Sprott Asset Management LP

Transcription

1 Sprott Asset Management LP SPROTT CANADIAN EQUITY FUND SPROTT GOLD AND PRECIOUS MINERALS FUND SPROTT ENERGY FUND SPROTT SMALL CAP EQUITY FUND SPROTT GOLD BULLION FUND SPROTT TACTICAL BALANCED FUND SPROTT DIVERSIFIED BOND FUND SPROTT SHORT-TERM BOND FUND SPROTT SILVER BULLION FUND SPROTT ENHANCED BALANCED FUND SPROTT GLOBAL INFRASTRUCTURE FUND SPROTT TIMBER FUND SPROTT GLOBAL AGRICULTURE FUND SPROTT GLOBAL REIT AND PROPERTY EQUITY FUND Audited Annual Financial Statements DECEMBER

2 Contents 4 Sprott Canadian Equity Fund 16 Sprott Gold and Precious Minerals Fund 28 Sprott Energy Fund 36 Sprott Small Cap Equity Fund 45 Sprott Gold Bullion Fund 52 Sprott Tactical Balanced Fund 63 Sprott Diversified Bond Fund 78 Sprott Short-Term Bond Fund 87 Sprott Silver Bullion Fund 95 Sprott Enhanced Balanced Fund 109 Sprott Global Infrastructure Fund 118 Sprott Timber Fund 126 Sprott Global Agriculture Fund 134 Sprott Global REIT and Property Equity Fund 144 Notes to Financial Statements 2

3 INDEPENDENT AUDITORS REPORT To the Unitholders of: Sprott Canadian Equity Fund Sprott Gold and Precious Minerals Fund Sprott Energy Fund Sprott Small Cap Equity Fund Sprott Gold Bullion Fund Sprott Tactical Balanced Fund Sprott Diversified Bond Fund (formerly, Sprott Diversified Yield Fund) Sprott Short-Term Bond Fund Sprott Silver Bullion Fund Sprott Enhanced Balanced Fund Sprott Global Infrastructure Fund Sprott Timber Fund Sprott Global Agriculture Fund Sprott Global REIT & Property Equity Fund (collectively, the Funds ) We have audited the accompanying financial statements of each of the Funds, which comprise the statements of financial position as at December 31, 2015 and 2014 (or as indicated in the accompanying financial statements and in note 1), and the statements of comprehensive income, changes in net assets attributable to holders of redeemable units and cash flows for the years then ended (or as indicated in the accompanying financial statements and in note 1), 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, 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 each of the Funds as at December 31, 2015 and 2014 (or as indicated in the accompanying financial statements and in note 1), and each of their financial performance and cash flows for the years then ended (or as indicated in the accompanying financial statements and in note 1) in accordance with International Financial Reporting Standards. Toronto, Canada March 28,

4 Sprott Canadian Equity Fund Statements of Financial Position (in Canadian Dollars) As at December Assets Current assets Investments (excluding derivatives) (note 3, 5. 10) 172,862, ,922,831 Cash (note 10) 11,313,338 31,852,794 Unrealized appreciation on forward currency contracts (note 3, 5) 527,290 36,912 Options purchased (note 3, 5) 220,892 - Broker margin (note 10) 9,159,322 - Due from broker 599,620 2,628,542 Subscriptions receivable 357,740 52,512 Dividends receivable 132,861 84,127 Total assets 195,174, ,577,718 Liabilities Current liabilities Investments sold short (note 3, 5) 3,750,029 11,149,512 Due to broker 2,149,297 10,755,594 Unrealized depreciation on forward currency contracts (note 3, 5) 29, Options written (note 3, 5) 281,957 - Redemptions payable 518, ,724 Dividends payable 29,726 - Accrued expenses 286, ,444 Management fees payable (note 11) - 21,310 Total liabilities 7,045,166 23,068,663 Net Assets attributable to holders of redeemable units 188,128, ,509,055 Net Assets attributable to holders of redeemable units per series Series A 153,788, ,893,025 Series F 30,654,987 47,242,513 Series I 3,685,895 9,373,517 Net Assets attributable to holders of redeemable units per series per unit (note 8) Series A Series F Series I See accompanying notes which are an integral part of these financial statements On behalf of the Manager, Sprott Asset Management LP, by its General Partner, Sprott Asset Management GP Inc. John Wilson DIRECTOR Kevin Hibbert DIRECTOR 4

5 Sprott Canadian Equity Fund Statements of Comprehensive Income (in Canadian Dollars, except unit amounts) For the years ended December Income Net gain (loss) on investments and derivatives: (1) Interest income for distribution purposes (note 3) 14,097 48,012 Dividends (note 3) 1,480,675 2,667,905 Net realized losses on sales of investments (220,527,641) (79,640,685) Net realized losses on forward currency contracts (5,774,677) - Net realized gains on option contracts 317,951 - Change in unrealized appreciation in the value of investments 200,669,842 95,358,755 Change in unrealized appreciation on forward currency contracts 460,550 36,833 Change in unrealized depreciation on option contracts (30,960) - Net realized gains on foreign exchange 7,361,443 2,596,802 Other income 17, ,282 Total income (loss) (16,011,077) 21,304,904 Expenses (note 11, 12) Management fees 7,155,500 10,402,365 Transaction costs (note 3, 13) 2,753, ,441 Unitholder reporting costs 1,350,629 1,460,767 Securities borrowing expense 452,890 - Dividends paid on investments sold short 258,782 6,187 Administrative fees 144, ,205 Custodial fees 65,450 46,205 Audit fees 51,302 51,654 Withholding taxes 33,114 49,641 Filing fees 22,204 29,573 Legal fees 11,337 7,105 Trustee fees 5,650 5,650 Independent Review Committee fees (note 14) 5,136 10,966 Total expenses 12,309,786 13,118,759 Increase (decrease) in Net Assets attributable to holders of redeemable units from operations (28,320,863) 8,186,145 Increase (decrease) in Net Assets attributable to holders of redeemable units from operations per series Series A Series F Series I (23,635,458) 6,746,620 (4,504,498) 817,554 (180,907) 621,971 Weighted average number of units Series A 11,073,061 15,478,980 Series F 2,091,842 2,546,812 Series I 287, ,921 Increase (decrease) in Net Assets attributable to holders of redeemable units from operations per series per unit (note 3) Series A Series F Series I (2.13) 0.44 (2.15) 0.32 (0.63) 1.14 (1) Net gain (loss) on investments and derivatives comprised of: Financial assets and liabilities designated at fair value through profit or loss ("FVTPL") (10,651,109) 18,751,948 Financial assets and liabilities classified as held for trading ("HFT") (12,739,054) (281,128) (23,390,163) 18,470,820 See accompanying notes which are an integral part of these financial statements 5

