Final Audit Opinion - Marret Investment Grade Bond Fund

Financial StatementsMarret Investment Grade Bond FundDecember 31, 2009PricewaterhouseCoopers LLPChartered AccountantsPO Box 82Royal Trust Tower, Suite 3000Toronto Dominion CentreMarch 31, 2010 Toronto, OntarioCanada M5K 1G8Telephone +1 416 863 1133Facsimile +1 416 365 8182Auditors’ ReportTo the Unitholders ofMarret Investment Grade Bond Fund (the Fund)We have audited the statement of investment portfolio of the Fund as at December 31, 2009,the statement of net assets as at December 31, 2009 and the statements of operations, changesin net assets and cash flows for the period from October 23, 2009 (commencement ofoperations) to December 31, 2009. These financial statements are the responsibility of theFund’s manager. Our responsibility is to express an opinion on these financial statementsbased on our audit.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 assurancewhether the financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financial statementpresentation.In our opinion, these financial statements present fairly, in all material respects, the financialposition ...