mutual fund investor guide the investor guide to fidelity … · 2015-02-04 · gdp growth in 2015....

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Market Perspective: Volatility Reemerges in 2015 January was marked by increased volatility and the next round of a currency battle. The European Central Bank’s (ECB’s) decision to launch quantitative easing signifi-cantly weakened the euro, and many other currencies chased it lower. The result was a strong U.S. dollar that climbed versus most currencies, though currency gains and losses affected fund performance. This recent “currency war” erupted in mid-January when the Swiss National Bank (SNB) decided to abandon the Swiss franc’s peg to the euro, instituted in 2011 to con-tain its value. In the end, the SNB decided the cost of maintaining the peg would be too high. It abruptly made the decision one week ahead of the ECB’s quantitative easing announcement, and the surprise shocked the mar-ket. Many traders who had been using the Swiss franc for carry trades were forced to cover at great loss. At one point the franc was up 30 percent versus the euro, before settling down to double-digit gains in the high teens. The SNB’s intervention for three years came to nothing, as the franc currently trades near where it would have traded without any intervention, as can be seen if we extrapolate the previous trend. The SNB held the franc below its mar-ket value in the same way you can hold a life preserver under water: once the pressure is removed, it immediately returns to its natural state at the surface. The fallout in the market was swift. Currencies including the Singapore dollar, Chinese yuan, Brazilian real and Ca-nadian dollar all weakened versus the U.S. dollar. Some of the drops were substantial, such as the euro’s nearly 7 percent and the Canadian dollar’s 8.5 percent decline. The latter slide came after the Canadian central bank made a surprise rate cut in January, as concerns about the bear market in energy prices took hold. Canada’s yield curve has inverted as a result: short-term interest rates are higher than long-term interest rates. This typically happens when borrowers decide against long-term borrowing, while in-vestors anticipate a recession and bid up long-term bonds that will appreciate the most during a rate cut cycle. An inverted yield curve doesn’t always lead to a recession, and it takes months for events to confirm the signal even if it is correct, but it is providing a warning. In the near term, a rebound in oil prices and the Canadian dollar appears likely, but the situation in Canada bears watching. It wasn’t only the currency markets that saw volatility in January. The Greeks elected the anti-austerity Syriza party, and bond yields quickly climbed. Greece’s new leaders say they do not want to accept lending from Europe as they cannot repay their current loans. Without

new loans, Greece will be unable to pay bonds maturing this year, which could quickly spark another crisis.Despite turmoil overseas, bonds rallied and stocks held up rather well. After the SNB’s decision to ditch the peg, Swiss government bonds with durations out to 10 years achieved a negative yield. Bond yields fell across Europe and in the U.S., with the 10-year Treasury bond yield de-clining from 2.2 to 1.7 percent. Domestic stocks traded lower, but they didn’t fall across the board. While the S&P 500 Index fell 3.10 percent in January, the utilities and healthcare sectors both gained ground, with health-care seeing advances in pharmaceuticals and biotechnol-ogy. Financials and energy were the main culprits behind the fall in the index, as were a few key earnings misses from firms such as Microsoft (MSFT) and Qualcomm (QCOM). In Europe, the launch of quantitative easing lit a fire under European equities, and despite the big plunge in the euro, shares still finished with positive gains after adjusting for currency losses. On the economic front, the first estimate of 2014 fourth-quarter GDP came in below estimates at 2.6 per-cent growth. Consumer spending was strong, but imports also picked up, lowering GDP calculations. It normally takes several quarters for a stronger currency to push imports higher, but it looks as though the dollar’s rapid advance has already made an impact. There are still two more revisions to fourth-quarter GDP estimates to come, one in February and one in March. The U.S. economy remains very strong compared with economies overseas. The Chinese economy could slow rapidly this year, based on trends at the end of 2014. Al-though real estate investment grew by 10.4 percent in 2014, it actually contracted in December. Based on an In-ternational Monetary Fund (IMF) model, that contraction in investment could cost China as much as 1 percent of GDP growth in 2015. Right now, the resource-exporting economies of Brazil, Canada and Australia are showing signs of weakness. The Baltic Dry Index, a nonfinancial index that measures the price of shipping, has fallen below 2008 levels. There is some stress in the global economy, and China is the most likely culprit as it rebalances away from resource-intensive infrastructure investment. In the U.S., earnings season has been a mixed bag thus far. High-profile earnings misses by companies such as In-ternational Business Machines (IBM), Microsoft (MSFT) and Bank of America (BAC) have weighed on the market. Earnings beats by firms such as Boeing (BA), Netflix (NFLX) and Apple (AAPL) were great news,

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mutualfundinvestorguide.com

MUTUAL FUND Investor Guide

February 2015

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.

Prior to starting the Mutual Fund Investor Guide, Matthew was President and Chief Investment Officer of the Fidelity Independent Adviser, ETF Report & Sector Momentum Tracker newsletters.

IN THIS ISSUE 1 Perspective

2 Portfolio Updates

3 Model Portfolios

5 Data & Rankings

11 Fund Spotlight: Event Driven Opportunities Fund (FARNX)

THE Investor Guide TO FIDELITY FUNDS

2 FEBRUARY 2015 | PHONE: (888) 252-5372


but investors punished earnings misses more than they rewarded earnings beats. Away from the headlines, earnings season has been very strong. Through the end of January, 227 of the S&P 500 companies had reported earnings and 80 percent of them beat estimates, according to FactSet Research. Earnings growth for the fourth quarter of 2014 is currently 2.1 percent, led by growth in the tele-com sector. Energy is weighing heavily, with the plunge in oil prices denting sales and earnings. Nevertheless, earnings growth for the fourth quarter was expected to be 1.7 percent, so earn-ings are running ahead of estimates. This was certainly helped by Apple, which beat estimates by 17.5 percent and reported the largest single

quarterly profit of any publicly traded company in history. Were it not for Apple beating earn-ings, the fourth-quarter earnings growth rate for the S&P 500 would drop from 2.1 percent to 1.1 percent. Guidance has been negative by a ratio of approx-imately 4-to-1. Earnings expectations are coming down for the first quarter of this year, though, and FactSet reports that year-on-year earnings growth estimates are now negative. The energy sector is almost wholly to blame. If oil prices rebound, earnings estimates could turn around with them. Investors would do well to remember 2014. Stocks fell last January before rallying to dou-

ble-digit gains. Concerns in 2014 – a slowing China and lower first-quarter GDP – were also similar to those in 2015. This year, there’s also a strong U.S. dollar and falling commodity prices added to the mix, but both of those are good news overall for our economy. Furthermore, stocks are attractively priced after a five-month breather, with the S&P 500 Index trading at levels it saw in September 2014. The main difference from 2014 is that volatility has been rising, just as it has done following the expiration of each round of quantitative easing. If this trend holds, 2015 will see bigger swings in the market, both up and down. More than ever, patience will be imperative for investors.

Portfolio UpdatesOf the major indexes, only the MSCI EAFE finished January in positive territory, with a gain of 0.44 percent. The advance is impres-sive considering it came in the face of a major devaluation of the euro; on a positive note, European equities gained more than the euro fell, helping push the developed market index into positive territory. The Nasdaq had the best return of the domestic indexes, down 2.13 percent. A strong performance by biotechnol-ogy and strong earnings from Apple (AAPL) helped. The S&P 500 Index wasn’t so lucky, as energy exposure helped pull the index down 3.10 percent. The Russell 2000 was close be-hind, falling 3.26 percent, while the Dow Jones Industrial Average lost 3.69 percent. We will make no changes to the portfolios this month.The Fidelity Select Sector Portfolio fell 0.80 percent in January. Healthcare (FSPHX) gained 2.07 percent, and Pharmaceuticals (FPHAX) was close behind with a 1.92 percent advance. Consumer Staples (FDFAX) gained 0.70 per-cent. Financial Services (FIDSX) erased pre-vious gains with its 6.07 percent loss. Some earnings misses by big banks including Bank of America (BAC) weighed on the sector. Even with the dip in financials, the portfolio outper-formed the major domestic indexes. The Fidelity Straight Growth Portfolio lost 2.13 percent last month. Large Cap Value (FSLVX) counts financials as its largest sec-tor exposure, with 25 percent of assets, which explains its 3.68 percent drop. Growth fared better, as Blue Chip Growth (FBGRX) saw

only a small loss of 0.79 percent. Contrafund (FCNTX) held up better thanks to having tech-nology as its largest holding, which kept the fund to only a 1.34 percent loss. The Fidelity Balanced Growth Portfolio fell 1.66 percent in January. Mega Cap Stock (FGRTX) was hit hard by a few earnings misses from mega-cap companies such as Microsoft (MSFT). Fidelity Fund (FFIDX) outperformed the indexes, and the bond holdings both rallied as yields declined. Strategic Income (FSICX) advanced 0.77 percent on the month.The Fidelity Global Portfolio slid 1.45 per-cent last month. The loss was due to a selloff in Canada (FICDX). Canada was hit with a major currency devaluation after the country’s central bank made a surprise interest rate cut. FICDX fell 8.56 percent on the month, but that is almost entirely due to currency losses. The international holdings in the portfolio, Interna-tional Small Cap Opportunities (FSCOX) and International Discovery (FIGRX), each gained in January. The Fidelity Conservative Income Portfolio slipped 0.65 percent in January. All the bond holdings rallied as investors waded back into high-yield positions amid sinking Treasury yields. The best return was had by Limited Term Municipal Income (FSTFX), which rallied 0.89 percent. Equity Dividend Income (FEQTX) fell 3.59 percent but outweighed the other gains. It too was a victim of weakness in the financial sector.The Diversified Sector Portfolio declined by only 0.16 percent last month. ICON Healthcare (ICHCX) rallied 3.34 percent but was offset by a 7.65 percent loss in ICON Financial (ICFSX).

Rydex Biotechnology (RYOIX) delivered a 6.07 percent gain, but it was partially offset by the 1.37 percent drop in Fidelity Select Tech-nology (FSPTX). Fidelity Select Consumer Staples (FDFAX) climbed 0.70 percent. The NTF Straight Growth Portfolio fell 3.49 percent last month as Adirondack Small Cap (ADKSX) was dinged with a 5.38 per-cent loss due to weakness in small caps and financials. FAM Value (FAMVX) slipped 3.21 percent; Parnassus Core Equity (PRBLX) dipped 3.37 percent; and Fidelity Dividend Growth (FDGFX) had the best return, down 3.02 percent. FAMVX suffered due to finan-cial exposure, but PRBLX was hit by losses in top-10 holdings Qualcomm (QCOM), Procter & Gamble (PG) and National Oilwell Varco (NOV).The NTF Balanced Growth Portfolio fell 2.57 percent last month. Fidelity High Income (SPHIX) was the leader, up 0.36 percent, which helped keep the portfolio losses in check. Third Avenue Focused Credit (TFCVX) slipped 1.96 percent. High-yield bonds recovered during the month, but not enough to pull the entire sector higher. Federated MDT Stock (FSTKX) and Fidelity New Millennium (FMILX) each fell 4 percent. FSTKX was hurt by financials, while FMILX saw several top holdings hit after re-porting weaker earnings. The Tax Advantage Portfolio declined 2.06 percent in January. Fidelity Puritan (FPURX) fell only 1.07 percent, helped by the rally in longer-term bonds. Fidelity Low Priced Stock (FLPSX) lost 3.08 percent, stung by Mic-rosoft (MSFT). With the bond rally being


Market Perspective: Volatility Reemerges in 2015 (continued)

www.MutualFundInvestorGuide.com | FEBRUARY 2015 3

Model Portfolios (Data provided as of 1/31/15)FIDELITY SELECT SECTOR FUND PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFPHAX Pharmaceuticals 21.79 827.25 10.75% 1.92% 1.92% $18,025.83FSPTX Technology 112.90 394.53 26.57% -1.37% -1.37% $44,542.10FIDSX Financial Services 83.49 392.51 19.54% -6.07% -6.07% $32,770.79FSPHX Healthcare 222.20 184.93 24.51% 2.07% 2.07% $41,091.99FDFAX Consumer Staples 98.41 317.45 18.63% 0.70% 0.70% $31,240.68

TOTAL 100.00% -0.80% -0.80% $167,671.39

FIDELITY BALANCED GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFGRTX Mega Cap Stock 15.68 2040.11 21.80% -4.97% -4.97% $31,988.94FFIDX Fidelity Fund 41.91 750.59 21.44% -2.19% -2.19% $31,457.14FSICX Strategic Income 10.74 2307.12 16.88% 0.77% 0.77% $24,778.52SPHIX High Income 8.89 3291.47 19.94% 0.36% 0.36% $29,261.13FCNTX Contrafund 96.66 302.77 19.94% -1.34% -1.34% $29,265.34

TOTAL 100.00% -1.66% -1.66% $146,751.07

FIDELITY CONSERVATIVE INCOME PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFFRHX Floating Rate High Income 9.61 2965.38 24.35% 0.22% 0.22% $28,497.28FSTFX Limited Term Muni 10.78 1507.79 13.89% 0.89% 0.89% $16,254.01FSICX Strategic Income 10.74 3573.82 32.80% 0.77% 0.77% $38,382.81FEQTX Equity Dividend Income 25.81 1312.53 28.95% -3.59% -3.59% $33,876.27

TOTAL 100.00% -0.65% -0.65% $117,010.37

FIDELITY STRAIGHT GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFBGRX Blue Chip Growth 67.88 825.68 32.44% -0.79% -0.79% $56,047.03FDGFX Dividend Growth 32.41 1679.52 31.51% -3.02% -3.02% $54,433.38FCNTX Contrafund 96.66 318.76 17.83% -1.34% -1.34% $30,811.01FSLVX Large Cap Value 16.51 1906.67 18.22% -3.68% -3.68% $31,479.07

TOTAL 100.00% -2.13% -2.13% $172,770.49

FIDELITY GLOBAL PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFSCOX International Small Cap Opp 13.70 2727.06 27.40% 0.15% 0.15% $37,360.72FIGRX International Discovery 38.35 504.48 14.19% 0.95% 0.95% $19,346.68FGBLX Global Balanced 22.71 1246.16 20.76% -0.61% -0.61% $28,300.38FGILX Global Equity Income 11.83 2799.77 24.29% -1.09% -1.09% $33,121.32FICDX Canada 48.10 378.72 13.36% -8.56% -8.56% $18,216.59

TOTAL 100.00% -1.45% -1.45% $136,345.69

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.

