Portfolio, July 7, 2015

S&P 500:                 2081.34 (up 48.1%)

Portfolio:              $948,903 ( up 89.8%)

IBB                    1153 shares         $429,331
FSMEX            6431.65 shares   $244,917  (selling)
FSELX            3174.34 shares    $274,655 (selling)

PGJ                8989.13 shares   $259,786  (buying)
FSHCX              2788 shares    $259,786 (buying)

Notes: The portfolio is selling FSMEX and FSELX, medical device and electronics mutual funds, and moving into PGJ and FSHCX, China and medical delivery funds.  Out-performance of the S&P 500 continues, by about 80% since May 2013.