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2002 Annual Report

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Schedule J - Hepatitis C Settlement Trust Fund Account Statements Prepared by TD Asset Management

May 21, 2002


Ms. Bonnie Tough
1986-1990 Hepatitis C Settlement Trust Fund
c/o Hodgson Tough Shields DesBrisay O'Donnell
Barristers & Solicitors
Suite 550, 36 Toronto Street
Toronto, Ontario M5C 2C5

Dear Ms. Tough,

Please find a summary of the expenses for the year commencing April 1, 2001 and ending March 31, 2002 for the three 1986-1990 Hepatitis C Settlement Trust Fund accounts. You will also find a proposed budget for the year April 1, 2002 to March 31, 2003 and an update on TD Asset Management's activity over the past year.

1. Total fees charged (including tax) to the Fund for the past year were as follows:

Account Code

Account Name

Quarter End June 2001

Quarter End September 2001

Quarter End December 2001

Quarter End March 2002

E5050

1986-90 Hepatitis C STF - Real

6,303.23

6,481.54

6,506.79

6,312.75

E5060

1986-90 Hep C STF - ST Bonds

30,217.35

28,075.10

26,002.13

23,132.02

E5065

1986-90 Hep C STF Other

16,557.20

17,095.99

18,002.04

18,887.17

Total

 

$53,077.78

$51,652.63

$50,510.96

$48,331.94

Total fees charged for the past year were $203,573.31 and were within the budget set out for the year.

2. Our estimate of the total projected fees to be charged from April 1, 2002 to March 31, 2003 is unchanged from the prior year's estimate of $263,004.00. This allows for market appreciation after a volatile year in the capital markets.

3. Update on TD Asset Management
TD Quantitative Capital is a division of TD Asset Management Inc., a wholly-owned subsidiary of The Toronto-Dominion Bank. We specialize in indexed and quantitative investment management across all major asset classes, with over $55 billion in assets under management. As Canada's pre-eminent indexer, TDQC has been setting the standard of passive and quantitative management in Canada. Strong and consistent performance, financial stability, competitive pricing and excellent servicing are the qualities that TD Quantitative Capital offers in the management of the 1986-1990 Hepatitis C Settlement Trust Fund accounts.

Client service has been delivered to 1986-1990 Hepatitis C Settlement Trust Fund accordingly.

Daily

  • Invest and monitor the assets of 1986-1990 Hepatitis C Settlement Trust Fund
  • Reconcile cash

Monthly

  • TDQC provides portfolio reports detailing investment holdings and transaction
  • TDQC provides performance reports detailing the returns on portfolio investments

Quarterly

  • TDQC provides quarterly compliance certificate detailing that we are in compliance with the investment policies and goals of 1986-1990 Hepatitis C Settlement Trust Fund;
  • TDQC provides 1986-1990 Hepatitis C Settlement Trust Fund with our quarterly updates and quarterly economic commentary and;
  • TDQC provides 1986-1990 Hepatitis C Settlement Trust Fund with a review of any significant developments in the capital markets (e.g. changes to the MSCI-EAFE index & changes to the TSE 300 index)

Annually

  • TDQC provides audited pooled funds and mutual funds financial statements;
  • TDQC provides audited S5900 report detailing our risk and control systems and;
  • TDQC provides site tour to 1986-1990 Hepatitis C Settlement Trust Fund investment consultants (Towers Perrin)

Please contact me if you have any questions or require further information. I can be reached at (416) 308-9908. Alternatively, Michael Peck can be contacted at (416) 982-4433

Sincerely yours,

Anthony Haynes
Associate, Marketing and Client Services

Cc Michael Peck, CFA
Bruce Geddes, CFA

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