S&P 500:         1597 (113.6%)

Portfolio: $608,800 (121.7%)

IBB      1253 shares    $215,903

ITB      8160 shares    $197,961

IYT     1585 shares    $174,396

Cash                            $20,582

Notes: The portfolio has outperformed the S&P 500 over the past calendar year by 8.1%, and would have finished an additional 3% ahead of the S&P 500 if not out of the market due to a settlement/trading problem during a brief period last July.