4 FEBRUARY 2015 | PHONE: (888) 252-5372


NTF STRAIGHT GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnADKSX Adirondack Small Cap 20.05 1137.10 15.24% -5.38% -5.38% $22,798.76FDGFX Dividend Growth 32.41 2160.42 46.81% -3.02% -3.02% $70,019.34FAMVX FAM Value 64.44 427.85 18.43% -3.21% -3.21% $27,570.61PRBLX Parnassus Core Equity 39.32 742.85 19.52% -3.37% -3.37% $29,208.84

TOTAL 100.00% -3.49% -3.49% $149,597.55

TAX ADVANTAGE PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnPRBLX Parnassus Core Equity 39.32 513.62 14.52% -3.37% -3.37% $20,195.42FPURX Puritan 21.26 1696.95 25.94% -1.07% -1.07% $36,077.13PSHDX PIMCO Short-Term 9.72 2161.10 15.10% -0.31% -0.31% $21,005.88FLPSX Fidelity Low Price Stock 48.70 835.00 29.24% -3.08% -3.08% $40,664.56FCVSX Convertible Securities 31.52 670.57 15.20% -2.20% -2.20% $21,136.46

TOTAL 100.00% -2.06% -2.06% $139,079.45

ABSOLUTE RETURN/DOWN MARKET PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnCVSIX Calamos Market Neutral 12.85 1908.61 24.36% -0.85% -0.85% $24,525.58FDFAX Fidelity Consumer Staples 98.41 103.44 10.11% 0.70% 0.70% $10,179.72FSUTX Fidelity Select Utilities 75.38 130.83 9.80% 0.32% 0.32% $9,862.17MWLDX MetWest Low Duration 8.81 3454.44 30.23% 0.20% 0.20% $30,433.61FCBFX Fidelity Corporate Bond 11.75 430.11 5.02% 2.79% 2.79% $5,053.82DLFNX DoubleLine Core Fixed Inc 11.15 1848.88 20.48% 1.81% 1.81% $20,615.02

TOTAL 100.00% 0.45% 0.45% $100,669.91

AGGRESSIVE VALUE PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFDFAX Fidelity Consumer Staples 98.41 419.29 28.42% 0.70% 0.70% $41,262.07ICTEX ICON Info Technology 14.45 1179.71 11.74% -1.16% -1.16% $17,046.87FCPGX Fidelity Sm Cap Growth 18.15 959.64 12.00% -1.41% -1.41% $17,417.45ICTRX ICON Industrials 11.83 2470.73 20.13% -3.90% -3.90% $29,228.77FSDCX Fidelity Comm Equipment 29.83 781.18 16.05% -6.31% -6.31% $23,302.63TFCVX Third Ave Focused Credit 9.50 1779.92 11.65% -1.96% -1.96% $16,909.23

TOTAL 100.00% -2.20% -2.20% $145,167.02

DIVERSIFIED SECTOR PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnICHCX ICON Healthcare 19.18 2816.22 30.32% 3.34% 3.34% $54,015.01FSPTX Fidelity Select Technology 112.90 374.87 23.76% -1.37% -1.37% $42,322.49FDFAX Fidelity Consumer Staples 98.41 228.32 12.61% 0.70% 0.70% $22,468.54ICFSX ICON Financial 7.73 4613.95 20.02% -7.65% -7.65% $35,665.86RYOIX Rydex Biotechnology 87.18 271.64 13.29% 6.07% 6.07% $23,681.53

TOTAL 100.00% -0.16% -0.16% $178,153.43

NTF BALANCED GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD Total ReturnFMILX Fidelity New Millennium 37.20 394.77 10.76% -4.00% -4.00% $14,685.38FDGFX Dividend Growth 32.41 1313.31 31.17% -3.02% -3.02% $42,564.37TFCVX Third Ave Focused Credit 9.50 1970.60 13.71% -1.96% -1.96% $18,720.68SPHIX Fidelity High Income 8.89 3466.96 22.57% 0.36% 0.36% $30,821.28FSTKX Federated MDT Stock 27.32 1088.99 21.79% -4.51% -4.51% $29,751.20

TOTAL 100.00% -2.57% -2.57% $136,542.92


FIDELITY GROWTH FUNDSFARNX Fidelity® Event Driven Opportunities 10.70 76 Hold -3.08 -3.08 3.31 8.29 1.30FBCVX Fidelity® Blue Chip Value 15.85 89 Buy -2.76 -2.76 2.64 13.57 17.67 12.12 1.10 10.85 0.66FBGRX Fidelity® Blue Chip Growth 67.88 98 Strong Buy -0.79 -0.79 2.84 15.01 20.64 18.16 1.13 11.78 0.80FCNTX Fidelity® Contrafund® 96.66 96 Strong Buy -1.34 -1.34 1.37 9.96 17.19 15.58 0.96 9.74 0.66FCPEX Fidelity® Small Cap Enhanced Index 12.25 81 Buy -2.23 -2.23 1.64 5.81 16.72 17.27 1.17 12.75 0.67FCPGX Fidelity® Small Cap Growth 18.15 81 Strong Buy -1.41 -1.41 4.72 2.71 16.44 16.24 1.06 12.84 0.90FCPVX Fidelity® Small Cap Value 18.37 87 Buy -2.96 -2.96 3.24 7.93 17.08 15.53 1.14 12.71 1.06FDCAX Fidelity® Capital Appreciation 35.76 96 Strong Buy -0.75 -0.75 0.81 10.31 19.41 17.00 0.88 9.51 0.81FDEGX Fidelity® Growth Strategies 31.67 92 Strong Buy -1.95 -1.95 3.18 14.36 16.29 15.70 1.05 10.56 0.69FDEQX Fidelity® Disciplined Equity 32.82 89 Buy -2.41 -2.41 1.82 12.20 18.37 13.76 1.08 10.22 0.50FDFFX Fidelity® Independence 38.26 92 Buy -0.27 -0.27 0.99 9.11 19.63 16.51 1.08 12.33 0.60FDGFX Fidelity® Dividend Growth 32.41 95 Strong Buy -3.02 -3.02 -0.10 11.81 16.25 14.31 1.08 10.34 0.56FDGRX Fidelity® Growth Company 131.02 89 Buy -0.50 -0.50 3.40 13.36 19.64 18.96 1.11 12.24 0.83FDSCX Fidelity® Stock Selector Small Cap 24.17 80 Hold -2.07 -2.07 2.61 2.26 13.64 15.94 1.12 12.42 0.72FDSSX Fidelity® Stock Selec All Cp 34.64 87 Buy -1.93 -1.93 0.71 10.81 17.46 15.08 1.01 9.84 0.66FDSVX Fidelity® Growth Discovery 23.50 83 Buy -0.51 -0.51 0.01 10.49 17.88 17.98 0.96 10.99 0.81FDVLX Fidelity® Value 110.34 96 Strong Buy -2.58 -2.58 1.11 10.47 19.40 16.37 1.06 10.60 0.73FEQIX Fidelity® Equity-Income 57.26 80 Buy -3.55 -3.55 -1.50 7.87 14.86 12.18 2.50 0.93 8.98 0.64FEQTX Fidelity® Equity Dividend Income 25.81 87 Strong Buy -3.28 -3.28 0.12 12.04 15.73 12.75 2.18 0.93 8.94 0.63FEXPX Fidelity® Export & Multinational 20.67 75 Buy -2.96 -2.96 0.85 9.33 14.27 12.01 0.97 9.20 0.77FFIDX Fidelity 41.91 94 Strong Buy -2.19 -2.19 1.91 12.43 16.69 14.25 0.68 1.02 9.85 0.53FFTYX Fidelity® Fifty® 28.53 81 Buy -2.16 -2.16 -1.50 1.12 16.36 14.98 1.03 11.24 0.83FGRIX Fidelity® Growth & Income Portfolio 28.86 87 Buy -4.47 -4.47 -1.97 9.54 17.15 15.06 1.81 1.04 9.86 0.65FGRTX Fidelity® Mega Cap Stock 15.68 96 Strong Buy -4.97 -4.97 -2.28 10.11 17.28 15.34 0.83 1.07 10.25 0.68FIENX Fidelity® International Enhanced Index 8.30 79 Hold 1.47 1.47 0.44 0.24 10.72 7.56 1.00 12.80 0.62FLCEX Fidelity® Large Cap Core Enhanced Index 11.63 90 Buy -2.84 -2.84 0.52 13.63 17.81 15.74 1.01 9.44 0.45FLCSX Fidelity® Large Cap Stock 26.97 92 Strong Buy -4.53 -4.53 -2.78 7.35 18.79 16.17 1.12 10.84 0.88FLGEX Fidelity® Large Cap Growth Enhanced Idx 14.53 92 Buy -1.42 -1.42 1.91 15.47 17.71 16.49 0.99 9.53 0.45FLPSX Fidelity® Low-Priced Stock 48.70 91 Strong Buy -3.08 -3.08 -0.26 7.48 16.11 15.28 1.02 10.16 0.82FLVCX Fidelity® Leveraged Company Stock 43.73 85 Hold -3.51 -3.51 -1.09 4.72 16.96 15.17 1.01 10.68 0.79FLVEX Fidelity® Large Cap Value Enhanced Index 10.80 82 Buy -4.00 -4.00 -0.26 12.80 18.50 15.63 1.02 9.82 0.45FMAGX Fidelity® Magellan® 90.24 88 Buy -2.46 -2.46 0.66 12.88 18.82 13.05 1.07 10.41 0.50FMCSX Fidelity® Mid-Cap Stock 37.78 84 Strong Buy -1.59 -1.59 1.03 6.35 16.65 15.93 1.06 10.99 0.78FMEIX Fidelity® Mid Cap Enhanced Index 13.45 86 Buy -0.88 -0.88 3.87 14.76 19.72 18.08 1.03 10.31 0.60FMILX Fidelity® New Millennium 37.20 84 Strong Buy -4.00 -4.00 -2.40 3.21 15.88 15.65 1.05 10.58 0.87FNCMX Fidelity® Nasdaq Composite Index® 61.02 87 Buy -2.10 -2.10 1.78 13.67 19.43 17.81 1.08 11.11 0.29FOCPX Fidelity® OTC Portfolio 79.47 87 Buy -0.11 -0.11 4.27 14.02 20.88 19.36 1.12 14.07 0.76FSCLX Fidelity Spartan® Mid Cap Idx Investor 17.16 84 Buy -1.61 -1.61 2.40 12.89 18.10 1.01 10.09 0.22FSCRX Fidelity® Small Cap Discovery 29.07 91 Buy -3.39 -3.39 1.98 7.79 18.43 18.91 1.11 12.52 1.01FSDIX Fidelity® Strategic Dividend & Income® 14.38 96 Strong Buy -0.44 -0.44 2.13 14.15 13.85 13.87 2.55 0.98 6.64 0.74FSEMX Fidelity Spartan® Extended Mkt Index Inv 54.13 87 Buy -1.90 -1.90 1.81 7.08 16.99 16.92 1.10 11.58 0.10FSLCX Fidelity® Small Cap Stock 18.30 72 Buy -2.61 -2.61 0.89 7.63 12.19 10.66 1.10 11.59 0.67FSLSX Fidelity® Value Strategies 42.23 89 Buy -2.18 -2.18 0.78 7.55 16.36 15.15 0.94 9.51 0.72FSLVX Fidelity® Stock Selec Lg Cp Val 16.51 91 Strong Buy -3.68 -3.68 -0.61 11.86 17.09 13.67 0.98 9.43 0.71FSMVX Fidelity® Mid Cap Value 24.15 92 Strong Buy -1.91 -1.91 3.02 17.27 21.63 18.54 1.06 10.60 0.80FSSMX Fidelity Advisor® Stock Selector Mid Cp 32.69 83 Buy -2.27 -2.27 1.73 8.64 1.00 10.30 0.65FSSPX Fidelity Spartan® Sm Cp Idx Inv 16.23 81 Buy -3.22 -3.22 1.17 3.76 15.25 1.17 13.18 0.23FSTMX Fidelity Spartan® Total Market Idx Inv 58.20 92 Buy -2.79 -2.79 0.74 12.12 17.26 15.77 1.02 9.55 0.10FTQGX Fidelity® Focused Stock 18.35 79 Buy -2.08 -2.08 -1.36 1.06 16.52 17.02 1.06 11.59 0.78FTRNX Fidelity® Trend 83.85 88 Buy -2.10 -2.10 0.96 11.30 18.11 17.23 1.02 10.31 0.78FUSEX Fidelity Spartan® 500 Index Inv 70.66 86 Buy -3.01 -3.01 0.50 13.40 17.34 15.50 1.00 9.31 0.10FVDFX Fidelity® Value Discovery 23.86 88 Buy -3.20 -3.20 1.19 14.09 18.83 15.50 1.00 9.66 0.80ONEQ Fidelity® Nasdaq Composite Tr Stk ETF 182.19 91 Buy -1.93 -1.93 0.59 14.33 19.33 17.76 0.92 11.47 0.21

