007 5 900 271

107 TPG Telecom LtdAU000000TPM6 12 579 88

700 Tractor Supply Company892356106 7 900 999

14 123 TransCanada Corp.89353D107 254 587 13 862

521 TransDigm Group inc.893641100 1 800 865

231 TransUnion89400J107 3 200 275

2 533 Transurban Group620088906 315 082 3 483

122 Treasury Wine Estates LtdB61JC6908 23 407 321

130 Trend Micro inc.JP3637300009 1 900 145

177 Trimble Navigation Ltd896239100 3 900 197

251 TripAdvisor inc.896945201 3 300 281

1 075 Tryg ASDK0060636678 33 166 1 097

103 Tsuruha Holdings inc.JP3536150000 800 105

260 TUI AGDE000TUAG000 11 491 219

126 Twenty-First Century Fox inc., classe A90130A101 2 600 171

1 172 Twenty-First Century Fox inc., classe B90130A200 35 300 2 300

717 Twitter inc.90184L102 17 000 711

958 Tyson Foods inc., classe A902494103 16 300 1 277

251 Ubisoft Entertainment SAFR0000054470 2 110 228

1 583 UBS Group AGCH0244767585 92 302 1 657

693 UCB SABE0003739530 6 840 765

970 UDR inc.902653104 20 200 1 144

278 UGI Corp.902681105 4 200 321

607 Ulta Salon, Cosmetics & Fragrance, inc.90384S303 2 700 1 069

97 Umicore SABE0974320526 4 868 281

130 Under Armour inc., classe A904311107 3 100 98

142 Under Armour inc., classe C904311206 5 337 158

715 Unibail-Rodamco SEFR0000124711 2 844 650

323 Unibail-Rodamco-Westfield SEAU0000009771 22 260 256

29


au 30 novembre 2018

non audité( )



Actions et parts

759 Unicharm Corp.691148001 28 500 1 186

1 419 UniCredit SPAIT0005239360 48 695 834

4 075 Unilever NVB12T3J908 100 360 7 401

3 696 Unilever plcB10RZP905 87 202 6 276

2 179 Union Pacific Corp.907818108 23 200 4 742

184 Uniper SEDE000UNSE018 4 800 164

328 Uni-Sélect inc.90457D100 19 600 427

93 United Continental Holdings inc.910047109 2 100 270

131 United Internet AGDE0005089031 2 007 120

2 606 United Overseas Bank Ltd691678007 129 172 3 147

2 886 United Parcel Service inc., classe B911312106 27 300 4 183

347 United Rentals inc.911363109 2 400 374

2 411 United Technologies Corp.913017109 22 962 3 719

255 United Therapeutics Corp.US91307C1027 1 300 204

1 820 United Urban Investment Corp.JP3045540006 1 002 2 120

403 United Utilities Group plcB39J2M903 28 334 365

2 951 UnitedHealth Group inc.91324P102 34 700 12 977

1 585 Universal Health Services inc., classe B913903100 10 400 1 908

271 Unum Group91529Y106 5 000 239

51 UOL Group LtdSG1S83002349 6 000 36

334 UPM-Kymmene OYJ505125906 14 170 502

3 640 US Bancorp902973304 85 000 6 153

193 Vail Resorts inc.91879Q109 700 260

740 Valeo SAFR0013176526 11 989 455

451 Valero Energy Corp.91913Y100 11 000 1 168

549 Varian Medical Systems inc.92220P105 5 700 935

270 Veeva Systems inc., classe A922475108 3 300 422

2 933 Ventas inc.92276F100 39 700 3 350

376 Venture Corp. LtdSG0531000230 18 500 267

263 Veolia Environnement403187909 12 595 356

727 VEREIT inc.92339V100 71 400 726

884 VeriSign inc.92343E102 5 600 1 161

743 Verisk Analytics inc., classe A92345Y106 8 400 1 376

11 311 Verizon Communications inc.92343V104 234 395 18 786

7 808 Vermilion Energy inc.923725105 152 600 5 045

575 Vertex Pharmaceuticals inc.92532F100 6 200 1 490

322 Vestas Wind Systems ASDK0010268606 4 986 495

2 399 VF Corp.918204108 29 800 3 220

586 Viacom inc., classe B92553P201 8 600 353

926 Vicinity Centres022782991 344 001 892

174 Vifor Pharma AGCH0364749348 872 143

717 Vinci SAB1XH02900 13 422 1 557

4 532 Visa inc., classe A92826C839 71 300 13 429

159 Vistra Energy Corp.92840M102 6 800 212

583 Vivendi SA483477907 27 478 910

271 VMware inc.928563402 1 800 400

5 147 Vodafone Group plcB16GWD903 1 316 502 3 771

422 Voestalpine AG494340904 8 462 374

248 Volkswagen AGDE0007664005 965 212

931 Volkswagen AG - PRF549716900 4 150 934

620 Volvo AB, classe B928856301 40 546 750

437 Vonovia SEDE000A1ML7J1 10 620 684

30


au 30 novembre 2018

non audité( )



Actions et parts

250 Vornado Realty Trust929042109 4 800 459

280 Voya Financial inc.929089100 5 300 317

168 Vulcan Materials Co.929160109 3 100 436

3 836 W.P. Carey inc.92936U109 42 800 3 854

254 Wabco Holdings inc.92927K102 1 400 226

224 Wabtec Corp.929740108 2 100 264

1 930 Walgreens Boots Alliance inc.931427108 30 461 3 428

4 590 Walt Disney Co.254687106 52 300 8 028

638 Wartsila OYJ Abp452518905 31 228 676

5 869 Waste Connections inc.94106B101U 94 680 9 873

2 688 Waste Management inc.94106L109 45 300 5 644

734 Waters Corp.941848103 4 100 1 082

198 Wayfair inc., classe A94419L101 1 400 198

2 493 WEC Energy Group inc.92939U106 47 793 4 604

372 WellCare Health Plans inc.94946T106 1 100 373

5 737 Wells Fargo & Co.949746101 123 300 8 895

2 454 Welltower inc.95040Q104 30 130 2 897

147 Wendel SAFR0000121204 854 138

2 824 Wesfarmers Ltd694883000 100 164 3 071

128 West Fraser Timber Co. Ltd952845105 2 000 139

787 West Japan Railway Co.JP3659000008 12 800 1 185

1 441 Western Digital Corp.958102105 18 613 1 123

1 487 Western Forest Products inc.958211203 766 800 1 503

5 074 WestJet Airlines Ltd960410504 202 400 4 171

105 Westlake Chemical Corp.960413102 700 67

5 954 Westpac Banking Corp.607614005 216 302 5 452

281 WestRock Co.96145D105 5 288 331

2 511 Westshore Terminals Investment Corp.96145A200 92 200 2 193

629 Weyerhaeuser Co.962166104 19 785 694

561 WH Group Ltd109647233 614 175 595

412 Wharf Holdings Ltd643557002 164 000 584

247 Wharf Real Estate Investment Co. LtdKYG9593A1040 34 000 272

6 975 Wheaton Precious Metals Corp.962879102 283 573 5 915

677 Wheelock & Co. LtdHK0020000177 88 000 671

286 Whirlpool Corp.963320106 1 800 302

382 Whitbread plcGB00B1KJJ408 4 963 387

4 501 Whitecap Resources inc.96467A200 528 330 2 483

344 William Morrison Supermarkets plc060431004 71 781 289

1 860 Williams Cos. inc.969457100 58 600 1 972

769 Willis Towers Watson plcIE00BDB6Q211 5 021 1 064

1 326 Wilmar International LtdB17KC6900 423 400 1 246

1 026 Wirecard AGDE0007472060 5 626 1 129

113 Wix.com LtdIL0011301780 900 113

357 Wolters KluwerNL0000395903 6 186 496

7 498 Woodside Petroleum Ltd697972008 218 109 6 575

3 806 Woolworths Ltd698123908 136 889 3 842

367 Workday inc.98138H101 3 300 719

1 149 Worldpay inc., classe A981558109G 12 631 1 433

589 WPP plcB8KF9B904 33 081 486

1 775 WR Berkley Corp.084423102 28 900 3 025

4 752 WSP Global inc.92938W202 81 049 5 302

315 WW Grainger inc.384802104 1 200 501

31


au 30 novembre 2018

non audité( )



Actions et parts

654 Wynn Macau LtdKYG981491007 179 600 543

1 641 Wynn Resort Ltd983134107 8 100 1 178

2 982 Xcel Energy inc.98389B100 86 900 6 058

187 Xerox Corp.984121608 7 750 277

868 Xilinx inc.983919101 14 100 1 733

1 058 XPO Logistics inc.983793100 8 800 887

338 Xylem inc.98419M100 4 300 417

320 Yahoo Japan Corp.JP3933800009 59 100 225

122 Yakult Honsha Co. Ltd698511003 3 800 380

1 092 Yamada Denki Co. LtdJP3939000000 160 400 1 031

84 Yamaha Corp.JP3942600002 2 700 155

460 Yamaha Motor Co. LtdJP3942800008 16 700 457

151 Yamato Transport Co. LtdJP3940000007 6 000 211

115 Yamazaki Baking Co. Ltd698550001 8 000 223

249 Yangzijiang Shipbuilding Holdings Ltd029649723 195 800 235

864 Yara International ASA775125909 19 005 1 014

510 Yaskawa Electric Corp.JP3932000007 12 200 505

159 Yokogawa Electric Corp.JP3955000009 8 100 198

812 Yue Yuen Industrial Holdings LtdBMG988031446 183 500 709

1 308 Yum! Brands inc.988498101 17 900 2 194

173 Zalando SEDE000ZAL1111 2 655 109

158 Zayo Group Holdings inc.98919V105 3 500 122

175 Zillow Group inc., classe C98954M200 3 500 170

1 048 Zimmer Biomet Holdings inc.98956P102 9 300 1 447

298 Zions Bancorporation989701107 5 200 336

431 Zoetis inc.98978V103 12 100 1 510

101 Zozo inc.JP3399310006 5 100 151

3 149 Zurich Insurance Group AG598381903 8 914 3 716

Total - actions et parts 2 580 672 3 353 586

32


au 30 novembre 2018

non audité( )

Valeurnominale Coût

JustevaleurDescription

(en milliers $)(en milliers $)(en milliers $)

Obligations

4 847 Brookfield Asset Management inc. 3,95 %11257ZAB5 2019-04-09 4 850 4 877

10 000 Transcontinental inc. 3,90 %893578AA2 2019-05-13 10 000 10 046

1 268 Scotia Plaza 3,21 %78468GAA3 2019-06-15 1 268 1 268

Taux variable 10 000 La Banque de Nouvelle-Écosse 2,25 %0641517Y3X 2019-08-27 10 000 10 017

Rachetable à compter du 2019-06-20 5 000 Choice Properties L.P. 3,00 %17039BAC8 2019-09-20 5 000 5 007

7 782 Nissan Canada Financial Services inc. 1,58 %65478FAA0 2019-10-07 7 800 7 722

2 330 Hydro One inc. 1,48 %44810ZBT6 2019-11-18 2 330 2 307

538 BP L.P. 3,24 %05576AAA8 2020-01-09 537 538

5 511 Banque Canadienne Impériale de Commerce 1,66 %13596ZLB9 2020-01-20 5 510 5 453

5 974 Banque Toronto-Dominion 1,69 %8911454A9 2020-04-02 6 000 5 927

4 001 Nissan Canada Financial Services inc. 1,75 %65478FAC6 2020-04-09 4 000 3 929

195 Canadian Natural Resources Ltd 2,05 %13638ZDB8 2020-06-01 195 192

5 221 Hydro One inc. 4,40 %44810ZBA7 2020-06-01 5 000 5 118

1 479 La Banque de Nouvelle-Écosse 2,13 %064151BL6 2020-06-15 1 485 1 472

2 272 NBC Asset Trust 7,45 %62874WAB8 2020-06-30 2 130 2 259

3 500 Canadian Tire Corp. Ltd 2,65 %13668ZAW8 2020-07-06 3 500 3 482

7 883 Banque Canadienne Impériale de Commerce 1,85 %13595ZZ66 2020-07-14 8 000 7 889

12 329 CDP Financial inc. 4,60 %125094AF9 2020-07-15 12 150 12 575

24 861 Banque Royale du Canada 1,92 %780086KY9 2020-07-17 25 000 24 686

13 061 Inter Pipeline Ltd 3,45 %45834ZAD1 2020-07-20 13 000 13 069

13 155 Gouvernement du Canada 0,75 %135087E59 2020-09-01 13 500 13 180

11 862 La Banque de Nouvelle-Écosse 2,09 %064151EF6 2020-09-09 12 000 11 856

18 064 Banque de Montréal 2,10 %06367XKF7 2020-10-06 18 000 17 782

1 210 Fortified Trust 2,16 %34960VAG3 2020-10-23 1 210 1 195

3 000 Daimler Canada Finance inc. 2,30 %23384NBD8 2020-11-23 3 000 2 952

1 545 Mississagi Power Trust 6,92 %605204AA4 2020-11-27 1 545 1 654

4 945 Merrill Lynch Canada inc. (NHA MBS) 1,25 %62942ZV42 2020-12-01 4 957 4 862

49 588 Province de Québec 4,50 %74814ZEG4 2020-12-01 47 400 49 387

5 288 Shaw Communications inc. 5,50 %82028KAR2 2020-12-07 5 000 5 222

3 000 Cadillac Fairview Finance Trust 4,31 %12741RAB5 2021-01-25 3 000 3 111

1 100 General Motors Financial of Canada Ltd 3,00 %37045YAD6 2021-02-26 1 100 1 085

