GLOBAL MOMENTUM GUIDE

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1 APRIL 20, 2015 MUTUALFUNDINVESTORGUIDE.COM 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. 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. WEEKLY SECTOR PERSPECTIVE Equities retreated on Friday following a strong inflation report. The headline inflation number was low, but the core inflation number for March is running at an annualized rate that falls in the Fed s target range. Since oil prices were low during March and economic activity is expected to pick up in the second quarter, investors are worried the Federal Reserve could hike rates sooner than expected. Friday s decline in equities mainly served to reverse the bounce we saw only a few weeks ago, when a weak jobs report had investors thinking a rate hike might be pushed to late 2015 or even into early Aside from the strong inflation report, Greece and China may also weigh on equities. Following the market close on Friday, Chinese securities regulators tightened credit rules in a bid to stop trusts from circumventing margin rules. Short-selling was also expanded, by allowing fund companies to lend shares to short sellers. Traders took the opportunity to sell Chinese futures in Friday night trading, and given the run-up during the preceding couple of weeks, the sell-off was intense. Futures were down as much as 7 percent. By Saturday the government was concerned enough to make a public statement about the policies, stating they were designed to keep the market healthy and not designed to stop the rally. In Europe, Greece moved to the top of the headlines as default looms again. Complicating FIDELITY SELECT SECTOR PORTFOLIO TRADES: NO TRADES matters this time is the Finnish election on Sunday, which saw the center right party win a close contest that was almost a four-way tie. They must form a coalition government with one of the three competitors and the most likely candidate is the anti-euro Finns party, which wants to kick Greece out of the euro. European stocks tumbled last week, with the German DAX Index losing 5.5 percent. While Greece may have played a role in the losses, the German index is also up more than 20 percent this year. A pullback is overdue and unless shares tumble again this week, most of the losses were probably a natural correction following a three month surge in shares. The Nasdaq and Dow Jones Industrial Average were the weakest performers last week; both lost 1.28 percent. The Russell 2000 slipped 1.02 percent, the S&P 500 Index fell 0.99 percent and the MSCI EAFE dipped 0.27 percent, aided by a stronger euro and yen. The portfolios fell roughly in line with the indexes, but the ETF International Portfolio did worse, losing 1.65 percent, due to some weakness in emerging markets such as India. The Fidelity Select Sector Portfolio, ETF Sector Portfolio and ETF Blended Portfolio were all roughly in line with each other, falling 1.26 percent, 1.30 percent and 1.26 percent, respectively. Year to date, the MSCI EAFE is still the ETF SECTOR PORTFOLIO TRADES: NO TRADES PERSPECTIVE 1,16 FIDELITY 2-4 ETF SECTOR 4-9 ETF INTL ETF INTERNATIONAL PORTFOLIO TRADES: SELL INDIA SMALL CAP SCIF BUY DB A SHARES ASHR BLENDED ETF PORTFOLIO TRADES: SELL ULTRASHORT YEN YCS BUY DB A SHARES ASHR BLENDED 15 DISCLOSURE 17 1

2 FIDELITY SECTOR MOMENTUM RANKINGS Name Symbol 1/23 1/30 2/6 2/13 2/20 2/27 3/6 3/13 3/20 3/27 4/3 4/10 4/17 Biotechnology FBIOX HealthCare FSPHX Medical Equip FSMEX Medical Delivery FSHCX Pharmaceuticals FPHAX Retailing FSRPX Constr & Housing FSHOX Electronics FSELX Defense & Aero FSDAX IT Services FBSOX Consumer Discr FSCPX Leisure FDLSX Technology FSPTX Multimedia FBMPX Automotive FSAVX Air Transport FSAIX Consumer Staples FDFAX Telecommunications FSTCX Software FSCSX Home Finance FSVLX Comm Equip FSDCX Industrials FCYIX Insurance FSPCX Financial Services FIDSX Industrial Equip FSCGX Wireless FWRLX S&P 500 Index SPX Brokerage FSLBX Transportation FSRFX Banking FSRBX Environmental Svcs FSLEX Computers FDCPX Government Income FGOVX Chemicals FSCHX Utilities FSUTX Materials FSDPX Natural Resources FNARX Energy FSENX Gold FSAGX Natural Gas FSNGX Energy Services FSESX PHONE: (888)

