I have been unable to cut and paste, so I have given a link to the Dynamic Funds holdings as of July 31. Without having the fund values on each date it would be difficult to do the math using % holdings. Example is on May 31 SGR was$4.52 on July 31 it was $3.70 and Sept. 30 SGR was $3.21. If you look at OSK which is in top spot their price went the other way $10.53- $12.51 and Sept 30th was at $14.91. It would be easy to have the % held by Dynamic decrease without having sold a share. The other factor is what has Dynamic done with any new moneys brought in, perhaps he has been loading up on one of the other top holdings. Just a thought, however I will probably do some more digging. I believe Lunch posted the holdings of all major shareholders in volume terms and their holdings were pretty much unchanged.