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Mulvihill Gold Participation and Income Fund - GPF.UN
Quarterly Fund Update (June 30, 2010)
Fund Objectives Investment Strategy

To provide unitholders with a stable stream of monthly distributions targeted to be 6.5% per annum on the net asset value of the Trust.

And, to preserve and grow the net asset value (NAV) per unit.

The Trust invests its net assets in the gold sector - initially 50% in shares of SPDR Gold Trust and 50% in the Managed Gold Portfolio, which consist of equity securities selected from the S&P/TSX Global Gold Index.

To generate additional returns above the dividend income generated by the portfolio, the Trust will write covered call options.
Fund Details Distribution History
Ticker Symbol: GPF.UN (TSX) 2010 $0.39915
Eligible for: RRSPs, DPSPs, RRIFs, RESPs 2009 $0.72647
Liquidity Features: Exchange traded and monthly redemptions Cumulative Total $1.12562
Termination Date: not fixed    
Distribution Policy: 6.5% p.a. of NAV paid monthly    
Website Information: www.mulvihill.com    
Original Issue Price: $12.00 per unit on August 7/09    
Tax Efficient: Distributions are typically comprised of Capital Gains, Dividends, and ROC    
Commentary
  • Net Asset Value at quarter end June 30, 2010 was $13.54 versus $11.98 on March 31, 2010.
  • Unitholders received regular distributions totaling $0.20084 during the quarter.
  • The SPDR Gold Trust increased starting from 108.95 on March 31st to 121.68 on June 30th 2010.  The S&P TSX Gold Index also increased starting at 315.32 and ending higher at 382.80 over the same period.
  • We remain fully invested and have strategically written across some of the large capitalization stocks in the portfolio during the quarter with a view towards generating the income.
  • The trading price of the combined unit on June 30th was $12.60, which includes $12.36 for the price of the units and $0.24 for the warrants.
  • The June 30th combined trading price of $12.60 for the units and the warrants represents a discount of –6.9% to NAV.
Summary of Investment Portfolio
Top 25 Holdings as of June 2010
Holding Percentage of Net Asset Value
SPDR Gold Trust  27.1%
Newmont Mining Corporation  10.3%
Barrick Gold Corporation  8.2%
Goldcorp Inc.  6.0%
Randgold Resources Limited ADR  5.5%
Alamos Gold Inc.  5.2%
Semafo Inc.  5.1%
Agnico-Eagle Mines Limited   5.0%
Osisko Mining Corporation  5.0%
Red Back Mining Inc.  4.7%
Gold Fields Limited ADR  4.2%
Royal Gold, Inc.  3.8%
Cash and Short-Term Investments  3.5%
Centamin Egypt Limited  3.1%
IAMGOLD Corporation  3.1%
U.S. Gold Corporation  1.7%
Other Assets (Liabilites)  -1.5%
Total: 100.0%
Percentage of Equity Portfolio Hedged with Put Options: 0.0%
Total Net Asset Value: $31,835,938
Region Asset Mix
Geographic Allocation Percentage of Net Asset Value
Canada 45.4%
United States 42.9%
International 9.7%
Cash and Short-Term Investments 3.5%
Other Assets (Liabilities) -1.5%
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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