2011 Report - Fortress Mutual Fund Ltd

Fortress Mutual Fund LimitedNotes to Consolidated Financial StatementsSeptember 30, 2011(expressed in Barbados dollars)5 Investments….continuedSecurityCost$2011 2010Market value$Cost$Market value$Financial assets at fair valuethrough profit or lossTrinidadNeal & Massy Holdings Ltd 28,754,610 27,785,410 15,611,408 13,216,376Guardian Holdings 6,546,758 5,261,585 5,908,741 4,650,105Ansa McAl Ltd 3,588,506 4,087,186 31,187 27,770Praetorian Property Mutual Fund 4,978,543 3,085,991 4,978,543 3,033,602Prestige Holdings Limited 172,221 186,630 – –Republic Bank Limited – – 6,723,189 5,968,13244,040,638 40,406,802 33,253,068 26,895,985BermudaBermuda Fire & Marine Ltd 8,083,787 8,583,771 8,083,787 7,777,242ChapleGate Credit Opportunity Fund 2,000,000 2,007,072 – –Bank of N T Butterfield Ltd 157,542 178,907 484,728 568,212Denholm Hall Russia Arbitrage Fund 197,535 116,916 197,535 167,96110,438,864 10,886,666 8,766,050 8,513,415East CaribbeanEast Caribbean Financial Holdings Ltd 2,932,344 4,080,799 2,832,221 4,325,464St Lucia Electricity Services 536,480 1,089,775 536,480 1,089,775Trading & Development Co Ltd 526,249 837,380 526,249 1,088,594St Vincent Brewery Limited 287,899 410,465 287,899 410,4654,282,972 6,418,419 4,182,849 6,914,298GuyanaDemerara Bank Limited 2,601,374 4,502,609 2,601,374 2,995,298Banks DIH Ltd 635,242 933,271 635,242 917,716Demerara Distilleries Ltd 233,674 291,760 233,674 269,9473,470,290 5,727,640 3,470,290 4,182,961Government BondsGovernment of Barbados – – 3,000,000 3,099,900Government of Jamaica – – 2,815,237 2,906,702– – 5,815,237 6,006,602(18)