2011 Annual Report

Transcription

2011 Annual Report

Annual Financial Statements
December 31, 2011
Landry Morin Canadian Momentum Fund
Landry Morin U.S. Momentum Fund
Landry Morin World Momentum Fund
Landry Morin Long Short Momentum Fund
Contents
FINANCIAL STATEMENTS & INVESTMENT PORTFOLIOS
Manager’s Responsibility for Financial Reporting……………………………………...................
Auditors’ Report………………………..……………………………………………………….....
Landry Morin Canadian Momentum Fund………………………………………………………...
Landry Morin U.S. Momentum Fund……………………………………………………………...
Landry Morin World Momentum Fund……………………………………………………………
Landry Morin Long Short Momentum Fund………………………………………………………
Notes to the Financial Statements………………………………………………………………….
1
2
3
8
13
19
32
Manager’s Responsibility for Financial Reporting
The following financial statements have been prepared by the Manager, Landry Morin Inc. The Manager is
responsible for the integrity, objectivity and reliability of the data and declaration presented.
The Manager has taken all necessary measures to ensure that the financial information conveyed is relevant
and reliable. The financial statements were prepared in accordance with Canadian generally accepted
accounting principles (as described in note 2) using information available and includes certain amounts that
are based on the Manager’s best estimates and judgment.
_________________________
_________________________
Jean-Luc Landry
President & CEO
Richard Morin
Vice President & COO
1
KPMG LLP
Chartered Accountants
Bay Adelaide Centre
333 Bay Street Suite 4600
Toronto ON M5H 2S5
Canada
Telephone
Fax
Internet
(416) 777-8500
(416) 777-8818
www.kpmg.ca
INDEPENDENT AUDITORS' REPORT
To the Unitholders of:
(collectively the "Funds")
We have audited the accompanying financial statements of the Funds, which comprise the
statements of net assets as at December 31, 2011 and 2010, the statements of operations and
changes in net assets for the years then ended, the statements of investment portfolio as at
December 31, 2011, and notes, comprising 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 Canadian generally accepted accounting principles, 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 the 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
the reasonable assurance about whether the financial statement is 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 our 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, we 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 Funds as at December 31, 2011 and 2010, and its results of operations and changes in its net
assets for the years then ended, and their investments held at December 31, 2011 in accordance with
Canadian generally accepted accounting principles.
Chartered Accountants, Licensed Public Accountants
March 26, 2012
Toronto, Canada
KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG
network of independent member firms affiliated with KPMG International Cooperative
(“KPMG International”), a Swiss entity.
KPMG Canada provides services
2 to KPMG LLP.
Statements of Net Assets
As at December 31,
2011
Assets
Cash and cash equivalents
Investments
Accounts receivable relating to securities issued
Amounts receivable relating to portfolio assets sold
Amounts receivable relating to accrued income
Prepaid expenses
$
Liabilities
Bank overdraft
Accrued expenses
Liabilities for securities redeemed
Accrued management fees
Liabilities for portfolio assets purchased
Total net assets and securityholders' equity
$
Total net assets and securityholders' equity, Series B
Securities issued and outstanding, Series B
Net assets per security, Series B
$
Total net assets and securityholders' equity, Series F
Securities issued and outstanding, Series F
Net assets per security, Series F
$
Total net assets and securityholders' equity, Series G
Securities issued and outstanding, Series G
Net assets per security, Series G
$
Total net assets and securityholders' equity, Series I
Securities issued and outstanding, Series I
Net assets per security, Series I
$
Total net assets and securityholders' equity, Series J
Securities issued and outstanding, Series J
Net assets per security, Series J
$
$
$
$
$
$
(See accompanying notes to financial statements)
Approved on behalf of Landry Morin Inc.
_________________________
Jean-Luc Landry
President & CEO
_________________________
Richard Morin
3
16,862,128
4,788,099
27,238
6,126
21,683,591
97,285
24,358
8,950
4,695,274
4,825,867
16,857,724
2010
$
$
208,776
27,458
7.60
$
8,264,686
516,149
16.01
$
1,051,088
99,299
10.59
$
2,417,229
231,450
10.44
$
4,915,945
650,938
7.55
$
$
$
$
$
$
142,119
20,282,567
30,000
4,453,759
383
10,550
24,919,378
26,713
664,030
11,559
5,217,898
5,920,200
18,999,178
81,534
8,000
10.19
10,378,933
489,952
21.18
212,807
15,128
14.07
3,133,483
229,438
13.66
5,192,421
525,400
9.88
Statements of Operations
For the Years Ended December 31,
2011
Investment income
Dividend revenue
Interest revenue
Short term trading fees
$
Expenses
Management fees (note 10)
Performance fees (note 10)
Audit fees
Independent Review Committee fees
Trustee fees
Custodial fees
Legal fees
Securityholder reporting costs
Administration fees (note 7)
Other fees
163,208 $
700
163,908
113,741
-
Realized and unrealized gain (loss) on investments and transaction costs
Net realized gain (loss) on investments
Change in unrealized gain (loss) on investments
Transaction costs
Net gain (loss) on investments
91,263
31,379
122,642
225,489
1,254
352,108
(188,200)
92,125
99,949
13,753
7,156
2,908
2,921
9,242
77,412
1,103
306,569
(183,927)
(3,007,006)
(1,897,192)
(41,865)
(4,946,063)
3,115,922
767,274
(25,183)
3,858,013
11,624
Net investment loss for the year
2010
Increase (decrease) in net assets from operations
$
(5,134,263) $
3,674,086
Increase (decrease) in net assets from operations, Series B
Increase (decrease) in net assets from operations per security, Series B
$
(70,747) $
(3.15)
1,827
0.18
Increase (decrease) in net assets from operations, Series F
Increase (decrease) in net assets from operations per security, Series F
$
(2,604,243) $
(5.26)
2,784,659
5.83
Increase (decrease) in net assets from operations, Series G
Increase (decrease) in net assets from operations per security, Series G
$
(229,045) $
(3.67)
37,307
4.11
Increase (decrease) in net assets from operations, Series I
Increase (decrease) in net assets from operations per security, Series I
$
(782,865) $
(3.29)
911,872
3.64
Decrease in net assets from operations, Series J
Decrease in net assets from operations per security, Series J
$
(1,447,363) $
(2.29)
4
(61,579)
(0.12)
Statements of Changes in Net Assets
Net assets at the beginning of the period
Capital transactions
Proceeds from the issuance of securities of the investment fund
Aggregate amounts paid on redemption of securities of the investment fund
Securities issued on reinvestment of distributions
Distributions:
Realized gains on portfolio assets sold
Net assets at the end of the period
$
Net assets at the beginning of the period, Series B
Capital transactions, Series B
Net assets at the end of the period, Series B
$
Net assets at the beginning of the period, Series F
Capital transactions, Series F
Distributions:
Net assets at the end of the period, Series F
$
Net assets at the beginning of the period, Series G
Capital transactions, Series G
Net assets at the end of the period, Series G
$
Net assets at the beginning of the period, Series I
Capital transactions, Series I
Distributions:
Net assets at the end of the period, Series I
$
Net assets at the beginning of the period, Series J
Decrease in net assets from operations, Series J
Capital transactions, Series J
Net assets at the end of the period, Series J
$
$
$
2011
18,999,178 $
(5,134,263)
5,610,096
(2,617,287)
-
9,775,509
(3,007,386)
86,783
16,857,724 $
(86,783)
18,999,178
81,534 $
(70,747)
358,875
(160,886)
208,776 $
10,378,933 $
(2,604,243)
2,119,661
(1,629,665)
-
$
$
$
$
5
2010
8,556,969
3,674,086
8,264,686 $
1,827
105,000
(25,293)
81,534
5,851,284
2,784,659
3,170,735
(1,427,745)
80,322
(80,322)
10,378,933
212,807 $
(229,045)
37,307
1,254,433
(187,107)
1,051,088 $
175,500
212,807
3,133,483 $
(782,865)
2,705,685
911,872
706,240
(639,629)
-
1,070,274
(1,554,348)
6,461
2,417,229 $
(6,461)
3,133,483
5,192,421 $
(1,447,363)
(61,579)
1,170,887
4,915,945 $
5,254,000
5,192,421
Statement of Investment Portfolio
As at December 31, 2011
Shares/
Units
Security
Average
Cost
Fair
Value
CANADIAN EQUITIES (100.0%)
Energy (44.0%)
Enbridge Inc.
Inter Pipeline Fund, Class 'A'
Keyera Corp.
Paramount Resources Ltd., Class 'A'
Pembina Pipeline Corp.
Tourmaline Oil Corp.
Trilogy Energy Corp.
46,200
61,400
12,200
5,400
58,200
8,600
46,200
Materials (23.0%)
Alacer Gold Corp.
Centerra Gold Inc.
Detour Gold Corp.
Franco-Nevada Corp.
Inmet Mining Corp.
New Gold Inc.
Yamana Gold Inc.
26,200
14,200
8,700
27,500
4,200
44,400
89,300
275,179
307,097
315,713
1,128,073
275,155
506,188
1,334,642
4,142,047
274,314
254,038
218,109
1,066,450
274,974
453,768
1,337,714
3,879,367
Consumer Staples (9.8%)
Alimentation Couche-Tard Inc., Class 'B'
Empire Co. Ltd., Class 'A'
Metro Inc., Class 'A'
17,400
9,000
10,600
551,806
532,107
572,538
1,656,451
550,710
529,740
572,188
1,652,638
Consumer Discretionary (6.4%)
Dollarama Inc.