6 Sprott Canadian Equity Fund Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (in Canadian Dollars, except unit amounts) For the years ended December Net Assets attributable to holders of redeemable units, beginning of year Series A 254,893, ,968,127 Series F 47,242,513 56,477,293 Series I 9,373,517 13,764, ,509, ,210,028 Increase (decrease) in Net Assets attributable to holders of redeemable units from operations Series A Series F Series I (23,635,458) 6,746,620 (4,504,498) 817,554 (180,907) 621,971 (28,320,863) 8,186,145 Redeemable unit transactions (note 8) Proceeds from redeemable units issued Series A 3,282,574 7,117,889 Series F 4,778,141 6,126,612 Series I 772,113 1,148,048 Redemption of redeemable units Series A (80,752,127) (120,939,611) Series F Series I (16,861,169) (16,178,946) (6,278,828) (6,161,110) (95,059,296) (128,887,118) Net decrease in Net Assets attributable to holders of redeemable units Series A Series F Series I (101,105,011) (107,075,102) (16,587,526) (9,234,780) (5,687,622) (4,391,091) (123,380,159) (120,700,973) Net Assets attributable to holders of redeemable units, end of year Series A 153,788, ,893,025 Series F 30,654,987 47,242,513 Series I 3,685,895 9,373, ,128, ,509,055 Changes in outstanding redeemable units of the Fund for the years ended December 31, 2015 and 2014 were as follows: Series A Series F Series I Series A Series F Series I Units, beginning of year 13,026,589 2,382, ,057 18,227,458 2,835, ,237 Subscriptions 154, ,612 30, , ,595 48,383 Redemptions (3,913,600) (795,040) (268,551) (5,523,458) (729,595) (259,563) Units, end of year 9,267,721 1,803, ,804 13,026,589 2,382, ,057 See accompanying notes which are an integral part of these financial statements 6

7 Sprott Canadian Equity Fund Statements of Cash Flows (in Canadian Dollars) For the years ended December Cash flows from operating activities Increase (decrease) in Net Assets attributable to holders of redeemable units from operations (28,320,863) 8,186,145 Adjustments for: Foreign exchange (gains) on cash (466,898) (507,823) Net realized losses on sales of investments 220,527,641 79,640,685 Net realized (gains) on option contracts (317,951) - Change in unrealized (appreciation) in the value of investments (200,669,842) (95,358,755) Change in unrealized (appreciation) on forward currency contracts (460,550) (36,833) Change in unrealized depreciation on option contracts 30,960 - Purchases of investments (690,376,814) (117,717,013) Proceeds from sales of investments 783,950, ,505,247 Net increase (decrease) in other assets and liabilities (9,255,077) 520,966 Net cash provided by operating activities 74,640,651 65,232,619 Cash flows from financing activities Proceeds from redeemable units issued 8,527,600 14,493,265 Redemption of redeemable units (104,174,605) (145,582,885) Net cash used in financing activities (95,647,005) (131,089,620) Foreign exchange gains on cash 466, ,823 Net (decrease) in cash (21,006,354) (65,857,001) Cash at beginning of year 31,852,794 97,201,972 Cash at end of year 11,313,338 31,852,794 Supplemental Information Interest received 14,097 48,012 Dividends received, net of withholding taxes 1,398,827 2,719,270 Dividends paid 229,056 6,187 See accompanying notes which are an integral part of these financial statements 7

8 Sprott Canadian Equity Fund Schedule of Investment Portfolio As at December 31, 2015 Expiry Date Average Cost Fair Value SHARES EQUITIES [91.88%] CONSUMER DISCRETIONARY [24.30%] 200,000 Amaya Gaming Group Inc. 4,376,476 3,486, ,978 Century Communities Inc. 4,536,622 5,463,771 70,000 Comcast Corp. 5,555,320 5,465, ,500 Innova Gaming Group Inc. 1,748, ,720 1,591,700 Intertain Group Ltd. 20,678,956 15,853, ,000 MCBC Holdings Inc. 3,031,406 2,938,085 90,000 Quebecor Inc. 2,709,217 3,049,200 20,000 Rare Method Interactive Corp. 5, ,200 Yellow Pages Ltd. 9,641,595 8,523,714 52,283,528 45,720,195 HEALTH CARE [19.88%] 4,985,800 Acerus Pharmaceuticals Corp. 3,653, , ,500 Concordia Healthcare Corp. 14,390,492 13,710,950 4,800,000 Convalo Health International Corp., Warrants Apr 22, ,912 2,516,401 Nobilis Health Corp. 15,283,099 9,839, ,500 Nobilis Health Corp., Warrants May 13, ,286 3,070,838 Patient Home Monitoring Corp., Warrants May 4, ,781 5,849,400 TSO3 Inc. 8,152,434 13,044,162 41,479,103 37,395,518 FINANCIALS [16.61%] 500,000 Alignvest Acquisition Corp. 5,000,000 4,900, ,000 Alignvest Acquisition Corp., Warrants Aug 4, , ,871 CIC Gold Group Ltd. - 17,118 40,000 Citizens Financial Group Inc. 1,405,660 1,449,464 64,100 Gluskin Sheff + Associates Inc. 1,700,557 1,335, ,000 INFOR Acquisition Corp. 4,950,000 4,915, ,000 INFOR Acquisition Corp., Warrants Jul 6, , ,000 24,000 JPMorgan Chase and Co. 2,185,518 2,192,625 90,000 Manulife Financial Corp. 1,979,519 1,866,600 1,230,000 Quantum International Income Corp., Warrants Jul 28, ,000 Quinpario Acquisition Corp. 2, Warrants Jan 1, ,365 4,219,700 Street Capital Group Inc. 8,432,846 5,654, ,000 The Westaim Corp. 2,328,000 2,184,000 84,000 Wells Fargo and Company 6,374,817 6,317,869 34,416,917 31,248,142 INFORMATION TECHNOLOGY [7.34%] 37,000 Apple Inc. 5,539,465 5,388,613 2,137,000 Espial Group Inc. 6,095,422 4,957,840 5,368,400 Spectra7 Microsystems Inc. 3,694,102 2,415,780 2,150,000 Spectra7 Microsystems Inc., Warrants May 4, , ,500 Urthecast Corp. 2,361,748 1,026,045 17,690,737 13,807,220 8