3 FIDELITY SECTOR PERFORMANCE RETURNS Name Symbol Price 1 Week 2 Week 3 Week 1 Month 3 Month 6 Month 9 Month YTD 1 Year Air Transport FSAIX Automotive FSAVX Banking FSRBX Biotechnology FBIOX Brokerage FSLBX Chemicals FSCHX Comm Equip FSDCX Computers FDCPX Constr & Housing FSHOX Consumer Discr FSCPX Consumer Staples FDFAX Defense & Aero FSDAX Electronics FSELX Energy FSENX Energy Services FSESX Environmental Svcs FSLEX Financial Services FIDSX Gold FSAGX Government Income FGOVX HealthCare FSPHX Home Finance FSVLX Industrial Equip FSCGX Industrials FCYIX Insurance FSPCX IT Services FBSOX Leisure FDLSX Materials FSDPX Medical Delivery FSHCX Medical Equip FSMEX Multimedia FBMPX Natural Gas FSNGX Natural Resources FNARX Pharmaceuticals FPHAX Retailing FSRPX S&P 500 SPX Software FSCSX Technology FSPTX Telecommunications FSTCX Transportation FSRFX Utilities FSUTX Wireless FWRLX PHONE: (888)

4 FIDELITY SELECT SECTOR RETURNS PERIOD PORTFOLIO BENCHMARK S&P 500 Nasdaq Dow Russell 2000 YTD Week Week Week Week Year Inception* *Inception on 12/31/2011 FIDELITY PORTFOLIO HOLDINGS RANK FUND SYMBOL SHARES PRICE VALUE Date Purchased PERCENT 1 Biotechnology FBIOX $21, /08/ % 2 HealthCare FSPHX $22, /14/ % 3 Medical Equip FSMEX $22, /11/ % 4 Medical Delivery FSHCX $20, /18/ % 5 Pharmaceuticals FPHAX $17, /15/ % 6 Retailing FSRPX $16, /15/ % 7 Constr & Housing FSHOX $15, /29/ % 8 Electronics FSELX $21, /24/ % 9 Defense & Aero FSDAX $20, /02/ % 10 IT Services FBSOX $16, /09/ % $195, % THIS WEEK S FIDELITY TRADE RECOMMENDATIONS At the close of trading on April 20, 2015, we will make the following trades. Proceeds from multiple fund sales should be split evenly between new purchases. We hold each Fidelity fund for 30 days to avoid a short-term trading fee even if it falls out of the top 10. No Trades Last Week s Sell Transactions Date Fund Symbol Shares Buy Value Sell Proceeds Profit No trades last week 4 PHONE: (888)

5 ETF SECTOR MOMENTUM RANKINGS Name Symbol 1/23 1/30 2/6 2/13 2/20 2/27 3/6 3/13 3/20 3/27 4/3 4/10 4/17 SPDR Biotech XBI FrTrust Biotech FBT Guggenheim Solar Energy TAN SPDR Pharmaceuticals XPH ishares NASDAQ Biotech IBB ishares US Home Constr ITB SPDR Homebuilders XHB ishares US Healthcare IYH ishares US Aero & Defense ITA ishares US Cons Cyclical IYC SPDR Retail XRT SPDR Healthcare XLV SPDR Cons Disc XLY PShrs Dyn Leisure PEJ ishares Semiconductor SOXX ishares NA Software IGV ishares C & S Realty ICF ishares 20+ Yr Tres Bond TLT FrTrust DJ Internet FDN ishares Russell2000 IWM Guggenheim Timber CUT ishares US Broker Dealers IAI ishares NA Networking IGN PShrs Dyn Media PBS FrTrust Global Auto CARZ ishares US Real Estate IYR SPDR Cons Staples XLP ishares NA Technology IGM PShrs NASDAQ Internet PNQI ishares US Technology IYW SPDR KBW Insurance KIE PShrs Private Equity PSP SPDR KBW Reg Bank KRE SPDR Technology XLK ishares US Industrial IYJ SPDR S&P 500 SPY ishares US Cons Non/Cyc IYK SPDR DJIA DIA PShrs Fin Preferred PGF ishares US Finance IYF SPDR KBW Cap Mkt KCE ishares US Telecom IYZ ishares US Reg Banks IAT ishares US Financial Svcs IYG ishares US Insurance IAK SPDR KBW Bank KBE MV Ag Business MOO SPDR Financial XLF ishares US Preferred PFF PHONE: (888)