Tim Hortons Inc.
6,200
16,500
275,981
828,755
1,104,736
275,528
813,945
1,089,473
Telecommunications Services (5.0%)
BCE Inc.
TELUS Corp.
13,200
4,800
560,776
276,734
837,510
560,472
276,192
836,664
Industrials (3.3%)
Canadian Pacific Railway Ltd.
8,100
559,086
559,086
558,171
558,171
Utilities (3.2%)
Canadian Utilities Ltd., Class 'A'
8,700
540,255
540,255
535,311
535,311
Exchange Traded Funds (2.0%)
iShares S&P/TSX 60 Index Fund
19,900
351,876
351,876
339,693
339,693
4,900
285,569
285,569
280,623
280,623
600
262,216
262,216
262,200
262,200
Health Care (1.7%)
SXC Health Solutions Corp.
Financial Services (1.6%)
Fairfax Financial Holdings Ltd.
$
TOTAL CANADIAN EQUITIES
1,606,052
1,128,513
556,657
220,174
1,596,517
279,289
1,473,931
6,861,133
$
16,600,879
Transaction costs
1,759,758
1,141,426
607,072
229,230
1,726,212
229,018
1,735,272
7,427,988
16,862,128
(5,099)
TOTAL INVESTMENT PORTFOLIO (100.0%)
Other Assets Less Liabilities (0.0%)
NET ASSETS AT FAIR VALUE (100.0%)
$
16,595,780
$
$
6
16,862,128
(4,404)
16,857,724
Fair Value of Financial Instruments
The following is a summary of the inputs used as of December 31, 2011 and December 31, 2010 in valuing the Fund's financial assets and liabilities carried at fair value:
December 31, 2011
December 31, 2010
Level 1 Quoted prices in
active markets for
identical assets
active markets for
identical assets
Financial Assets
Equities
Exchange Traded Funds
Total Financial Assets
16,522,435
339,693
16,862,128
19,903,342
379,225
20,282,567
Total Financial Liabilities
Total Financial Assets and Liabilities
16,862,128
20,282,567
There were no significant transfers made between Levels 1 and 2 as a result of changes in the availability of quoted market prices or observable market inputs
during the years presented. In addition, there were no investments or transactions classified in Level 3 for the years ended December 31, 2011 and December 31, 2010.
7
As at December 31,
(in U.S. Dollars)
2011
Assets
Investments
Other receivables
$
Liabilities
Accrued expenses
Liabilities for securities redeemed
$
$
$
$
$
$
$
$
$
_________________________
Jean-Luc Landry
President & CEO
_________________________
Richard Morin
8
30,677
3,198,404
628,832
394
3,858,307
3,840
50,000
2,340
596,539
652,719
3,205,588
2010
$
$
36,866
3,665
10.06
$
2,586,519
243,893
10.61
$
13,911
1,500
9.27
$
568,292
78,136
7.27
$
$
$
$
$
23,834
2,852,217
100,190
891,391
975
1,332
3,869,939
24,523
2,094
876,204
902,821
2,967,118
2,511,100
212,813
11.80
456,018
56,917
8.01
(in U.S. Dollars)
2011
Investment income
Dividend revenue
Interest revenue
Less: foreign withholding taxes
$
Expenses
Audit fees
Trustee fees
Custodial fees
Legal fees
Other fees
29,505 $
(4,399)
25,106
28,366
Net realized gain (loss) on investments and foreign exchange
Change in unrealized loss on investments
Transaction costs
9,875
45
(1,917)
8,003
44,537
181
75,184
(50,078)
21,322
14,193
7,590
734
703
8,862
20,018
104
73,526
(65,523)
(165,620)
(169,974)
(5,111)
(340,705)
752,946
(161,391)
(4,114)
587,441
2,100
2010
$
(390,783) $
521,918
Decrease in net assets from operations, Series B
Decrease in net assets from operations per security, Series B
$
(804) $
(0.38)
-
$
(324,376) $
(1.39)
430,126
2.26
Decrease in net assets from operations, Series G
Decrease in net assets from operations per security, Series G
$
(1,089) $
(0.73)
-
Increase (decrease) in net assets from operations per security, Series I
$
(64,514) $
(0.82)
91,792
1.50
9
(in U.S. Dollars)
$
$
$
Decrease in net assets from operations, Series G
$
$
$
$
$
$
10
$
2011
2,967,118 $
(390,783)
2010
2,821,202
521,918
1,183,125
(553,872)
3,205,588 $
1,372,251
(1,748,253)
2,967,118
- $
(804)
-
37,870
(200)
36,866 $
-
2,511,100 $
(324,376)
2,367,267
430,126
783,300
(383,505)
2,586,519 $
1,333,000
(1,619,293)
2,511,100
- $
(1,089)
-
15,000
13,911 $
-
456,018 $
(64,514)
453,935
91,792
346,955
(170,167)
568,292 $
39,251
(128,960)
456,018
(in U.S. Dollars)
Shares/
Units
Security
Average
Cost
Fair
Value
U.S. EQUITIES (93.4%)
Consumer Discretionary (32.7%)
Apollo Group Inc.
Chipotle Mexican Grill Inc., Class 'A'
Dollar Tree Stores Inc.
O'Reilly Automotive Inc.
Ralph Lauren Corp.
V.F. Corp.
2,000 $
300
2,700
4,000
700
1,600
Health Care (23.3%)
Alexion Pharmaceuticals Inc.
Biogen Idec Inc.
Intuitive Surgical Inc.
4,700
2,900
200
279,443
289,069
92,612
661,124
336,050
318,391
92,600
747,041
Industrials (13.2%)
Fastenal Co.
W.W. Grainger Inc.
5,000
1,100
213,079
205,762
418,841
217,000
205,095
422,095
900
311,712
334,350
Energy (9.4%)
Cabot Oil & Gas Corp.
4,000
239,513
301,720
Consumer Staples (2.4%)
Green Mountain Coffee Roasters Inc.
1,700
138,632
75,820
500
61,811
62,750
2,881,696
2,993,779
209,722
204,625
209,722
204,625
Financial Services (10.4%)
MasterCard Inc.
Exchange Traded Funds (2.0%)
SPDR S&P 500 ETF Trust
TOTAL U.S. Equities
FOREIGN EQUITIES (6.4%)
Information Technology (6.4%)
Seagate Technology
12,500
TOTAL FOREIGN EQUITIES
Transaction costs
107,790 $
94,573
213,002
311,375
111,170
212,153
1,050,063
107,160
101,100
224,397
319,240
96,474
201,632
1,050,003
(690)
Cash and Cash Equivalents (0.9%)
Other Assets Less Liabilities (-0.7%)
$
3,090,728 $
$
11
3,198,404
30,677
(23,493)
3,205,588
(in U.S. dollars)
Financial Assets
Equities
December 31, 2011
December 31, 2010
active markets for
identical assets
(in US dollars)
active markets for
identical assets
(in US dollars)
3,135,654
62,750
3,198,404
2,794,372
57,845
2,852,217
12
(in U.S. Dollars)
2011
Assets
Investments
Margin Deposits
Derivatives
Other receivables
Prepaid expenses
$
Liabilities
Bank overdraft
Accrued expenses
$
$
$
$
$
$
$
_________________________
Jean-Luc Landry
President & CEO
_________________________
Richard Morin
13
5,365,105
57,982
28,099
860,620
6,443
3,049
6,321,298
104,860
7,996
3,524
761,400
877,780
5,443,518
2010
$
$
97,979
10,108
9.69
$
4,919,498
794,324
6.19
$
426,041
46,718
9.12
$
$
$
$
19,776
4,857,203
37,639
6,129
30,288
933,332
1,095
4,055
5,889,517
27,362
3,146
993,621
1,024,129
4,865,388
85,245
7,138
11.94
4,424,269
587,186
7.53
355,874
31,931
11.15
(in U.S. Dollars)
2011
Investment income
Dividend revenue
Interest revenue
Income from derivatives
$
Expenses
Audit fees
Trustee fees
Custodial fees
Legal fees
Provision for income tax
Other fees
167,173 $
(8,061)
159,112
47,099
3,764
82,599
581
134,043
25,069
Net investment income (loss) for the year
Change in unrealized gain (loss) on investments
Transaction costs
2010
37,304
209
11,388
(4,123)
44,778
26,435
27,122
13,808
544
3,675
459
8,932
36,916
14
541
118,446
(73,668)
(577,610)
(643,491)
(25,587)
(1,246,688)
35,624
507,082
(10,245)
532,461
$
(1,221,619) $
458,793
Increase (decrease) in net assets from operations per security, Series B
$
(22,987) $
(2.69)
5,745
1.00
$
(1,098,915) $
(1.49)
416,173
0.96
$
(99,717) $
(2.18)
36,875
1.47
14
(in U.S. dollars)
$
$
$
$
15
$
$
$
$
2011
4,865,388 $
(1,221,619)
2010
931,903
458,793
2,225,514
(425,765)
5,443,518 $
3,983,871
(509,179)
4,865,388
85,245 $
(22,987)
35,971
(250)
97,979 $
5,745
104,500
(25,000)
85,245
4,424,269 $
(1,098,915)
931,903
416,173
1,849,843
(255,699)
4,919,498 $
3,510,372
(434,179)
4,424,269
355,874 $
(99,717)
36,875
339,700
(169,816)
426,041 $
368,999
(50,000)
355,874
(in U.S. dollars)
Shares/
Units
Security
FOREIGN EQUITIES (98.6%)
United States (41.6%)
iShares MSCI ACWI Index Fund
iShares MSCI Japan Index Fund
iShares MSCI United Kingdom Index Fund
Landry Morin US Momentum Fund, Class 'F'
2,585 $
40,900
13,400
147,602
Mexico (4.8%)
Fomento Economico Mexicano SAB de CV
Grupo Elektra SA de CV
Industrias Penoles SA de CV
Average
Cost
113,043
416,482
224,551
1,645,214
2,399,290
Fair
Value
$
108,984
372,190
216,544
1,570,371
2,268,089
5,500
1,400
1,900
35,880
107,764
83,534
227,178
38,079
139,618
83,425
261,122
9,100
8,200
31,000
16,700
43,331
59,357
43,805
45,452
191,945
41,847
129,790
43,435
45,426
260,498
France (4.8%)
Eurofins Scientific
Hermes International
Rémy Cointreau SA
600
425
1,100
52,680
143,758
90,152
286,590
43,929
127,133
88,771
259,833
Canada (4.8%)
Alacer Gold Corp.