9 Sprott Canadian Equity Fund Schedule of Investment Portfolio continued As at December 31, 2015 Expiry Date Average Cost Fair Value SHARES ENERGY [6.64%] 725,000 Baytex Energy Corp. 3,796,647 3,248, ,200 Canadian Oil Sands Ltd. 1,205,984 1,118, ,000 Crescent Point Energy Corp. 3,600,363 3,385,200 1,344,500 Gastem Inc. 1,987, ,200 Lonestar West Inc. 994, ,940 4,845,261 Oilsands Quest Inc.** ,100 Rodinia Oil Corp. 752,520-1,968,700 Santa Maria Petroleum Inc. 3,056,538 9,847 70,000 TransCanada Corp. 2,950,230 3,163, ,000 Whitecap Resources Inc. 1,505,287 1,224,450 19,849,434 12,494,843 MATERIALS [5.91%] 688,650 Alexco Resource Corp. 3,005, ,670 1,488,343 Americas Silver Corp. 1,580, ,834 1,129,674 Americas Silver Corp., Warrants Mar 20, ,250,000 Black Bull Resources Inc. 625,000-4,168,800 Caldera Resources Inc.** 416,880-4,029,375 CIC Capital Fund Ltd. 2,280,715-4,029,375 CIC Capital Ltd ,999 Copperbank Resources Corp., Warrants Oct 21, ,145 3,548,401 Danakali Ltd. 3,590,443 1,037,653 2,035,700 Dynasty Metals and Mining Inc. 11,302, , ,949 Eurogold Ltd. 108,087-1,737,075 Excellon Resources Inc. 10,208, , ,000 Ferroglobe PLC 6,511,875 5,652,025 1,730,000 Forterra Environmental Corp. 254,410-3,120,300 IMPACT Silver Corp. 4,420, , ,600 Lake Shore Gold Corp. 546, , ,700 Lucara Diamond Corp. 1,792,454 1,986, ,700 Luiri Gold Ltd. 392,350 1,583 2,187,500 Metanor Resources Inc., Warrants May 13, ,637 Minco Base Metals Corp.** 58,973 59,546 4,355,592 New Guinea Gold Corp. 1,465,734-1,180,722 Newmarket Gold Inc., Warrants Feb 27, ,545 6,206,000 Oremex Silver Inc. 629,875-2,320 Sky Digital Stores Corp. (R1933)* 482, ,110 Stroud Resources Ltd. 104,960 2,916 49,779,746 11,115,402 CONSUMER STAPLES [3.55%] 386,450 Clearwater Seafoods Inc. 4,670,912 4,633,539 86,400 Maple Leaf Foods Inc. 1,826,830 2,052,864 6,497,742 6,686,403 INDUSTRIAL PRODUCTS [3.03%] 556,400 Carmanah Technologies Corp. 2,782,164 3,160,352 30,000 Masonite International Corp. 2,685,453 2,541,544 5,467,617 5,701,896 INDEX [2.82%] 100,000 ishares S&P/TSX 60 Index ETF 1,958,000 1,922, ,000 ishares S&P/TSX Capped Energy Index ETF 3,532,990 3,382,500 5,490,990 5,304,500 UTILITIES [1.80%] 385,100 Crius Energy Trust 2,579,334 3,388,880 2,579,334 3,388,880 Total Equities 235,535, ,862,999 Transaction Costs (note 3) (452,473) Total Investments Owned [91.88%] 235,082, ,862,999 9

10 Sprott Canadian Equity Fund Schedule of Investment Portfolio continued As at December 31, 2015 Expiry Date Average Cost Fair Value SHARES SHORT POSITIONS [-1.99%] TELECOMMUNICATION SERVICES [-1.14%] (45,000) Rogers Communications Inc. (2,178,908) (2,147,400) (2,178,908) (2,147,400) CONSUMER DISCRETIONARY [-0.85%] (65,000) PulteGroup Inc. (1,666,244) (1,602,629) (1,666,244) (1,602,629) Total Short Positions (3,845,152) (3,750,029) Transaction Costs (note 3) (5,358) Total Investments Sold Short [-1.99%] (3,850,510) (3,750,029) Net Investments [89.89%] 231,232, ,112,970 Total unrealized appreciation on forward currency contracts [0.28%] (Schedule 1) 527,290 Total unrealized depreciation on forward currency contracts [-0.02%] (Schedule 1) (29,907) Options purchased [0.12%] (Schedule 2) 220,892 Options written [-0.15%] (Schedule 2) (281,957) Cash and Other Assets Less Liabilities [9.88%] 18,579,608 Total Net Assets attributable to holders of redeemable units [100.00%] 188,128,896 * Securities that are restricted for resale until the date indicated, or under Rule 144 of the Securities Act of 1933 for those noted R1933. ** Private Company. See accompanying notes which are an integral part of these financial statements 10

11 Sprott Canadian Equity Fund Forward Currency Contracts (Schedule 1) As at December 31, 2015 Unrealized Appreciation Contract Cost Forward Value (Depreciation) Bought ($) Sold ($) Settlement Date $(CAD) $(CAD) $(CAD) 1,586,714 U.S. Dollar (2,210,000) Australian Dollar 28-Jan-16 (2,195,384) (2,225,291) (29,907) 29,331,960 Canadian Dollar (21,000,000) U.S. Dollar 28-Jan-16 (29,331,960) (29,052,619) 279,341 27,917,100 Canadian Dollar (20,000,000) U.S. Dollar 28-Jan-16 (27,917,100) (27,669,151) 247, ,383 Option Contracts (Schedule 2) As at December 31, 2015 Options Purchased Premium Fair Number of Expiration Strike Paid Value Option Details Option Type Contracts Date Price ($) $(CAD) $(CAD) Amaya Inc. Call 1, Apr CAD 310, ,500 Suncor Energy Inc. Put Jan CAD 24,336 28, , ,892 Options Written Premium Fair Number of Expiration Strike Received Value Option Details Option Type Contracts Date Price ($) $(CAD) $(CAD) Amaya Inc. Put 1, Apr CAD (160,000) (182,500) Canadian Oil Sands Ltd. Call 1, Jan CAD (31,096) (798) Concordia Healthcare Corp. Call 1, Jan CAD (100,000) (42,950) CVS Health Corp. Put Jan USD (44,621) (10,709) Quebecor Inc. Call Jan CAD (38,700) (45,000) (374,417) (281,957) 11

