MUTUAL FUND Investor Guide THE Investor Guide TO FIDELITY ...

[Pages:12]DECEMBER 2017

MUTUAL FUND Investor Guide

THE Investor Guide TO FIDELITY FUNDS



Matthew D. Sauer

Founder & 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)

Market Perspective: Personal Income and Consumer Spending Increase

The 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. Fidelity Select Consumer Staples (FDFAX) increased 2.95 percent and Fidelity Select Consumer Discretionary (FSCPX) 5.33 percent.

Fidelity Value Discovery (FVDFX), Mega Cap Stock (FGRTX) and Equity Income (FEQTX) rallied 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 declined. Assuming tax reform passes, the tax savings 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 Income (FFRHX) remain attractive, as do high-yield bond funds with short durations, such as Thompson Bond (THOPX).

Economic data was very strong in November. October new home sales hit an annualized pace of 685,000. Existing home sales, home prices and building permits are all consistent with an improving housing sector. Fidelity Select Construction & Housing (FSHOX) gained 4.58 percent in November.

Motor vehicle sales slowed to an annualized pace of 17.5 million in November, down from 18.1 million in October. Sales surged in October as drivers in Texas and Florida replaced storm-damaged

vehicles. Fidelity Select Automotive (FSAVX) increased 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 Retailing (FSRPX) gained 6.36 percent in November. Supermarket giant Kroger (KR), the largest pureplay 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 quarter. 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 expected. The Atlanta Federal Reserve predicts 2.7 percent growth, in line with the economist consensus forecast.

The uptick in economic growth and the prospect of fiscal stimulus via tax cuts sparked a rally in the financial 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 leading the bull market.

The European economy was very strong in November, with the manufacturing PMI hitting its second-highest level since the survey began in 1997. European stocks didn't rally, as German politics weighed on stocks. Along with Italy, Spain and Greece still facing debt problems, political turmoil in Germany will be a concern going forward. Fidelity Europe (FIEUX) rose 0.78 percent.

(continued on page 2)

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The Investor Guide TO FIDELITY FUNDS

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

Third-quarter S&P 500 earnings grew 6.4 percent, but they're headed back to double digits in the fourth quarter. Analysts currently forecast 10.5 percent growth. Energy, materials, technology, financials and utilities are projected to grow earnings at double digits in the fourth quarter. Analysts see energy, materials, financials and technology 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 investments. 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 percent 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. Assuming 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 contribution 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 70? 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 Updates

The Dow Jones Industrial Average increased 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 percent. 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 Portfolio, we sold 25 percent of Fidelity Contrafund (FCNTX) and purchased Fidelity 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 Technology (FSPTX) and purchased Fidelity MSCI Consumer Staples (FSTX) with the proceeds. Given FSPTX's large gains this year, modest profit taking makes sense.

The Fidelity Select Sector Portfolio advanced 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. LowPriced 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 exposure 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 international stocks. Global Equity Income (FGILX) added 1.62 percent. The portfolio is up 22.88 percent in 2017.

The Fidelity Conservative Income Portfolio returned 0.92 percent in November. It is up 7.27 percent this year. Equity Dividend 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 increased 2.54 percent last month. The portfolio 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 Fidelity MSCI Industrials (FIDU).

The NTF Straight Growth Portfolio returned 2.90 percent last month. The portfolio is up 16.72 percent this year. Parnassus Core Equity (PRBLX) advanced 3.41 percent. 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. Federated MDT Stock (FSTKX) popped 3.72 percent and PIMCO Small Cap (PCKDX) rallied 3.47 percent.

(continued on page 12)

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

Model Portfolios

Fidelity Select Sector Fund Portfolio

SYMBOL

Fund

Price

FSPTX FIDSX FSPHX FCYIX FDFAX

Technology Financial Services Healthcare Industrials Consumer Staples

190.80 115.76 233.26 37.33 96.69

TOTAL

Fidelity Straight Growth Portfolio

SYMBOL

Fund

FEQTX

Equity Dividend Income

FCNTX FLPSX FVDFX FCPEX FGRTX

Contrafund Low-Priced Stock Value Discovery Small Cap Enhanced Mega Cap Stock

Price

29.62

128.95 54.28 28.65 14.87 17.69

TOTAL

Fidelity Balanced Growth Portfolio

SYMBOL

Fund

Price

FGRTX FFIDX FSICX FCBFX FCNTX FGRIX

Mega Cap Stock Fidelity Fund Strategic Income Fidelity Corporate Bond Contrafund Fidelity Growth and Income

17.69 46.21 11.15 11.60 128.95 37.17

Shares 262.13 504.76 212.63 1617.30 122.15

Shares 2364.82

351.31 666.44 1219.45 1339.93 1102.47

Shares 2141.57 820.07 3342.49 2711.37 250.27 289.41

(Data provided as of 11/30/17)

Allocation 21.72% 25.38% 21.54% 26.22% 5.13%

100.00%

1 MONTH 0.45% 3.72% 2.03% 4.45% 2.95%

2.78%

YTD 51.52% 19.01% 21.62% 17.62% -1.58%

26.50%

Total Return $50,013.79 $58,431.39 $49,599.08 $60,373.91 $11,810.67

$230,228.84

Allocation 31.01% 20.06% 16.01% 15.47% 8.82% 8.63%

100.00%

1 MONTH 2.81% 1.59% 2.92% 2.98% 2.41% 2.91%

2.58%

YTD 6.54% 31.81% 17.63% 12.37% 7.52% 15.58%

17.71%

Total Return $70,045.90 $45,301.90 $36,174.40 $34,937.33 $19,924.78 $19,502.75

$225,887.07

Allocation

20.20% 20.21% 19.87% 16.77% 17.21%

5.74%

1 MONTH

2.91% 2.87% 0.24% -0.17% 1.59%

N/A

YTD

15.58% 23.48%

7.61% 5.85% 31.81%

N/A

Total Return

$37,884.42 $37,895.67 $37,268.71 $31,451.88 $32,271.96 $10,757.32

TOTAL

Fidelity Global Portfolio

SYMBOL

Fund

FSCOX FIGRX FWWFX FGILX FGHNX

International Small Cap Opp International Discovery Worldwide Global Equity Income Global High Income

Price

19.27 47.27 28.02 14.44 9.80

TOTAL

Fidelity Conservative Income Portfolio

SYMBOL

Fund

Price

FFRHX FSTFX FSICX FEQTX

Floating Rate High Income Limited Term Muni Strategic Income Equity Dividend Income

9.63 10.49 11.15 29.62

TOTAL

Shares 2792.95

365.60 796.92 3926.53 3054.55

Shares 3318.14 1576.47 3933.03 1494.63

100.00%

Allocation 29.89% 9.60% 12.40% 31.49% 16.62%

100.00%

Allocation 23.39% 12.10% 32.10% 32.41%

100.00%

1.54%

1 MONTH 3.10% 0.51% 1.48% 1.62% 0.34%

1.72%

1 MONTH 0.12%

-0.66% 0.24% 2.81%

0.92%

16.87% $187,529.96

YTD 32.44% 29.58% 5.22% 19.77% 10.07%

22.88%

Total Return $53,820.08 $17,282.07 $22,329.77 $56,699.06 $29,934.55

$180,065.52

YTD 3.44% 2.02% 7.61% 12.08%

7.27%

Total Return $31,953.67 $16,537.13 $43,853.33 $44,270.87

$136,615.01

User Guide

Rank: 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 fundamental 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 provide 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 typically 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 deviations 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, impacting performance. Please note, funds may have different share classes with varying expenses associated with each class.

| DECEMBER 2017 3

The Investor Guide TO FIDELITY FUNDS

Diversified Sector Portfolio

SYMBOL

Fund

FSPHX FSPTX FIDU HSFNX RYOIX FSTA FNCL

Fidelity Select Healthcare Fidelity Select Technology Fidelity MSCI Industrials Hennessy Sm Cap Financial Rydex Biotechnology Fidelity MSCI Cons Staples Fidleity MSCI Financials

