The offering of MRF 2001 II was completed in
December 2001 raising $12,000,000 at an issue price of $25.00 per unit. These
funds were fully invested prior to 2002. On December 15, 2003, the assets of
MRF 2001 II were exchanged for shares of the Growth Class of the Mutual Fund.
On January 30, 2004, MRF 2001 II was dissolved and the shares of the Growth
Class of the Mutual Fund were distributed to partners of MRF 2001 II. The net
asset value of MRF 2001 II on dissolution was $27.73 per unit. An investor in
MRF 2001 II 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
66% on money at risk if the Growth Class Shares were redeemed immediately upon
dissolution of the partnership.