S&P 500:                 20677 (up 47.1%)

Portfolio:         $942,867 ( up 88.6%)

IBB                    1153 shares         $391,67
VHT                   2025 shares       $271,593 (selling)
IYR                     3502 shares       $279,600 (selling)

FSMEX            6431.65 shares   $275,596  (buying)
FSELX            3174.34 shares    $275,596 (buying)

Notes: The portfolio is selling IYR and VHT, real estate and health care ETFs, and moving into FSMEX and FSELX, medical device and electronics mutual funds.  Out-performance of the S&P 500 continues, albeit with somewhat higher volatility than the reference index.