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The offering of MRF 2003 was completed in July
2003 raising $33,600,000 at an issue price of $25.00 per unit. These funds were
fully invested prior to 2004. On March 7, 2005, the assets of MRF 2003 were
exchanged for shares of the Growth Class of the Mutual Fund. On April 15, 2005,
MRF 2003 was dissolved and the shares of the Growth Class of the Mutual Fund
were distributed to partners of MRF 2003. The net asset value of MRF 2003 on
the dissolution date was $26.10 per unit. An investor in MRF 2003 who was an
individual resident in Ontario and who was subject to the highest marginal tax
rate would have had an after-tax cumulative return of 55% on money at risk if
the Growth Class Shares were redeemed immediately upon dissolution of the
partnership. |