6 ETF SECTOR MOMENTUM RANKINGS Name Symbol 1/23 1/30 2/6 2/13 2/20 2/27 3/6 3/13 3/20 3/27 4/3 4/10 4/17 SPDR Industrial XLI Global X Social Media SOCL SPDR Basic Materials XLB ishares DJ Transports IYT ishares US Utilities IDU ishares Agg Bond AGG SPDR Utilities XLU ishares US Basic Materials IYM FrTrust Global Wind FAN Guggenheim Shipping SEA PShrs Water PHO PShrs Clean Energy PBW MV Nuclear Energy NLR ishares Comex Gold IAU SPDR Gold GLD Glb X Lithium LIT ETFS Palladium PALL Teucrium Corn CORN ishares US Oil & Gas Exp IEO ishares Silver Trust SLV SPDR Energy XLE PShrs DB Base Metals DBB ishares US Energy IYE Teucrium Soybean SOYB ishares NA Natural Res IGE MV Rare Earth REMX MV Gold Miners GDX MV Gaming BJK ETFS Platinum PPLT ipath DJ Livestock COW PShrs DB Agriculture DBA SPDR Oil & Gas Explor XOP MV Coal KOL Glb X Uranium URA Glb X Copper Miners COPX ishares US Oil Equip IEZ Glb X Silver Miners SIL MV Steel SLX SPDR Metals & Mining XME MV Jr Gold Miners GDXJ SPDR Oil & Gas Equip XES ishares GSCI Commodity GSG FrTrust Natural Gas FCG US Natural Gas UNG US Brent Oil BNO US Oil USO PShrs DB Oil DBO PHONE: (888)

7 ETF SECTOR PERFORMANCE RETURNS Name Symbol Price 1 Week 2 Week 3 Week 1 Month 3 Month 6 Month 9 Month YTD 1 Year ETFS Palladium PALL ETFS Platinum PPLT FrTrust Biotech FBT FrTrust DJ Internet FDN FrTrust Global Auto CARZ FrTrust Global Wind FAN FrTrust Natural Gas FCG Glb X Copper Miners COPX Glb X Lithium LIT Glb X Silver Miners SIL Glb X Uranium URA Global X Social Media SOCL Guggenheim Shipping SEA Guggenheim Solar Energy TAN Guggenheim Timber CUT ipath DJ Livestock COW ishares 20+ Yr Tres Bond TLT ishares Agg Bond AGG ishares C & S Realty ICF ishares Comex Gold IAU ishares DJ Transports IYT ishares GSCI Commodity GSG ishares NA Natural Res IGE ishares NA Networking IGN ishares NA Software IGV ishares NA Technology IGM ishares NASDAQ Biotech IBB ishares Russell2000 IWM ishares Semiconductor SOXX ishares Silver Trust SLV ishares US Aero & Defense ITA ishares US Basic Materials IYM ishares US Broker Dealers IAI ishares US Cons Cyclical IYC ishares US Cons Non/Cyc IYK ishares US Energy IYE ishares US Finance IYF ishares US Financial Svcs IYG ishares US Healthcare IYH ishares US Home Constr ITB ishares US Industrial IYJ ishares US Insurance IAK ishares US Oil & Gas Exp IEO ishares US Oil Equip IEZ ishares US Preferred PFF ishares US Real Estate IYR ishares US Reg Banks IAT ishares US Technology IYW PHONE: (888)

