2004 Annual Report
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Schedule D – Hepatitis C Trust Fund Information Brief Prepared
by Royal Trust
Introduction
About RBC Royal Trust Global
Services
RBC Global Services is a world leader in providing specialized
investment administration solutions for institutional clients —with
more than $1.6 trillion in assets under administration
and over 100 years experience serving our clients . We are
Canada 's largest provider of custody and related services
and the 10th largest in the world. Our value-added services include global custody, securities lending and finance,
treasury, portfolio analytics, unitholder recordkeeping, investment
administration and accounting, with full outsourcing capabilities. RBC Global Services'
success is highlighted by client satisfaction surveys, in
which we are consistently ranked among the best in the world.
RBC Global Services GSS has offices in Toronto, Montreal, Halifax, St. John's, Calgary, Vancouver, London, Tokyo, Singapore, Sydney and Dubai. For more information, visit
our Web site at www.rbcglobalservices.com/iis.
The Royal Trust Company ( RBC Global Services ) was appointed
Trustee and Custodian of the Hepatitis ‘C' Trust Fund
by the Superior Courts of B.C., Ontario and Quebec . A front-line
service team of administration and operations managers is
responsible for the day-to-day activities of the Trust Fund.
Together with specialized support
from professionals with particular expertise with
regulatory requirements, a wide and unique range
of services is delivered to the Hepatitis ‘C' Trust Fund.
Duties and Responsibilities of the Trustee/Custodian
Custody and Safeguarding of Securities
RBC Global Services holds in trust the cash and securities
of the Trust Fund. The assets of the Trust Fund are
invested and reinvested by RBC Global Services strictly in
accordance with the directions of the Joint Committee or the
Investment Manager appointed by the Courts. RBC Global
Services ensures the safe custody of the assets
and reconciles the securities positions in its books
daily using the services of the Canadian
Depository for Securities.
Processing of Investment Transactions
RBC Global Services completes all securities
transactions – all acquisitions and all dispositions of assets – as
per authorized instructions received from the Investment Manager.
Collection of Income
RBC Global Services collects and accounts for all items of principal and income. Stock dividends and
bond interest are credited to the account on the day they
are payable regardless of whether RBC Global Services actually
receives the funds. RBC Global Services tracks stock dividends
and splits, bond maturities and redemptions. For cash balances
held in the fund, interest is automatically credited. The
interest is calculated daily and paid to accounts on the last
business day of the month.
Contributions
RBC Global Services receives all contributions
flowing into the Trust Fund. Each month RBC Global Services
notifies the Provinces and the Territories of their respective
required proportionate contribution. RBC Global Services
credits receipts of those contributions to the appropriate
accounts.
Plan Disbursements
All plan disbursements are processed in a timely manner
in accordance with the terms of our appointment and/or Court
Order. Payments to Service Providers are made pursuant to
applicable Court Order.
Maintenance of Records
RBC Global Services maintains accurate records with respect
to the assets of the Trust Fund and provides timely reports
to various parties, including:
Monthly Investment Statements: These statements provide the full financial picture of the
Trust Fund including cash reconciliation investment activity,
receipts and disbursements for the reporting period. These
reports also provides a list of assets held at a certain
date with book and market value, accrued income and also detail the day-to-day activity in chronological order.
Quarterly Notional Reports: RBC Global Services maintains notional accounts for each
of the Provincial and Territorial Governments. These accounts
are maintained on the basis of the sharing percentage provided
by the Federal Government. The report records the Governments'
proportionate contributions, proportionate interest amount
and proportionate disbursements. It also reflects when payments
are due and when they are actually received.
Monthly Financial Summary: This
report summarizes, at a high level, the Market Value of the
Trust Fund, the investment income earned, payouts to claimants
and service providers and recoveries from the Provinces and
Territories for those payouts since the inception of the
Fund.
Summary of Trust Activity
Payments to the Trust Fund
During 2003, the fourth year of operation of the Hepatitis ‘C' Trust Fund, the Trust Fund
received contributions totaling $21,688,390 representing
payments from Provincial and Territorial Governments.
In addition, the Hepatitis ‘C' Trust Fund has
earned $117,329,837 (includes investment income,
realized and unrealized capital gains and losses). The closing
market value of the fund at March 31, 2004 was $865,099,090.
Payments from the Trust Fund
Disbursements from the Trust Fund in 2003
totaled $67,958,860 representing $62,074,360
to the Administrator for the claimants and $5,884,500 to service providers
for fees and expenses.
The Courts approved an annual budget of $130,000
for RBC Global Services' Trustee and Custodial fees
for the year 2003. The actual charge to the Trust Fund
for performing the various activities and delivering the
services was $106,400.
RBC Global Services is the brand name under which the legal entities Royal Trust Corporation of Canada, The Royal Trust Company and Royal Bank of Canada operate their global custody and investment administration business. These materials are provided by The Royal Trust Company for general information purposes only.
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