PetroBakken Energy Ltd.
Yamana Gold Inc.
3,800
3,500
3,700
2,700
40,237
44,216
115,808
45,455
245,716
39,121
43,982
136,649
39,770
259,522
United Kingdom (4.8%)
Drax Group PLC
Next PLC
15,000
3,100
128,017
127,645
255,662
126,970
132,023
258,993
Germany (4.7%)
Freenet AG
Merck KGaA
SGL Carbon SE
XING AG
3,300
400
1,900
1,500
42,943
40,096
111,591
111,500
306,130
42,922
39,977
93,916
80,236
257,051
Austria (4.7%)
Andritz AG
Schoeller-Bleckmann Oilfield Equipment AG
Strabag SE
Telekom Austria AG
1,000
1,000
1,500
3,600
91,690
88,218
48,539
43,035
271,482
83,041
87,863
43,087
43,052
257,043
Switzerland (4.7%)
Roche Holding AG Genusscheine
1,500
252,412
254,242
Denmark (4.7%)
GN Store Nord AS
Novozymes AS, Class 'B'
Topdanmark AS
Trygvesta AS
5,200
2,800
500
800
44,048
88,315
88,866
43,220
264,449
43,995
86,522
78,257
44,628
253,402
Australia (4.8%)
APA Group
Iluka Resources Ltd.
Spark Infrastructure Group
Sydney Airport
16
(in U.S. dollars)
Shares/
Units
Average
Cost
Fair
Value
68,000
1,800
5,300
91,575
41,603
88,586
221,764
85,219
46,294
87,139
218,652
13,400
2,700
10,200
108,910
51,058
90,926
250,894
88,825
40,322
84,582
213,729
16,000
74,000
27,500
285,100
49,049
84,893
50,547
42,203
226,692
36,014
81,755
47,505
47,412
212,686
Bermuda(0.8%)
Golar LNG Ltd.
1,000
44,310
44,257
Luxembourg (0.8%)
Tenaris SA
2,400
44,598
43,079
83,000
43,202
42,907
5,532,314
5,365,105
Security
Norway (4.0%)
Det Norske Oljeselskap ASA
Statoil ASA
Telenor ASA
Italy (3.9%)
Davide Campari-Milano SPA
Lottomatica SPA
Pirelli & C. SPA
Hong Kong (3.9%)
Chow Sang Sang Holdings International Ltd.
Daphne International Holdings Ltd.
SmarTone Telecommunications Holdings Ltd.
United Energy Group Ltd.
China (0.8%)
Chongqing Rural Commercial Bank Co. Ltd., Class 'H'
TOTAL FOREIGN EQUITIES
DERIVATIVES (0.5%)
Currency Futures (0.5%)
Short Positions (0.5%)
E-Micro USD/JPY Currency Futures March 2012
at JPY 76.86. Current Value ¥(17,667,800)
E-Micro EUR/USD Currency Futures March 2012
at USD $1.2968 Current Value $(551,140)
Mexican Peso Currency Futures March 2012
at USD $7.1350. Current Value $(249,725)
(23)
2,332
(34)
17,455
(7)
8,312
TOTAL DERIVATIVES
28,099
Transaction costs
(5,878)
Margin Deposits (1.1%)
Other Assets Less Liabilities (-0.2%)
$
5,526,436
$
$
17
5,393,204
57,982
(7,668)
5,443,518
(in U.S. dollars)
December 31, 2011
December 31, 2010
active markets for
identical assets
(in US dollars)
active markets for
identical assets
(in US dollars)
Financial Assets
Equities
Futures
4,667,387
697,718
28,099
5,393,204
3,441,637
1,415,566
8,317
4,865,520
Financial Liabilities
Futures
5,393,204
(2,188)
(2,188)
4,863,332
18
As at December 31,
2011
Assets
Investments
Other receivables
Prepaid expenses
$
Liabilities
Investments sold short
Accrued expenses
$
Total net assets and securityholders' equity, Series A
Securities issued and outstanding, Series A
Net assets per security, Series A
$
$
$
$
$
$
$
$
$
$
_________________________
Jean-Luc Landry
President & CEO
_________________________
Richard Morin
19
19,114,351
14,127,839
25,000
11,285,069
71,297
16,416
44,639,972
14,396,549
63,531
23,616
11,499,965
25,983,661
18,656,311
2010
$
$
24,397
3,950
6.18
$
49,688
5,019
9.90
$
13,178,457
1,536,403
8.58
$
305,161
29,723
10.27
$
5,098,608
811,387
6.28
$
$
$
$
$
$
208,810
39,029,058
5,000
10,796,410
85,486
14,565
50,139,329
18,239,677
71,292
27,271
11,395,046
29,733,286
20,406,043
52,043
8,638
6.03
14,425,351
1,741,933
8.28
397,819
39,629
10.04
5,530,830
921,256
6.00
2011
Investment income
Dividend revenue
Interest revenue
$
Expenses
Dividend expense on short positions
Short borrow fees
Carrying charges
Other fees
Change in unrealized gain on investments
Transaction costs
Net gain on investments
66,158 $
376,322
(30,164)
412,316
2010
27,224
210,641
(873)
236,992
150,941
1,946
261,882
247,397
243,330
905,496
(493,180)
188,777
2,542
114,380
27,991
37,291
621,614
13,977
1,068,562
(831,570)
(696,434)
2,080,342
(183,758)
1,200,150
1,724,957
489,857
(27,084)
2,187,730
Increase in net assets from operations
$
706,970 $
1,356,160
Increase in net assets from operations, Series A
Increase in net assets from operations per security, Series A
$
936 $
0.16
3,987
0.39
Decrease in net assets from operations per security, Series B
$
(312) $
(0.11)
-
Increase in net assets from operations per security, Series F
$
(440,746) $
0.27
1,003,917
0.48
$
50 $
0.01
Increase in net assets from operations, Series I
Increase in net assets from operations per security, Series I
$
265,549 $
0.31
20
(2,699)
(0.08)
350,955
0.35
Increase in net assets from operations
$
Net assets at the beginning of the period, Series A
Increase in net assets from operations, Series A
Capital transactions, Series A
Net assets at the end of the period, Series A
$
$
Increase in net assets from operations, Series F
$
$
Increase in net assets from operations, Series I
$
$
$
$
21
$
$
$
2011
20,406,043 $
706,970
2010
28,645,202
1,356,160
1,604,835
(4,061,537)
18,656,311 $
3,204,745
(12,800,064)
20,406,043
52,043 $
935
81,993
3,987
(28,581)
24,397 $
(33,937)
52,043
- $
(312)
-
50,000
49,688 $
-
14,425,351 $
440,747
22,920,303
1,003,917
562,800
(2,250,441)
13,178,457 $
1,288,001
(10,786,870)
14,425,351
397,819 $
51
(2,699)
136,500
(229,209)
305,161 $
512,600
(112,082)
397,819
5,530,830 $
265,549
5,642,906
350,955
855,535
(1,553,306)
5,098,608 $
1,404,144
(1,867,175)
5,530,830
Security
JAPANESE EQUITIES (10.5%)
Long Positions (13.2%)
Achilles Corp.
Astellas Pharma Inc.
AT-Group Co. Ltd.
Bookoff Corp.
Century Leasing System Inc.
Chubu Shiryo Co. Ltd.
Cosmo Oil Co. Ltd.
DIC Corp.
EDION Corp.
Furukawa-Sky Aluminum Corp.
GEO Holdings Corp.
Gree Inc.
Growell Holdings Co. Ltd.
IBJ Leasing Co. Ltd.
Inabata & Co. Ltd.
JAFCO Co. Ltd.
JFE Shoji Holdings Inc.
J-Oil Mills Inc.
JX Holdings Inc.
Kirin Brewery Co. Ltd.
Kurabo Industries Ltd.
Marudai Food Co. Ltd.
Mikuni Coca-Cola Bottling Co. Ltd.