TOTAL

NTF Straight Growth Portfolio

SYMBOL

Fund

JAENX FGRTX FEQTX FAMVX PRBLX

Janus Enterprise Mega Cap Stock Equity Dividend Income FAM Value Parnassus Core Equity

TOTAL

NTF Balanced Growth Portfolio

SYMBOL

Fund

FMILX FEQTX FCBFX FSTKX PCKDX THOPX

Fidelity New Millennium Equity Dividend Income Fidelity Corporate Bond Federated MDT Stock PIMCO Small Cap Thompson Bond

TOTAL

Tax Advantage Portfolio

SYMBOL

PRBLX FPURX PSHDX FLPSX FCVSX

Fund

Parnassus Core Equity Puritan PIMCO Short-Term Fidelity Low-Priced Stock Convertible Securities

TOTAL

Aggressive Value Portfolio

SYMBOL

Fund

FDFAX ICTEX FCPGX FBIOX FSRBX FSLBX FSDAX

Fidelity Consumer Staples ICON Info Technology Fidelity Sm Cap Growth Fidelity Select Biotech Fidelity Select Banking Fidelity Select Brokerage Fidelity Select Def & Aero

TOTAL

Bear Market Portfolio

SYMBOL

Fund

CVSIX PSSDX MWLDX FFRHX DLFNX

Calamos Market Neutral PIMCO Short Strategy MetWest Low Duration Floating Rate High Income DoubleLine Core Fixed Inc

TOTAL

Price 233.26 190.80

38.16 26.91 91.10 33.77 40.34

Price 118.95

17.69 29.62 76.78 42.82

Price 42.70 29.62 11.60 30.40 10.72 11.45

Price 42.82 23.49

9.89 54.28 28.59

Price 96.69 20.11 24.95 219.24 35.88 84.23 169.84

Price 13.46 8.22

8.70 9.63 10.95

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

Shares 127.25 225.03 1236.37 1003.95 275.63 1192.18 534.16

Shares 269.19 2550.49 1496.58 490.27 852.65

Shares 427.49 1051.90 2349.72 1085.94 1741.61 2645.85

Shares 589.54 1897.47 2255.76 983.65 776.83

Shares 343.92 1283.16 1007.28 142.75 1075.00 228.38 100.60

Shares 2004.32

938.98 3580.40 1987.13 2004.58

Allocation 12.70% 18.37% 20.19% 11.56% 10.74% 17.22% 9.22%

90.78%

Allocation 16.37% 23.06% 22.66% 19.24% 18.66%

100.00%

Allocation 11.51% 19.64% 17.18% 20.81% 11.77% 19.10%

100.00%

Allocation 15.05% 26.57% 13.30% 31.83% 13.24%

100.00%

Allocation 17.47% 13.55% 13.20% 16.44% 20.26% 10.10% 8.97%

100.00%

Allocation 25.23% 7.22% 29.13% 17.90% 20.53%

100.00%

1 MONTH 2.03% 0.45% 3.59% 3.42% 1.17% 5.66% 3.46%

2.54%

1 MONTH 2.04% 2.91% 2.81% 3.24% 3.41%

2.90%

1 MONTH 2.59% 2.81% -0.17% 3.72% 3.47% 0.00%

1.98%

1 MONTH 3.41% 1.47% 0.25% 2.92% 0.60%

1.93%

1 MONTH 2.95% -0.69% 0.93% 0.09% 3.19% 5.46% 2.95%

1.99%

1 MONTH 0.37% -3.07% -0.11% 0.12% -0.05%

-0.16%

YTD 26.22% 51.52% 20.10%

3.02% 28.42%

4.18% 3.46%

25.40%

Total Return $29,683.16 $42,935.31 $47,183.96 $27,016.36 $25,110.27 $40,259.82 $21,547.86

$233,736.73

YTD 26.17% 6.69% 12.08% 16.65% 15.46%

16.72%

Total Return $32,019.61 $45,118.16 $44,328.77 $37,643.05 $36,510.62

$195,620.21

YTD 18.48%

6.54% 5.85% 11.64% 15.77% 4.49%

10.43%

Total Return $18,253.77 $31,157.23 $27,256.77 $33,012.68 $18,670.01 $30,295.00

$158,645.46

YTD 15.46% 15.00% 2.56% 17.63% 8.60%

13.17%

Total Return $25,243.98 $44,571.52 $22,309.43 $53,392.64 $22,209.66

$167,727.24

YTD 9.28% 29.13% 21.18% 25.96% 11.45% 10.34% 22.05%

21.12%

Total Return $33,253.44 $25,804.35 $25,131.58 $31,296.21 $38,570.83 $19,236.45 $17,086.52

$190,379.38

YTD 3.69% -14.55% 1.08% 3.01% 4.06%

1.36%

Total Return $26,978.10

$7,718.41 $31,149.52 $19,136.02 $21,950.18

$106,932.23

Data & Rankings

Symbol

Name

FARNX FBCVX FBGRX FCNTX FCPEX FCPGX FCPVX FDCAX FDEGX FDEQX FDFFX FDGFX FDGRX FDLO FDMO FDRR FDSCX FDSSX FDSVX FDVLX FDVV FEQIX FEQTX FEXPX FFIDX FGRIX FGRTX FLCEX FLCSX FLGEX FLPSX FLVCX FLVEX FMAGX FMCSX FMEIX FMILX FNCMX FOCPX FQAL FSCLX FSCRX FSDIX FSEMX FSLCX FSLSX FSLVX FSMVX FSSMX FSSPX FSTMX FTQGX FTRNX FUSEX FVAL FVDFX ONEQ

Fidelity? Event Driven Opportunities Fidelity? Blue Chip Value Fidelity? Blue Chip Growth Fidelity? Contrafund? Fidelity? Small Cap Enhanced Index Fidelity? Small Cap Growth Fidelity? Small Cap Value Fidelity? Capital Appreciation Fidelity? Growth Strategies Fidelity? Disciplined Equity Fidelity? Independence Fidelity? Dividend Growth Fidelity? Growth Company Fidelity? Low Volatility Factor ETF Fidelity? Momentum Factor ETF Fidelity? Dividend ETF for Rising Rates Fidelity? Stock Selector Small Cap Fidelity? Stock Selec All Cp Fidelity? Growth Discovery Fidelity? Value Fidelity? Core Dividend ETF Fidelity? Equity-Income Fidelity? Equity Dividend Income Fidelity? Export & Multinational Fidelity Fund Fidelity? Growth & Income Portfolio Fidelity? Mega Cap Stock Fidelity? Large Cap Core Enhanced Index Fidelity? Large Cap Stock Fidelity? Large Cap Growth Enhanced Idx Fidelity? Low-Priced Stock Fidelity? Leveraged Company Stock Fidelity? Large Cap Value Enhanced Index Fidelity? Magellan? Fidelity? Mid-Cap Stock Fidelity? Mid Cap Enhanced Index Fidelity? New Millennium Fidelity? Nasdaq Composite Index? Fidelity? OTC Portfolio Fidelity? Quality Factor ETF Fidelity Mid Cap Index Investor Fidelity? Small Cap Discovery Fidelity? Strategic Dividend & Income? Fidelity Extended Market Index Inv Fidelity? Small Cap Stock Fidelity? Value Strategies Fidelity? Stock Selec Lg Cp Val Fidelity? Mid Cap Value Fidelity Advisor? Stock Selector Mid Cp Fidelity Small Cap Index Inv Fidelity Total Market Index Inv Fidelity? Focused Stock Fidelity? Trend Fidelity 500 Index Inv Fidelity? Value Factor ETF Fidelity? Value Discovery Fidelity? Nasdaq Composite Tr Stk ETF

