Portfolio, November 3, 2014

S&P 500:                 2018 (143.6%)

Portfolio:         $880,062 (176.0%)

IBB                    1153 shares    $341,645
VHT                2025 shares    $250,776
IYT                   1832.23 shares    $287,641

Notes: The portfolio has not made any changes for several months now, and has outperformed the S&P 500 by approximately 77%.  A downturn at the end of September through mid-October caused a decline in the portfolio in line with the resulting drop in the S&P 500, but the recovery from mid-October lows favored the funds held in the portfolio.  Biotech and health care continue to perform strongly, while transportation continues to do well enough to avoid replacement.