MIRAIT Holdings Corp.
Mitsui Matsushima Co. Ltd.
Mitsui Mining & Smelting Co. Ltd.
NEC Capital Solutions Ltd.
Nihon Yamamura Glass Co. Ltd.
Nippon Flour Mills Co. Ltd.
Nippon Steel Trading Co. Ltd.
Nippon Suisan Kaisha Ltd.
Nissin Corp.
Nitto Boseki Co. Ltd.
Pacific Industrial Co. Ltd.
Parco Co. Ltd.
Sakata Inx Corp.
SALA Corp.
Units/
Contracts
28,000
900
2,864
4,300
1,940
6,000
14,000
21,000
4,700
15,000
36
8,800
1,600
1,700
6,300
2,000
9,000
13,131
6,200
3,000
19,398
10,000
4,241
5,000
20,000
14,000
2,602
15,000
8,000
14,131
10,800
16,000
24,000
8,000
4,900
8,441
6,500
22
Average
Cost
$
38,921
37,318
36,823
38,674
37,062
38,641
39,875
38,948
39,102
37,982
38,125
282,855
39,026
38,449
38,332
37,438
38,248
40,681
38,193
37,199
38,041
37,166
38,773
38,373
37,353
36,908
39,370
37,835
36,018
41,636
37,771
39,345
102,576
38,842
38,060
41,072
39,147
Fair
Value
$
38,909
37,162
36,842
38,754
37,228
39,465
39,650
38,631
38,938
37,916
38,020
308,741
39,131
38,202
38,353
37,321
37,877
38,058
38,155
37,003
37,224
37,056
38,222
38,247
37,321
36,871
38,361
37,718
35,892
38,525
37,734
39,597
84,806
39,280
38,131
38,652
39,485
Security
Sanden Corp.
Sanrio Co. Ltd.
Sekisui House Ltd.
Softbank Corp.
Starzen Company Ltd.
Sumikin Bussan Corp.
Taihei Kogyo Co. Ltd.
Tokyu Construction Co. Ltd.
Tomoku Co. Ltd.
Topy Industries Ltd.
Toshiba Tec Corp.
Tosoh Corp.
Touei Housing Corp.
Toyo Tire & Rubber Co. Ltd.
Yondenko Corp.
Short Positions (-2.7%)
eAccess Ltd.
Sanken Electric Co. Ltd.
SUMCO Corp.
Taiyo Yuden Co. Ltd.
UNITED KINGDOM EQUITIES (2.6%)
Aviva PLC
Beazley PLC
Cable & Wireless Communications PLC
Dairy Crest Group PLC
FirstGroup PLC
Go-Ahead Group PLC (The)
Interserve PLC
Mondi PLC
Phoenix IT Group Ltd.
Robert Wiseman Dairies PLC
Royal Dutch Shell PLC, Class 'B'
Smiths News PLC
Standard Life PLC
FRANCE EQUITIES (1.7%)
Bouygues SA
CNP Assurances
Colas SA
Esso S.A.F.
Eurofins Scientific
Generale De Sante
Hermes International
Units/
Contracts
12,000
3,800
4,000
1,300
12,920
14,746
7,441
15,900
13,920
15,000
11,000
14,000
3,700
16,000
9,000
(400)
(2,000)
(37,000)
(15,000)
Average
Cost
36,709
189,694
36,192
39,042
39,493
35,388
36,532
38,576
40,441
37,500
39,968
38,206
38,521
37,475
39,319
2,453,234
(96,987)
(6,425)
(342,009)
(127,669)
(573,090)
Fair
Value
36,844
198,647
36,050
38,917
39,156
38,055
40,080
38,929
37,397
37,321
39,743
38,168
38,537
37,056
39,782
2,462,160
(96,717)
(6,405)
(279,112)
(114,146)
(496,380)
1,880,144
1,965,780
7,971
17,680
63,216
7,196
7,056
1,694
7,513
5,256
15,458
9,290
974
29,901
11,686
45,272
33,920
38,444
41,849
39,266
36,276
35,570
38,073
39,623
37,799
33,431
42,923
38,381
500,827
37,867
37,574
37,994
38,114
37,607
37,020
37,902
37,844
39,383
37,745
37,816
38,682
38,002
493,550
1,185
2,963
234
427
1,300
3,232
1,000
38,172
37,551
31,218
46,184
116,629
38,192
336,549
38,016
37,513
31,859
37,337
96,797
38,450
304,222
23
Security
Rallye SA
Rémy Cointreau SA
Suez Environnement SA
Toupargel Groupe
Viel et Compagnie
Eiffage SA
Eramet
PSA Peugeot Citroën SA
Veolia Environnement SA
Units/
Contracts
1,332
2,400
3,197
472
11,704
(4,100)
(1,600)
(6,300)
(16,790)
IRELAND EQUITIES (1.5%)
Greencore Group PLC
Seagate Technology
1,148
17,300
Short Position (0.0%)
Greencore Group PLC
(1,148)
Average
Cost
45,402
201,115
48,272
5,570
45,207
990,061
Fair
Value
38,013
196,975
37,611
5,615
37,749
900,157
(103,600)
(225,387)
(100,746)
(225,094)
(654,827)
(101,833)
(200,560)
(101,055)
(187,958)
(591,406)
335,234
308,751
1,448
297,199
298,647
944
288,015
288,959
(1,776)
(956)
296,871
288,003
NORWEGIAN EQUITIES (1.4%)
AF Gruppen ASA
Bonheur ASA
Det Norske Oljeselskap ASA
Statoil ASA
Telenor ASA
3,864
1,465
152,000
4,000
11,900
29,984
35,645
211,170
94,830
198,681
570,310
29,008
28,370
193,729
104,624
198,977
554,708
Aker Solutions ASA
Archer Ltd.
Norsk Hydro ASA
(9,100)
(35,700)
(21,000)
(100,472)
(111,760)
(99,293)
(311,525)
(97,739)
(98,067)
(99,393)
(295,199)
258,785
259,509
12,380
36,599
37,605
37,102
45,488
46,033
38,552
253,759
12,410
36,562
37,567
37,094
37,863
37,006
38,954
237,456
ITALIAN EQUITIES (1.3%)
Acegas-APS SPA
AEM SPA
Benetton Group SPA
Caltagirone SPA
Enel SPA
Hera SPA
Sogefi
2,864
38,073
9,621
20,189
9,240
26,164
15,128
24
Security
FINLAND EQUITIES (0.6%)
Ahlstrom OYJ
Huhtamaki OYJ
Stora Enso OYJ, Series 'R'
NETHERLAND EQUITIES (0.6%)
Delta Lloyd NV
Hunter Douglas NV
Macintosh Retail Group NV
Teleplan International NV
STMicroelectronics NV
Units/
Contracts
Average
Cost
Fair
Value
2,277
3,157
6,229
37,609
38,263
38,144
114,016
37,623
38,142
38,106
113,871
2,196
989
2,346
5,749
37,774
44,346
32,449
15,599
130,168
37,692
37,389
31,103
14,674
120,858
(1,664)
(10,825)
(10,098)
119,343
110,760
SWEDEN EQUITIES (0.6%)
Bilia AB, Class 'A'
Electrolux AB, Series 'B'
NCC AB, Series 'B'
2,240
2,340
2,112
32,205
38,167
37,996
108,368
32,190
38,024
37,958
108,172
SOUTH KOREAN EQUITIES (0.4%)
GLOVIS Co. Ltd.
KEPCO Engineering & Construction Inc.
NCsoft Corp.
Orion Corp.
500
1,200
300
500
98,419
98,660
91,329
277,048
565,456
84,854
98,219
81,407
299,641
564,121
(9,100)
(506,880)
(486,520)
58,576
77,601
Short Position (-2.6%)
iShares MSCI South Korea Index Fund
HONG KONG EQUITIES (0.4%)
Long Position (0.4%)
iShares MSCI Hong Kong Index Fund
4,861
82,958
75,934
SPAIN EQUITIES (0.4%)
ACS Actividades de Construccion y Servicios SA
Ferrovial SA
1,245
3,047
37,724
36,724
74,448
37,686
37,558
75,244
25
Security
GERMAN EQUITIES (0.3%)
Deutsche Post AG, Registered
E.ON AG
Freenet AG
Merck KGaA
SGL Carbon SE
XING AG
Aixtron AG
Centrotherm Photovoltaics AG
Units/
Contracts
Average
Cost
Fair
Value
2,418
1,730
8,700
1,100
4,900
4,000
38,009
38,159
115,115
112,116
291,076
298,583
893,058
38,092
37,922
115,081
111,804
246,321
217,601
766,821
(28,600)
(25,600)
(517,450)
(431,313)
(948,763)
(372,262)
(333,620)
(705,882)
(55,705)
60,939
GREECE EQUITIES (0.3%)
Karelia Tobacco Co. SA
S & B Industrial Minerals SA
360
2,645
38,119
14,283
52,402
38,069
14,335
52,404
SWISS EQUITIES (0.3%)
Highlight Communications AG
Roche Holding AG Genusscheine
STMicroelectronics NV
8,492
1,500
1,664
43,908
252,065
11,538
307,511
38,277
258,564
10,094
306,935
(2,400)
(4,200)
(88,748)
(179,003)
(267,751)
(86,243)
(169,218)
(255,461)
39,760
51,474
52,764
46,702
Actelion Ltd., Registered
Transocean Ltd.