FIDELITY SELECT SECTOR FUNDSFBIOX Fidelity® Select Biotechnology Portfolio 235.85 98 Strong Buy 6.59 6.59 11.09 25.12 42.64 33.26 0.65 20.72 0.75FBMPX Fidelity® Select Multimedia Portfolio 74.90 79 Buy -6.75 -6.75 -1.96 5.13 22.84 21.58 0.95 12.11 0.80FBSOX Fidelity® Select IT Services Portfolio 35.50 86 Buy -3.40 -3.40 2.85 5.71 21.20 18.97 0.99 14.00 0.83FCYIX Fidelity® Select Industrials Portfolio 30.92 90 Buy -2.74 -2.74 1.29 6.19 16.31 17.31 0.86 11.30 0.81FDCPX Fidelity® Select Computers Portfolio 78.25 91 Buy -5.48 -5.48 -0.28 10.19 13.53 16.25 0.95 14.01 0.82FDFAX Fidelity® Select Consumer Staples Port 98.41 97 Strong Buy 0.70 0.70 4.73 24.56 17.85 15.56 0.86 11.26 0.79FDLSX Fidelity® Select Leisure Portfolio 132.88 90 Buy 0.23 0.23 6.15 14.03 17.39 20.16 0.82 12.54 0.81FIDSX Fidelity® Select Financial Services Port 83.49 94 Strong Buy -6.07 -6.07 -2.10 7.28 16.88 8.36 0.91 11.62 0.81FNARX Fidelity® Select Natural Resources Port 30.20 45 Sell -0.69 -0.69 -9.67 -10.09 -0.62 4.78 1.19 17.14 0.84FPHAX Fidelity® Select Pharmaceuticals Port 21.79 98 Strong Buy 1.92 1.92 3.80 23.24 26.36 22.13 0.72 10.42 0.81FSAGX Fidelity® Select Gold Portfolio 19.24 39 Hold 17.03 17.03 17.68 -3.99 -25.65 -10.36 0.56 35.08 0.91FSAIX Fidelity® Select Air Transportation Port 73.82 94 Buy -1.06 -1.06 12.15 27.07 27.42 23.07 0.63 12.70 0.86FSAVX Fidelity® Select Automotive Port 45.14 83 Buy -1.74 -1.74 3.93 4.74 18.02 15.69 0.94 14.28 0.84FSCGX Fidelity® Select Industrial Equip Port 35.96 83 Buy -4.36 -4.36 -1.29 -0.66 11.19 14.15 0.98 12.24 0.78FSCHX Fidelity® Select Chemicals Portfolio 143.67 78 Hold -2.09 -2.09 -0.12 7.43 15.09 18.81 0.89 10.77 0.80FSCPX Fidelity® Select Consumer Discret Port 32.61 84 Hold -3.06 -3.06 4.09 13.23 19.44 19.30 0.86 11.25 0.81FSCSX Fidelity® Select Software & Comp Port 109.81 93 Buy -5.26 -5.26 -0.09 3.30 19.25 19.08 0.91 13.24 0.78FSDAX Fidelity® Select Defense & Aero Port 119.78 80 Hold 1.70 1.70 6.90 6.74 18.80 18.46 0.75 11.04 0.81FSDCX Fidelity® Select Comms Equip Port 29.83 92 Buy -6.31 -6.31 -0.53 5.15 11.31 10.90 1.02 15.91 0.90FSDPX Fidelity® Select Materials Portfolio 75.25 71 Sell -2.32 -2.32 -0.59 1.74 8.65 12.57 0.93 10.90 0.82

Data & Rankings (Data provided as of 1/31/15)% Return (3 and 5 Years Annualized)

Yield %Beta

3 YearSD

3 YearExpense

RatioSymbol Name/Short Term Fee NAV Rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year

6 FEBRUARY 2015 | PHONE: (888) 252-5372


FIDELITY SELECT SECTOR FUNDS (continued)

% Return (3 and 5 Years Annualized)Yield %

Beta 3 Year

SD 3 Year

Expense RatioSymbol Name/Short Term Fee NAV Rank Advice YTD 1 Month 3 Month 1 Year 3 Year 5 Year

FSELX Fidelity® Select Electronics Portfolio 83.20 93 Buy -1.86 -1.86 11.59 34.45 19.27 18.52 0.91 14.93 0.79FSENX Fidelity® Select Energy Portfolio 43.62 53 Sell -2.66 -2.66 -12.18 -10.97 1.52 5.54 1.24 17.03 0.80FSESX Fidelity® Select Energy Service Port 51.54 31 Sell -8.41 -8.41 -25.22 -26.70 -5.35 0.91 1.30 21.17 0.80FSHCX Fidelity® Select Medical Delivery Port 82.17 96 Buy 0.06 0.06 5.05 21.62 20.47 18.60 0.53 11.01 0.82FSHOX Fidelity® Select Construction & Hsg Port 55.94 87 Hold -0.21 -0.21 5.72 18.43 21.37 19.98 0.96 13.59 0.81FSLBX Fidelity® Select Brokerage & Invmt Mgmt 69.52 83 Hold -7.98 -7.98 -2.98 0.83 18.25 10.30 1.12 14.89 0.80FSLEX Fidelity® Select Envir and Alt Engy Port 19.71 69 Hold -3.38 -3.38 0.00 1.07 12.62 9.65 0.92 11.25 0.97FSMEX Fidelity® Select Medical Equip & Systems 39.33 95 Strong Buy 1.31 1.31 7.80 23.93 24.61 17.70 0.74 12.76 0.79FSNGX Fidelity® Select Natural Gas Portfolio 30.51 48 Sell -5.75 -5.75 -15.46 -16.28 0.41 1.24 1.09 16.73 0.84FSPCX Fidelity® Select Insurance Port 62.77 83 Buy -6.99 -6.99 -2.43 8.65 19.09 14.66 0.88 11.88 0.82FSPHX Fidelity® Select Health Care Portfolio 222.20 98 Strong Buy 2.07 2.07 6.14 25.59 34.33 26.41 0.69 12.36 0.76FSPTX Fidelity® Select Technology Portfolio 112.90 91 Buy -1.37 -1.37 1.16 8.61 15.92 16.21 0.86 12.74 0.77FSRBX Fidelity® Select Banking Portfolio 24.47 81 Buy -8.93 -8.93 -5.22 -0.16 16.32 10.38 0.72 12.34 0.80FSRFX Fidelity® Select Transportation 93.08 94 Buy -3.26 -3.26 6.41 30.18 25.30 24.45 0.54 11.20 0.84FSRPX Fidelity® Select Retailing Portfolio 88.23 85 Hold -2.01 -2.01 7.37 14.61 22.97 21.72 0.94 13.83 0.82FSTCX Fidelity® Select Telecommunications Port 59.39 63 Buy -1.64 -1.64 -1.53 3.88 13.88 12.48 0.66 10.43 0.82FSUTX Fidelity® Select Utilities Portfolio 75.38 79 Strong Buy 0.32 0.32 2.04 19.54 18.07 15.63 0.48 11.64 0.80FSVLX Fidelity® Select Consumer Finance Port 13.08 88 Buy -7.23 -7.23 -5.23 2.58 18.66 13.05 0.86 11.83 0.83FWRLX Fidelity® Select Wireless Portfolio 8.94 79 Hold -1.76 -1.76 -0.88 3.43 13.87 13.13 0.83 9.82 0.86

FIDELITY SECTOR ETFSFCOM Fidelity® MSCI Telecommunication Svc ETF 26.16 86 Buy -1.76 -1.76 -3.22 6.83 0.12FDIS Fidelity® MSCI Consumer Discret ETF 28.30 82 Buy -3.15 -3.15 3.13 12.48 0.12FENY Fidelity® MSCI Energy ETF 21.73 53 Sell -4.82 -4.82 -13.80 -8.48 0.12FHLC Fidelity® MSCI Health Care ETF 33.41 98 Strong Buy 1.55 1.55 4.12 25.12 0.12FIDU Fidelity® MSCI Industrials ETF 27.61 92 Buy -4.10 -4.10 -1.95 7.01 0.12FMAT Fidelity® MSCI Materials ETF 26.79 77 Hold -2.65 -2.65 -1.85 7.62 0.12FNCL Fidelity® MSCI Financials ETF 27.50 91 Strong Buy -5.60 -5.60 -2.05 11.12 0.16FSTA Fidelity® MSCI Consumer Staples ETF 29.08 95 Strong Buy -1.29 -1.29 3.31 20.67 0.12FTEC Fidelity® MSCI Information Tech ETF 30.56 92 Strong Buy -3.57 -3.57 -0.01 16.75 0.12FUTY Fidelity® MSCI Utilities ETF 31.20 86 Strong Buy 2.09 2.09 6.63 26.30 0.12

FIDELITY REAL ESTATE, COMMODITY & UTILITY FUNDS FFGCX Fidelity® Global Commodity Stock 12.27 29 Sell -1.45 -1.45 -5.41 -7.58 -5.83 -0.92 1.16 14.90 1.11FIUIX Fidelity® Telecom and Utilities 24.14 73 Buy 0.04 0.04 -0.77 12.73 16.14 15.72 1.88 0.53 10.14 0.76FRESX Fidelity® Real Estate Investment Port 43.70 85 Buy 6.98 6.98 11.86 35.44 16.30 20.11 2.15 0.51 13.28 0.80FRIFX Fidelity® Real Estate Income 11.93 82 Buy 2.23 2.23 3.56 12.76 11.19 11.93 4.18 0.25 5.02 0.83FRXIX Fidelity Spartan® Real Estate Idx Inv 16.15 85 Buy 9.05 9.05 15.66 41.11 16.57 0.49 13.37 0.23

FIDELITY INTERNATIONAL FUNDSFDIVX Fidelity® Diversified International 34.76 77 Hold 0.90 0.90 1.10 1.35 11.24 7.81 0.91 11.82 0.92FEDDX Fidelity® Emerging Markets Discovery 11.61 55 Sell -0.26 -0.26 -4.44 3.38 6.21 0.86 12.65 1.45FEMEX Fidelity® EMEA 8.03 53 Sell 0.50 0.50 -9.25 -4.51 0.95 3.41 1.04 14.49 1.37FEMKX Fidelity® Emerging Markets 24.38 72 Hold 0.29 0.29 -2.48 9.38 3.99 3.76 1.01 13.82 1.07FGBLX Fidelity® Global Balanced 22.71 85 Strong Buy -0.61 -0.61 -1.27 -0.95 7.37 7.78 1.10 7.30 0.99FGILX Fidelity® Global Equity Income 11.83 85 Strong Buy -1.09 -1.09 0.74 8.16 1.00 1.16FHKCX Fidelity® China Region 30.83 78 Hold 0.52 0.52 4.08 8.48 13.36 9.99 0.79 13.18 1.01FICDX Fidelity® Canada 48.10 68 Hold -8.56 -8.56 -8.94 -2.01 2.74 5.44 0.72 11.38 0.98FIEUX Fidelity® Europe 35.75 67 Hold 1.36 1.36 1.80 -2.89 12.20 7.71 1.01 13.62 0.96FIGFX Fidelity® International Growth 10.90 81 Hold 0.93 0.93 0.18 2.70 10.64 10.05 0.84 11.13 1.04FIGRX Fidelity® International Discovery 38.35 79 Hold 0.95 0.95 0.53 -0.74 11.53 7.67 0.94 12.35 0.93FIREX Fidelity® International Real Estate 10.34 75 Sell 2.07 2.07 3.37 8.39 16.44 10.50 1.07 0.98 13.13 1.13FISMX Fidelity® International Small Cap 21.45 71 Sell -0.92 -0.92 0.08 -4.46 12.43 10.25 0.93 12.97 1.20FIVFX Fidelity® International Capital Apprec 16.43 87 Buy 0.43 0.43 1.83 7.59 13.67 10.84 0.90 11.96 1.14FIVLX Fidelity® International Value 8.13 64 Sell 0.99 0.99 -0.84 -2.89 9.77 5.01 0.99 13.09 0.96FJPNX Fidelity® Japan 11.14 52 Sell 1.83 1.83 -0.40 -4.30 6.65 3.71 0.73 13.73 0.90FJSCX Fidelity® Japan Smaller Companies 12.72 47 Hold 3.33 3.33 0.38 -1.30 16.46 10.80 0.87 19.57 1.00FLATX Fidelity® Latin America 22.56 43 Sell -5.17 -5.17 -17.64 -11.75 -14.52 -5.80 1.15 18.23 1.07FNMIX Fidelity® New Markets Income 15.12 77 Hold -0.52 -0.52 -5.03 5.03 4.52 6.77 5.40 1.29 7.83 0.84FNORX Fidelity® Nordic 43.27 76 Sell 1.60 1.60 0.00 0.70 18.61 12.86 1.18 16.22 0.98FOSFX Fidelity® Overseas 38.72 83 Sell 1.52 1.52 2.41 0.91 12.98 7.91 0.92 11.92 1.04FPBFX Fidelity® Pacific Basin 26.50 78 Hold 1.65 1.65 -0.45 6.24 13.37 11.77 0.88 12.43 1.18FPEMX Fidelity Spartan® EMkts Idx Inv 9.43 72 Sell 0.21 0.21 -4.61 8.18 0.67 1.01 14.17 0.31FSCOX Fidelity® International Small Cap Opp 13.70 85 Sell 0.15 0.15 1.26 -0.06 12.67 12.07 0.77 10.74 1.30FSEAX Fidelity® Emerging Asia 33.13 83 Hold 1.47 1.47 1.85 14.75 8.02 8.36 0.90 12.62 1.04FSGUX Fidelity Spartan® Glb ex USIdxInv 11.53 75 Hold 0.00 0.00 -2.55 -0.25 6.39 0.99 12.44 0.22FSIIX Fidelity Spartan® International Idx Inv 37.51 67 Sell 0.78 0.78 -1.01 -1.39 9.32 6.52 1.01 12.94 0.20FTEMX Fidelity® Total Emerg Mkts 10.72 59 Sell -0.09 -0.09 -5.18 3.05 3.18 1.75 0.90 12.18 1.40FTIEX Fidelity® Total International Equity 7.71 71 Sell 0.78 0.78 -0.67 1.11 8.95 6.88 0.91 11.66 1.04FWWFX Fidelity® Worldwide 22.17 82 Buy -0.58 -0.58 -0.02 0.96 14.35 12.56 0.78 11.25 0.97

