Financial Statements of
AMERICAN FEDERATION OF
MUSICIANS' AND EMPLOYERS'
PENSION WELFARE FUND
Year ended December 31, 2008
Telephone (416) 228-7000
Yonge Corporate Centre
4100 Yonge Street Suite 200
Toronto ON M2P 2H3
KPMG LLP, is a Canadian limited liability partnership and a member firm of the KPMG
network of independent member firms affiliated with KPMG International, a Swiss cooperative.
KPMG Canada provides services to KPMG LLP.
To the Board of Trustees of American Federation of Musicians'
and Employers' Pension Welfare Fund (Canada)
We have audited the statement of net assets available for benefits of American Federation of
Musicians' and Employers' Pension Welfare Fund (Canada) as at December 31, 2008 and the
statement of changes in net assets available for benefits for the year then ended. These financial
statements have been prepared to comply with Section 76 of the Regulations to the Pension Benefits
Act (Ontario). These financial statements are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements based on our audit.
Except as explained in the following paragraph, we conducted our audit in accordance with Canadian
generally accepted auditing standards. Those standards require that we plan and perform an audit to
obtain reasonable assurance whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation.
Contributions from employers are based on contribution and participation agreements with the
American Federation of Musicians of