MUTUAL FUND Investor Guide THE Investor Guide TO FIDELITY … · 2017. 5. 10. · 3.18 percent last...

MUTUAL FUND Investor Guide

THE Investor Guide TO FIDELITY FUNDS

MAY 2017

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Market Perspective: Healthcare Continues to Rebound, Has Room to RunThe Nasdaq climbed 2.30 percent in April, followed by the Dow Jones Industrial Average’s 1.34 percent gain. Stocks broke out to the upside in late April following strong first-quarter earnings. After solid results from fi-nancials, technology, industrials, consumer discretion-ary and energy, the S&P 500 blended earnings growth rate is now at 12.5 percent, up significantly from an initial forecast of 9.0 percent. This is the fastest pace of growth since 2011. All sectors except telecommunica-tions reported year-on-year earnings growth. Industrials and financials accounted for 44 percent of the extra $8.5 billion in reported earnings thus far. FactSet attributed most of the gains to J.P. Mor-gan (JPM), Bank of America (BAC), Morgan Stanley (MS), General Electric (GE) and Caterpillar (CAT). Nine out of 10 healthcare companies topped fore-casts, while industrials reflected the biggest move in growth estimates. Analysts were looking for a 1 per-cent decline in earnings, but the sector currently has an earnings growth rate of 7.2 percent in the first quarter. Second-quarter earnings appear to be strong as well. Fidelity Select Healthcare (FSPHX) has done very well in 2017. The initial GDP estimate of 0.7 percent growth was well below the 2 percent forecast at the end of 2016. Weak auto sales slowed consumption growth, while residential and nonresidential fixed investment added to GDP. Consensus GDP growth forecasts are at 2.7 percent for the second quarter, due in part to the improving home construction market. New home sales hit an annual-ized pace of 621,000 in March, well above estimates of 580,000. Building permits hit 1.26 million, also above expectations. Winter storms delayed housing starts across the Midwest and Northeast, but an increase in housing starts will show up in April data. Major au-tomakers Ford, GM, Chrysler, Nissan and Toyota all reported a decline in April sales. Nevertheless, with consumer and business confidence holding near 17-year highs, the economic growth rate continues to have a long-term bias. Core PCE was only 1.6 percent in April and headline PCE inflation fell to 1.8 percent in April. Officially, the Fed wants inflation in the 2 to 3 percent range, but some Fed officials have said inflation of around 1.8

percent would be sufficient. The odds of a June rate hike finished April at 66 percent and drifted above 70 percent at the start of May.Eurozone inflation was higher in April, beating ex-pectations. Headline inflation climbed 1.9 percent year-on-year and core inflation rose 1.2 percent. The European Central Bank is in the middle of a quanti-tative easing program designed to boost inflation, al-though commodity prices should keep a lid on inflation for the next several months. The U.S. dollar slipped in April and remains in a con-solidation pattern. It is down about 4 percent this year. This drop has provided a tailwind to foreign equities. Fidelity Global Balanced (FGBLX) has gained 7.24 percent this year, contributing to a 9.52-percent rise in our Fidelity Global Portfolio. In April, the yen and euro strengthened against the dol-lar, while the Canadian dollar weakened. The loonie could lose more ground in the months ahead if Can-ada’s housing bubble pops. Foreign buyers, mainly from China, pushed up Canadian home prices such that the local governments in Vancouver and Toronto passed a special tax on foreign non-resident purchases. In late April, Canada’s largest subprime non-bank lender, Home Capital, saw deposits plummet from C$2 billion in March to less than C$400 million on May 1, forcing a bailout. Days later another Canadian sub-prime lender, Equitable Group, also reported a “man-ageable” outflow of deposits. If this is the start of a housing market decline in Canada, the next step could be quantitative easing. With interest rates currently at 0.5 percent, the Bank of Canada doesn’t have far to cut before it hits zero or even negative interest rates. With the Federal Reserve in the middle of a rate hike cycle, the spread between U.S. and Canadian rates will widen, driving up the value of the U.S. dollar versus the Canadian dollar. Our sector and aggressive value portfolios have done well this year with exposure to technology, biotech and consumer staples. Fidelity Select Technology rallied over 20 percent in the first four months of the year, an annualized pace of 84 percent. Because the pace of the advance is likely to slow it may be a good time to take some technology profits, as we did last month, and re-frain from adding new money in the technology sector. Aggressive investors may want to explore the biotech-nology sector instead. Fidelity Select Biotechnology (FBIOX) is trading below its 2017 high and its all-time high, but it’s on the verge of a potential breakout.

mutualfundinvestorguide.com

MUTUAL FUND Investor Guide

MAY 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 Fidelity Update

2 Portfolio Updates

3 Model Portfolios

5 Data & Rankings

11 Fund Spotlight:

A Comparison of

Industrial Sector

Mutual Funds


(continued on page 2)

2 MAY 2017 | PHONE: (888) 252-5372


Fidelity Select Consumer Staples (FDFAX) gained 11.03 percent through April. Float-ing-rate bonds remain attractive with the market still pricing in a June rate hike. Three-month Libor pushed higher in April. Fidelity Select Floating Rate High Income (FFRHX) has gained 1.34 percent this year. Fidelity Corporate Bond (FCBFX) and Strategic In-come (FSICX) are faring better with lower long-term rates. FCBFX is up 2.59 percent, and FSICX is up 3.57 percent. Until hard economic data confirms an uptick in GDP growth, long-term rates will hold steady.

Value sectors are expected to outperform growth as interest rates continue to rise. Fi-delity Value (FDVLX) and Value Discovery (FVDFX) are both underweight the energy sector relative to their benchmarks. The housing sector is also poised to grow considerably in the current economic climate. New home sales are improving and residen-tial investment remains elevated, and Fidelity Select Construction & Housing (FSHOX) will follow the sector higher. Fidelity Defense & Aerospace (FSDAX) benefited from lawmak-ers’ resolution to increase defense spending by $15 billion.

Dividend-paying funds, such as Fidelity Div-idend Growth (FDGFX), are also well-posi-tioned. Strong earnings growth will eventually lead to larger dividend hikes. Fidelity Equity Income (FEQTX) also should do well for the same reasons. Fidelity Strategic Growth & Income (FSDIX) is more uncertain due to substantial exposure to rate-sensitive sec-tors. Falling interest rates improved the per-formance of FSDIX earlier in the year, but if long-term rates retest their 2017 highs, the fund will lag.

Portfolio UpdatesThe Nasdaq gained 2.30 percent in April, while the MSCI EAFE climbed 2.27 percent, the Dow Jones Industrial Average 1.34 per-cent, the Russell 2000 1.05 percent and the S&P 500 Index 0.91 percent. The Nasdaq has advanced 12.34 percent year-to-date, the MSCI EAFE 8.89 percent, the S&P 500 Index 6.49 percent, the Dow Jones Industrial Average 5.96 percent and the Rus-sell 2000 3.19 percent. We made several changes to rebalance the Model Portfolios this month. In the Fidelity Select Sector Portfolio, we sold $12,000 of Fidelity Select Technology (FSPTX), lowering its allocation to 20 per-cent. We purchased Fidelity Select Consumer Staples (FDFAX) with the proceeds.In the NTF Balanced Portfolio, we sold $7,500 of Fidelity Corporate Bond (FCBFX) purchased $9,000 of MetWest Low Duration (MWLDX), lowering both to 15 percent al-locations. We purchased Thompson Bond (THOPX) with the proceeds.In the Aggressive Value Portfolio, we sold $14,000 of Fidelity Select Consumer Staples (FDFAX) to lower its allocation to 20 per-cent. We purchased Fidelity Select Aerospace & Defense (FSDAX) with the proceeds.The Fidelity Select Sector Portfolio ad-vanced 2.16 percent in April. The portfolio is up 10.68 percent this year. Technology (FSPTX) led the portfolio with a gain of 4.40 percent. Healthcare (FSPHX) and Industrials (FCYIX) rose 2.97 and 2.85 percent, respec-tively. The Fidelity Straight Growth Portfolio in-creased 1.39 percent last month. It is up 6.59

percent in 2017. Contrafund (FCNTX) rose 2.82 percent with the strength in technology shares, while Low-Priced Stock (FLPSX) gained 1.53 percent. The Fidelity Balanced Growth Portfolio in-creased 1.50 percent in April, also led by Con-trafund (FCNTX). Fidelity Fund (FFIDX) followed with a rally of 1.44 percent. High-yield bonds rebounded in April, lifting Strate-gic Income (FSICX) 1.19 percent. The Fidelity Global Portfolio increased 3.18 percent last month. A weaker U.S. dol-lar provided another month of tailwind for international shares. Small Cap Opportunity (FSCOX) advanced 5.52 percent as European markets jumped in the wake of the first round of the French election. International Discov-ery (FIGRX) gained 4.29 percent. The port-folio is up 9.52 percent in 2017.The Fidelity Conservative Income Portfo-lio climbed 0.58 percent in April. It is up 2.53 percent this year. Strategic Income (FSICX) led the portfolio with a rally of 1.19 percent. Limited Term Municipal Income (FSTFX) gained 0.41 percent. Floating Rate High In-come (FFRHX) advanced 0.31 percent as Libor rates began climbing in anticipation of a June rate hike. The Diversified Sector Portfolio advanced 2.45 percent last month. The portfolio is up 9.87 percent in 2017. Fidelity Select Tech-nology (FSPTX) rose 4.40 percent as Face-book (FB), Apple (AAPL) and Tesla (TSLA) shares advanced. Fidelity Select Healthcare (FSPHX) climbed 2.97 percent and Rydex Biotechnology (RYOIX) rallied 2.60 percent.The NTF Straight Growth Portfolio added 0.96 percent last month. The portfolio is up 5.14 percent this year. Technology helped Janus Enterprise (JAENX) lead the portfolio

with a 1.69 percent gain. Fidelity Dividend Growth (FDGFX) increased 1.18 percent, followed by the 1.06-percent gain from FAM Value (FAMVX).The NTF Balanced Growth Portfolio in-creased 0.77 percent last month. The portfolio is up 3.28 percent in 2017. Fidelity Dividend Growth (FDGFX) advanced 1.18 percent, fol-lowed closely by Fidelity New Millennium (FMILX), PIMCO Small Cap (PCKDX) and Fidelity Corporate Bond (FCBFX).The Tax Advantage Portfolio increased 1.21 percent in April. It is up 5.18 percent this year. Fidelity Low-Priced Stock (FLPSX) rose 1.53 percent, outperforming the mid-cap space. Fidelity Puritan (FPURX) saw a solid gain of 1.37 percent. Fidelity Convertible Se-curities (FCVSX) climbed 1.26 percent, aided by technology holdings in the portfolio. The Aggressive Value Portfolio rallied 1.04 percent last month. It is up 10.20 percent in 2017. Fidelity Select Construction & Hous-ing Portfolio (FSHOX) climbed 2.97 percent after strong housing data boosted the sector. Fidelity Small Cap Growth (FCPGX) in-creased 2.06 percent, outperforming the Rus-sell 2000. Fidelity Select Consumer Staples (FDFAX) rose 1.61 percent in April. FDFAX is also one of four portfolio holdings up dou-ble digits this year. The Absolute Return/Down Market Port-folio gained 0.29 percent last month. It is up 0.81 percent this year. DoubleLine Core Fixed Income (DLFNX) rose 0.86 percent amid a broad bond rally. Fidelity Floating Rate High Income (FFRHX) advanced 0.31 percent and Calamos Market Neutral (CVSIX) added 0.23 percent.