FIDELITY INCOME FUNDSFAGIX Fidelity® Capital & Income 9.75 93 Strong Buy 0.92 0.92 0.14 6.93 9.54 9.45 4.20 0.64 5.06 0.71FBIDX Fidelity Spartan® US Bond Idx Investor 11.96 70 Sell 2.07 2.07 2.89 6.56 2.92 4.37 2.08 1.03 2.93 0.22FBNDX Fidelity® Investment Grade Bond 8.05 79 Buy 1.86 1.86 2.46 6.43 3.65 5.29 2.86 1.04 3.01 0.45FCBFX Fidelity® Corporate Bond 11.75 87 Buy 2.76 2.76 3.44 8.95 5.69 2.86 1.46 4.38 0.45FCONX Fidelity® Conservative Income Bond 10.03 84 Buy 0.02 0.02 -0.03 0.20 0.65 0.22 0.00 0.22 0.40FCVSX Fidelity® Convertible Securities 31.52 97 Strong Buy -2.17 -2.17 1.56 6.11 12.75 12.08 1.45 1.05 8.15 0.58FFFAX Fidelity Freedom® Income 11.65 73 Buy 0.60 0.60 0.99 4.58 4.53 5.04 0.41 2.76 0.49FFRHX Fidelity® Floating Rate High Income 9.61 86 Strong Buy 0.19 0.19 -0.92 0.12 3.19 3.95 4.32 0.16 1.90 0.69FFXSX Fidelity® Limited Term Government 10.11 85 Buy 0.95 0.95 0.81 1.79 0.87 1.60 0.73 0.33 1.09 0.45


FIDELITY INCOME FUNDS (continued)

FGBFX Fidelity® Global Bond 9.38 78 Hold 0.00 0.00 -1.86 -0.20 1.97 0.75FGHNX Fidelity® Global High Income 9.36 75 Hold -0.03 -0.03 -2.68 1.35 6.85 5.82 0.61 5.18 0.95FGMNX Fidelity® GNMA 11.71 60 Hold 0.58 0.58 1.15 4.92 2.39 4.14 2.03 0.83 2.74 0.45FGOVX Fidelity® Government Income 10.72 56 Sell 2.11 2.11 2.91 6.23 2.39 3.77 1.35 0.94 2.76 0.45FHIFX Fidelity® Focused High Income 8.59 91 Strong Buy 0.81 0.81 -0.83 2.88 5.50 7.30 5.01 0.74 3.96 0.83FHIGX Fidelity® Municipal Income 13.77 82 Buy 2.04 2.04 2.87 10.59 4.95 5.94 1.83 1.09 3.98 0.46FIBIX Fidelity Spartan® Interm Tr Bd Idx Inv 11.34 57 Sell 3.43 3.43 4.22 7.84 2.41 5.34 1.76 1.54 4.63 0.20FINPX Fidelity® Inflation-Protected Bond 12.39 57 Sell 3.18 3.18 2.32 4.68 0.52 4.00 1.79 5.47 0.45FJRLX Fidelity® Limited Term Bond Fund 11.57 82 Buy 0.94 0.94 0.78 2.39 1.73 0.64 2.01 0.46FLBIX Fidelity Spartan® L/T Tr Bd Idx Inv 14.50 76 Hold 9.06 9.06 15.03 29.44 7.45 11.10 2.49 3.55 11.51 0.20FLTMX Fidelity® Intermediate Municipal Income 10.69 80 Hold 1.52 1.52 1.93 6.70 3.36 4.31 1.37 0.75 2.73 0.37FMSFX Fidelity® Mortgage Securities 11.43 61 Hold 0.89 0.89 1.71 5.63 2.94 4.33 2.63 0.78 2.48 0.45FSAHX Fidelity® Short Duration High Income 9.63 80 Buy -0.09 -0.09 -1.72 -0.38 5.57 0.80FSBIX Fidelity Spartan® S/T Tr Bd Idx Inv 10.53 56 Hold 1.02 1.02 0.93 1.71 0.70 1.58 0.73 0.37 1.18 0.20FSHBX Fidelity® Short-Term Bond 8.62 77 Strong Buy 0.54 0.54 0.34 1.16 1.28 1.81 1.01 0.19 0.70 0.45FSICX Fidelity® Strategic Income 10.74 87 Strong Buy 0.74 0.74 -0.73 3.92 4.49 5.80 3.63 0.89 3.91 0.69FSIQX Fidelity Spartan® Infl-Prot Bd Index Inv 9.90 78 Buy 3.34 3.34 2.39 4.97 0.21 0.20FSTFX Fidelity® Limited Term Municipal Income 10.78 76 Strong Buy 0.97 0.97 0.84 2.44 1.62 2.29 0.69 0.33 1.33 0.48FSTGX Fidelity® Intermediate Government Income 10.84 56 Hold 1.60 1.60 1.61 3.44 1.50 2.79 1.01 0.66 2.00 0.45FTABX Fidelity® Tax-Free Bond 11.91 90 Buy 1.97 1.97 2.82 10.43 5.08 6.00 1.96 1.10 4.01 0.25FTBFX Fidelity® Total Bond 10.86 77 Sell 1.92 1.92 2.08 6.19 3.94 5.41 2.91 1.02 3.00 0.45FTHRX Fidelity® Intermediate Bond 11.08 71 Hold 1.55 1.55 1.56 3.92 2.71 4.18 2.31 0.74 2.19 0.45SPHIX Fidelity® High Income 8.89 93 Strong Buy 0.31 0.31 -1.62 1.29 6.46 7.77 6.02 0.66 4.50 0.72

FIDELITY ASSET ALLOCATION FUNDSFAMRX Fidelity Asset Manager® 85% 16.26 81 Hold -1.03 -1.03 0.34 6.80 12.94 11.49 1.37 8.78 0.74FASGX Fidelity Asset Manager® 70% 19.64 76 Hold -0.56 -0.56 0.66 6.58 11.19 10.48 1.16 7.38 0.72FASIX Fidelity Asset Manager® 20% 13.32 77 Sell 0.60 0.60 1.08 4.66 4.92 5.62 1.52 0.38 2.71 0.52FASMX Fidelity Asset Manager® 50% 17.04 79 Sell 0.00 0.00 1.01 6.21 8.92 8.90 0.85 5.42 0.66FBALX Fidelity® Balanced 22.51 79 Buy -1.14 -1.14 1.00 10.51 12.72 11.84 1.51 0.99 6.53 0.56FDYSX Fidelity® Global Strategies 8.69 72 Sell 0.23 0.23 0.15 4.72 6.36 7.25 0.88 5.92 0.40FFNOX Fidelity® Four-in-One Index 36.69 91 Buy -1.16 -1.16 0.67 7.80 13.09 11.82 1.33 8.46 0.22FPURX Fidelity® Puritan® 21.26 80 Strong Buy -1.07 -1.07 1.20 10.18 13.00 11.92 1.45 1.00 6.69 0.56FSANX Fidelity Asset Manager® 60% 11.04 78 Sell -0.27 -0.27 0.86 6.52 10.09 9.65 0.99 6.32 0.72FSRRX Fidelity® Strategic Real Return 9.12 77 Hold 0.88 0.88 -1.65 0.81 1.68 4.91 1.80 0.54 4.94 0.76

NTF GROWTH FUNDSAAGPX American Beacon Lg Cap Value Inv 26.32 92 Buy -4.19 -4.19 -1.13 8.84 17.09 13.87 1.08 10.38 0.93ACMVX American Century Mid Cap Value Inv 16.05 93 Buy -2.43 -2.43 2.12 15.11 17.96 15.94 1.13 0.89 8.78 1.00ADKSX Adirondack Small Cap 20.05 87 Buy -5.38 -5.38 0.51 -2.55 14.75 14.83 1.19 13.37 1.41AMAGX Amana Growth Investor 33.14 81 Buy -3.27 -3.27 0.61 12.80 12.74 12.27 0.39 0.94 9.44 1.09AMANX Amana Income Investor 45.17 88 Buy -3.15 -3.15 0.01 9.99 13.63 12.22 1.29 0.92 9.10 1.14ARGFX Ariel Investor 70.15 84 Hold -2.33 -2.33 1.99 13.07 20.37 16.73 1.27 13.54 1.03ARTLX Artisan Value Investor 13.09 68 Sell 0.08 0.08 1.85 9.27 12.65 12.43 0.92 10.13 0.98AVPAX American Beacon Small Cp Val Inv 23.24 81 Hold -4.35 -4.35 -0.59 3.21 14.58 14.77 1.22 13.19 1.16BARAX Baron Asset Retail 62.01 82 Buy -2.73 -2.73 0.46 8.97 17.64 15.75 1.79 1.11 11.68 1.31BEQGX American Century Equity Growth Inv 29.67 91 Buy -3.48 -3.48 0.78 13.15 17.27 15.97 1.27 1.06 9.92 0.67BGRFX Baron Growth Retail 71.60 78 Buy -0.93 -0.93 3.19 7.29 17.09 16.66 0.95 10.59 1.29BIOPX Baron Opportunity Retail 17.68 66 Hold -2.96 -2.96 -0.26 -4.54 12.21 13.02 1.16 15.24 1.35BPSCX Robeco Boston Partners Sm Cap Val II Inv 20.77 83 Buy -3.44 -3.44 -0.61 4.29 15.39 14.03 0.56 1.12 12.02 1.46BPTRX Baron Partners Retail 35.94 79 Hold -2.18 -2.18 0.70 10.62 21.58 19.13 1.27 14.07 1.38BSCFX Baron Small Cap Retail 32.62 78 Hold -2.07 -2.07 0.07 2.87 15.17 15.23 1.09 11.98 1.30BUFMX Buffalo Mid Cap 17.12 82 Buy -1.89 -1.89 0.94 4.68 12.87 13.13 1.00 11.76 1.01CAAPX Ariel Appreciation Investor 51.91 89 Buy -3.23 -3.23 0.88 9.19 19.01 16.01 1.28 13.02 1.12CAMSX Cambiar Small Cap Inv 18.47 76 Hold -6.01 -6.01 -3.06 -3.06 10.17 14.51 1.21 13.23 1.30CFIMX Clipper 95.88 73 Hold -2.95 -2.95 -0.22 9.23 15.34 13.36 0.34 0.98 9.59 0.74CHDEX Cullen High Dividend Equity Retail 16.93 91 Buy -2.67 -2.67 0.03 12.11 13.45 13.05 0.76 7.98 1.00CHTTX ASTON/Fairpointe Mid Cap N 39.22 90 Buy -3.61 -3.61 0.55 6.44 18.37 15.89 3.80 1.27 13.52 1.10CRMAX CRM Small/Mid Cap Value Inv 14.19 84 Buy -3.47 -3.47 -1.63 3.24 13.95 13.80 1.00 10.45 1.07CRMSX CRM Small Cap Value Inv 18.35 81 Hold -4.33 -4.33 -0.59 3.22 14.03 12.99 1.09 12.47 1.07CVSIX Calamos Market Neutral Income A LW 12.85 84 Buy -0.85 -0.85 -0.54 1.76 3.48 4.33 1.99 0.03 3.04 1.09DEFIX Delafield Fund 30.43 75 Sell -6.88 -6.88 -4.83 -6.89 7.73 10.94 1.18 13.33 1.21DGAGX Dreyfus Appreciation Investor 52.29 78 Buy -3.01 -3.01 -1.36 10.67 11.08 12.46 1.05 10.24 0.94DISSX Dreyfus Small Cap Stock Index 27.95 83 Buy -3.42 -3.42 0.61 5.17 16.04 16.93 1.12 12.51 0.50DREVX Dreyfus Fund Incorporated 11.18 86 Buy -3.87 -3.87 -1.61 6.94 16.10 13.49 0.60 1.06 10.26 0.74DSEFX Domini Social Equity Inv 44.26 80 Buy -2.66 -2.66 -0.38 14.14 15.55 14.48 0.71 1.07 10.37 1.20EGFFX Edgewood Growth Retail 19.80 87 Buy -0.10 -0.10 0.38 13.11 20.04 17.90 1.00 11.08 1.35EXEYX Manning & Napier Equity 16.40 66 Sell -3.70 -3.70 -1.55 5.04 14.34 11.77 1.06 10.87 1.05FAMEX FAM Equity-Income Inv 24.76 91 Buy -3.02 -3.02 1.05 7.33 13.31 14.22 0.94 9.81 1.29FAMVX FAM Value Inv 64.44 93 Strong Buy -3.21 -3.21 2.52 12.76 16.12 14.36 0.91 9.55 1.19FMIEX Wasatch Large Cap Value Investor 9.25 80 Hold -4.74 -4.74 -2.86 4.58 10.27 9.33 2.73 0.97 9.62 1.11FMIHX FMI Large Cap 20.65 90 Buy -2.69 -2.69 1.87 13.30 15.93 13.18 0.90 8.76 0.94FMLSX Wasatch Long/Short Investor 14.55 75 Hold -2.35 -2.35 -3.19 -2.15 5.51 6.84 2.20 0.74 8.39 1.27FSCFX Strategic Advisers® Small-Mid Cap 12.84 79 Buy -3.31 -3.31 0.21 2.98 13.95 14.24 1.07 11.37 0.45FSTKX Federated MDT Stock Svc 27.32 95 Strong Buy -4.51 -4.51 -0.49 11.35 19.70 15.82 1.17 1.17 11.79 0.99FVSAX Strategic Advisers® Value 17.97 90 Buy -4.06 -4.06 -0.34 11.09 17.06 13.96 1.04 9.87 0.31GABAX Gabelli Asset AAA 62.81 82 Hold -3.95 -3.95 -0.86 4.61 13.97 14.53 1.04 10.21 1.35GABEX Gabelli Equity Income AAA 28.17 83 Hold -2.79 -2.79 -0.31 7.38 13.82 13.34 1.00 9.57 1.37GABSX Gabelli Small Cap Growth AAA 47.43 84 Hold -3.34 -3.34 -0.10 3.45 15.07 15.19 1.05 11.07 1.38