FBIOX FBMPX FBSOX FCYIX FDCPX FDFAX FDLSX FIDSX FNARX FPHAX FSAGX FSAIX FSAVX FSCGX FSCHX FSCPX FSCSX FSDAX FSDCX FSDPX

Fidelity? Select Biotechnology Portfolio Fidelity? Select Multimedia Portfolio Fidelity? Select IT Services Portfolio Fidelity? Select Industrials Portfolio Fidelity? Select Computers Portfolio Fidelity? Select Consumer Staples Port Fidelity? Select Leisure Portfolio Fidelity? Select Financial Services Port Fidelity? Select Natural Resources Port Fidelity? Select Pharmaceuticals Port Fidelity? Select Gold Portfolio Fidelity? Select Air Transportation Port Fidelity? Select Automotive Port Fidelity? Select Industrial Equip Port Fidelity? Select Chemicals Portfolio Fidelity? Select Consumer Discret Port Fidelity? Select Software & Comp Port Fidelity? Select Defense & Aero Port Fidelity? Select Comms Equip Port Fidelity? Select Materials Portfolio

(Data provided as of 11/30/17)

NAV Rank

Advice

% Return (3 and 5 Years Annualized)

Beta SD Expense

YTD 1 Month 3 Month 1 Year 3 Year 5 Year Yield % 3 Year 3 Year Ratio

FIDELITY GROWTH FUNDS

14.78 97

Buy

16.15 1.51 5.27 18.98 12.71

1.22 14.72 1.10

19.38 96

Buy

12.89 3.36 6.07 16.04 7.63 14.20

0.95 10.63 0.78

89.05 96 Strong Buy 34.93 1.86 7.26 35.78 13.16 18.48

1.03 12.06 0.69

128.95 97 Strong Buy 31.83 1.59 7.30 32.52 13.00 16.39

0.90 10.13 0.68

14.87 84 Strong Buy 7.52 2.41 9.66 12.25 9.81 14.31

1.03 14.12 0.67

24.95 99 Strong Buy 27.87 0.93 9.02 29.49 15.68 17.89

0.91 12.26 1.07

20.81 98

Buy

13.26 4.63 11.71 16.77 11.65 15.57

0.79 10.51 0.99

38.75 94

Buy

22.32 2.24 6.43 22.36 8.25 14.36

1.06 11.86 0.60

40.96 97

Buy

20.51 2.89 8.36 21.63 8.45 15.16

39.89 93

Buy

20.08 2.39 6.86 21.92 8.45 14.62

41.90 87

Hold

25.15 2.02 7.44 25.72 7.00 14.63

35.82 94

Buy

18.06 4.13 8.25 20.30 7.98 13.64

185.26 94

Buy

35.44 1.66 7.39 37.33 15.67 19.53

30.37 89

Buy

19.01 3.18 8.14 20.88

31.32 89

Buy

23.84 2.70 10.19 25.97

0.89 9.72 0.94 0.97 10.04 0.68 1.14 13.05 0.54 0.96 9.83 0.52 1.18 13.23 0.77

0.29 0.29

30.45 90 Strong Buy 17.53 3.50 7.52 19.42

0.29

29.31 96

Buy

11.96 2.09 9.45 14.93 9.62 13.28

1.00 12.15 0.88

45.22 97

Buy

24.26 2.52 7.39 26.34 10.71 15.43

1.03 10.66 0.62

33.42 96

Buy

34.68 1.00 6.13 35.55 12.81 17.08

0.93 10.98 0.65

124.50 98 Strong Buy 13.41 2.12 4.94 15.70 7.35 14.22

1.03 11.32 0.61

28.47 87

Buy

11.88 3.48 7.43 13.35

0.29

62.52 88 Strong Buy 11.73 2.61 6.27 14.05 7.91 12.17 2.20 0.94 9.91 0.62

29.62 94 Strong Buy 12.08 2.81 6.54 14.61 8.14 12.86 2.32 0.91 9.52 0.62

22.25 85

Buy

18.69 4.66 8.35 19.72 9.50 12.90

0.92 9.64 0.75

46.21 97 Strong Buy 23.48 2.87 8.63 25.07 10.30 14.41 0.68 0.97 10.17 0.51

37.17 96 Strong Buy 14.21 3.08 7.22 16.48 8.69 14.19 1.72 1.11 11.79 0.63

17.69 98 Strong Buy 15.58 2.91 6.69 17.76 8.73 14.30 0.83 1.12 11.70 0.68

14.98 98

Buy

19.97 3.52 9.02 22.26 9.57 15.30

0.99 10.13 0.40

33.48 97

Buy

15.52 2.89 7.17 17.84 9.01 15.37

1.16 12.54 0.62

19.38 97 Strong Buy 25.73 3.47 10.05 27.71 11.60 16.61

1.01 10.57 0.40

54.28 98 Strong Buy 18.44 2.92 7.57 19.12 8.74 13.79

0.80 8.89 0.67

33.94 87

Hold

18.29 0.65 6.08 19.40 6.43 12.07

1.18 13.48 0.78

13.55 87

Buy

14.08 3.91 8.40 16.98 8.66 14.84

0.99 10.59 0.40

108.04 98 Strong Buy 25.20 2.31 8.32 26.57 11.06 16.35

1.05 10.95 0.67

39.77 96 Strong Buy 17.67 2.05 7.25 19.68 9.48 14.73

0.89 9.92 0.58

16.40 92

Buy

16.96 4.06 9.85 18.69 9.11 15.79

0.94 10.51 0.59

42.70 96 Strong Buy 18.48 2.59 8.46 20.69 9.46 14.49

1.01 10.79 0.57

90.92 95

Buy

28.73 2.27 7.10 30.26 13.94 19.19

1.16 12.55 0.29

109.79 94

Buy

37.79 1.45 6.10 40.19 16.13 22.10

1.25 15.03 0.81

31.51 91

Buy

21.46 3.65 7.69 23.47

0.29

21.15 95

Buy

17.22 3.37 7.96 18.54 9.13 15.05

0.99 10.53 0.20

32.74 93

Buy

7.72 1.74 8.37 10.37 7.68 13.49

0.91 12.57 0.87

16.01 94 Strong Buy 11.63 2.10 4.34 14.21 7.46 10.86 2.25 1.09 7.08 0.75

64.51 93

Buy

17.55 2.87 8.75 19.70 10.03 15.02

1.06 12.26 0.10

20.54 92

Buy

12.49 2.55 9.43 15.80 9.72 13.08

0.96 11.49 1.02

44.81 96 Strong Buy 17.49 2.68 5.63 20.18 8.42 12.76

1.10 12.07 0.55

20.65 95

Buy

10.76 3.15 5.57 13.27 7.35 13.67

0.93 9.93 0.76

28.66 98 Strong Buy 15.66 4.87 9.43 18.82 7.89 15.53

0.97 10.63 0.72

41.43 88

Buy

19.05 2.27 6.70 20.87 8.85 13.39

1.03 11.27 0.63

20.90 97

Buy

15.16 2.90 10.23 18.37 11.20 15.06

1.10 14.12 0.19

77.03 97

Buy

19.88 3.02 7.82 22.21 10.65 15.51

1.01 10.25 0.09

24.04 87

Buy

30.94 2.39 8.39 31.54 10.49 14.83

0.94 11.21 0.62

106.65 95

Buy

28.63 1.96 6.84 30.09 12.02 16.54

1.01 11.13 0.73

92.87 97

Buy

20.38 3.05 7.63 22.76 10.82 15.65

1.00 10.09 0.09

32.14 92 Strong Buy 19.28 3.61 8.24 21.61

0.29

28.65 99 Strong Buy 12.37 2.98 5.67 15.75 7.59 14.18

0.91 9.82 0.75

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 FUNDS

219.24 97 80.86 79 55.44 96 37.33 96 97.45 94 96.69 95 173.88 84 115.76 97 28.44 46 18.72 84 19.72 53 88.67 87 40.67 88 44.48 89 185.14 95 42.10 98 172.20 97 169.84 98 36.50 86 92.61 78