Market Perspective: Healthcare Continues to Rebound, Has Room to Run (continued)

www.MutualFundInvestorGuide.com | MAY 2017 3

FIDELITY CONSERVATIVE INCOME PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFFRHX Floating Rate High Income 9.65 3244.09 23.98% 0.31% 1.34% $31,305.51FSTFX Limited Term Muni 10.54 1561.76 12.61% 0.41% 1.55% $16,460.91FSICX Strategic Income 10.92 3865.32 32.33% 1.19% 3.57% $42,209.30FEQTX Equity Dividend Income 27.42 1480.39 31.09% 0.23% 2.77% $40,592.35

TOTAL 100.00% 0.58% 2.53% $130,568.06

Model Portfolios (Data provided as of 4/30/17)

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 154.36 262.13 20.09% 4.40% 21.58% $40,461.89FIDSX Financial Services 97.35 504.76 24.39% -1.53% 0.09% $49,138.70FSPHX Healthcare 213.80 212.63 22.57% 2.97% 11.48% $45,461.21FCYIX Industrials 33.62 1617.30 26.99% 2.85% 5.93% $54,373.72FDFAX Consumer Staples 98.24 122.15 5.96% N/A N/A $12,000.00

TOTAL 100.00% 2.16% 10.68% $201,435.52

FIDELITY STRAIGHT GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFDGFX Dividend Growth 34.18 1871.57 31.28% 1.18% 6.12% $63,970.43FCNTX Contrafund 110.72 351.31 19.02% 2.82% 13.18% $38,897.46FLPSX Low-Priced Stock 52.40 621.50 15.92% 1.53% 5.90% $32,566.67FVDFX Value Discovery 27.08 1202.72 15.92% 0.33% 4.76% $32,569.60FCPEX Small Cap Enhanced 14.05 1339.93 9.20% 1.31% 1.59% $18,826.04FGRTX Mega Cap Stock 18.26 969.78 8.66% 0.77% 4.94% $17,708.27

TOTAL 100.00% 1.39% 6.59% $204,538.45

FIDELITY GLOBAL PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFSCOX International Small Cap Opp 16.63 2792.95 28.94% 5.52% 14.30% $46,446.70FIGRX International Discovery 41.30 365.60 9.41% 4.29% 13.21% $15,099.41FGBLX Global Balanced 23.70 1255.24 18.54% 2.29% 7.24% $29,749.21FGILX Global Equity Income 13.08 3892.87 31.73% 1.95% 7.56% $50,918.73FGHNX Global High Income 9.54 1915.11 11.38% 1.43% 4.49% $18,270.17

TOTAL 100.00% 3.18% 9.52% $160,484.23

FIDELITY BALANCED GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFGRTX Mega Cap Stock 18.26 1883.82 20.15% 0.77% 4.94% $34,398.61FFIDX Fidelity Fund 44.28 745.80 19.34% 1.44% 7.61% $33,024.01FSICX Strategic Income 10.92 3284.94 21.01% 1.19% 3.57% $35,871.53FCBFX Fidelity Corporate Bond 11.45 2662.25 17.86% 1.14% 2.59% $30,482.78FCNTX Contrafund 110.72 333.69 21.64% 2.82% 13.18% $36,946.12

TOTAL 100.00% 1.50% 6.40% $170,723.04

4 MAY 2017 | PHONE: (888) 252-5372


NTF STRAIGHT GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnJAENX Janus Enterprise 102.71 269.19 15.69% 1.69% 8.94% $27,648.04FDGFX Dividend Growth 34.18 1203.73 23.35% 1.18% 6.12% $41,143.57FEQTX Equity Dividend Income 27.42 1482.33 23.07% 0.23% 2.77% $40,645.44FAMVX FAM Value 68.50 490.27 19.06% 1.06% 4.07% $33,583.60PRBLX Parnassus Core Equity 41.24 804.80 18.84% 0.86% 4.96% $33,190.02

TOTAL 100.00% 0.96% 5.14% $176,210.66

TAX ADVANTAGE PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnPRBLX Parnassus Core Equity 41.24 556.45 14.72% 0.86% 4.96% $22,948.07FPURX Puritan 21.92 1889.90 26.57% 1.37% 6.89% $41,426.64PSHDX PIMCO Short-Term 9.83 2235.76 14.10% 0.51% 1.03% $21,977.52FLPSX Fidelity Low-Priced Stock 52.40 917.32 30.83% 1.53% 5.90% $48,067.71FCVSX Convertible Securities 27.85 771.18 13.78% 1.26% 5.02% $21,477.33

TOTAL 100.00% 1.21% 5.18% $155,897.27

ABSOLUTE RETURN/DOWN MARKET PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnCVSIX Calamos Market Neutral 13.23 1999.90 24.88% 0.23% 1.69% $26,458.64PSSDX PIMCO Short Strategy 9.15 938.98 8.08% -0.76% -4.89% $8,591.66MWLDX MetWest Low Duration 8.73 3551.81 29.16% 0.22% 0.62% $31,007.32FFRHX Floating Rate High Income 9.65 1942.78 17.63% 0.31% 0.92% $18,747.85DLFNX DoubleLine Core Fixed Inc 10.92 1973.22 20.26% 0.86% 2.15% $21,547.60

TOTAL 100.00% 0.29% 0.81% $106,353.07

AGGRESSIVE VALUE PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFDFAX Fidelity Consumer Staples 98.24 343.92 19.51% 1.61% 11.03% $33,786.52ICTEX ICON Info Technology 16.95 1283.16 12.56% 1.38% 10.45% $21,749.57FCPGX Fidelity Sm Cap Growth 22.81 1007.28 13.26% 2.06% 10.78% $22,976.00FBIOX Fidelity Select Biotech 203.85 142.75 16.80% 1.15% 13.17% $29,099.31FSRBX Fidelity Select Banking 31.72 1075.00 19.69% -1.62% -1.47% $34,098.85FSHOX Fidelity Select Construction 62.76 278.91 10.11% 2.97% 2.97% $17,504.25FSDAX Fidelity Select Aero & Def 139.16 100.60 8.08% N/A N/A $14,000.00

TOTAL 100.00% 1.04% 10.20% $173,214.50

DIVERSIFIED SECTOR PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFSPHX Fidelity Select Healthcare 213.80 127.25 13.28% 2.97% 15.69% $27,206.81FSPTX Fidelity Select Technology 154.36 409.69 30.88% 4.40% 22.58% $63,239.17FIDU Fidelity MSCI Industrials 34.22 1224.80 20.47% 1.94% 6.68% $41,912.80HSFNX Hennessy Sm Cap Financial 24.61 1003.95 12.06% -0.81% -5.02% $24,707.27RYOIX Rydex Biotechnology 81.78 275.63 11.01% 2.60% 15.28% $22,541.36FSTA Fidelity MSCI Cons Staples 33.24 757.77 12.30% 1.13% 1.13% $25,188.44

TOTAL 100.00% 2.45% 9.87% $204,795.84

NTF BALANCED GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFMILX Fidelity New Millennium 38.16 427.49 11.00% 1.11% 5.88% $16,312.97FDGFX Fidelity Dividend Growth 34.18 731.74 16.86% 1.18% 6.12% $25,010.95FCBFX Fidelity Corporate Bond 11.45 1883.54 14.54% 1.14% 2.59% $21,566.54FSTKX Federated MDT Stock 27.83 1085.94 20.37% 0.29% 2.20% $30,221.81PCKDX PIMCO Small Cap 9.71 1741.61 11.40% 1.04% 4.86% $16,910.98MWLDX MetWest Low Duration 8.73 2502.06 14.72% 0.22% 0.62% $21,843.00THOPX Thompson Bond 11.42 1444.83 11.12% n/a n/a $16,500.00

TOTAL 100.00% 0.77% 3.28% $148,366.26


FIDELITY GROWTH FUNDSFARNX Fidelity® Event Driven Opportunities 13.93 94 Strong Buy 7.57 1.24 2.96 27.99 11.59 1.26 15.44 1.04FBCVX Fidelity® Blue Chip Value 18.28 92 Hold 5.91 0.33 2.01 14.91 9.21 12.88 0.97 10.74 0.88FBGRX Fidelity® Blue Chip Growth 77.80 97 Strong Buy 15.50 3.91 9.22 23.25 13.20 14.71 1.06 12.42 0.82FCNTX Fidelity® Contrafund® 110.72 98 Strong Buy 13.19 2.82 7.46 18.41 11.89 12.97 0.90 10.15 0.68FCPEX Fidelity® Small Cap Enhanced Index 14.05 89 Strong Buy 1.59 1.31 1.38 24.27 10.21 13.63 1.11 14.98 0.67FCPGX Fidelity® Small Cap Growth 22.81 91 Strong Buy 10.78 2.06 6.39 26.31 13.06 14.33 0.99 13.71 1.11FCPVX Fidelity® Small Cap Value 19.06 91 Buy 1.33 2.09 0.53 16.69 9.48 13.61 0.88 12.16 1.17FDCAX Fidelity® Capital Appreciation 34.50 88 Hold 8.90 2.83 4.80 13.00 9.48 12.19 1.06 12.17 0.60FDEGX Fidelity® Growth Strategies 36.99 93 Buy 8.83 0.87 5.00 12.19 9.89 12.47 0.94 10.59 0.94FDEQX Fidelity® Disciplined Equity 35.73 87 Buy 7.56 1.59 4.47 13.69 8.16 12.53 0.98 10.44 0.68FDFFX Fidelity® Independence 36.34 79 Hold 8.54 1.91 4.55 13.16 5.72 11.20 1.18 13.91 0.54FDGFX Fidelity® Dividend Growth 34.18 95 Strong Buy 6.12 1.18 4.37 14.39 8.27 11.52 0.95 10.03 0.61FDGRX Fidelity® Growth Company 154.27 88 Buy 12.79 1.18 7.41 26.79 14.47 14.72 1.21 13.69 0.77FDLO Fidelity® Low Volatility Factor ETF 27.39 84 Hold 6.37 1.52 5.52 0.29FDMO Fidelity® Momentum Factor ETF 27.56 84 Hold 8.23 1.21 5.58 0.29FDRR Fidelity® Dividend ETF for Rising Rates 27.90 84 Hold 6.07 0.25 4.57 0.29FDSCX Fidelity® Stock Selector Small Cap 26.85 90 Hold 2.56 1.74 1.24 17.94 7.89 10.94 1.09 13.59 0.88FDSSX Fidelity® Stock Selec All Cp 40.03 93 Buy 10.00 2.30 5.90 19.79 9.84 13.16 1.04 11.18 0.63FDSVX Fidelity® Growth Discovery 29.46 87 Buy 15.89 4.03 9.23 21.39 11.71 13.12 0.96 11.40 0.78FDVLX Fidelity® Value 116.15 94 Strong Buy 5.80 1.60 3.24 16.53 7.73 13.50 1.08 12.20 0.61FDVV Fidelity® Core Dividend ETF 26.73 83 Hold 3.15 -0.07 2.41 0.29FEQIX Fidelity® Equity-Income 58.83 84 Strong Buy 3.85 0.89 2.37 16.65 7.58 11.68 2.13 0.93 10.11 0.62FEQTX Fidelity® Equity Dividend Income 27.42 90 Strong Buy 2.77 0.23 2.01 13.95 8.37 11.76 2.32 0.92 9.87 0.62FEXPX Fidelity® Export & Multinational 22.36 79 Strong Buy 7.24 0.90 4.00 14.03 9.29 10.91 0.93 9.89 0.76FFIDX Fidelity Fund 44.28 93 Strong Buy 7.61 1.44 3.72 14.37 9.73 11.60 0.68 0.98 10.59 0.52FGRIX Fidelity® Growth & Income Portfolio 34.29 91 Strong Buy 4.43 0.99 2.44 18.46 9.03 12.92 1.68 1.09 11.81 0.64FGRTX Fidelity® Mega Cap Stock 18.26 96 Strong Buy 4.94 0.77 3.11 17.97 9.02 12.84 0.83 1.09 11.78 0.68FLCEX Fidelity® Large Cap Core Enhanced Index 13.27 91 Buy 6.27 1.11 4.19 15.63 9.56 12.94 0.99 10.37 0.45FLCSX Fidelity® Large Cap Stock 30.85 92 Buy 5.07 1.11 2.49 19.47 8.94 13.87 1.15 12.61 0.77FLGEX Fidelity® Large Cap Growth Enhanced Idx 16.83 97 Strong Buy 9.18 1.87 6.06 17.18 11.46 13.31 1.01 10.76 0.45FLPSX Fidelity® Low-Priced Stock 52.40 95 Strong Buy 5.90 1.53 4.67 13.66 7.22 11.61 0.82 9.31 0.88FLVCX Fidelity® Leveraged Company Stock 35.90 81 Hold 7.84 0.90 2.72 13.25 4.16 11.23 1.18 14.01 0.80FLVEX Fidelity® Large Cap Value Enhanced Index 12.25 86 Hold 3.13 0.13 2.03 16.00 8.66 13.61 0.99 10.75 0.45FMAGX Fidelity® Magellan® 98.50 90 Hold 7.82 1.82 4.23 14.43 10.46 13.17 1.06 11.32 0.83FMCSX Fidelity® Mid-Cap Stock 36.62 90 Strong Buy 5.78 1.33 3.36 16.39 7.76 12.09 0.93 10.77 0.72FMEIX Fidelity® Mid Cap Enhanced Index 14.76 86 Buy 5.26 1.45 3.07 15.88 9.21 13.79 0.97 11.14 0.60FMILX Fidelity® New Millennium 38.16 90 Strong Buy 5.88 1.57 3.53 17.22 7.62 12.10 1.01 11.10 0.57FNCMX Fidelity® Nasdaq Composite Index® 79.56 92 Buy 12.64 3.00 7.11 27.14 15.33 15.79 1.18 12.96 0.29FOCPX Fidelity® OTC Portfolio 97.22 90 Buy 16.68 3.91 9.98 30.30 17.14 17.59 1.29 15.54 0.90FQAL Fidelity® Quality Factor ETF 28.08 84 Hold 7.21 0.54 4.89 0.29FSCLX Fidelity Mid Cap Index Investor 19.22 89 Buy 5.90 1.37 2.95 15.98 9.19 13.00 1.03 11.31 0.22FSCRX Fidelity® Small Cap Discovery 32.03 89 Buy 1.23 1.81 -0.12 15.52 7.55 13.20 1.01 13.82 1.00FSDIX Fidelity® Strategic Dividend & Income® 15.15 90 Buy 4.29 0.97 3.23 12.34 7.79 10.35 2.52 1.10 7.58 0.75FSEMX Fidelity Extended Market Index Inv 58.02 86 Buy 5.72 2.22 3.00 20.97 8.87 12.71 1.12 13.36 0.10FSLCX Fidelity® Small Cap Stock 19.37 87 Strong Buy 2.81 1.52 1.15 14.53 9.08 10.57 1.02 12.41 0.99FSLSX Fidelity® Value Strategies 40.92 91 Strong Buy 7.29 1.69 3.70 15.02 7.26 12.04 1.10 12.41 0.55FSLVX Fidelity® Stock Selec Lg Cp Val 19.20 91 Hold 2.99 0.05 1.79 13.49 7.77 12.77 0.95 10.29 0.76FSMVX Fidelity® Mid Cap Value 25.85 96 Strong Buy 4.32 0.58 1.85 13.78 8.38 13.90 1.00 11.18 0.72FSSMX Fidelity Advisor® Stock Selector Mid Cp 37.57 82 Hold 7.96 1.68 4.51 17.95 7.89 1.08 12.21 0.63FSSPX Fidelity Small Cap Index Inv 19.00 90 Buy 3.60 2.54 2.54 24.61 9.43 12.73 1.18 15.44 0.23FSTMX Fidelity Total Market Index Inv 68.67 92 Buy 6.87 1.40 4.15 17.91 10.30 13.33 1.02 10.71 0.10FTQGX Fidelity® Focused Stock 20.09 81 Hold 9.42 2.55 4.42 11.49 7.01 10.75 0.95 11.21 0.62FTRNX Fidelity® Trend 92.53 89 Buy 11.60 3.06 6.06 18.55 11.97 13.66 1.03 11.49 0.73FUSEX Fidelity 500 Index Inv 83.43 90 Buy 7.12 1.22 4.41 17.21 10.67 13.49 1.00 10.41 0.10FVAL Fidelity® Value Factor ETF 28.65 86 Buy 5.34 0.08 3.38 0.29FVDFX Fidelity® Value Discovery 27.08 97 Strong Buy 4.76 0.33 2.27 15.34 8.43 13.31 0.92 9.96 0.86ONEQ Fidelity® Nasdaq Composite Tr Stk ETF 238.30 94 Buy 12.78 2.17 7.97 28.39 15.16 15.98 0.91 1.18 12.93 0.21