Beta 3 Year

SD 3 Year


8 FEBRUARY 2015 | PHONE: (888) 252-5372


GATEX Gateway A 29.25 56 Hold -1.12 -1.12 -0.08 3.28 4.66 4.96 1.04 0.35 3.57 0.94GTSIX Invesco Small Cap Growth Inv 36.58 85 Buy -2.04 -2.04 0.83 6.18 17.51 18.01 1.05 11.84 1.21HCAIX Harbor Capital Appreciation Inv 57.10 90 Buy -0.37 -0.37 1.16 9.66 17.25 15.41 1.05 11.67 1.02HFCGX Hennessy Cornerstone Growth Investor 18.82 90 Buy -2.74 -2.74 2.51 14.48 19.89 15.62 0.99 11.01 1.23HFCSX Hennessy Focus Investor 65.31 85 Buy -3.03 -3.03 2.37 11.06 17.98 17.72 0.86 9.92 1.41HRSVX Heartland Select Value 30.07 79 Hold -3.99 -3.99 0.42 3.57 12.67 11.46 0.55 1.13 11.89 1.20HRTVX Heartland Value 41.49 71 Hold -5.12 -5.12 -1.50 -2.18 11.20 11.52 1.03 13.00 1.08ICMAX Intrepid Small Cap 14.37 70 Hold -0.55 -0.55 -1.07 0.11 5.87 8.66 0.41 4.94 1.40ICNZX ICON Fund S 15.65 84 Hold -2.07 -2.07 3.44 10.06 13.98 12.02 1.06 11.05 1.10JAENX Janus Enterprise T 86.06 95 Buy -0.17 -0.17 5.51 12.18 16.80 16.99 0.84 9.09 0.92JAMRX Janus Research T 43.07 93 Buy -0.62 -0.62 4.02 15.15 18.54 16.55 0.98 9.92 0.80JATTX Janus Triton T 23.00 84 Hold -1.88 -1.88 4.05 10.05 17.10 18.88 0.94 10.54 0.92JAVTX Janus Venture T 62.46 84 Hold -3.92 -3.92 2.89 9.46 18.13 19.01 1.00 11.63 0.92JENSX Jensen Quality Growth J 38.97 89 Buy -2.96 -2.96 2.97 11.78 15.78 13.29 0.95 9.40 0.87JMVSX JPMorgan Mid Cap Value Sel 36.05 94 Buy -2.04 -2.04 4.02 15.12 19.65 17.98 0.88 8.86 0.98KAUFX Federated Kaufmann R 5.75 93 Strong Buy -0.52 -0.52 2.43 7.53 18.51 13.82 1.05 11.80 1.95LCEIX Invesco Diversified Dividend Investor 17.96 96 Strong Buy -1.86 -1.86 2.07 12.67 17.49 14.11 1.54 0.86 8.49 0.76LCGRX Loomis Sayles Small Cap Growth Retail 20.69 74 Hold -3.59 -3.59 -0.30 -2.64 14.45 17.47 3.69 1.06 13.93 1.21MCGFX ASTON/Montag & Caldwell Growth N 24.85 75 Hold -1.70 -1.70 1.18 8.64 13.80 12.00 0.44 0.90 9.03 1.03MERFX Merger Investor 15.58 74 Buy -0.32 -0.32 0.79 1.55 2.77 2.52 0.07 2.32 1.26MFCFX Marsico Flexible Capital 17.20 88 Buy -1.09 -1.09 1.35 7.64 17.42 18.12 0.94 10.25 1.38MFLDX MainStay Marketfield I 15.85 61 Sell -2.40 -2.40 -4.17 -13.91 4.07 5.95 0.42 6.99 1.52MFOCX Marsico Focus 19.71 92 Buy -1.15 -1.15 -0.08 11.63 17.05 15.31 0.97 10.85 1.34MGRIX Marsico Growth 21.00 84 Hold -1.50 -1.50 -0.57 9.26 15.43 15.11 1.00 10.86 1.37MGSEX AMG Managers Special Equity Service 86.01 72 Hold -2.59 -2.59 0.17 0.63 14.13 17.98 4.83 1.18 13.51 1.37MRVEX BMO Mid-Cap Value Y 15.35 94 Buy -3.22 -3.22 0.74 11.24 18.67 15.59 0.18 1.11 11.03 1.20MUHLX Muhlenkamp 57.24 72 Sell -3.80 -3.80 -3.16 1.53 12.17 8.49 1.15 11.38 1.26MXXIX Marsico 21st Century 21.30 87 Buy -1.16 -1.16 0.57 8.40 17.09 12.39 1.02 11.27 1.42NBGEX Neuberger Berman Genesis Tr 57.33 67 Hold -3.22 -3.22 -1.04 0.50 11.80 13.84 0.95 10.72 1.10NESGX Needham Small Cap Growth 13.55 73 Buy -3.28 -3.28 0.84 -1.63 6.34 10.14 0.88 12.40 1.96NMMCX Northern Multi-Manager Mid Cap 12.21 91 Buy -2.16 -2.16 1.43 7.67 15.18 15.11 1.08 10.96 1.00NMMLX Northern Multi-Manager Lg Cap 8.90 93 Buy -2.73 -2.73 -0.45 9.73 14.70 13.93 0.99 9.50 1.05NOLVX Northern Large Cap Value 13.41 86 Hold -3.66 -3.66 -0.10 11.57 15.76 11.73 1.11 10.68 0.85NOSGX Northern Small Cap Value 20.36 80 Buy -3.60 -3.60 0.51 7.03 14.79 15.44 1.18 13.04 1.00OAKLX Oakmark Select I 38.97 95 Strong Buy -4.46 -4.46 -1.49 12.00 20.17 17.17 1.12 11.45 0.95OAKMX Oakmark I 63.44 96 Strong Buy -4.43 -4.43 -0.92 10.10 18.73 15.97 1.24 1.08 10.39 0.87PARSX Parnassus Small-Cap 22.34 76 Hold -6.02 -6.02 -1.49 -2.15 10.01 11.96 1.25 14.60 1.20PCKDX PIMCO Small Cap StocksPLUS® AR Strt D 8.67 91 Buy -3.34 -3.34 0.69 4.51 18.01 19.30 0.28 1.17 13.12 1.09PEIDX AllianzGI NFJ Dividend Value D 16.43 83 Buy -4.64 -4.64 -2.40 7.66 13.99 13.12 2.95 1.04 10.14 1.05PEOPX Dreyfus S&P 500 Index 50.12 93 Buy -3.06 -3.06 0.38 12.92 16.89 15.06 1.57 1.00 9.29 0.50PESPX Dreyfus MidCap Index 37.16 85 Buy -1.17 -1.17 2.67 9.98 16.43 16.49 1.05 10.97 0.50PIXDX PIMCO Fundamental IndexPLUS AR D 6.11 92 Buy -3.93 -3.93 -0.65 10.29 19.91 19.96 0.12 1.07 10.36 1.19PRBLX Parnassus Core Equity Investor 39.32 94 Strong Buy -3.37 -3.37 0.26 14.47 18.76 14.77 1.47 0.93 9.13 0.87PSTDX PIMCO StocksPLUS Absolute Return D 9.09 91 Buy -3.30 -3.30 -0.03 13.41 19.05 18.61 0.48 1.02 9.81 1.04RYLPX Royce Low Priced Stock Svc 9.07 50 Sell -4.12 -4.12 -4.62 -3.67 -0.26 5.40 0.73 1.16 14.23 1.49RYOCX Rydex NASDAQ-100® Inv 24.26 92 Strong Buy -2.10 -2.10 1.16 17.41 19.03 18.84 1.06 11.37 1.29RYPFX Royce Pennsylvania Mutual Svc 12.21 66 Sell -5.79 -5.79 -4.02 -3.27 10.27 12.06 1.16 12.73 1.25RYTFX Royce Total Return Svc 14.40 72 Hold -3.87 -3.87 -2.04 0.61 11.97 12.76 1.04 11.08 1.48RYVFX Royce Value Svc 11.10 66 Hold -5.61 -5.61 -5.35 -1.24 6.96 9.67 1.22 13.36 1.48RYVPX Royce Value Plus Svc 13.71 72 Hold -3.65 -3.65 -0.90 2.39 11.57 11.70 1.21 13.91 1.46SDVSX Sit Dividend Growth S 16.70 82 Buy -3.24 -3.24 0.04 12.17 14.55 14.23 0.94 8.96 1.25SENTX Wells Fargo Advantage Enterprise Inv 42.66 81 Hold -1.64 -1.64 0.65 2.78 15.14 15.90 1.13 12.40 1.24SLASX Selected American Shares S 41.82 77 Buy -3.10 -3.10 -0.46 6.34 13.69 11.35 0.22 1.02 9.92 0.94SOPFX Wells Fargo Advantage Opportunity Inv 46.05 89 Buy -3.56 -3.56 1.58 7.85 13.86 12.87 1.05 10.56 1.28SSHFX Sound Shore Investor 46.47 90 Hold -4.76 -4.76 -0.43 9.64 18.65 14.18 2.77 1.06 10.56 0.93SSMVX Wells Fargo Advantage Small Cap Val Inv 28.04 71 Sell -3.44 -3.44 -1.98 -1.46 6.21 8.29 0.95 12.94 1.33STCSX Wells Fargo Advantage Common Stock Inv 22.63 80 Hold -3.58 -3.58 0.50 3.19 13.50 14.32 1.08 11.53 1.29STDIX Wells Fargo Advantage Discovery Inv 30.72 78 Sell -1.51 -1.51 0.56 1.24 15.12 18.47 1.12 12.78 1.28TGCNX TCW Select Equities N 24.25 81 Hold -2.41 -2.41 0.51 6.40 14.08 14.60 0.37 1.10 11.82 1.13TGDVX TCW Relative Value Large Cap N 21.47 93 Buy -4.79 -4.79 -0.37 9.13 17.00 14.68 0.69 1.20 11.62 1.12TGIGX TCW Relative Value Dividend Apprec N 16.72 93 Buy -4.07 -4.07 0.06 9.16 17.21 15.54 1.26 1.15 11.09 1.14TWCIX American Century Select Inv 56.31 79 Buy 0.11 0.11 2.44 13.97 15.61 15.00 0.39 1.05 10.65 1.00TWCUX American Century Ultra® Inv 34.51 88 Buy -0.80 -0.80 1.21 12.04 16.95 16.13 1.06 10.95 1.00TWGTX American Century All Cap Growth Inv 30.01 88 Buy -0.76 -0.76 2.07 11.25 14.90 15.50 1.04 11.04 1.00TWHIX American Century Heritage Inv 23.46 74 Buy -0.26 -0.26 3.73 9.65 15.09 16.42 1.06 11.64 1.00TWVLX American Century Value Inv 8.29 91 Buy -3.72 -3.72 -0.39 11.55 16.32 13.82 1.51 0.98 9.45 0.98UMBIX Columbia Value and Restructuring Z 44.55 88 Buy -3.68 -3.68 0.01 12.47 16.18 13.82 0.68 1.03 10.03 0.96UMBMX Scout Mid Cap 15.21 74 Hold -1.49 -1.49 1.29 5.08 13.66 15.40 1.18 12.22 1.02WBGSX William Blair Growth N 13.14 80 Buy -3.03 -3.03 -0.47 4.56 14.52 13.69 1.08 11.23 1.19WOGSX White Oak Select Growth 57.49 88 Buy -5.05 -5.05 -1.75 4.12 13.76 12.61 1.68 1.15 11.92 1.10WPVLX Weitz Partners Value Investor 32.82 92 Buy -3.30 -3.30 0.16 5.52 15.38 15.85 0.75 7.68 1.18WVALX Weitz Value Investor 43.88 84 Buy -3.13 -3.13 0.77 6.43 15.10 14.95 0.60 0.76 7.88 1.18YAFFX AMG Yacktman Focused Service 24.83 89 Strong Buy -4.06 -4.06 0.09 9.31 13.13 12.77 0.78 7.96 1.25