Strong Buy Sell Buy

Strong Buy Buy

Strong Buy Hold

Strong Buy Sell

Strong Buy Sell Hold Buy

Strong Buy Buy

Strong Buy Strong Buy Strong Buy

Hold Hold

25.96 9.91

33.36 17.62 34.06 9.28 27.18 19.01 -6.92 10.00 3.13 20.95 24.50 18.23 30.66 19.13 37.24 32.45 11.96 23.16

0.09 -3.95 18.94 3.77 19.40 2.84 -2.75 11.68 5.68 13.75 2.72 10.55 34.68 17.12 21.18 4.45 11.00 18.55 10.17 15.15 1.91 9.15 36.16 10.23 15.55 2.95 0.03 12.48 4.02 9.51 4.77 8.70 25.80 11.80 17.31 3.72 12.78 24.51 10.77 15.81 2.41 12.32 -7.83 -2.04 -0.12 0.92 -1.89 10.79 -0.78 11.86 -1.65 -11.01 5.55 7.75 -11.73 4.81 9.73 23.23 10.56 21.69 2.60 12.53 28.76 5.28 13.99 3.80 9.66 18.21 10.96 13.33 0.14 10.88 31.03 13.42 15.86 5.33 9.35 18.76 9.90 15.11 1.11 8.88 37.05 19.02 22.72 2.95 9.86 30.95 17.37 20.44 5.77 7.20 13.62 6.89 12.93 -0.18 8.08 23.12 7.77 9.65

1.40 28.70 0.74 1.12 15.15 0.82 1.02 12.78 0.79 0.93 12.84 0.77 1.29 16.99 0.81 0.58 9.98 0.76 0.69 11.09 0.79 0.94 14.05 0.76 1.10 20.85 0.83 0.80 13.76 0.79 0.25 37.18 0.84 0.74 13.46 0.84 1.34 17.14 0.95 0.94 12.57 0.83 1.26 16.37 0.79 0.90 11.45 0.76 1.15 14.59 0.75 0.87 12.86 0.79 1.13 15.80 0.88 1.26 15.88 0.81

| DECEMBER 2017 5

The Investor Guide TO FIDELITY FUNDS

Symbol

Name

NAV Rank

Advice

% Return (3 and 5 Years Annualized)

Beta SD Expense

YTD 1 Month 3 Month 1 Year 3 Year 5 Year Yield % 3 Year 3 Year Ratio

FIDELITY SELECT SECTOR FUNDS (continued)

FSELX FSENX FSESX FSHCX FSHOX FSLBX FSLEX FSMEX FSNGX FSPCX FSPHX FSPTX FSRBX FSRFX FSRPX FSTCX FSUTX FSVLX FWRLX

Fidelity? Select Semiconductors Fidelity? Select Energy Portfolio Fidelity? Select Energy Service Port Fidelity? Select Healthcare Svcs Fidelity? Select Construction & Hsg Port Fidelity? Select Brokerage & Invmt Mgmt Fidelity? Select Envir and Alt Engy Port Fidelity? Select Medical Equip & Systems Fidelity? Select Natural Gas Portfolio Fidelity? Select Insurance Port Fidelity? Select Health Care Portfolio Fidelity? Select Technology Portfolio Fidelity? Select Banking Portfolio Fidelity? Select Transportation Fidelity? Select Retailing Portfolio Fidelity? Select Telecommunications Port Fidelity? Select Utilities Portfolio Fidelity? Select Consumer Finance Port Fidelity? Select Wireless Portfolio

FCOM FDIS FENY FHLC FIDU FMAT FNCL FSTA FTEC FUTY

Fidelity? MSCI Telecommunication Svc ETF Fidelity? MSCI Consumer Discret ETF Fidelity? MSCI Energy ETF Fidelity? MSCI Health Care ETF Fidelity? MSCI Industrials ETF Fidelity? MSCI Materials ETF Fidelity? MSCI Financials ETF Fidelity? MSCI Consumer Staples ETF Fidelity? MSCI Information Tech ETF Fidelity? MSCI Utilities ETF

126.36 42.35 44.87 98.02 70.14 84.23 27.30 47.99 23.63 89.94 233.26 190.80 35.88 106.43 133.95 67.86 87.55 15.88 10.34

32.32 38.27 19.17 40.41 38.19 34.49 40.34 33.77 50.05 36.93

88 Hold 36.98 4.15

57

Sell

-9.22 2.72

41

Sell -19.59 3.05

99 Strong Buy 24.94 6.45

92

Buy

22.93 4.58

90 Strong Buy 26.94 5.46

82

Hold

25.05 3.02

96 Strong Buy 30.96 2.94

42

Sell -19.83 -0.42

89

Buy

16.62 1.97

99 Strong Buy 26.22 2.03

97

Buy

51.52 0.45

91 Strong Buy 11.45 3.19

79

Hold

19.23 6.29

95 Strong Buy 22.08 6.36

76

Sell

-0.49 1.47

80 Hold 22.83 2.51

97 Strong Buy 18.83 1.47

86 Hold 23.69 3.40

FIDELITY SECTOR ETFS

75

Sell

3.37 2.93

95 Strong Buy 20.09 4.94

54

Sell

-7.22 2.13

99 Strong Buy 24.15 3.11

91 Strong Buy 20.18 3.66

82

Hold

21.09 0.85

99 Strong Buy 18.20 3.46

97 Strong Buy 10.27 5.66

97 Strong Buy 36.68 0.93

78

Sell

19.50 2.81

17.83 40.54 24.50 13.69 -9.91 -1.42 8.59 -14.19 -8.85 6.96 23.67 11.60 12.98 25.36 11.89 12.35 28.61 7.62 11.52 27.77 12.89

3.74 33.11 15.70 6.59 -19.22 -10.38 8.37 19.71 13.04 1.60 26.12 6.43 8.56 52.78 21.62 13.19 17.90 13.27 12.90 20.43 7.42 13.86 22.22 15.69 -2.16 5.70 6.78 2.63 27.63 7.94 9.67 22.95 8.55 2.48 28.88 8.98

-0.14 8.38 11.54 3.51 9.71 8.70 12.07 3.68 9.43 4.28

11.02 20.15 -5.73 24.63 20.36 20.68 23.19 13.82 38.61 24.94

8.44 11.10 -3.35 8.41 11.79 9.63 14.39 6.96 17.37 11.40

30.01 1.28 -4.42

18.20 14.57 14.91 15.64 22.25 -3.74 17.86 19.96 21.71 16.85 20.22 18.75 9.88 13.03 13.33 12.16

1.12 17.38 0.75 1.06 21.54 0.78 1.17 26.30 0.84 0.57 12.97 0.78 0.96 13.07 0.79 1.31 19.21 0.80 1.03 12.77 0.94 0.81 13.74 0.76 1.41 28.05 0.87 0.82 11.97 0.79 0.96 15.88 0.73 1.23 15.12 0.76 0.95 19.16 0.79 0.83 15.72 0.82 0.79 11.15 0.78 0.71 11.08 0.78 0.35 11.26 0.78 0.96 14.33 0.93 0.95 12.30 0.86

0.64 12.65 0.08 0.91 11.33 0.08 1.04 19.12 0.08 0.89 13.10 0.08 0.93 12.21 0.08 1.29 16.60 0.08 0.88 14.77 0.08 0.50 9.54 0.08 1.14 14.29 0.08 0.14 12.31 0.08

FFGCX FIUIX FREL FRESX FRIFX FRXIX

Fidelity? Global Commodity Stock Fidelity? Telecom and Utilities Fidelity? MSCI Real Estate Index ETF Fidelity? Real Estate Investment Port Fidelity? Real Estate Income

