mutual fund investor guide the investor guide to fidelity … · 2017. 12. 11. · mutual fund...

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Market Perspective: Personal Income and Consumer Spending IncreaseThe Dow Jones Industrial Average rallied 3.83 percent to lead all major indexes. Financials and industrials were two of the best-performing sectors on the month, bested only by consumer shares. Fi-delity Select Consumer Staples (FDFAX) increased 2.95 percent and Fidelity Select Consumer Discre-tionary (FSCPX) 5.33 percent.Fidelity Value Discovery (FVDFX), Mega Cap Stock (FGRTX) and Equity Income (FEQTX) ral-lied 2.68, 2.91 and 2.81 percent, respectively, in November. Growth-oriented Contrafund (FCNTX) saw smaller advances. Although short-term interest rates increased as the market priced in a Federal Reserve rate hike, long-term interest rates held steady in November. This caused the yield curve to flatten as the spread between long-term and short-term Treasuries de-clined. Assuming tax reform passes, the tax sav-ings will drop to 20 percent next year. Corporations can save more money by loading several years of pension investments into 2017. We would not be surprised to see long-term rates tick higher in late December or early 2018 as this effect wears off.Long-term bond yields are still trending lower, and rates can rise without breaking this trend. With the Fed raising short-term interest rates, floating-rate bond funds such as Fidelity Floating-Rate High In-come (FFRHX) remain attractive, as do high-yield bond funds with short durations, such as Thompson Bond (THOPX). Economic data was very strong in November. Oc-tober new home sales hit an annualized pace of 685,000. Existing home sales, home prices and building permits are all consistent with an improv-ing housing sector. Fidelity Select Construction & Housing (FSHOX) gained 4.58 percent in Novem-ber.Motor vehicle sales slowed to an annualized pace of 17.5 million in November, down from 18.1 mil-lion in October. Sales surged in October as driv-ers in Texas and Florida replaced storm-damaged

vehicles. Fidelity Select Automotive (FSAVX) in-creased 2.60 percent. Personal income and consumer spending rose faster than expected in October. Black Friday sales were strong both in stores and online. Fidelity Select Re-tailing (FSRPX) gained 6.36 percent in November. Supermarket giant Kroger (KR), the largest pure-play grocer, beat earnings estimates by 10 percent. It saw same-store sales growth of 1.1 percent in the third quarter and sees the same for the current quar-ter. Shares rallied more than 10 percent following its reports. Third-quarter economic growth was revised higher to 3.3 percent. Weekly jobless claims remained low and consumer confidence eased in November to the second-highest reading of the year. Manufacturing PMIs also eased, but like consumer confidence, remain near their highs for the year. Citigroup’s Economic Surprise Index hit its highest level since 2013, indicating data from across the economy is coming in much stronger than economists ex-pected. The Atlanta Federal Reserve predicts 2.7 percent growth, in line with the economist consen-sus forecast.The uptick in economic growth and the prospect of fiscal stimulus via tax cuts sparked a rally in the fi-nancial sector and a major breakout in bank stocks. Fidelity Select Banking (FSRBX) advanced 3.19 percent in November. The U.S. dollar moved contrary to the economic data. The U.S. Dollar Index fell 1.5 percent in November. Fidelity Spartan International (FSIIX) gained 0.79 percent, but this was dwarfed by the 3.05 percent return in Fidelity 500 (FUSEX). While foreign shares enjoyed a countertrend rally for much of 2017, domestic U.S. stocks are still lead-ing the bull market.The European economy was very strong in No-vember, with the manufacturing PMI hitting its second-highest level since the survey began in 1997. European stocks didn’t rally, as German pol-itics weighed on stocks. Along with Italy, Spain and Greece still facing debt problems, political turmoil in Germany will be a concern going forward. Fidel-ity Europe (FIEUX) rose 0.78 percent.

mutualfundinvestorguide.com

MUTUAL FUND Investor Guide

DECEMBER 2017

Matthew D. SauerFounder & Chief Investment Officer

Matthew Sauer is the Founder and Chief Investment Officer of the Mutual Fund Investor Guide family of newsletters. Each month he analyzes and provides buy, sell and hold recommendations for hundreds of mutual funds and ETFs in three newsletters: The Investor Guide to Fidelity Funds, The ETF Investor Guide and The Investor Guide to Vanguard Funds.

Matthew is also the Founder and Chief Investment Officer of MDS Wealth Advisors, a Registered Investment Advisor that provides personalized investment solutions.

In ThIs Issue 1 Market Perspective: Personal Income and Consumer Spending Increase

2 Portfolio Updates

3 Model Portfolios

5 Data & Rankings

11 Fund Spotlight: Fidelity Select Healthcare (FSPHX)

THE Investor Guide TO FIDELITY FUNDS

(continued on page 2)

2 DeCeMBeR 2017 | PhOne: (888) 252-5372

The Investor Guide TO FIDeLITY FUNDS

Third-quarter S&P 500 earnings grew 6.4 percent, but they’re headed back to double digits in the fourth quarter. Analysts cur-rently forecast 10.5 percent growth. En-ergy, materials, technology, financials and utilities are projected to grow earnings at double digits in the fourth quarter. Analysts see energy, materials, financials and tech-nology driving S&P 500 earnings growth in 2018. Real estate, utilities and telecom are forecast to have the slowest growth.With year-end approaching, it is time to consider the impact of taxes on invest-ments. Investors should avoid buying a tax-inefficient fund ahead of a capital gains distribution. Fidelity Capital Appreciation

(FDCAX) is scheduled to pay out 7.5 per-cent of net assets (as of November 30). Investors who buy this fund in a taxable account will have to pay taxes on those gains even if they buy it one day before the distribution. Fidelity Dividend Growth (FDGFX) is slated to pay out 9.1 percent of assets. Several of the Select funds will pay out more than 10 percent of net assets. We won’t know the final details of the tax reform bill until later this month. As-suming your income tax rate declines, you may want to defer income into 2018 and accelerate expenses in 2017, such as maximizing contributions to individual retirement accounts (IRAs) and 401(k)

s. High-income taxpayers in states with high taxes may have a more complicated situation, assuming the state and local tax deductions are eliminated. The contribu-tion limit to 401(k)s is $18,000 in 2017. The catch-up contribution for those 50 and older is $6,000. The corresponding limits for traditional and Roth IRAs are $5,500 and $1,000, respectively. Investors over the age of 70½ will need to take required minimum distributions from their traditional IRAs and pre-tax 401(k)s. Many people wait until the last minute. If you require phone assistance in making this distribution, it can mean a very long wait time with Fidelity and other brokers. Make

Portfolio UpdatesThe Dow Jones Industrial Average in-creased 3.83 percent in November. The S&P 500 Index climbed 2.81 percent, the Russell 2000 Index 2.77 percent, the Nasdaq 2.17 percent and the MSCI EAFE 0.88 percent.In 2017, the Nasdaq has risen 27.69 per-cent. The Dow Jones Industrial Average has advanced 22.82 percent, the MSCI EAFE Index 19.96 percent, the S&P 500 Index 18.25 percent and the Russell 2000 13.78 percent. We made several changes to the Model Portfolios this month.In the Fidelity Balanced Growth Port-folio, we sold 25 percent of Fidelity Contrafund (FCNTX) and purchased Fi-delity Growth & Income (FGRIX) with the proceeds. Contrafund has performed exceptionally well in 2017 and taking some profits is prudent.In the Diversified Sector Portfolio, we sold 25 percent of Fidelity Select Tech-nology (FSPTX) and purchased Fidel-ity MSCI Consumer Staples (FSTX) with the proceeds. Given FSPTX’s large gains this year, modest profit taking makes sense.

The Fidelity Select Sector Portfolio ad-vanced 2.78 percent in November. The portfolio is up 26.50 percent this year. Industrials (FCYIX) rallied 4.45 percent as investors started pricing in corporate tax cuts. Financial Services (FIDSX) rose 3.72 percent for the same reason, because of rising interest rate expectations. The Fidelity Straight Growth Portfolio increased 2.58 percent last month. Value stocks outperformed in November. Value Discovery (FVDFX) led this portfolio with an increase of 2.98 percent. Low-Priced Stock (FLPSX) was next with a gain of 2.92 percent. The portfolio is up 17.71 percent this year. The Fidelity Balanced Growth Portfolio climbed 1.54 percent in November. Mega Cap Stock (FGRTX) benefited from ex-posure to large-cap value, advancing 2.91 percent. Fidelity Fund (FFIDX) rose 2.87 percent. The portfolio is up 16.87 percent this year. The Fidelity Global Portfolio increased 1.72 percent last month. International Small Cap Discovery (FSCOX) returned 3.10 percent, bucking weakness in inter-national stocks. Global Equity Income (FGILX) added 1.62 percent. The portfo-lio is up 22.88 percent in 2017.

The Fidelity Conservative Income Port-folio returned 0.92 percent in November. It is up 7.27 percent this year. Equity Div-idend Income (FEQTX) led with a gain of 2.81 percent. Floating Rate High Income (FFRHX) rose 0.12 percent as investors started lifting LIBOR rates in anticipation of a December rate hike.The Diversified Sector Portfolio in-creased 2.54 percent last month. The port-folio has gained 25.40 percent in 2017. Fidelity MSCI Consumer Staples (FSTA) advanced 5.66 percent. Three funds gained more than 3 percent, including Hennessy Small Cap Financial (HSFNX) and Fidel-ity MSCI Industrials (FIDU).The NTF Straight Growth Portfolio re-turned 2.90 percent last month. The portfo-lio is up 16.72 percent this year. Parnassus Core Equity (PRBLX) advanced 3.41 per-cent. Top holdings such as United Parcel Service (UPS) and Disney (DIS) powered the move. FAM Value (FAMVX) followed with an increase of 3.24 percent. The NTF Balanced Growth Portfolio increased 1.98 percent last month. The portfolio is up 10.43 percent in 2017. Fed-erated MDT Stock (FSTKX) popped 3.72 percent and PIMCO Small Cap (PCKDX) rallied 3.47 percent.

Market Perspective: Personal Income and Consumer Spending Increase (continued)


www.MutualFundInvestorGuide.com | DeCeMBeR 2017 3

Model Portfolios (Data provided as of 11/30/17)

User GuideRank: Our proprietary ranking system uses both technical and fundamental analysis to identify those funds expected to outperform over the following 6 months, on a risk adjusted basis. aDvICe: Based on technical and funda-mental indicators, we issue buy, hold and sell recommendations based upon expected future performance. We often avoid recommending funds that are extraordinarily volatile or are exposed to significant market risk.

PeRFORManCe ReTuRns: YTD, 1-month, 3-month and 1-year returns are calculated each month based on the trailing returns. For 3-year and 5-year periods, returns are annualized.YIelD %: We use the 30-day SEC Yield to pro-vide the expected income generated by each fund, as reported by the fund in its most recent filing. BeTa: The 3-year Beta is the measure of the volatility, or systematic risk of the fund as compared to the market. A Beta of 1.3 will typ-ically be 30% more volatile than the market.

sTanDaRD DevIaTIOn (sD): Also used to measure volatility, is determined from the monthly returns of the fund over the previous 3 years. Those funds with higher standard de-viations are more volatile as compared to those with a lower standard deviation. exPense RaTIO: The expense ratio is the fee charged by the mutual fund. This charge is deducted from the return of the fund, impact-ing performance. Please note, funds may have different share classes with varying expenses associated with each class.

Fidelity Select Sector Fund PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFSPTX Technology 190.80 262.13 21.72% 0.45% 51.52% $50,013.79FIDSX Financial Services 115.76 504.76 25.38% 3.72% 19.01% $58,431.39FSPHX Healthcare 233.26 212.63 21.54% 2.03% 21.62% $49,599.08FCYIX Industrials 37.33 1617.30 26.22% 4.45% 17.62% $60,373.91FDFAX Consumer Staples 96.69 122.15 5.13% 2.95% -1.58% $11,810.67

TOTAL 100.00% 2.78% 26.50% $230,228.84Fidelity StrAigHt growtH PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFEQTX Equity Dividend Income 29.62 2364.82 31.01% 2.81% 6.54% $70,045.90FCNTX Contrafund 128.95 351.31 20.06% 1.59% 31.81% $45,301.90FLPSX Low-Priced Stock 54.28 666.44 16.01% 2.92% 17.63% $36,174.40FVDFX Value Discovery 28.65 1219.45 15.47% 2.98% 12.37% $34,937.33FCPEX Small Cap Enhanced 14.87 1339.93 8.82% 2.41% 7.52% $19,924.78FGRTX Mega Cap Stock 17.69 1102.47 8.63% 2.91% 15.58% $19,502.75

TOTAL 100.00% 2.58% 17.71% $225,887.07Fidelity BAlAnced growtH PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFGRTX Mega Cap Stock 17.69 2141.57 20.20% 2.91% 15.58% $37,884.42FFIDX Fidelity Fund 46.21 820.07 20.21% 2.87% 23.48% $37,895.67FSICX Strategic Income 11.15 3342.49 19.87% 0.24% 7.61% $37,268.71FCBFX Fidelity Corporate Bond 11.60 2711.37 16.77% -0.17% 5.85% $31,451.88FCNTX Contrafund 128.95 250.27 17.21% 1.59% 31.81% $32,271.96FGRIX Fidelity Growth and Income 37.17 289.41 5.74% N/A N/A $10,757.32