3 864 Brookfield Asset Management inc. 5,30 %112585AG9 2021-03-01 3 700 3 852

10 728 Merrill Lynch Canada inc. (NHA MBS) 1,25 %62943ZVQ2 2021-03-01 10 772 10 538

970 Nissan Canada Financial Services inc. 2,61 %65478FAE2 2021-03-05 970 955

14 586 Banque Toronto-Dominion 2,05 %8911457U2 2021-03-08 14 590 14 335

2 998 VW Credit Canada inc. 2,90 %918423AR5 2021-03-29 3 000 2 969

16 017 Banque Canadienne Impériale de Commerce 1,90 %13596ZBC8 2021-04-26 16 010 15 648

10 619 Merrill Lynch Canada inc. (NHA MBS) 1,40 %62943Z6T4 2021-05-01 10 634 10 407

46 951 Province de l'Ontario 4,00 %68323AAD6 2021-06-02 45 120 46 793

12 454 La Banque de Nouvelle-Écosse 2,87 %0641494K0 2021-06-04 12 400 12 386

794 TELUS Communications inc. 10,65 %110727BJ2 2021-06-19 743 874

5 995 Saputo inc. 2,20 %80310ZAB5 2021-06-23 6 000 5 849

10 010 Hydro One inc. 2,57 %44810ZBV1 2021-06-25 10 000 9 909

14 102 PSP Capital inc. 1,34 %69363TAJ1 2021-08-18 14 200 13 784

1 921 Gouvernement du Canada 0,75 %135087F58 2021-09-01 2 000 1 924

12 997 Province de l'Alberta 1,35 %013051DU8 2021-09-01 13 000 12 609

17 581 Banque Canadienne Impériale de Commerce 2,90 %136069V32 2021-09-14 17 580 17 559

5 000 Nissan Canada Financial Services inc. 3,15 %65478FAF9 2021-09-14 5 000 4 974

5 005 Choice Properties L.P. 3,60 %17039BAE4 2021-09-20 5 000 5 018

1 985 Brookfield Property Finance ULC 4,12 %11286ZAB0 2021-10-19 1 985 1 990

1 555 Banque de Montréal 1,61 %06367XYL9 2021-10-28 1 600 1 541

9 100 Merrill Lynch Canada inc. (NHA MBS) 1,37 %62945ZWB2 2021-11-01 9 175 8 928

33


au 30 novembre 2018

non audité( )




Obligations

Rachetable à compter du 2021-11-01 4 550 Metro inc. 3,20 %59162NAA7 2021-12-01 4 550 4 535

8 564 Ville de Montréal 4,50 %614853CM9 2021-12-01 8 000 8 435

9 729 La Banque de Nouvelle-Écosse 1,90 %064151PQ0 2021-12-02 10 000 9 691

40 672 Canada Housing Trust No 1 1,15 %13509PFR9 2021-12-15 41 720 40 196

15 980 OPB Finance Trust 1,88 %67103MAD8 2022-02-24 16 130 15 717

12 921 Banque Laurentienne du Canada (NHA MBS) 1,35 %62946Z6Y0 2022-03-01 12 969 12 573

5 988 Merrill Lynch Canada inc. (NHA MBS) 1,62 %62946ZC80 2022-03-01 6 002 5 859

13 030 Banque Royale du Canada 1,97 %780086KD5 2022-03-02 13 025 12 616

21 484 Province de Québec 1,65 %748148RW5 2022-03-03 21 600 21 052

3 434 Canada Housing Trust No 1 2,65 %13509PDB6 2022-03-15 3 430 3 454

9 734 Banque Canadienne Impériale de Commerce 2,04 %13596ZNQ4 2022-03-21 10 000 9 699

9 923 Banque Toronto-Dominion 1,99 %891160K51 2022-03-23 10 250 9 934

404 TELUS Communications inc. 9,65 %110727BL7 2022-04-08 362 431

1 123 Wells Fargo & Co. 2,09 %949746SQ5 2022-04-25 1 125 1 081

4 001 Daimler Canada Finance inc. 3,05 %23384NBF3 2022-05-16 4 000 3 961

9 043 Merrill Lynch Canada inc. (NHA MBS) 1,42 %62947ZWC8 2022-06-01 9 060 8 768

32 675 Canada Housing Trust No 1 1,75 %13509PFY4 2022-06-15 32 960 32 181

13 526 Banque Nationale du Canada 1,96 %6330674V2 2022-06-30 14 000 13 485

9 840 Banque Canadienne Impériale de Commerce 2,30 %13596ZSZ9 2022-07-11 9 840 9 592

20 251 Banque de Montréal 2,27 %06367X7W5 2022-07-11 20 285 19 752

575 Daimler Canada Finance inc. 3,30 %23384NBH9 2022-08-16 575 573

11 662 Fédération des caisses Desjardins du Québec 2,39 %31430WAB0 2022-08-25 11 700 11 419

12 138 Exportation et développement Canada 1,80 %30216BGV8 2022-09-01 12 150 11 874

Rachetable à compter du 2022-08-08 2 000 407 International inc. 2,47 %35085ZBR6 2022-09-08 2 000 1 950

Rachetable à compter du 2022-09-03 927 Bell Canada 3,00 %07813ZBS2 2022-10-03 900 887

9 999 La Banque de Nouvelle-Écosse 2,36 %064151F24 2022-11-08 10 000 9 734

2 260 Daimler Canada Finance inc. 2,57 %23384NBE6 2022-11-22 2 260 2 191

82 765 Province de Québec 3,50 %74814ZEL3 2022-12-01 79 300 81 988

1 100 Banque Canadienne Impériale de Commerce 2,47 %13596ZE68 2022-12-05 1 100 1 075

10 139 Banque Royale du Canada 2,36 %780086PX6 2022-12-05 10 140 9 881

1 135 Enbridge inc. 3,19 %29251ZBC0 2022-12-05 1 100 1 089

6 520 First Capital Realty inc. 3,95 %31943BBR0 2022-12-05 6 200 6 239

Rachetable à compter du 2022-11-05 5 540 Metro inc. 2,68 %59162NAE9 2022-12-05 5 600 5 429

Rachetable à compter du 2022-11-15 3 600 Magna International inc. 3,10 %559222AT1 2022-12-15 3 600 3 562

7 166 Merrill Lynch Canada inc. (NHA MBS) 1,84 %62949ZE51 2022-12-15 7 220 7 041

1 550 Manulife Bank of Canada 2,84 %565018DA3 2023-01-12 1 550 1 527

25 191 Province de l'Ontario 1,95 %68323ADL5 2023-01-27 25 280 24 645

14 254 Banque Laurentienne du Canada (NHA MBS) 2,04 %62950ZZE5 2023-02-01 14 523 14 224

24 964 Province de Québec 2,45 %748148BY8 2023-03-01 24 995 24 880

Rachetable à compter du 2023-02-02 2 755 Groupe SNC-Lavalin inc. 3,24 %78460TAE5 2023-03-02 2 755 2 700

Rachetable à compter du 2023-02-07 2 476 Choice Properties Real Estate Investment Trust 3,20 %17039AAG1 2023-03-07 2 445 2 392

999 VW Credit Canada inc. 3,25 %918423AQ7 2023-03-29 1 000 983

1 053 Toronto Hydro Corp. 2,91 %89119ZAE3 2023-04-10 1 050 1 048

1 425 La Banque de Nouvelle-Écosse 2,98 %0641514V2 2023-04-17 1 425 1 417

1 335 Banque Royale du Canada 2,95 %780086QC1 2023-05-01 1 335 1 327

3 862 First National Financial Corp. 2,39 %62951ZG39 2023-05-01 3 895 3 854

13 000 Banque Toronto-Dominion 3,01 %89117FFK0 2023-05-30 13 000 12 970

16 904 Province de l'Ontario 2,85 %68323ABN3 2023-06-02 16 355 16 485

22 138 Canada Housing Trust No 1 2,35 %13509PGM9 2023-06-15 22 260 22 092

8 834 Banque de Montréal 2,89 %06368BJ90 2023-06-20 8 835 8 750

Rachetable à compter du 2023-05-27 7 500 Ivanhoe Cambridge II inc. 2,91 %46578WAA2 2023-06-27 7 500 7 440

Rachetable à compter du 2023-06-03 1 619 Brookfield Property Finance ULC 4,35 %11286ZAA2 2023-07-03 1 620 1 614

34


au 30 novembre 2018

non audité( )




Obligations

Rachetable à compter du 2023-06-06 5 560 Canadian Tire Corp. Ltd 3,17 %13668ZAX6 2023-07-06 5 560 5 467

2 645 Banque Canadienne Impériale de Commerce 2,97 %13596Z4B8 2023-07-11 2 645 2 628

2 750 Toyota Credit Canada inc. 3,04 %892329BG7 2023-07-12 2 750 2 725

14 255 Fédération des caisses Desjardins du Québec 3,06 %31430WAD6 2023-09-11 14 255 14 204

Rachetable à compter du 2023-06-12 1 060 Loblaw Companies Ltd 4,86 %539481AJ0 2023-09-12 980 1 026

52 313 Canada Housing Trust No 1 3,15 %13509PDY6 2023-09-15 50 200 51 566

2 300 Banque Royale du Canada 3,30 %780086QL1 2023-09-26 2 300 2 291

13 162 AltaLink L.P. 3,67 %02135ZAL0 2023-11-06 12 500 12 872

Rachetable à compter du 2023-10-06 812 Dollarama inc. 3,55 %25675TAJ6 2023-11-06 815 809

591 Bankers Hall L.P. 4,38 %066164AA2 2023-11-20 591 597

Rachetable à compter du 2023-09-21 1 276 Saputo inc. 2,83 %80310ZAC3 2023-11-21 1 275 1 230

9 599 PSP Capital inc. 2,09 %69363TAK8 2023-11-22 9 600 9 331

14 674 Banque Royale du Canada 2,33 %780086NK6 2023-12-05 15 000 14 467

Rachetable à compter du 2023-10-12 2 900 Fortis inc. 2,85 %349553AN7 2023-12-12 2 900 2 836

17 873 Canada Housing Trust No 1 2,55 %13509PGU1 2023-12-15 17 900 17 888

1 709 West Edmonton Mall Property inc. 4,06 %952637AC0 2024-02-13 1 686 1 699

911 IPL Energy inc. 8,20 %46065DAA4 2024-02-15 756 920

Rachetable à compter du 2024-01-23 1 520 OMERS Realty Corp. 2,86 %68214WAN8 2024-02-23 1 500 1 481

750 Genworth MI Canada inc. 4,24 %37252BAC6 2024-04-01 750 750

Rachetable à compter du 2024-01-02 7 386 TELUS Corp. 3,35 %87971MAR4 2024-04-01 7 500 7 410

Variable et rachetable à compter du 2023-04-24 800 Bank of America Corp. 3,30 %060505FJ8 2024-04-24 800 791

Variable et rachetable à compter du 2019-05-16 3 917 Industrielle Alliance, Assurance et services financiers inc. 2,80 %455870AB1 2024-05-16 3 850 3 853

1 717 Gouvernement du Canada 2,50 %135087B45 2024-06-01 1 700 1 725

24 179 Province du Nouveau-Brunswick 3,65 %642869AJ0 2024-06-03 23 300 24 304

Rachetable à compter du 2024-03-06 3 763 AltaLink L.P. 3,40 %02135ZAM8 2024-06-06 3 665 3 722

Rachetable à compter du 2024-05-10 5 640 Loblaw Companies Ltd 3,92 %539481AL5 2024-06-10 5 630 5 658

12 700 Canada Housing Trust No 1 2,90 %13509PEF6 2024-06-15 12 600 12 801

765 Lower Mattagami Energy L.P. 3,42 %548243AG9 2024-06-20 765 778

20 380 Banque Toronto-Dominion 3,23 %891145T79 2024-07-24 20 000 20 098

Rachetable à compter du 2024-07-18 630 Capital Power Corp. 4,28 %14046ZAC3 2024-09-18 630 624

Rachetable à compter du 2024-08-19 3 743 Enbridge Income Fund 3,95 %29254ZAM6 2024-11-19 3 700 3 747

Rachetable à compter du 2024-10-11 4 300 Groupe TMX Limitée 3,00 %87262KAD7 2024-12-11 4 300 4 203

Rachetable à compter du 2024-11-10 1 480 Choice Properties Real Estate Investment Trust 3,55 %17039AAK2 2025-01-10 1 480 1 441

Rachetable à compter du 2024-11-03 2 000 Hydro Ottawa Holding inc. 2,61 %44882CAD6 2025-02-03 2 000 1 934

