S&P 500:                1921.22 (up 36.7%)

Portfolio:              $854,079 ( up 70.8%)

IBB                   1153 shares    $388,676
FSHCX             2788 shares    $240,855
ITB                 8156.5 shares   $224,548  (buying)

PGJ              8989.13 shares    $224,548 (selling)

Notes: The portfolio is selling PGJ (China) in favor of ITB (housing), as China struggles to manage a stock market pretending to be open and transparent.  The August downturn hit high fliers such as biotech and China particularly hard, but out-performance of the S&P 500 continues, by about 93% since May 2013.