FIDELITY SELECT SECTOR FUNDSFBIOX Fidelity® Select Biotechnology Portfolio 203.85 91 Strong Buy 17.12 1.15 11.75 16.07 12.44 20.84 1.55 28.99 0.73FBMPX Fidelity® Select Multimedia Portfolio 82.65 86 Buy 12.34 2.39 4.05 22.56 11.28 17.14 1.15 14.78 0.80FBSOX Fidelity® Select IT Services Portfolio 45.59 91 Hold 9.67 2.27 6.34 14.72 14.88 16.26 0.98 12.98 0.80FCYIX Fidelity® Select Industrials Portfolio 33.62 90 Strong Buy 5.93 2.85 2.94 16.71 8.27 12.96 0.98 13.49 0.76FDCPX Fidelity® Select Computers Portfolio 85.65 93 Strong Buy 17.83 2.74 12.62 42.11 10.17 10.28 1.26 16.75 0.79FDFAX Fidelity® Select Consumer Staples Port 98.24 93 Strong Buy 11.03 1.61 8.08 9.56 8.82 11.53 0.63 10.36 0.76FDLSX Fidelity® Select Leisure Portfolio 152.90 90 Buy 11.84 5.23 9.45 19.61 11.43 12.45 0.71 11.08 0.78FIDSX Fidelity® Select Financial Services Port 97.35 94 Strong Buy 0.09 -1.53 -1.38 21.57 8.93 12.56 0.94 13.49 0.75FNARX Fidelity® Select Natural Resources Port 27.69 43 Sell -9.38 -2.53 -10.72 2.82 -9.36 -1.09 1.15 21.95 0.85FPHAX Fidelity® Select Pharmaceuticals Port 18.38 82 Buy 8.00 0.51 10.33 -1.74 3.62 12.64 0.82 14.19 0.77FSAGX Fidelity® Select Gold Portfolio 20.21 53 Hold 5.70 -3.61 -4.38 -6.02 -0.04 -11.38 0.58 41.52 0.93FSAIX Fidelity® Select Air Transportation Port 74.82 84 Sell 2.05 1.88 0.19 19.03 11.54 18.07 0.81 14.64 0.82FSAVX Fidelity® Select Automotive Port 35.01 81 Hold 7.17 0.50 1.26 5.89 1.98 10.26 1.39 17.65 0.86FSCGX Fidelity® Select Industrial Equip Port 39.61 82 Strong Buy 5.29 2.53 2.38 12.93 6.86 10.58 0.99 13.40 0.82FSCHX Fidelity® Select Chemicals Portfolio 158.54 86 Buy 11.89 -0.19 4.29 24.10 8.88 12.94 1.23 16.37 0.79

Data & Rankings (Data provided as of 4/30/17)% 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 MAY 2017 | PHONE: (888) 252-5372


FSCPX Fidelity® Select Consumer Discret Port 38.83 93 Buy 9.88 3.74 6.30 14.91 10.88 13.70 0.93 11.88 0.76FSCSX Fidelity® Select Software & Comp Port 146.08 98 Strong Buy 16.42 5.12 8.22 31.17 17.52 18.08 1.11 14.20 0.76FSDAX Fidelity® Select Defense & Aero Port 139.16 91 Strong Buy 8.52 3.44 7.36 25.10 11.54 15.58 0.87 13.37 0.79FSDCX Fidelity® Select Comms Equip Port 34.19 82 Hold 4.88 -0.14 6.93 24.43 8.04 10.35 1.13 15.78 0.89FSDPX Fidelity® Select Materials Portfolio 81.41 71 Hold 8.26 0.57 1.65 16.00 3.00 7.48 1.28 16.19 0.80FSELX Fidelity® Select Semiconductors 99.54 93 Buy 7.91 -1.13 3.41 43.31 22.77 20.13 1.12 17.08 0.74FSENX Fidelity® Select Energy Portfolio 41.53 55 Sell -10.98 -2.90 -11.51 3.18 -8.44 0.52 1.08 21.97 0.79FSESX Fidelity® Select Energy Service Port 49.12 44 Sell -11.97 -5.52 -14.83 6.58 -14.50 -3.46 1.21 26.21 0.81FSHCX Fidelity® Select Healthcare Svcs 86.08 93 Hold 9.72 1.76 5.97 10.11 13.61 14.20 0.63 13.16 0.77FSHOX Fidelity® Select Construction & Hsg Port 62.76 85 Strong Buy 10.00 2.97 6.88 15.08 12.24 14.59 1.05 14.26 0.80FSLBX Fidelity® Select Brokerage & Invmt Mgmt 69.29 80 Strong Buy 4.43 1.45 2.23 17.90 4.49 11.93 1.28 18.72 0.78FSLEX Fidelity® Select Envir and Alt Engy Port 23.93 74 Hold 9.61 2.26 6.26 23.57 8.37 13.09 1.06 13.16 0.95FSMEX Fidelity® Select Medical Equip & Systems 43.39 98 Strong Buy 18.41 3.80 11.27 22.01 19.20 20.09 0.90 14.59 0.75FSNGX Fidelity® Select Natural Gas Portfolio 25.58 45 Sell -13.21 -3.85 -13.88 5.60 -14.56 -2.58 1.45 28.46 0.88FSPCX Fidelity® Select Insurance Port 79.67 88 Hold 3.30 0.34 2.09 20.64 12.31 16.43 0.85 12.39 0.80FSPHX Fidelity® Select Health Care Portfolio 213.80 93 Strong Buy 15.69 2.97 10.46 11.59 11.93 19.67 1.02 16.19 0.72FSPTX Fidelity® Select Technology Portfolio 154.36 98 Strong Buy 22.58 4.40 13.51 40.28 18.76 15.81 1.21 14.66 0.76FSRBX Fidelity® Select Banking Portfolio 31.72 93 Buy -1.47 -1.62 -3.71 27.93 11.13 13.98 0.96 18.40 0.79FSRFX Fidelity® Select Transportation 91.09 71 Sell 2.05 2.48 -2.51 20.56 9.90 16.18 0.88 15.88 0.80FSRPX Fidelity® Select Retailing Portfolio 120.69 89 Hold 10.00 3.74 6.82 17.46 17.49 16.93 0.83 11.53 0.80FSTCX Fidelity® Select Telecommunications Port 69.78 77 Sell 2.33 3.07 0.04 13.77 11.10 12.75 0.75 10.96 0.81FSUTX Fidelity® Select Utilities Portfolio 78.01 74 Buy 9.44 0.68 8.53 12.22 6.08 11.06 0.41 12.31 0.78FSVLX Fidelity® Select Consumer Finance Port 13.44 90 Buy 0.57 -0.69 -0.33 14.72 6.52 11.51 0.96 14.44 0.89FWRLX Fidelity® Select Wireless Portfolio 9.42 80 Buy 12.68 0.27 8.80 23.58 8.10 11.81 0.91 11.74 0.85

FIDELITY SECTOR ETFSFCOM Fidelity® MSCI Telecommunication Svc ETF 32.77 89 Hold 2.81 6.96 2.49 12.67 11.08 0.65 12.53 0.08FDIS Fidelity® MSCI Consumer Discret ETF 35.53 94 Buy 10.76 2.45 6.60 16.34 12.68 0.95 11.91 0.08FENY Fidelity® MSCI Energy ETF 18.93 53 Sell -10.07 -3.57 -6.99 1.00 -9.41 1.07 19.44 0.08FHLC Fidelity® MSCI Health Care ETF 36.33 97 Strong Buy 10.84 1.74 7.95 11.79 11.30 0.93 13.53 0.08FIDU Fidelity® MSCI Industrials ETF 34.22 85 Strong Buy 6.68 1.94 4.93 20.72 9.38 0.96 12.75 0.08FMAT Fidelity® MSCI Materials ETF 30.87 76 Hold 7.50 1.11 2.63 18.40 6.33 1.31 16.86 0.08FNCL Fidelity® MSCI Financials ETF 34.96 93 Buy 1.48 -0.54 1.30 28.58 12.55 0.90 14.36 0.08FSTA Fidelity® MSCI Consumer Staples ETF 33.24 97 Strong Buy 7.06 1.13 5.61 8.82 10.30 0.53 9.88 0.08FTEC Fidelity® MSCI Information Tech ETF 42.08 97 Strong Buy 14.29 2.26 9.71 34.62 16.85 1.12 13.88 0.08FUTY Fidelity® MSCI Utilities ETF 33.55 73 Sell 6.95 0.72 5.62 11.13 10.07 0.21 13.78 0.08

FIDELITY REAL ESTATE, COMMODITY & UTILITY FUNDS FFGCX Fidelity® Global Commodity Stock 11.45 33 Sell 1.42 -0.95 -4.42 11.64 -5.85 -3.44 1.26 18.80 1.12FIUIX Fidelity® Telecom and Utilities 25.97 73 Sell 5.76 0.68 4.07 10.51 7.57 11.26 2.52 0.59 10.26 0.56FREL Fidelity® MSCI Real Estate Index ETF 23.99 79 Hold 3.02 0.46 3.06 7.69 0.08FRESX Fidelity® Real Estate Investment Port 41.59 81 Sell -0.09 1.46 1.52 3.57 9.46 9.14 2.59 0.57 15.07 0.77FRIFX Fidelity® Real Estate Income 12.20 81 Hold 3.80 1.50 3.10 10.17 7.12 8.48 4.05 0.29 5.25 0.81FRXIX Fidelity Real Estate Index Inv 15.34 76 Sell -0.61 0.85 0.43 2.70 8.44 8.44 0.58 15.12 0.23

