/CNW/ - Middlefield Mutual Funds Limited (the
Mutual Fund) announced today that, in connection with the planned
dissolution of Discovery 2008 Flow-Through Limited Partnership (Discovery
2008 or the Partnership, cusip: 25469M102), it is proposing to
transfer all of the assets of Discovery 2008 to the Precious Metals
Class (MID170) of Middlefield Mutual Funds Limited in exchange for
mutual fund shares having the same aggregate net asset value as that of
the Partnership. The record date for the transfer is September 9, 2010
and the liquidity date is October 15, 2010. These dates have been
accelerated from the dates disclosed in the Discovery 2008 prospectus to
enable those Discovery 2008 investors who wish to invest in our
Discovery 2010 Flow-Through Limited Partnership (Discovery 2010) to be
able to do so. Discovery 2010 will have its closing in late October,
2010. Appropriate elections under applicable income tax legislation
will be made to effect the transfer on a tax-deferred basis.
It is currently intended that Discovery 2008 will be dissolved on or
about October 15, 2010. Investors will then be able to redeem their
Precious Metals Class (MID170) shares, retain them for longer-term
growth or switch tax-free into any of the other Mutual Fund classes.
Remaining invested in the Mutual Fund avoids incurring the capital gains
tax liability that arises upon redemption of the Mutual Fund shares.
There are nine available asset classes within the Mutual Fund, providing
significant flexibility to suit numerous investment objectives including
safety of capital, income and growth. The Classes currently offered are
Groppe Tactical Energy, Short-Term Income, Income Plus, Uranium Focused
Metals, Income and Growth, Canadian Growth, Equity Index, Global
Agriculture and Precious Metals. We are pleased to report that,
within the Class funds, the Income Plus Class and the Precious Metals
Class have received 5-star ratings from Globefund (July 31, 2010).
Investors should consult their advisors to determine the strategy that
is most suitable for them for the achievement of their own personal
needs and objectives.