SINGAPORE EQUITIES (0.3%)
iShares MSCI Singapore Index Fund
4,252
26
Security
PORTUGUESE EQUITIES (0.2%)
Salvador Caetano
Units/
Contracts
Average
Cost
Fair
Value
7,292
38,594
38,555
BELGIAN EQUITIES (0.2%)
Ageas
23,720
37,662
37,499
ISRAEL EQUITIES (0.1%)
IDB Holding Corp. Ltd.
995
22,711
10,363
2,300
2,200
3,300
8,000
210,194
197,918
107,315
97,622
613,049
194,240
196,584
96,402
97,298
584,524
(16,100)
(3,800)
(11,000)
(6,300)
(368,576)
(106,064)
(101,058)
(107,550)
(683,248)
(285,599)
(100,786)
(100,764)
(89,272)
(576,421)
AUSTRIAN EQUITIES (0.0%)
Andritz AG
Schoeller-Bleckmann Oilfield Equipment AG
Strabag SE
Telekom Austria AG
Erste Group Bank AG
Raiffeisen International Bank-Holding AG
Wienerberger AG
Zumtobel AG
(70,199)
8,103
TAIWAN EQUITIES (0.0%)
Catcher Technology Co. Ltd.
Far EasTone Telecommunications Co. Ltd.
President Chain Store Corp.
Taiwan Mobile Co. Ltd.
19,000
102,000
19,000
61,000
116,739
195,196
110,568
195,745
618,248
89,772
194,146
105,427
193,649
582,994
iShares MSCI Taiwan Index Fund
(49,000)
(614,451)
(614,451)
(585,538)
(585,538)
3,797
AUSTRALIAN EQUITIES (0.0%)
APA Group
Iluka Resources Ltd.
Spark Infrastructure Group
Sydney Airport
23,800
21,000
80,000
43,800
27
115,174
201,211
114,945
118,251
549,581
(2,544)
111,306
338,039
113,995
121,167
684,507
Security
Alumina Ltd.
Bluescope Steel Ltd.
CSR Ltd.
Lynas Corp. Ltd.
Paladin Resources Ltd.
Units/
Contracts
(99,000)
(211,000)
(56,000)
(104,000)
(181,100)
Average
Cost
Fair
Value
(115,117)
(188,960)
(114,465)
(131,852)
(340,138)
(890,532)
(115,749)
(90,309)
(115,164)
(113,995)
(262,782)
(697,999)
(340,951)
(13,492)
DENMARK EQUITIES (-0.1%)
GN Store Nord AS
Novozymes AS, Class 'B'
Topdanmark AS
Trygvesta AS
12,000
6,300
1,200
1,800
103,356
203,033
205,135
98,130
609,654
103,252
197,984
191,010
102,121
594,367
DSV AS
NKT Holding AS
Pandora AS
Vestas Wind Systems AS
(5,400)
(3,300)
(12,500)
(25,200)
(98,821)
(121,551)
(120,581)
(490,675)
(831,628)
(99,016)
(111,981)
(120,048)
(277,872)
(608,917)
(221,974)
(14,550)
2,200
99,120
99,021
(68,000)
(700,112)
(295,623)
(600,992)
(196,602)
BERMUDA EQUITIES (-1.1%)
Golar LNG Ltd.
Frontline Ltd.
28
Security
CANADIAN EQUITIES (-1.6%)
Alacer Gold Corp.
Yamana Gold Inc.
Daylight Energy Ltd.
PetroBakken Energy Ltd.
Research In Motion Ltd.
Silver Standard Resources Inc.
Sino-Forest Corp., Class 'A'
U.S. EQUITIES (-22.4%)
Alexion Pharmaceuticals Inc.
American Greetings Corp., Class 'A'
Atmos Energy Corp.
Avery Dennison Corp.
Bemis Co. Inc.
Biogen Idec Inc.
Brown Shoe Co. Inc.
Cablevision Systems Corp., Class 'A'
Calamos Asset Management Inc., Class 'A'
CMS Energy Corp.
Computer Sciences Corp.
ConocoPhillips
Deluxe Corp.
Fidelity National Financial Inc., Class 'A'
Green Mountain Coffee Roasters Inc.
Greif Inc., Class 'A'
Harsco Corp.
Harte-Hanks Inc.
Horace Mann Educators Corp.
Huntington Ingalls Industries Inc.
Integrys Energy Group Inc.
Interactive Brokers Group Inc., Class 'A'
iShares MSCI Australia Index Fund
ITT Corp.
Kemper Corp.
Laclede Group Inc. (The)
Lincoln Educational Services Corp.
Lockheed Martin Corp.
Units/
Contracts
14,800
14,300
10,300
(26,500)
(4,000)
(30,100)
(25,200)
(21,500)
1,900
3,497
1,309
1,530
1,462
2,700
4,921
3,100
3,434
1,986
1,855
602
1,929
2,756
2,600
966
2,128
4,829
3,167
43
810
2,939
11,250
2,277
1,497
1,073
5,527
543
29
Average
Cost
158,103
458,340
176,262
792,705
Fair
Value
154,956
537,108
154,294
846,358
(140,318)
(32,106)
(697,165)
(369,493)
(156,842)
(1,395,924)
(263,145)
(51,360)
(445,480)
(355,572)
(28,810)
(1,144,367)
(603,219)
(298,009)
113,019
44,555
43,478
44,654
44,751
295,791
44,632
44,888
43,949
39,832
44,745
42,218
43,818
40,686
237,263
44,767
51,738
44,786
44,249
1,607
44,647
44,709
261,795
44,804
42,185
41,943
44,656
42,198
138,159
44,313
44,304
44,580
44,695
301,472
41,939
44,768
43,690
44,576
44,635
44,540
44,533
44,341
117,931
44,661
44,431
43,758
42,805
1,344
44,533
44,655
244,843
44,740
42,887
44,097
44,293
44,604
Security
MasterCard Inc., Class 'A'
Northrop Grumman Corp.
NTELOS Holdings Corp.
NutriSystem Inc.
P.F. Chang's China Bistro Inc.
Pepco Holdings Inc.
Pitney Bowes Inc.
R.R. Donnelley & Sons Co.
Raytheon Co.
Seacor Holdings Inc.
Selective Insurance Group Inc.
Standard Register Co. (The)
Stein Mart Inc.
Superior Industries International Inc.
UGI Corp.
United Online Inc.
Universal Corp.
Universal Technical Institute Inc.
Visa Inc., Class 'A'
Weyerhaeuser Co.
Whirlpool Corp.
Alcoa Inc.
Avon Products Inc.
Bank of America Corp.
iShares MSCI EAFE Index Fund (CAD-Hedged)
iShares MSCI Japan Index Fund
PowerShares QQQ Trust, Series '1'
SPDR S&P 500 ETF Trust
GERMANY BONDS (0.0%)
Q-Cells SE, Convertible, Callable, 6.75%, 2015/10/21
Units/
Contracts
1,100
750
2,147
3,381
1,415
Average
Cost
363,393
46,384
44,566
44,521
44,507
Fair
Value
415,597
44,560
42,273
44,425
44,337
2,159
2,367
3,042
905
491
2,443
13,996
6,348
2,639
1,489
7,970
960
3,418
4,100
2,345
926
41,575
44,674
48,884
42,696
44,431
44,095
39,727
44,270
44,484
44,548
47,821
36,552
44,490
393,468
44,568
44,703
3,516,720
44,507
44,558
44,642
44,455
43,773
43,281
31,884
41,576
43,157
44,157
44,094
44,784
43,034
423,371
44,406
44,601
3,481,599
(31,000)
(17,200)
(48,200)
(181,270)
(135,397)
(14,800)
(14,520)
(300,541)
(306,106)
(432,653)
(3,049,068)
(1,377,507)
(796,700)
(1,852,416)
(8,114,991)
(273,024)
(306,466)
(272,548)
(2,838,688)
(1,255,813)
(840,632)
(1,854,715)
(7,641,886)
(4,598,271)
(4,160,287)
(169)
(3,896)
(3,032)
TOTAL LONG POSITIONS
14,346,031
14,127,839
TOTAL SHORT POSITIONS
(16,506,492)
(14,396,549)
Transaction costs
(114,754)
TOTAL INVESTMENT PORTFOLIO (-1.5%)
Cash and cash equivalents (102.5%)
Other assets less liabilities (-1.0%)
$
(2,275,215)
$
$
30
(268,710)
19,114,351
(189,330)
18,656,311
December 31, 2011
Level 2 Securities that are
valued based on inputs other
than quoted prices that are
Level 1 Quoted prices in observable, either directly as
active markets for identical
prices or indirectly as
assets
derived from prices.
December 31, 2010
Level 3 Significant
Unobservable Inputs
Level 2 Securities that
are valued based on
inputs other than quoted
prices that are
Level 1 Quoted
observable, either
prices in active
directly as prices or
markets for
indirectly as derived from
identical assets
prices.
Financial Assets
Cash equivalents
Equities
13,760,360
367,479
18,742,096
-
-
39,029,058
-
-
14,127,839
18,742,096
-
39,029,058
-
(28,810)
(28,810)
(18,225,734)
(18,225,734)
(13,944)
(13,944)
(28,810)
20,803,324
(13,944)
Financial Liabilities
Equities
Bonds
(6,501,937)
(7,861,906)
(14,363,843)
(3,896)
(3,896)
(236,004)
18,738,200
during the years presented.