FIDELITY INTERNATIONAL FUNDSFDIVX Fidelity® Diversified International 37.44 77 Buy 12.43 3.77 8.71 10.06 3.03 7.68 0.84 11.45 1.05FEDDX Fidelity® Emerging Markets Discovery 13.44 62 Buy 17.69 2.60 10.89 22.96 5.09 5.58 0.95 13.92 1.44FEMEX Fidelity® EMEA 8.77 50 Sell 4.28 -0.11 0.69 14.12 0.80 1.73 1.10 16.97 1.39FEMKX Fidelity® Emerging Markets 26.41 73 Buy 18.38 3.85 11.29 18.20 3.76 3.57 0.98 13.99 1.00FGBLX Fidelity® Global Balanced 23.70 92 Strong Buy 7.24 2.29 4.73 5.08 2.04 4.97 1.07 7.47 1.00FGILX Fidelity® Global Equity Income 13.08 86 Strong Buy 7.56 1.95 5.74 10.20 6.06 1.00 0.66 8.99 1.18FHKCX Fidelity® China Region 28.37 82 Buy 19.30 3.24 11.47 23.70 6.15 8.86 1.30 22.03 1.01FICDX Fidelity® Canada 49.18 68 Sell 0.57 -0.91 -2.86 4.68 -0.76 2.10 0.81 13.42 1.17FIENX Fidelity® International Enhanced Index 9.02 80 Hold 11.63 2.27 7.13 13.95 2.94 8.23 0.90 11.63 0.62FIEUX Fidelity® Europe 37.84 74 Buy 12.55 6.59 9.81 6.32 0.20 7.69 0.95 13.56 1.06FIGFX Fidelity® International Growth 12.14 84 Buy 14.10 3.58 9.17 11.03 4.22 7.46 0.78 10.81 0.98FIGRX Fidelity® International Discovery 41.30 83 Strong Buy 13.21 4.29 8.91 10.16 2.78 7.50 0.82 11.38 0.99FIREX Fidelity® International Real Estate 10.31 72 Hold 8.64 2.89 6.95 3.14 3.35 9.31 1.39 0.83 10.64 1.11FISMX Fidelity® International Small Cap 26.27 87 Strong Buy 12.75 3.59 8.91 17.91 7.39 11.35 0.77 10.69 1.33FIVFX Fidelity® International Capital Apprec 18.46 88 Buy 15.52 4.35 10.94 10.89 6.29 9.10 0.79 11.12 1.12FIVLX Fidelity® International Value 8.37 67 Hold 8.70 2.32 5.82 8.94 0.18 6.49 0.81 10.86 1.03FJPNX Fidelity® Japan 13.10 71 Hold 9.35 0.08 4.72 15.67 6.52 6.94 0.81 12.14 0.78FJSCX Fidelity® Japan Smaller Companies 16.01 83 Buy 9.28 -0.25 6.73 16.57 11.17 14.81 0.53 10.47 0.96FLATX Fidelity® Latin America 22.48 68 Buy 18.01 3.98 8.76 20.92 -6.33 -8.07 1.38 23.39 1.13FNMIX Fidelity® New Markets Income 16.32 88 Strong Buy 6.44 1.74 4.42 13.33 6.77 5.96 5.78 1.07 7.55 0.83FNORX Fidelity® Nordic 49.59 81 Buy 10.42 7.20 8.28 2.85 3.33 12.23 0.76 12.53 0.98FOSFX Fidelity® Overseas 45.12 83 Buy 14.11 4.78 10.83 12.58 5.32 10.10 0.84 11.54 1.03FPBFX Fidelity® Pacific Basin 29.89 85 Hold 12.96 2.33 8.10 14.53 7.63 10.99 0.79 11.69 1.19FPEMX Fidelity Emerging Markets Index 9.67 70 Buy 14.30 1.15 7.33 18.34 2.42 1.56 1.12 16.06 0.31FSCOX Fidelity® International Small Cap Opp 16.63 93 Strong Buy 14.30 5.52 10.42 12.83 6.19 10.57 0.72 10.53 1.16FSEAX Fidelity® Emerging Asia 36.62 81 Buy 17.94 3.24 11.27 21.09 7.13 6.55 1.02 15.32 1.16FSGUX Fidelity Global ex US Index 12.03 73 Hold 10.57 1.52 5.90 12.75 1.01 4.96 0.95 11.89 0.19FSIIX Fidelity International Idx Inv 39.01 66 Hold 10.49 2.08 6.48 11.69 1.16 6.72 0.91 11.58 0.20FTEMX Fidelity® Total Emerg Mkts 12.11 67 Buy 12.76 1.76 7.26 19.16 4.81 4.46 1.52 0.82 11.67 1.39FTIEX Fidelity® Total International Equity 8.39 71 Hold 12.77 3.20 8.26 12.00 2.81 6.58 0.84 10.89 1.10FTIGX Fidelity® Total Intl Index Investor 11.06 77 Hold 10.60 1.65 6.04 0.18FWWFX Fidelity® Worldwide 24.15 85 Hold 10.73 3.03 6.20 11.81 5.44 9.49 0.75 10.70 0.90

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


FIDELITY INCOME FUNDSFAGIX Fidelity® Capital & Income 10.09 98 Strong Buy 5.22 1.42 2.60 13.35 5.90 7.58 3.99 0.29 6.17 0.74FBIDX Fidelity US Bond Index Investor 11.58 69 Hold 1.48 0.90 1.39 0.57 2.56 2.07 2.48 1.04 3.06 0.20FBND Fidelity Total Bond ETF 50.13 79 Hold 1.56 0.83 1.54 3.66 0.45FBNDX Fidelity® Investment Grade Bond 7.88 84 Buy 1.85 0.92 1.55 2.83 2.81 2.69 2.54 0.99 3.20 0.45FCBFX Fidelity® Corporate Bond 11.45 89 Strong Buy 2.59 1.14 2.15 4.22 3.72 3.96 3.14 1.22 4.25 0.45FCONX Fidelity® Conservative Income Bond 10.04 85 Strong Buy 0.43 0.09 0.36 1.03 0.61 0.66 0.93 0.00 0.20 0.36FCOR Fidelity Corporate Bond ETF 50.23 87 Buy 2.69 0.78 2.03 4.16 0.45FCVSX Fidelity® Convertible Securities 27.85 90 Strong Buy 5.02 1.26 3.12 11.25 3.01 7.66 1.78 1.37 9.68 0.45FFFAX Fidelity Freedom® Income 11.65 76 Hold 3.39 0.98 2.22 5.85 3.54 3.82 0.51 3.50 0.49FFRHX Fidelity® Floating Rate High Income 9.65 93 Strong Buy 1.34 0.31 0.83 7.41 3.09 3.53 3.03 0.05 3.17 0.71FFXSX Fidelity® Limited Term Government 9.96 84 Strong Buy 0.68 0.40 0.60 0.00 0.87 0.69 1.28 0.43 1.42 0.45FGBFX Fidelity® Global Bond 8.95 70 Sell 4.27 1.37 3.31 0.43 -0.44 0.96 1.15 5.40 0.75FGHNX Fidelity® Global High Income 9.54 80 Strong Buy 4.44 1.43 2.78 10.02 4.00 6.06 4.49 0.46 6.07 1.00FGMNX Fidelity® GNMA 11.45 76 Buy 0.85 0.80 1.07 0.78 2.40 1.88 2.34 0.52 1.74 0.45FGOVX Fidelity® Government Income 10.25 55 Hold 1.37 0.93 1.34 -0.22 2.07 1.53 1.86 0.99 2.98 0.45FHIFX Fidelity® Focused High Income 8.67 96 Strong Buy 3.53 1.87 2.26 10.07 3.96 5.13 4.05 0.44 5.33 0.85FHIGX Fidelity® Municipal Income 12.99 82 Hold 2.24 0.72 1.93 -0.21 3.58 3.41 2.49 1.12 3.65 0.46FIBIX Fidelity Interm Treas Bond Index 10.78 61 Hold 1.97 1.18 1.94 -1.01 2.82 1.62 2.10 1.49 4.60 0.20FINPX Fidelity® Inflation-Protected Bond 12.12 66 Buy 1.65 0.68 0.88 1.39 1.39 0.24 1.15 4.08 0.45FJRLX Fidelity® Limited Term Bond Fund 11.51 84 Strong Buy 1.06 0.49 0.86 1.41 1.69 1.80 0.43 1.42 0.45FLBIX Fidelity Long Term Treas Bond Idx Inv 12.86 68 Sell 3.13 1.65 2.85 -2.91 5.59 3.28 2.82 3.67 11.53 0.20FLTB Fidelity Limited Term Bond ETF 50.34 85 Strong Buy 1.38 0.45 1.00 1.36 0.45FLTMX Fidelity® Intermediate Municipal Income 10.30 79 Hold 1.74 0.51 1.46 -0.05 2.37 2.35 1.97 0.83 2.69 0.35FMSFX Fidelity® Mortgage Securities 11.25 63 Sell 1.12 0.85 1.29 0.90 2.74 2.24 2.20 0.63 1.99 0.45FSAHX Fidelity® Short Duration High Income 9.57 90 Strong Buy 2.41 1.27 1.60 8.99 2.50 3.77 0.16 4.93 0.80FSBIX Fidelity Short Term Bond Index Inv 10.42 75 Strong Buy 0.73 0.47 0.56 0.06 0.95 0.67 1.37 0.46 1.50 0.20FSHBX Fidelity® Short-Term Bond 8.62 86 Strong Buy 0.70 0.32 0.61 1.04 1.07 1.14 1.25 0.23 0.76 0.45FSICX Fidelity® Strategic Income 10.92 90 Strong Buy 3.57 1.19 2.33 7.40 3.63 4.15 3.27 0.67 4.24 0.70FSIQX Fidelity Infl-Protect Bond Index 9.84 76 Buy 1.66 0.72 0.92 1.64 1.67 1.19 4.20 0.20FSTFX Fidelity® Limited Term Municipal Income 10.54 78 Strong Buy 1.54 0.41 1.04 0.14 1.07 1.15 1.24 0.47 1.61 0.48FSTGX Fidelity® Intermediate Government Income 10.51 55 Sell 1.00 0.68 0.90 -0.18 1.40 1.08 1.62 0.70 2.20 0.45FTABX Fidelity® Tax-Free Bond 11.37 82 Hold 2.17 0.71 1.76 -0.01 3.68 3.54 2.60 1.11 3.60 0.25FTBFX Fidelity® Total Bond 10.65 79 Hold 2.09 0.97 1.69 3.47 3.38 3.20 3.00 0.93 3.10 0.45FTHRX Fidelity® Intermediate Bond 10.88 71 Buy 1.55 0.83 1.30 1.42 2.21 2.14 2.25 0.73 2.21 0.45SPHIX Fidelity® High Income 8.94 98 Strong Buy 4.32 1.78 2.77 13.41 4.24 5.96 5.52 0.41 6.32 0.73

FIDELITY ASSET ALLOCATION FUNDSFAMRX Fidelity Asset Manager® 85% 17.93 83 Buy 8.67 1.93 5.10 15.21 6.77 9.83 1.42 9.49 0.74FASGX Fidelity Asset Manager® 70% 21.06 80 Sell 7.39 1.74 4.46 12.99 6.10 8.54 1.21 8.03 0.71FASIX Fidelity Asset Manager® 20% 13.34 80 Hold 2.85 0.89 1.84 4.97 3.24 3.85 1.96 0.45 3.18 0.52FASMX Fidelity Asset Manager® 50% 17.63 79 Hold 5.67 1.43 3.51 9.86 5.19 6.88 1.74 0.92 6.05 0.65FBALX Fidelity® Balanced 23.42 85 Buy 6.78 1.61 4.27 12.48 7.72 9.52 1.65 1.12 7.61 0.55FDYSX Fidelity® Global Strategies 9.25 75 Buy 7.06 1.43 3.93 10.45 4.70 5.64 1.04 6.90 0.38FFNOX Fidelity® Four-in-One Index 40.65 82 Buy 6.95 1.50 4.33 13.73 6.87 10.01 1.34 8.90 0.08FPURX Fidelity® Puritan® 21.92 87 Strong Buy 6.89 1.01 3.91 12.16 7.80 9.40 1.60 1.09 7.60 0.55FSANX Fidelity Asset Manager® 60% 11.84 82 Sell 6.57 1.63 3.95 11.35 5.67 7.71 1.62 1.06 7.00 0.71FSRRX Fidelity® Strategic Real Return 8.78 83 Strong Buy 0.58 0.35 0.01 4.63 -0.90 0.84 2.99 0.51 4.92 0.80

NTF GROWTH FUNDSAAGPX American Beacon Lg Cap Value Inv 26.80 88 Buy 3.88 0.71 2.22 16.54 6.50 11.76 1.10 12.27 0.93ACMVX American Century Mid Cap Value Inv 17.75 98 Strong Buy 3.24 0.28 1.30 17.65 12.05 14.98 0.95 0.90 10.26 1.00ADKSX Adirondack Small Cap 22.75 88 Hold 2.11 2.11 0.89 21.55 5.88 12.12 0.97 13.85 1.32AMAGX Amana Growth Investor 33.58 84 Buy 11.71 1.94 7.84 17.99 10.58 10.84 0.62 1.00 10.96 1.09AMANX Amana Income Investor 47.59 88 Hold 6.94 0.25 4.14 10.89 6.52 10.57 1.24 0.94 10.22 1.14ARGFX Ariel Investor 68.64 88 Buy 6.70 1.72 3.78 21.55 10.84 15.30 1.37 15.97 1.02ARTLX Artisan Value Investor 14.33 72 Buy 3.39 0.49 0.28 16.12 7.09 10.36 1.09 14.31 0.96AVPAX American Beacon Small Cp Val Inv 26.99 87 Buy 1.05 1.86 -0.17 23.03 8.55 12.97 1.10 14.79 1.14BARAX Baron Asset Retail 65.73 88 Buy 13.52 3.50 9.24 21.92 10.82 12.95 1.79 1.04 12.04 1.31BEQGX American Century Equity Growth Inv 31.53 93 Buy 7.74 1.48 4.50 17.24 7.93 12.00 1.22 1.00 10.59 0.67BGRFX Baron Growth Retail 68.28 82 Buy 14.78 4.93 11.08 19.70 8.03 12.18 0.95 11.89 1.30BIOPX Baron Opportunity Retail 17.04 77 Buy 21.80 6.90 12.18 24.51 9.43 9.26 1.24 15.73 1.41BPSCX Robeco Boston Partners Sm Cap Val II Inv 24.15 85 Sell 0.58 1.86 -0.49 21.79 8.25 12.85 0.56 1.06 13.92 1.35BPTRX Baron Partners Retail 44.62 83 Buy 20.40 8.41 11.91 26.44 9.54 15.07 1.26 17.05 1.35BSCFX Baron Small Cap Retail 28.32 83 Buy 11.72 4.27 9.56 23.17 7.85 10.84 1.11 13.37 1.32BUFMX Buffalo Mid Cap 16.03 86 Hold 6.94 3.09 4.63 15.38 6.97 9.13 0.98 12.21 1.01CAAPX Ariel Appreciation Investor 50.30 84 Hold 6.93 0.66 3.86 14.50 8.10 13.50 1.27 14.38 1.12CAMSX Cambiar Small Cap Inv 18.66 79 Sell -2.76 0.00 -4.06 12.95 1.57 7.05 0.03 1.28 16.60 1.30CFIMX Clipper 113.40 76 Sell 4.30 1.80 1.58 20.01 11.01 13.86 0.63 1.05 12.10 0.72CHDEX Cullen High Dividend Equity Retail 18.23 90 Buy 5.69 0.01 4.07 13.36 7.59 10.79 2.19 0.87 9.79 1.00CHTTX ASTON/Fairpointe Mid Cap N 42.83 86 Buy 5.00 -0.30 1.73 23.74 7.52 14.56 3.80 1.25 15.75 1.12CRMAX CRM Small/Mid Cap Value Inv 14.26 84 Hold 2.44 2.15 1.21 14.98 4.90 9.72 1.02 12.68 1.12CRMSX CRM Small Cap Value Inv 17.62 93 Sell 0.17 2.92 0.34 20.44 9.71 12.87 1.10 14.62 1.12CVSIX Calamos Market Neutral Income A LW 13.23 92 Strong Buy 1.96 0.23 1.26 5.69 3.08 3.40 1.99 -0.06 3.22 1.22DEFIX Delafield Fund 25.40 81 Hold 3.00 2.38 1.20 18.07 -0.08 5.63 1.34 17.17 1.29DGAGX Dreyfus Appreciation Investor 34.25 79 Hold 9.75 1.75 6.44 14.01 6.49 8.69 0.94 10.18 0.94DISSX Dreyfus Small Cap Stock Index 30.63 85 Hold 1.76 2.34 1.69 22.83 10.65 14.06 1.08 14.63 0.50DREVX Dreyfus Fund Incorporated 10.85 90 Buy 6.84 1.45 2.46 13.92 9.13 11.67 1.00 10.71 0.76