12 Sprott Canadian Equity Fund Notes to financial statements Fund specific information December 31, 2015 Financial Risk Management (note 6) Investment Objective The objective of the Fund is to outperform the broad Canadian equity market as measured by the S&P/TSX Composite Total Return Index, over the long term of 5+ years, providing long-term capital appreciation and value by investing primarily in small-to-mid-capitalization stocks of Canadian issuers. To assist in achieving this objective, the Fund may focus its assets in specific industry sectors and asset classes based on the analysis of business cycles, industry sectors and market outlook. The Schedule of Investment Portfolio presents the securities held by the Fund as at December 31, Significant risks that are relevant to the Fund are discussed here. General information on risks and risk management is described in Note 6. Market Risk a) Other Price Risk As at December 31, 2015 and 2014, if the S&P/TSX Composite Total Return Index were to fluctuate by 10%, with all other variables held constant, Net Assets attributable to holders of redeemable units would increase or decrease by the amounts shown in the table below. This is a measure based on the historical relationship of the Fund s performance against the index noted above. The composition of this calculation contains several subjective components that, although reasonably estimated, could alter the resulting estimate should these components be modified based on revised assumptions. b) Currency Risk December 31, 2015 December 31, 2014 Impact ($ 000) As a % of Net Assets attributable to holders of redeemable units Impact ($ 000) As a % of Net Assets attributable to holders of redeemable units 20, % 33, % The tables below summarize the Fund s exposure to currency risk as at December 31, 2015 and The tables also illustrate the potential impact to the Fund s Net Assets attributable to holders of redeemable units as a result of 1% changes in these currencies relative to the Canadian dollar, with all other variables held constant. December 31, 2015 Forward Currency Contracts ($ 000) % of Net Assets attributable to holders of redeemable units Impact on Net Assets attributable to holders of redeemable units ($ 000) Currency Fair Value ($ 000) Net Exposure ($ 000) Australian Dollar 2,304 (2,228) Pound Sterling U.S. Dollar 53,939 (54,532) (593) (0.32) (6) 56,260 (56,760) (500) (0.27) (5) 12

13 Sprott Canadian Equity Fund Notes to financial statements Fund specific information December 31, 2015 December 31, 2014 Forward Currency Contracts ($ 000) % of Net Assets attributable to holders of redeemable units Impact on Net Assets attributable to holders of redeemable units ($ 000) Currency Fair Value ($ 000) Net Exposure ($ 000) U.S. Dollar 43,385 (23,233) 20, Australian Dollar 6,915 6, Pound Sterling Euro 2,699 (2,650) ,554 (25,883) 27, c) Interest Rate Risk As at December 31, 2015 and 2014, the Fund did not have a significant exposure to interest rate risk. Credit Risk As at December 31, 2015 and 2014, the Fund is exposed to credit risk from over-the-counter derivative contract with counterparties. The credit risk is considered minimal as these counterparties have a minimum credit rating of AA- by S&P or equivalent. Concentration Risk The table below summarizes the Fund s concentration risk as a percentage of Net Assets attributable to holders of redeemable units as at December 31, 2015 and December 31, 2015 December 31, 2014 Equities Long: Consumer Discretionary 24.30% 26.58% Health Care 19.88% 6.13% Financials 16.61% 7.41% Information Technology 7.34% 5.83% Energy 6.64% Materials 5.91% 44.91% Consumer Staples 3.55% Industrial Products 3.03% 5.19% Index 2.82% Other 1.80% 0.24% Equities Short: Index (2.39%) Other (1.99%) (1.19%) Unrealized appreciation on forward currency contracts 0.28% 0.01% Unrealized depreciation on forward currency contracts (0.02%) Options purchased 0.12% Options written (0.15%) Cash and Other Assets Less Liabilities 9.88% 7.28% Total Net Assets attributable to holders of redeemable units % % 13

14 Sprott Canadian Equity Fund Notes to financial statements Fund specific information December 31, 2015 Fair Value Measurements (note 5) The Fund s assets and liabilities measured at fair value have been categorized based upon the fair value hierarchy in the tables below as at December 31, 2015 and 2014: December 31, 2015 Level 1 Level 2 Level 3 Total Equities Long 172,129,196 1,663 76, ,207,523 Equities Short (3,750,029) (3,750,029) Warrants 417, , ,476 Forward Currency Contracts 497, ,383 Options purchased 220, ,892 Options written (281,957) (281,957) 168,735, ,509 76, ,549,288 December 31, 2014 Level 1 Level 2 Level 3 Total Equities Long 297,491,436 1,598, , ,917,164 Equities Short (11,149,512) (11,149,512) Warrants 2,481 3,186 5,667 Forward Currency Contracts 36,833 36, ,344,405 1,638, , ,810,152 During the years ended December 31, 2015 and 2014, the reconciliation of investments measured at fair value using unobservable inputs (Level 3) is presented as follows: December 31, 2015 December 31, 2014 Equities Total Equities Total Balance at beginning of year 827, ,698 2,497,619 2,497,619 Purchases 16,877 16,877 Sales (156,373) (156,373) (507,844) (507,844) Net transfers in (out) (802,267) (802,267) Realized losses (41,952,187) (41,952,187) (829,125) (829,125) Change in unrealized gains (losses) 41,340,649 41,340, , ,315 Balance at end of year 76,664 76, , ,698 Change in unrealized gains (losses) during the year for investments held at end of year (754,272) (754,272) The Fund s Level 3 securities consist of private equity positions. The Manager determines their fair value by utilizing a variety of valuation techniques such as the use of comparable recent transactions, discounted cash flows and other techniques used by market participants. As at December 31, 2015 and 2014, these positions were not significant to the Fund and any changes in reasonable possible assumptions used in their valuation would not have a significant impact to the Net Assets attributable to holders of redeemable units of the Fund. 14

