(December 13 – 15:40 ET) – Middlefield Mutual Funds Ltd. in conjunction with MRF 1998 III Limited Partnership, MRF 1999 Limited Partnership and MRF 1999 II Limited Partnership is proposing to transfer all of the assets of the partnerships to the Growth Class of Middlefield Mutual Funds Ltd. The transfers will be done on a tax-deferred basis.

The transfers are conditional upon approval being obtained from the partners of the partnerships at special meetings, and the receipt of regulatory approval.

The transfers of assets to the Growth Class of Middlefield Mutual Funds Ltd. and the subsequent dissolution of the partnerships shall occur sometime in March or April of 2001.

According to Middlefield, the proposed transfers benefit both the partners of the partnerships and the shareholders of the Growth Class by enabling them to participate in a larger, more diversified and liquid mutual fund.

A further benefit is that shares of the Growth Class of Middlefield Mutual Funds Ltd. are exchangeable on a tax-free basis into other Middlefield mutual funds. Other funds currently offered are Income Plus Class, a balanced high income fund, and Equity Index Plus Class, a large cap Canadian equity fund.
-IE Staff