To the Unitholders of Formula Growth Fund

We have audited the statement of net assets of the Formula Growth Fund (the “Fund”) as at December 31, 2009 and 2008, the statements of operations net assets and changes in net assets for the years then ended and the investment portfolio as at December 31, 2009. These financial statements are the responsibility of the Fund’s manager. 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 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 the Fund’s manager, as well as evaluating the overall financial statement presentation.

In our opinion, these financial statements present fairly, in all material respects, the financial position of the Formula Growth Fund as at December 31, 2009 and 2008, the results of its operations and the changes in its net assets for the years then ended and its investments held as at December 31, 2009 in accordance with Canadian generally accepted accounting principles.

(Signed) Deloitte & Touche, LLP
Chartered Accountants

February 5, 2010

Auditor's Annual Report
(PDF February 2010)