The potential impact of using reasonable possible alternative assumptions for valuing level 3 financial assets or liabilities would increase or decrease their fair value by approximately ($28,810).
In practice, actual results may differ from this sensitivity analysis and the difference could be material
Reconcilation of financial asset and liability movement - level 3
The following table shows a reconciliation of all movements in the level 3 financial assets and liabilities from the beginning of the year until the end of the year:
2011
Classification
Financial Assets
Equities
Balance,
beginning of
year
-
Purchases
-
Sales
Net transfers
-
(28,810)
(28,810)
31
Realized
gains /
(losses)
-
Change in
unrealized
appreciation /
(depreciation)
-
Total change in
unrealized appreciation
Balance, end of for assets held at the end
year
of the year
(28,810)
(28,810)
-
________________________________________________________________________________
Notes to the Financial Statements
Years ended December 31, 2011 and 2010
1.
ESTABLISHMENT OF THE FUNDS
The Landry Morin Funds (the “Funds”) consist of a group of funds that were established on April 15, 2003 under the
laws of the Province of Ontario. The Funds are governed by an Amended and Restated Trust Agreement dated March
28, 2011. Landry Morin Inc., a company duly incorporated under the Canada Business Corporations Act, is the
manager (the “Manager”) of the Funds and Computershare Trust Company of Canada is the Trustee (the “Trustee”).
The Manager is responsible for managing the Funds in accordance with the established investment policies as
follows:
a)
Landry Morin Canadian Momentum Fund invests primarily in Canadian securities.
b) Landry Morin U.S. Momentum Fund invests primarily in U.S. securities.
c)
Landry Morin World Momentum Fund invests primarily in Canadian, U.S., European and other developed
market issuers.
d) Landry Morin Long Short Momentum Fund invests in a market neutral portfolio of primarily large
capitalization issuers in Canadian, U.S., and other developed markets. Prior to November 18, 2010, the
investment objective was pursued through investment in the Landry Morin Global Momentum Fund, L.P.
Units of the Canadian Momentum Fund, the U.S. Momentum Fund and the World Momentum Fund are offered
pursuant to a prospectus dated April 5, 2011 and units of the Long Short Momentum Fund are offered pursuant to a
Confidential Offering Memorandum dated December 15, 2010 (the “Offering Documents”).
2.
SIGNIFICANT ACCOUNTING POLICIES
These financial statements have been prepared in accordance with Canadian Generally Accepted Accounting
Principles (“GAAP”). The following is a summary of significant accounting policies followed by the Funds in the
preparation of these financial statements.
Valuation of financial instruments
Fair value is determined as follows:
 Short-term investments are valued at amortized cost which approximates their fair value.
 Securities listed upon a recognized public stock exchange are valued at their closing bid prices on the
financial statement date. Securities with no available bid prices are valued at their last sale or close price
 Securities for which a closing bid price, last sale or close price are unavailable, or securities for which
market quotations are unreliable or not reflective of all available material information, are valued at their
fair value as determined by the Manager using available sources of information and commonly accepted
industry valuation techniques, including valuation models.
The Long Short Momentum Fund (as prescribed by the Confidential Offering Memorandum) may make short sales
whereby a security that it does not own is sold in anticipation of a decline in the market value of the security.
Securities which are sold short are valued at their ask prices on the financial statement date. Securities with no
available ask prices are valued at their closing price reported by the principal securities exchange on the financial
statement date. To enter a short sale, the Fund may need to borrow the security for delivery to the buyer. While the
32
________________________________________________________________________________
transaction is open, the Fund will also incur a liability for any paid dividends or interest which is due to the lender of
the security.
The bid or ask price used is the one obtained on the primary exchange for the security. In the case of dealer markets,
the price obtained may not represent the most advantageous available in an active market.
Use of estimates
The preparation of financial statements requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of changes in net assets during the year. Actual results could differ from those
estimates.
Other financial assets and liabilities
All trade receivables and other receivables are designated as receivables. They are recorded at amortized cost which
approximates their fair value. Similarly, all trade payables and accrued expenses are designated as financial liabilities
and are recorded at amortized cost, which approximates their fair value.
Investment transactions and income recognition
Investment transactions are accounted for as of the trade date. Realized gains and losses from investment transactions
are calculated on an average cost basis. The difference between market value and average cost, as recorded in the
financial statements, is included in the statements of operations as an unrealized gain (loss) on investments. Interest
income is accrued daily and dividend income is recognized on the ex-dividend date.
Transaction Costs
Transaction costs, such as brokerage commissions incurred in the purchase and sale of portfolio securities, and other
trade execution costs paid to external third parties, such as stamp, duty and exchange fees are recognized as expenses
in the statements of operations based on the trade date.
Foreign currency translation
Investments and other assets and liabilities denominated in foreign currencies are translated into Canadian dollars
(except for Landry Morin U.S. Momentum Fund and Landry Morin World Momentum Fund, which are valued in
U.S. dollars) at the exchange rates prevailing on the valuation date. Investment transactions, income and expenses are
translated at the exchange rates prevailing on the respective dates of such transactions.
Landry Morin World Momentum Fund’s functional and reporting currency changed from Canadian dollars to U.S.
dollars starting January 1, 2010. The change in the Fund’s functional currency was due to the change in the currency
of the Fund’s operating activities and cash flows from Canadian to U.S. dollars.
Net assets per security
Net assets per security represents net assets by series divided by the number of securities outstanding by series at year
end.
33
________________________________________________________________________________
Increase (decrease) in net assets from operations per security
Increase (decrease) in net assets from operations per security in the statements of operations represents the increase
(decrease) in net assets from operations by series, divided by the average number of securities outstanding by series
during the year.
Cash and Cash Equivalents
Cash and cash equivalents consist of cash and investments in Government of Canada Treasury Bills with maturity of
less than 90 days. These short term investments are recorded at amortized cost which approximates current market
value.
3.
FUTURE ACCOUNTING STANDARDS
IFRS 10 Consolidated financial statements
In August 2011 the International Accounting Standards Board ("IASB") issued an exposure draft in response to IFRS
10 Consolidated Financial Statements providing criteria for an entity to qualify as an investment company. The
exposure draft includes an exemption for such entities from consolidation requirements under IFRS 10. Instead,
additional controlled entities disclosures are required to assist financial statement users to understand their nature and
financial impact. Comments on the exposure draft are currently under IASB review. It is expected that the Fund will
meet the requirements to qualify as an investment company.
Adoption of International Financial Reporting Standards (“IFRS”):
Because comments on the exposure draft issued on IFRS 10 (noted above are currently under review, the IASB's
decision on this standard will take several more months and could cause transitional issues for 2012. As a result, in
December 2011, the Canadian Accounting Standards Board provided another year of deferral of IFRS adoption for
investment companies applying Accounting Guideline 18. For fiscal years beginning on or after January 1, 2014,
investment companies, including the Fund, will be required to implement IFRS for interim and annual financial
statements. Until this date, the Fund will continue to apply the accounting standards in Part V of the ClCA
Handbook.
Valuation of investment and fair value measurements:
In May 2011, the IASB issued IFRS 13 Fair Value Measurements (“IFRS 13”) which provides guidance on the
measurement of fair value that supersedes other IFRS fair value guidance. IFRS 13 will be the single source for
guidance on measuring and disclosing fair values and allow for possibility of using closing price as the fair value of
investments. IFRS 13 is effective for annual periods beginning on or after January 1, 2013.
Currently, investments are classified as held for trading in accordance with ClCA Handbook -Accounting, Section
3855. Financial Instruments - recognition and measurement ("Section 3855") and are recorded at their fair value. The
fair value of financial instruments, which are actively traded, is measured based on the bid price for long positions
and the ask price for short positions. IFRS 13 allows for the option to use valuation NAV for financial reporting
purposes instead of the GAAP NAV currently stipulated by Section 3855.
34
________________________________________________________________________________
4.
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
(a) Risk Management
The Funds’ investment activities expose them to a variety of financial risks. The Manager seeks to minimize
potential adverse effects of these risks for the Funds’ performance by employing professional, experienced portfolio
advisors, by daily monitoring of the Funds’ positions and market events, by diversifying their investment portfolio
within the constraints of the investment objective, and periodically may use derivatives to hedge certain risk
exposures. To assist in managing risks, the Manager maintains a governance structure that oversees the Funds’
investment activities and monitors compliance with the Funds’ stated investment strategy, internal guidelines and
securities regulations.
The Funds’ investment objective seeks long term capital growth by investing directly or indirectly in exchange-listed
equity securities of Canadian, United States, European or other developed market issuers (refer to Note 1). The
portfolio manager, when investing, uses a proprietary methodology based primarily on price momentum as
investment criteria.
No changes affecting the overall level of risk of the Funds were made during the year. The risks of the Funds remain
as discussed in the Funds’ Offering Documents. Significant risks that are relevant to the Funds are discussed below.
(b) Other market price risk
Market price risk is the risk that the value of financial instruments will fluctuate as a result of changes in market
prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. All
securities present a risk of loss of capital.
