Middlefield Mutual Funds Limited has completed the rollover of Discovery 2008 Flow-Through Limited into the Precious Metals Class (MID 170) mutual fund.

The LP was dissolved on October 15, at which time the net asset value was $32.88 per unit. As a result, the after-tax total return on money at risk for the life of the LP was approximately 86% for an Ontario investor subject to the highest marginal tax rate.

Partnership investors can determine their Precious Metals Class shareholdings by multiplying the number of units they held in the LP by 1.87983819, Middlefield says.

In addition, shares of Precious Metals Class have now been credited to the accounts of beneficial holders of LP units. The adjusted cost base of the shares of the Precious Metals Class distributed to LP investors is $6.00540518 per share.

There are no fees charged on the rollover into the Mutual Fund, nor on redemptions of Mutual Fund shares, Middlefield notes.

The transfer was a tax-free exchange which means that no disposition occurred and therefore no capital gains tax is payable as a result of the rollover. Middlefield advises that investors can continue to defer the capital gains tax liability that arises upon disposition of their investment by retaining the shares of Middlefield Mutual Funds Limited, which currently offers nine asset Classes into which they can switch tax-free.

In addition to the Precious Metals Class, also offered are Groppe Tactical Energy, Canadian Growth, Income Plus, Equity Index, Income and Growth, Short-Term Income, Uranium Focused Metals and Global Agriculture.

IE