15 Sprott Canadian Equity Fund Notes to financial statements Fund specific information December 31, 2015 Offsetting of Financial Instruments In the normal course of business, the Fund enters into various master netting arrangements or other similar agreements that do not meet the criteria for offsetting in the Statements of Financial Position but still allow for the related amounts to be set off in certain circumstances, such as bankruptcy or termination of the contracts. The following table presents the over-the-counter derivatives that are offset, or subject to enforceable master netting agreements or other similar agreements but that are not offset, as at December 31, 2015 and The Net column shows what the impact on the Fund s Statements of Financial Position would be if all set-off rights were exercised. Financial assets and liabilities Amounts offset Amounts not offset Net Gross assets/liabilities Gross assets/liabilities offset Subject Net to master amounts netting presented arrangements Cash collateral received December 31, 2015 Derivative assets 527, , ,290 Derivative liabilities 29,907 29,907 29,907 December 31, 2014 Derivative assets 36,912 36,912 36,912 Derivative liabilities Restricted Cash and Investments (note 10) As at December 31, 2015 restricted cash and investments held for the Fund totaled $24,604,558 ( $16,750,582). Management Fees (note 11) This fee differs among the series of units of the Fund as set out in the chart below: Series A Series F Series I* Up to 2.50% Up to 1.50% Negotiated by the Unitholder *The management fee for Series I units of the Fund is negotiated by the unitholder and may be paid directly by the Fund or by the unitholder. Tax Loss Carryforwards (note 3) As of the taxation year ended December 31, 2015, the Fund had capital and non-capital losses available for tax purposes as follows: Non-capital losses Capital losses Non-capital losses year of expiry 346,136,039 31,082, ,018, ,205, See accompanying generic notes which are an integral part of these financial statements 15

16 Sprott Gold and Precious Minerals Fund Statements of Financial Position (in Canadian Dollars) As at December Assets Current assets Investments (excluding derivatives) (note 3, 5, 10) 138,656, ,531,931 Cash (note 10) 4,435,480 1,672,891 Due from broker 1, ,000 Subscriptions receivable 161,343 74,285 Options purchased (note 3, 5) 56,642 - Broker margin (note 10) 530,000 - Dividends receivable 43,400 29,017 Interest receivable 38,596 19,692 Total assets 143,923, ,565,816 Liabilities Current liabilities Redemptions payable 336, ,449 Options written (note 3, 5) 116,504 - Management fees payable (note 11) - 10,300 Incentive fees payable (note 11) 141, Accrued expenses 152, ,167 Total liabilities 746, ,351 Net Assets attributable to holders of redeemable units 143,177, ,261,465 Net Assets attributable to holders of redeemable units per series Series A 90,531, ,565,278 Series F 35,721,403 41,164,274 Series I 16,924,068 16,531,913 Net Assets attributable to holders of redeemable units per series per unit (note 8) Series A Series F Series I See accompanying notes which are an integral part of these financial statements On behalf of the Manager, Sprott Asset Management LP, by its General Partner, Sprott Asset Management GP Inc. John Wilson DIRECTOR Kevin Hibbert DIRECTOR 16

17 Sprott Gold and Precious Minerals Fund Statements of Comprehensive Income (in Canadian Dollars, except unit amounts) For the years ended December Income Net gain (loss) on investments and derivatives: (1) Interest income for distribution purposes (note 3) 203, ,488 Dividends (note 3) 1,037, ,123 Net realized losses on sales of investments (141,013,970) (25,557,440) Net realized gains on option contracts 2,561,440 - Change in unrealized appreciation in the value of investments 134,341,195 36,605,438 Change in unrealized depreciation on option contracts (note 3) (95,165) - Net realized gains on foreign exchange 232,770 8,209 Other income 13,439 2,723 Total income (loss) (2,719,342) 12,129,541 Expenses (note 11, 12) Management fees 3,657,677 4,795,269 Transaction costs (note 3, 13) 1,356, ,749 Unitholder reporting costs 515, ,107 Incentive fees (note 11) 141, Administrative fees 89, ,621 Audit fees 46,172 46,523 Custodial fees 41,925 42,206 Withholding taxes 41,716 - Filing fees 22,204 19,152 Legal fees 11,337 7,105 Trustee fees 5,650 5,650 Independent Review Committee fees (note 14) 5,136 5,952 Other fees 1,084 - Total expenses 5,935,080 6,420,769 Increase (decrease) in Net Assets attributable to holders of redeemable units from operations (8,654,422) 5,708,772 Increase (decrease) in Net Assets attributable to holders of redeemable units from operations per series Series A Series F Series I (5,614,583) 5,152,142 (1,750,173) 1,325,651 (1,289,666) (769,021) Weighted average number of units Series A 4,190,587 4,826,866 Series F 1,442,171 1,588,117 Series I 4,912,270 3,722,166 Increase (decrease) in Net Assets attributable to holders of redeemable units from operations per series per unit (note 3) Series A Series F Series I (1.34) 1.07 (1.21) 0.84 (0.26) (0.21) (1) Net gain (loss) on investments comprised of: Financial assets and liabilities designated at FVTPL (5,431,826) 12,118,609 Financial assets and liabilities classified as HFT 2,466,275 - (2,965,551) 12,118,609 See accompanying notes which are an integral part of these financial statements 17

18 Sprott Gold and Precious Minerals Fund Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (in Canadian Dollars, except unit amounts) For the years ended December Net Assets attributable to holders of redeemable units, beginning of year Series A 113,565, ,691,274 Series F 41,164,274 40,375,474 Series I 16,531,913 4,490, ,261, ,557,726 Increase (decrease) in Net Assets attributable to holders of redeemable units from operations Series A Series F Series I Distributions to holders of redeemable units From net investment income Series A Series F Series I From return of capital Series A Series F Series I (5,614,583) 5,152,142 (1,750,173) 1,325,651 (1,289,666) (769,021) (8,654,422) 5,708, (224) (5,296) - - (224) (5,296) Redeemable unit transactions (note 8) Proceeds from redeemable units issued Series A 8,186,722 19,925,358 Series F 3,202,273 9,315,072 Series I 6,548,519 13,728,610 Reinvestments of distributions to holders of redeemable units Series A - - Series F 224 5,296 Series I - - Redemption of redeemable units Series A (25,605,724) (30,203,496) Series F Series I (6,894,971) (9,851,923) (4,866,698) (918,654) (19,429,655) 2,000,263 Net increase (decrease) in Net Assets attributable to holders of redeemable units Series A (23,033,585) (5,125,996) Series F (5,442,871) 788,800 Series I 392,155 12,040,935 (28,084,301) 7,703,739 Net Assets attributable to holders of redeemable units, end of year Series A 90,531, ,565,278 Series F 35,721,403 41,164,274 Series I 16,924,068 16,531, ,177, ,261,465 18