TOTAL 100.00% 1.54% 16.87% $187,529.96Fidelity gloBAl PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFSCOX International Small Cap Opp 19.27 2792.95 29.89% 3.10% 32.44% $53,820.08FIGRX International Discovery 47.27 365.60 9.60% 0.51% 29.58% $17,282.07FWWFX Worldwide 28.02 796.92 12.40% 1.48% 5.22% $22,329.77FGILX Global Equity Income 14.44 3926.53 31.49% 1.62% 19.77% $56,699.06FGHNX Global High Income 9.80 3054.55 16.62% 0.34% 10.07% $29,934.55

TOTAL 100.00% 1.72% 22.88% $180,065.52Fidelity conServAtive incoMe PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFFRHX Floating Rate High Income 9.63 3318.14 23.39% 0.12% 3.44% $31,953.67FSTFX Limited Term Muni 10.49 1576.47 12.10% -0.66% 2.02% $16,537.13FSICX Strategic Income 11.15 3933.03 32.10% 0.24% 7.61% $43,853.33FEQTX Equity Dividend Income 29.62 1494.63 32.41% 2.81% 12.08% $44,270.87

TOTAL 100.00% 0.92% 7.27% $136,615.01

4 DeCeMBeR 2017 | PhOne: (888) 252-5372


ntF StrAigHt growtH PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnJAENX Janus Enterprise 118.95 269.19 16.37% 2.04% 26.17% $32,019.61FGRTX Mega Cap Stock 17.69 2550.49 23.06% 2.91% 6.69% $45,118.16FEQTX Equity Dividend Income 29.62 1496.58 22.66% 2.81% 12.08% $44,328.77FAMVX FAM Value 76.78 490.27 19.24% 3.24% 16.65% $37,643.05PRBLX Parnassus Core Equity 42.82 852.65 18.66% 3.41% 15.46% $36,510.62

TOTAL 100.00% 2.90% 16.72% $195,620.21

tAx AdvAntAge PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnPRBLX Parnassus Core Equity 42.82 589.54 15.05% 3.41% 15.46% $25,243.98FPURX Puritan 23.49 1897.47 26.57% 1.47% 15.00% $44,571.52PSHDX PIMCO Short-Term 9.89 2255.76 13.30% 0.25% 2.56% $22,309.43FLPSX Fidelity Low-Priced Stock 54.28 983.65 31.83% 2.92% 17.63% $53,392.64FCVSX Convertible Securities 28.59 776.83 13.24% 0.60% 8.60% $22,209.66

TOTAL 100.00% 1.93% 13.17% $167,727.24

BeAr MArket PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnCVSIX Calamos Market Neutral 13.46 2004.32 25.23% 0.37% 3.69% $26,978.10PSSDX PIMCO Short Strategy 8.22 938.98 7.22% -3.07% -14.55% $7,718.41MWLDX MetWest Low Duration 8.70 3580.40 29.13% -0.11% 1.08% $31,149.52FFRHX Floating Rate High Income 9.63 1987.13 17.90% 0.12% 3.01% $19,136.02DLFNX DoubleLine Core Fixed Inc 10.95 2004.58 20.53% -0.05% 4.06% $21,950.18

TOTAL 100.00% -0.16% 1.36% $106,932.23

AggreSSive vAlue PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFDFAX Fidelity Consumer Staples 96.69 343.92 17.47% 2.95% 9.28% $33,253.44ICTEX ICON Info Technology 20.11 1283.16 13.55% -0.69% 29.13% $25,804.35FCPGX Fidelity Sm Cap Growth 24.95 1007.28 13.20% 0.93% 21.18% $25,131.58FBIOX Fidelity Select Biotech 219.24 142.75 16.44% 0.09% 25.96% $31,296.21FSRBX Fidelity Select Banking 35.88 1075.00 20.26% 3.19% 11.45% $38,570.83FSLBX Fidelity Select Brokerage 84.23 228.38 10.10% 5.46% 10.34% $19,236.45FSDAX Fidelity Select Def & Aero 169.84 100.60 8.97% 2.95% 22.05% $17,086.52

TOTAL 100.00% 1.99% 21.12% $190,379.38

diverSiFied Sector PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFSPHX Fidelity Select Healthcare 233.26 127.25 12.70% 2.03% 26.22% $29,683.16FSPTX Fidelity Select Technology 190.80 225.03 18.37% 0.45% 51.52% $42,935.31FIDU Fidelity MSCI Industrials 38.16 1236.37 20.19% 3.59% 20.10% $47,183.96HSFNX Hennessy Sm Cap Financial 26.91 1003.95 11.56% 3.42% 3.02% $27,016.36RYOIX Rydex Biotechnology 91.10 275.63 10.74% 1.17% 28.42% $25,110.27FSTA Fidelity MSCI Cons Staples 33.77 1192.18 17.22% 5.66% 4.18% $40,259.82FNCL Fidleity MSCI Financials 40.34 534.16 9.22% 3.46% 3.46% $21,547.86

TOTAL 90.78% 2.54% 25.40% $233,736.73

ntF BAlAnced growtH PortFolioSyMBol Fund Price Shares Allocation 1 MontH ytd total returnFMILX Fidelity New Millennium 42.70 427.49 11.51% 2.59% 18.48% $18,253.77FEQTX Equity Dividend Income 29.62 1051.90 19.64% 2.81% 6.54% $31,157.23FCBFX Fidelity Corporate Bond 11.60 2349.72 17.18% -0.17% 5.85% $27,256.77FSTKX Federated MDT Stock 30.40 1085.94 20.81% 3.72% 11.64% $33,012.68PCKDX PIMCO Small Cap 10.72 1741.61 11.77% 3.47% 15.77% $18,670.01THOPX Thompson Bond 11.45 2645.85 19.10% 0.00% 4.49% $30,295.00

TOTAL 100.00% 1.98% 10.43% $158,645.46


FIDELITY GROWTH FUNDSFARNX Fidelity® Event Driven Opportunities 14.78 97 Buy 16.15 1.51 5.27 18.98 12.71 1.22 14.72 1.10FBCVX Fidelity® Blue Chip Value 19.38 96 Buy 12.89 3.36 6.07 16.04 7.63 14.20 0.95 10.63 0.78FBGRX Fidelity® Blue Chip Growth 89.05 96 Strong Buy 34.93 1.86 7.26 35.78 13.16 18.48 1.03 12.06 0.69FCNTX Fidelity® Contrafund® 128.95 97 Strong Buy 31.83 1.59 7.30 32.52 13.00 16.39 0.90 10.13 0.68FCPEX Fidelity® Small Cap Enhanced Index 14.87 84 Strong Buy 7.52 2.41 9.66 12.25 9.81 14.31 1.03 14.12 0.67FCPGX Fidelity® Small Cap Growth 24.95 99 Strong Buy 27.87 0.93 9.02 29.49 15.68 17.89 0.91 12.26 1.07FCPVX Fidelity® Small Cap Value 20.81 98 Buy 13.26 4.63 11.71 16.77 11.65 15.57 0.79 10.51 0.99FDCAX Fidelity® Capital Appreciation 38.75 94 Buy 22.32 2.24 6.43 22.36 8.25 14.36 1.06 11.86 0.60FDEGX Fidelity® Growth Strategies 40.96 97 Buy 20.51 2.89 8.36 21.63 8.45 15.16 0.89 9.72 0.94FDEQX Fidelity® Disciplined Equity 39.89 93 Buy 20.08 2.39 6.86 21.92 8.45 14.62 0.97 10.04 0.68FDFFX Fidelity® Independence 41.90 87 Hold 25.15 2.02 7.44 25.72 7.00 14.63 1.14 13.05 0.54FDGFX Fidelity® Dividend Growth 35.82 94 Buy 18.06 4.13 8.25 20.30 7.98 13.64 0.96 9.83 0.52FDGRX Fidelity® Growth Company 185.26 94 Buy 35.44 1.66 7.39 37.33 15.67 19.53 1.18 13.23 0.77FDLO Fidelity® Low Volatility Factor ETF 30.37 89 Buy 19.01 3.18 8.14 20.88 0.29FDMO Fidelity® Momentum Factor ETF 31.32 89 Buy 23.84 2.70 10.19 25.97 0.29FDRR Fidelity® Dividend ETF for Rising Rates 30.45 90 Strong Buy 17.53 3.50 7.52 19.42 0.29FDSCX Fidelity® Stock Selector Small Cap 29.31 96 Buy 11.96 2.09 9.45 14.93 9.62 13.28 1.00 12.15 0.88FDSSX Fidelity® Stock Selec All Cp 45.22 97 Buy 24.26 2.52 7.39 26.34 10.71 15.43 1.03 10.66 0.62FDSVX Fidelity® Growth Discovery 33.42 96 Buy 34.68 1.00 6.13 35.55 12.81 17.08 0.93 10.98 0.65FDVLX Fidelity® Value 124.50 98 Strong Buy 13.41 2.12 4.94 15.70 7.35 14.22 1.03 11.32 0.61FDVV Fidelity® Core Dividend ETF 28.47 87 Buy 11.88 3.48 7.43 13.35 0.29FEQIX Fidelity® Equity-Income 62.52 88 Strong Buy 11.73 2.61 6.27 14.05 7.91 12.17 2.20 0.94 9.91 0.62FEQTX Fidelity® Equity Dividend Income 29.62 94 Strong Buy 12.08 2.81 6.54 14.61 8.14 12.86 2.32 0.91 9.52 0.62FEXPX Fidelity® Export & Multinational 22.25 85 Buy 18.69 4.66 8.35 19.72 9.50 12.90 0.92 9.64 0.75FFIDX Fidelity Fund 46.21 97 Strong Buy 23.48 2.87 8.63 25.07 10.30 14.41 0.68 0.97 10.17 0.51FGRIX Fidelity® Growth & Income Portfolio 37.17 96 Strong Buy 14.21 3.08 7.22 16.48 8.69 14.19 1.72 1.11 11.79 0.63FGRTX Fidelity® Mega Cap Stock 17.69 98 Strong Buy 15.58 2.91 6.69 17.76 8.73 14.30 0.83 1.12 11.70 0.68FLCEX Fidelity® Large Cap Core Enhanced Index 14.98 98 Buy 19.97 3.52 9.02 22.26 9.57 15.30 0.99 10.13 0.40FLCSX Fidelity® Large Cap Stock 33.48 97 Buy 15.52 2.89 7.17 17.84 9.01 15.37 1.16 12.54 0.62FLGEX Fidelity® Large Cap Growth Enhanced Idx 19.38 97 Strong Buy 25.73 3.47 10.05 27.71 11.60 16.61 1.01 10.57 0.40FLPSX Fidelity® Low-Priced Stock 54.28 98 Strong Buy 18.44 2.92 7.57 19.12 8.74 13.79 0.80 8.89 0.67FLVCX Fidelity® Leveraged Company Stock 33.94 87 Hold 18.29 0.65 6.08 19.40 6.43 12.07 1.18 13.48 0.78FLVEX Fidelity® Large Cap Value Enhanced Index 13.55 87 Buy 14.08 3.91 8.40 16.98 8.66 14.84 0.99 10.59 0.40FMAGX Fidelity® Magellan® 108.04 98 Strong Buy 25.20 2.31 8.32 26.57 11.06 16.35 1.05 10.95 0.67FMCSX Fidelity® Mid-Cap Stock 39.77 96 Strong Buy 17.67 2.05 7.25 19.68 9.48 14.73 0.89 9.92 0.58FMEIX Fidelity® Mid Cap Enhanced Index 16.40 92 Buy 16.96 4.06 9.85 18.69 9.11 15.79 0.94 10.51 0.59FMILX Fidelity® New Millennium 42.70 96 Strong Buy 18.48 2.59 8.46 20.69 9.46 14.49 1.01 10.79 0.57FNCMX Fidelity® Nasdaq Composite Index® 90.92 95 Buy 28.73 2.27 7.10 30.26 13.94 19.19 1.16 12.55 0.29FOCPX Fidelity® OTC Portfolio 109.79 94 Buy 37.79 1.45 6.10 40.19 16.13 22.10 1.25 15.03 0.81FQAL Fidelity® Quality Factor ETF 31.51 91 Buy 21.46 3.65 7.69 23.47 0.29FSCLX Fidelity Mid Cap Index Investor 21.15 95 Buy 17.22 3.37 7.96 18.54 9.13 15.05 0.99 10.53 0.20FSCRX Fidelity® Small Cap Discovery 32.74 93 Buy 7.72 1.74 8.37 10.37 7.68 13.49 0.91 12.57 0.87FSDIX Fidelity® Strategic Dividend & Income® 16.01 94 Strong Buy 11.63 2.10 4.34 14.21 7.46 10.86 2.25 1.09 7.08 0.75FSEMX Fidelity Extended Market Index Inv 64.51 93 Buy 17.55 2.87 8.75 19.70 10.03 15.02 1.06 12.26 0.10FSLCX Fidelity® Small Cap Stock 20.54 92 Buy 12.49 2.55 9.43 15.80 9.72 13.08 0.96 11.49 1.02FSLSX Fidelity® Value Strategies 44.81 96 Strong Buy 17.49 2.68 5.63 20.18 8.42 12.76 1.10 12.07 0.55FSLVX Fidelity® Stock Selec Lg Cp Val 20.65 95 Buy 10.76 3.15 5.57 13.27 7.35 13.67 0.93 9.93 0.76FSMVX Fidelity® Mid Cap Value 28.66 98 Strong Buy 15.66 4.87 9.43 18.82 7.89 15.53 0.97 10.63 0.72FSSMX Fidelity Advisor® Stock Selector Mid Cp 41.43 88 Buy 19.05 2.27 6.70 20.87 8.85 13.39 1.03 11.27 0.63FSSPX Fidelity Small Cap Index Inv 20.90 97 Buy 15.16 2.90 10.23 18.37 11.20 15.06 1.10 14.12 0.19FSTMX Fidelity Total Market Index Inv 77.03 97 Buy 19.88 3.02 7.82 22.21 10.65 15.51 1.01 10.25 0.09FTQGX Fidelity® Focused Stock 24.04 87 Buy 30.94 2.39 8.39 31.54 10.49 14.83 0.94 11.21 0.62FTRNX Fidelity® Trend 106.65 95 Buy 28.63 1.96 6.84 30.09 12.02 16.54 1.01 11.13 0.73FUSEX Fidelity 500 Index Inv 92.87 97 Buy 20.38 3.05 7.63 22.76 10.82 15.65 1.00 10.09 0.09FVAL Fidelity® Value Factor ETF 32.14 92 Strong Buy 19.28 3.61 8.24 21.61 0.29FVDFX Fidelity® Value Discovery 28.65 99 Strong Buy 12.37 2.98 5.67 15.75 7.59 14.18 0.91 9.82 0.75ONEQ Fidelity® Nasdaq Composite Tr Stk ETF 270.73 95 Strong Buy 28.73 2.32 7.15 30.07 14.01 19.20 0.81 1.16 12.53 0.21

