Gold Participation and Income Fund
TSX : GPF.UN

Gold Participation and Income Fund

August 22, 2011 10:34 ET

Gold Participation and Income Fund Announces Semi-Annual End Results

TORONTO, ONTARIO--(Marketwire - Aug. 22, 2011) - Gold Participation and Income Fund (TSX:GPF.UN) (the "Fund") announces results for the six months ended June 30, 2011. The net realized loss before distributions amounted to $(0.2) million or $(0.07) per unit. Net assets were $22.9 million or $12.54 per unit, net of distributions to unitholders in the amount of $0.9 million or $0.42 per unit.

The Fund's investment objectives are: (i) to maximize total returns for Unitholders including both long-term appreciation in net asset value ("NAV") per Unit and distributions; and (ii) to pay Unitholders monthly distributions in an amount targeted to be 6.5% per annum on the NAV of the Fund. The Fund achieves its objectives by investing its net assets in the Gold sector with up to 50% in Shares of SPDR Gold Trust, an exchange-traded fund that seeks to track the price of gold by investing directly in gold bullion and the balance in a portfolio of equity securities selected from the S&P/TSX Global Gold Index, a dynamic international benchmark of the world's leading gold companies.

To generate additional returns above the dividend income earned on the Fund's investment portfolio, the Fund may, from time to time, write covered call options on up to 25% of the securities in the portfolio. In addition, the Fund may write cash covered put options in respect of securities in which it is permitted to invest.

The Fund's investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Fund's units are listed on Toronto Stock Exchange under the symbol GPF.UN.

Selected Financial Information: ($ Millions)
Statement of Financial Operations
for the six months ended June 30, 2011
(Unaudited)
Revenue $ 0.0
Net Realized Gain on Investments 0.3
$ 0.3
Less: Expenses (0.5 )
Net Realized Loss Before Distributions $ (0.2 )

For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit www.mulvihill.com.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Contact Information

  • Mulvihill Structured Products
    John Mulvihill
    President and CEO
    416.681.3966 or 1.800.725.7172

    Mulvihill Structured Products
    David Roode
    President, Fund Services
    416.681.3966 or 1.800.725.7172

    Mulvihill Structured Products
    Aaron Ho
    Vice-President, Finance
    416.681.3966 or 1.800.725.7172

    Mulvihill Structured Products
    121 King Street West, Suite 2600
    Toronto, Ontario, M5H 3T9
    416.681.3966 or 1.800.725.7172
    info@mulvihill.com
    www.mulvihill.com