AGF Limited Partnership 1991 FINANCIAL STATEMENTS FOR THE THREE

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AGF Limited Partnership 1991 FINANCIAL STATEMENTS FOR THE THREE Powered By Docstoc
					AGF Limited
Partnership 1991
FINANCIAL STATEMENTS
FOR THE THREE MONTH
PERIOD ENDED MARCH 31, 2003




                              1
April 30, 2003


Dear Limited Partner:

We are pleased to present the interim financial statements of AGF Limited Partnership 1991
(“AGF LP 1991”) for the three months ended March 31, 2003.

Net income for both tax and accounting purposes for the three months ended March 31, 2003
was $43,559 or $0.5124 per limited partnership unit. Since the issue expenses and selling
commissions have been fully amortized, there is no difference between income for tax and
accounting purposes.

After allocation to the general partner, the Partnership distributed $0.5124 per unit to the limited
partners on April 25, 2003.

Details of the assets comprising the Distributed Securities are contained in Schedule A.

If you have any inquiries concerning the Partnership, please call CIBC Mellon Trust Company at
416-643-5500 or 1-800-387-0825.

Yours very truly,




AGF Partners No. Two Limited
General Partner




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Schedule A
AGF Limited Partnership 1991
Market Value of Distributed Securities
As at March 31, 2003
(Unaudited)



                                         Market Value (000s)                              Market Value (000s)

AGF Canadian Stock Fund                       $ 10,954         AGF RSP Global Bond Fund              $    124
AGF Canadian Bond Fund                           5,316         AGF Canadian Aggressive All – Cap Fund     111
AGF International Value Fund                     4,456         AGF Precious Metals Fund                    98
AGF Canadian Tactical Asset Allocation Fund      4,238         AGF Global Total Return Bond Fund           81
AGF Canadian Large Cap Dividend Fund             3,120         AGF Global Equity Class                     76
AGF Canadian Growth Equity Fund Limited          2,910         AGF International Value Class               59
AGF Canadian Money Market Fund                   2,814         AGF China Focus Class                       51
AGF Canadian Balanced Fund                       2,486         AGF MultiManager Class                      48
AGF Canadian Conservative Income Fund            1,491         AGF Aggressive Global Stock Fund            35
AGF American Growth Class                        1,070         AGF Latin America Fund                      27
AGF RSP International Value Fund                   986         AGF Global Health Sciences Class            21
AGF Global Government Bond Fund                    925         AGF Canadian Total Return Bond Fund         20
AGF European Equity Class                          647         AGF RSP Japan Fund                          20
AGF Canadian Resources Fund Limited                578         AGF Canada Class                            19
AGF American Tactical Asset Allocation Fund        524         AGF Germany Class                           18
AGF International Stock Class                      500         AGF Managed Futures Fund                    17
AGF Special U.S. Class                             473         AGF Global Real Estate Equity Class         14
AGF Asian Growth Class                             362         AGF Emerging Markets Value Fund              9
AGF RSP International Equity Allocation Fund       355         AGF World Companies Fund                     9
AGF RSP American Growth Fund                       339         AGF RSP World Balanced Fund                  8
AGF RSP American Tactical Asset Allocation Fund    333         AGF Short-Term Income Class                  8
AGF World Balanced Fund                            270         AGF Canadian Value Fund                      7
AGF Japan Class                                    176         AGF Global Technology Class                  7
AGF Aggressive Growth Fund                         155         Others                                       6
AGF RSP European Equity Fund                       142                                               $ 46,513




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AGF Limited Partnership 1991


BALANCE SHEETS


                                                                       As at                  As at
                                                             March 31, 2003      December 31, 2002
                                                                (Unaudited)
Assets
Current assets:
   Cash                                                      $         15,266     $           5,264
   Investments (Note 2)                                                31,299                33,196
   Distribution fees and interest receivable                           19,413                22,345

Total assets                                                 $         65,978     $          60,805

Liabilities And Partners’ Equity (Deficit)
Current liabilities:
   Accounts payable and accrued liabilities                  $         22,419     $          11,367
   Distribution payable                                                43,559                49,438
                                                                       65,978                60,805

Partners’ equity:
   General partner                                                        100                    100
   Limited partners – 85,000 units                                  8,500,000              8,500,000
   Less: Issue expenses                                              (963,034)              (963,034)
                                                                    7,537,066              7,537,066
    Deficit                                                        (7,537,066)            (7,537,066)
                                                                            -                      -

Total liabilities and partners' equity                       $         65,978     $          60,805

The accompanying notes are an integral part of the financial statements.


                             Approved by the Board of Directors of
                        AGF Partners No. Two Limited, as General Partner




                                        _____                                                _
   W. Robert Farquharson, Director                         William D. Cameron, Director

                                                                                                   3
AGF Limited Partnership 1991


STATEMENTS OF OPERATIONS AND DEFICIT


For the three month period ended March 31
(Unaudited)                                                                 2003             2002
Operations
Revenue:
  Distribution fees                                             $          61,007   $      92,201
  Interest                                                                    330             279
                                                                           61,337          92,480

Expenses:
   Administration                                                           8,050           9,000
   Legal and audit fees                                                     4,449           4,248
   Transfer agent fees                                                      2,629           2,211
   Printing, reporting and mailing                                          2,650           1,377
                                                                           17,778          16,836

Net income for the period                                       $          43,559   $      75,644
Net income per unit                                             $          0.5124   $      0.8899

Deficit
Balance – beginning of period                                   $     (7,537,066)   $   (7,537,066)
Net income for the period                                                 43,559            75,644
Distributions to partners                                                (43,559)          (75,644)

Balance – end of period                                         $     (7,537,066)   $   (7,537,066)

The accompanying notes are an integral part of the financial statements.




                                                                                                 4
AGF Limited Partnership 1991


STATEMENTS OF CASH FLOW


For the three month period ended March 31
(Unaudited)                                                                  2003           2002
Operating Activities:
Net income for the period                                          $       43,559     $   75,644
Decrease in non-cash balances related to operations                        13,984            764
                                                                           57,543         76,408

Financing Activities:
Distribution paid to partners                                              (49,438)       (79,063)

Increase (decrease) in cash during the period                               8,105          (2,655)

Cash – beginning of period                                                 38,460         65,881

Cash – end of period                                               $       46,565     $   63,226

Note: Cash is defined as cash and investments.
The accompanying notes are an integral part of the financial statements.




                                                                                               5
AGF Limited Partnership 1991


NOTES TO FINANCIAL STATEMENTS
For the three month period ended March 31, 2003 and March 31, 2002
(Unaudited)


1. Accounting Policies
   Significant accounting policies used in preparing the interim financial statements are
   consistent with those used in preparing the annual financial statements. The interim
   financial statements should be read in conjunction with the Partnership’s most recent annual
   financial statements.

2. Investments
   Investments include a term deposit of $30,800 (December 31, 2002 - $32,700) and AGF
   Canadian Money Market Fund of $499 (December 31, 2002 - $496).




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AGF Limited Partnership 1991

Head Office                          Transfer Agent
P.O. Box 50                          CIBC MELLON TRUST COMPANY
Toronto Dominion Centre              320 Bay Street, P.O. Box 1
Toronto, ON M5K 1E9                  Toronto, ON M5H 4A6
Telephone: 416 367-1900              Telephone: 416 643-5500
Toll free: 1 800 268-8583            Toll free: 1 800 387-0825

Vous pouvez obtenir la version française de ce document en appellant
Les Fonds AGF Inc.




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