FIDELITY SELECT SECTOR FUNDSFBIOX Fidelity® Select Biotechnology Portfolio 219.24 97 Strong Buy 25.96 0.09 -3.95 18.94 3.77 19.40 1.40 28.70 0.74FBMPX Fidelity® Select Multimedia Portfolio 80.86 79 Sell 9.91 2.84 -2.75 11.68 5.68 13.75 1.12 15.15 0.82FBSOX Fidelity® Select IT Services Portfolio 55.44 96 Buy 33.36 2.72 10.55 34.68 17.12 21.18 1.02 12.78 0.79FCYIX Fidelity® Select Industrials Portfolio 37.33 96 Strong Buy 17.62 4.45 11.00 18.55 10.17 15.15 0.93 12.84 0.77FDCPX Fidelity® Select Computers Portfolio 97.45 94 Buy 34.06 1.91 9.15 36.16 10.23 15.55 1.29 16.99 0.81FDFAX Fidelity® Select Consumer Staples Port 96.69 95 Strong Buy 9.28 2.95 0.03 12.48 4.02 9.51 0.58 9.98 0.76FDLSX Fidelity® Select Leisure Portfolio 173.88 84 Hold 27.18 4.77 8.70 25.80 11.80 17.31 0.69 11.09 0.79FIDSX Fidelity® Select Financial Services Port 115.76 97 Strong Buy 19.01 3.72 12.78 24.51 10.77 15.81 0.94 14.05 0.76FNARX Fidelity® Select Natural Resources Port 28.44 46 Sell -6.92 2.41 12.32 -7.83 -2.04 -0.12 1.10 20.85 0.83FPHAX Fidelity® Select Pharmaceuticals Port 18.72 84 Strong Buy 10.00 0.92 -1.89 10.79 -0.78 11.86 0.80 13.76 0.79FSAGX Fidelity® Select Gold Portfolio 19.72 53 Sell 3.13 -1.65 -11.01 5.55 7.75 -11.73 0.25 37.18 0.84FSAIX Fidelity® Select Air Transportation Port 88.67 87 Hold 20.95 4.81 9.73 23.23 10.56 21.69 0.74 13.46 0.84FSAVX Fidelity® Select Automotive Port 40.67 88 Buy 24.50 2.60 12.53 28.76 5.28 13.99 1.34 17.14 0.95FSCGX Fidelity® Select Industrial Equip Port 44.48 89 Strong Buy 18.23 3.80 9.66 18.21 10.96 13.33 0.94 12.57 0.83FSCHX Fidelity® Select Chemicals Portfolio 185.14 95 Buy 30.66 0.14 10.88 31.03 13.42 15.86 1.26 16.37 0.79FSCPX Fidelity® Select Consumer Discret Port 42.10 98 Strong Buy 19.13 5.33 9.35 18.76 9.90 15.11 0.90 11.45 0.76FSCSX Fidelity® Select Software & Comp Port 172.20 97 Strong Buy 37.24 1.11 8.88 37.05 19.02 22.72 1.15 14.59 0.75FSDAX Fidelity® Select Defense & Aero Port 169.84 98 Strong Buy 32.45 2.95 9.86 30.95 17.37 20.44 0.87 12.86 0.79FSDCX Fidelity® Select Comms Equip Port 36.50 86 Hold 11.96 5.77 7.20 13.62 6.89 12.93 1.13 15.80 0.88FSDPX Fidelity® Select Materials Portfolio 92.61 78 Hold 23.16 -0.18 8.08 23.12 7.77 9.65 1.26 15.88 0.81

Data & Rankings (Data provided as of 11/30/17)% return (3 and 5 years Annualized)

yield %Beta

3 yearSd

3 yearexpense

ratioSymbol name nAv rank Advice ytd 1 Month 3 Month 1 year 3 year 5 year

6 DeCeMBeR 2017 | PhOne: (888) 252-5372


FSELX Fidelity® Select Semiconductors 126.36 88 Hold 36.98 4.15 17.83 40.54 24.50 30.01 1.12 17.38 0.75FSENX Fidelity® Select Energy Portfolio 42.35 57 Sell -9.22 2.72 13.69 -9.91 -1.42 1.28 1.06 21.54 0.78FSESX Fidelity® Select Energy Service Port 44.87 41 Sell -19.59 3.05 8.59 -14.19 -8.85 -4.42 1.17 26.30 0.84FSHCX Fidelity® Select Healthcare Svcs 98.02 99 Strong Buy 24.94 6.45 6.96 23.67 11.60 18.20 0.57 12.97 0.78FSHOX Fidelity® Select Construction & Hsg Port 70.14 92 Buy 22.93 4.58 12.98 25.36 11.89 14.57 0.96 13.07 0.79FSLBX Fidelity® Select Brokerage & Invmt Mgmt 84.23 90 Strong Buy 26.94 5.46 12.35 28.61 7.62 14.91 1.31 19.21 0.80FSLEX Fidelity® Select Envir and Alt Engy Port 27.30 82 Hold 25.05 3.02 11.52 27.77 12.89 15.64 1.03 12.77 0.94FSMEX Fidelity® Select Medical Equip & Systems 47.99 96 Strong Buy 30.96 2.94 3.74 33.11 15.70 22.25 0.81 13.74 0.76FSNGX Fidelity® Select Natural Gas Portfolio 23.63 42 Sell -19.83 -0.42 6.59 -19.22 -10.38 -3.74 1.41 28.05 0.87FSPCX Fidelity® Select Insurance Port 89.94 89 Buy 16.62 1.97 8.37 19.71 13.04 17.86 0.82 11.97 0.79FSPHX Fidelity® Select Health Care Portfolio 233.26 99 Strong Buy 26.22 2.03 1.60 26.12 6.43 19.96 0.96 15.88 0.73FSPTX Fidelity® Select Technology Portfolio 190.80 97 Buy 51.52 0.45 8.56 52.78 21.62 21.71 1.23 15.12 0.76FSRBX Fidelity® Select Banking Portfolio 35.88 91 Strong Buy 11.45 3.19 13.19 17.90 13.27 16.85 0.95 19.16 0.79FSRFX Fidelity® Select Transportation 106.43 79 Hold 19.23 6.29 12.90 20.43 7.42 20.22 0.83 15.72 0.82FSRPX Fidelity® Select Retailing Portfolio 133.95 95 Strong Buy 22.08 6.36 13.86 22.22 15.69 18.75 0.79 11.15 0.78FSTCX Fidelity® Select Telecommunications Port 67.86 76 Sell -0.49 1.47 -2.16 5.70 6.78 9.88 0.71 11.08 0.78FSUTX Fidelity® Select Utilities Portfolio 87.55 80 Hold 22.83 2.51 2.63 27.63 7.94 13.03 0.35 11.26 0.78FSVLX Fidelity® Select Consumer Finance Port 15.88 97 Strong Buy 18.83 1.47 9.67 22.95 8.55 13.33 0.96 14.33 0.93FWRLX Fidelity® Select Wireless Portfolio 10.34 86 Hold 23.69 3.40 2.48 28.88 8.98 12.16 0.95 12.30 0.86

FIDELITY SECTOR ETFSFCOM Fidelity® MSCI Telecommunication Svc ETF 32.32 75 Sell 3.37 2.93 -0.14 11.02 8.44 0.64 12.65 0.08FDIS Fidelity® MSCI Consumer Discret ETF 38.27 95 Strong Buy 20.09 4.94 8.38 20.15 11.10 0.91 11.33 0.08FENY Fidelity® MSCI Energy ETF 19.17 54 Sell -7.22 2.13 11.54 -5.73 -3.35 1.04 19.12 0.08FHLC Fidelity® MSCI Health Care ETF 40.41 99 Strong Buy 24.15 3.11 3.51 24.63 8.41 0.89 13.10 0.08FIDU Fidelity® MSCI Industrials ETF 38.19 91 Strong Buy 20.18 3.66 9.71 20.36 11.79 0.93 12.21 0.08FMAT Fidelity® MSCI Materials ETF 34.49 82 Hold 21.09 0.85 8.70 20.68 9.63 1.29 16.60 0.08FNCL Fidelity® MSCI Financials ETF 40.34 99 Strong Buy 18.20 3.46 12.07 23.19 14.39 0.88 14.77 0.08FSTA Fidelity® MSCI Consumer Staples ETF 33.77 97 Strong Buy 10.27 5.66 3.68 13.82 6.96 0.50 9.54 0.08FTEC Fidelity® MSCI Information Tech ETF 50.05 97 Strong Buy 36.68 0.93 9.43 38.61 17.37 1.14 14.29 0.08FUTY Fidelity® MSCI Utilities ETF 36.93 78 Sell 19.50 2.81 4.28 24.94 11.40 0.14 12.31 0.08

FIDELITY REAL ESTATE, COMMODITY & UTILITY FUNDS FFGCX Fidelity® Global Commodity Stock 12.63 39 Sell 11.87 0.32 5.51 13.64 1.03 -0.92 1.26 18.44 1.12FIUIX Fidelity® Telecom and Utilities 27.59 76 Hold 13.68 2.49 2.04 18.96 7.30 11.54 2.02 0.55 9.91 0.56FREL Fidelity® MSCI Real Estate Index ETF 25.01 81 Hold 9.31 2.75 2.33 14.23 0.08FRESX Fidelity® Real Estate Investment Port 42.53 77 Sell 4.61 2.46 1.25 9.46 6.52 10.36 2.53 0.49 13.45 0.76FRIFX Fidelity® Real Estate Income 12.27 83 Hold 7.18 0.33 0.36 8.75 6.39 7.35 3.84 0.25 4.69 0.77FRXIX Fidelity Real Estate Index Inv 15.72 79 Sell 3.57 3.01 2.17 8.35 5.35 9.66 0.49 13.50 0.23