Beta 3 Year

SD 3 Year


8 MAY 2017 | PHONE: (888) 252-5372


NTF GROWTH FUNDS (continued)

DSEFX Domini Impact Equity Inv 45.62 76 Sell 6.17 1.38 3.49 16.56 6.84 9.87 0.71 1.04 11.34 1.14EGFFX Edgewood Growth Retail 25.09 92 Buy 16.64 3.68 9.23 25.14 15.51 16.19 1.14 13.54 1.39EXEYX Manning & Napier Equity 13.00 68 Hold 12.75 3.42 6.82 15.06 6.96 11.56 1.07 12.42 1.05FAMEX FAM Equity-Income Inv 28.09 98 Strong Buy 4.53 2.37 3.84 20.48 11.21 12.86 0.84 10.24 1.26FAMVX FAM Value Inv 68.50 98 Strong Buy 3.79 1.35 2.13 14.58 9.94 12.42 0.94 10.96 1.18FMIEX Wasatch Large Cap Value Investor 9.54 83 Buy 2.56 -0.42 2.45 14.81 6.37 9.48 2.73 1.01 11.18 1.10FMIHX FMI Large Cap 20.98 89 Hold 6.39 0.91 2.89 14.83 9.13 12.30 0.92 10.14 0.90FMLSX Wasatch Long/Short Investor 12.72 67 Sell -4.36 -2.08 -3.93 1.38 -2.97 2.47 2.20 0.77 10.88 1.42FSCFX Strategic Advisers® Small-Mid Cap 14.05 81 Buy 5.11 1.97 3.00 19.34 7.68 11.07 1.11 13.38 0.46FSTKX Federated MDT Stock Svc 27.83 95 Strong Buy 2.53 0.29 1.19 13.05 7.00 13.57 1.43 1.03 11.47 0.98FVSAX Strategic Advisers® Value 19.33 83 Sell 3.70 0.31 2.28 16.37 8.75 12.84 1.02 11.08 0.33GABAX Gabelli Asset AAA 57.33 80 Hold 7.50 2.16 4.26 14.57 5.87 10.65 1.02 11.07 1.36GABEX Gabelli Equity Income AAA 25.12 83 Hold 5.17 1.08 3.63 11.24 5.17 9.82 0.97 10.36 1.39GABSX Gabelli Small Cap Growth AAA 54.56 93 Buy 6.09 2.38 4.38 20.14 7.83 12.57 1.02 12.11 1.39GATEX Gateway A 31.89 71 Hold 3.72 1.00 2.36 9.46 4.74 4.82 1.01 0.37 4.17 0.94GTSIX Invesco Small Cap Growth Inv 36.99 88 Hold 8.22 2.72 5.53 21.16 9.43 12.66 1.12 13.70 1.22HCAIX Harbor Capital Appreciation Inv 62.51 83 Buy 13.70 3.05 7.79 19.74 12.32 12.52 1.08 12.70 1.01HFCGX Hennessy Cornerstone Growth Investor 20.65 85 Sell -0.34 2.53 0.15 10.31 6.90 11.47 0.94 12.61 1.32HFCSX Hennessy Focus Investor 77.36 89 Buy 4.40 0.51 2.80 9.11 9.69 12.62 1.02 11.74 1.47HRSVX Heartland Select Value 29.02 84 Hold 2.08 1.26 1.26 18.62 7.04 10.90 0.70 1.01 12.50 1.23HRTVX Heartland Value 40.03 76 Sell -0.94 2.48 -0.89 15.12 0.50 7.55 0.09 1.02 15.39 1.09ICMAX Intrepid Small Cap 14.37 71 Sell 0.14 0.21 -0.14 3.36 0.29 3.69 0.22 4.10 1.40ICNZX ICON Fund S 17.35 81 Buy 12.44 2.85 6.18 25.91 5.56 9.10 1.20 15.03 1.12JAENX Janus Enterprise T 102.71 98 Strong Buy 8.94 1.69 4.56 17.52 12.54 13.90 0.93 10.65 0.93JAMRX Janus Research T 42.96 92 Buy 11.15 2.50 6.50 15.21 10.79 13.25 1.03 11.39 0.93JATTX Janus Triton T 25.90 93 Buy 9.70 3.56 6.80 19.33 12.10 13.55 1.13 13.44 0.92JAVTX Janus Venture T 70.50 89 Hold 8.75 2.98 5.59 18.41 10.88 12.85 1.23 14.92 0.92JENSX Jensen Quality Growth J 42.35 95 Strong Buy 8.55 1.97 6.37 14.83 11.37 13.54 0.90 10.04 0.87JMVSX JPMorgan Mid Cap Value Sel 37.54 89 Buy 4.28 0.75 2.76 13.68 9.41 13.40 0.93 10.60 0.99KAUFX Federated Kaufmann R 5.45 88 Hold 10.77 1.49 6.86 20.58 11.10 13.10 1.20 14.89 1.95LCEIX Invesco Diversified Dividend Investor 19.72 98 Strong Buy 2.65 0.20 1.91 10.03 8.83 12.92 1.57 0.67 7.73 0.76LCGRX Loomis Sayles Small Cap Growth Retail 23.37 78 Buy 10.97 3.91 7.99 21.40 8.68 11.41 3.69 1.18 15.81 1.20MCGFX ASTON/Montag & Caldwell Growth N 19.15 73 Hold 9.49 2.79 7.16 8.61 7.15 9.38 0.05 0.79 9.43 1.12MERFX Merger Investor 15.89 75 Hold 1.47 0.95 0.89 3.71 1.37 2.10 -0.06 2.90 1.40MFCFX Marsico Flexible Capital 14.83 86 Hold 8.25 1.85 6.08 9.97 6.55 9.96 1.36 9.75 1.38MFLDX MainStay Marketfield I 15.19 60 Hold 5.56 0.46 1.00 8.11 -5.08 0.04 0.31 6.67 1.56MFOCX Marsico Focus 17.46 85 Buy 15.63 3.50 8.72 14.49 8.49 10.01 0.96 12.01 1.29MGRIX Marsico Growth 16.64 82 Hold 12.74 2.46 7.08 14.06 7.24 8.79 0.99 11.61 1.37MGSEX AMG Managers Special Equity Service 106.18 80 Hold 6.90 2.17 4.58 22.20 8.93 11.24 4.83 1.21 15.03 1.36MRVEX BMO Mid-Cap Value Y 11.71 96 Strong Buy 2.45 0.52 0.95 17.86 7.89 12.92 0.71 1.13 12.86 1.23MUHLX Muhlenkamp 51.37 70 Sell 5.98 0.92 4.77 9.51 -0.40 5.60 0.98 11.21 1.25MXXIX Marsico 21st Century 24.16 85 Buy 13.96 2.76 7.28 17.00 8.43 10.37 0.98 11.98 1.41NBGEX Neuberger Berman Genesis Tr 62.58 78 Buy 4.46 2.61 2.79 20.49 8.95 11.59 0.97 12.13 1.10NESGX Needham Small Cap Growth 15.53 91 Buy 1.84 1.57 0.84 25.21 8.77 8.69 0.88 14.35 1.95NOLVX Northern Large Cap Value 15.13 84 Hold 2.02 0.27 1.48 15.29 7.37 11.47 1.02 11.33 0.87NOSGX Northern Small Cap Value 24.07 85 Sell -0.17 1.69 -0.17 22.45 9.65 13.01 1.02 14.43 1.00OAKLX Oakmark Select I 44.67 95 Strong Buy 3.79 1.68 1.48 22.40 8.82 13.68 1.17 13.44 0.98OAKMX Oakmark I 75.96 93 Buy 4.80 0.98 2.28 21.79 9.55 13.99 1.24 1.13 12.46 0.89PCKDX PIMCO StocksPLUS® Small D 9.71 91 Strong Buy 4.86 1.04 3.30 29.46 9.84 14.08 1.33 1.37 17.01 1.09PEOPX Dreyfus S&P 500 Index 52.06 92 Buy 6.98 1.19 4.30 16.72 10.21 13.03 1.00 10.41 0.50PESPX Dreyfus MidCap Index 36.64 89 Buy 4.60 1.69 2.38 19.23 10.12 12.84 1.02 12.04 0.50PIXDX PIMCO Fundamental IndexPLUS AR D 6.94 86 Hold 4.68 0.73 2.66 19.24 8.04 13.86 1.26 1.15 12.34 1.19PRBLX Parnassus Core Equity Investor 41.24 91 Strong Buy 5.27 1.08 2.58 13.96 8.92 13.52 1.47 0.85 9.29 0.87PSTDX PIMCO StocksPLUS Absolute Return D 10.72 94 Buy 8.42 1.42 5.24 20.96 10.45 14.07 1.34 1.20 12.59 1.04RYLPX Royce Low Priced Stock Svc 8.23 55 Sell 0.00 1.60 -0.36 15.49 -0.49 1.50 1.62 1.13 15.87 1.49RYOCX Rydex NASDAQ-100® Inv 31.49 91 Buy 14.68 3.21 7.99 27.88 16.35 15.39 1.18 13.61 1.25RYPFX Royce Pennsylvania Mutual Svc 11.38 73 Buy 3.17 2.99 2.43 21.42 5.28 9.56 1.10 14.46 1.26RYTFX Royce Total Return Svc 14.39 81 Buy 3.11 2.06 2.09 20.78 7.19 11.01 1.00 12.83 1.46RYVFX Royce Small Value Svc 9.73 67 Sell -2.51 0.52 -1.22 9.82 1.94 5.95 0.92 14.02 1.48RYVPX Royce Small Growth Plus Svc 11.71 78 Buy 6.36 2.18 2.81 19.42 6.65 9.70 1.21 16.34 1.49SCSAX Wells Fargo Advantage Common Stock A 22.92 87 Hold 5.43 0.92 1.33 16.67 7.40 11.30 1.15 13.35 1.25SDVSX Sit Dividend Growth S 16.47 85 Buy 6.24 0.79 3.77 14.23 9.37 11.70 0.93 9.79 1.25SENAX Wells Fargo Advantage Enterprise A 45.10 84 Hold 12.72 3.11 7.43 20.28 8.35 10.19 1.11 12.90 1.18SLASX Selected American Shares S 37.92 80 Sell 6.04 2.35 2.79 20.31 9.48 12.09 0.29 1.09 12.32 0.97SMVAX Wells Fargo Advantage Small Cap Value A 21.76 89 Strong Buy 3.77 1.59 2.50 26.90 6.06 9.08 1.09 14.74 1.28SOPVX Wells Fargo Advantage Opportunity A 43.56 93 Buy 7.00 1.73 2.42 16.02 7.92 10.92 1.09 12.06 1.21SSHFX Sound Shore Investor 46.30 87 Hold 4.82 0.65 2.68 16.71 7.53 13.85 2.77 1.15 12.48 0.91TAVFX Third Avenue Value Instl 53.50 82 Buy 6.21 1.42 3.96 14.94 4.58 9.10 0.80 0.92 13.87 1.14TGCNX TCW Select Equities N 25.62 83 Buy 16.24 3.94 9.44 15.95 10.81 10.67 0.37 1.16 14.25 1.14TGDVX TCW Relative Value Large Cap N 22.75 83 Hold 3.79 0.53 1.38 17.71 7.37 12.34 0.90 1.10 12.35 1.10TGIGX TCW Relative Value Dividend Apprec N 18.89 90 Buy 1.89 -0.88 0.27 14.62 6.94 11.82 1.60 1.09 11.75 1.11TWCIX American Century Select Inv 64.66 88 Buy 11.93 3.21 8.47 20.21 12.80 12.35 1.00 11.01 0.99TWCUX American Century Ultra® Inv 39.34 93 Buy 12.79 3.31 8.08 18.95 12.25 13.22 1.06 11.66 0.98TWGTX American Century All Cap Growth Inv 32.17 94 Strong Buy 12.21 3.57 7.30 17.87 11.77 10.95 1.03 11.41 1.00TWHIX American Century Heritage Inv 22.11 77 Hold 9.56 2.65 5.74 14.59 8.77 9.49 1.03 11.89 1.00