NTF SECTOR FUNDSBGEIX American Century Global Gold Inv 8.80 39 Hold 18.12 18.12 18.35 -6.34 -25.03 -9.18 0.49 34.75 0.67CSRSX Cohen & Steers Realty Shares 81.73 89 Buy 6.34 6.34 12.36 34.34 16.16 18.74 4.25 0.53 13.14 0.97DGTNX AllianzGI Technology D 52.71 83 Buy -3.43 -3.43 0.33 7.17 17.93 17.14 0.93 13.73 1.59


Beta 3 Year

SD 3 Year


NTF GROWTH FUNDS (continued)


FSTEX Invesco Energy Inv 31.05 43 Sell -4.78 -4.78 -17.14 -17.35 -3.42 1.29 1.23 17.70 1.15FTCHX Invesco Technology Investor 36.37 82 Buy -1.11 -1.11 1.42 9.04 11.61 13.92 0.94 13.40 1.36GABUX Gabelli Utilities AAA 5.12 72 Hold -1.15 -1.15 0.88 8.01 10.79 11.30 0.61 8.92 1.37GASFX Hennessy Gas Utility Index Investor 30.39 91 Strong Buy -0.39 -0.39 0.97 19.68 18.46 19.06 2.57 0.62 10.90 0.77HSFNX Hennessy Small Cap Financial Investor 19.82 79 Buy -6.55 -6.55 -3.52 -6.31 12.32 7.33 0.16 0.86 13.75 1.44ICBMX ICON Materials S 14.23 75 Hold -3.00 -3.00 -2.77 2.11 8.15 11.71 1.19 0.91 10.71 1.36ICCCX ICON Consumer Discretionary S 14.07 79 Hold -4.16 -4.16 -0.05 7.50 16.42 18.52 1.42 0.84 11.53 1.46ICENX ICON Energy S 13.31 42 Sell -6.20 -6.20 -19.82 -22.86 -2.18 2.73 1.25 17.47 1.28ICFSX ICON Financial S 7.73 90 Hold -7.65 -7.65 -4.09 0.39 12.98 7.46 1.45 0.96 12.70 1.50ICHCX ICON Healthcare S 19.18 98 Strong Buy 3.34 3.34 5.42 26.70 28.37 20.54 3.50 0.64 9.77 1.36ICLEX ICON Consumer Staples S 9.19 90 Strong Buy -0.86 -0.86 4.98 20.23 15.80 14.39 0.92 0.53 8.90 1.45ICTEX ICON Information Technology S 14.45 93 Strong Buy -1.16 -1.16 4.63 18.35 13.90 13.36 1.38 0.95 12.64 1.40ICTRX ICON Industrials S 11.83 87 Buy -3.90 -3.90 -0.04 4.92 12.36 13.66 1.91 0.77 10.67 1.41ICTUX ICON Utilities S 8.93 88 Buy 0.90 0.90 3.31 22.76 14.50 13.70 2.25 0.36 12.79 1.50JAGLX Janus Global Life Sciences T 54.81 97 Strong Buy 4.36 4.36 10.97 30.12 36.84 25.89 0.64 12.61 0.92JAGTX Janus Global Technology T 21.27 82 Buy -2.57 -2.57 1.98 9.82 16.22 15.38 0.97 11.72 0.94MRESX AMG Managers Real Estate Securities 12.87 83 Hold 6.54 6.54 12.67 35.73 16.22 19.84 1.90 0.51 13.36 1.19NBRFX Neuberger Berman Real Estate Tr 15.47 80 Hold 5.24 5.24 9.10 28.16 13.28 18.31 0.50 11.86 1.04PCRDX PIMCO Commodity Real Ret Strat D 4.32 24 Sell -2.04 -2.04 -15.46 -20.72 -12.22 -3.06 0.86 14.05 1.19PETDX PIMCO Real Estate Real Return Strategy D 3.97 90 Buy 9.67 9.67 14.53 42.63 15.91 24.90 0.53 18.60 1.14REINX Invesco Real Estate Investor 27.86 84 Hold 5.49 5.49 10.02 31.99 14.99 17.55 0.62 0.52 12.31 1.25RYEIX Rydex Energy Inv 22.38 42 Sell -5.17 -5.17 -17.19 -18.98 -2.08 3.01 1.29 17.88 1.37RYHRX Rydex Real Estate H 38.78 66 Hold 4.61 4.61 7.88 23.08 13.00 15.49 0.57 11.93 1.64RYMIX Rydex Telecommunications Inv 44.14 65 Hold -2.63 -2.63 -3.23 2.77 5.80 5.59 0.86 10.29 1.38RYOIX Rydex Biotechnology Inv 87.18 98 Strong Buy 6.07 6.07 7.98 24.65 37.76 28.82 0.66 19.65 1.36RYTIX Rydex Technology Inv 57.94 79 Buy -3.80 -3.80 0.59 6.06 14.16 12.31 1.03 13.36 1.37

NTF INTERNATIONAL FUNDSAAIPX American Beacon Intl Equity Inv 18.34 70 Sell 0.41 0.41 -1.32 -3.68 10.21 6.58 1.03 13.35 1.05AEMGX Acadian Emerging Markets Instl 18.47 67 Sell 1.15 1.15 -2.38 7.82 2.68 4.50 1.04 14.39 1.50AFJDX AllianzGI NFJ International Value D 21.03 65 Sell -1.41 -1.41 -4.55 -2.96 4.77 5.24 3.46 0.96 12.30 1.24ARTIX Artisan International Investor 30.39 92 Buy 1.44 1.44 1.72 5.00 13.94 10.79 3.87 0.90 12.02 1.17BJBIX Aberdeen Select International Eq A 25.01 73 Sell -0.48 -0.48 -5.35 -0.68 4.43 1.32 0.97 12.82 1.26CIVVX Causeway International Value Inv 14.80 75 Sell 0.75 0.75 -0.99 -2.52 11.12 8.31 6.89 0.95 12.68 1.16DREGX Driehaus Emerging Markets Growth 29.98 68 Sell 1.15 1.15 -4.56 0.46 4.91 6.64 0.96 12.97 1.64EGINX Invesco European Growth Investor 34.47 63 Sell -0.38 -0.38 -1.12 -3.40 10.48 9.01 0.88 11.66 1.31EXWAX Manning & Napier World Opportunities A 7.36 58 Sell 0.41 0.41 -0.41 -5.97 6.34 3.75 1.03 13.64 1.07FILFX Strategic Advisers® International 9.88 71 Sell 0.92 0.92 0.46 -0.40 9.91 7.46 0.92 11.76 0.17HIINX Harbor International Investor 64.06 70 Sell -0.17 -0.17 -1.72 -3.21 6.48 6.52 0.95 12.34 1.10HLEMX Harding Loevner Emerging Markets Advisor 46.07 66 Sell 0.99 0.99 -3.81 6.61 5.34 6.01 0.99 13.43 1.45HLMNX Harding Loevner International Eq Inv 17.80 69 Hold 1.42 1.42 -0.01 6.02 8.47 8.12 0.90 11.86 1.17ICARX ICON Emerging Markets S 13.83 84 Sell 3.75 3.75 0.51 3.91 6.52 6.03 1.65 0.82 11.62 1.88ICHKX Guinness Atkinson China & Hong Kong 24.10 68 Hold 1.90 1.90 2.76 6.42 3.39 1.76 0.79 14.49 1.52JAOSX Janus Overseas T 30.96 46 Sell -1.68 -1.68 -9.10 -10.04 -3.16 -2.45 1.27 18.26 0.67LISOX Lazard International Strategic Eq Open 13.81 81 Hold -0.07 -0.07 -2.60 1.78 13.21 10.19 0.96 12.60 1.10MACSX Matthews Asian Growth & Inc Investor 18.03 80 Sell 0.11 0.11 -3.93 3.46 8.09 7.32 0.70 9.94 1.08MAKOX Matthews Korea Investor 5.83 58 Hold 3.19 3.19 -1.85 8.26 9.88 11.22 0.83 13.67 1.13MAPIX Matthews Asia Dividend Investor 15.60 74 Hold 2.23 2.23 -0.76 6.69 9.81 8.53 0.75 10.54 1.06MAPTX Matthews Pacific Tiger Investor 27.81 86 Hold 4.67 4.67 2.52 21.48 11.43 11.27 0.84 12.31 1.09MCHFX Matthews China Investor 22.09 70 Sell 2.94 2.94 1.96 4.96 3.46 3.62 0.80 13.54 1.08MGLBX Marsico Global 12.91 88 Strong Buy -0.31 -0.31 0.15 6.76 18.00 14.56 0.73 12.46 1.60MINDX Matthews India Investor 28.62 90 Buy 8.16 8.16 12.70 85.51 23.22 13.55 1.14 23.30 1.13MNILX Litman Gregory Masters Intl Inv 17.20 75 Sell -0.12 -0.12 0.44 0.15 9.42 7.27 0.98 12.80 1.36NMIEX Northern Multi-Manager Intl Equity 10.05 68 Sell -0.30 -0.30 -2.06 -1.87 6.28 4.79 0.95 12.04 1.29NMMEX Northern Multi-Manager Emerging Mkt Eq 18.08 68 Sell 0.17 0.17 -5.35 1.94 1.63 4.59 1.00 13.60 1.33NMMGX Northern Multi-Manager Glbl Real Estate 16.74 80 Buy 4.36 4.36 6.74 17.82 12.16 12.18 0.75 11.93 1.10OAKEX Oakmark International Small Cap I 14.84 66 Sell 0.34 0.34 -0.25 -5.32 9.68 7.63 3.21 1.00 13.92 1.31OAKGX Oakmark Global I 27.85 85 Buy -4.53 -4.53 0.03 1.25 14.16 10.96 0.90 12.83 1.11OAKIX Oakmark International I 23.35 76 Sell 0.04 0.04 2.37 -2.25 13.83 10.32 0.31 1.06 14.46 0.95QFFOX Pear Tree PanAgora Dyn Emerg Mkts Ord 21.84 61 Sell 0.51 0.51 -3.70 6.47 1.59 4.01 1.00 13.91 1.60SSEMX SSgA Emerging Markets N 10.58 59 Sell 0.47 0.47 -4.91 2.23 -0.98 1.82 2.39 1.04 14.23 1.20TAREX Third Avenue Real Estate Value Instl 32.32 85 Buy 2.70 2.70 5.46 18.23 19.03 14.90 0.83 9.84 1.08TAVFX Third Avenue Value Instl 55.25 88 Buy -2.66 -2.66 -1.13 5.67 12.05 8.31 0.80 0.82 11.43 1.07TAVIX Third Avenue International Value Instl 15.84 62 Sell -3.71 -3.71 -3.12 -12.78 4.42 3.79 0.93 12.71 1.40TWIEX American Century International Gr Inv 12.07 80 Sell 0.42 0.42 -0.52 -1.64 10.73 8.50 1.03 0.94 12.36 1.22UMBWX Scout International 32.33 68 Sell -0.80 -0.80 -0.17 -0.75 6.86 6.19 1.08 0.86 11.23 1.01WBIGX William Blair International Growth N 25.64 82 Hold 1.58 1.58 1.11 2.35 10.73 9.17 0.89 11.57 1.44WGRNX Wintergreen Investor 16.67 72 Sell -2.46 -2.46 -3.66 0.53 5.70 8.30 4.32 0.69 10.45 1.85WWNPX Kinetics Paradigm No Load 33.49 84 Hold -1.73 -1.73 -3.26 0.24 16.23 12.73 1.06 12.09 1.64

NTF INCOME FUNDSACITX American Century Infl-Adj Bond Inv 11.98 60 Sell 3.10 3.10 2.05 3.96 0.29 3.84 1.76 5.44 0.47ADFIX American Century Diversified Bond Inv 11.10 75 Sell 2.02 2.02 2.89 6.74 3.20 4.51 1.75 1.00 2.88 0.60AGIVX Invesco US Government Investor 9.20 60 Sell 2.25 2.25 2.92 5.29 1.70 3.26 1.36 0.88 2.62 0.90BCOSX Baird Core Plus Bond Inv 11.78 79 Hold 2.14 2.14 2.65 6.91 4.34 5.81 2.62 1.05 3.09 0.55BEGBX American Century International Bd Inv 12.85 42 Sell -1.98 -1.98 -4.62 -5.54 -2.64 0.15 0.20 0.85 5.25 0.80BGNMX American Century Ginnie Mae Inv 10.89 61 Hold 0.47 0.47 1.16 3.78 1.73 3.49 1.88 0.73 2.45 0.55BJBGX Aberdeen Total Return Bond A 13.69 78 Hold 1.86 1.86 2.47 6.39 2.95 4.86 2.12 1.03 3.22 0.68BJBHX Aberdeen Global High Income A 9.71 87 Strong Buy 0.17 0.17 -2.22 -0.22 7.12 6.95 6.27 0.36 4.19 1.00