50 391 Province de l'Ontario 2,65 %68323AER1 2025-02-05 50 500 50 204

34 778 Canada Housing Trust No 1 2,55 %13509PER0 2025-03-15 34 100 33 953

Rachetable à compter du 2025-01-15 1 906 Reliance L.P. 3,84 %759480AJ5 2025-03-15 1 905 1 852

2 500 Honda Canada Finance inc. 3,44 %438121AS4 2025-05-23 2 500 2 492

1 025 Banque Canadienne Impériale de Commerce 3,30 %13596Z3Y9 2025-05-26 1 025 1 029

2 252 Nova Gas Transmission Ltd 8,90 %66975ZAE4 2025-05-27 2 000 2 580

5 376 Gouvernement du Canada 2,25 %135087D50 2025-06-01 5 400 5 405

12 257 Province de l'Alberta 2,35 %013051DQ7 2025-06-01 12 250 11 885

Rachetable à compter du 2025-03-02 6 295 Alimentation Couche-Tard inc. 3,60 %01626PAE6 2025-06-02 6 300 6 166

11 823 Province du Manitoba 2,45 %563469UE3 2025-06-02 12 000 11 718

Rachetable à compter du 2025-04-05 2 500 OMERS Realty Corp. 3,33 %68214WAR9 2025-06-05 2 500 2 517

Variable et rachetable à compter du 2020-06-24 498 Banque Toronto-Dominion 2,69 %8911454X9 2025-06-24 500 497

Rachetable à compter du 2025-04-26 2 499 Hydro One inc. 2,97 %44810ZBW9 2025-06-26 2 500 2 450

38 801 Province de Québec 2,60 %748148RX3 2025-07-06 39 085 38 720

1 228 Westcoast Energy inc. 8,85 %95751DAK8 2025-07-21 1 136 1 467

61 996 Province de Québec 2,75 %74814ZEV1 2025-09-01 60 700 60 504

Variable et rachetable à compter du 2024-09-20 10 525 Bank of America Corp. 3,41 %060505FG4 2025-09-20 10 525 10 350

1 500 Lievre Power Financing Corp. 5,56 %531739AA8 2025-10-06 1 500 1 559

35


au 30 novembre 2018

non audité( )




Obligations

Variable et rachetable à compter du 2024-10-31 1 271 Goldman Sachs Group inc. 3,31 %38141GWR1 2025-10-31 1 275 1 230

Rachetable à compter du 2025-09-05 1 228 AT&T inc. 4,00 %00206RGB2 2025-11-25 1 230 1 217

253 Alliance Pipeline L.P. 6,77 %01877ZAC4 2025-12-31 253 283

Variable et rachetable à compter du 2021-01-20 10 180 Banque Royale du Canada 3,31 %780086LZ5 2026-01-20 10 150 10 164

425 Brookfield Asset Management inc. 4,82 %11257ZAE9 2026-01-28 425 438

Rachetable à compter du 2025-12-10 5 903 TELUS Corp. 3,75 %87971MBC6 2026-03-10 5 900 5 875

Rachetable à compter du 2026-01-24 2 735 North West Redwater Partnership 3,20 %663307AE6 2026-04-24 2 740 2 685

Rachetable à compter du 2026-02-06 1 335 First Capital Realty inc. 3,60 %31943BBX7 2026-05-06 1 335 1 280

7 500 Wells Fargo & Co. 2,98 %949746RX1 2026-05-19 7 500 7 089

Variable et rachetable à compter du 2021-06-01 1 604 Banque de Montréal 3,32 %06369ZCC6 2026-06-01 1 600 1 598

Rachetable à compter du 2026-03-01 5 497 CT Real Estate Investment Trust 3,29 %126462AD2 2026-06-01 5 480 5 185

2 925 Gouvernement du Canada 1,50 %135087E67 2026-06-01 3 100 2 941

12 684 Province de l'Alberta 2,20 %013051DT1 2026-06-01 13 000 12 361

2 488 Province de l'Ontario 2,40 %68323ADM3 2026-06-02 2 500 2 418

23 740 Province du Manitoba 2,55 %563469UJ2 2026-06-02 23 800 23 182

Rachetable à compter du 2026-05-11 2 174 Pembina Pipeline Corp. 3,71 %70632ZAG6 2026-08-11 2 175 2 122

Rachetable à compter du 2026-05-12 5 488 Bell Canada 2,90 %07813ZBV5 2026-08-12 5 500 5 144

14 747 Canada Housing Trust No 1 1,90 %13509PFL2 2026-09-15 15 400 14 561

2 868 La Banque de Nouvelle-Écosse 2,62 %064151QE6 2026-12-02 3 000 2 864

6 722 Banque de Montréal 2,70 %06368AAA8 2026-12-09 7 000 6 730

Variable et rachetable à compter du 2021-12-15 5 558 Capital Desjardins inc. 4,95 %14006ZAF4 2026-12-15 5 000 5 249

Rachetable à compter du 2026-10-15 902 Brookfield Renewable Partners ULC 3,63 %11282ZAL2 2027-01-15 900 859

Rachetable à compter du 2026-12-01 2 001 Shaw Communications inc. 3,80 %82028KAW1 2027-03-01 2 000 1 945

Rachetable à compter du 2026-12-16 6 238 Brookfield Asset Management inc. 3,80 %11257ZAF6 2027-03-16 6 235 5 996

Rachetable à compter du 2027-02-17 6 200 Alectra inc. 2,49 %014443AG0 2027-05-17 6 200 5 854

Variable et rachetable à compter du 2022-06-01 11 725 Banque de Montréal 2,57 %06369ZCD4 2027-06-01 12 000 11 616

Rachetable à compter du 2027-03-01 5 589 North West Redwater Partnership 2,80 %663307AL0 2027-06-01 5 600 5 260

29 347 Province de l'Alberta 2,55 %013051DW4 2027-06-01 29 500 28 494

47 924 Province de l'Ontario 2,60 %68323AEE0 2027-06-02 48 970 47 663

Rachetable à compter du 2027-03-15 2 967 Pembina Pipeline Corp. 4,24 %70632ZAF8 2027-06-15 2 840 2 856

Rachetable à compter du 2027-03-16 2 380 CT Real Estate Investment Trust 3,47 %126462AE0 2027-06-16 2 380 2 244

9 998 Province du Nouveau-Brunswick 2,35 %642866GM3 2027-08-14 10 000 9 452

22 619 Province de Québec 2,75 %74814ZFB4 2027-09-01 23 000 22 697

428 Bell Canada 7,00 %078149DW8 2027-09-24 445 541

Rachetable à compter du 2027-06-29 6 213 Bell Canada 3,60 %07813ZBY9 2027-09-29 6 230 6 045

Rachetable à compter du 2027-07-04 543 AltaGas Ltd 3,98 %02138ZAQ6 2027-10-04 540 518

482 Loblaw Companies Ltd 6,65 %53947ZAC1 2027-11-08 400 469

Rachetable à compter du 2027-08-22 879 Union Gas Ltd 2,88 %90664ZAX8 2027-11-22 880 844

Variable et rachetable à compter du 2022-11-23 975 Sun Life Financial inc. 2,75 %86682ZAK2 2027-11-23 975 952

10 954 Municipal Finance Authority of British Columbia 4,95 %626209JC5 2027-12-01 9 500 10 907

Rachetable à compter du 2027-09-06 4 492 Metro inc. 3,39 %59162NAF6 2027-12-06 4 500 4 233

Variable et rachetable à compter du 2023-02-01 1 220 Banque Nationale du Canada 3,18 %63309ZNL8 2028-02-01 1 220 1 187

4 998 La Banque de Nouvelle-Écosse 3,10 %064151S95 2028-02-02 5 000 4 909

3 316 Loblaw Companies Ltd 6,45 %53947ZAD9 2028-02-09 3 240 3 744

2 490 Great-West Lifeco inc. 3,34 %39138CAH9 2028-02-28 2 490 2 470

8 228 Banque de Montréal 3,19 %06368BTX6 2028-03-01 8 250 8 166

Rachetable à compter du 2027-12-01 1 759 TELUS Corp. 3,63 %87971MBG7 2028-03-01 1 785 1 729

719 Heathrow Funding Ltd 3,40 %42246QAC2 2028-03-08 720 702

Rachetable à compter du 2027-12-15 3 671 TransCanada PipeLines Ltd 3,39 %89353ZCA4 2028-03-15 3 715 3 578

Rachetable à compter du 2027-12-27 960 Pembina Pipeline Corp. 4,02 %70632ZAK7 2028-03-27 960 943

Variable et rachetable à compter du 2023-04-04 1 899 Banque Canadienne Impériale de Commerce 3,45 %136069YW5 2028-04-04 1 900 1 870

Rachetable à compter du 2028-01-13 2 822 CCL Industries inc. 3,86 %124900AC5 2028-04-13 2 820 2 784

36


au 30 novembre 2018

non audité( )




Obligations

Variable et rachetable à compter du 2023-05-09 10 250 Manulife Financial Corp. 3,32 %56501RAG1 2028-05-09 10 250 10 154

8 340 Gouvernement du Canada 2,00 %135087H23 2028-06-01 8 620 8 422

12 226 Province de l'Ontario 2,90 %68333ZAC1 2028-06-02 12 395 12 299

Rachetable à compter du 2028-03-05 3 750 Groupe TMX Limitée 3,78 %87262KAE5 2028-06-05 3 750 3 746

22 939 CPPIB Capital inc. 3,00 %12593CAF8 2028-06-15 23 000 23 018

Rachetable à compter du 2028-03-21 665 Keyera Corp. 3,93 %49327ZAA3 2028-06-21 665 649

Rachetable à compter du 2028-05-21 2 247 Bell Canada 3,80 %07813ZCA0 2028-08-21 2 250 2 197

4 465 Province de Québec 2,75 %74814ZFD0 2028-09-01 4 500 4 421

Rachetable à compter du 2023-09-14 14 000 Banque Toronto-Dominion 3,59 %891160RP0 2028-09-14 14 000 13 866

Variable et rachetable à compter du 2023-09-15 2 753 Industrielle Alliance, Assurance et services financiers inc. 3,30 %455870AD7 2028-09-15 2 750 2 734

Variable et rachetable à compter du 2023-09-19 13 708 Sun Life Financial inc. 3,05 %86682ZAJ5 2028-09-19 13 670 13 424

8 286 Municipal Finance Authority of British Columbia 3,05 %62620DAF8 2028-10-23 8 310 8 280

Rachetable à compter du 2028-08-02 6 930 Shaw Communications inc. 4,40 %82028KAY7 2028-11-02 6 950 6 921

16 976 South Coast British Columbia Transportation Authority 3,25 %83740TAG2 2028-11-23 17 000 17 100

11 826 Province de l'Alberta 2,90 %013051EB9 2028-12-01 11 870 11 690

9 087 Province de la Saskatchewan 3,05 %803854KF4 2028-12-02 9 100 9 102

902 Melancthon Wolfe Wind L.P. 3,83 %58533TAB6 2028-12-31 901 899

Rachetable à compter du 2028-10-15 6 497 Brookfield Renewable Partners ULC 4,25 %11282ZAM0 2029-01-15 6 500 6 347

1 141 Loblaw Companies Ltd 6,50 %53947ZAF4 2029-01-22 1 172 1 367

51 418 Province de l'Ontario 6,50 %683234LJ5 2029-03-08 40 900 53 217

1 963 Bell Canada 6,55 %07813ZAC8 2029-05-01 2 143 2 555

26 907 Province de la Colombie-Britannique 5,70 %110709EK4 2029-06-18 22 000 27 388

Variable et rachetable à compter du 2024-07-25 972 Banque Toronto-Dominion 3,22 %891160QY2 2029-07-25 975 943

Variable et rachetable à compter du 2024-08-20 10 419 Manulife Financial Corp. 3,05 %56501RAF3 2029-08-20 10 425 10 097

5 016 Province du Manitoba 3,25 %56344ZQC6 2029-09-05 4 850 4 895

7 604 Province de Québec 6,00 %748148QJ5 2029-10-01 5 885 7 485

1 391 Ontario School Boards Financing Corp. 5,48 %683244AM9 2029-11-26 1 391 1 558

2 093 Hydro One inc. 7,35 %448810AC5 2030-06-03 1 902 2 544

3 512 Greater Toronto Airports Authority 7,05 %39191ZAA7 2030-06-12 3 437 4 630

3 571 Enbridge inc. 7,22 %29251ZAD9 2030-07-24 3 050 3 727

1 874 Ontario School Boards Financing Corp. 4,79 %683244AP2 2030-08-08 1 874 2 011

Rachetable à compter du 2030-06-04 570 Heathrow Funding Ltd 3,78 %42246QAD0 2030-09-04 570 560

999 Énergir inc. 7,05 %368271AU6 2030-10-30 1 000 1 327

1 043 TransCanada PipeLines Ltd 6,50 %89353ZBK3 2030-12-09 1 115 1 323

Variable et rachetable à compter du 2026-03-04 215 Banque Toronto-Dominion 4,86 %8911457R9 2031-03-04 215 227

