Management Report of Fund Performance

Investor Relations

For MRFPs for years subsequent to 2005, please see the "Financial Reports" section under each fund.

2005

Middlefield Mutual Funds

	Middlefield Income and Growth Class
	Middlefield Equity Index Class
	Middlefield Enhanced Yield Fund
	Middlefield Growth Class
	Middlefield Income and Growth Class
	Middlefield Income Plus Class
	Middlefield Index Income Class
	Middlefield Money Market Fund
	Middlefield Resource Class
	Middlefield Short-Term Income Class
	Middlefield U.S. Equity Class

Middlefield Resource Funds

	MRF 2005 Resource Limited Partnership (MRF 2005)
	Explorer III Resource Limited Partnership
	Explorer II Resource Limited Partnership

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