19 Sprott Gold and Precious Minerals Fund Statements of Changes in Net Assets Attributable to Holders of Redeemable Units continued Changes in outstanding redeemable units of the Fund for the years ended December 31, 2015 and 2014 were as follows: Series A Series F Series I Series A Series F Series I Units, beginning of year 4,538,767 1,523,537 4,279,604 4,910,217 1,563,374 1,236,866 Subscriptions 310, ,620 1,588, , ,832 3,255,570 Reinvested from distributions Redemptions (993,195) (246,024) (1,290,620) (1,026,365) (320,837) (212,832) Units, end of year 3,856,168 1,394,141 4,577,205 4,538,767 1,523,537 4,279,604 See accompanying notes which are an integral part of these financial statements 19

20 Sprott Gold and Precious Minerals Fund Statements of Cash Flows (in Canadian Dollars) For the years ended December Cash flows from operating activities Increase (decrease) in Net Assets attributable to holders of redeemable units from operations (8,654,422) 5,708,772 Adjustments for: Foreign exchange (gains) on cash 7 - Net realized losses on sales of investments 141,013,970 25,557,440 Net realized (gains) on option contracts (2,561,440) - Change in unrealized (appreciation) in the value of investments (134,341,195) (36,605,438) Change in unrealized depreciation on option contracts 95,165 - Purchases of investments (179,808,998) (108,123,699) Proceeds from sales of investments 206,773, ,398,090 Net increase (decrease) in other assets and liabilities (441,087) 161,476 Net cash provided by (used in) operating activities 22,075,763 (903,359) Cash flows from financing activities Proceeds from redeemable units issued 17,850,456 43,561,366 Redemption of redeemable units (37,163,623) (41,731,106) Net cash provided by (used in) financing activities (19,313,167) 1,830,260 Foreign exchange gains on cash (7) - Net increase in cash 2,762, ,901 Cash at beginning of year 1,672, ,990 Cash at end of year 4,435,480 1,672,891 Supplemental Information Interest received 184, ,488 Dividends received, net of withholding taxes 981, ,414 See accompanying notes which are an integral part of these financial statements 20

21 Sprott Gold and Precious Minerals Fund Schedule of Investment Portfolio As at December 31, 2015 Maturity/Expiry Date Average Cost Fair Value PAR VALUE BONDS AND CONVERTIBLE DEBENTURES [2.84%] 1,550,000 Kirkland Lake Gold Inc., 7.50% Dec 31, ,550,000 1,518,613 2,450,000 Lake Shore Gold Corp., 6.25% Sep 30, ,474,750 2,547,878 Total Bonds and Convertible Debentures 4,024,750 4,066,491 SHARES EQUITIES [94.00%] PRECIOUS METALS [93.25%] 207,500 Agnico Eagle Mines Ltd. 7,794,657 7,546, ,000 Alamos Gold Inc. 2,194,575 2,184,000 1,111,399 Americas Silver Corp. 489, ,140 1,399,440 Americas Silver Corp., Warrants Aug 22, ,461 Apogee Silver Ltd., Warrants Apr 4, ,504,200 Asanko Gold Inc. 5,217,756 3,053,526 12,088,200 Atna Resources Ltd. 3,144,309-1,780,371 B2Gold Corp. 4,271,988 2,492, ,900 Carlisle Goldfields Ltd. 558, , ,384 Carlisle Goldfields Ltd., Warrants Feb 14, ,215 33,314 Coeur Mining, Inc., Warrants Apr 16, ,825 4,331 8,375,000 Dalradian Resources Inc. 9,581,479 6,616,250 1,000,000 Dalradian Resources Inc., Warrants Jul 31, , , ,654 Detour Gold Corp. 6,599,321 7,733, ,000 Eldorado Gold Corp. 2,345,386 2,070, ,766 Endeavour Mining Corp. 1,679,393 1,737,855 4,260,200 Evolution Mining Ltd. 4,972,237 5,971, ,991 Fire River Gold Corp. 3,904,077 14, ,769 Fire River Gold Corp., Warrants Sep 19, ,000 Franco-Nevada Corp. 5,757,752 5,633, ,300 Goldcorp Inc. 5,078,797 4,322,500 1,513,803 Guyana Goldfields Inc. 4,671,621 4,662,513 4,000,000 Helio Resource Corp., Warrants Jun 13, ,400,000 Integra Gold Corp. 1,374,500 1,496, ,000 Jaguar Mining Inc. 390, , ,000 Kerr Mines Inc., Warrants Jan 23, ,000 Kilo Goldmines Ltd., Warrants May 2, ,766 Kirkland Lake Gold Inc. 6,754,860 4,277,427 1,425,000 Klondex Mines Ltd. 3,799,035 4,032,750 5,305,400 Lake Shore Gold Corp. 4,779,767 5,942, ,865 Lake Shore Gold Corp., Warrants Mar 7, ,550 MAG Silver Corp. 1,860,663 1,998,454 6,000,000 Mineral Mountain Resources Ltd., Warrants Oct 6, ,000 New Gold Inc. 1,809,374 1,529, ,233 Newcastle Gold Ltd., Warrants Jun 27, , ,000 Newcrest Mining Ltd. 3,419,121 3,400,424 1,993,147 Newmarket Gold Inc. 2,418,827 2,690, ,000 Newmont Mining Corp. 4,240,663 4,107,022 2,800,000 Northern Star Resources Ltd. 6,034,439 7,849,148 2,000,000 Pembrook Mining Corp.** 2,000,000 2,080, ,000 Pinecrest Resources Ltd. 20,000 7, ,259 Pretium Resources Inc. 4,618,576 4,056, ,000 Pure Gold Mining Inc., Warrants Sep 4, ,500 Randgold Resources Ltd. 8,760,584 8,268,758 2,000,000 Regis Resources Ltd. 2,744,326 4,678,834 5,705,300 Roxgold Inc. 4,025,838 3,993, ,000 Roxgold Inc., Warrants Feb 4, , ,331,100 San Gold Corp. 8,142,468-7,000,000 Saracen Mineral Holdings Ltd. 2,941,877 4,305,740 2,000,000 Seafield Resources Ltd. 482,260-1,506,000 SEMAFO Inc. 3,788,956 5,286,060 5,303,290 Shear Diamonds Ltd. 2,159, ,000 Silver Wheaton Corp. 2,922,741 2,838,000 21

