Portfolio Update May 2008

Cumulative Return since 2007 : -8%

Dividend/Coupon/Interest received for 2009 : $33,222

P/S : For taking advantage of possible inflation and USD Downtrend, I have started taking positions in physical Gold. Gold should be well supported as China have also been increasing their gold reserves in their National Reserve. It will not be a long-term position and I intend to dispose of Gold if the bubble pops.

For the possible economic recovery, commodities will be on the rise and I have maintain position in my commodity funds and increase allocation to AUD, the commodity currency. I have converted more AUD dollars to be placed in 3mths FD at 3.24%. I have also increase allocation to Energy-related equities. Again, China have been actively increasing their activities on purchasing commodities/energy related companies & products and prices should be well-supported.

Finally, the recent equity rally have continued unabated and I will be looking to buy on dips as before. Though I will be maintaining my Cash Position and instead will be shifting out of equity funds and replacing them with direct equities that will be paying me dividends.