Fidelity Real Estate Index Inv

FIDELITY REAL ESTATE, COMMODITY & UTILITY FUNDS

12.63 39

Sell

11.87 0.32 5.51 13.64 1.03 -0.92

1.26 18.44 1.12

27.59 76

Hold

13.68 2.49 2.04 18.96 7.30 11.54 2.02 0.55 9.91 0.56

25.01 81

Hold

9.31 2.75 2.33 14.23

0.08

42.53 77

Sell

4.61 2.46 1.25 9.46 6.52 10.36 2.53 0.49 13.45 0.76

12.27 83 Hold

7.18 0.33 0.36 8.75 6.39 7.35 3.84 0.25 4.69 0.77

15.72 79

Sell

3.57 3.01 2.17 8.35 5.35 9.66

0.49 13.50 0.23

FDIVX Fidelity? Diversified International FEDDX Fidelity? Emerging Markets Discovery FEMEX Fidelity? EMEA FEMKX Fidelity? Emerging Markets FGBLX Fidelity? Global Balanced FGILX Fidelity? Global Equity Income FHKCX Fidelity? China Region FICDX Fidelity? Canada FIENX Fidelity? International Enhanced Index FIEUX Fidelity? Europe FIGFX Fidelity? International Growth FIGRX Fidelity? International Discovery FIREX Fidelity? International Real Estate FISMX Fidelity? International Small Cap FIVFX Fidelity? International Capital Apprec FIVLX Fidelity? International Value FJPNX Fidelity? Japan FJSCX Fidelity? Japan Smaller Companies FLATX Fidelity? Latin America FNMIX Fidelity? New Markets Income FNORX Fidelity? Nordic FOSFX Fidelity? Overseas FPBFX Fidelity? Pacific Basin FPEMX Fidelity Emerging Markets Index FSCOX Fidelity? International Small Cap Opp FSEAX Fidelity? Emerging Asia

FSGUX Fidelity Global ex US Index FSIIX Fidelity International Idx Inv FTEMX Fidelity? Total Emerg Mkts FTIEX Fidelity? Total International Equity FTIGX Fidelity? Total Intl Index Investor FWWFX Fidelity? Worldwide

FIDELITY INTERNATIONAL FUNDS

41.69 83

Buy

25.20 0.72 4.28 27.28 6.56 9.04

0.85 11.43 1.05

15.07 77

Sell

31.96 -0.33 2.17 30.56 8.48 5.99

0.92 13.40 1.44

9.80 56 Hold 16.53 4.14 2.62 24.33 5.38 4.25

1.08 17.05 1.39

31.70 83 Hold 42.09 1.05 5.39 41.25 8.17 7.77

0.97 13.70 1.00

26.32 98 Strong Buy 19.10 1.66 3.99 19.60 5.50 6.65

1.08 7.29 1.00

14.44 92 Strong Buy 19.77 1.62 6.42 21.54 7.81 11.35 1.20 0.66 8.78 1.18

35.15 83

Hold

47.81 1.47 7.59 40.45 10.52 12.16

1.32 22.02 1.01

54.29 74

Hold

11.02 -0.22 3.04 12.86 1.50 4.18

0.77 12.94 1.17

10.17 84 Hold 25.87 0.39 4.52 29.60 7.96 9.85

0.90 11.46 0.59

42.86 81

Buy

27.48 0.78 6.46 31.25 6.74 8.72

0.96 13.38 1.06

13.56 90

Buy

27.44 0.82 4.47 28.79 7.55 9.21

0.80 10.82 0.98

47.27 90 Strong Buy 29.58 0.49 4.81 30.96 7.48 9.24

0.85 11.44 0.99

11.39 79

Hold

22.70 1.88 3.23 22.44 6.92 8.80 1.58 0.82 10.22 1.11

30.12 95 Strong Buy 29.27 1.18 4.87 31.01 14.20 14.67

0.75 10.07 1.33

21.38 96

Buy

33.79 1.52 5.37 34.70 9.52 11.51

0.79 10.96 1.12

9.13 72

Hold

18.57 0.44 4.22 21.60 4.34 6.65

0.81 10.78 1.03

15.67 81

Buy

30.80 3.57 11.13 30.08 12.21 11.73

0.82 11.91 0.78

19.59 94

Buy

33.72 3.98 9.99 34.53 18.65 19.43

0.52 9.36 0.96

24.49 73

Sell

28.56 -1.61 -1.84 28.17 -0.69 -4.54

1.30 22.84 1.13

16.25 89 Strong Buy 9.12 -0.57 -0.42 11.67 6.58 4.39 4.82 1.01 7.06 0.83

54.23 86

Buy

20.75 -0.20 3.08 27.32 8.55 14.06

0.72 12.04 0.98

50.49 89

Buy

27.69 0.62 4.56 30.35 10.12 11.42

0.84 11.37 1.03

36.10 89 Hold 36.43 1.60 8.57 33.96 13.58 14.36

0.79 11.45 1.19

11.21 77

Hold

32.51 0.09 3.03 32.39 5.59 4.63

1.11 15.64 0.31

19.27 99 Strong Buy 32.44 3.10 6.94 35.08 13.11 13.08

0.70 10.18 1.16

44.00 91

Buy

41.71 0.14 6.74 38.06 10.93 9.68

1.03 15.27 1.16

13.56 80 Hold 24.63 0.59 4.31 27.20 5.69 6.91

0.95 11.73 0.19

43.59 72

Hold

23.46 0.79 4.83 26.93 6.03 8.19

0.91 11.50 0.19

13.57 77

Buy

26.35 -0.07 2.57 26.99 8.06 6.37 1.61 0.79 11.16 1.39

9.48 78

Buy

27.42 0.85 4.64 28.93 7.18 7.84

12.47 83

Hold

24.70 0.73 4.44 27.11

28.02 94 Strong Buy 28.47 1.48 6.30 29.60 9.02 12.19

0.84 10.78 1.10 0.18

0.76 10.54 0.90

FAGIX FBIDX FBND

Fidelity? Capital & Income Fidelity US Bond Index Investor Fidelity Total Bond ETF

FIDELITY INCOME FUNDS

10.30 97 Strong Buy 10.96 -0.10 2.20 12.82 6.47 7.61 3.42 0.06 5.76 0.73

11.56 70

Hold

2.78 -0.15 -0.64 2.95 1.90 1.77 2.33 1.04 2.93 0.15

50.15 76

Sell

3.12 -0.10 -0.18 4.25 2.76

0.88 3.19 0.45

6 DECEMBER 2017 | PHONE: (888) 252-5372

Symbol

Name

FBNDX FCBFX FCONX FCOR FCVSX FFFAX FFRHX FFXSX FGBFX FGHNX FGMNX FGOVX FHIFX FHIGX FIBIX FINPX FJRLX FLBIX FLTB FLTMX FMSFX FSAHX FSBIX FSHBX FSICX

FSIQX

FSTFX FSTGX FTABX FTBFX FTHRX SPHIX

Fidelity? Investment Grade Bond Fidelity? Corporate Bond Fidelity? Conservative Income Bond

Fidelity Corporate Bond ETF Fidelity? Convertible Securities Fidelity Freedom? Income Fidelity? Floating Rate High Income Fidelity? Limited Term Government Fidelity? Global Bond Fidelity? Global High Income Fidelity? GNMA Fidelity? Government Income Fidelity? Focused High Income Fidelity? Municipal Income

Fidelity Interm Treas Bond Index Fidelity? Inflation-Protected Bond Fidelity? Limited Term Bond Fund

Fidelity Long Term Treas Bond Idx Inv

Fidelity Limited Term Bond ETF Fidelity? Intermediate Municipal Income Fidelity? Mortgage Securities Fidelity? Short Duration High Income

Fidelity Short Term Bond Index Inv Fidelity? Short-Term Bond Fidelity? Strategic Income

Fidelity Infl-Protect Bond Index

Fidelity? Limited Term Municipal Income Fidelity? Intermediate Government Income Fidelity? Tax-Free Bond Fidelity? Total Bond Fidelity? Intermediate Bond Fidelity? High Income