FIDELITY INTERNATIONAL FUNDSFDIVX Fidelity® Diversified International 41.69 83 Buy 25.20 0.72 4.28 27.28 6.56 9.04 0.85 11.43 1.05FEDDX Fidelity® Emerging Markets Discovery 15.07 77 Sell 31.96 -0.33 2.17 30.56 8.48 5.99 0.92 13.40 1.44FEMEX Fidelity® EMEA 9.80 56 Hold 16.53 4.14 2.62 24.33 5.38 4.25 1.08 17.05 1.39FEMKX Fidelity® Emerging Markets 31.70 83 Hold 42.09 1.05 5.39 41.25 8.17 7.77 0.97 13.70 1.00FGBLX Fidelity® Global Balanced 26.32 98 Strong Buy 19.10 1.66 3.99 19.60 5.50 6.65 1.08 7.29 1.00FGILX Fidelity® Global Equity Income 14.44 92 Strong Buy 19.77 1.62 6.42 21.54 7.81 11.35 1.20 0.66 8.78 1.18FHKCX Fidelity® China Region 35.15 83 Hold 47.81 1.47 7.59 40.45 10.52 12.16 1.32 22.02 1.01FICDX Fidelity® Canada 54.29 74 Hold 11.02 -0.22 3.04 12.86 1.50 4.18 0.77 12.94 1.17FIENX Fidelity® International Enhanced Index 10.17 84 Hold 25.87 0.39 4.52 29.60 7.96 9.85 0.90 11.46 0.59FIEUX Fidelity® Europe 42.86 81 Buy 27.48 0.78 6.46 31.25 6.74 8.72 0.96 13.38 1.06FIGFX Fidelity® International Growth 13.56 90 Buy 27.44 0.82 4.47 28.79 7.55 9.21 0.80 10.82 0.98FIGRX Fidelity® International Discovery 47.27 90 Strong Buy 29.58 0.49 4.81 30.96 7.48 9.24 0.85 11.44 0.99FIREX Fidelity® International Real Estate 11.39 79 Hold 22.70 1.88 3.23 22.44 6.92 8.80 1.58 0.82 10.22 1.11FISMX Fidelity® International Small Cap 30.12 95 Strong Buy 29.27 1.18 4.87 31.01 14.20 14.67 0.75 10.07 1.33FIVFX Fidelity® International Capital Apprec 21.38 96 Buy 33.79 1.52 5.37 34.70 9.52 11.51 0.79 10.96 1.12FIVLX Fidelity® International Value 9.13 72 Hold 18.57 0.44 4.22 21.60 4.34 6.65 0.81 10.78 1.03FJPNX Fidelity® Japan 15.67 81 Buy 30.80 3.57 11.13 30.08 12.21 11.73 0.82 11.91 0.78FJSCX Fidelity® Japan Smaller Companies 19.59 94 Buy 33.72 3.98 9.99 34.53 18.65 19.43 0.52 9.36 0.96FLATX Fidelity® Latin America 24.49 73 Sell 28.56 -1.61 -1.84 28.17 -0.69 -4.54 1.30 22.84 1.13FNMIX Fidelity® New Markets Income 16.25 89 Strong Buy 9.12 -0.57 -0.42 11.67 6.58 4.39 4.82 1.01 7.06 0.83FNORX Fidelity® Nordic 54.23 86 Buy 20.75 -0.20 3.08 27.32 8.55 14.06 0.72 12.04 0.98FOSFX Fidelity® Overseas 50.49 89 Buy 27.69 0.62 4.56 30.35 10.12 11.42 0.84 11.37 1.03FPBFX Fidelity® Pacific Basin 36.10 89 Hold 36.43 1.60 8.57 33.96 13.58 14.36 0.79 11.45 1.19FPEMX Fidelity Emerging Markets Index 11.21 77 Hold 32.51 0.09 3.03 32.39 5.59 4.63 1.11 15.64 0.31FSCOX Fidelity® International Small Cap Opp 19.27 99 Strong Buy 32.44 3.10 6.94 35.08 13.11 13.08 0.70 10.18 1.16FSEAX Fidelity® Emerging Asia 44.00 91 Buy 41.71 0.14 6.74 38.06 10.93 9.68 1.03 15.27 1.16FSGUX Fidelity Global ex US Index 13.56 80 Hold 24.63 0.59 4.31 27.20 5.69 6.91 0.95 11.73 0.19FSIIX Fidelity International Idx Inv 43.59 72 Hold 23.46 0.79 4.83 26.93 6.03 8.19 0.91 11.50 0.19FTEMX Fidelity® Total Emerg Mkts 13.57 77 Buy 26.35 -0.07 2.57 26.99 8.06 6.37 1.61 0.79 11.16 1.39FTIEX Fidelity® Total International Equity 9.48 78 Buy 27.42 0.85 4.64 28.93 7.18 7.84 0.84 10.78 1.10FTIGX Fidelity® Total Intl Index Investor 12.47 83 Hold 24.70 0.73 4.44 27.11 0.18FWWFX Fidelity® Worldwide 28.02 94 Strong Buy 28.47 1.48 6.30 29.60 9.02 12.19 0.76 10.54 0.90

FIDELITY INCOME FUNDSFAGIX Fidelity® Capital & Income 10.30 97 Strong Buy 10.96 -0.10 2.20 12.82 6.47 7.61 3.42 0.06 5.76 0.73FBIDX Fidelity US Bond Index Investor 11.56 70 Hold 2.78 -0.15 -0.64 2.95 1.90 1.77 2.33 1.04 2.93 0.15FBND Fidelity Total Bond ETF 50.15 76 Sell 3.12 -0.10 -0.18 4.25 2.76 0.88 3.19 0.45

FIDELITY SELECT SECTOR FUNDS (continued)

% return (3 and 5 years Annualized)yield %

Beta 3 year

Sd 3 year

expense ratioSymbol name nAv rank Advice ytd 1 Month 3 Month 1 year 3 year 5 year


FBNDX Fidelity® Investment Grade Bond 7.91 85 Buy 3.47 -0.07 -0.35 3.94 2.36 2.19 2.41 0.96 3.00 0.45FCBFX Fidelity® Corporate Bond 11.60 91 Strong Buy 5.85 -0.17 0.09 6.73 3.56 3.35 2.80 1.17 4.02 0.45FCONX Fidelity® Conservative Income Bond 10.04 85 Strong Buy 1.17 0.11 0.32 1.26 0.80 0.66 1.14 0.00 0.19 0.35FCOR Fidelity Corporate Bond ETF 50.56 88 Buy 5.07 -0.32 -0.34 6.16 3.35 1.18 4.26 0.45FCVSX Fidelity® Convertible Securities 28.59 92 Strong Buy 9.25 0.60 2.72 10.88 1.63 8.11 2.04 1.38 9.21 0.45FFFAX Fidelity Freedom® Income 11.94 75 Sell 7.39 0.40 1.25 8.07 3.82 4.15 0.51 3.28 0.47FFRHX Fidelity® Floating Rate High Income 9.63 94 Strong Buy 3.44 0.12 0.99 4.50 3.47 3.38 3.30 -0.01 3.13 0.71FFXSX Fidelity® Limited Term Government 9.88 84 Strong Buy 0.55 -0.31 -0.82 0.48 0.46 0.51 1.39 0.44 1.42 0.45FGBFX Fidelity® Global Bond 9.19 72 Hold 8.37 0.00 0.42 8.59 1.49 0.45 2.13 1.15 5.19 0.75FGHNX Fidelity® Global High Income 9.80 83 Strong Buy 10.07 0.34 1.26 11.85 5.68 5.65 3.68 0.36 5.75 1.00FGMNX Fidelity® GNMA 11.39 76 Buy 1.58 -0.17 -0.44 1.51 1.46 1.68 2.17 0.50 1.57 0.45FGOVX Fidelity® Government Income 10.20 55 Sell 1.93 -0.14 -1.01 1.76 1.18 1.18 1.82 1.01 2.92 0.45FHIFX Fidelity® Focused High Income 8.74 96 Strong Buy 6.94 -0.01 1.36 8.50 4.75 4.71 3.54 0.26 4.94 0.82FHIGX Fidelity® Municipal Income 12.99 83 Hold 5.35 -0.37 -0.48 6.31 3.11 2.90 2.08 1.11 3.72 0.46FIBIX Fidelity Interm Treas Bond Index 10.67 61 Sell 2.01 -0.32 -1.75 1.89 1.43 0.98 2.04 1.52 4.50 0.19FINPX Fidelity® Inflation-Protected Bond 12.03 66 Hold 1.71 0.02 -0.44 1.63 0.87 -0.59 3.17 1.10 3.72 0.45FJRLX Fidelity® Limited Term Bond Fund 11.47 84 Strong Buy 1.80 -0.28 -0.32 1.94 1.54 1.78 0.43 1.37 0.45FLBIX Fidelity Long Term Treas Bond Idx Inv 13.09 70 Sell 6.68 0.68 -1.65 6.26 2.95 2.54 2.66 3.71 11.25 0.20FLTB Fidelity Limited Term Bond ETF 50.14 85 Strong Buy 2.01 -0.37 -0.52 2.06 1.60 0.45 1.45 0.45FLTMX Fidelity® Intermediate Municipal Income 10.33 80 Hold 3.65 -0.53 -0.68 4.40 2.07 1.99 1.66 0.84 2.80 0.35FMSFX Fidelity® Mortgage Securities 11.22 63 Sell 2.09 -0.09 -0.44 2.13 1.86 1.99 2.24 0.60 1.83 0.45FSAHX Fidelity® Short Duration High Income 9.54 92 Strong Buy 4.46 -0.30 0.76 6.11 3.44 3.54 0.06 4.72 0.80FSBIX Fidelity Short Term Bond Index Inv 10.33 80 Strong Buy 0.55 -0.28 -0.75 0.59 0.56 0.53 1.53 0.47 1.48 0.19FSHBX Fidelity® Short-Term Bond 8.59 86 Strong Buy 1.08 -0.12 -0.26 1.12 0.97 0.96 1.45 0.24 0.76 0.45FSICX Fidelity® Strategic Income 11.15 92 Strong Buy 7.60 0.24 0.64 8.77 4.38 3.88 2.73 0.59 3.93 0.70FSIQX Fidelity Infl-Protect Bond Index 9.86 76 Hold 1.87 0.10 -0.40 1.93 1.15 -0.35 3.49 1.13 3.84 0.20FSTFX Fidelity® Limited Term Municipal Income 10.49 81 Strong Buy 2.02 -0.66 -0.98 2.25 0.85 0.93 1.12 0.50 1.75 0.48FSTGX Fidelity® Intermediate Government Income 10.42 55 Sell 1.00 -0.25 -1.05 0.96 0.77 0.75 1.63 0.72 2.18 0.45FTABX Fidelity® Tax-Free Bond 11.46 83 Hold 5.06 -0.43 -0.53 6.02 3.10 2.95 2.17 1.09 3.65 0.25FTBFX Fidelity® Total Bond 10.64 80 Hold 3.75 -0.08 -0.28 4.32 2.90 2.71 2.62 0.92 2.96 0.45FTHRX Fidelity® Intermediate Bond 10.81 72 Hold 2.20 -0.28 -0.74 2.40 1.75 1.62 1.97 0.74 2.16 0.45SPHIX Fidelity® High Income 8.98 97 Strong Buy 7.89 -0.16 1.44 10.44 5.24 5.41 4.95 0.24 6.00 0.72

FIDELITY ASSET ALLOCATION FUNDSFAMRX Fidelity Asset Manager® 85% 19.94 89 Buy 20.85 1.79 5.50 22.75 8.48 11.66 1.45 9.08 0.73FASGX Fidelity Asset Manager® 70% 23.03 85 Hold 17.44 1.45 4.49 19.03 7.41 9.95 1.23 7.64 0.70FASIX Fidelity Asset Manager® 20% 13.67 81 Hold 6.35 0.40 1.13 6.99 3.42 4.04 1.78 0.44 2.94 0.52FASMX Fidelity Asset Manager® 50% 18.71 82 Hold 13.02 0.97 3.05 14.24 5.93 7.75 1.54 0.91 5.69 0.64FBALX Fidelity® Balanced 24.02 91 Strong Buy 15.76 1.56 4.21 17.25 7.44 10.68 1.44 1.15 7.22 0.54FDYSX Fidelity® Global Strategies 9.96 80 Buy 17.53 1.22 4.08 18.73 6.90 7.09 1.04 6.55 0.38FFNOX Fidelity® Four-in-One Index 44.87 88 Buy 18.05 1.98 5.78 20.29 8.25 11.59 1.37 8.56 0.08FPURX Fidelity® Puritan® 23.49 94 Strong Buy 17.73 1.47 5.01 19.01 7.88 11.02 1.39 1.11 7.21 0.55FSANX Fidelity Asset Manager® 60% 12.80 82 Hold 15.21 1.19 3.73 16.60 6.68 8.84 1.43 1.07 6.63 0.71FSRRX Fidelity® Strategic Real Return 8.89 84 Hold 2.87 0.23 0.77 4.16 0.49 0.54 2.35 0.47 4.49 0.81

NTF GROWTH FUNDSAAGPX American Beacon Lg Cap Value Inv 29.51 93 Buy 14.39 2.04 7.70 16.46 7.29 13.51 1.11 12.20 0.93ACMVX American Century Mid Cap Value Inv 18.76 94 Buy 10.18 2.01 7.41 11.79 10.55 15.51 1.06 0.86 9.79 0.98ADKSX Adirondack Small Cap 24.58 82 Hold 10.32 2.50 8.91 12.85 8.70 13.28 0.91 13.15 1.29AMAGX Amana Growth Investor 38.60 92 Buy 28.41 3.35 8.40 30.85 10.89 14.34 0.98 10.47 1.09AMANX Amana Income Investor 53.24 94 Buy 20.26 2.66 9.71 21.50 8.22 12.85 0.92 9.88 1.12ARGFX Ariel Investor 70.25 82 Hold 15.55 7.01 11.56 18.10 9.03 16.07 1.34 15.58 1.01ARTLX Artisan Value Investor 14.24 78 Buy 13.44 2.42 6.95 14.34 9.96 12.25 1.09 13.84 0.96AVPAX American Beacon Small Cp Val Inv 29.21 79 Sell 9.35 2.64 11.45 12.70 10.15 14.58 1.03 14.15 1.14BARAX Baron Asset Retail 69.27 93 Buy 28.18 1.72 6.60 28.20 10.86 15.97 1.79 1.00 11.23 1.31BEQGX American Century Equity Growth Inv 35.11 97 Strong Buy 20.91 2.75 8.46 22.83 8.41 14.15 0.01 1.01 10.32 0.67BGRFX Baron Growth Retail 67.83 88 Buy 27.34 2.47 8.34 27.32 9.25 13.41 0.90 10.88 1.30BIOPX Baron Opportunity Retail 16.65 89 Buy 37.62 1.06 4.35 35.77 10.00 12.95 1.18 14.57 1.41BPSCX Robeco Boston Partners Sm Cap Val II Inv 26.26 79 Sell 9.37 1.82 9.78 12.72 10.03 13.36 0.56 1.00 13.36 1.35BPTRX Baron Partners Retail 49.35 89 Buy 33.16 0.98 3.76 35.13 10.76 17.33 1.16 15.75 1.35BSCFX Baron Small Cap Retail 28.08 90 Buy 25.97 1.83 7.52 25.82 9.46 13.46 1.05 12.18 1.32BUFMX Buffalo Mid Cap 17.04 86 Hold 13.68 2.84 6.10 12.97 6.31 11.11 0.94 11.23 1.01CAAPX Ariel Appreciation Investor 47.83 88 Hold 14.05 5.01 9.00 14.93 6.73 14.46 1.25 14.22 1.12CAMSX Cambiar Small Cap Inv 19.87 77 Sell 3.54 2.58 11.13 5.80 3.47 9.27 0.46 1.25 16.64 1.30CFIMX Clipper 122.83 82 Hold 15.32 1.15 7.37 16.52 11.96 16.04 0.71 1.06 11.99 0.72CHDEX Cullen High Dividend Equity Retail 19.67 94 Buy 15.48 2.24 6.10 18.95 8.18 12.00 2.13 0.87 9.59 1.00CHTTX ASTON/Fairpointe Mid Cap N 44.81 81 Hold 9.86 6.82 8.05 11.88 6.93 14.71 3.80 1.24 15.85 1.12CRMAX CRM Small/Mid Cap Value Inv 15.95 91 Buy 14.58 3.30 10.15 15.80 7.45 12.04 1.00 12.04 1.14CRMSX CRM Small Cap Value Inv 20.05 85 Hold 13.99 2.09 11.39 16.89 12.14 15.54 1.03 13.63 1.15CVSIX Calamos Market Neutral Income A LW 13.46 93 Strong Buy 4.15 0.37 0.97 4.49 3.16 3.53 1.99 -0.18 3.09 1.08DEFIX Delafield Fund 26.61 78 Sell 7.91 0.76 6.70 10.45 2.82 7.20 1.28 16.48 1.29DGAGX Dreyfus Appreciation Investor 38.56 86 Buy 24.28 2.77 6.83 27.33 8.64 11.22 0.94 9.94 0.94DISSX Dreyfus Small Cap Stock Index 34.02 85 Buy 13.03 3.44 12.35 16.84 12.66 16.33 1.03 13.78 0.50DREVX Dreyfus Fund Incorporated 12.01 96 Buy 18.79 2.83 7.01 20.33 9.16 13.65 1.00 10.40 0.76DSEFX Domini Impact Equity Inv 49.45 81 Hold 15.08 2.32 6.48 16.56 5.64 12.37 0.71 1.02 10.83 1.14EGFFX Edgewood Growth Retail 28.99 94 Buy 34.77 2.33 4.51 35.59 14.73 19.32 1.10 12.89 1.39