Beta 3 Year

SD 3 Year


NTF SECTOR FUNDS (continued)

10 FEBRUARY 2015 | PHONE: (888) 252-5372



Beta 3 Year

SD 3 Year


BTTTX American Century Zero Coupon 2020 Inv 101.96 74 Sell 2.97 2.97 3.34 6.95 2.41 7.18 1.56 1.76 5.45 0.55CPTNX American Century Government Bond Inv 11.38 61 Sell 1.65 1.65 2.38 5.13 1.71 3.33 1.24 0.85 2.48 0.47DBMIX Dreyfus Bond Market Index Inv 10.76 68 Sell 2.07 2.07 2.78 6.19 2.62 4.08 1.60 1.01 2.88 0.40DIAVX Dreyfus Inflation Adjusted Sec Inv 12.74 67 Sell 2.49 2.49 0.75 2.22 -0.40 3.35 1.61 5.02 0.72DLFNX DoubleLine Core Fixed Income N 11.15 83 Buy 1.81 1.81 2.11 7.03 4.48 3.32 0.99 3.02 0.73DLTNX DoubleLine Total Return Bond N 11.09 83 Buy 1.41 1.41 2.00 5.81 4.99 3.77 0.75 2.53 0.73EXCPX Manning & Napier Core Plus Bond S 10.64 80 Sell 1.04 1.04 0.26 3.19 4.06 5.64 2.97 0.86 3.13 0.75FHYTX Federated High Yield Service 6.73 94 Strong Buy 0.67 0.67 -0.38 4.53 10.17 10.70 4.83 0.48 5.32 0.99FIGIX Federated US Govt 2-5 Yr Svc 11.20 58 Hold 1.49 1.49 1.22 1.87 0.09 1.60 0.51 1.69 0.81FPCIX Strategic Advisers® Core Income 10.84 79 Hold 1.85 1.85 2.27 5.99 3.94 5.22 1.00 2.94 0.08FPIOX Strategic Advisers® Income Opportunities 9.75 93 Strong Buy 0.35 0.35 -1.69 1.53 7.14 8.23 0.58 4.45 0.88FSISX Federated Short-Term Income Svc 8.55 78 Strong Buy 0.19 0.19 0.12 0.86 1.19 1.80 0.88 0.18 0.74 0.71FTGSX Federated Total Return Govt Bd Svc 11.38 67 Sell 2.27 2.27 2.97 5.01 1.68 3.15 1.00 0.85 2.55 0.65FULBX Federated Ultrashort Bond Svc 9.14 80 Strong Buy 0.15 0.15 -0.04 0.42 0.92 1.24 0.49 0.13 0.63 0.80HYFIX Harbor High-Yield Bond Inv 10.36 86 Strong Buy 0.68 0.68 -1.23 1.76 5.38 6.83 5.68 0.71 4.21 1.01HYINX Invesco High Yield Investor 4.30 89 Strong Buy 0.49 0.49 -1.27 1.41 7.30 7.85 5.30 0.68 4.71 0.95JAFIX Janus Flexible Bond T 10.74 83 Buy 2.00 2.00 1.93 5.66 4.34 5.37 2.35 0.90 2.71 0.69JAHYX Janus High-Yield T 8.55 89 Buy 0.84 0.84 -2.30 0.86 6.51 8.16 6.78 0.65 4.36 0.86JASBX Janus Short-Term Bond T 3.05 78 Strong Buy 0.42 0.42 0.12 0.86 1.52 1.91 0.96 0.23 1.12 0.76LSBRX Loomis Sayles Bond Retail 14.56 86 Hold -1.05 -1.05 -1.79 3.23 6.40 7.74 3.05 0.55 5.07 0.91LSGLX Loomis Sayles Global Bond Retail 15.48 67 Sell 0.06 0.06 -1.78 -0.40 0.67 3.06 1.35 0.90 4.21 0.98MGFIX AMG Managers Bond Service 28.04 85 Buy 0.80 0.80 0.88 5.44 5.59 6.70 1.81 0.88 3.37 1.01MWHYX Metropolitan West High Yield Bond M 9.69 88 Buy 0.17 0.17 -1.94 0.20 6.20 6.60 5.22 0.53 4.44 0.80MWLDX Metropolitan West Low Duration Bond M 8.81 87 Strong Buy 0.20 0.20 0.16 1.27 3.22 4.00 1.08 0.12 1.20 0.57MWTRX Metropolitan West Total Return Bond M 11.09 91 Hold 1.76 1.76 2.49 6.33 5.80 6.55 1.42 0.88 2.85 0.62NHFIX Northern High Yield Fixed Income 7.04 90 Hold -0.10 -0.10 -2.41 1.20 7.13 8.10 6.39 0.54 4.47 0.78NOFIX Northern Fixed Income 10.60 81 Hold 2.09 2.09 2.44 7.16 4.22 5.11 2.62 1.11 3.33 0.44PASDX PIMCO All Asset D 11.67 75 Sell 0.52 0.52 -2.84 2.19 3.80 5.87 3.31 0.89 6.62 0.47PBDDX PIMCO Investment Grade Corp Bd D 10.85 94 Buy 3.11 3.11 3.53 10.01 6.83 7.77 2.62 1.51 4.67 0.90PDVDX PIMCO Diversified Inc D 10.76 86 Hold 1.25 1.25 -1.17 3.54 4.60 6.47 4.25 1.25 5.04 1.15PEMDX PIMCO Emerging Markets Bond D 10.02 73 Hold -0.77 -0.77 -6.67 1.08 2.01 5.16 5.09 1.34 7.74 1.25PFBDX PIMCO Foreign Bond (Unhedged) D 9.80 47 Sell -0.82 -0.82 -3.09 -0.15 -0.87 3.43 1.22 1.00 6.08 0.90PFODX PIMCO Foreign Bond (USD-Hedged) D 10.97 83 Buy 1.96 1.96 4.99 11.99 7.51 7.27 1.26 0.74 2.84 0.90PGNDX PIMCO GNMA D 11.36 60 Hold 0.25 0.25 0.67 4.21 1.72 3.78 0.86 0.76 2.59 0.90PGSDX PIMCO Global Advantage Strategy Bd D 10.57 54 Sell -0.41 -0.41 -3.90 -1.79 -0.14 2.61 1.14 0.98 5.27 1.10PHYDX PIMCO High Yield D 9.19 89 Buy 0.98 0.98 -0.39 3.40 6.67 7.72 4.56 0.72 4.18 0.90PLDDX PIMCO Low Duration D 10.06 80 Strong Buy 0.29 0.29 -0.14 0.64 1.66 2.28 1.23 0.48 1.81 0.75PONDX PIMCO Income D 12.28 92 Buy 0.02 0.02 -0.67 5.55 9.95 11.02 3.82 0.64 4.03 0.77PRRDX PIMCO Real Return D 11.29 73 Sell 3.45 3.45 1.82 4.59 0.98 4.25 1.97 6.17 0.85PSHDX PIMCO Short-Term D 9.72 77 Strong Buy -0.27 -0.27 -0.77 0.18 1.16 1.08 0.85 0.08 0.75 0.70PTTDX PIMCO Total Return D 10.93 79 Hold 2.61 2.61 3.20 5.92 4.07 5.02 1.30 1.19 3.65 0.75PUBDX PIMCO Unconstrained Bond D 11.16 74 Sell -0.09 -0.09 -0.31 1.70 2.34 2.45 2.40 0.51 2.28 1.30PYEMX Payden Emerging Markets Bond 13.51 81 Hold 0.39 0.39 -2.92 6.53 4.63 6.82 5.57 1.42 7.85 0.78PYSBX Payden Low Duration Fund 10.10 76 Buy 0.39 0.39 0.15 0.92 1.71 1.92 1.05 0.19 0.95 0.48SNGVX Sit US Government Securities 11.08 55 Sell 0.32 0.32 0.78 2.17 0.95 1.99 3.10 0.25 1.09 0.80SNTIX Sit Tax-Free Income 9.84 91 Buy 1.83 1.83 3.28 13.23 6.27 6.65 3.21 1.30 4.84 0.80SSTBX Wells Fargo Advantage Short-Term Bd Inv 8.80 63 Buy 0.52 0.52 0.32 1.25 1.49 1.99 1.04 0.18 0.69 0.79STADX Wells Fargo Advantage Ultra S/T Inc Inv 8.49 74 Buy 0.06 0.06 -0.05 0.14 0.69 1.15 0.99 0.02 0.39 0.73STHYX Wells Fargo Advantage High Income Inv 6.91 81 Hold 0.25 0.25 -2.63 -0.52 5.28 7.12 5.24 0.67 4.44 0.93STVSX Wells Fargo Advantage Government Sec Inv 11.42 65 Hold 1.76 1.76 2.47 5.53 2.08 3.45 0.88 0.89 2.58 0.89TFCVX Third Avenue Focused Credit Investor 9.50 71 Buy -1.96 -1.96 -7.94 -10.07 6.11 6.44 10.62 0.01 7.40 1.13TGFNX TCW Core Fixed-Income N 11.41 81 Sell 1.80 1.80 2.48 5.91 3.61 5.25 1.06 0.86 2.53 0.80TGINX TCW Emerging Markets Income N 10.25 74 Hold -1.03 -1.03 -6.00 0.85 3.72 6.86 7.10 0.98 7.44 1.13TGMNX TCW Total Return Bond N 10.76 83 Hold 1.27 1.27 1.95 5.49 6.42 6.63 2.19 0.73 2.82 0.77THOPX Thompson Bond 11.44 81 Strong Buy 0.35 0.35 -1.30 0.62 3.85 4.32 3.80 0.36 2.23 0.74TWUSX American Century Short-Term Govt Inv 9.69 64 Hold 0.56 0.56 0.48 0.77 0.22 0.77 0.40 0.17 0.58 0.55WACIX Western Asset Core Plus Bond FI 11.86 73 Hold 2.11 2.11 2.54 7.99 4.92 6.32 2.56 1.03 3.07 0.77WAPIX Western Asset Core Bond FI 12.53 74 Hold 1.89 1.89 2.61 7.44 4.15 5.89 2.02 1.00 2.96 0.78WFBTX Wells Fargo Advantage DJ Target Tod Inv 11.00 52 Sell 0.64 0.64 0.47 3.05 2.35 4.05 0.32 2.95 0.86WIPNX Wells Fargo Advantage Income Plus Inv 12.51 81 Hold 2.25 2.25 2.87 7.27 3.91 5.31 1.53 1.10 3.18 0.86WTIBX Westcore Plus Bond 11.11 71 Sell 1.98 1.98 2.45 6.42 3.75 4.99 2.34 1.01 2.93 0.55WTRZX Wells Fargo Advantage Core Bond Inv 13.06 75 Sell 2.21 2.21 2.86 6.69 3.58 5.01 1.37 1.06 3.06 0.81

ASSET ALLOCATIONAABPX American Beacon Balanced Inv 14.55 87 Buy -1.37 -1.37 0.89 8.86 12.47 10.92 0.98 6.52 0.92AOMIX American Century One Choice® Mod Inv 15.08 82 Hold -0.53 -0.53 1.30 8.13 10.36 10.28 1.44 1.04 6.63 0.86EXBAX Manning & Napier Pro-Blend Mod Term S 13.33 71 Hold -0.67 -0.67 -0.32 3.38 7.60 7.48 0.89 5.71 1.06EXDAX Manning & Napier Pro-Blend Cnsrv Term S 13.31 75 Sell -0.30 -0.30 -0.18 4.01 5.96 6.33 0.58 3.90 0.87EXHAX Manning & Napier Pro-Blend Max Term S 18.38 76 Hold -2.44 -2.44 -0.51 5.04 12.77 10.58 1.53 10.01 1.07GLRBX James Balanced: Golden Rainbow R 24.79 72 Sell -0.12 -0.12 1.56 8.02 8.30 9.62 3.04 0.80 5.47 1.00GRSPX Greenspring 24.11 68 Hold -2.78 -2.78 -3.98 -4.21 5.68 6.42 1.63 0.85 6.81 0.92IOEZX ICON Equity Income S 15.28 92 Buy -1.80 -1.80 -0.02 11.75 13.39 12.27 2.48 1.29 8.82 1.20JABAX Janus Balanced T 30.32 84 Hold -0.85 -0.85 1.37 8.87 11.70 10.12 1.61 0.91 5.99 0.82LCORX Leuthold Core Investment Retail 18.25 69 Buy -1.19 -1.19 1.76 7.94 10.03 7.34 1.17 7.72 1.15MNBAX Manning & Napier Pro-Blend Extnd Term S 16.61 74 Hold -1.25 -1.25 -0.44 4.49 9.63 9.06 1.10 7.08 1.06NDMSX Nationwide Inv Dest Mod Agrsv Svc 11.06 76 Hold -0.98 -0.98 0.26 5.36 11.06 10.22 1.29 8.23 0.58PAUDX PIMCO All Asset All Authority D 9.16 72 Sell 0.66 0.66 -4.18 -1.32 0.92 3.63 3.92 0.85 7.09 0.58PAXWX Pax World Balanced Individual Inv 23.32 79 Hold -1.60 -1.60 0.32 8.48 9.48 9.33 1.10 7.15 0.91

NTF INCOME FUNDS (continued)


Fund Spotlight: Event Driven Opportunities Fund (FARNX)One of Fidelity Investments’ latest creations is the Event Driven Opportunities Fund (FARNX), launched in late 2013 to capitalize on mispriced stocks and market inefficiencies caused by special situations unique to individual compa-nies. Short-term price erosion can occur due to mergers and acquisitions, spin-offs, and reor-ganizations, as well as activist investors, proxy fights and 13D filings. Other potential scenarios include company management restructuring or shares being deleted from an index. These events may trigger automatic selling by index funds in the short term, which would provide an oppor-tunity to acquire positions in financial securities at a discount to the firm’s true underlying value. The fund can then capitalize on the security’s alpha in the longer term.