268 Bell Canada 7,85 %07813ZAL8 2031-04-02 237 313

1 173 Ontario School Boards Financing Corp. 5,07 %683244AR8 2031-04-18 1 173 1 288

27 461 Province de l'Ontario 6,20 %683234NM6 2031-06-02 21 600 28 513

653 Greater Toronto Airports Authority 7,10 %39191ZAC3 2031-06-04 610 836

1 556 Aéroport de Montréal 6,95 %007863AB9 2032-04-16 1 510 1 890

2 534 Hydro One inc. 6,93 %44810ZAB6 2032-06-01 2 160 2 846

26 986 Province de Québec 6,25 %748148QT3 2032-06-01 20 100 27 029

544 North Battleford Power L.P. 4,96 %65746TAA6 2032-12-31 544 586

27 695 Province de l'Ontario 5,85 %683234SL3 2033-03-08 20 500 26 812

Rachetable à compter du 2032-11-15 1 100 Fair Hydro Trust 3,36 %30324RAA4 2033-05-15 1 100 1 103

6 379 55 Ontario School Board Trust 5,90 %31680PAA4 2033-06-02 6 265 8 033

Rachetable à compter du 2033-03-21 1 225 Bruce Power L.P. 4,13 %116705AG9 2033-06-21 1 225 1 188

417 SEC L.P. and Arci Ltd 5,19 %784103AA1 2033-08-29 417 430

2 938 Aéroport de Montréal 6,55 %007863AC7 2033-10-11 2 600 3 493

18 715 Financement-Québec 5,25 %31739ZAG0 2034-06-01 17 614 21 799

600 Cordelio Amalco GP I 4,09 %218493AB0 2034-06-30 600 600

3 777 University of Ontario Institute of Technology 6,35 %914764AA3 2034-10-15 3 722 4 322

37


au 30 novembre 2018

non audité( )




Obligations

1 039 CU inc. 5,90 %12657ZAJ2 2034-11-20 820 1 020

24 432 Hydro-Québec 6,50 %44889ZCM6 2035-02-15 20 040 28 369

Rachetable à compter du 2034-12-01 2 524 North West Redwater Partnership 3,65 %663307AM8 2035-06-01 2 525 2 400

20 082 Province de l'Ontario 5,60 %683234VR6 2035-06-02 15 450 20 136

1 055 Brookfield Asset Management inc. 5,95 %10549PAJ0 2035-06-14 1 060 1 195

14 977 Province de Québec 5,75 %748148RL9 2036-12-01 11 100 14 972

1 903 Enbridge inc. 5,08 %29250ZAG3 2036-12-19 1 690 1 800

1 200 Toronto Community Housing Corp. 4,88 %87228VAA2 2037-05-11 1 200 1 399

11 854 Gouvernement du Canada 5,00 %135087XW9 2037-06-01 8 500 11 821

Rachetable à compter du 2036-12-01 6 097 Greater Toronto Airports Authority 3,26 %39191ZBB4 2037-06-01 6 100 5 857

Rachetable à compter du 2036-12-01 1 970 North West Redwater Partnership 4,75 %663307AG1 2037-06-01 2 000 2 153

6 010 Ontario Infrastructure Projects Corp. 4,70 %683086AA0 2037-06-01 6 000 7 036

47 653 Province de l'Ontario 4,70 %683234YD4 2037-06-02 40 300 48 486

25 328 Province de la Colombie-Britannique 4,70 %110709FL1 2037-06-18 22 000 26 800

Rachetable à compter du 2037-11-15 2 291 Fair Hydro Trust 3,52 %30324RAB2 2038-05-15 2 290 2 325

29 565 Province de Québec 5,00 %74814ZDK6 2038-12-01 26 250 33 183

1 845 Rogers Communications inc. 6,68 %775109AP6 2039-11-04 1 515 1 893

451 Enbridge inc. 5,33 %29250ZAM0 2040-04-06 375 411

3 000 Canada Post Corp. 4,36 %13521JAB7 2040-07-16 3 000 3 623

3 178 Hydro One inc. 5,49 %44810ZAY6 2040-07-16 2 520 3 050

1 800 407 International inc. 7,13 %350863AU0 2040-07-26 1 690 2 453

1 070 Winnipeg Airport Authority inc. 5,21 %975014AA9 2040-09-28 1 070 1 241

2 501 Greater Toronto Airports Authority 5,30 %39191ZAX7 2041-02-25 2 500 3 145

34 452 Gouvernement du Canada 4,00 %135087YQ1 2041-06-01 26 900 34 340

11 054 Province de Nouvelle-Écosse 4,70 %669827FW2 2041-06-01 9 200 11 271

92 506 Province de l'Ontario 4,65 %683234B98 2041-06-02 74 500 91 000

1 360 407 International inc. 4,45 %35085ZBE5 2041-11-15 1 250 1 361

1 436 TransCanada PipeLines Ltd 4,55 %89353ZBV9 2041-11-15 1 430 1 398

29 277 Province de Québec 5,00 %74814ZEF6 2041-12-01 22 300 28 731

Variable et rachetable à compter du 2036-12-15 1 133 Manulife Finance Delaware L.P. 5,06 %56502FAA9 2041-12-15 1 000 1 082

3 492 EPCOR Utilities inc. 4,55 %29410ZAK1 2042-02-28 3 500 3 845

2 629 OPB Finance Trust 3,89 %67103MAA4 2042-07-04 2 620 2 784

1 395 Aéroport de Montréal 3,92 %007863AH6 2042-09-26 1 400 1 459

Rachetable à compter du 2042-10-30 1 158 Pembina Pipeline Corp. 4,75 %70632ZAC5 2043-04-30 1 175 1 115

1 805 AltaLink L.P. 4,92 %02135ZAK2 2043-09-17 1 510 1 770

Rachetable à compter du 2043-04-09 2 388 Hydro One inc. 4,59 %44810ZBK5 2043-10-09 2 000 2 176

1 415 TELUS Corp. 5,15 %87971MAU7 2043-11-26 1 335 1 377

2 794 Enbridge inc. 4,57 %29251ZBG1 2044-03-11 2 795 2 645

Rachetable à compter du 2043-10-05 3 755 TELUS Corp. 4,85 %87971MAW3 2044-04-05 3 495 3 463

Rachetable à compter du 2043-11-30 327 Inter Pipeline Ltd 4,64 %45834ZAE9 2044-05-30 335 313

Rachetable à compter du 2043-12-02 4 459 Union Gas Ltd 4,20 %90664ZAD2 2044-06-02 4 500 4 653

Rachetable à compter du 2043-12-06 2 264 Hydro One inc. 4,17 %44810ZBN9 2044-06-06 2 000 2 046

Rachetable à compter du 2044-03-02 5 049 CU inc. 4,09 %12657ZBE2 2044-09-02 5 000 5 132

Rachetable à compter du 2044-03-08 6 826 407 International inc. 3,65 %35085ZBQ8 2044-09-08 6 890 6 653

Rachetable à compter du 2044-03-16 958 Toronto Hydro Corp. 4,08 %89119ZAG8 2044-09-16 900 940

Rachetable à compter du 2044-09-30 1 499 Énergir inc. 3,30 %368271AY8 2045-03-31 1 500 1 371

15 878 Province de Nouvelle-Écosse 3,45 %669827FZ5 2045-06-01 16 000 16 450

56 089 Province de l'Ontario 3,45 %68323ACC6 2045-06-02 53 710 55 494

7 052 Province de la Saskatchewan 3,90 %803854JU3 2045-06-02 7 000 7 713

Rachetable à compter du 2044-12-12 1 250 Aéroport de Montréal 3,92 %007863AJ2 2045-06-12 1 250 1 302

Rachetable à compter du 2045-01-27 797 CU inc. 3,96 %12657ZBG7 2045-07-27 800 805

Rachetable à compter du 2045-01-28 1 249 Toronto Hydro Corp. 3,55 %89119ZAH6 2045-07-28 1 250 1 197

38


au 30 novembre 2018

non audité( )




Obligations

18 608 Gouvernement du Canada 3,50 %135087ZS6 2045-12-01 15 120 18 407

19 764 Province de Québec 3,50 %74814ZER0 2045-12-01 18 000 18 876

2 069 Lower Mattagami Energy L.P. 4,18 %548243AE4 2046-02-23 1 870 1 963

Rachetable à compter du 2046-02-09 3 718 Enbridge Pipelines inc. 4,13 %29250ZAW8 2046-08-09 3 750 3 476

9 063 Province de l'Alberta 3,30 %013051DS3 2046-12-01 9 000 8 918

Rachetable à compter du 2046-06-03 3 670 AltaLink L.P. 3,72 %02135ZAS5 2046-12-03 3 670 3 567

Rachetable à compter du 2046-08-27 5 155 Bell Canada 4,45 %07813ZBX1 2047-02-27 5 175 4 887

Rachetable à compter du 2046-11-21 1 784 407 International inc. 3,60 %35085ZBM7 2047-05-21 1 800 1 720

Rachetable à compter du 2047-03-16 5 316 TransCanada PipeLines Ltd 4,33 %89353ZCB2 2047-09-16 5 275 4 951

7 702 Ville d'Ottawa 3,25 %689551FE4 2047-11-10 7 715 7 402

Rachetable à compter du 2047-05-22 3 000 CU inc. 3,55 %12657ZBK8 2047-11-22 3 000 2 810

Rachetable à compter du 2047-05-29 3 440 Enbridge Gas Distribution inc. 3,51 %29290ZAS9 2047-11-29 3 455 3 182

Rachetable à compter du 2047-09-30 725 NAV Canada 3,29 %62895ZAP5 2048-03-30 725 694

Rachetable à compter du 2047-11-11 600 407 International inc. 3,72 %35085ZBS4 2048-05-11 600 585

14 905 Province de l'Ontario 2,80 %68323ADZ4 2048-06-02 16 400 15 019

31 070 Province de la Saskatchewan 3,30 %803854KC1 2048-06-02 30 550 30 522

24 798 Province de la Colombie-Britannique 2,80 %11070TAG3 2048-06-18 25 795 24 060

Rachetable à compter du 2047-12-22 4 000 Ontario Power Generation inc. 3,84 %68321ZAB7 2048-06-22 4 000 3 796

Rachetable à compter du 2048-01-03 900 TransCanada PipeLines Ltd 4,18 %89353ZCC0 2048-07-03 900 823

Rachetable à compter du 2048-01-31 2 709 Canadian National Railway Co. 3,60 %136375CQ3 2048-07-31 2 750 2 629

4 988 Ville de Toronto 3,20 %891288DR0 2048-08-01 5 000 4 731

Rachetable à compter du 2048-03-18 1 250 FortisAlberta inc. 3,73 %34957ZAX2 2048-09-18 1 250 1 216

Rachetable à compter du 2048-05-23 1 500 Vancouver Airport Authority 3,66 %92157WAB3 2048-11-23 1 500 1 500

Rachetable à compter du 2048-05-25 324 AT&T inc. 5,10 %00206RGC0 2048-11-25 325 306

8 837 Gouvernement du Canada 2,75 %135087D35 2048-12-01 8 300 8 931

23 633 Province de l'Alberta 3,05 %013051DY0 2048-12-01 24 000 22 721

37 617 Province de Québec 3,50 %74814ZEW9 2048-12-01 34 675 36 601

1 519 Province de l'Ontario 2,90 %68333ZAA5 2049-06-02 1 650 1 543

Rachetable à compter du 2048-12-25 255 Hydro One inc. 3,63 %44810ZBX7 2049-06-25 255 237

7 203 Hydro-Québec 5,00 %448814JA2 2050-02-15 5 365 7 237

7 464 Province du Manitoba 3,20 %563469US2 2050-03-05 7 500 7 248

6 888 Province de l'Alberta 3,10 %013051ED5 2050-06-01 7 000 6 700

7 283 Province de la Colombie-Britannique 2,95 %110709GJ5 2050-06-18 7 350 7 069

Rachetable à compter du 2032-06-30 1 513 Sun Life Capital Trust 7,09 %86679QAB7 2052-06-30 1 390 1 770

1 175 CU inc. 4,21 %12657ZBH5 2055-10-29 1 175 1 225

Rachetable à compter du 2057-06-07 5 000 The Hospital for Sick Children 3,42 %44107DAB7 2057-12-07 5 000 4 749

Variable et rachetable à compter du 2027-05-18 1 050 TransCanada Trust 4,65 %89356BAD0 2077-05-18 1 050 957

Variable et rachetable à compter du 2027-09-27 875 Enbridge inc. 5,38 %29250NAT2 2077-09-27 875 803

Variable et rachetable à compter du 2028-04-12 715 Enbridge inc. 6,63 %29250NAX3 2078-04-12 715 713

Variable et rachetable à compter du 2028-11-01 3 130 ATCO Ltd 5,50 %046789AA1 2078-11-01 3 130 3 139

Variable et rachetable à compter du 2019-06-30 8 996 CIBC Capital Trust 9,98 %12544UAA9 2108-06-30 7 000 7 276

Variable et rachetable à compter du 2019-06-30 9 651 La Banque de Nouvelle-Écosse 7,80 %80928FAA5 2108-06-30 9 000 9 251