Beta 3 Year

SD 3 Year



NTF GROWTH FUNDS (continued)TWVLX American Century Value Inv 8.91 85 Hold 1.17 -0.56 0.04 14.42 8.30 12.58 1.32 0.94 10.42 0.98UMBMX Scout Mid Cap 17.65 82 Buy 6.26 1.15 2.80 23.74 9.77 11.93 0.90 10.92 1.04WBGSX William Blair Growth N 12.55 80 Hold 9.99 3.29 6.45 12.23 8.18 10.72 1.00 11.33 1.21WFDAX Wells Fargo Advantage Discovery A 33.88 82 Buy 13.01 3.64 8.28 23.35 9.80 10.80 1.11 13.58 1.20WOGSX White Oak Select Growth 76.32 86 Hold 5.87 1.60 2.82 22.24 12.45 12.98 1.16 13.11 1.06WPVLX Weitz Partners Value Investor 31.01 87 Buy 7.38 1.54 2.61 10.59 3.25 9.47 0.83 9.87 1.18WVALX Weitz Value Investor 42.74 78 Hold 7.79 1.62 3.29 9.03 4.37 9.50 0.60 0.80 9.36 1.18YAFFX AMG Yacktman Focused Service 21.46 86 Hold 8.99 0.28 3.47 15.34 7.81 11.05 0.83 10.07 1.23

NTF SECTOR FUNDSBGEIX American Century Global Gold Inv 8.37 52 Hold 5.82 -3.35 -5.32 -7.22 -0.96 -11.75 0.66 44.24 0.68CSRSX Cohen & Steers Realty Shares 66.36 76 Sell 1.89 1.72 1.60 5.35 9.34 9.02 1.77 0.61 14.62 0.96FSTEX Invesco Energy Inv 24.44 32 Sell -12.59 -2.24 -11.61 -8.08 -16.46 -5.59 1.37 26.23 1.26FTCHX Invesco Technology Investor 39.54 88 Buy 16.40 3.64 9.38 28.19 12.41 9.54 1.25 15.60 1.30GABUX Gabelli Utilities AAA 9.42 64 Sell 4.78 0.20 4.00 10.48 5.41 8.72 0.59 10.10 1.38GASFX Hennessy Gas Utility Index Investor 29.79 72 Hold 5.73 0.01 3.93 12.93 5.46 11.20 2.17 0.56 11.74 1.01HSFNX Hennessy Small Cap Financial Investor 24.61 88 Hold -5.78 -0.81 -4.32 25.99 13.28 15.09 0.63 16.44 1.54ICBMX ICON Materials S 14.34 74 Buy 3.54 0.56 -0.90 13.96 2.23 7.09 1.19 1.29 17.19 1.50ICCCX ICON Consumer Discretionary S 14.03 81 Hold 4.55 1.67 3.39 6.18 6.41 10.38 1.42 0.88 12.04 1.42ICENX ICON Energy S 12.33 37 Sell -9.14 -3.07 -9.34 0.72 -12.57 -2.18 0.01 1.12 20.85 1.44ICFSX ICON Financial S 9.12 91 Buy 1.33 -0.76 -0.22 20.67 6.44 9.50 1.45 1.10 16.82 1.40ICHCX ICON Healthcare S 16.06 87 Strong Buy 7.86 1.84 7.57 9.71 10.18 16.92 3.50 0.92 14.05 1.50ICLEX ICON Consumer Staples S 7.50 95 Strong Buy 6.84 1.49 5.63 9.63 10.41 11.76 0.06 0.42 7.98 1.51ICTEX ICON Information Technology S 16.95 98 Strong Buy 14.06 1.38 7.62 29.50 18.74 13.86 1.38 0.89 12.50 1.49ICTRX ICON Industrials S 14.52 82 Buy 8.04 2.11 5.07 23.89 7.26 11.30 1.91 0.95 13.25 1.50ICTUX ICON Utilities S 9.13 77 Sell 5.24 -0.78 5.48 11.40 10.33 11.89 1.76 0.34 13.57 1.50JAGLX Janus Global Life Sciences T 51.44 82 Buy 13.98 2.00 10.70 9.19 12.60 19.40 1.06 17.22 0.93JAGTX Janus Global Technology T 27.16 98 Strong Buy 18.55 4.86 10.36 37.34 16.97 15.91 1.21 14.53 0.94MRESX AMG Managers Real Estate Securities 10.87 78 Sell -0.37 0.56 0.46 2.85 9.08 8.90 2.38 0.57 15.12 1.15NBRFX Neuberger Berman Real Estate Tr 12.92 70 Hold 3.44 1.10 3.28 4.69 7.86 7.38 0.62 13.70 1.04PCRDX PIMCO Commodity Real Ret Strat D 6.74 25 Sell -3.44 -0.88 -4.40 0.59 -15.60 -10.52 5.93 0.84 14.87 1.19PETDX PIMCO Real Estate Real Return Strategy D 7.47 76 Sell 0.46 1.22 0.87 4.38 9.62 8.02 5.40 0.74 17.57 1.14REINX Invesco Real Estate Investor 21.18 81 Sell 2.51 1.39 2.56 4.63 8.30 8.25 1.14 0.60 13.92 1.25RYEIX Rydex Energy Inv 74.30 36 Sell -12.12 -3.38 -12.37 -0.12 -14.95 -4.22 1.37 25.17 1.35RYHRX Rydex Real Estate H 37.64 62 Sell 2.95 1.84 2.65 7.96 6.63 7.08 0.72 13.33 1.62RYMIX Rydex Telecommunications Inv 47.63 60 Sell 1.45 -0.40 0.93 14.22 5.64 5.98 0.93 11.74 1.34RYOIX Rydex Biotechnology Inv 81.78 91 Strong Buy 15.28 2.60 10.54 13.07 11.32 18.08 1.49 25.53 1.32RYTIX Rydex Technology Inv 76.73 89 Strong Buy 12.89 1.97 6.91 28.96 13.33 12.84 1.17 14.04 1.35

NTF INTERNATIONAL FUNDSAAIPX American Beacon Intl Equity Inv 18.78 72 Hold 9.64 2.14 5.75 9.41 -0.09 6.38 0.91 11.86 1.06AEMGX Acadian Emerging Markets Instl 19.19 64 Buy 16.44 1.48 8.30 25.73 3.04 2.43 0.27 1.07 15.81 1.56ARTIX Artisan International Investor 28.96 82 Hold 13.08 3.50 6.75 4.60 -0.02 5.72 3.87 0.85 12.13 1.19BJBIX Aberdeen Select International Eq A 25.70 65 Buy 18.38 2.07 12.23 19.39 -1.06 3.18 1.00 13.50 1.42CIVVX Causeway International Value Inv 15.23 73 Hold 10.52 2.35 6.13 11.27 0.20 6.58 5.51 0.85 11.31 1.16DREGX Driehaus Emerging Markets Growth 32.06 69 Buy 14.58 3.22 7.80 16.66 1.11 3.43 0.91 12.99 1.63EGINX Invesco European Growth Investor 37.45 74 Buy 13.35 6.30 10.02 9.82 2.08 7.62 0.81 11.56 1.31EXWAX Manning & Napier World Opportunities A 7.56 62 Hold 11.01 2.58 6.63 8.70 -1.87 3.76 0.96 12.77 1.07FILFX Strategic Advisers® International 10.40 72 Hold 10.87 2.67 6.89 12.17 2.31 6.97 0.85 11.07 0.20HIINX Harbor International Investor 64.87 68 Hold 11.94 2.85 7.54 8.64 -0.90 4.18 1.00 12.85 1.14HLEMX Harding Loevner Emerging Markets Advisor 50.75 64 Buy 15.00 2.09 8.05 20.78 3.02 4.37 1.03 14.58 1.42HLMNX Harding Loevner International Eq Inv 20.17 72 Hold 13.19 2.65 7.46 15.96 4.72 7.07 0.96 12.59 1.15ICARX ICON Emerging Markets S 15.22 82 Buy 15.65 0.00 8.17 12.16 4.62 4.69 1.65 0.78 11.65 1.55ICHKX Guinness Atkinson China & Hong Kong 22.12 72 Buy 15.87 -0.76 8.06 27.46 6.18 3.08 1.22 20.05 1.66JAOSX Janus Overseas T 29.03 54 Buy 14.61 3.16 7.52 15.91 -4.31 -1.23 1.35 18.25 0.65LISOX Lazard International Strategic Eq Open 13.72 76 Hold 9.32 2.85 6.27 3.14 -0.51 6.50 0.81 11.00 1.06MACSX Matthews Asian Growth & Inc Investor 16.54 79 Hold 10.71 0.67 6.23 6.86 1.50 4.81 0.75 10.93 1.09MAKOX Matthews Korea Investor 6.14 80 Buy 16.95 0.00 10.63 8.68 7.74 9.54 0.81 14.55 1.15MAPIX Matthews Asia Dividend Investor 17.48 79 Buy 12.78 0.00 8.32 13.45 7.57 8.07 0.79 11.38 1.06MAPTX Matthews Pacific Tiger Investor 26.56 91 Buy 15.88 2.43 9.93 14.43 7.52 7.73 0.88 13.76 1.08MCHFX Matthews China Investor 18.32 75 Buy 18.42 0.66 10.16 26.51 6.99 3.66 1.20 20.93 1.18MGLBX Marsico Global 12.99 81 Buy 15.36 4.34 9.81 13.35 6.46 9.77 0.81 12.48 1.60MINDX Matthews India Investor 30.53 90 Buy 19.03 2.62 13.75 19.74 19.43 15.29 0.58 16.43 1.12MNILX Litman Gregory Masters Intl Inv 16.40 69 Hold 11.72 2.63 7.47 11.28 -0.78 5.08 0.93 12.62 1.24NMIEX Northern Multi-Manager Intl Equity 10.28 66 Hold 11.50 3.01 7.08 10.32 -0.42 3.97 0.92 11.74 1.20NMMEX Northern Multi-Manager Emerging Mkt Eq 18.31 70 Buy 14.15 0.55 5.29 19.30 1.15 1.78 1.10 15.71 1.35NMMGX Northern Multi-Manager Glbl Real Estate 10.80 71 Sell 3.46 2.47 3.36 4.01 4.46 6.13 0.69 11.77 1.11OAKEX Oakmark International Small Cap I 16.91 80 Buy 15.82 5.75 10.02 21.24 3.67 8.24 3.21 1.06 14.39 1.38OAKGX Oakmark Global I 31.00 86 Strong Buy 10.48 2.51 5.08 21.25 4.45 10.27 1.00 14.54 1.17OAKIX Oakmark International I 25.93 87 Strong Buy 14.23 4.51 8.63 24.85 3.55 10.83 0.31 1.13 15.46 1.00QFFOX Pear Tree PanAgora Dyn Emerg Mkts Ord 20.67 54 Hold 11.07 0.39 5.62 9.63 -0.83 -0.06 1.06 14.78 1.31SSEMX SSgA Emerging Markets N 7.87 54 Buy 12.91 1.94 7.51 13.05 -1.59 -1.57 1.34 1.03 14.69 1.21TAREX Third Avenue Real Estate Value Instl 32.94 85 Hold 10.28 2.36 6.74 14.66 6.03 10.85 0.93 11.60 1.13TAVIX Third Avenue International Value Instl 17.04 75 Buy 9.72 2.10 3.27 20.96 -0.73 4.95 1.23 17.23 1.40TWIEX American Century International Gr Inv 11.99 77 Hold 12.37 3.63 7.15 8.25 0.85 6.09 0.86 11.80 1.18UMBWX Scout International 22.75 70 Hold 9.22 2.52 6.11 12.49 2.29 5.34 1.08 0.90 11.62 1.05WBIGX William Blair International Growth N 26.34 83 Hold 10.39 3.09 5.49 9.91 1.84 5.70 0.85 11.03 1.43


Beta 3 Year

SD 3 Year


10 MAY 2017 | PHONE: (888) 252-5372


NTF INTERNATIONAL FUNDS (continued)

WGRNX Wintergreen Investor 16.68 66 Hold 9.74 3.22 5.30 16.01 1.09 5.17 4.32 0.64 10.40 1.95WWNPX Kinetics Paradigm No Load 39.53 86 Buy 5.05 4.27 1.75 22.95 5.39 11.41 0.97 12.79 1.64