8 ETF SECTOR PERFORMANCE RETURNS Name Symbol Price 1 Week 2 Week 3 Week 1 Month 3 Month 6 Month 9 Month YTD 1 Year ishares US Telecom IYZ ishares US Utilities IDU MV Ag Business MOO MV Coal KOL MV Gaming BJK MV Gold Miners GDX MV Jr Gold Miners GDXJ MV Nuclear Energy NLR MV Rare Earth REMX MV Steel SLX PShrs Clean Energy PBW PShrs DB Agriculture DBA PShrs DB Base Metals DBB PShrs DB Oil DBO PShrs Dyn Leisure PEJ PShrs Dyn Media PBS PShrs Fin Preferred PGF PShrs NASDAQ Internet PNQI PShrs Private Equity PSP PShrs Water PHO SPDR Basic Materials XLB SPDR Biotech XBI SPDR Cons Disc XLY SPDR Cons Staples XLP SPDR DJIA DIA SPDR Energy XLE SPDR Financial XLF SPDR Gold GLD SPDR Healthcare XLV SPDR Homebuilders XHB SPDR Industrial XLI SPDR KBW Bank KBE SPDR KBW Cap Mkt KCE SPDR KBW Insurance KIE SPDR KBW Reg Bank KRE SPDR Metals & Mining XME SPDR Oil & Gas Equip XES SPDR Oil & Gas Explor XOP SPDR Pharmaceuticals XPH SPDR Retail XRT SPDR S&P 500 SPY SPDR Technology XLK SPDR Utilities XLU Teucrium Corn CORN Teucrium Soybean SOYB US Brent Oil BNO US Natural Gas UNG US Oil USO PHONE: (888)

9 ETF SECTOR RETURNS PERIOD PORTFOLIO BENCHMARK S&P 500 Nasdaq Dow Russell 2000 YTD Week Week Week Week Year Inception* *Inception on 12/31/2011 ETF SECTOR PORTFOLIO HOLDINGS RANK FUND SYMBOL SHARES PRICE Value DATE PURCHASED PERCENT 2 FrTrust Biotech FBT $24, /11/ % 3 Guggenheim Solar Energy TAN $16, /30/ % 4 SPDR Pharmaceuticals XPH $16, /22/ % 5 ishares NASDAQ Biotech IBB $18, /25/ % 6 ishares US Home Constr ITB $15, /09/ % 7 SPDR Homebuilders XHB $16, /23/ % 8 ishares US Healthcare IYH $16, /08/ % 9 ishares US Aero & Defense ITA $15, /06/ % 10 ishares US Cons Cyclical IYC $16, /23/ % 11 SPDR Retail XRT $14, /06/ % $171, % THIS WEEK S ETF SECTOR TRADE RECOMMENDATIONS At the close of trading on April 20, 2015, we will make the following trades. Proceeds from multiple fund sales should be split evenly between new purchases. No Trades We hold the top 10 highest ranked ETFs, but do not hold more than 2 ETFs from the same sector. There is no minimum holding period for ETFs. Last Week s Sell Transactions Date Fund Symbol Shares Buy Value Sell Proceeds Profit No trades this week 9 PHONE: (888)

10 ETF INTERNATIONAL MOMENTUM RANKINGS Name Symbol 1/23 1/30 2/6 2/13 2/20 2/27 3/6 3/13 3/20 3/27 4/3 4/10 4/17 db xtrackers China ASHR WTree Europe Hedged HEDJ China Large Cap FXI WTree Japan Hedged DXJ Gugg China Sm Cap HAO PwrShrs DB Dollar Bull UUP ishares Ireland EIRL ishares Japan EWJ ishares Philippines EPHE WTree Japan Sm Cap Div DFJ ishares Japan Sm Cap SCJ ishares Denmark EDEN Gugg China RE TAO ishares Hong Kong EWH MV India Sm Cap SCIF Glb X Argentina ARGT ishares MSCI EAFE MinVol EFAV ishares Netherlands EWN ishares Germany EWG WTree Euro Sm Cap Div DFE ishares India 50 INDY ishares Asia ex Japan AAXJ ishares S&P World Property WPS ishares Israel Cap Invest EIS ishares Belguim EWK ishares Finland EFNL WTree India EPI ishares Taiwan EWT ishares ACWI Index ACWI ishares Switzerland EWL ishares MSCI EAFE EFA ishares South Africa EZA ishares New Zealand ENZL ishares MSCI Emg MinVol EEMV ishares Sweden EWD ishares EMU Index EZU PwrShrs Golden Dragon PGJ ishares ACWI ex-us ACWX ishares France EWQ ishares Thailand Invest THD ishares Global 100 IOO ishares S&P Europe 350 IEV ishares DJ Euro 50 FEZ ishares Emerging Markets EEM ishares Pacific ex-japan EPP WTree China Yuan CYB SPDR MidEast & Africa GAF PHONE: (888)

