The Salve Lucrum Portfolio Dec 30 2009

Ticker           Name                   % OF               %+/-


AAPL          Apple Inc.             9.5%                11.2%
GOOG         Google                  8.9%                 24.3%
CASH                                                                 7.3%
CVX            Chevron                5.5%                 12.1%
CHU           China Unicom        5.2%                -7.7%
INTC           Intel Corp.            4.6%                 7.2%
ARMH         ARM Holdgs           4.3%                 17.3%
GME           Game Stop            3.9%                -3.7%
GIS             General Mills        3.8%                18.4%
RIG            TransOcean           3.0%                -2.6%
VZ             Verizon                  3.0%                  7.5%
IBM            IBM                         2.9%                 31.5%
HAS          Hasbro                    2.9%                 22.4%
SQM         SOC Quima               2.7%                .5%
AMT         American Tower      2.3%                 17.3%
RHHBY     Roche Holdngs         2.2%                16.7%
GLD         Gold (ETF)                1.9%                8.0%
VOD         Vodaphone               1.6%               1.4%
NEWN      New Energy              1.5%                4.6%
GSK          Glaxo S & K              1.5%                17.4%
WU          Western Union          1.3%                .9%
GD           General Dynamics     1.2%                 5.3%
FLIR         Flir Systems               1.1%               15.4%
BMY         Bristol Myers              1.0%              23.3%


The balance of the portfolio is made up of various options and 30 GMAC Smartnote 6% Bonds representing about 3.5% of the entire portfolio. Total realized gains for 2009 amounted to 6.7%