INVESTMENT STRATEGYUnlike funds that focus on a particular industry or market segment, FARNX is based on a nondi-versified, “go anywhere” approach. Fund man-agers invest primarily in common stocks issued by domestic and foreign companies, but they also consider other opportunities that arise in the broader financial market, such as lower-quality, high-yield bonds. This flexibility leads to a lower

correlation to the market than is found with the average fund. Managers use fundamental anal-ysis that includes specific criteria, such as com-pany financial condition, industry position and general market conditions, when selecting indi-vidual investments. These alternative strategies, traditionally the purview of hedge funds, have attracted the at-tention of investors who desire returns indepen-dent of stock and bond market trends. However, although they use many alternative strategies, FARNX managers do not bet against stocks or employ other hedging strategies or techniques that fall into the category of market neutral. As a result, the fund is typically listed as either a small- or a midcap blend fund, depending on the market capitalization of its holdings.

PORTFOLIO COMPOSITION AND HOLDINGSAs of December 2014, FARNX had $165.2 mil-lion in total assets under management. There are 121 separate stock holdings within the portfolio. At 86.39 percent of assets, the portfolio is un-derweight U.S. stocks relative to its benchmark, the Russell 3000. It is overweight foreign issues, at 11.57 percent holdings. The highest concen-tration of foreign assets is in developed Europe. The fund holds slightly more than 2 percent in

cash and other investments. The portfolio did not have a fixed-income allocation as of the end of 2014. FARNX is concentrated in consumer cyclical, technology and industrial shares, while being un-derweight financials, real estate, healthcare and utilities. The top five holdings account for 13.92 percent of the total portfolio. These holdings in-clude OSRAM Licht AG, Universal Corp, Com-verse Inc., ManTech International Corp. Class A and Dean Foods.The portfolio holds 33.15 percent, 35.15 percent and 26.39 percent of assets in micro-, small- and midcap stocks, respectively. This produces an average market cap of $2 billion. The fund has a 56 percent turnover ratio.

HISTORIC PERFORMANCE AND RISKUnrated by Morningstar due to its short history, FARNX has delivered a one-year total return of 8.17 percent, compared with the midcap blend fund category and S&P 500 returns of 8.28 per-cent and 14.01 percent, respectively. There is not enough data available to compute a standard deviation, beta and other volatility ratings. The 12-month trailing yield is 0.53 percent.



Beta 3 Year

SD 3 Year


PRPFX Permanent Portfolio 40.72 55 Sell 2.91 2.91 1.54 2.16 0.42 5.77 0.82 7.26 0.72TWBIX American Century Balanced Inv 18.06 81 Buy -1.31 -1.31 1.51 10.00 11.16 11.13 1.26 0.89 5.92 0.90TWSAX American Century Strat Allc: Agrsv Inv 8.10 76 Hold -0.61 -0.61 1.39 8.59 11.74 11.44 0.52 1.28 8.18 1.20TWSCX American Century Strat Allc: Cnsrv Inv 5.83 80 Hold -0.17 -0.17 1.51 6.63 7.46 7.99 0.32 0.72 4.67 1.00TWSMX American Century Strat Allc: Mod Inv 6.96 75 Sell -0.57 -0.57 1.26 7.71 9.96 9.99 0.54 1.04 6.62 1.06

BEAR MARKETBRPIX ProFunds Bear Inv 9.89 2.81 2.81 -1.30 -14.30 -17.35 -17.05 -0.99 9.23 1.72COMVX Comstock Capital Value AAA 8.38 2.70 2.70 -1.76 -17.84 -19.89 -18.43 -1.12 10.99 2.73DXRSX Direxion Mthly Small Cap Bear 2X 36.35 6.16 6.16 -4.12 -15.52 -31.18 -34.89 -2.33 26.28 1.35DXSSX Direxion Mthly S&P 500 Bear 2X Inv 32.04 5.85 5.85 -2.02 -25.35 -31.03 -30.54 -1.99 18.55 1.35GRZZX Grizzly Short 7.37 3.95 3.95 0.82 -8.90 -16.39 -17.04 -1.15 12.14 1.57PSSDX PIMCO StocksPLUS AR Short Strat D 2.38 2.59 2.59 -1.18 -12.43 -13.61 -12.36 0.67 -0.94 9.06 1.04RYAIX Rydex Inverse NASDAQ-100® Strategy Inv 27.73 1.95 1.95 -1.94 -18.32 -19.32 -20.12 -1.05 11.24 1.46RYCWX Rydex Inverse Dow 2x Strategy H 33.32 6.76 6.76 -2.37 -23.10 -26.46 -29.56 -1.95 18.85 1.77RYIRX Rydex Inverse Russell 2000 2x Strategy H 29.37 5.46 5.46 -5.11 -17.15 -32.70 -37.57 -2.30 25.84 1.79RYJUX Rydex Inverse Government Lg Bd Strat Inv 33.99 -10.03 -10.03 -15.82 -27.91 -9.36 -13.88 3.57 -4.16 13.45 1.41RYSHX Rydex Inverse Russell 2000 Strategy H 31.74 2.92 2.92 -2.28 -7.92 -17.01 -19.23 -1.17 13.08 1.72RYTPX Rydex Inverse S&P 500 2x Strategy H 26.14 5.57 5.57 -2.57 -26.49 -31.60 -31.86 -1.98 18.48 1.74RYURX Rydex Inverse S&P 500® Strategy Inv 15.23 2.84 2.84 -1.10 -13.91 -16.97 -16.64 -0.99 9.24 1.42RYVNX Rydex Dyn Inverse NASDAQ-100 2X Strat H 21.42 3.73 3.73 -4.29 -33.91 -35.90 -37.85 -2.09 22.22 1.78SHPIX ProFunds Short Small Cap Inv 21.72 2.74 2.74 -2.47 -8.35 -17.80 -20.10 -1.17 13.06 1.78SOPIX ProFunds Short NASDAQ-100 Inv 18.98 1.50 1.50 -2.67 -19.58 -20.97 -21.45 -1.04 11.22 1.78UCPIX ProFunds UltraShort Small-Cap Inv 22.76 5.52 5.52 -5.13 -17.06 -32.64 -38.12 -2.30 25.83 1.78UFPIX ProFunds UltraShort Latin America Inv 19.71 7.65 7.65 35.09 4.34 13.44 -8.95 -2.75 41.37 1.78UHPIX ProFunds UltraShort China Inv 18.53 -0.54 -0.54 7.98 -25.88 -28.03 -29.43 -2.16 33.03 1.78UIPIX ProFunds UltraShort Mid-Cap Inv 5.47 1.48 1.48 -6.97 -23.60 -32.58 -36.13 -2.06 21.42 1.78UKPIX ProFunds UltraShort Japan Inv 18.23 -3.49 -3.49 -22.06 -34.78 -46.63 -32.93 -2.14 37.38 1.78URPIX ProFunds UltraBear Inv 6.13 5.87 5.87 -2.23 -26.23 -32.03 -32.31 -1.97 18.36 1.67USPIX ProFunds UltraShort NASDAQ-100 Inv 13.88 3.27 3.27 -4.87 -34.53 -36.22 -38.06 -2.08 22.26 1.78UVPIX ProFunds UltraShort Emerg Mkt Inv 9.18 0.22 0.22 15.47 -22.14 -5.42 -16.34 -2.34 34.08 1.78UWPIX ProFunds UltraShort Dow 30 Inv 6.87 6.68 6.68 -2.55 -23.24 -26.85 -29.69 -1.96 18.99 1.78UXPIX ProFunds UltraShort Intl Inv 26.14 -2.10 -2.10 0.62 -3.90 -23.47 -24.86 -2.18 26.94 1.86

ASSET ALLOCATION (continued)

While possessing certain unique risks and con-siderations, an alternative investment strategy can improve the risk-return characteristics and diver-sification of an investment portfolio. It can also offer reduced volatility and increase the potential for better returns. In contrast to these benefits, there are several inherent risks associated with alternative investment techniques.Special situations may create an environment where stocks are so out of favor that the shares may be illiquid. This may create in the fund an in-ability to accurately determine its correct net asset value, as the quotation for a particular holding may not be readily available. In these instances, the fund managers must use their best judgment to calculate in good faith a fair value for the se-curity. This risk is offset by the requirement that mutual funds hold no more than 15 percent of total assets in illiquid investments.The events that make a particular stock attractive also carry inherent risks. Unforeseen outside fac-tors, such as an unexpected change in regulations, currency or interest rates, may have adverse ef-fects. These changes can cause the postponement or cancellation of an anticipated merger, acquisi-tion or spin-off. The result of these unanticipated events can be losses far greater than the projected returns. Although the overall investment strategy

is sound, the timing of a single particular invest-ment may not pay off.

FEES, EXPENSES AND DISTRIBUTIONSWhile hedge funds are typically restricted to only wealthy investors, alternative mutual funds, such as FARNX, have a lower initial minimum invest-ment. In the case of FARNX, the minimum in-vestment is $2,500 for taxable accounts and $500 for qualified tax-deferred accounts. FARNX has an annual fee of 1.3 percent, in contrast to the typ-ical hedge fund expenses, where fund managers charge 2 percent of total assets and 20 percent of any gains. Conversely, the 1.3 percent man-agement fee is high for a no-load mutual fund. FARNX has no 12b-1 fees.

RECOMMENDATIONFidelity’s new offering could be a solid option for investors looking to diversify their portfolio. However, with a short track record, it’s too early to say whether this fund is a winner or not. To date, the fund hasn’t outperformed in the way we’d expect, given it takes a non-market-neutral approach. We will be following the fund’s per-formance closely over the coming months, as we like the potential benefits it can provide to inves-tors.

12 FEBRUARY 2015 | PHONE: (888) 252-5372


INVESTOR GUIDE TO VANGUARD FUNDSFor years, we have covered a limited number of Vanguard mutual funds. Recently, I introduced a newsletter dedicated specifically to Vanguard funds and no-transaction-fee funds accessible to Vanguard investors. We provide ten model port-folios, plus buy, hold and sell recommendations on over 600 mutual funds. I am confident you will find this advice invaluable as you make your investment decisions.To Become a Member simply call me at (888) 252-5372.

Fund Spotlight: Event Driven Opportunities Fund (FARNX) (continued) Portfolio Updates (continued)

ETF INVESTOR GUIDEEach month we provide buy, hold and sell recommendations for hundreds of ETFs from companies including Fidelity, iS-hares, SPDR and PowerShares. Addition-ally, you will have access to our model portfolios, specifically created for conser-vative, moderate and aggressive investors. To learn more, call (888) 252-5372.

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focused in long-term bonds, PIMCO Short-Term (PSHDX) didn’t deliver any relief, but its minor decline of 0.31 percent did help reduce the portfolio’s overall de-cline.The Aggressive Value Portfolio decreased 2.20 percent in January. Fidelity Commu-nication Equipment (FSDCX) sank 6.31 percent. Qualcomm (QCOM) was 19 per-cent of assets at the start of the year, and it fell more than 15 percent in January. Fidel-ity Small Cap Growth (FCPGX) held up very well and beat the Russell 2000 Index by a wide margin, even though it slid 1.41 percent. Fidelity Select Consumer Staples (FDFAX) was the winner, up 0.70 percent as investors gravitated toward defensive sectors last month.The Absolute Return/Down Market Portfolio gained 0.45 percent last month. Fidelity Corporate Bond (FCBFX) rallied 2.79 percent, and newly added DoubleLine Core Fixed Income (DLFNX) climbed 1.81 percent. The holdings in Consumer Staples (FDFAX) and Utilities (FSUTX) both rallied, and Metropolitan West Low Duration Bond (MWLDX) chipped in a gain of 0.20 percent. Only Calamos Mar-ket Neutral (CVSIX) lost ground, but it too beat the market with only a 0.85 percent loss.The VIP Growth Portfolio decreased 1.86 percent in January. VIP Growth led with a minor decline of 0.50 percent, and as the largest holding in the portfolio, it kept losses to a minimum even as the other holdings all fell more than 2 percent.The VIP Growth & Income Portfolio declined 1.23 percent. VIP Growth is an even larger holding in this portfolio; plus, VIP Strategic Income gained 0.66 percent. VIP Balanced also beat the broad market, losing only 1.18 percent.

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.

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