Beta 3 year

Sd 3 year


FIDELITY INCOME FUNDS (continued)

8 DeCeMBeR 2017 | PhOne: (888) 252-5372


NTF GROWTH FUNDS (continued)

EXEYX Manning & Napier Equity 14.55 75 Hold 26.19 1.96 6.13 25.40 8.77 13.65 1.08 12.00 1.05FAMEX FAM Equity-Income Inv 30.17 98 Strong Buy 12.62 2.31 9.31 15.73 10.88 14.00 0.78 9.48 1.26FAMVX FAM Value Inv 76.78 99 Strong Buy 16.33 3.24 10.41 17.76 10.26 14.75 0.90 10.14 1.18FMIEX Wasatch Large Cap Value Investor 10.21 87 Buy 10.93 2.10 5.00 15.05 7.71 11.12 2.73 1.01 10.77 1.10FMIHX FMI Large Cap 23.02 94 Buy 16.73 3.60 6.67 17.38 9.18 13.92 0.91 9.88 0.86FMLSX Wasatch Long/Short Investor 12.92 68 Hold -2.86 3.44 4.70 -2.09 -1.31 2.70 2.20 0.78 10.99 1.42FSCFX Strategic Advisers® Small-Mid Cap 15.77 88 Buy 17.98 3.34 9.59 19.77 9.97 13.80 1.06 12.39 0.62FSTKX Federated MDT Stock Svc 30.40 96 Strong Buy 12.76 3.72 8.91 14.80 7.65 15.25 1.43 1.05 11.46 0.98FVSAX Strategic Advisers® Value 20.74 87 Hold 16.49 3.39 9.33 19.32 9.61 14.93 1.03 10.97 0.35GABAX Gabelli Asset AAA 63.06 85 Hold 18.24 3.24 6.20 19.74 7.37 11.95 0.99 10.43 1.36GABEX Gabelli Equity Income AAA 23.26 88 Hold 13.47 3.00 5.93 15.70 5.93 11.03 0.96 10.03 1.39GABSX Gabelli Small Cap Growth AAA 57.88 95 Strong Buy 18.67 3.27 10.24 21.33 10.73 14.30 0.99 11.49 1.39GATEX Gateway A 33.37 74 Hold 9.21 0.88 2.59 9.87 5.57 5.69 0.94 0.37 4.01 0.94GTSIX Invesco Small Cap Growth Inv 42.89 96 Buy 25.48 4.08 11.43 25.42 11.18 16.03 1.07 12.65 1.22HCAIX Harbor Capital Appreciation Inv 74.37 89 Buy 35.27 2.04 7.22 35.13 13.21 17.38 1.08 12.70 1.01HFCGX Hennessy Cornerstone Growth Investor 24.04 81 Hold 16.02 -0.46 10.89 16.36 8.08 14.03 0.87 12.37 1.32HFCSX Hennessy Focus Investor 86.75 96 Buy 17.07 2.15 7.35 19.03 9.50 14.01 0.95 10.37 1.47HRSVX Heartland Select Value 31.61 83 Hold 11.19 3.50 8.14 14.20 9.04 13.09 0.76 0.95 11.67 1.23HRTVX Heartland Value 44.22 78 Sell 9.43 0.89 8.68 13.77 6.03 9.76 0.06 0.95 14.45 1.09ICMAX Intrepid Small Cap 14.57 72 Sell 1.53 0.21 1.04 1.54 0.84 3.52 0.21 3.89 1.40ICNZX ICON Fund S 19.76 89 Buy 28.06 2.60 9.05 30.43 8.04 12.13 1.16 14.17 1.12JAENX Janus Enterprise T 118.95 97 Strong Buy 26.17 2.04 7.66 26.19 13.71 17.09 0.89 10.06 0.93JAMRX Janus Research T 48.45 96 Buy 25.36 2.93 6.32 25.61 10.20 15.87 1.00 10.89 0.93JATTX Janus Triton T 29.81 95 Strong Buy 26.26 2.69 8.84 26.31 12.93 16.74 1.07 12.43 0.92JAVTX Janus Venture T 80.35 97 Buy 23.94 1.53 7.94 24.08 10.61 16.15 1.15 13.70 0.92JENSX Jensen Quality Growth J 47.85 96 Strong Buy 23.21 3.46 7.83 24.46 11.96 16.04 0.89 9.63 0.87JMVSX JPMorgan Mid Cap Value Sel 40.65 93 Buy 12.92 3.28 6.53 13.48 8.53 13.88 0.88 9.83 0.98KAUFX Federated Kaufmann R 6.22 92 Buy 26.42 2.47 6.51 24.40 11.54 16.95 1.14 13.93 1.95LCEIX Invesco Diversified Dividend Investor 20.60 99 Strong Buy 8.09 2.18 4.75 11.18 8.02 12.96 2.08 0.63 7.11 0.76LCGRX Loomis Sayles Small Cap Growth Retail 26.87 86 Buy 27.59 2.09 10.17 27.17 11.18 15.35 3.69 1.13 14.32 1.20MCGFX ASTON/Montag & Caldwell Growth N 21.50 79 Hold 22.93 3.56 6.28 23.14 8.11 11.51 0.04 0.79 9.29 1.12MERFX Merger Investor 15.92 75 Sell 1.66 -1.30 -0.56 2.31 1.22 1.97 -0.13 2.67 1.40MFCFX Marsico Flexible Capital 16.13 91 Buy 17.74 1.38 5.56 19.21 5.21 11.08 1.34 9.05 1.38MFLDX MainStay Marketfield I 17.17 66 Hold 19.32 1.78 7.78 18.74 1.44 1.92 0.33 6.72 1.56MFOCX Marsico Focus 20.41 90 Buy 35.17 0.25 5.59 33.84 8.15 14.44 0.96 11.87 1.29MGRIX Marsico Growth 19.48 91 Buy 31.98 1.56 5.93 32.01 7.72 13.32 0.98 11.34 1.37MGSEX AMG Managers Special Equity Service 118.63 87 Hold 19.43 2.34 9.31 21.65 10.75 15.01 4.83 1.15 13.80 1.36MUHLX Muhlenkamp 57.24 77 Hold 18.09 3.06 5.84 19.47 1.89 8.19 0.95 10.69 1.25MXXIX Marsico 21st Century 27.60 92 Buy 30.19 2.72 6.94 29.52 8.51 14.84 0.96 11.52 1.41NBGEX Neuberger Berman Genesis Tr 69.26 84 Hold 15.61 3.50 11.91 18.15 11.15 13.41 0.95 11.42 1.08NESGX Needham Small Cap Growth 16.79 98 Strong Buy 19.80 5.36 11.67 18.94 14.10 13.62 0.89 14.16 1.95NOLVX Northern Large Cap Value 16.52 84 Hold 11.40 3.83 7.90 13.83 7.29 13.10 1.02 11.20 0.63NOSGX Northern Small Cap Value 26.19 82 Hold 8.63 2.42 10.69 12.71 10.85 14.88 0.94 13.16 1.00OAKLX Oakmark Select I 48.87 96 Buy 13.55 1.54 7.76 16.55 7.97 15.70 1.20 13.64 0.96OAKMX Oakmark I 86.18 96 Strong Buy 18.90 1.74 7.73 20.78 10.48 16.19 1.24 1.14 12.28 0.86PCKDX PIMCO StocksPLUS® Small D 10.72 98 Strong Buy 17.93 2.78 10.48 22.09 11.70 15.43 1.38 1.28 15.67 1.09PEOPX Dreyfus S&P 500 Index 58.38 97 Buy 19.97 3.04 7.53 22.28 10.35 15.18 1.00 10.10 0.50PESPX Dreyfus MidCap Index 40.45 95 Buy 15.48 3.64 10.07 17.97 10.86 14.94 0.96 11.06 0.50PIXDX PIMCO Fundamental IndexPLUS AR D 7.50 87 Hold 16.51 3.59 8.96 19.76 8.75 14.58 1.31 1.15 12.03 1.19PRBLX Parnassus Core Equity Investor 42.82 96 Strong Buy 16.42 3.41 7.28 18.72 8.65 14.64 1.47 0.83 8.74 0.87PSTDX PIMCO StocksPLUS Absolute Return D 12.02 97 Strong Buy 22.24 2.82 7.89 25.52 10.53 15.24 1.31 1.20 12.22 1.04RYLPX Royce Low Priced Stock Svc 9.00 60 Hold 9.36 1.69 10.43 12.19 4.54 5.02 1.62 1.08 14.81 1.49RYOCX Rydex NASDAQ-100® Inv 35.88 95 Buy 30.66 1.93 6.22 32.01 13.61 18.91 1.19 13.58 1.29RYPFX Royce Pennsylvania Mutual Svc 12.91 80 Buy 17.04 2.95 12.55 20.00 9.65 12.49 1.06 13.69 1.26RYTFX Royce Total Return Svc 15.82 86 Hold 13.72 3.33 12.08 16.98 10.12 12.44 0.96 12.39 1.46RYVFX Royce Small Value Svc 10.60 72 Hold 6.21 5.16 14.72 11.31 4.24 8.25 0.89 14.55 1.48RYVPX Royce Small Growth Plus Svc 12.94 79 Hold 17.53 -0.46 5.29 18.10 8.67 12.42 1.10 14.63 1.49SCSAX Wells Fargo Advantage Common Stock A 25.31 85 Hold 16.42 3.43 9.71 17.43 9.34 12.98 1.12 12.64 1.25SDVSX Sit Dividend Growth S 18.27 91 Buy 18.54 3.22 7.91 20.90 9.47 13.51 0.92 9.39 1.25SENAX Wells Fargo Advantage Enterprise A 51.08 91 Buy 27.67 1.53 7.22 27.26 9.18 13.99 1.07 12.09 1.18SLASX Selected American Shares S 41.21 87 Hold 18.94 1.33 8.56 20.01 10.98 14.75 0.33 1.09 12.11 0.97SMVAX Wells Fargo Advantage Small Cap Value A 20.37 94 Buy 13.70 2.31 9.40 18.70 10.51 10.59 1.05 14.04 1.28SOPVX Wells Fargo Advantage Opportunity A 48.09 99 Strong Buy 18.13 2.73 7.54 18.09 8.67 13.47 1.07 11.39 1.21SSHFX Sound Shore Investor 50.56 93 Buy 15.13 1.02 5.69 16.64 7.72 15.37 2.77 1.15 12.17 0.91TAVFX Third Avenue Value Instl 57.12 86 Buy 13.40 1.91 5.35 14.61 5.29 8.85 0.80 0.87 13.68 1.14TGCNX TCW Select Equities N 29.04 91 Buy 31.76 2.87 5.26 30.88 10.56 13.48 0.37 1.13 13.69 1.14TGDVX TCW Relative Value Large Cap N 24.81 88 Hold 13.18 2.48 5.94 14.99 7.37 13.78 0.93 1.07 11.82 1.10TGIGX TCW Relative Value Dividend Apprec N 19.95 94 Buy 9.17 2.52 5.80 10.66 6.28 12.62 1.62 1.08 11.55 1.11TWCIX American Century Select Inv 74.06 96 Buy 28.20 2.98 6.78 29.19 13.00 15.80 0.99 10.74 0.99TWCUX American Century Ultra® Inv 45.94 98 Buy 31.71 3.03 7.39 32.74 12.89 17.03 1.04 11.26 0.98TWGTX American Century All Cap Growth Inv 35.41 95 Strong Buy 23.51 2.61 6.75 23.60 10.57 13.65 1.01 10.97 1.00TWHIX American Century Heritage Inv 24.51 84 Hold 21.46 3.55 7.36 20.75 8.50 12.75 0.99 11.11 1.00TWVLX American Century Value Inv 9.29 79 Hold 6.34 2.65 6.55 8.47 7.04 12.94 0.01 0.93 10.48 0.98UMBMX Scout Mid Cap 20.55 91 Buy 23.93 3.95 11.87 26.40 14.14 16.71 0.89 10.21 1.03WBGSX William Blair Growth N 14.23 85 Hold 24.72 3.79 9.55 25.29 9.03 13.43 0.98 10.88 1.21WFDAX Wells Fargo Advantage Discovery A 38.22 89 Buy 27.48 2.36 8.33 27.05 10.35 14.44 1.05 12.38 1.20WOGSX White Oak Select Growth 85.14 93 Buy 18.10 3.38 10.34 20.67 12.64 15.60 1.21 13.24 1.06WPVLX Weitz Partners Value Investor 31.69 89 Buy 9.73 0.89 -0.28 9.46 1.62 9.00 0.80 9.65 1.24WVALX Weitz Value Investor 43.53 82 Hold 14.29 2.18 2.09 14.81 3.69 10.52 0.60 0.78 9.07 1.22YAFFX AMG Yacktman Focused Service 23.12 87 Hold 17.42 3.91 6.06 18.78 7.32 11.86 0.83 9.93 1.23