NTF INCOME FUNDSACITX American Century Infl-Adj Bond Inv 11.76 58 Hold 1.82 0.77 1.12 1.75 1.39 0.20 1.12 4.09 0.47ADFIX American Century Diversified Bond Inv 10.75 74 Hold 1.67 0.94 1.60 0.89 2.62 2.18 2.08 0.98 2.91 0.60AGIVX Invesco US Government Investor 8.86 58 Sell 0.90 0.63 0.87 -0.06 1.70 1.02 1.39 0.91 2.76 0.93BCOSX Baird Core Plus Bond Inv 11.60 79 Hold 2.00 0.99 1.75 2.56 3.15 3.15 2.62 0.98 2.98 0.55BEGBX American Century International Bd Inv 12.51 56 Sell 4.42 1.21 3.65 -4.28 -2.88 -1.78 0.52 1.23 7.42 0.80BGNMX American Century Ginnie Mae Inv 10.53 62 Sell 0.59 0.59 0.80 -0.06 1.81 1.27 1.79 0.48 1.63 0.55BJBGX Aberdeen Total Return Bond A 13.21 77 Buy 1.54 0.78 1.39 1.76 2.50 2.15 2.38 0.95 2.93 0.69BJBHX Aberdeen Global High Income A 8.94 78 Strong Buy 4.06 1.61 1.84 10.51 0.21 4.27 5.49 0.31 5.67 1.00BTTTX American Century Zero Coupon 2020 Inv 103.74 73 Sell 1.04 0.71 0.89 -0.10 2.65 1.68 1.42 1.05 3.37 0.56CPTNX American Century Government Bond Inv 11.00 59 Sell 1.23 0.73 1.18 -0.36 1.87 1.13 1.79 0.87 2.63 0.47DBMIX Dreyfus Bond Market Index Inv 10.31 67 Hold 1.51 0.87 1.44 0.44 2.22 1.79 1.97 1.00 2.94 0.40DIAVX Dreyfus Inflation Adjusted Sec Inv 12.69 65 Hold 1.28 0.63 0.71 0.98 0.66 -0.23 0.81 3.21 0.76DLFNX DoubleLine Core Fixed Income N 10.92 85 Strong Buy 2.15 0.86 1.78 2.76 3.23 3.24 3.29 0.88 2.74 0.71DLTNX DoubleLine Total Return Bond N 10.68 83 Strong Buy 1.74 0.87 1.74 1.87 3.11 3.41 3.44 0.66 2.03 0.72EXCPX Manning & Napier Unconstrained Bond S 10.45 76 Hold 1.63 0.67 1.24 3.38 1.80 2.73 2.44 0.42 2.02 0.75FHYTX Federated High Yield Service 6.87 89 Strong Buy 3.74 1.55 2.05 11.92 4.80 7.93 4.28 0.44 6.41 0.98FIGIX Federated US Govt 2-5 Yr Svc 10.90 66 Sell 0.58 0.37 0.46 -0.57 0.54 -0.03 1.25 0.59 1.91 0.82FPCIX Strategic Advisers® Core Income 10.54 79 Hold 2.12 0.95 1.76 3.00 3.10 2.95 0.90 2.84 1.18FPIOX Strategic Advisers® Income Opportunities 9.57 89 Strong Buy 3.88 1.59 2.24 12.50 3.77 6.10 0.31 5.67 0.83FSISX Federated Short-Term Income Svc 8.51 79 Strong Buy 0.78 0.34 0.57 1.33 0.87 0.96 1.22 0.15 0.58 0.71FTGSX Federated Total Return Govt Bd Svc 10.81 71 Sell 1.27 0.78 1.16 -0.33 1.51 0.95 1.59 0.98 3.01 0.66FULBX Federated Ultrashort Bond Svc 9.12 81 Strong Buy 0.56 0.20 0.38 1.37 0.58 0.74 1.02 0.07 0.42 0.81HYFIX Harbor High-Yield Bond Inv 10.21 85 Strong Buy 3.15 1.83 1.93 9.85 3.12 4.76 4.29 0.37 5.43 1.03HYINX Invesco High Yield Investor 4.21 86 Strong Buy 3.12 1.88 1.76 9.26 3.00 5.69 4.49 0.35 5.67 1.01JAFIX Janus Flexible Bond T 10.37 82 Buy 1.82 1.05 1.53 1.74 2.13 2.67 2.94 0.92 2.76 0.68JAHYX Janus High-Yield T 8.55 88 Strong Buy 3.16 1.72 1.76 11.22 3.64 5.92 5.85 0.35 4.77 0.86JASBX Janus Short-Term Bond T 3.03 79 Strong Buy 0.80 0.49 0.38 1.26 0.74 1.16 1.65 0.25 1.03 0.73LSBRX Loomis Sayles Bond Retail 13.91 82 Hold 3.88 0.91 1.92 6.80 1.87 4.31 2.94 0.50 5.81 0.91LSGLX Loomis Sayles Global Bond Retail 15.62 62 Sell 3.63 0.90 2.74 -0.10 -0.56 0.43 1.70 1.14 5.33 1.00MBFAX Wells Fargo Advantage Core Bond A 13.15 74 Hold 1.54 0.92 1.50 0.77 2.45 2.32 1.81 1.02 3.01 0.78MGFIX AMG Managers Bond Service 26.73 74 Sell 2.95 0.96 2.06 3.67 2.57 3.89 2.83 0.78 3.37 1.00MWCRX Metropolitan West Unconstrained Bond M 11.91 83 Hold 1.44 0.46 1.13 3.61 2.13 3.85 2.33 0.12 0.96 1.04MWHYX Metropolitan West High Yield Bond M 9.65 90 Strong Buy 2.97 1.37 2.16 8.28 2.05 4.82 2.94 0.28 4.02 0.85MWLDX Metropolitan West Low Duration Bond M 8.73 88 Strong Buy 0.63 0.22 0.55 1.38 0.90 1.94 1.29 0.12 0.51 0.62MWTRX Metropolitan West Total Return Bond M 10.63 88 Buy 1.49 0.85 1.47 1.11 2.36 3.40 2.04 0.86 2.55 0.66NHFIX Northern High Yield Fixed Income 6.89 89 Strong Buy 3.49 2.02 1.96 11.86 3.21 5.84 6.28 0.22 5.47 0.80NOFIX Northern Fixed Income 10.17 79 Sell 1.71 1.09 1.29 1.85 2.61 2.83 2.43 1.00 3.07 0.45PASDX PIMCO All Asset D 11.74 74 Buy 5.36 0.43 2.96 9.97 1.80 3.24 2.38 1.03 8.08 0.45PBDDX PIMCO Investment Grade Corp Bd D 10.45 95 Strong Buy 3.46 1.47 2.82 5.58 4.76 4.92 2.82 1.28 4.35 0.90PDVDX PIMCO Diversified Inc D 10.88 91 Buy 4.44 1.58 3.53 10.03 4.91 4.97 3.00 0.81 4.97 1.15PEMDX PIMCO Emerging Markets Bond D 10.56 79 Hold 6.18 1.69 4.62 12.00 4.74 3.92 4.49 1.07 8.53 1.20PFBDX PIMCO Foreign Bond (Unhedged) D 9.57 41 Sell 4.26 0.85 3.07 -1.29 -1.28 -0.35 1.53 1.26 7.28 0.90PFODX PIMCO Foreign Bond (USD-Hedged) D 10.52 83 Hold 0.78 0.55 1.60 4.33 4.91 5.16 1.02 0.84 3.30 0.90PGNDX PIMCO GNMA D 11.13 61 Hold 0.88 0.73 1.13 0.63 2.09 1.49 1.67 0.49 1.72 0.90PGSDX PIMCO Global Advantage Strategy Bd D 10.53 51 Hold 3.47 0.71 2.78 5.82 -0.46 0.35 2.12 0.73 4.87 1.10PHYDX PIMCO High Yield D 8.97 93 Strong Buy 3.46 1.91 2.16 10.28 4.36 5.87 4.26 0.50 5.31 0.90PLDDX PIMCO Low Duration D 9.86 80 Strong Buy 0.66 0.37 0.55 1.53 0.87 1.25 1.64 0.16 1.21 0.75PONDX PIMCO Income D 12.27 98 Strong Buy 3.49 0.98 2.74 8.91 5.75 7.95 3.72 0.23 2.60 0.79PRRDX PIMCO Real Return D 11.09 69 Hold 2.34 0.90 1.37 2.51 1.14 0.31 6.07 1.17 4.63 0.85PSHDX PIMCO Short-Term D 9.83 80 Strong Buy 0.74 0.51 0.56 2.89 1.45 1.40 1.43 -0.15 1.05 0.70PTTDX PIMCO Total Return D 10.18 78 Hold 2.38 1.15 1.70 2.57 2.58 2.54 2.95 0.99 3.32 0.75PUBDX PIMCO Unconstrained Bond D 10.92 80 Buy 3.01 0.43 2.17 7.52 2.25 2.10 3.12 0.02 3.31 1.30PYEMX Payden Emerging Markets Bond 13.97 84 Buy 5.86 1.63 4.30 10.82 5.89 5.12 5.33 1.13 6.20 0.75PYSBX Payden Low Duration Fund 10.09 83 Strong Buy 0.74 0.33 0.54 1.59 1.06 1.36 1.40 0.13 0.65 0.45SADAX Wells Fargo Advantage Ultra S/T Inc A 8.48 77 Strong Buy 0.49 0.11 0.30 1.20 0.65 0.73 1.18 0.03 0.38 0.70SGVDX Wells Fargo Advantage Government Sec A 10.91 63 Hold 1.16 0.79 1.24 -0.33 1.90 1.31 1.83 0.91 2.74 0.85SNGVX Sit US Government Securities 10.92 56 Sell 0.60 0.29 0.60 0.27 1.39 0.77 2.46 0.24 0.94 0.80SNTIX Sit Tax-Free Income 9.55 84 Sell 2.39 0.79 2.08 0.56 4.67 4.36 3.04 1.16 3.85 0.80SSTVX Wells Fargo Advantage Short-Term Bd A 8.75 65 Buy 0.59 0.25 0.49 1.27 1.13 1.26 1.32 0.20 0.77 0.72STWRX Wells Fargo Advantage DJ Target Today A 10.64 53 Sell 2.21 0.66 1.62 1.54 1.36 1.72 0.34 2.89 0.77STYAX Wells Fargo Advantage Income Plus A 12.49 81 Hold 2.50 1.05 1.94 3.78 3.89 3.31 2.65 1.05 3.36 0.84TGFNX TCW Core Fixed-Income N 10.95 80 Hold 1.50 0.84 1.41 0.83 2.05 2.17 1.86 0.85 2.52 0.77TGINX TCW Emerging Markets Income N 10.92 81 Buy 6.36 1.67 4.56 12.96 4.95 4.80 5.42 1.01 6.67 1.15TGMNX TCW Total Return Bond N 10.27 82 Buy 1.54 0.95 1.54 0.60 2.26 3.68 2.67 0.79 2.41 0.79THOPX Thompson Bond 11.42 95 Strong Buy 2.50 0.62 1.51 9.94 2.73 3.74 3.06 0.25 4.03 0.72TWUSX American Century Short-Term Govt Inv 9.59 66 Buy 0.40 0.19 0.25 0.10 0.40 0.19 1.18 0.22 0.77 0.55WACIX Western Asset Core Plus Bond FI 11.64 75 Hold 2.82 1.18 2.35 3.76 3.89 3.79 2.78 0.99 3.22 0.83WAPIX Western Asset Core Bond FI 12.51 76 Hold 2.09 0.99 1.80 2.34 3.40 3.12 2.03 0.98 3.02 0.81WTIBX Westcore Plus Bond 10.69 73 Buy 2.16 0.98 1.77 2.45 3.03 2.78 2.97 0.96 2.90 0.55

ASSET ALLOCATIONAABPX American Beacon Balanced Inv 14.77 90 Hold 2.94 0.77 1.78 11.33 5.27 8.55 1.31 1.05 7.55 0.95AOMIX American Century One Choice® Mod Inv 14.99 83 Hold 6.19 1.49 3.70 10.64 5.55 7.41 1.38 1.09 7.18 0.91EXBAX Manning & Napier Pro-Blend Mod Term S 13.64 70 Hold 6.31 1.49 3.18 6.36 2.00 5.01 0.88 6.10 1.07EXDAX Manning & Napier Pro-Blend Cnsrv Term S 13.69 75 Hold 4.42 1.18 2.62 5.55 2.26 4.29 0.66 4.54 0.87EXHAX Manning & Napier Pro-Blend Max Term S 20.10 75 Sell 11.23 2.66 6.29 11.62 4.39 9.19 1.58 10.79 1.08GLRBX James Balanced: Golden Rainbow R 24.73 73 Sell 1.29 0.43 0.51 4.59 3.14 5.55 3.04 0.68 5.04 0.96GRSPX Greenspring 25.40 76 Hold 2.54 2.13 1.80 16.72 4.09 6.82 1.63 1.05 8.57 1.01


Beta 3 Year

SD 3 Year



Fund Spotlight: A Comparison of Industrial Sector Mutual Funds

Business confidence is at record highs in much of the world, which should enable many indus-trial firms to profit over the coming months. In the first quarter of 2017, confidence at large U.S. companies jumped to levels not seen since 2009, and these firms are likely to further invest and hire more workers. The S&P 500 industrial sector spans aerospace, transportation, defense and consumer goods. It includes General Elec-tric (GE), 3M (MMM), Boeing (BA), Lockheed Martin (LMT), Caterpillar (CAT), United Parcel Service (UPS), Delta Air Lines (DAL) and Stan-ley Black & Decker (SWK). Several factors are working in favor of these companies. The sector is reporting earnings growth of 7.2 percent. Construction spending will also rise in the coming years as U.S. infra-structure continues to age. U.S. military demand and anticipated tax reforms for manufacturers will boost the industrial sector as well. Fidelity has two solid options for increasing in-dustrial sector exposure. Fidelity Select Industri-als (FCYIX) is a reliable actively-managed fund, while Fidelity MSCI Industrials (FIDU) offers passive exposure. Icon Investors also offer a no-transaction-fee fund available through Fidelity.