Variable et rachetable à compter du 2021-06-30 2 860 TD Capital Trust IV 6,63 %87239GAC8 2108-06-30 2 500 2 704

Variable et rachetable à compter du 2019-12-31 7 021 Manulife Financial Capital Trust II 7,41 %56501XAA1 2108-12-31 6 505 6 792

Variable et rachetable à compter du 2019-12-31 1 388 Sun Life Capital Trust II 5,86 %86680BAA9 2108-12-31 1 235 1 271

Total - obligations 3 034 049 2 902 986 3 024 455

39


au 30 novembre 2018

non audité( )




Instruments du marché monétaire

99 Gouvernement du Canada, bon du trésor 1,74 %1350Z74G6Z 2018-12-06 100 102

2 991 Banque Nationale du Canada, acceptation bancaire 1,87 %633068ZD6W 2018-12-12 3 000 2 998

1 180 Gouvernement du Canada, bon du trésor 1,50 %1350Z72M5Z 2018-12-13 1 185 1 184

514 Gouvernement du Canada, bon du trésor 1,63 %1350Z72M5Z 2018-12-13 515 515

9 985 Banque de Montréal, acceptation bancaire 2,00 %337942ZL3X 2018-12-19 10 000 9 989

6 072 Banque Nationale du Canada, acceptation bancaire 1,85 %633068ZN4W 2018-12-21 6 100 6 093

1 298 Gouvernement du Canada, bon du trésor 1,59 %1350Z73K8Z 2018-12-27 1 300 1 298



10 059 Province de Québec, note promissoire 1,86 %09006RA39Y 2019-01-03 10 080 10 063

90 Province de l'Alberta, note promissoire 1,84 %013053A86Y 2019-01-08 90 90

1 394 Gouvernement du Canada, bon du trésor 1,59 %1350Z72R4Z 2019-01-10 1 400 1 397

125 Gouvernement du Canada, bon du trésor 1,66 %1350Z72R4Z 2019-01-10 125 125

189 Province de la Saskatchewan, note promissoire 1,82 %80390AAJ6Y 2019-01-17 190 189

1 493 Banque Nationale du Canada, acceptation bancaire 2,05 %633068AK7W 2019-01-18 1 500 1 496

214 Province de Québec, bon du trésor 1,80 %09852UAK9Y 2019-01-18 215 214

259 Province de la Saskatchewan, note promissoire 1,83 %80390AAP2Y 2019-01-22 260 259

3 090 Banque Nationale du Canada, note promissoire 2,07 %633062AR5W 2019-01-24 3 100 3 090

398 Gouvernement du Canada, bon du trésor 1,62 %1350Z73N2Z 2019-01-24 400 399

6 384 Gouvernement du Canada, bon du trésor 1,63 %1350Z73N2Z 2019-01-24 6 400 6 384

9 960 La Banque de Nouvelle-Écosse, acceptation bancaire 2,08 %06414PAS0X 2019-01-25 10 000 9 968

85 Province de l'Alberta, note promissoire 1,89 %013053AW3Y 2019-01-29 85 85

45 Province de l'Alberta, note promissoire 1,89 %013053AX1Y 2019-01-30 45 45

1 473 Province de l'Ontario, bon du trésor 1,90 %6832Z5BW9Y 2019-01-30 1 480 1 475

9 953 Province de Québec, bon du trésor 1,89 %09852UBA0X 2019-02-01 10 000 9 968

981 Gouvernement du Canada, bon du trésor 1,64 %1350Z72T0Z 2019-02-07 985 982

696 Province de la Colombie-Britannique, note promissoire 1,82 %743989H32Z 2019-02-08 700 697

4 963 Province de Québec, bon du trésor 1,82 %09852UB85X 2019-02-08 5 000 4 982

373 Province de l'Ontario, bon du trésor 1,92 %6832Z5BY5Y 2019-02-13 375 374

199 Gouvernement du Canada, bon du trésor 1,63 %1350Z73R3Z 2019-02-21 200 199

14 922 Banque Royale du Canada, acceptation bancaire 2,74 %780088BU3X 2019-02-27 15 000 14 922

995 Gouvernement du Canada, bon du trésor 1,69 %1350Z72V5Z 2019-03-07 1 000 995

1 938 Gouvernement du Canada, bon du trésor 1,79 %1350Z73V4Z 2019-03-21 1 950 1 940

24 765 Province de l'Ontario, bon du trésor 2,06 %6832Z5CB4X 2019-05-01 25 000 24 793

9 909 Province de la Colombie-Britannique, note promissoire 2,05 %743989J893X 2019-05-13 10 000 9 909

11 881 Province de la Colombie-Britannique, note promissoire 2,06 %743989KF11X 2019-05-17 12 000 11 889

14 685 Banque Canadienne Impériale de Commerce, acceptation bancaire

2,15 %136072GC3X 2019-07-11 15 000 14 793

Total - instruments du marché monétaire 157 450 158 580 157 697

40


au 30 novembre 2018

non audité( )

Prix decontrat oud'exercice

JustevaleurCoût

Échéance /livraison

Nombred'unités

Valeurnotionnelle


Élément sous-jacent

Contrats à terme - position acheteur

Gouvernement du Canada, 1,00 %, 2022-09-01F135G730612 95,05 CAD 14 000 000 13 307 94 - 2018-12-06

Gouvernement du Canada, 1,25 %, 2020-02-01F135H560712 98,90 CAD 210 000 000 207 686 403 - 2018-12-07



Gouvernement du Canada, 2,50 %, 2024-06-01F135B450712 100,57 CAD 30 000 000 30 170 259 - 2018-12-07

Gouvernement du Canada, 2,75 %, 2048-12-01F135D350712 106,27 CAD 26 500 000 28 160 344 - 2018-12-07

Indice S&P/TSX 60PTZ8F04NEW 901,43 CAD 12 2 190 - - 2018-12-20

US Treasury, 3,00 %, 2048-08-15F912SD10612 92,96 USD 3 300 000 4 077 49 - 2018-12-06

US Treasury, 3,38 %, 2048-11-15F912SE90612 100,21 USD 3 100 000 4 129 41 - 2018-12-06

Total - contrats à terme - position acheteur 308 932 1 516

Contrats à terme - position vendeur

Dollar américainFUSD121218A 1,31 CAD 175 000 000 229 207 (3 343) - 2018-12-12

Dollar américainFUSD121218B 1,31 CAD 116 000 000 151 932 (2 215) - 2018-12-12

Dollar américainFUSD121218 1,31 CAD 25 700 000 33 672 (479) - 2018-12-12

Dollar australienFAUD121218 0,95 CAD 6 516 000 6 208 (117) - 2018-12-12

EuroFEUR121218 1,50 CAD 7 566 000 11 377 (14) - 2018-12-12

Gouvernement du Canada, 2,75 %, 2048-12-01F135D350612 105,68 CAD 32 600 000 34 450 (626) - 2018-12-06

Livre sterlingFGBP121218 1,72 CAD 7 439 000 12 792 174 - 2018-12-12

Total - contrats à terme - position vendeur 479 638 (6 620)

Contrats d'options - position acheteur

Indice Euro StoXX 50SX5E3400DE18 3 400,00 EUR 1 500 7 675 2 54 2018-12-21

Indice Euro StoXX 50SX5E3425DE18 3 425,00 EUR 3 000 15 463 2 148 2018-12-21

Indice S&P 500 E-MiniESZ82700DE18 2 700,00 USD 1 250 4 486 141 84 2018-12-21



Investissements en capital de développement - Secteur d`activité: Finance

V13132OPT 0,01 CAD 58 249 1 239 - Indéterminée

Total - contrats d'options - position acheteur 434 36 887 494

Contrats d'options - position vendeur

Indice Euro StoXX 50SX5E3100DE18 3 100,00 EUR 750 3 499 (34)(64)2018-12-21

Indice Euro StoXX 50SX5E3150DE18 3 150,00 EUR 1 500 7 111 (105)(131)2018-12-21

Indice S&P 500 E-MiniESZ82550DE18 2 550,00 USD 1 250 4 237 (10)(94)2018-12-21

Indice S&P 500 E-MiniESZ82600DE18 2 600,00 USD 2 500 8 639 (33)(132)2018-12-21

Total - contrats d'options - position vendeur (421) 23 486 (182)

Total - instruments financiers dérivés * 13 (4 792)

Total des autres investissements

De ces totaux, un montant de 7,0 M$, représentant la juste valeur négative des instruments financiers dérivés et un montant de 0,4 M$ représentant le coût de ces instruments financiers dérivés, sont présentés sous Créditeurs aux états financiers du Fonds de solidarité des travailleurs du Québec (F.T.Q.) au 30 novembre 2018.

*

* 5 772 184 6 530 946

41


au 30 novembre 2018

non audité( )

Titres vendus en vertu de conventions de rachat

Au 30 novembre 2018, la juste valeur des titres en portefeuille vendus en vertu de conventions de rachat est de 609,1 M$. Ces titres sont des obligations. Ces transactions ont été exécutées entre le 14 novembre 2018 et le 30 novembre 2018, tandis que leurs échéances se situent dans l'intervalle compris entre le 3 décembre 2018 et le 12 décembre 2018. Le collatéral reçu est de 621,3 M$. Le prix de rachat à payer est de 610,4 M$.

42

INDEX OF THE SHARE OF THE FONDS IN INVESTMENTS

MADE BY THE SPECIALIZED FUNDS, AT COST (UNAUDITED)

AS AT NOVEMBER 30, 2018

Information from Secured TotalAnnual Financial Shares Loans and Loans andReport dated and Units advances advances

12-31-17 BDR Capital s.e.c.Securities of six companies 10,940 2,235 13,175

03-31-18 Fonds Bio-Innovation, société en commanditeSecurities of seven companies 8,576 1,471 10,047

05-31-18 Fonds de solidarité FTQ Investissements croissance I, s.e.c.Colo-D investissements inc. 1,200 1,200Lumenpulse inc. 3,333 3,333

4,533 4,533

05-31-18 Fonds de solidarité FTQ Investissements croissance II, s.e.c.Colo-D investissements inc. 1,000 1,000Immune Biosolutions inc. 50 50JLR inc. 600 600NoviFlow inc. 400 400Retinad Réalité Virtuelle inc. 50 50Technologies innovatrices d'imagerie inc. 100 100Worximity Technologies inc. 600 600

2,750 50 2,800

05-31-18 Fonds de solidarité FTQ Investissements technologiques I, s.e.c.Embrionix Design inc. 503 503Imagia Cybernétique inc. 1,092 1,092MConcierge Systems inc. 204 204Réflex Photonique inc. 500 833 1,333Solutions Axesnetwork inc. 1,203 510 1,713

3,502 510 833 4,845

12-31-17 Fonds immobilier de solidarité FTQ inc.175 Metcalfe s.e.c. 360 360790 Rand s.e.c. 1,181 1,181875 Charest s.e.c. 3,242 3,242880 Honoré-Mercier s.e.c. 25,707 25,7079322-2800 Québec inc. 1 19355-9490 Québec inc. 2,200 2,2009368-1005 Québec inc. 5,343 5,343Blizzard (Est) s.e.c. 1 1Blizzard (Ouest) s.e.c. 1 1Brossard-sur-le-Fleuve s.e.c. 3,433 3,433Cap-des-Régions Repentigny s.e.c. 2,441 2,441Cap-des-Régions s.e.c. 821 821Carrefour Miscéo s.e.c. 8,335 8,335Cité 3000 s.e.c. 2,811 2,811Condominiums Renaissance Blainville s.e.c. 2,595 2,595Condos Wanklyn-Milot s.e.c. 5,094 5,094Développement Joseph-Morin, s.e.c. 450 450Développements Wilfrid-Carrier s.e.c. 3,375 3,375District Concorde Léo-Lacombe s.e.c. 1,700 1,158 2,858Espace Montmorency s.e.c. 9,170 9,170Espace MV1 inc. 1 1Espace MV1 s.e.c. 1 1Espace MV2 inc. 1 1Espace MV2 s.e.c. 1 1Espace MV3 s.e.c. 1 1Espace MV4 s.e.c. 1,957 1,957Espaces Lebourgneuf Phase III s.e.c. 3,700 3,700Faubourg des Francs inc. 1 1Faubourg des Francs s.e.c. 3,342 3,342Fondim FSTQ-Québec s.e.c. 1,325 7 1,332Fonds accès terrains Québec s.e.c. 175 175Fonds d'aide à la rénovation de l'habitation communautaire, s.e.c. 1,786 1,786Fonds d'investissement de Montréal (F.I.M.) II, société en commandite 973 973Fonds d'investissement de Montréal (F.I.M.) III, société en commandite 2,273 2,273Fonds d'investissement Han-Logement s.e.c. 447 447Gestion fonds accès terrains inc. 1 1Graham-Mont-Royal s.e.c. 6,869 6,869Humaniti Locatifs Résidentiels s.e.c. 16,602 16,602L'Arrondissement 74e s.e.c. 2,900 2,900Loggia Papineau s.e.c. 927 927Oxygène Habitat Urbain Phase 2 s.e.c. 470 470Oxygène Habitat Urbain s.e.c. 1,400 1,400R.P.A. Mont-Joli s.e.c. 900 71 971R.P.A. Rawdon s.e.c. 1,361 1,361

FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.)Index of the Share of the Fonds in investments Made by the Specialized Funds, at Cost (unaudited)

As at November 30, 2018(in thousands $)

Unsecured

1




Unsecured

12-31-17 Fonds immobilier de solidarité FTQ inc. (continued)Société en commandite 1190 Jeanne-Mance 6,483 6,483Société en commandite AM/FM 3,008 3,008Société en commandite Bourassa-Pelletier 5,302 207 5,509Société en commandite Château Hymus 1 4 5Société en commandite Campus corporatif Montmorency Laval 2,000 2,000Société en commandite D.P.L.S. 2,920 2,920Société en commandite des Bassins I 2,503 2,503Société en commandite GII, Ilôt 10 (Comm-bur) 14 14Société en commandite GII, Ilôt 10 (Résidentiel) 1 1Société en commandite Griffintown II 2,667 2,667Société en commandite Griffintown II, Îlot 08 809 3,486 4,295Société en commandite Griffintown II, Îlot 09 (locatif) 1,029 1,029Société en commandite Griffintown II, Îlot 09B (locatif) 4,077 4,025 8,102Société en commandite Griffintown II, Phase II 1,450 1,450Société en commandite Griffintown II, Phase II (Commercial) 1 1Société en commandite Griffintown II, Phase II (Condos-Tour 1) 1 1Société en commandite Griffintown II, Phase II (Condos-Tour 2) 1 1Société en commandite Griffintown II, Phase II (Tour 3) 3,617 3,617Société en commandite Griffintown II, Phase III (Bloc 1) 105 105Société en commandite Héritage Pointe-Claire 1 2 3Société en commandite Ilot 11 2,604 1,367 3,971Société en commandite Ilot 11 Commercial 427 209 636Société en commandite Ilot 11 Tour 2 2,888 1,413 4,301Société en commandite immobilière T.D.C. 400 400Société en commandite Immobilière T.D.C. 2 4,418 4,418Société en commandite Laurin/ St-Louis Phase I 8,498 4,216 12,714Société en commandite QDS 30,837 30,837Société en commandite Rose de Lima 10 10Société en commandite St-Bruno-sur-le-Lac Phase 4 1 1Technoparc Bromont Phase I s.e.c. 1,416 1,416Tour 2 Commercial Tupper s.e.c. 19 19Tour 2 Condos Tupper, s.e.c. 275 275Tour 3 Condos Tupper, s.e.c. 2,444 2,444Tour 4 Locatif R-L s.e.c. 1,743 1,743Tour 4-5 Commercial Peter McGill s.e.c. 930 930Tour 5 Locatif R-L s.e.c. 3,859 3,859Uniquartier Brossard s.e.c. 13,782 13,782Urbania Phase VII s.e.c. 1 1Viva-Cité Brossard s.e.c. 2,242 2,242Viva-Cité Delson s.e.c. 4,187 4,187Viva-Cité Lachenaie s.e.c. 1,755 1,755Viva-Cité Longueuil s.e.c. 1,738 1,738Viva-Cité Saint-Hubert s.e.c. 1,937 1,937Wanklyn-Milot s.e.c. 4,167 4,16754 general partners of limited partnerships 1 1

240,106 4,507 23,796 268,409Direct holdings:Terrain Boul. Lucille Teasdale, Terrebonne 2,596Terrain CVL 4,255

275,260

12-31-17 Fonds immobilier de solidarité FTQ II, s.e.c.2250, Chemin Ste-Foy s.e.c. 2,657 2,6575300 rue Molson s.e.c. 4,511 4,5119067-4953 Québec inc. 1 19083-3914 Québec inc. 1 19330-0093 Québec inc. 1 1Ancienne École St-Michel s.e.c. 395 395C.C.L. II, société en commandite 559 559Campari Locatif, société en commandite 4,000 4,000Complexe d'affaires 440 s.e.c. 5,256 5,256District Concorde Lefebvre s.e.c 895 895District Concorde s.e.c. 1,146 1,146Espace 30 Beauharnois s.e.c. 1,486 1,486Espaces Lebourgneuf s.e.c. 2,471 2,471Faubourg la Grande Place, s.e.c. 1,392 1,392Faubourg Saint-Constant s.e.c. 1,222 1,222Fonds d'acquisition de Montréal, société en commandite 619 619Fonds d'acquisition québécois, société en commandite 4,056 4,056Fonds de placement immobilier Cogir appartements 1,488 1,488Fonds Habitations Le Domaine s.e.c. 7,451 7,451Immobilière Concorde-Corbusier s.e.c. 24 24L'Aura St-Nicolas s.e.c. 1,040 1,040Le 160 de l'Évêché s.e.c. 850 850Les Haltes du Roi s.e.c. 806 806Neuvième Avenue s.e.c. 9 2,346 2,355Plateau Sabourin s.e.c. 914 914

2




Unsecured

12-31-17 Fonds immobilier de solidarité FTQ II, s.e.c. (continued)Riverside St-Lambert s.e.c. 1,476 317 1,793Rue Principale Saint-Sauveur s.e.c. 1,145 1,145Société de développement Urbania 2003 inc. 425 425Société en commandite 544 de l'Inspecteur 20,678 20,678Société en commandite Alphonse T. Lépine 243 243Société en commandite Ann-Ottawa 1,507 1,507Société en commandite Boisé du Ruisseau Clair 1,050 1,050Société en commandite Cavelier de La Salle 2,908 2,908Société en commandite CDTI de Hull 100 100Société en commandite du 21e arrondissement 8,111 8,111Société en commandite du 259 boulevard St-Joseph-Hull 642 642Société en commandite Griffintown II, Phase III Bloc III 1,202 1,019 2,221Société en commandite Inspecteur-William 21 21Société en commandite JBSL 10 10Société en commandite Les Berges Brossard 11 14 25Société en commandite Mansfield 2,075 2,075Société en commandite Place Dunant 1 1Société en commandite RMI 239 239Société en commandite SoHo Preston 5,362 5,362Société en commandite Square Mont-Royal 1 10 11Société en commandite Ste-Hélène 27 25 52Trois A, Société en commandite 500 500Unité de travail pour l'implantation de logement étudiant (UTILE) 51 51Urbania 2C s.e.c. 950 950Village de la Gare s.e.c. 1,358 276 1,634Viva-Cité Sainte-Thérèse s.e.c. 2,200 2,200Viva-Cité Saint-Lambert s.e.c. 4,350 772 5,12233 general partners of limited partnerships 1 1

99,418 2,712 2,543 104,673Direct holdings:410 rue des Récollets, Montréal 615Terrain ave. du Lac-Clermoutier, Chertsey 2,590

107,878

12-31-17 Fonds locaux de solidarité FTQ, s.e.c.Administration régionale Baie-James 10 10Agglomération de Longueuil 370 370Agglomération des Îles-de-la-Madeleine 38 10 48Fonds local de solidarité Laval 10 10Fonds local de solidarité Ville de Saguenay 85 85MRC d'Acton 20 20MRC d'Antoine-Labelle (FLS) 10 10MRC d'Argenteuil 15 15MRC d'Avignon 60 50 110MRC de Beauce-Sartigan 15 15MRC de Beauharnois-Salaberry 717 717MRC de Bécancour 332 332MRC de Bellechasse 210 210MRC de Bonaventure 230 230MRC de Brome-Missisquoi 375 375MRC de Caniapiscau 10 10MRC de Charlevoix 205 205MRC de Charlevoix-Est 143 10 153MRC de Coaticook 90 90MRC de D'Autray 10 10MRC de Drummond 100 48 148MRC de Joliette 370 370MRC de La Côte-de-Beaupré 960 960MRC de La Haute-Côte-Nord 10 10MRC de La Matanie 147 58 205MRC de La Matapédia 15 15MRC de La Mitis 63 55 118MRC de La Nouvelle-Beauce 110 110MRC de La Rivière-du-Nord 470 470MRC de La Vallée-du-Richelieu 10 10MRC de L'Érable 570 570MRC de l'Île-d'Orléans 10 10MRC de Lotbinière 80 30 110MRC de Manicouagan 60 60MRC de Marguerite-D'Youville 80 80MRC de Maskinongé 70 70MRC de Mékinac 724 724MRC de Memphrémagog 150 10 160MRC de Minganie 15 15MRC de Pontiac 10 10MRC de Portneuf 95 95MRC de Rimouski-Neigette 655 655MRC de Rivière-du-Loup 285 285

3




Unsecured

12-31-17 Fonds locaux de solidarité FTQ, s.e.c. (continued)MRC de Roussillon 77 4 81MRC de Rouville 10 10MRC de Sept-Rivières 32 140 172MRC de Témiscamingue 10 10MRC des Appalaches 102 10 112MRC des Basques 105 105MRC des Collines-de-l'Outaouais 55 55MRC des Etchemins 17 10 27MRC des Laurentides 780 780MRC des Pays-d'en-Haut 10 10MRC Domaine-du-Roy 150 10 160MRC du Fjord-du-Saguenay 10 10MRC du Golfe-du-Saint-Laurent 10 10MRC du Haut-Saint-François 10 10MRC du Rocher-Percé 15 15MRC du Val-Saint-François 10 10MRC Les Maskoutains 10 10MRC Maria-Chapdelaine 114 20 134MRC Robert-Cliche 138 138PME MTL Centre-Est 1,300 1,300PME MTL Centre-Ouest 78 200 278PME MTL Centre-Ville 840 840PME MTL Est-de-l'Île 120 120PME MTL Grand Sud-Ouest 125 285 410PME MTL West-Island 750 750SOLIDE de la M.R.C. de Vaudreuil-Soulanges 173 173Ville de Gatineau 640 640Ville de Lévis 460 460Ville de Trois-Rivières 80 80

1,476 13,719 15,195Funds committed but not disbursed 45,875

61,070

03-31-18 Fonds régionaux de solidarité FTQ, société en commandite

Abitibi-Témiscamingue2645-3530 Québec inc. (Hardy Construction) et Gestion immobilière Hardy inc. 167 1679052-5320 Québec inc. (Consultants B.C.H.) 77 779156-0177 Québec inc. (Location MSN) 500 5009175-7401 Québec inc. (La Mine de Bois) 153 1539210-8737 Québec inc. 91 91Abitibi Royalties inc. 69 69Agritibi R.H. inc. 2,407 2,407ASDR Canada inc. 1,568 1,568Atelier Tangente inc. 150 150Corporation Aurifère Monarques 288 288Corporation Aurifère QMX 21 21Corporation Ressources Pershimex 50 50CR Capital Corp. 168 168Débosselage du Nord inc. 700 700Forage G4 ltée 844 844Forages M. Rouillier inc. 527 527Géliko inc. 47 47Groupe MBI inc. 2,007 2,007Groupe Rouillier Val d'Or inc. 862 862Groupe Technosub inc. 1 1H.P. Hydraulique inc. 51 51Les Aciers J.P. inc. et Immobilière J.P. inc. 500 500Les équipements de forage VersaDrill inc. 5 5Les Forages C.C.L. (1993) inc. 271 271Location Amos (2007) inc. et 9203-1210 Québec inc. 1,000 1,000LVL Global inc. 350 58 408Machines Roger International inc. et Les Machines Roger ltée 1,174 1,174Matamec Explorations inc. 1 1Mines de la Vallée de l'or ltée 115 115Placement RT inc. 383 383Probe Metals inc. 116 116Propair inc. 1,365 1,365Ressources Falco ltée 62 62Ressources Minières Radisson inc. 43 43Sanexen Services Environnementaux inc. 75 75Usinage Marcotte inc. 695 695

4,153 12,425 383 16,961Funds committed but not disbursed 1,550

18,511

4




Unsecured

03-31-18 Fonds régionaux de solidarité FTQ, société en commandite (continued)

Bas-Saint-Laurent 150 150 236 236

861 861

171 1719183-9530 Québec inc. (Pièces d'autos Sélect) 488 4889198-8659 Québec inc. (Multi-Pièces D.L.) 171 1719224-4904 Québec inc. (Atelier du Bois St-Laurent) 92 92Acier Québec-Maritimes inc. 100 850 950AMH Canada ltée 418 152 570André Roy Électrique inc. et 7105509 Canada inc. 52 52Asselin & Asselin arpenteurs-géomètres inc. et Topocom Technologie inc. 26 26Bois BSL inc. 1,000 1,000Distributions R.M.G. (2004) inc. 89 89Érablières des Alléghanys inc. 500 500Fonds Soutien Bas-Saint-Laurent, société en commandite 599 599Gagnon Image inc. et Sébast Décor inc. 234 234Gestion du Fonds Soutien Bas-Saint-Laurent inc. 1 1Kamco Construction inc. 260 260Les Chantiers du Lac inc. 500 500Les Constructions H.L. Thériault inc. et 7105509 Canada inc. 323 323Les Entreprises Jean-Philippe Dionne inc. et 9328-0584 Québec inc. 105 105Miralis inc. 767 767Placements Gino Bois inc. et Transport C.F. Morin inc. 30 30Pourvoirie de la Seigneurie du lac Métis inc. 74 74Productions Québec Multimédia inc. 75 75RPF ltée et 7105509 Canada inc. 875 875Service Mécanique E.G.R. inc. 250 250Télécommunications Denis Gignac inc. 222 222