Beta 3 year

Sd 3 year



NTF SECTOR FUNDSBGEIX American Century Global Gold Inv 8.39 53 Sell 6.07 0.84 -8.71 7.10 7.81 -12.07 0.36 40.22 0.67CSRSX Cohen & Steers Realty Shares 68.07 76 Sell 7.13 2.92 1.66 11.50 6.65 10.57 1.51 0.52 13.05 0.96FSTEX Invesco Energy Inv 24.24 33 Sell -13.30 1.13 12.48 -13.04 -9.68 -4.76 1.36 26.16 1.27FTCHX Invesco Technology Investor 46.30 94 Buy 36.30 0.06 3.70 36.26 12.06 15.18 1.24 15.43 1.35GABUX Gabelli Utilities AAA 9.64 68 Hold 12.90 2.43 3.09 17.01 6.81 9.86 0.53 9.01 1.38GASFX Hennessy Gas Utility Index Investor 30.89 75 Hold 11.25 1.78 1.02 14.11 4.78 11.66 2.15 0.48 10.41 1.01HSFNX Hennessy Small Cap Financial Investor 26.91 90 Strong Buy 3.02 3.42 12.31 11.22 16.54 15.87 0.57 16.44 1.54ICBMX ICON Materials S 15.83 80 Hold 14.30 0.19 9.78 16.07 5.32 9.67 1.19 1.27 17.08 1.50ICCCX ICON Consumer Discretionary S 14.25 80 Hold 6.18 3.34 4.01 6.70 3.82 10.08 1.42 0.79 11.00 1.42ICENX ICON Energy S 12.64 40 Sell -6.67 1.85 12.56 -5.32 -5.00 -1.96 0.01 1.11 20.54 1.44ICFSX ICON Financial S 10.58 99 Strong Buy 17.56 3.12 12.55 22.21 9.12 12.92 1.45 1.09 17.07 1.40ICHCX ICON Healthcare S 16.46 89 Strong Buy 10.54 0.92 -3.18 13.90 3.92 15.52 3.50 0.88 13.82 1.50ICLEX ICON Consumer Staples S 7.69 94 Strong Buy 9.54 4.20 4.20 12.69 7.33 11.02 0.49 0.38 7.50 1.51ICTEX ICON Information Technology S 20.11 95 Strong Buy 35.33 -0.69 7.66 37.55 18.80 19.32 1.38 0.90 12.67 1.49ICTRX ICON Industrials S 15.20 85 Strong Buy 13.10 2.36 5.19 14.11 7.38 13.17 1.91 0.88 12.58 1.50ICTUX ICON Utilities S 9.77 81 Hold 14.23 2.30 3.79 19.46 10.56 13.09 1.65 0.26 11.04 1.50JAGLX Janus Global Life Sciences T 55.03 87 Hold 21.94 1.08 -1.03 20.53 5.62 19.62 0.98 16.52 0.93JAGTX Janus Global Technology T 31.79 94 Strong Buy 44.44 0.92 9.51 43.81 19.46 21.12 1.21 14.50 0.94MRESX AMG Managers Real Estate Securities 11.39 78 Sell 4.80 3.36 2.85 9.49 6.47 10.47 2.42 0.48 13.46 1.15NBRFX Neuberger Berman Real Estate Tr 13.77 74 Hold 11.46 2.76 2.37 15.59 6.40 9.12 0.54 12.34 1.04PCRDX PIMCO Commodity Real Ret Strat D 6.56 27 Sell -1.05 -0.61 1.75 1.01 -8.95 -10.89 3.40 0.82 14.30 1.19PETDX PIMCO Real Estate Real Return Strategy D 7.70 78 Sell 3.86 2.67 1.58 9.13 5.48 7.62 2.93 0.59 14.99 1.14REINX Invesco Real Estate Investor 22.39 78 Hold 8.96 2.99 2.60 13.44 5.87 9.67 1.10 0.51 12.34 1.23RYEIX Rydex Energy Inv 74.99 37 Sell -11.31 2.53 13.11 -10.85 -7.74 -3.53 1.35 24.65 1.37RYHRX Rydex Real Estate H 38.88 65 Sell 6.35 2.37 1.43 10.67 4.40 7.71 0.62 11.90 1.62RYMIX Rydex Telecommunications Inv 49.44 62 Sell 5.30 4.77 3.09 8.21 3.80 7.24 0.92 11.87 1.38RYOIX Rydex Biotechnology Inv 91.10 98 Strong Buy 28.42 1.17 -0.92 23.56 3.99 17.96 1.35 24.60 1.37RYTIX Rydex Technology Inv 90.62 96 Buy 33.32 0.59 7.78 33.30 14.06 18.01 1.16 13.94 1.38

NTF INTERNATIONAL FUNDSAAIPX American Beacon Intl Equity Inv 20.96 78 Hold 22.37 1.40 5.91 25.55 4.70 7.45 0.93 11.87 1.06AEMGX Acadian Emerging Markets Instl 21.63 76 Hold 31.25 -0.92 0.28 32.85 5.39 4.80 0.84 1.04 15.37 1.56ARTIX Artisan International Investor 33.22 90 Buy 30.59 1.99 5.67 30.54 2.94 7.59 3.87 0.87 12.04 1.19BJBIX Aberdeen Select International Eq A 27.98 77 Buy 28.88 -0.11 3.10 31.25 3.53 5.20 0.99 13.23 1.42CIVVX Causeway International Value Inv 17.16 79 Hold 24.53 1.48 7.38 27.75 5.11 7.72 0.87 11.45 1.15DREGX Driehaus Emerging Markets Growth 38.59 79 Buy 37.92 0.78 5.29 37.68 7.15 7.11 0.91 12.92 1.63EGINX Invesco European Growth Investor 41.43 80 Hold 25.39 1.40 6.26 29.88 7.55 8.74 0.79 11.19 1.31EXWAX Manning & Napier World Opportunities A 8.29 67 Hold 21.80 1.34 2.28 24.55 4.29 5.35 0.93 12.04 1.07FILFX Strategic Advisers® International 11.68 78 Hold 24.52 0.95 5.61 27.05 6.82 8.62 0.86 11.01 0.22HIINX Harbor International Investor 69.78 72 Hold 20.41 0.93 2.77 21.30 3.18 5.19 0.99 12.60 1.14HLEMX Harding Loevner Emerging Markets Advisor 57.68 75 Hold 30.70 0.38 2.36 31.31 6.69 6.56 1.02 14.16 1.42HLMNX Harding Loevner International Eq Inv 22.80 79 Buy 27.95 1.11 6.15 30.33 8.32 8.63 0.96 12.42 1.15ICARX ICON Emerging Markets S 16.08 85 Hold 22.19 0.37 0.00 21.18 5.00 5.43 1.65 0.76 11.30 1.55ICHKX Guinness Atkinson China & Hong Kong 27.82 79 Sell 45.73 3.92 8.88 38.46 10.79 8.98 1.21 19.73 1.66JAOSX Janus Overseas T 32.77 79 Buy 29.37 0.37 4.06 29.16 0.83 3.06 1.31 17.21 0.65LISOX Lazard International Strategic Eq Open 15.63 84 Hold 24.54 1.82 5.54 26.31 3.41 7.85 0.84 10.99 1.06MACSX Matthews Asian Growth & Inc Investor 17.87 82 Hold 20.33 2.58 3.00 17.86 4.03 4.53 0.75 10.77 1.09MAKOX Matthews Korea Investor 7.39 89 Buy 40.76 3.50 9.16 40.56 14.41 11.68 0.80 14.53 1.15MAPIX Matthews Asia Dividend Investor 20.15 87 Buy 31.67 2.03 6.72 28.42 11.40 10.27 0.78 11.22 1.06MAPTX Matthews Pacific Tiger Investor 30.70 96 Buy 33.94 2.27 7.23 30.62 8.80 9.44 0.89 13.56 1.08MCHFX Matthews China Investor 23.80 85 Hold 53.85 0.55 7.21 43.70 13.65 9.94 1.25 21.06 1.18MGLBX Marsico Global 15.96 92 Strong Buy 41.74 1.27 8.06 40.49 10.46 14.93 0.84 12.70 1.60MINDX Matthews India Investor 33.52 95 Buy 30.68 1.92 4.91 28.49 9.16 14.96 0.58 14.22 1.12MNILX Litman Gregory Masters Intl Inv 17.54 73 Hold 19.48 -0.17 2.10 22.54 1.64 5.88 0.94 12.62 1.24MTRAX Mainstay Income Builder 20.11 92 Strong Buy 11.63 0.95 3.26 14.31 4.96 8.57 2.14 1.10 7.22 1.02NMIEX Northern Multi-Manager Intl Equity 11.67 72 Hold 26.57 0.86 5.04 28.35 4.55 5.99 0.93 11.73 0.92NMMEX Northern Multi-Manager Emerging Mkt Eq 21.07 77 Buy 31.36 -0.19 2.38 31.32 5.38 4.87 1.08 15.39 1.15NMMGX Northern Multi-Manager Glbl Real Estate 11.20 74 Sell 7.97 2.00 1.07 11.19 3.82 5.87 0.63 10.46 0.96OAKEX Oakmark International Small Cap I 18.00 80 Hold 23.29 0.06 1.41 27.12 9.22 10.26 3.21 1.00 13.62 1.36OAKGX Oakmark Global I 35.10 93 Strong Buy 25.09 0.66 7.54 28.95 7.69 13.01 0.99 14.44 1.15OAKIX Oakmark International I 28.90 93 Strong Buy 27.31 -0.52 4.94 31.60 8.76 11.43 0.31 1.14 15.34 0.95QFFOX Pear Tree PanAgora Dyn Emerg Mkts Ord 22.22 58 Hold 19.40 -0.31 0.14 21.07 0.36 0.99 1.03 14.16 1.09SSEMX SSgA Emerging Markets N 8.74 74 Buy 25.39 0.11 2.10 26.47 0.92 0.62 1.78 1.00 13.91 1.25TAREX Third Avenue Real Estate Value Instl 35.58 87 Hold 19.12 2.86 5.52 20.31 6.50 10.54 0.91 11.32 1.13TAVIX Third Avenue International Value Instl 18.87 81 Buy 21.51 0.05 2.50 24.66 6.30 6.23 1.20 16.90 1.40TWIEX American Century International Gr Inv 13.80 84 Buy 29.33 1.10 5.10 31.32 5.61 8.09 0.89 11.99 1.18UMBWX Scout International 25.32 77 Hold 22.62 0.56 4.89 27.24 6.66 6.90 1.08 0.90 11.34 1.06WBIGX William Blair International Growth N 30.36 85 Hold 27.24 1.10 5.02 28.59 6.17 7.86 0.87 11.21 1.43WGRNX Wintergreen Investor 16.86 67 Hold 10.92 0.48 2.99 13.84 1.71 4.79 4.32 0.57 9.71 1.95WWNPX Kinetics Paradigm No Load 45.97 92 Buy 22.16 1.91 1.84 22.65 8.67 14.61 0.93 12.87 1.64

NTF INCOME FUNDSACITX American Century Infl-Adj Bond Inv 11.63 58 Sell 2.03 0.09 -0.34 2.08 1.06 -0.62 3.15 1.07 3.73 0.47ADFIX American Century Diversified Bond Inv 10.74 75 Hold 2.86 -0.27 -0.73 3.04 1.89 1.75 2.03 0.99 2.82 0.60AGIVX Invesco US Government Investor 8.81 58 Sell 1.44 0.03 -0.69 1.28 1.00 0.74 1.42 0.93 2.72 0.92BCOSX Baird Core Plus Bond Inv 11.66 80 Hold 3.97 -0.14 -0.33 4.31 2.74 2.57 2.45 0.97 2.84 0.55BEGBX American Century International Bd Inv 13.18 59 Sell 10.02 1.70 -0.53 9.02 0.68 -1.15 0.76 1.32 7.39 0.80