FIDELITY MSCI INDUSTRIALS ETF (FIDU) FIDU was launched in October 2013. It tracks the MSCI USA IMI Industrials Index, a market capitalization-weighted index. Over the past three years, FIDU has gained 9.38 percent, beat-ing FCYIX by 1.11 percent. FIDU has 39 percent of assets in its top 10 hold-ings, and nearly 10 percent in GE. There is over-lap with FCYIX in the holdings, but FIDU is market cap-weighted and holds more large-cap names in its portfolio of 334 stocks. FIDU has an average market capitalization of $28 billion, 40 percent higher than that of FCYIX. FIDU has 21 percent of assets in the aerospace and defense subsector, followed by 19 percent in conglomerates and 18 percent in machinery. Road and rail gets 9 percent of assets, followed by air freight and logistics at 6 percent.

PERFORMANCE, RISK AND EXPENSESFIDU has outperformed the category over the past three years, rising 9.83 percent versus 7.56 per-cent. It has a 30-day SEC yield of 1.83 percent.FIDU’s beta of 1.01 is in line with the category. FIDU’s standard deviation of 12.73 is below the category’s standard deviation of 13.79.

FIDU has an expense ratio of 0.084 percent and trades commission-free on Fidelity’s platform.

FIDELITY SELECT INDUSTRIALS (FCYIX)FCYIX invests in companies involved in the re-search, development, manufacture, distribution, supply, or sale of industrial products, services, or equipment. This is a broader mandate than Fidel-ity Select Industrial Equipment (FSCGX), which focuses on the manufacture, distribution and ser-vicing of equipment. FCYIX’s benchmark is the MSCI U.S. Investable Market 25/50 Index.Manager Tobias Welo has managed FCYIX since January 2007. He and his team of 16 ana-lysts use a two-pronged approach to target both large conglomerates, such as number-one hold-ing General Electric (GE), and narrow sub-sec-tor plays that are sensitive to cyclical changes. These so-called pure plays rely on market tim-ing. Patient stock pickers with a long horizon can profit from these swings; FCYIX’s perfor-mance beat the category by almost 12 percent in 2009. As of March 31, FCYIX had half of its portfolio in mid- and small-cap stocks, with a relatively low average market capitalization of $20 billion, versus the benchmark’s $33 billion and the cate-

IOEZX ICON Equity Income S 17.05 92 Strong Buy 4.68 0.40 2.80 14.83 8.58 11.20 2.12 1.38 9.96 1.20JABAX Janus Balanced T 30.97 87 Hold 6.30 1.44 3.22 11.75 6.09 8.31 1.75 0.97 6.87 0.83LCORX Leuthold Core Investment Retail 19.21 74 Hold 4.95 1.21 2.81 8.20 4.82 7.12 0.69 6.06 1.17MNBAX Manning & Napier Pro-Blend Extnd Term S 17.34 73 Hold 8.04 1.82 3.96 8.52 2.86 6.56 1.12 7.75 1.07NDMSX Nationwide Inv Dest Mod Agrsv Svc 10.63 79 Sell 6.08 1.43 3.80 13.09 5.39 8.40 1.29 8.51 0.58PAUDX PIMCO All Asset All Authority D 8.78 73 Hold 5.10 0.57 2.77 8.85 -0.41 0.79 1.60 1.02 8.85 0.55PAXWX Pax World Balanced Individual Inv 23.35 82 Hold 4.52 1.13 3.05 8.73 5.59 7.09 0.98 6.65 0.77PRPFX Permanent Portfolio 39.46 73 Buy 4.47 0.69 1.44 4.45 1.36 1.15 0.73 7.53 0.82TWBIX American Century Balanced Inv 18.37 81 Hold 5.30 1.27 3.29 10.29 5.57 7.75 1.29 0.96 6.48 0.90TWSAX American Century Strat Allc: Agrsv Inv 8.23 80 Hold 7.59 1.73 4.31 12.80 6.41 8.31 1.07 1.32 8.81 1.11TWSCX American Century Strat Allc: Cnsrv Inv 5.78 79 Hold 4.34 1.05 2.67 6.64 4.17 5.35 1.55 0.80 5.31 1.00TWSMX American Century Strat Allc: Mod Inv 7.02 78 Hold 5.97 1.45 3.62 10.40 5.36 7.07 1.26 1.09 7.17 1.07

BEAR MARKETBRPIX ProFunds Bear Inv 36.90 -6.94 -1.26 -4.45 -16.23 -12.30 -14.54 -0.95 9.93 1.54COMVX Comstock Capital Value AAA 5.60 -9.53 -2.27 -5.56 -24.32 -17.02 -17.78 -1.19 12.94 1.88DXRSX Direxion Mthly Small Cap Bear 2X 18.79 -7.48 -4.96 -5.39 -40.99 -24.48 -28.53 -2.36 30.80 1.35DXSSX Direxion Mthly S&P 500 Bear 2X Inv 18.32 -13.30 -2.35 -8.58 -28.66 -22.05 -26.16 -1.99 20.71 1.35GRZZX Grizzly Short 5.74 -8.89 -1.54 -5.12 -18.70 -9.68 -13.45 -1.23 15.02 1.52PSSDX PIMCO StocksPLUS Short Strat D 9.15 -4.89 -0.76 -2.97 -10.82 -9.67 -11.28 1.67 -0.76 8.13 1.04RYAIX Rydex Inverse NASDAQ-100® Strategy Inv 75.63 -13.02 -3.14 -7.57 -23.51 -17.27 -16.67 -1.13 12.96 1.44RYCWX Rydex Inverse Dow 2x Strategy H 17.25 -12.48 -2.54 -9.31 -33.22 -23.94 -25.38 -1.87 20.27 1.82RYIRX Rydex Inverse Russell 2000 2x Strategy H 60.61 -8.55 -5.24 -6.19 -40.69 -24.67 -29.15 -2.29 30.05 1.81RYJUX Rydex Inverse Government Lg Bd Strat Inv 35.42 -3.09 -1.67 -3.09 2.25 -7.77 -5.03 3.57 -4.28 13.48 1.40RYSHX Rydex Inverse Russell 2000 Strategy H 23.40 -3.94 -2.54 -2.78 -22.13 -12.21 -14.91 -1.16 15.19 1.70RYTPX Rydex Inverse S&P 500 2x Strategy H 58.24 -13.14 -2.38 -8.49 -29.63 -23.05 -26.89 -1.87 19.50 1.76RYURX Rydex Inverse S&P 500® Strategy Inv 69.65 -6.60 -1.18 -4.21 -15.39 -11.56 -13.95 -0.95 9.92 1.41RYVNX Rydex Dyn Inverse NASDAQ-100 2X Strat H 55.78 -24.91 -6.39 -15.07 -42.75 -33.23 -32.04 -2.17 25.04 1.80SHPIX ProFunds Short Small Cap Inv 15.71 -4.38 -2.72 -3.14 -22.95 -12.93 -15.65 -1.16 15.15 1.74SOPIX ProFunds Short NASDAQ-100 Inv 12.46 -13.35 -3.19 -7.84 -24.35 -18.76 -18.26 -1.11 12.80 1.78UFPIX ProFunds UltraShort Latin America Inv 9.32 -27.19 0.65 -5.09 -47.87 -13.16 -6.12 -2.12 54.25 1.78UHPIX ProFunds UltraShort China Inv 9.34 -29.03 -4.30 -16.08 -32.95 -27.68 -27.14 -2.34 39.73 1.78UIPIX ProFunds UltraShort Mid-Cap Inv 29.04 -9.93 -3.62 -5.56 -34.15 -24.43 -28.24 -1.92 22.88 1.78UKPIX ProFunds UltraShort Japan Inv 10.20 -4.32 -0.20 0.49 -36.96 -29.90 -36.27 -1.68 31.05 1.78URPIX ProFunds UltraBear Inv 34.07 -13.06 -2.43 -8.46 -29.61 -23.02 -27.18 -1.86 19.38 1.64UVPIX ProFunds UltraShort Emerg Mkt Inv 28.22 -25.17 -0.77 -9.06 -36.51 -16.37 -12.35 -2.08 36.68 1.78UWPIX ProFunds UltraShort Dow 30 Inv 28.79 -12.39 -2.51 -9.24 -33.23 -23.60 -25.45 -1.87 20.26 1.78UXPIX ProFunds UltraShort Intl Inv 16.99 -18.86 -3.74 -12.42 -26.77 -11.28 -20.12 -1.70 22.29 1.74

ASSET ALLOCATION (continued)

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Beta 3 Year

SD 3 Year


12 MAY 2017 | PHONE: (888) 252-5372


gory’s $44 billion. FCYIX has 43 percent of assets in its top 10 holdings, which include General Electric (GE), Honeywell (HON), United Technologies (UTX), Southwest Airlines (LUV), General Dynamics (GD) and Caterpillar (CAT).FCYIX has 21 percent in aerospace and de-fense, 17 percent in industrial conglomerates, 12 percent in industrial machinery, 9 percent in construction machinery, and 6 percent in construction and engineering. Compared with FIDU, its exposure to the top three subsectors is 10 percentage points lower, while construc-tion-related sectors are heavily overweight rel-ative to FIDU’s limited exposure.Fidelity Select Industrials (FCYIX) is one of two Fidelity Select funds targeting this sector, the other being FSCGX. Since inception just before the turn of the century, FCYIX has con-sistently outperformed FSCGX. It has racked up an impressive total return of 403 percent through April 24, versus the 276 percent return of FSCGX.

PERFORMANCE, RISK AND EXPENSESSince inception, FCYIX has outperformed its benchmark, at an annualized 10.17 percent compared with 8.60 percent. Over the same pe-riod, the S&P 500 Index gained an annualized 7.56 percent. Performance has softened over the past five years, with FCYIX trailing its bench-mark by an annualized 2 percent. FCYIX paid dividends of 0.7 percent in the past 12 months. It also paid capital gains of 5.5 percent.FCYIX has a beta of 1.05 versus the S&P 1500 Industrials Index, making it slightly more vola-

tile than the category. It has a beta of 0.98 ver-sus the MSCI All-World Country Index, in-line with the category. FCYIX has an expense ratio of 0.77 percent, making it the most affordable actively-managed fund in the category.

ICON INDUSTRIALS (ICTRX)Investors on Fidelity’s platform also have the option of ICON Industrials (ICTRX). The ac-tively managed fund uses a quantitative model that identifies stocks selling at a discount to fair value. This strategy generates more turnover in the portfolio. Where FCYIX has turnover of 62 percent, ICTRX has turnover of 87 percent. ICTRX’s quantitative method leads to a sig-nificantly different portfolio. As of March 31, it had only 24 percent of assets in large-cap stocks and 70 percent in mid- and small-caps. It also had a small but substantial 6 percent of assets in micro-caps. The average market capitalization is $9 billion, less than half that of FCYIX and about one-fifth of the category average.ICTRX has only 7 percent of assets in General Electric, its top holding. FCYIX and FIDU have substantial overlap in their top 10 holdings, but GE is the only top 10 holding ICTRX shares with the other two. Instead, ICTRX holds stocks such as Equifax (EFX), Fortune Brands Home & Security (FBHS), Masco (MAS) and Allison Transmission (ALSN) in its top 10.As of March 31, the top subsectors in ICTRX are building products at 19 percent, aerospace and defense at 12 percent, research and con-sulting services at 12 percent, industrial con-glomerates at 11 percent, and construction and engineering at 5 percent.

Subsector exposure provides an example of the high turnover in the fund. Back in September, building products were 15 percent of assets, while research and consulting services were 2 percent.

PERFORMANCE, RISK AND EXPENSESICTRX has one-, three- and five-year returns of 23.89, 7.26 and 11.30 percent, respectively. It has underperformed the category over the past three- and five-year periods, but in the past year it outperformed by 4.87 percent. It last paid a dividend in September 2015. ICTRX has a beta of 1.04 and a standard devi-ation of 13.25, but these are backward-looking numbers. With 76 percent of assets currently in mid-, small-and micro-cap stocks, ICTRX will be more volatile than FCYIX and FIDU.ICTRX has a 1.50 percent expense ratio, mak-ing it nearly twice as expensive as FCYIX.

CONCLUSIONHigh business confidence, aging infrastructure, higher defense spending and rising home de-mand will all redound to the benefit of com-panies in the manufacturing, engineering and equipment sector. The sector trades in line with the S&P 500 Index, but earnings growth sur-prised in the first quarter. More upside will fol-low in the second half of the year and in 2018, after the next federal budget kicks in.FIDU is a slightly more conservative option than FCYIX. FIDU also pays a larger dividend. Investors can use the fund as a niche position as part of an overall diversified portfolio.

Fund Spotlight: A Comparison of Industrial Sector Mutual Funds (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 New 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 announce we are now offering 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].

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Transcript of MUTUAL FUND Investor Guide THE Investor Guide TO FIDELITY … · 2017. 5. 10. · 3.18 percent last...