FAMRX FASGX FASIX

FASMX

FBALX FDYSX FFNOX FPURX FSANX FSRRX

Fidelity Asset Manager? 85% Fidelity Asset Manager? 70% Fidelity Asset Manager? 20%

Fidelity Asset Manager? 50%

Fidelity? Balanced Fidelity? Global Strategies Fidelity? Four-in-One Index Fidelity? Puritan? Fidelity Asset Manager? 60% Fidelity? Strategic Real Return

AAGPX ACMVX ADKSX AMAGX AMANX ARGFX ARTLX AVPAX BARAX BEQGX BGRFX BIOPX BPSCX BPTRX BSCFX BUFMX CAAPX CAMSX CFIMX CHDEX CHTTX CRMAX CRMSX CVSIX DEFIX DGAGX DISSX DREVX DSEFX EGFFX

American Beacon Lg Cap Value Inv American Century Mid Cap Value Inv Adirondack Small Cap Amana Growth Investor Amana Income Investor Ariel Investor Artisan Value Investor American Beacon Small Cp Val Inv Baron Asset Retail American Century Equity Growth Inv Baron Growth Retail Baron Opportunity Retail Robeco Boston Partners Sm Cap Val II Inv Baron Partners Retail Baron Small Cap Retail Buffalo Mid Cap Ariel Appreciation Investor Cambiar Small Cap Inv Clipper Cullen High Dividend Equity Retail ASTON/Fairpointe Mid Cap N CRM Small/Mid Cap Value Inv CRM Small Cap Value Inv Calamos Market Neutral Income A LW Delafield Fund Dreyfus Appreciation Investor Dreyfus Small Cap Stock Index Dreyfus Fund Incorporated Domini Impact Equity Inv Edgewood Growth Retail

NAV Rank

Advice

% Return (3 and 5 Years Annualized)

Beta SD Expense

YTD 1 Month 3 Month 1 Year 3 Year 5 Year Yield % 3 Year 3 Year Ratio

FIDELITY INCOME FUNDS (continued)