Beta 3 year

Sd 3 year


10 DeCeMBeR 2017 | PhOne: (888) 252-5372


BGNMX American Century Ginnie Mae Inv 10.44 62 Sell 1.11 -0.19 -0.38 1.02 1.01 1.11 1.73 0.48 1.55 0.55BJBGX Aberdeen Total Return Bond A 13.31 78 Buy 3.35 -0.02 -0.21 3.66 2.18 1.80 2.28 0.94 2.79 0.69BJBHX Aberdeen Global High Income A 9.18 84 Strong Buy 8.87 -0.30 1.51 10.66 1.91 3.87 4.56 0.22 5.55 1.00BTTTX American Century Zero Coupon 2020 Inv 103.75 73 Sell 1.05 -0.34 -0.85 0.96 1.35 0.65 1.27 0.98 3.09 0.55CPTNX American Century Government Bond Inv 10.93 60 Sell 1.85 -0.19 -0.83 1.72 1.11 0.89 1.80 0.90 2.60 0.47DBMIX Dreyfus Bond Market Index Inv 10.30 68 Hold 2.74 -0.10 -0.69 2.83 1.66 1.48 2.11 1.01 2.85 0.40DIAVX Dreyfus Inflation Adjusted Sec Inv 12.46 65 Sell 0.85 -0.22 -0.64 0.97 0.39 -1.14 0.79 2.97 0.76DLFNX DoubleLine Core Fixed Income N 10.95 86 Strong Buy 4.06 -0.05 -0.32 4.28 2.67 2.66 2.79 0.88 2.63 0.69DLTNX DoubleLine Total Return Bond N 10.62 84 Strong Buy 3.16 -0.19 -0.48 3.19 2.42 2.72 3.23 0.66 1.98 0.72EXCPX Manning & Napier Unconstrained Bond S 10.52 77 Hold 3.07 0.00 0.39 3.46 1.87 1.92 2.18 0.35 1.80 0.75FHYTX Federated High Yield Service 6.87 91 Strong Buy 6.87 -0.17 0.82 8.79 5.30 6.93 3.82 0.19 5.85 0.98FIGIX Federated US Govt 2-5 Yr Svc 10.77 65 Sell 0.07 -0.41 -1.15 -0.03 0.01 -0.17 1.20 0.62 1.92 0.82FPCIX Strategic Advisers® Core Income 10.60 80 Hold 4.13 -0.18 -0.46 4.68 2.75 2.45 0.89 2.73 0.45FPIOX Strategic Advisers® Income Opportunities 9.63 90 Strong Buy 7.56 -0.13 1.29 9.57 4.88 5.60 0.14 5.33 0.83FSISX Federated Short-Term Income Svc 8.49 80 Strong Buy 1.50 -0.10 -0.06 1.49 0.93 0.80 1.51 0.17 0.61 0.71FTGSX Federated Total Return Govt Bd Svc 10.77 71 Sell 1.90 -0.14 -0.95 1.58 0.99 0.61 1.55 1.03 3.03 0.66FULBX Federated Ultrashort Bond Svc 9.12 81 Strong Buy 1.36 0.11 0.23 1.44 0.75 0.64 1.24 0.07 0.42 0.82HYFIX Harbor High-Yield Bond Inv 10.22 86 Strong Buy 5.86 -0.20 1.06 7.79 4.04 4.30 3.69 0.20 5.05 1.03HYINX Invesco High Yield Investor 4.18 87 Strong Buy 5.42 -0.53 0.53 7.16 4.00 4.69 4.16 0.19 5.27 0.75JAFIX Janus Flexible Bond T 10.34 83 Buy 3.23 -0.25 -0.45 3.28 1.80 2.05 2.26 0.90 2.58 0.69JAHYX Janus High-Yield T 8.45 89 Strong Buy 5.43 -0.59 0.86 7.38 4.64 5.19 5.26 0.21 4.47 0.86JASBX Janus Short-Term Bond T 3.01 80 Strong Buy 1.01 -0.19 -0.27 1.13 0.75 0.89 1.47 0.24 0.95 0.74LSBRX Loomis Sayles Bond Retail 14.08 83 Hold 6.74 0.24 -0.13 7.71 2.02 3.79 2.90 0.35 5.58 0.91LSGLX Loomis Sayles Global Bond Retail 16.30 64 Hold 8.14 0.80 -0.18 7.87 1.63 0.57 1.59 1.17 5.26 1.00MBFAX Wells Fargo Advantage Core Bond A 13.18 74 Hold 2.77 -0.16 -0.64 2.92 1.75 1.74 1.71 1.02 2.87 0.78MGFIX AMG Managers Bond Service 27.14 76 Sell 6.31 0.01 0.21 6.91 2.90 3.26 2.49 0.74 3.23 1.00MWCRX Metropolitan West Unconstrained Bond M 11.98 84 Hold 3.42 0.10 0.40 3.67 2.25 2.79 2.29 0.13 0.92 1.04MWHYX Metropolitan West High Yield Bond M 9.73 92 Strong Buy 5.86 -0.02 0.81 7.14 3.29 4.03 2.38 0.13 3.46 0.85MWLDX Metropolitan West Low Duration Bond M 8.70 88 Buy 1.09 -0.11 -0.11 1.25 0.84 1.22 1.38 0.13 0.49 0.61MWTRX Metropolitan West Total Return Bond M 10.64 88 Buy 2.73 -0.02 -0.55 2.89 1.73 2.26 1.92 0.87 2.46 0.67NHFIX Northern High Yield Fixed Income 6.88 91 Strong Buy 7.03 -0.19 1.66 9.17 4.31 5.19 6.28 0.04 5.19 0.80NOFIX Northern Fixed Income 10.18 76 Sell 3.65 -0.03 0.01 4.00 2.20 2.26 2.43 0.93 2.77 0.45PASDX PIMCO All Asset D 12.18 77 Buy 11.51 0.50 1.09 13.50 3.56 3.25 3.40 1.04 7.75 0.49PBDDX PIMCO Investment Grade Corp Bd D 10.59 96 Strong Buy 6.89 -0.09 0.07 7.86 4.08 3.92 2.70 1.22 4.06 0.90PDVDX PIMCO Diversified Inc D 10.98 93 Buy 7.89 -0.21 0.25 9.28 5.43 4.15 2.37 0.73 4.52 1.16PEMDX PIMCO Emerging Markets Bond D 10.59 81 Hold 9.43 -0.45 0.14 11.73 4.93 2.82 3.95 0.97 8.04 1.20PFBDX PIMCO Foreign Bond (Unhedged) D 10.02 43 Sell 9.84 1.21 -0.82 9.36 1.53 -0.28 1.72 1.30 7.11 0.90PFODX PIMCO Foreign Bond (USD-Hedged) D 10.73 84 Buy 3.30 0.35 0.88 4.07 3.67 4.26 1.29 0.87 3.20 0.90PGNDX PIMCO GNMA D 11.04 62 Hold 1.40 -0.26 -0.60 1.50 1.21 1.31 1.70 0.49 1.69 0.90PGSDX PIMCO Global Advantage Strategy Bd D 10.78 53 Hold 6.90 0.33 0.38 7.77 1.37 0.48 2.19 0.65 4.31 1.10PHYDX PIMCO High Yield D 8.98 94 Strong Buy 6.44 -0.49 0.62 8.27 4.97 5.16 3.43 0.33 4.86 0.90PLDDX PIMCO Low Duration D 9.85 81 Strong Buy 1.34 -0.20 -0.19 1.81 0.89 0.76 1.18 0.13 1.13 0.75PONDX PIMCO Income D 12.43 98 Strong Buy 7.95 0.25 1.25 9.05 5.73 6.34 3.44 0.15 2.41 0.79PRRDX PIMCO Real Return D 10.96 69 Sell 2.52 0.06 -0.33 2.47 0.60 -0.72 3.62 1.08 4.15 0.85PSHDX PIMCO Short-Term D 9.89 80 Strong Buy 2.26 0.25 1.01 2.48 1.80 1.41 1.54 -0.19 1.07 0.70PTTDX PIMCO Total Return D 10.23 79 Hold 4.23 -0.31 -0.83 4.88 2.14 1.85 1.98 0.98 3.18 0.75PUBDX PIMCO Unconstrained Bond D 11.13 81 Strong Buy 6.09 0.17 0.76 7.27 2.66 1.68 3.34 -0.05 3.28 1.30PYEMX Payden Emerging Markets Bond 14.17 87 Buy 11.04 0.19 1.04 12.73 5.99 4.02 5.32 1.08 5.89 0.75PYSBX Payden Low Duration Fund 10.06 83 Strong Buy 1.41 -0.15 0.03 1.51 1.15 1.02 1.79 0.13 0.65 0.45SADAX Wells Fargo Advantage Ultra S/T Inc A 8.47 77 Buy 1.04 -0.02 0.19 1.02 0.81 0.66 1.22 0.04 0.37 0.70SGVDX Wells Fargo Advantage Government Sec A 10.88 64 Sell 1.83 -0.13 -0.75 1.81 1.08 1.07 1.83 0.92 2.64 0.85SNGVX Sit US Government Securities 10.87 57 Sell 1.11 0.06 -0.02 1.12 1.18 0.65 2.71 0.28 0.96 0.80SNTIX Sit Tax-Free Income 9.68 81 Hold 6.61 0.46 1.72 8.03 4.04 3.78 2.65 1.04 3.68 0.80SSTVX Wells Fargo Advantage Short-Term Bd A 8.72 74 Buy 1.06 -0.22 -0.21 1.28 1.07 1.09 1.39 0.21 0.79 0.72STWRX Wells Fargo Advantage DJ Target Today A 10.89 54 Sell 5.27 0.55 1.37 5.37 1.92 1.92 0.30 2.53 0.76STYAX Wells Fargo Advantage Income Plus A 12.61 83 Hold 4.88 -0.01 -0.13 5.71 3.49 3.04 2.28 1.02 3.16 0.76TGFNX TCW Core Fixed-Income N 10.93 80 Hold 2.52 -0.10 -0.58 2.46 1.44 1.50 1.72 0.87 2.45 0.77TGINX TCW Emerging Markets Income N 10.96 83 Buy 9.95 0.10 0.39 12.07 5.40 3.51 5.38 0.97 6.27 1.15TGMNX TCW Total Return Bond N 10.25 79 Hold 2.79 -0.16 -0.71 2.67 1.59 2.39 2.57 0.83 2.43 0.79THOPX Thompson Bond 11.45 98 Strong Buy 4.49 0.00 0.35 5.57 3.45 3.16 2.65 0.23 3.95 0.72TWUSX American Century Short-Term Govt Inv 9.51 66 Hold 0.22 -0.19 -0.42 0.18 0.17 0.13 0.01 0.23 0.78 0.55WACIX Western Asset Core Plus Bond FI 11.81 76 Hold 5.76 -0.18 -0.78 6.29 3.61 3.38 2.44 0.99 3.12 0.83WAPIX Western Asset Core Bond FI 12.61 77 Hold 4.16 -0.13 -0.34 4.50 2.96 2.69 1.93 0.98 2.88 0.81WTIBX Westcore Plus Bond 10.69 74 Buy 4.17 0.10 -0.21 4.31 2.60 2.47 2.75 0.96 2.77 0.55

ASSET ALLOCATIONAABPX American Beacon Balanced Inv 15.70 85 Hold 10.34 1.23 5.28 11.70 5.68 9.56 1.49 1.07 7.43 0.95AOMIX American Century One Choice® Mod Inv 16.08 87 Hold 14.56 1.39 4.17 15.68 6.11 8.56 1.36 1.09 6.73 0.91EXBAX Manning & Napier Pro-Blend Mod Term S 14.14 73 Hold 10.56 -0.21 0.43 10.55 2.64 5.14 0.86 5.76 1.07EXDAX Manning & Napier Pro-Blend Cnsrv Term S 14.12 77 Hold 8.19 0.14 1.00 8.47 2.72 4.28 0.66 4.31 0.87EXHAX Manning & Napier Pro-Blend Max Term S 22.01 81 Hold 22.04 1.38 4.46 22.13 6.14 10.41 1.61 10.35 1.08GLRBX James Balanced: Golden Rainbow R 25.63 75 Sell 5.59 1.18 4.00 7.35 3.01 5.88 3.04 0.63 4.59 0.96GRSPX Greenspring 25.62 78 Sell 6.34 1.26 6.22 8.42 6.29 7.20 1.63 1.01 8.19 1.01IOEZX ICON Equity Income S 18.25 97 Strong Buy 13.84 1.50 7.44 17.24 9.06 12.40 1.76 1.37 9.38 1.20JABAX Janus Balanced T 33.88 93 Strong Buy 17.32 2.29 6.02 18.57 7.05 10.02 1.48 1.01 6.72 0.83LCORX Leuthold Core Investment Retail 20.55 79 Hold 15.88 1.37 5.27 17.03 6.46 9.35 0.60 5.23 1.17MNBAX Manning & Napier Pro-Blend Extnd Term S 18.19 76 Hold 13.60 -0.16 0.83 13.53 3.50 6.84 1.11 7.34 1.07NDMSX Nationwide Inv Dest Mod Agrsv Svc 11.59 85 Hold 16.46 1.76 5.55 18.99 7.23 9.93 1.30 8.05 0.58PAUDX PIMCO All Asset All Authority D 8.95 76 Hold 9.74 -0.11 -0.11 11.90 1.65 0.32 3.47 1.03 8.55 0.58PAXWX Pax World Balanced Individual Inv 22.46 86 Hold 12.17 1.54 3.65 13.39 5.41 8.38 0.99 6.27 0.77