11 ETF INTERNATIONAL MOMENTUM RANKINGS Name Symbol 1/23 1/30 2/6 2/13 2/20 2/27 3/6 3/13 3/20 3/27 4/3 4/10 4/17 ishares MSCI Italy EWI WTree Emg Mkt Sm Cap DivDGS MV Indonesia IDX ishares South Korea EWY SPDR Emg Mkts Sm Cap EWX ishares Singapore EWS ishares Australia EWA ishares MSCI U Kingdom EWU ishares Austria EWO ishares Chile ECH Wtree Asia Local Debt ALD CurrShrs SwissFranc FXF WTree Emg Markts HiYld DEM MV Indonesia Sm Cap IDXJ ishares Spain EWP ishares Canada EWC ishares MSCI Emg EMEA EEME WTree Emg Currency CEW CurrShrs Brit Pound FXB ishares Maylasia EWM CurrShrs Japanese Yen FXY ishares Mexico EWW WTree Commod Equity CCXE ishares Emg E Europe ESR MV Russia RSX MV Gulf States MES WTree Commod Currency CCX CurrShrs Can Dollar FXC ishares Poland EPOL MV Africa AFK CurrShrs Aust Dollar FXA MV Egypt EGPT ishares All Peru EPU MV Vietnam VNM ishares Turkey TUR Glb X Norway 30 NORW ishares S&P Latin Am 40 ILF Euro Currency Trust FXE MV Russia Sm Cap RSXJ CurrShrs Swed Krona FXS WTree Dreyfus Brazil Real BZF ishares Brazil EWZ Glb X Nigeria NGE MV Brazil Small Cap BRF Glb X Colombia GXG Glb X Greece 20 GREK PHONE: (888)

12 ETF INTERNATIONAL PERFORMANCE RETURNS Name Symbol Price 1 Week 2 Week 3 Week 1 Month 3 Month 6 Month 9 Month YTD 1 Year CurrShrs Aust Dollar FXA CurrShrs Brit Pound FXB CurrShrs Can Dollar FXC CurrShrs Japanese Yen FXY CurrShrs Swed Krona FXS CurrShrs SwissFranc FXF db xtrackers China ASHR Euro Currency Trust FXE Glb X Argentina ARGT Glb X Colombia GXG Glb X Greece 20 GREK Glb X Nigeria NGE Glb X Norway 30 NORW Gugg China RE TAO Gugg China Sm Cap HAO ishares ACWI ex-us ACWX ishares ACWI Index ACWI ishares All Peru EPU ishares Asia ex Japan AAXJ ishares Australia EWA ishares Austria EWO ishares Belguim EWK ishares Brazil EWZ ishares Canada EWC ishares Chile ECH ishares China Large Cap FXI ishares Denmark EDEN ishares DJ Euro 50 FEZ ishares Emerging Markets EEM ishares Emg E Europe ESR ishares EMU Index EZU ishares Finland EFNL ishares France EWQ ishares Germany EWG ishares Global 100 IOO ishares Hong Kong EWH ishares India 50 INDY ishares Ireland EIRL ishares Israel Cap Invest EIS ishares Japan EWJ ishares Japan Sm Cap SCJ ishares Maylasia EWM ishares Mexico EWW ishares MSCI EAFE EFA ishares MSCI EAFE MinVol EFAV ishares MSCI Emg EMEA EEME ishares MSCI Emg MinVol EEMV PHONE: (888)