Because the Landry Morin Long Short Momentum Fund is dollar neutral (approximately equal amount invested in
long positions and short positions in each market it invests), it has shown low correlation with overall equity markets.
If equity prices on global stock exchanges had increased or decreased by 10% as at the year end, with all other factors
remaining constant, net assets of each Fund could possibly have increased or decreased by the amount shown in the
table below.
Fund
Canadian Momentum
Fund
US Momentum Fund
World Momentum Fund
Long Short Momentum
Fund
Reference index
S&P/TSX 60 Total Return
Index
S&P 100 Total Return
Index
MSCI World Index (with
net dividends reinvested)
S&P500 Total Return
Index
Impact on Net Assets (in thousand of dollars)
2011
2010
1,995*
2,268*
365*
364*
628*
597*
412*
307*
*This estimate is based on the Funds’ historical beta with their respective reference index (using net monthly returns
since inception).
In practice, actual results may differ from this sensitivity analysis and the difference could be material.
35
________________________________________________________________________________
(c) Currency risk
Currency risk is the risk that financial instruments which are denominated in currencies other than the reporting
currency of a Fund will fluctuate due to changes in exchange rates. As at December 31, 2011, substantially all of the
assets of the Landry Morin Canadian Momentum Fund and Landry Morin US Momentum Fund were invested in
instruments denominated in their respective reporting currency. As at December 31, 2011 Landry Morin World
Momentum Fund and Landry Morin Long Short Momentum Fund had currency exposure. The following tables
illustrate the effect on net assets if the respective currency had strengthened or weakened by 5% in relation to all
other currencies, with all other variables held constant.
Landry Morin Long Short Momentum Fund (in CAD)
Currency
AUD
CHF
DKK
EUR
GBP
HKD
ILS
JPY
KRW
MXN
NOK
SEK
SGD
TWD
USD
Investments
$ 231,351
3,103
(14,550)
1,088,045
493,550
75,934
10,363
709,967
77,601
62,907
108,172
46,702
(2,544)
(22,589)
Cash
$ (128,231)
51,510
(90,382)
(330,599)
(531,899)
2
(23,415)
(450,950)
9
(10)
21,367
(27,061)
0
0
(1,116,432)
Net exposure
$ 103,120
54,613
(104,932)
757,446
(38,349)
75,936
(13,052)
259,017
77,610
(10)
84,274
81,111
46,702
(2,544)
(1,139,021)
Sensitivity impact
on net assets
$ 5,156
2,731
(5,247)
37,872
(1,917)
3,797
(653)
12,951
3,881
(1)
4,214
4,056
2,335
(127)
(56,951)
Landry Morin World Momentum Fund (in USD)
Currency
AUD
CAD
CHF
DKK
EUR
GBP
HKD
JPY
MXN
NOK
Investments
$ 260,498
259,522
254,242
253,402
1,030,735
475,537
255,593
372 190
261,122
262,909
Cash
$ 14,131
3,007
1,414
27
448
1,388
130
0
40
136
Open futures
contracts
(533,685)
(227 538)
(241,413)
36
Net
exposure
$ 274,629
262,529
255,656
253,429
497,498
476,925
255,723
144,652
19,749
263,045
Sensitivity impact
on net assets
$ 13,731
13,126
12,783
12,671
24,875
23,846
12,786
7,233
987
13,152
________________________________________________________________________________
(d) Interest rate risk
Interest rate risk arises on interest-bearing financial instruments such as bonds or debentures. The majority of the
Funds’ financial assets and liabilities are equity shares, which are non-interest bearing. When there are significant
cash and cash equivalent balances, the Funds’ invest in Canadian T-bills that have a maturity of less than 90 days. As
such, the Funds are not subject to significant amounts of risk due to fluctuations in prevailing levels of market
interest rates.
(e) Credit risk
Credit risk on financial instruments is the risk of a financial loss occurring as a result of the default of a counterparty
on its obligation to the Funds. Credit risk typically arises out of exposure to debt instruments, such as bonds, or
derivatives. As at December 31, 2011 and December 31, 2010, the Funds had no significant investments in debt
instruments. Credit and counterparty risk is managed by dealing with counterparties the manager believes to be
creditworthy.
(f) Liquidity risk
Liquidity risk is the risk that the Funds will encounter difficulty in meeting obligations associated with financial
liabilities. Aside from financial liabilities that arise from its normal investing activities, the Funds have no other
significant financial liabilities.
The Funds’ most significant potential exposure to financial liabilities is the daily cash redemptions of redeemable
units. In accordance with securities regulations, the Funds must maintain at least 90% of their assets in liquid
investments. The Funds also have access to bank overdrafts, some of which were being utilized as at December 31,
2011.
5.
SECURITYHOLDERS’ EQUITY
The Fund’s authorized capital consists of an unlimited number of units and series without par value. The number of
outstanding units of each series is disclosed in the statements of net assets. Securities of the Funds are redeemable at
the option of the holder in accordance with the provisions of the Trust Agreement. Series B and G units are available
to all investors. Series A, F, I and J units are offered only to certain investors at the discretion of the Manager,
including institutional investors or other eligible investors.
No series takes priority or preference over another and all series’ contribute in proportion to the allocation of the
Funds.
37
________________________________________________________________________________
The change in the number of securities is as follows for the applicable periods ended December 31, 2011 and December
31, 2010:
SECURITYHOLDERS' EQUITY
Average
Funds
Year
Beginning
Purchases
Reinvestments
of period
during period
during period
Redemptions
Net transfer
during period during period
End of
number
period
of securities
Series B
Series F
Series G
Series I
Series J
2010
-
10,500
-
(2,500)
8,000
2011
8,000
37,766
-
(18,308)
27,458
22,490
2010
373,218
193,173
3,786
(80,225)
489,952
477,732
2011
489,952
516,149
494,845
(39,231)
10,031
105,433
-
(40,005)
2010
-
15,128
-
-
15,128
9,081
2011
15,128
98,520
-
(14,349)
99,299
62,492
2010
272,935
86,140
472
(130,109)
229,438
250,391
2011
229,438
58,464
-
(56,452)
231,450
238,080
2010
2011
525,400
525,400
15,700
-
-
525,400
650,938
525,400
632,625
109,838
Landry Morin U.S. Momentum Fund*
Series B
Series F
Series G
Series I
2010
-
-
-
-
-
-
2011
-
3,685
-
(20)
3,665
2,096
2010
244,578
124,772
-
(156,537)
212,813
190,124
2011
212,813
65,187
-
(34,107)
243,893
234,150
2010
-
-
-
-
-
-
2011
-
1,500
-
-
1,500
1,500
2010
2011
69,726
56,917
5,003
43,016
-
(17,812)
(21,797)
56,917
78,136
61,093
78,337
9,922
-
(2,784)
7,138
5,750
Landry Morin World Momentum Fund*
Series B
Series F
Series G
2010
-
2011
7,138
2,991
-
(21)
10,108
8,560
2010
141,116
510,052
-
(63,982)
587,186
434,746
2011
587,186
246,159
-
(39,021)
794,324
738,684
2010
2011
31,931
37,382
29,835
-
(5,451)
(15,048)
31,931
46,718
25,112
45,841
Series A
Series B
Series F
Series G
Series I
2010
14,143
-
-
(5,505)
8,638
10,265
2011
8,638
-
-
(4,688)
3,950
5,810
2010
-
-
-
-
-
-
2011
-
5,019
-
-
5,019
2,719
1,741,933
2,086,276
1,536,403
1,621,598
34,605
2010
2,904,283
154,155
-
(1,316,505)
2011
1,741,933
65,845
-
(248,573)
(22,802)
2010
-
50,564
-
(10,935)
39,629
2011
39,629
13,339
-
(23,245)
29,723
28,209
2010
2011
996,324
921,256
237,224
142,288
-
(312,292)
(252,157)
921,256
811,387
1,007,155
868,218
38
________________________________________________________________________________
6.
RECONCILIATION OF NET ASSET VALUE
Net assets reported in these Financial Statements are accounted for using GAAP ("GAAP Net Assets") and use the
closing bid price for the fair value of investments traded in an active market. The net asset value ("NAV") for
purposes of unitholders' purchases, switches and redemptions is calculated in accordance with the valuation rules set
out in the Funds’ Simplified Prospectus and Annual Information Form and uses the last trade price to value
investments traded in an active market. The Canadian Securities Administrators requires reconciliation between NAV
and GAAP Net Assets
The difference between net assets and net asset value for each series of units of the Funds are as follows:
Per Security
Net Asset Section 3855
Value
Adjustment Net Assets
Per Security
Net Asset Section 3855
Value
Adjustment Net Assets
Series B
$
7.61 $
(0.01) $
Series F
$
16.03 $
(0.02) $
Series G
$
10.60 $
(0.01) $
Series I
$
10.46 $
(0.02) $
Series J
$
7.56 $
(0.01) $
7.60
16.01
10.59
10.44
7.55
$
$
$
$
$
10.21
21.22
14.09
13.68
9.90
$
$
$
$
$
(0.02)
(0.04)
(0.02)
(0.02)
(0.02)
$
$
$
$
$
10.19
21.18
14.07
13.66
9.88
Series B
$
10.09 $
(0.03)
Series F
$
10.64 $
(0.03)
Series G
$
9.30 $
(0.02)
Series I
$
7.29 $
(0.02)
$
$
$
$
10.06
10.61
9.28
7.27
$
$
$
$
11.81
8.02
$
$
$
$
(0.01)
(0.01)
$
$
$
$
11.80
8.01
Series B
$
9.72 $
(0.03) $
Series F
$
6.21 $
(0.02) $
Series G
$
9.15 $
(0.03) $
9.69
6.19
9.12
$
$
$
11.96
7.55
11.16
$
$
$
(0.02) $
(0.02) $
(0.01) $
11.94
7.53
11.15
Series A
$
6.20 $
(0.02) $
6.18
Series B
$
9.94 $
(0.04) $
9.90
Series F
$
8.61 $
(0.03) $
8.58
Series G
$
10.30 $
(0.03) $
10.27
Series I
$
6.31 $
(0.03) $
6.28
$
$
$
$
$
6.05
8.32
10.08
6.03
$
$
$
$
$
(0.02)
(0.04)
(0.04)
(0.03)
6.03
8.28
10.04
6.00
39
$
$
$
$
$
________________________________________________________________________________
7.
