Middlefield Group announced yesterday, on behalf of Pathfinder income fund, the completion of its initial public offering of 14.5 million Pathfinder income fund units for a gross value of $145 million.

Pathfinder income fund’s objective is to provide unitholders with a stable monthly income stream, targeted to be around 9% per annum, and to return the original issue price upon termination of the fund on December 31, 2012. The fund intends to achieve these objectives by investing in a broadly diversified portfolio of income trusts. It is anticipated that the initial portfolio will comprise approximately equal weightings of each of the four asset classes in the income trust universe: real estate investment trusts, business trusts, oil and gas royalty trusts and pipeline and power generation trusts.

Middlefield Securities Limited and Guardian Capital Inc. will act as Co-Advisors to the fund, taking responsibility for asset mix and security selection.