13 ETF INTERNATIONAL PERFORMANCE RETURNS Name Symbol Price 1 Week 2 Week 3 Week 1 Month 3 Month 6 Month 9 Month YTD 1 Year ishares MSCI Italy EWI ishares MSCI U Kingdom EWU ishares Netherlands EWN ishares New Zealand ENZL ishares Pacific ex-japan EPP ishares Philippines EPHE ishares Poland EPOL ishares S&P Europe 350 IEV ishares S&P Latin Am 40 ILF ishares S&P World Property WPS ishares Singapore EWS ishares South Africa EZA ishares South Korea EWY ishares Spain EWP ishares Sweden EWD ishares Switzerland EWL ishares Taiwan EWT ishares Thailand Invest THD ishares Turkey TUR MV Africa AFK MV Brazil Small Cap BRF MV Egypt EGPT MV Gulf States MES MV India Sm Cap SCIF MV Indonesia IDX MV Indonesia Sm Cap IDXJ MV Russia RSX MV Russia Sm Cap RSXJ MV Vietnam VNM PwrShrs DB Dollar Bull UUP PwrShrs Golden Dragon PGJ SPDR Emg Mkts Sm Cap EWX SPDR MidEast & Africa GAF Wtree Asia Local Debt ALD WTree China Yuan CYB WTree Commod Currency CCX WTree Commod Equity CCXE WTree Dreyfus Brazil Real BZF WTree Emg Currency CEW WTree Emg Markts HiYld DEM WTree Emg Mkt Sm Cap Div DGS WTree Euro Sm Cap Div DFE WTree Europe Hedged HEDJ WTree India EPI WTree Japan Hedged DXJ WTree Japan Sm Cap Div DFJ PHONE: (888)

14 ETF INTERNATIONAL PORTFOLIO PERFORMANCE PERIOD PORTFOLIO MSCI EAFE S&P 500 Nasdaq Dow Russell 2000 YTD Week Week Week Week Year Inception* *Inception on 12/31/2011 INTERNATIONAL PORTFOLIO HOLDINGS RANK FUND SYMBOL SHARES PRICE VALUE Date Purchased PERCENT 2 WTree Europe Hedged HEDJ $14, /29/ % 3 China Large Cap FXI $16, /11/ % 4 WTree Japan Hedged DXJ $14, /03/ % 6 PwrShrs DB Dollar Bull UUP $12, /20/ % 7 ishares Ireland EIRL $12, /02/ % 8 ishares Japan EWJ $12, /09/ % 9 ishares Philippines EPHE $12, /29/ % 10 WTree Japan Sm Cap Div DFJ $10, /23/ % 12 ishares Denmark EDEN $13, /13/ % 15 MV India Sm Cap SCIF $14, /07/ % $134, % THIS WEEK S INTERNATIONAL TRADE RECOMMENDATIONS At the close of trading on April 20, 2015, we will make the following trades. Proceeds from multiple fund sales should be split evenly between new purchases. We hold the top 10 highest ranked ETFs, but do not hold more than 2 ETFs from the same geographic region. There is no minimum holding period for ETFs. Sell India Small Cap Buy db A Shares SCIF ASHR Last Week s Sell Transactions Date Fund Symbol Shares Buy Value Sell Proceeds Profit No trades last week 14 PHONE: (888)

15 BLENDED ETF PORTFOLIO PERIOD PORTFOLIO S&P 500 Nasdaq RUSSELL 2000 MSCI EAFE YTD Week Week Week Week Year Inception* *Inception on 12/31/2013 BLENDED PORTFOLIO HOLDINGS RANK FUND SYMBOL SHARES PRICE VALUE Date Purchased PERCENT 4 FrTrust Biotech FBT $11, /25/ % 5 Guggenheim Solar TAN $11, /20/ % 6 SPDR Pharmaceuticals XPH $9, /29/ % 8 WTree Europe Hedged HEDJ $9, /02/ % 14 SPDR Homebuilders XHB $8, /20/ % 15 ProShares UltraShort Yen YCS $9, /23/ % 17 ishares US Healthcare IYH $10, /13/ % 19 ishares US Cons Servics IYC $10, /23/ % 20 PwrShrs DB Dollar Bull UUP $9, /02/ % 32 ishares 20+ Year Treas TLT $8, /12/ % $99, % THIS WEEK S INTERNATIONAL TRADE RECOMMENDATIONS At the close of trading on April 20, 2015, we will make the following trades. Proceeds from multiple fund sales should be split evenly between new purchases. We hold the top 10 highest ranked ETFs, but do not hold more than 2 ETFs from the same country or sector. There is no minimum holding period for ETFs. Sell UltraShort Yen Buy db A Shares YCS ASHR Last Week s Sell Transactions Date Fund Symbol Shares Buy Value Sell Proceeds Profit No trades last week 15 PHONE: (888)

