Fund

Gioconda Fund

inception May 2008

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Performance:

April 30, 2009: +16.65%

May 30, 2009: +26.67%

June 30, 2009: +25.47%

July 31, 2009: +34.4%

Aug. 31, 2009: +32.69%

Sep. 30, 2009: +39.63%

Oct. 31, 2009: +32.82%

Nov. 30, 2009: +46.07%

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Current holdings

Shanghai A-Index

Apple

Baidu

Cit Group (total loss)

Canadian Nat Res.

ConocoPhilips

Ishare MSCI Brasil

Freddie Mac (sold at profit)

Gen Electric

Goldman Sachs

Ipath ETNS Linked

Nordstrom

Kraft Foods

NRG Energy

Porsche (short sale)  no position anymore

Tyson Foods

Union Pac.

VW (short sale)

Wells Fargo

Walmart

Yahoo