22 Sprott Gold and Precious Minerals Fund Schedule of Investment Portfolio continued As at December 31, 2015 Maturity/Expiry Date Average Cost Fair Value SHARES 1,429,000 Stornoway Diamond Corp., Warrants Jul 8, ,234 57, ,000 Tahoe Resources Inc. 2,556,001 2,597,490 1,721,180 Teranga Gold Corp. 1,636, ,378 1,594,200 Torex Gold Resources Inc. 2,141,315 2,008,697 5,397,210 Touchstone Gold Ltd. 1,483,609 57, ,483 TriStar Gold Inc. 191, ,860 6,666,666 West Kirkland Mining Inc., Warrants Apr 17, ,884 43, ,120, ,515,420 BASE METALS [0.75%] 200,040 Castle Resources Inc. 1,796,565 5, ,135 Copperbank Resources Corp., Warrants Oct 21, ,266 1,000,020 Highland Copper Company Inc., Warrants Sep 11, ,250,000 Integra Gold Corp., Warrants Jun 27, , ,000 Minco Base Metals Corp.** 866, ,000 2,663,065 1,074,902 Total Equities 158,783, ,590,322 Transaction Costs (note 3) (357,597) Total Investments [96.84%] 162,450, ,656,813 Options purchased [0.04%] (Schedule 1) 56,642 Options written [-0.08%] (Schedule 1) (116,504) Cash and Other Assets Less Liabilities [3.20%] 4,580,213 Total Net Assets attributable to holders of redeemable units [100.00%] 143,177,164 ** Private Company. See accompanying notes which are an integral part of these financial statements 22

23 Sprott Gold and Precious Minerals Fund Option Contracts (Schedule 1) As at December 31, 2015 Options Purchased Premium Fair Number of Expiration Strike Paid Value Option Details Option Type Contracts Date Price ($) $(CAD) $(CAD) Agnico Eagle Mines Ltd. Call 2, Jan CAD 125,153 30,443 Silver Wheaton Corp. Call 2, Jan CAD 51,000 1,254 Goldcorp Inc. Call 1, Apr USD 44,769 3,652 Goldcorp Inc. Call 2, Jan USD 29,018 4,690 Randgold Resources Ltd. Call 1, Jan USD 141,127 16, ,067 56,642 Options Written Premium Fair Number of Expiration Strike Received Value Option Details Option Type Contracts Date Price ($) $(CAD) $(CAD) Agnico Eagle Mines Ltd. Call Jan CAD (129,600) (59,850) Silver Wheaton Corp. Call Jan CAD (53,550) (7,650) Goldcorp Inc. Call Jan USD (43,491) (7,496) Randgold Resources Ltd. Call Jan USD (139,467) (41,508) (366,108) (116,504) 23

24 Sprott Gold and Precious Minerals Fund Notes to financial statements Fund specific information December 31, 2015 Financial Risk Management (note 6) Investment Objective The primary objective of the Fund is to provide long-term capital growth. In order to achieve its investment objective, the Fund invests primarily in gold, gold certificates, precious metals and minerals, certificates relating to such metals and minerals and/or in equity securities of companies that are directly or indirectly involved in the exploration, mining, production or distribution of gold and precious metals and minerals. The Schedule of Investment Portfolio presents the securities held by the Fund as at December 31, Significant risks that are relevant to the Fund are discussed here. General information on risks and risk management is described in Note 6. Market Risk a) Other Price Risk As at December 31, 2015 and 2014, if the S&P/TSX Global Gold Index were to fluctuate by 10%, with all other variables held constant, Net Assets attributable to holders of redeemable units would increase or decrease by the amounts shown in the table below. This is a measure based on the historical relationship of the Fund s performance against the index noted above. The composition of this calculation contains several subjective components that, although reasonably estimated, could alter the resulting estimate should these components be modified based on revised assumptions. b) Currency Risk December 31, 2015 December 31, 2014 Impact ($ 000) As a % of Net Assets attributable to holders of redeemable units Impact ($ 000) As a % of Net Assets attributable to holders of redeemable units 13, % 16, % The tables below summarize the Fund s exposure to currency risk as at December 31, 2015 and The tables also illustrate the potential impact to the Fund s Net Assets attributable to holders of redeemable units as a result of 1% changes in these currencies relative to the Canadian dollar, with all other variables held constant. December 31, 2015 % of Net Assets attributable to holders of redeemable units Impact on Net Assets attributable to holders of redeemable units ($ 000) Currency Fair Value ($ 000) Australian Dollar 26, U.S. Dollar 15, Pound Sterling ,

25 Sprott Gold and Precious Minerals Fund Notes to financial statements Fund specific information December 31, 2015 December 31, 2014 % of Net Assets attributable to holders of redeemable units Impact on Net Assets attributable to holders of redeemable units ($ 000) Currency Fair Value ($ 000) U.S. Dollar 10, Pound Sterling 2, Australian Dollar , c) Interest Rate Risk As at December 31, 2015 and 2014, the Fund did not have a significant exposure to interest rate risk. Credit Risk As at December 31, 2015, the Fund is exposed to credit risk from over-the-counter derivative contract with counterparties. The credit risk is considered minimal as these counterparties have a minimum credit rating of AA- by S&P or equivalent. As at December 31, 2014, the Fund did not have a significant exposure to credit risk. Concentration Risk The table below summarizes the Fund s concentration risk as a percentage of Net Assets attributable to holders of redeemable units as at December 31, 2015 and December 31, 2015 December 31, 2014 Equities: Precious Metals 93.25% 94.94% Base Metals 0.75% 2.34% Silver Bullion 0.37% Bonds and Convertible Debentures 2.84% 1.34% Options purchased 0.04% Options written (0.08%) Cash and Other Assets Less Liabilities 3.20% 1.01% Total Net Assets attributable to holders of redeemable units % % Fair Value Measurements (note 5) The Fund s assets and liabilities measured at fair value have been categorized based upon the fair value hierarchy in the tables below as at December 31, 2015 and 2014: December 31, 2015 Level 1 Level 2 Level 3 Total Equities Long 131,048,512 57,798 2,955, ,061,310 Warrants 226, , ,012 Bonds and Convertible Debentures 4,066,491 4,066,491 Options purchased 56,642 56,642 Options written (116,504) (116,504) 131,215,147 4,426,804 2,955, ,596,951 25