7.91 85

Buy

3.47 -0.07 -0.35 3.94 2.36 2.19 2.41 0.96 3.00 0.45

11.60 91 Strong Buy 5.85 -0.17 0.09 6.73 3.56 3.35 2.80 1.17 4.02 0.45

10.04 85 Strong Buy 1.17 0.11 0.32 1.26 0.80 0.66 1.14 0.00 0.19 0.35

50.56 88

Buy

5.07 -0.32 -0.34 6.16 3.35

1.18 4.26 0.45

28.59 92 Strong Buy 9.25 0.60 2.72 10.88 1.63 8.11 2.04 1.38 9.21 0.45

11.94 75

Sell

7.39 0.40 1.25 8.07 3.82 4.15

0.51 3.28 0.47

9.63 94 Strong Buy 3.44 0.12 0.99 4.50 3.47 3.38 3.30 -0.01 3.13 0.71

9.88 84 Strong Buy 0.55 -0.31 -0.82 0.48 0.46 0.51 1.39 0.44 1.42 0.45

9.19 72

Hold

8.37 0.00 0.42 8.59 1.49 0.45 2.13 1.15 5.19 0.75

9.80 83 Strong Buy 10.07 0.34 1.26 11.85 5.68 5.65 3.68 0.36 5.75 1.00

11.39 76

Buy

1.58 -0.17 -0.44 1.51 1.46 1.68 2.17 0.50 1.57 0.45

10.20 55

Sell

1.93 -0.14 -1.01 1.76 1.18 1.18 1.82 1.01 2.92 0.45

8.74 96 Strong Buy 6.94 -0.01 1.36 8.50 4.75 4.71 3.54 0.26 4.94 0.82

12.99 83 Hold

5.35 -0.37 -0.48 6.31 3.11 2.90 2.08 1.11 3.72 0.46

10.67 61

Sell

2.01 -0.32 -1.75 1.89 1.43 0.98 2.04 1.52 4.50 0.19

12.03 66 Hold

1.71 0.02 -0.44 1.63 0.87 -0.59 3.17 1.10 3.72 0.45

11.47 84 Strong Buy 1.80 -0.28 -0.32 1.94 1.54

1.78 0.43 1.37 0.45

13.09 70

Sell

6.68 0.68 -1.65 6.26 2.95 2.54 2.66 3.71 11.25 0.20

50.14 85 Strong Buy 2.01 -0.37 -0.52 2.06 1.60

0.45 1.45 0.45

10.33 80 Hold

3.65 -0.53 -0.68 4.40 2.07 1.99 1.66 0.84 2.80 0.35

11.22 63

Sell

2.09 -0.09 -0.44 2.13 1.86 1.99 2.24 0.60 1.83 0.45

9.54 92 Strong Buy 4.46 -0.30 0.76 6.11 3.44

3.54 0.06 4.72 0.80

10.33 80 Strong Buy 0.55 -0.28 -0.75 0.59 0.56 0.53 1.53 0.47 1.48 0.19

8.59 86 Strong Buy 1.08 -0.12 -0.26 1.12 0.97 0.96 1.45 0.24 0.76 0.45

11.15 92 Strong Buy 7.60 0.24 0.64 8.77 4.38 3.88 2.73 0.59 3.93 0.70

9.86 76

Hold

1.87 0.10 -0.40 1.93 1.15 -0.35 3.49 1.13 3.84 0.20

10.49 81 Strong Buy 2.02 -0.66 -0.98 2.25 0.85 0.93 1.12 0.50 1.75 0.48

10.42 55

Sell

1.00 -0.25 -1.05 0.96 0.77 0.75 1.63 0.72 2.18 0.45

11.46 83 Hold

5.06 -0.43 -0.53 6.02 3.10 2.95 2.17 1.09 3.65 0.25

10.64 80 Hold

3.75 -0.08 -0.28 4.32 2.90 2.71 2.62 0.92 2.96 0.45

10.81 72

Hold

2.20 -0.28 -0.74 2.40 1.75 1.62 1.97 0.74 2.16 0.45

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 FUNDS

19.94 89

Buy

20.85 1.79 5.50 22.75 8.48 11.66

1.45 9.08 0.73

23.03 85

Hold

17.44 1.45 4.49 19.03 7.41 9.95

1.23 7.64 0.70

13.67 81

Hold

6.35 0.40 1.13 6.99 3.42 4.04 1.78 0.44 2.94 0.52

18.71 82

Hold

13.02 0.97 3.05 14.24 5.93 7.75 1.54 0.91 5.69 0.64

24.02 91 Strong Buy 15.76 1.56 4.21 17.25 7.44 10.68 1.44 1.15 7.22 0.54

9.96 80

Buy

17.53 1.22 4.08 18.73 6.90 7.09

1.04 6.55 0.38

44.87 88

Buy

18.05 1.98 5.78 20.29 8.25 11.59

1.37 8.56 0.08

23.49 94 Strong Buy 17.73 1.47 5.01 19.01 7.88 11.02 1.39 1.11 7.21 0.55

12.80 82

Hold

15.21 1.19 3.73 16.60 6.68 8.84 1.43 1.07 6.63 0.71

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 FUNDS

29.51 93

Buy

14.39 2.04 7.70 16.46 7.29 13.51

1.11 12.20 0.93

18.76 94

Buy

10.18 2.01 7.41 11.79 10.55 15.51 1.06 0.86 9.79 0.98

24.58 82

Hold

10.32 2.50 8.91 12.85 8.70 13.28

0.91 13.15 1.29

38.60 92

Buy

28.41 3.35 8.40 30.85 10.89 14.34

0.98 10.47 1.09

53.24 94

Buy

20.26 2.66 9.71 21.50 8.22 12.85

0.92 9.88 1.12

70.25 82

Hold

15.55 7.01 11.56 18.10 9.03 16.07

1.34 15.58 1.01

14.24 78

Buy

13.44 2.42 6.95 14.34 9.96 12.25

1.09 13.84 0.96

29.21 79

Sell

9.35 2.64 11.45 12.70 10.15 14.58

1.03 14.15 1.14

69.27 93

Buy

28.18 1.72 6.60 28.20 10.86 15.97 1.79 1.00 11.23 1.31

35.11 97 Strong Buy 20.91 2.75 8.46 22.83 8.41 14.15 0.01 1.01 10.32 0.67

67.83 88

Buy

27.34 2.47 8.34 27.32 9.25 13.41

0.90 10.88 1.30

16.65 89

Buy

37.62 1.06 4.35 35.77 10.00 12.95

1.18 14.57 1.41

26.26 79

Sell

9.37 1.82 9.78 12.72 10.03 13.36 0.56 1.00 13.36 1.35

49.35 89

Buy

33.16 0.98 3.76 35.13 10.76 17.33

1.16 15.75 1.35

28.08 90

Buy

25.97 1.83 7.52 25.82 9.46 13.46

1.05 12.18 1.32

17.04 86 Hold 13.68 2.84 6.10 12.97 6.31 11.11

0.94 11.23 1.01

47.83 88

Hold

14.05 5.01 9.00 14.93 6.73 14.46

1.25 14.22 1.12

19.87 77

Sell

3.54 2.58 11.13 5.80 3.47 9.27 0.46 1.25 16.64 1.30

122.83 82

Hold

15.32 1.15 7.37 16.52 11.96 16.04 0.71 1.06 11.99 0.72

19.67 94

Buy

15.48 2.24 6.10 18.95 8.18 12.00 2.13 0.87 9.59 1.00

44.81 81

Hold

9.86 6.82 8.05 11.88 6.93 14.71 3.80 1.24 15.85 1.12

15.95 91

Buy

14.58 3.30 10.15 15.80 7.45 12.04

1.00 12.04 1.14

20.05 85 Hold 13.99 2.09 11.39 16.89 12.14 15.54

1.03 13.63 1.15

13.46 93 Strong Buy 4.15 0.37 0.97 4.49 3.16 3.53 1.99 -0.18 3.09 1.08

26.61 78

Sell

7.91 0.76 6.70 10.45 2.82 7.20

1.28 16.48 1.29

38.56 86

Buy

24.28 2.77 6.83 27.33 8.64 11.22

0.94 9.94 0.94

34.02 85

Buy

13.03 3.44 12.35 16.84 12.66 16.33

1.03 13.78 0.50

12.01 96

Buy

18.79 2.83 7.01 20.33 9.16 13.65

1.00 10.40 0.76

49.45 81

Hold

15.08 2.32 6.48 16.56 5.64 12.37 0.71 1.02 10.83 1.14

28.99 94

Buy

34.77 2.33 4.51 35.59 14.73 19.32

1.10 12.89 1.39

| DECEMBER 2017 7

The Investor Guide TO FIDELITY FUNDS

Symbol

Name

NAV Rank

Advice

% Return (3 and 5 Years Annualized)

Beta SD Expense

YTD 1 Month 3 Month 1 Year 3 Year 5 Year Yield % 3 Year 3 Year Ratio

NTF GROWTH FUNDS (continued)

EXEYX FAMEX FAMVX FMIEX FMIHX FMLSX FSCFX FSTKX FVSAX GABAX GABEX GABSX GATEX GTSIX HCAIX HFCGX HFCSX HRSVX HRTVX ICMAX ICNZX JAENX JAMRX JATTX JAVTX JENSX JMVSX KAUFX LCEIX LCGRX MCGFX MERFX MFCFX MFLDX MFOCX MGRIX MGSEX MUHLX MXXIX NBGEX NESGX NOLVX NOSGX OAKLX OAKMX PCKDX PEOPX PESPX PIXDX PRBLX PSTDX RYLPX RYOCX RYPFX RYTFX RYVFX RYVPX SCSAX SDVSX SENAX SLASX SMVAX SOPVX SSHFX TAVFX TGCNX TGDVX TGIGX TWCIX TWCUX TWGTX TWHIX TWVLX UMBMX WBGSX WFDAX WOGSX WPVLX

WVALX YAFFX

Manning & Napier Equity

FAM Equity-Income Inv FAM Value Inv Wasatch Large Cap Value Investor FMI Large Cap Wasatch Long/Short Investor Strategic Advisers? Small-Mid Cap Federated MDT Stock Svc Strategic Advisers? Value Gabelli Asset AAA Gabelli Equity Income AAA Gabelli Small Cap Growth AAA Gateway A Invesco Small Cap Growth Inv Harbor Capital Appreciation Inv Hennessy Cornerstone Growth Investor Hennessy Focus Investor Heartland Select Value Heartland Value Intrepid Small Cap ICON Fund S Janus Enterprise T Janus Research T Janus Triton T Janus Venture T Jensen Quality Growth J JPMorgan Mid Cap Value Sel Federated Kaufmann R Invesco Diversified Dividend Investor Loomis Sayles Small Cap Growth Retail ASTON/Montag & Caldwell Growth N Merger Investor Marsico Flexible Capital MainStay Marketfield I Marsico Focus Marsico Growth AMG Managers Special Equity Service Muhlenkamp Marsico 21st Century Neuberger Berman Genesis Tr Needham Small Cap Growth Northern Large Cap Value Northern Small Cap Value Oakmark Select I Oakmark I PIMCO StocksPLUS? Small D Dreyfus S&P 500 Index Dreyfus MidCap Index PIMCO Fundamental IndexPLUS AR D Parnassus Core Equity Investor PIMCO StocksPLUS Absolute Return D Royce Low Priced Stock Svc Rydex NASDAQ-100? Inv Royce Pennsylvania Mutual Svc Royce Total Return Svc Royce Small Value Svc Royce Small Growth Plus Svc Wells Fargo Advantage Common Stock A Sit Dividend Growth S Wells Fargo Advantage Enterprise A Selected American Shares S Wells Fargo Advantage Small Cap Value A Wells Fargo Advantage Opportunity A Sound Shore Investor Third Avenue Value Instl TCW Select Equities N TCW Relative Value Large Cap N TCW Relative Value Dividend Apprec N American Century Select Inv American Century Ultra? Inv American Century All Cap Growth Inv American Century Heritage Inv American Century Value Inv Scout Mid Cap William Blair Growth N