1,118 8,553 9,671Funds committed but not disbursed 500

10,171

Capitale-Nationale9099-7768 Québec inc. (E.B.M. Laser) 200 37 237Armeco inc. 381 381Ascenseurs Maxi inc. 98 98Auvents W. Lecours inc. 77 77Construction Citadelle inc. 380 380Construction Dinamo inc. 800 800Cristal Contrôles ltée 733 733

167 167DMB Distribution alimentaire inc. 2,625 517 3,142Du-So / Jac-Sil inc. 500 500Engrenage Provincial inc. 3,200 3,200Filtrum inc. et 9274-9639 Québec inc. 231 231Fondim FSTQ-Québec s.e.c 400 400Gestion MSGM patrimoine inc. et Ambioner inc. 358 358Graphica Impression inc. 327 327Groupe Lou-Tec inc. 2,376 2,376Groupe Yuzu inc. 393 393Imprimerie Nicober inc. 285 285Industries Métotech inc. 447 447J.A. Roby inc. 215 215Laboratoire Hygiènex inc. 40 40Les Aliments 2000 inc. 304 304Les Chaussures Henri-Pierre inc. 708 708Les Entreprises P.E.C. inc. et A. Hébert et fils inc. 669 669Les Industries Rouillard inc. et 9274-8631 Québec inc. 750 750Les solutions Vumetric inc. et 9227-4380 Québec inc. 236 236Les Vêtements Perlimpinpin inc. 68 68LGT inc. et LGT entrepreneur inc. 1,306 1,306Machitech inc. 347 347Maçonnerie Dynamique ltée 575 575Métal Excel inc. 468 468Métal Potvin inc. 564 564Miro Cuisines Tendances inc. 271 271

9098-8106 Québec inc., 9031-8395 Québec inc. (Réfrigération Air C), 9262571 Canada inc. et Narwhal Plumbing & Heating Ltd

2546-2375 Québec inc. (Le Légumier de l'Est) et 7105509 Canada inc.9031-8395 Québec inc. (Réfrigération Air C) et 9098-8106 Québec inc.

9163-7157 Québec inc. (Produits Industriels GB), 9198-8659 Québec inc. et 9351-0683 Québec inc.

Distribution Sports Loisirs G.P. inc., Distribution Couvre-Planchers Élite inc. et Distribution Sports Loisirs - Installation inc.

5




Unsecured


Capitale-Nationale (continued)Mode Avalanche inc. 210 210Onico inc. 601 601Radio-Onde inc. 556 556Revêtement de la Capitale inc. et Gestion Natand inc. 750 750TBC Constructions inc. 1,031 1,031Vohl inc. et Gestion A.V.F. inc. 487 487


27,612

Centre-du-Québec2639-1862 Québec inc. (Les planchers de Bois-Franc Wickham) 670 670Autobus R.O.B.O. inc. et Autobus Bourassa ltée 619 619Écofib inc. 20 20Gestion Expo inc. et Expo Rénovation inc. 410 410J.I.T. Laser inc. 413 413Les Dessins Drummond inc. 178 178Maxi-Roule inc. et 9214-2694 Québec inc. 475 475Misa Tours Canada inc. 101 101Paul Rocheleau inc. 5 5Vibrotech inc. 220 220

3,111 3,111

Chaudière-Appalaches9050-7641 Québec inc. (Ramp-Art) 500 5009069-4654 Québec inc. (Supervac 2000) 56 569243-8423 Québec inc. (Forimpex) 856 856Boccam inc. 1,148 1,148Construction Maurice Bilodeau inc. et Gestion Côté Boilard inc. 493 493Ébénisterie Cham-Bois inc. 500 500Équipements Demers inc. 280 280Équipements Plannord ltée 112 112Équipements PRB inc. 1,230 1,230Équipements récréatifs Jambette inc. et Gestion Parce Que inc. 500 500Étic Produits Plein-Air inc. 354 354Fini. U.V. International inc. et 9192-5222 Québec inc. 431 431Groupe S.S. inc. 253 253Humaco Acoustique inc. 300 300Inovia inc. 327 327J.L. Leclerc & fils inc. 1,317 1,317Maisons Laprise inc. 2,000 2,000Mapa Innovations inc. et Les produits Multi-Formes inc. 199 199

647 647Multi-Brosses inc. et Gestion Parlico inc. 349 349Produits RLC inc. 766 766Quéro Métal inc. et Gestion Dovin inc. 180 180Umano Medical inc. et Umano Medical World inc. 472 472VAB Solutions inc. 1,417 1,417

280 13,551 856 14,687Funds committed but not disbursed 2,670

17,357

Côte-Nord7311702 Canada inc. 9 99011-1501 Québec inc. (Pompage Pelletier) 386 3869365-3749 Québec inc., 9365-3756 Québec inc. et Gestion BST inc. 1,000 1,000Carrosserie Pro 2010 inc. 4 4Construction Fortin & Lévesque inc. 861 861Construction Leclerc et Pelletier inc. et 9117-2429 Québec inc. 250 250H.P.C. Hydraulique inc. 261 261Hôtel Motel Le Q'Artier des Îles inc. 456 456Les Distributions G.F.D. inc. 230 230Les Motels de l'Énergie inc. 227 227M3I inc., 9037-9843 Québec inc. et Plomberie du Portage inc. 300 300Métal 7 inc. 700 700Plomberie Chauffage O Max inc. 209 209

709 4,184 4,893

Marol Express inc., C.R.S. Express inc., 9303-7760 Québec inc. et 9128-0644 Québec inc. (Transport Express Beauce U.S.A.)

6




Unsecured


Estrie

667 6679159-7500 Québec inc. (Armoires NAC) 424 424Acier Fastech inc. 103 103Ani-Mat inc. 667 667Électro-Mag inc. et Groupe Électro-Mag (2009) inc. 763 763Granit C. Rouleau inc., Innovation SlabEko inc. et Quartz Drako inc. 600 600Groupe Cabico inc. 1,356 1,356Industries Martins inc. 1,000 1,226 2,226Innotex inc. 517 517Kemestrie inc. 678 678Kezber & associés inc. et Gestion famille Kezber inc. 457 457LeProhon inc., Maître Celsius inc. & LeProhon réfrigération inc. 1,333 1,333Les Aliments Jardi inc. 885 885Les Cartons Northrich inc., Gestions Northrich inc. et 9267-3110 Québec inc 1,500 1,500Les Entreprises Dauphinais inc. 151 151Les Quais Bertrand inc. et 9338-5656 Québec inc. 128 128Motrec international inc. 396 396

1,000 1,000Quinco & Cie inc. 225 225Signalisation de l'Estrie inc. 430 430St-Georges structures et civil inc. 288 288Usinatech inc. 3,000 3,000WR Transformateurs inc. et 9302-1277 Québec inc. 444 444


18,738

Gaspésie - Îles-de-la-Madeleine9182-7683 Québec inc. 570 570Atelier d'Usinage Gaspé Machine Works inc. 25 186 211B.M.B. (Îles-de-la-Madeleine) inc. 161 833 994Conrad Miousse & fils inc. 290 290Cuda pétrole et gaz inc. 46 46Ferme Bourdages Tradition inc. 75 75Fonds Soutien Gaspésie-Îles-de-la-Madeleine, société en commandite 1,000 1,000Gaspésie Diésel inc. 46 46Gestion du Fonds Soutien Gaspésie-Îles-de-la-Madeleine inc. 1 1Lelièvre, Lelièvre et Lemoignan ltée et Gestion 3-L inc. 385 385Les Pêcheries Marinard ltée 323 323Pêcheries M Langford inc. 135 135Plaquettes de frein haute performance B.B. inc. 50 50

1,233 2,893 4,126

Lanaudière9049-7496 Québec inc. (Harnois Groupe pétrolier) 2,000 2,000

296 296Agro-100 ltée 700 700Alimentation Dynamic inc. et Artic Blast MTL inc. 299 299Asphalte Générale inc. et 9306-1380 Québec inc. (Pavage Roy) 834 834De La Fontaine & Associés inc. (Intermat (portes & boiseries)) 383 383

317 317Gestion EDB Mondor inc. 95 95Gestion Éric Riendeau inc., Viandes Riendeau ltée et Les Aliments Chatel inc. 2,678 2,678Gestion TRJ inc. 1,000 1,000Groupe Manucam inc. et Melco Capital inc. 1,076 1,076Groupe Stageline inc. 3,000 3,000Immeuble DSW inc. 202 202Laboratoires Bi-Op inc. 355 355Labre et Associés, Arpenteurs-Géomètres inc. 176 176Lanau Industries inc. 429 429Meubles Jaymar Corp. et Immeuble DSW inc. 2,647 150 2,797Multi-modèles Martin Gaudet inc. 26 26Pneus Lanoraie inc. 455 455SaniPro Service professionnel de nettoyage inc. 531 531Triotech Amusement inc. 3,000 3,000

10,849 9,800 20,649

Gaz Propane Raymond 1996 inc., Gaz Propane N.R.J. inc. et 9072-3420 Québec inc. (Les Immeubles An-Nor)

9028-4043 Québec inc. (Les Intérieurs Bousada), 4482859 Canada inc. et BTM Construction inc.

Produits de services publics Innova inc., 9105-0732 Québec inc. et 9370-0847 Québec inc.

ABC Environnement inc. et 9216-4615 Québec inc. (Centre de Valorisation de Crabtree)

7




Unsecured


Laurentides8978514 Canada inc. et Les Services de Forage M3 inc. 1,000 1,0009311-5947 Québec inc. (Les Aliments Kamloop) et Montour Ltée 859 8599314-5746 Québec inc. et La Clinique du sommeil des Laurentides inc. 741 741

1,500 1,500APGN inc. 1,000 1,000BMI Canada inc. 312 312Canrep inc. 57 57Centre de Plomberie St-Jérôme inc. 258 258Complexe Hôtelier St-Jovite/ Mont-Tremblant inc. 262 262Distributions Denis Fontaine inc. et 9213-5771 Québec inc. 199 199Expériences Brimaclo inc. et Gestion immobilière Brimaclo inc. 400 400Garage François Thouin inc., Remorques CFT inc. et 8236011 Canada inc. 76 76Gestion Estérel inc. 2,236 2,236Groupe Ricochet inc., Gestions P.Roy et A.Vincent inc. 204 204Groupe Star Suites inc. 1,040 1,040Les Bicycles Quilicot inc. et Gestion Ma-Eve inc. 475 475Les Brasseurs du Nord inc. 1,000 1,000Lev-Fab inc. 60 60Médi Baie inc. 183 183Montour ltée 30 30Myre, Pageau & Associés Consultant Immobilier inc. 38 38Service Alimentaire Desco inc. 253 253Synergie Canada inc. 518 518Vision Villégiature inc. 300 300


13,701

Laval9160-5188 Québec inc. (Hulix Construction) 199 1999210-9107 Québec inc. (Jungle Aventure) 133 1339238-4874 Québec inc. (Nouvelle logique) 325 325

889 889Ciel Aventure Québec inc., Les Investissements Skyventure ltée et Skyventure Wh 1,950 1,950Collections Unimage inc. 202 202Cunico ltée 448 448Fusion Énergie inc., St-Martin Électrique inc. et Placements DSB inc. 264 264Groupe Daoust/Forget inc. 130 130

1,102 1,102ICANDA Corporation, Forages M.S.E. inc. et Gestion immobilière M.S.E. inc. 875 875Les Bouteilles Recyclées du Québec (B.R.Q.) inc. 4,200 4,200Les Produits Verglass inc. 63 63Marché Turenne inc. et 9559809 Canada inc. 696 696Mongrain inc. 167 167Paris, Ladouceur & associés inc. 10 10Produits Alimentaires Berthelet inc. 117 117S.R.A.D. Communications inc. 207 207Solution Manufacture Asie inc. et Produit Maison Amérique inc. 438 438Vinyform ltée 250 250


14,665

Mauricie2972-9282 Québec inc. (Le Groupe Lafrenière Tracteurs) 446 4469145-5980 Québec inc. (Transport Jacques Labbé) 146 146Concept Éco-Plein-Air Le Baluchon inc. 843 843Estampage J.P.L. ltée 1,771 1,771Portes & fenêtres Nouvel Horizon inc. 380 380Solutions Genyk inc. 500 500

843 3,243 4,086

9349-2395 Québec inc., 9218-6055 Québec inc., Atelier d'usinage Tac inc., Lev-Fab inc. et Groupe Lev-Fab inc.

Auckland inc., Brisbane inc., 9223-7817 Québec inc., 9198-7552 Québec inc., 9200-1643 Québec inc. et 9276-9686 Québec inc.

Hydrolico inc., Hydrolico International inc., 9214-5127 Québec inc. et 9354-7818 Québec inc.

