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Mulvihill Premier Canadian Income Fund - GIP.UN (Effective October 26, 2009) Previously Premium Global Plus Fund
Quarterly Fund Update (June 30, 2010)
Fund Objectives Investment Strategy

To maximize total returns for unitholders including both long term appreciation in net asset value per unit and distributions.

To pay unitholders monthly, tax-efficient distributions in an amount targeted to be 6.5% per annum on the NAV of the fund.

The fund will seek to achieve its objectives by investing in a high quality portfolio principally consisting of common shares selected from the energy, materials and financials sectors of the S&P/TSX 60 Index.

The fund also has the flexibility to invest up to 20% of the funds net assets in equity securities of other issuers in the S&P/TSX Composite.

To generate additional returns above the dividend income generated by the Portfolio, the Trust will write covered call options.  From time to time, the Trust may hold a portion of its assets in cash equivalents, which may be utilized to provide cover in respect of the writing of cash covered put options
Fund Details Distribution History
Ticker Symbol: GIP.UN (TSX) 2010 $0.16343
Eligible for: RRSPs, DPSPs, RRIFs, RESPs 2009 $0.68953
Liquidity Features: Exchange traded and monthly redemptions 2008 $1.10
Termination Date: December 31, 2014 2007 $1.40
Distribution Policy: 6.5% p.a. of  Net Asset Value
 2006 $1.40
Website Information: www.mulvihill.com 2005 $1.40
Original Issue Price: $25.00 on September 13, 1999 2004 $1.40
Tax Efficient: Distributions are typically comprised of capital gains, dividend income and return of capital 2003 $1.20
    2002 $1.50
    2001 $2.00
    2000 $2.75
    1999 $0.75
    Cumulative Total $15.75296
Commentary
  • The Net Asset Value on June 30, 2010 was $4.41 per unit versus $5.01 on March 31, 2010.
  • Distributions during the quarter totalled $0.08001 per unit.
  • The trading price of $4.00 on June 30, 2010 represents a discount to NAV of -9.29%.
  • During the period the S&P/TSX Composite Index declined from 12037.7 to 11294.4.
  • Of the three major sectors that the fund primarily invests in, the S&P/TSX Materials Index which was relatively flat while the S&P/TSX Energy sector and S&P/TSX Financials Index posted negative returns for the quarter.
  • The overall portfolio remains well diversified and invested across the three sectors along with some selective names outside the industry sectors.
Summary of Investment Portfolio
Top 25 Holdings as of June 2010
Holding Percentage of Net Asset Value
Cash and Short-Term Investments  24.8%
Barrick Gold Corporation  7.8%
The Toronto-Dominion Bank  7.4%
EnCana Corporation  7.0%
The Bank of Nova Scotia  6.9%
Canadian Natural Resources Ltd.  6.9%
Agnico-Eagle Mines Limited   6.8%
Suncor Energy Inc.  6.4%
Royal Bank of Canada  5.9%
Crew Energy Inc.  5.3%
Bank of Montreal  5.1%
Canadian Imperial Bank of Commerce  5.0%
Semafo Inc.  4.9%
Osisko Mining Corporation   4.8%
IAMGOLD Corporation  4.7%
Teck Resources Ltd. Cl B  4.4%
Talisman Energy Inc.  3.0%
Pacific Rubiales Energy Corp.  2.9%
Other Assets (Liabilities)  -20.0%
Total: 100.0%
Percentage of Equity Portfolio Hedged with Put Options: 13.2%
Total Net Asset Value: $15,652,201
Asset Mix as of June 2010
Sector Allocation Percentage of Net Asset Value
Materials 33.4%
Energy 31.5%
Financials 30.3%
Cash and Short-Term Investments 24.8%
Other Assets (Liabilities) -20.0%
Total: 100.0%
The summary of the investment portfolio may change due to the ongoing portfolio transactions of the Fund. A quarterly update will be available on our website.
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