Beta 3 year

Sd 3 year


NTF INCOME FUNDS (continued)


PRPFX Permanent Portfolio 41.15 75 Hold 8.95 0.83 0.15 8.36 3.64 1.80 0.68 7.09 0.82TWBIX American Century Balanced Inv 19.62 83 Hold 13.36 1.61 4.78 14.48 5.64 8.82 0.01 0.97 6.16 0.90TWSAX American Century Strat Allc: Agrsv Inv 9.04 84 Hold 18.18 1.69 5.12 19.30 7.22 10.07 0.84 1.33 8.30 1.11TWSCX American Century Strat Allc: Cnsrv Inv 6.06 82 Hold 10.19 1.17 2.70 11.02 4.47 6.01 1.15 0.78 4.90 1.00TWSMX American Century Strat Allc: Mod Inv 7.51 82 Hold 14.22 1.35 4.07 15.42 5.90 8.26 0.96 1.09 6.73 1.07

BEAR MARKETBRPIX ProFunds Bear Inv 32.86 -17.12 -2.95 -7.04 -18.86 -11.96 -15.76 -0.95 9.56 1.63COMVX Comstock Capital Value AAA 5.00 -19.22 -3.66 -8.26 -20.76 -14.89 -18.73 -1.19 12.60 1.89DXRSX Direxion Mthly Small Cap Bear 2X 14.98 -26.24 -5.67 -18.63 -30.52 -25.62 -30.89 -2.19 28.16 1.35DXSSX Direxion Mthly S&P 500 Bear 2X Inv 14.55 -31.14 -5.95 -13.70 -33.86 -21.57 -28.37 -1.99 20.03 1.35GRZZX Grizzly Short 5.10 -19.05 -3.77 -8.27 -19.56 -10.36 -14.66 -1.24 14.56 1.52PSSDX PIMCO StocksPLUS Short Strat D 8.22 -13.46 -2.95 -6.26 -14.44 -9.16 -13.18 2.04 -0.76 7.88 1.04RYAIX Rydex Inverse NASDAQ-100® Strategy Inv 65.95 -24.15 -1.96 -6.03 -25.07 -14.78 -18.78 -1.13 12.91 1.46RYCWX Rydex Inverse Dow 2x Strategy H 12.44 -36.88 -8.06 -19.12 -41.13 -26.61 -29.44 -1.94 20.38 1.85RYIRX Rydex Inverse Russell 2000 2x Strategy H 48.28 -27.16 -5.65 -18.06 -31.41 -26.01 -31.23 -2.11 27.09 1.84RYJUX Rydex Inverse Government Lg Bd Strat Inv 34.02 -6.92 -1.02 1.64 -7.10 -4.57 -4.01 3.57 -4.29 13.09 1.43RYSHX Rydex Inverse Russell 2000 Strategy H 20.97 -13.92 -2.92 -9.34 -16.52 -13.02 -16.24 -1.07 13.75 1.72RYTPX Rydex Inverse S&P 500 2x Strategy H 46.16 -31.16 -5.82 -13.51 -33.91 -22.51 -28.93 -1.87 18.78 1.80RYURX Rydex Inverse S&P 500® Strategy Inv 62.22 -16.56 -2.90 -6.87 -18.20 -11.18 -15.20 -0.95 9.56 1.42RYVNX Rydex Dyn Inverse NASDAQ-100 2X Strat H 41.78 -43.75 -4.06 -12.23 -45.15 -29.47 -35.47 -2.17 24.97 1.83SHPIX ProFunds Short Small Cap Inv 14.00 -14.79 -2.98 -9.50 -17.40 -13.80 -16.93 -1.07 13.73 1.85SOPIX ProFunds Short NASDAQ-100 Inv 10.80 -24.90 -2.09 -6.33 -26.03 -16.15 -20.28 -1.11 12.74 1.77UFPIX ProFunds UltraShort Latin America Inv 7.91 -38.20 6.89 9.56 -37.67 -19.30 -12.10 -1.94 52.21 1.78UHPIX ProFunds UltraShort China Inv 5.99 -54.48 1.18 -6.84 -49.83 -28.95 -34.26 -2.30 38.65 1.78UIPIX ProFunds UltraShort Mid-Cap Inv 23.53 -27.02 -7.00 -17.70 -30.38 -24.74 -30.06 -1.80 20.66 1.77UKPIX ProFunds UltraShort Japan Inv 6.97 -34.62 -6.19 -27.70 -38.10 -28.08 -40.11 -1.90 31.48 1.78URPIX ProFunds UltraBear Inv 26.98 -31.16 -5.83 -13.53 -33.87 -22.52 -28.98 -1.86 18.69 1.66UVPIX ProFunds UltraShort Emerg Mkt Inv 20.19 -46.46 2.38 -2.13 -43.68 -20.04 -18.54 -2.00 34.51 1.78UWPIX ProFunds UltraShort Dow 30 Inv 20.80 -36.70 -7.96 -19.07 -40.91 -26.32 -29.52 -1.94 20.37 1.78UXPIX ProFunds UltraShort Intl Inv 13.53 -35.39 -1.38 -9.07 -39.25 -18.41 -21.29 -1.74 21.89 1.85

Fund Spotlight: Fidelity Select Healthcare (FSPHX)Healthcare enjoyed a quietly strong run in 2017. Fidelity Select Healthcare (FSPHX) gained 26.22 percent through the end of November. Fidelity MSCI Health Care (FHLC) has increased 24.15 percent. Healthcare looks like a strong bet heading into 2018, as the sector didn’t benefit from investors chasing returns, unlike the tech-nology sector. Fundamental factors remain bullish for the sector. Demographics will be favorable for the next few decades. Baby boomers are retiring at a rate of 10,000 per day, and more than 60 million will retire in the next 15 years. Medicare spending is expected to hit $584 billion in 2018, climbing 49 per-cent to $872 billion in 2023. Total health-care spending in the U.S. could top $3.6 trillion in 2017. The rest of the developed world and China are aging at even faster rates than the United States, which also in-creases demand. Valuations remain relatively low. The bio-technology sector is trading at half its aver-age valuation over the past 20 years.

FIDelITY seleCT healThCaRe (FsPhx) FSPHX seeks capital appreciation through an actively managed healthcare portfolio with strong free cash flow, sales growth and margins. Large, profitable companies anchor the fund. Speculative companies receive smaller allocations. FSPHX has earned a four-star and Silver rating from Morningstar under the steady hand of man-ager Eddie Yoon. He’s helmed the fund since October 2008. A $10,000 investment then would have grown more than 400 percent, 24 percent more than the overall healthcare sector’s 330 percent gain. That works out to an annualized gain of nearly 17 percent since Yoon took over.

PORTFOlIOFSPHX offers unique healthcare exposure that diverges significantly from passive, market cap-weighted funds. Investors are paying a premium for active management. FSPHX has 31.8 percent of assets in bio-technology. The next four subsectors are healthcare equipment, pharmaceuticals, managed healthcare and healthcare tech-nology at 22.1, 16.3, 13.4 and 4.2 percent of assets (as of September 30), respec-

tively. This deviates from the overall sector’s exposure based on market capi-talization. The passively managed Fidelity MSCI Health Care (FHLC) counts phar-maceuticals, biotechnology, healthcare equipment, healthcare providers, and life sciences tools and services as its top five subsectors, with 30.2, 22.5, 21.2, 18.5 and 6.0 percent of assets, respectively. FSPHX’s underweighting in pharma has benefited it over the past two years. Fi-delity Select Pharmaceuticals (FPHAX) declined 8.6 percent over this period. Its overweighting of equipment has also paid off. Fidelity Select Medical Equipment (FSMEX) gained 43.2 percent over this period.Yoon also weights the individual holdings uniquely. Pharmaceutical and biotechnol-ogy giants dominate the healthcare sector. Johnson & Johnson (JNJ) is 10.3 percent of FHLC. Pfizer (PFE), UnitedHealth Group (UNH), AbbVie (ABBV) and Merck (MRK) follow with 5.8, 5.7, 4.2 and 4.1 percent of assets, respectively. UNH is the second-largest holding in FSPHX, but the rest of FHLC’s top hold-

ASSET ALLOCATION (continued)



Beta 3 year

Sd 3 year


12 DeCeMBeR 2017 | PhOne: (888) 252-5372


ings do not appear in FSPHX’s top 10. Instead, FSPHX counts Amgen (AMGN) as its top holding with 10.0 percent of as-sets. Only three of FSPHX’s top-10 hold-ings appear in FHLC’s top 10. In place of pharma giants are device makers Bos-ton Scientific (BSX), Intuitive Surgical (ISRG) and retailer CVS Health (CVS).

PeRFORManCeYoon has guided FSPHX to category-beat-ing returns for the entirety of his tenure. FSPHX returned 20.35, 5.81, 19.84, 12.95 and 12.25 percent over the past 1-, 3-, 5-, 10- and 15-year periods, respectively. It beat the category in every period. The weakest stretch for FSPHX was over the past three years. It beat the category only by an annualized 0.07 percent. This was largely due to subsector exposure. Medical devices led healthcare, while biotechnology and pharmaceuticals lagged considerably. FSPHX trailed FHLC by an annualized 2.04 percent over this period as well. A good chunk of this outperformance by FHLC is attributable to one holding: JNJ. Shares gained 42 percent over the past three years, and this explains roughly half of FHLC’s outperformance versus FSPHX.

RIskFSPHX has a relatively high beta of 1.19 relative to the healthcare category. This translates into a beta of 0.96 versus the MSCI All-Country World Index. FHLC has a beta of 1.02 versus the healthcare

sector and 0.89 versus the MSCI ACWI.FSPHX has a standard deviation of 15.93, below the healthcare category’s 17.17 and above FHLC’s 13.11. The MSCI ACWI has a standard deviation of 10.60.In sum, FSPHX is less volatile than the healthcare category, but more volatile than a passive fund such as FHLC.

YIelDFSPHX is not an income fund, reflected in its trailing 12-month yield of 0.10 per-cent. FHLC has a much higher yield of 1.3 percent, aided by its larger exposure to the higher-yielding pharmaceutical sector.

exPensesFSPHX charges 0.74 percent, a relative bargain among actively managed sector funds. The category average is nearly dou-ble at 1.41 percent. FHLC is a low-cost ETF, charging just 0.084 percent. FHLC is the more tax-efficient fund be-cause it does not distribute capital gains. FSPHX made large capital gains distri-butions in 2014 and 2015, equivalent to about 8 and 10 percent of assets, respec-tively. It did not make a large distribution in 2016. Fidelity estimates the 2017 year-end capital gains distribution will be $5.55 or 2.4 percent of its recent NAV.

COnClusIOnFSPHX is arguably Fidelity’s best Select

fund. Eddie Yoon has guided FSPHX to strong returns over the past nine years. Rea-sonable expenses and a steady hand make it a go-to fund for healthcare exposure. Income investors and those focused on ex-pense ratios have a solid option in FHLC. Its yield of 1.3 percent is on par with the com-petition. Its 0.84 percent expense ratio is the lowest of any healthcare ETF. The fund is trading commission-free at Fidelity.

Fund Spotlight: Fidelity Select Healthcare (FSPHX) (continued)

Portfolio Updates (continued)

diScloSure: Mutual Fund Investor Guide, LLC (MFIG) is an independent company unaffiliated with any of the fund companies discussed in this newsletter, including Fidelity Investments. These results include the reinvestment of all dividends and capital gains. Model trading does not involve financial risk; model trading cannot completely duplicate the financial risk associated with actual trading. MFIG is not an investment advisor and does not provide specific investment advice. This newsletter has been prepared solely for informational purposes. PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. All investments involve risk including total loss of principal.

MDs Wealth advisors: A Private Service from Matthew SauerOver the years it has been our pleasure to provide you with responsible and timely investment advice, and we genuinely appreciate your loyalty to our newsletter. Since we began publishing our investment recommendations, we have been frequently asked to provide dedicated wealth management.Due to the numerous inquiries and requests, I am incredibly pleased to offer private wealth management services through MDS Wealth Advisors. Our objective is simple. We want to help our subscribers tailor their portfolios to their specific investment objectives. I will personally work with each member to build an investment portfolio that is aligned with their goals and risk tolerances. If you are considering a wealth manager or are concerned about who will oversee your investments if you are unable, I would welcome the opportunity to discuss our services.If you are interested in utilizing our new service, call me directly at (844) 336-9878 and I will answer any questions you have. If email is more convenient, you can reach me anytime at: [email protected].

The Tax Advantage Portfolio rose 1.93 percent in November. It is up 13.17 per-cent this year. Parnassus Core Equity (PRBLX) was the leader here, rising 3.41 percent. Fidelity Low-Priced Stock (FLPSX) gained 2.92 percent. The Aggressive Value Portfolio gained 1.99 percent last month. It has risen 21.12 percent in 2017. Fidelity Select Brokerage (FSLBX) jumped 5.46 per-cent and Banking (FSRBX) rose 3.19 percent because the highly taxed finan-cial sector is one of the largest beneficia-ries of the corporate tax cut.The Bear Market Portfolio fell 0.16 percent last month. It is up 1.36 per-cent this year. Calamos Market Neutral (CVSIX) rose 0.37 percent and Floating Rate High Income (FFRHX) added 0.12 percent.

mutual fund investor guide the investor guide to fidelity … · 2017. 12. 11. · mutual fund...

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