S&P 500:                1951.36 (up 36.7%)

Portfolio:              $818,503 ( up 70.8%)
FSHCX             2788 shares     $237,816
ITB                 8156.5 shares    $216,881
XLP                                           $363,806 (buying)

IBB                   1153 shares     $363,806  (selling)

Notes: The portfolio underperformed the S&P 500 for the month, as investors fled riskier assets for utilities, consumer staples, and the like.  The portfolio sold its longstanding share in biotech, replacing it with XLP – a leading consumer staples ETF.  It also rebalanced after selling its largest holding, as reflected in the lower listing of holdings.