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MRF 2003  Limited Partnership

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.


Note: See the Prospectus (April 29, 2003) 

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