EXPENSES AND BROKERAGE COMMISSIONS
a) Expenses
For 2011, administrative costs are accrued daily, paid monthly, and calculated according to a fixed percentage of the
NAV of the Funds as follows:
As a Percentage (%) of NAV
Class
Fund
A
B
F
G
I
J
Landry Morin Canadian
Momentum Fund
1.06%
1.06%
1.06%
1.06%
1.06%
1.06%
Landry Morin U.S.
Momentum Fund
1.06%
1.06%
1.06%
1.06%
1.06%
1.06%
Landry Morin World
Momentum Fund
1.06%
1.06%
1.06%
1.06%
1.06%
1.06%
Landry Morin Long Short
Momentum Fund
1.06%
1.06%
1.06%
1.06%
1.06%
1.06%
The fees and expenses assumed by Landry Morin in exchange for the administrative costs include valuation and
recordkeeping expenses and those related to the services of the transfer agent, including processing purchases and
sales of the securities of the Funds and calculation of the price of securities along with other costs of the Funds.
During 2010, in addition to management fees, performance fees, commissions on transactions and administration
fees, each fund assumes its own operating charges, which include, among other things, custody, filing and
administration costs, as well as legal and audit fees.
b) Brokerage commission
Commissions paid to brokers in connection with portfolio transactions are disclosed in the Funds’ statements of
operations. Brokerage business is allocated based on which broker can deliver to the Funds the best results. Subject
to these criteria, Landry Morin may allocate business to brokers that provide or pay for, in addition to transaction
execution, order execution goods and services and database and software used in proprietary research. As at
December 31, 2011, Landry Morin had had commission-sharing or “soft dollar” arrangements with certain brokers in
which they paid for third-party services. The following table outlines the soft dollars incurred during the year:
Landry Morin US Momentum Fund
Soft-dollars paid by the Funds
$
8,781
$
1,558
$
2,266
$
12,772
40
Goods and services received
by the Funds
$
2,593
$
511
$
617
$
3,029
________________________________________________________________________________
8.
DISTRIBUTIONS
Securityholders are entitled to distributions at year end. Net investment income and net capital gains realized on the
Funds are reinvested in additional securities of its own fund or at the option of the securityholders, paid in cash. The
distribution amounts are determined by the registrar and are allocated to the securityholders of each Fund.
Distributions paid in cash will be made in the Funds’ reporting currency. Unless the securityholder provides written
instructions to the registrar to receive distributions in cash, the amount of the distribution will automatically be
reinvested in additional securities of its own fund. At the valuation date, each securityholder of a Fund is entitled to
receive an amount equal to the Fund’s net income for the year, divided by the number of securities outstanding, and
multiplied by the number of securities held by the securityholder at fiscal year end.
9.
INCOME TAX STATUS
The Landry Morin U.S. Momentum Fund is a unit trust while the other Funds qualify as mutual fund trusts under the
Income Tax Act (Canada). The Funds are subject to federal and provincial taxes applicable on their assessed income,
including taxable capital gains for the fiscal year, so far as those were not distributed to the security holders. Unit
trusts are subject to alternative minimum tax.
Tax loss carry forwards
The following Funds have accumulated net realized capital losses/non-capital losses that are available for utilization
against net realized gains or net income for tax purposes in future years as follows. Capital losses have no expiry
date. Non-capital losses can be carried forward for up to 20 years.
Total Capital
Losses
Landry Morin Canadian
Momentum Fund
Landry Morin U.S.
Momentum Fund*
Landry Morin World
Momentum Fund*
Landry Morin Long
Short Momentum Fund
2026
Non-Capital Losses by Expiry Date
2028
2029
2030
2031
$ 1,037,443
$–
$59,518
$–
$–
$155,347
$ 849,978
$9,276
$31,993
$31,230
$–
$52,600
$ 1,602,235
$–
$54,782
$12,372
$473,650
$–
$ 7,281,185
$–
$–
$335,721
$532,836
$–
* In US Dollars
41
________________________________________________________________________________
10. RELATED PARTY TRANSACTIONS
a) Management Fees
In consideration for management services and investment advice provided to the Funds, the Manager is entitled to a
management fee.
The management fee with respect to Series A securities is 1/12 of 2%, Series B securities is 1/12 of 2.25%, Series F
securities is 1/12 of 1%, and Series G securities is 1/12 of 1.5%, calculated on a daily basis to the net asset value of
the Funds and payable monthly. No management fee is charged to Series I and J securities; instead a negotiated fee is
paid by these unitholders to the Manager directly.
b) Performance Fees
The Manager receives a performance-based fee for the Funds. The Manager will charge a performance fee of 20% of
the return of the Funds in excess of their benchmark return. The performance fee is payable only if the Funds have
outperformed their benchmark since the last time a performance fee was paid. Performance fees are calculated daily
and crystallized and paid quarterly.
For performance fee calculation purposes, the benchmarks of the Funds are as follows:
c)
Funds
Index
S&P/TSX60 Total Return Index (+ 2% for Class I
Securities)
S&P100 Total Return Index (+ 2% for Class I Securities)
MSCI World Index (with net dividends reinvested)
Higher of Three Month T- Bills or 5% (2% for Class I
Securities, Three Month T-Bills for Classes B and G)
Other
In the normal course of business transactions between the Funds and officers of the Fund Manager take place. At
December 31, 2011 and December 31, 2010, the percentages of net assets owned as a result of securities held by
related parties are as follows:
2011
2010
%
%
0.82
0.45
-
-
9.60
11.66
4.71
5.00
Funds
42
________________________________________________________________________________
11. RESPONSIBILITY OF THE TRUSTEE
The trust must indemnify and save harmless the trustee, its affiliates or any director, officer, employee or agent of the
trustee from and against:
a)
all claims whatsoever, (including legal fees, other costs, charges and expenses in connection therewith)
brought, commenced or prosecuted against it for or in respect of any act, deed, matter or thing whatsoever
made, done, acquiesced in or omitted in or about or in relation to the execution of the trustee’s and
manager’s duties;
b) all other costs, charges, and expenses which it sustains or incurs in or about or in relation to the affairs of the
Funds and the execution of the trustee's and manager’s duties; and
c)
any personal liabilities of the trustee incurred in connection with the failure of any Fund, or the manager, on
behalf of the Funds, to report, remit or withhold taxes as required by the tax act or otherwise failing to
comply with the tax act, so long as the trustee has relied in good faith on the manager in the performance of
its duties hereunder and such personal liabilities have not been caused by the trustee’s bad faith, willful
misconduct, gross negligence, reckless disregard of its duties or the breach by the trustee of its standard of
care.
This indemnification shall survive the resignation or removal of the Trustee or Manager and the termination
of this Master Trust Agreement solely to the extent that such liabilities have been incurred in connection
with taxation years occurring during the term of this Master Trust Agreement.
12. COMPARATIVE FINANCIAL STATEMENTS
The comparative financial statements have been reclassified from statements previously presented to conform to the
presentation of the 2011 annual financial statements.
43
________________________________________________________________________________
MANAGER
Landry Morin Inc.
1010 Sherbrooke West, Suite 2105
Montreal, Quebec H3A 2R7
Tel: 514-985-1138
Fax: 514-282-1123
www.landrymorin.com
CUSTODIANS
J.P. Morgan
383 Madison Avenue
New York, NY, 10179
Tel: 212-272-2000
www.jpmorgan.com
CIBC Mellon Trust Company
320 Bay Street
P.O. Box 1
Toronto, Ontario M5H 4A6
Tel: 416-643-5500
Fax: 416-643-5501
www.cibcmellon.com
TRANSFER AGENT, REGISTRAR AND
VALUATION AGENT
CIBC Mellon Global Securities Services Company
320 Bay Street
P.O. Box 1
Toronto, Ontario M5H 4A6
Tel: 416-643-5500
Fax: 416-643-5501
www.cibcmellon.com
TRUSTEE
Computershare Trust Company of Canada
1500 University Street 7th Floor
Montreal, Quebec H3A 3S8
Tel: 514-982-7888
Fax: 514-982-7635
www.computershare.com
AUDITORS
KPMG LLP
Bay Adelaide Centre
333 Bay Street, Suite 4600
Toronto, Ontario M5H 2S5
www.kpmg.ca
44

2011 Annual Report

Transcription

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