Wells Fargo Advantage Discovery A

White Oak Select Growth

Weitz Partners Value Investor

Weitz Value Investor

AMG Yacktman Focused Service

14.55 75

Hold

26.19 1.96 6.13 25.40 8.77 13.65

1.08 12.00 1.05

30.17 98 Strong Buy 12.62 2.31 9.31 15.73 10.88 14.00

0.78 9.48 1.26

76.78 99 Strong Buy 16.33 3.24 10.41 17.76 10.26 14.75

0.90 10.14 1.18

10.21 87

Buy

10.93 2.10 5.00 15.05 7.71 11.12 2.73 1.01 10.77 1.10

23.02 94

Buy

16.73 3.60 6.67 17.38 9.18 13.92

0.91 9.88 0.86

12.92 68

Hold

-2.86 3.44 4.70 -2.09 -1.31 2.70 2.20 0.78 10.99 1.42

15.77 88

Buy

17.98 3.34 9.59 19.77 9.97 13.80

1.06 12.39 0.62

30.40 96 Strong Buy 12.76 3.72 8.91 14.80 7.65 15.25 1.43 1.05 11.46 0.98

20.74 87

Hold

16.49 3.39 9.33 19.32 9.61 14.93

1.03 10.97 0.35

63.06 85 Hold 18.24 3.24 6.20 19.74 7.37 11.95

0.99 10.43 1.36

23.26 88

Hold

13.47 3.00 5.93 15.70 5.93 11.03

0.96 10.03 1.39

57.88 95 Strong Buy 18.67 3.27 10.24 21.33 10.73 14.30

0.99 11.49 1.39

33.37 74

Hold

9.21 0.88 2.59 9.87 5.57 5.69 0.94 0.37 4.01 0.94

42.89 96

Buy

25.48 4.08 11.43 25.42 11.18 16.03

1.07 12.65 1.22

74.37 89

Buy

35.27 2.04 7.22 35.13 13.21 17.38

1.08 12.70 1.01

24.04 81

Hold

16.02 -0.46 10.89 16.36 8.08 14.03

0.87 12.37 1.32

86.75 96

Buy

17.07 2.15 7.35 19.03 9.50 14.01

0.95 10.37 1.47

31.61 83 Hold

11.19 3.50 8.14 14.20 9.04 13.09 0.76 0.95 11.67 1.23

44.22 78

Sell

9.43 0.89 8.68 13.77 6.03 9.76 0.06 0.95 14.45 1.09

14.57 72

Sell

1.53 0.21 1.04 1.54 0.84 3.52

0.21 3.89 1.40

19.76 89

Buy

28.06 2.60 9.05 30.43 8.04 12.13

1.16 14.17 1.12

118.95 97 Strong Buy 26.17 2.04 7.66 26.19 13.71 17.09

0.89 10.06 0.93

48.45 96

Buy

25.36 2.93 6.32 25.61 10.20 15.87

1.00 10.89 0.93

29.81 95 Strong Buy 26.26 2.69 8.84 26.31 12.93 16.74

1.07 12.43 0.92

80.35 97

Buy

23.94 1.53 7.94 24.08 10.61 16.15

1.15 13.70 0.92

47.85 96 Strong Buy 23.21 3.46 7.83 24.46 11.96 16.04

0.89 9.63 0.87

40.65 93

Buy

12.92 3.28 6.53 13.48 8.53 13.88

0.88 9.83 0.98

6.22 92

Buy

26.42 2.47 6.51 24.40 11.54 16.95

1.14 13.93 1.95

20.60 99 Strong Buy 8.09 2.18 4.75 11.18 8.02 12.96 2.08 0.63 7.11 0.76

26.87 86

Buy

27.59 2.09 10.17 27.17 11.18 15.35 3.69 1.13 14.32 1.20

21.50 79

Hold

22.93 3.56 6.28 23.14 8.11 11.51 0.04 0.79 9.29 1.12

15.92 75

Sell

1.66 -1.30 -0.56 2.31 1.22 1.97

-0.13 2.67 1.40

16.13 91

Buy

17.74 1.38 5.56 19.21 5.21 11.08

1.34 9.05 1.38

17.17 66

Hold

19.32 1.78 7.78 18.74 1.44 1.92

0.33 6.72 1.56

20.41 90

Buy

35.17 0.25 5.59 33.84 8.15 14.44

0.96 11.87 1.29

19.48 91

Buy

31.98 1.56 5.93 32.01 7.72 13.32

0.98 11.34 1.37

118.63 87

Hold

19.43 2.34 9.31 21.65 10.75 15.01 4.83 1.15 13.80 1.36

57.24 77

Hold

18.09 3.06 5.84 19.47 1.89 8.19

0.95 10.69 1.25

27.60 92

Buy

30.19 2.72 6.94 29.52 8.51 14.84

0.96 11.52 1.41

69.26 84

Hold

15.61 3.50 11.91 18.15 11.15 13.41

0.95 11.42 1.08

16.79 98 Strong Buy 19.80 5.36 11.67 18.94 14.10 13.62

0.89 14.16 1.95

16.52 84

Hold

11.40 3.83 7.90 13.83 7.29 13.10

1.02 11.20 0.63

26.19 82

Hold

8.63 2.42 10.69 12.71 10.85 14.88

0.94 13.16 1.00

48.87 96

Buy

13.55 1.54 7.76 16.55 7.97 15.70

1.20 13.64 0.96

86.18 96 Strong Buy 18.90 1.74 7.73 20.78 10.48 16.19 1.24 1.14 12.28 0.86

10.72 98 Strong Buy 17.93 2.78 10.48 22.09 11.70 15.43 1.38 1.28 15.67 1.09

58.38 97

Buy

19.97 3.04 7.53 22.28 10.35 15.18

1.00 10.10 0.50

40.45 95

Buy

15.48 3.64 10.07 17.97 10.86 14.94

0.96 11.06 0.50

7.50 87

Hold

16.51 3.59 8.96 19.76 8.75 14.58 1.31 1.15 12.03 1.19

42.82 96 Strong Buy 16.42 3.41 7.28 18.72 8.65 14.64 1.47 0.83 8.74 0.87

12.02 97 Strong Buy 22.24 2.82 7.89 25.52 10.53 15.24 1.31 1.20 12.22 1.04

9.00 60 Hold

9.36 1.69 10.43 12.19 4.54 5.02 1.62 1.08 14.81 1.49

35.88 95

Buy

30.66 1.93 6.22 32.01 13.61 18.91

1.19 13.58 1.29

12.91 80

Buy

17.04 2.95 12.55 20.00 9.65 12.49

1.06 13.69 1.26

15.82 86

Hold

13.72 3.33 12.08 16.98 10.12 12.44

0.96 12.39 1.46

10.60 72

Hold

6.21 5.16 14.72 11.31 4.24 8.25

0.89 14.55 1.48

12.94 79

Hold

17.53 -0.46 5.29 18.10 8.67 12.42

1.10 14.63 1.49

25.31 85

Hold

16.42 3.43 9.71 17.43 9.34 12.98

1.12 12.64 1.25

18.27 91

Buy

18.54 3.22 7.91 20.90 9.47 13.51

0.92 9.39 1.25

51.08 91

Buy

27.67 1.53 7.22 27.26 9.18 13.99

1.07 12.09 1.18

41.21 87

Hold

18.94 1.33 8.56 20.01 10.98 14.75 0.33 1.09 12.11 0.97

20.37 94

Buy

13.70 2.31 9.40 18.70 10.51 10.59

1.05 14.04 1.28

48.09 99 Strong Buy 18.13 2.73 7.54 18.09 8.67 13.47

1.07 11.39 1.21

50.56 93

Buy

15.13 1.02 5.69 16.64 7.72 15.37 2.77 1.15 12.17 0.91

57.12 86

Buy

13.40 1.91 5.35 14.61 5.29 8.85 0.80 0.87 13.68 1.14

29.04 91

Buy

31.76 2.87 5.26 30.88 10.56 13.48 0.37 1.13 13.69 1.14

24.81 88

Hold

13.18 2.48 5.94 14.99 7.37 13.78 0.93 1.07 11.82 1.10

19.95 94

Buy

9.17 2.52 5.80 10.66 6.28 12.62 1.62 1.08 11.55 1.11

74.06 96

Buy

28.20 2.98 6.78 29.19 13.00 15.80

0.99 10.74 0.99

45.94 98

Buy

31.71 3.03 7.39 32.74 12.89 17.03

1.04 11.26 0.98

35.41 95 Strong Buy 23.51 2.61 6.75 23.60 10.57 13.65

1.01 10.97 1.00

24.51 84

Hold

21.46 3.55 7.36 20.75 8.50 12.75

0.99 11.11 1.00

9.29 79

Hold

6.34 2.65 6.55 8.47 7.04 12.94 0.01 0.93 10.48 0.98

20.55 91

Buy

23.93 3.95 11.87 26.40 14.14 16.71

0.89 10.21 1.03

14.23 85

Hold

24.72 3.79 9.55 25.29 9.03 13.43

0.98 10.88 1.21

38.22 89

Buy

27.48 2.36 8.33 27.05 10.35 14.44

1.05 12.38 1.20

85.14 93

Buy

18.10 3.38 10.34 20.67 12.64 15.60

1.21 13.24 1.06

31.69 89

Buy

9.73 0.89 -0.28 9.46 1.62 9.00

0.80 9.65 1.24

43.53 82

Hold

14.29 2.18 2.09 14.81 3.69 10.52 0.60 0.78 9.07 1.22

23.12 87

Hold

17.42 3.91 6.06 18.78 7.32 11.86

0.83 9.93 1.23

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

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