26 Sprott Gold and Precious Minerals Fund Notes to financial statements Fund specific information December 31, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Equities Long 160,394,539 2,092,402 3,375, ,861,941 Warrants 660,672 84, ,847 Bonds and Convertible Debentures 2,293,223 2,293,223 Silver Bullion 631, , ,687,131 4,469,800 3,375, ,531,931 During the years ended December 31, 2015 and 2014, the reconciliation of investments measured at fair value using unobservable inputs (Level 3) is presented as follows: December 31, 2015 December 31, 2014 Equities Total Equities Total Balance at beginning of year 3,375,000 3,375,000 3,375,000 3,375,000 Net transfers in (out) 18,236 18,236 Realized losses (839,495) (839,495) Change in unrealized gains 401, ,259 Balance at end of year 2,955,000 2,955,000 3,375,000 3,375,000 Change in unrealized losses during the year for investments held at end of year (420,000) (420,000) The Fund s Level 3 securities consist of private equity positions. The Manager determines their fair value by utilizing a variety of valuation techniques such as the use of comparable recent transactions, discounted cash flows and other techniques used by market participants. The significant unobservable input used in these valuation techniques can vary considerably over time depending on company specific factors and economic or market conditions. The potential impact of applying reasonable possible alternative assumptions for valuing material Level 3 financial assets or liabilities is as follows: December 31, 2015 Increase Decrease Impact on Net assets attributable to holders of redeemable units 0.27% (0.28%) December 31, 2014 Increase Decrease Impact on Net assets attributable to holders of redeemable units 0.22% (0.31%) Restricted Cash and Investments (note 10) As at December 31, 2015 restricted cash and investments held for the Fund totaled $6,086,989 ( $nil). Management Fees (note 11) This fee differs among the series of units of the Fund as set out in the chart below: Series A Series F Series I* Up to 2.50% Up to 1.50% Negotiated by the Unitholder * The management fee for Series I units of the Fund is negotiated by the unitholder and may be paid directly by the Fund or by the unitholder. 26

27 Sprott Gold and Precious Minerals Fund Notes to financial statements Fund specific information December 31, 2015 Tax Loss Carryforwards (note 3) As of the taxation year ended December 31, 2015, the Fund had capital and non-capital losses available for tax purposes as follows: Non-capital losses Capital losses Non-capital losses year of expiry 197,861,591 11,673, ,793, ,121, ,887, Sharing Arrangements (note 13) The Fund paid $2,000 out of the total transaction costs incurred to certain brokers for research provided to the portfolio manager during the year ended December 31, 2015 ( $nil). See accompanying generic notes which are an integral part of these financial statements 27

28 Sprott Energy Fund Statements of Financial Position (in Canadian Dollars) As at December Assets Current assets Investments (note 3, 5) 42,805,965 37,305,468 Cash (note 10) 4,397,512 17,503,493 Due from broker - 1,211,383 Subscriptions receivable 327, ,001 Dividends receivable 170, ,775 Total assets 47,701,424 56,541,120 Liabilities Current liabilities Redemptions payable 161,282 58,084 Management fees payable (note 11) - 3,971 Accrued expenses 56,181 78,220 Total liabilities 217, ,275 Net Assets attributable to holders of redeemable units 47,483,961 56,400,845 Net Assets attributable to holders of redeemable units per series Series A 35,152,418 45,645,101 Series F 12,331,543 10,755,744 Series I - - Net Assets attributable to holders of redeemable units per series per unit (note 8) Series A Series F Series I - - See accompanying notes which are an integral part of these financial statements On behalf of the Manager, Sprott Asset Management LP, by its General Partner, Sprott Asset Management GP Inc. John Wilson DIRECTOR Kevin Hibbert DIRECTOR 28

29 Sprott Energy Fund Statements of Comprehensive Income (in Canadian Dollars, except unit amounts) For the years ended December Income Net gain (loss) on investments: (1) Interest income for distribution purposes (note 3) 11,160 12,306 Dividends (note 3) 1,497,833 1,596,998 Net realized gains (losses) on sales of investments (10,495,274) 9,700,606 Change in unrealized depreciation in the value of investments (2,318,138) (10,211,599) Net realized gains on foreign exchange 1, Other income 3, Total income (loss) (11,299,608) 1,098,823 Expenses (note 11, 12) Transaction costs (note 3, 13) 2,772,121 2,461,148 Management fees 1,422,473 1,866,580 Unitholder reporting costs 198, ,920 Dividends paid on investments sold short 46,125 - Securities borrowing expense 30,480 11,045 Audit fees 29,114 29,465 Administrative fees 26,033 39,964 Filing fees 20,536 20,631 Custodial fees 17,698 18,717 Legal fees 11,337 7,105 Trustee fees 5,650 5,650 Independent Review Committee fees (note 14) 5,136 4,155 Incentive fees (note 11) - 34,959 Withholding taxes - 2,568 Total expenses 4,585,437 4,686,907 Decrease in Net Assets attributable to holders of redeemable units from operations (15,885,045) (3,588,084) Increase (decrease) in net assets attributable to holders of redeemable units from operations per series Series A Series F Series I (12,168,075) (3,189,795) (3,716,970) (913,154) - 514,865 Weighted average number of units Series A 2,812,995 2,881,169 Series F 714, ,000 Series I - 46,024 Increase (decrease) in Net Assets attributable to holders of redeemable units from operations per series per unit (note 3) Series A Series F Series I (4.33) (1.11) (5.20) (1.57) (1) Net gain (loss) on investments comprised of: Financial assets and liabilities designated at FVTPL (11,027,918) 1,098,311 Financial assets and liabilities classified as HFT (276,501) - (11,304,419) 1,098,311 See accompanying notes which are an integral part of these financial statements 29