8




Unsecured


Montérégie

494 4944318200 Canada inc., 8442975 Canada inc. et 9373-5447 Québec inc. 1,000 1,0009009-6843 Québec inc. (Geolin Crédit-bail) 1,000 1,0009142-6825 Québec inc. (Marie Morin Canada) et 9368-1153 Québec inc. 400 4009307-2809 Québec Inc. (Soyons une race) 600 600Accès Location d'équipements inc. 3,000 3,000Club piscine Granby inc. 1,000 1,000Contrôle Industriel C.T.H. ltée 138 138Cookina inc. et Cookina Holdings inc. 975 975Corporation Norme Internationale inc. 105 105DCL Nutrition & santé animale inc. 110 110Diversico, Assurances et Investissements inc. 1,000 1,000Elka suspension inc. 120 120FDC Composites inc. 8 8Formédica ltée et Placements Gestfor ltée 383 383Géomap GIS Amérique inc. 92 92Groupe BFL inc. 988 988Infrastructel inc. 800 800Law-Marot-Milpro inc. et Les Entreprises Méga Myl inc. 736 736Le Gastronome Animal inc., GBL Innovations inc. et 9321-1696 Québec inc. 833 833Les Promotions Universelles inc. 46 46M. Beaudry Électrique inc. et 9265-7881 Québec inc. 231 231M.G.B. Électrique inc. et Gestion M.G.B. inc. 470 470Martineau Coffrage inc., 9250-7912 Québec inc. et 9362-5853 Québec inc. 850 850Matériaux paysagers Savaria ltée 660 660Navada ltée 903 903PBSC Solutions urbaines inc. 547 547Réfrigération, Plomberie & Chauffage Longueuil inc. 475 475Ricardo Média inc. 313 313Secco International inc. 1,115 1,115Simaudio ltée 1,047 1,047Soya Excel inc. 125 97 222SPB Psychologie organisationnelle inc. 180 180TKNL inc. et I.D.3 (Idées au cube) 1,510 1,510


24,351

Montréal 1,100 1,100

1,433 1,433

719 719

55 55

670 670AgileDSS inc. 750 750Alimentation L'Épicier inc. 1,028 1,028Aliments Horizon Nature inc. 131 131Allard & Ricard inc. 100 100Anodisation Verdun inc. et Solutions d'Aluminium Montréal inc. 138 138Argon 18 inc., Cycles Argon-18 inc. et Notio Technologies inc. 500 500Artika Maison 482 482Attractions SOS inc. 140 140Corporation Intellimix et 4187091 Canada inc. 1,500 1,500Corporation Smartsilk inc. 461 461Emballages Cré-O-Pack International inc. 36 36

1,500 1,500Euro-Pharm International Canada inc. et Les Services Pharma ECA inc. 514 514Fresche Solutions inc. 2,140 2,140Galerie au chocolat inc. 77 77

1,369 1,369Groupe Carreaux Céragrès inc. et Société de gestion Céragrès inc. 1,830 1,830Groupe Trium inc. 1,000 1,000

10190004 Canada inc. et Palans et outillages Léger inc.

9342-1188 Québec inc. (Dentachrome Montréal et Dentachrome Québec) et Groupe Aliston inc.

2854-6091 Québec inc., 9103-0908 Québec inc., 9328513 Canada inc. et Les Transports en vrac Mario inc.

3717291 Canada inc. (Bô-bébé), Kidiway inc., 9252-5104 Québec inc. et 9252-5112 Québec inc.4552091 Canada inc., 9311394 Canada inc., 9311408 Canada inc. et 9534466 Canada inc. (Centre de conditionnement Buzzfit)7774672 Canada inc. (Derme & Cie), 3897338 Canada inc. et 3897320 Canada inc.

Enviroplast inc., Immeuble 11060 Parkway inc. et Groupe Aliston inc.

Groupe Atwill-Morin inc., 8782601 Canada inc., 8844925 Canada inc. et 4527216 Canada inc.

9




Unsecured


Montréal (continued)

1,000 1,000Le Groupe Conseil Integrim inc. 137 137Les Entreprises QMD inc. 611 611Les industries Cendrex inc. 1,675 1,675Les Laboratoires de recherche de Lan Wirewerks inc. 46 46Manutention Québec inc. 531 531Moteurs Électriques Laval ltée 750 750Novabrik International inc. 1,405 40 1,445Proaction International inc. 881 881RB&C Maintenance de voies inc. 4 4Spiria Digital inc. 1,500 1,500Targray Technologie Internationale inc. 1,000 1,000Technologies Environnementales Verdant inc. 1,371 1,371Tornatech inc. 36 36Turbines Essential inc. 1,278 1,278Usinage multiconcept inc. et 9366-4894 Québec inc. 500 500Vulcan Compagnie de Palans ltée 398 398


31,836

Nord-du-Québec9181-4228 Québec inc. (Nord Décoration inc.) 27 279189-3081 Québec inc. (Relais du Lac Caché) 342 342Corporation Ressources AM 55 55Équipement de Bureau Ungava inc. 380 380Excavation Gilbert Sheehy inc. et 9303-8842 Québec inc. 475 475Exploration Azimut inc. 200 200Exploration Dios inc. 131 131Exploration Kintavar inc. 46 46Exploration Midland inc. 493 493Groupe Minier Impérial ltée 16 16Les immeubles ARH inc. 113 113Les Pétroles M.J. inc. 196 196Les Ressources Yorbeau inc. 37 37M.A.S. Chibougamau inc. 237 237Mines d'Or Maple ltée 90 90Nemaska Lithium inc. 1 1Opus One Resources inc. 100 100Redevances Aurifères Osisko ltée 895 895Ressources Balmoral ltée 150 150Ressources Cartier inc. 308 308Ressources Eastmain inc. 100 100Ressources Géoméga inc. 182 182Ressources Sirios inc. 172 172Ressources Sphinx ltée 139 139Ressources Tarku ltée 102 102Ressources X-Terra inc. 67 67Société de Diamant Stornoway 213 213Société d'Exploration Minière Vior inc. 247 247

3,531 1,983 5,514

Le Groupe A&A spécialiste du document (Montréal) inc., Le Groupe A&A (société de portefeuille) inc. et 9360-9444 Québec inc.

10




Unsecured


Outaouais

2,571 2,5712786630 Canada inc. (Vitrerie Vision 2000 enr.) 333 3333197786 Canada inc. (Acoustique S. Mayer) et 7621175 Canada inc. 861 8613596745 Canada inc. (Vitrerie de la Vallée) et 3596761 Canada inc. 475 4754031202 Canada inc. (Prop-Air 2002) 1,127 1,1276053599 Canada inc. (Construction Fre-Ro) et 10260738 Canada inc. 200 2006227945 Canada inc. (IEG) et 10392766 Canada inc. 300 3006368425 Canada ltée (Acier DM) et 6964770 Canada inc. 257 2576801765 Canada inc. et Steamatic Canada inc. 450 4507095287 Canada inc. (Concept Pro-Métal) 110 1107308850 Canada inc. (Altitude Gym) et 7240309 Canada inc. 300 3007608187 Canada inc. (La trappe à fromage) 94 94Auberge & Spa le Nordik inc. 511 511Chabel inc. et Gestion 2L inc. 140 140DR Maintenance Solutions inc. et 4225651 Canada inc. 657 657Équipement Selix inc. et Champsville Equipment inc. 417 417

108 108Groupe Immobilier Trudeau Bélanger inc. et Gestion hôtelière Gatineau inc. 2,000 2,000Groupe Major inc. et Corporation Major du Canada inc. 245 245Laiterie de l'Outaouais inc. 207 207Lauzon - Foresterie (Fiducie) 500 500Les Boiseries Boileau inc. et 4530373 Canada inc. 350 350Les Entreprises RGMSP ltée, 6588891 Canada inc. et 9712208 Canada inc. 406 406Macadamian Technologies inc. 525 525Norgau inc. 300 300Oproma inc. et 6742866 Canada inc. 154 154Philouze Boulanger-Patissier inc. 119 119Provance Technologies inc. 567 510 1,077SolaCom Technologies inc. 237 237

804 13,727 500 15,031Funds committed but not disbursed 1,350

16,381

Saguenay - Lac-Saint-Jean2861-0467 Québec inc. (Notre Hôtel) 320 320

730 7302956-3475 Québec inc. et 9226-2930 Québec inc. (Interbus) 50 506482066 Canada inc. (Société P.C.P.) 525 5258439117 Canada inc. (Récupère Sol) 338 3389051-8127 Québec inc. (J.A. Mécanique) 317 3179099-3593 Québec inc. (Inter-Projet) 508 508

1,087 1,0879143-8945 Québec inc. 840 8409341-7608 Québec inc. (Delta Saguenay) 450 1,200 1,650Échafaudage Industriel inc. et 9274-4721 Québec inc. 275 275Filtrar Tech inc. 400 400Gestion du Fonds AP 60 inc. 1 1Graphiscan Alma inc., Graphiscan Québec inc. et Graphiscan Montréal inc. 675 675Groupe Giroux Maçonnex inc. 1,160 1,160Industries Bofab inc. 290 290Laboratoire PhytoChemia inc., Groupe Chemia inc. et CannaChemia Services inc. 185 185Laval Fortin ltée 436 436LCR Vêtements et Chaussures inc. 283 283Les Équipements pétroliers Claude Pedneault inc. 203 203Morin Énertech inc. 256 256Nettoyeur industriel F.B. inc. 150 150Nolicam Location de camions inc. 216 71 287Peinture L.S.B. inc. et 9070-4404 Québec inc. 384 384

144781 Canada inc., 3223701 Canada inc. et 6915094 Canada inc. (Le Groupe Brigil)

2953-7628 Québec inc., 2526-0100 Québec inc. (Terrassement Jocelyn Fortin) et 9300-9181 Québec inc.

9115-3023 Québec inc. (Pub La Voie-Maltée), 9244-7770 Québec inc. et 9261-9238 Québec inc.

Gestion Travaux Signalisation inc, Gestions Travaux Réseaux inc. et 9212-5947 Québec inc.

11




Unsecured


Saguenay - Lac-Saint-Jean (continued)Pétrolex St-Félicien inc. 249 249Précicast ltée 93 93

183 183R. Morris et Frères inc. 283 283Reboitech inc. et Plani-forêt S.G.F. inc. 50 50Roulottes M.L.R. inc. 305 305Staca inc. et 2951-6028 Québec inc. 700 700St-Félicien Diesel (1988) inc. 305 305Transport M.Y. Caron inc. 241 241Ventil-Air 2001 inc. 248 248

1,507 12,407 93 14,007Funds committed but not disbursed 350

14,357

Total Fonds régionaux de solidarité FTQ, société en commandite 43,775 188,908 1,832 234,515Funds committed but not disbursed 15,544

250,059

12-31-17 Novacap Industries IV s.e.c.Corporation de développement HallconCorporation de développement KnowltonGestion Bestar inc.Gestion mode JR inc.La Corporation de développement de champignons GreenwoodMucci Farms LtdSecurities of another company

26,260 3,493 29,753

04-30-18 Société de gestion d'actifs forestiers Solifor, société en commanditeGestion forestière Solifor Anticosti, société en commanditeSolifor Bloc A-RPF, société en commanditeSolifor Bloc Monet, société en commanditeSolifor Charlevoix-Saguenay, société en commanditeSolifor Lotbinière, société en commanditeSolifor Mauricie, société en commanditeSolifor Nicolas-Riou, société en commanditeSolifor Perthuis, société en commanditeSolifor Timberlands inc.

172,072 172,072

12-31-17 Teralys capital Fonds de Fonds, s.e.c.Celtic House Venture Partners Fund IV, L.P. 15,760 15,760EnerTech Capital Partners IV, L.P. 9,435 9,435Fonds Biosciences Merck Lumira (Québec), s.e.c. 12,095 12,095Fonds CTI Sciences de la vie II, s.e.c. 12,248 12,248Fonds Cycle Capital III, s.e.c. 12,083 12,083Fonds d'investissement iNovia III, s.e.c. 3,168 3,168Fonds d'investissement Réal III, s.e.c. 7,786 7,786Fonds Tandem Expansion I, s.e.c. 1,972 1,972Georgian Partners Growth Fund I, L.P. (3,075) (3,075)Investissements TVM Science de la vie VII, s.e.c. 8,848 8,848Iris Capital Fund III FCPR 4,352 4,352Lumira Capital II, société en commandite 7,148 7,148Novacap TMT IV, s.e.c. 5,375 5,375Rho Canada Capital de Risque II, s.e.c. 6,775 6,775Sofinnova Capital VII 978 978Vanedge Capital I Limited Partnership 12,083 12,083Versant Venture Capital V, L.P. 875 875

111,895 111,895Funds committed but not disbursed 48,351

160,246

12-31-17 VC, société en commanditeDirect holdings of real estate 125,538

Prowatt inc., Les Lignes du Fjord inc., Élexco inc., Racman inc. et 9295-8156 Québec inc.

This unaudited index details the investments made by the specialized funds as required by the Regulation Respecting Development Capital Investment FundContinuous Disclosure.

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FINANCIAL STATEMENTS - Fonds de solidarité FTQ

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