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In legal entity and administrative structure, the distinction between the Alberta Heritage Savings Trust Fund and the Alberta government is ambiguous. This ambiguity extends to the Fund's investment portfolio, where obligations of the Provincial government and its Crown Corporations comprise much of the asset position, and where Alberta government subsidies and guarantees increase the Fund's reported earnings. These interrelationships confound the reporting of the Fund's size and performance. This paper examines the Fund's objectives, its financial components, and the effect of its transactions with the Provincial government on its reported financial position and performance. Analysis suggests that the Fund's financial assets are about 10 percent smaller than the 12.6 billion officially reported and that Fund performance has been adversely affected by low de facto returns on Alberta Crown Corporation debentures.
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