16 best performing index, up 6.83 percent. The Nasdaq is up 4.31 percent, but its lead on the Russell 2000 Index shrank to about 0.2 percent. The Russell 2000 is up 3.91 percent this year, while the S&P 500 Index has gained 1.08 percent. The Dow Jones Industrial Average saw most of its gains for the year evaporate on Friday; the index is now up only 0.02 percent. The ETF International Portfolio retained its lead on the portfolios; it remains up 8.58 percent. The Fidelity Select Portfolio has increased 7.83 percent; the ETF Blended Portfolio has climbed 6.50 percent and the ETF Sector Portfolio has rallied 5.41 percent. Transportation (FSRFX) fell six spots for the second straight week and has now fallen twenty-five spots over the past three months. Two weeks ago the transportation sector was sitting on the verge of a potential breakdown, before reversing. It fell again last week, but managed to avoid setting a new low this month. FSRFX traded between $95 and $90 a share from November through April. Shares now trade below the range and the outlook for the fund, and the sector in general, will remain bearish until the fund can climb back above $90. The only large relative momentum gainer last week was Industrial Equipment (FSCGX), which moved up three spots. General Electric s (GE) decision to sell its GE Capital unit send shares sharply higher, and GE is a top ten holding of FSCGX. ishares US Finance (IYF) saw the largest decline in relative momentum in the ETF Sector rankings, falling five spots. Although General Electric (GE) is a top holding in industrial ETFs, they were two of the largest losers in the rankings: IYJ and XLI each slipped four spots. Utilities and real estate also moved lower: XLU fell two spots and IYR slipped three. Both funds have done poorly even though long-term bond yields have been falling. In contrast to the drop in IYF, SPDR KBW Bank (KBE) climbed five spots. Banks do better when interest rates are rising and the contrast of a rising KBE to the falling XLU and IYR makes sense from this perspective. There were two other large gainers this week: PowerShares Private Equity (PSP) climbed ten spots and PowerShares Nasdaq Internet (PNQI) popped nine. On top of already rising momentum, last week s positive earnings report from Netflix (NFLX) send the stock up double digits, helping to boost PNQI. Several emerging markets led the relative momentum losers this week: India, Turkey, Indonesia and Taiwan. At the other end, we saw db X-Trackers A-Shares (ASHR) jump to the number one spot. The fund didn t have enough history to register a long-term momentum signal until this week. 16 PHONE: (888)

17 WHAT IS THE GLOBAL MOMENTUM GUIDE? The Mutual Fund Investor Guide: Global Momentum Guide delivers a strategy which entails investing in momentum leading exchange-traded funds (ETFs) and mutual funds, with the goal of generating long-term market beating gains. Momentum investing involves finding the stocks or sectors that are outperforming the market and buying them, while avoiding or even shorting stocks or sectors that are under performing. How the Global Momentum Guide Works Each week, the Global Momentum Guide will report updated momentum rankings along with trade advice. Subscribers receive buy, sell and hold advice on several portfolios made up of Fidelity Select mutual funds, sector ETFs and international ETFs. Investors hold the top 10 funds based on our proprietary ranking system, adjusted for correlation. When a fund falls from the top 10, we will issue a sell signal on it, and simultaneously issue a buy order on a rising fund that replaces it. Funds that remain in the top 10 are held. The system used by the Global Momentum Guide is designed to generate longterm out performance. It is also designed to remove human emotion from trading. Sometimes sell orders are issued for sectors that are extremely popular with investors and other times it will issue a hold signal on a sector experiencing a large correction that has many investors panicking. This can result in volatile returns, but our experience with the system has shown that some of the largest gains are made in sectors that experience big corrections during the course of a bull market. One of the biggest benefits of using the Global Momentum Guide is that it takes emotion and guesswork out of investing. Why the Global Momentum Guide Works Different sectors lead the stock market at each stage of a market cycle. For instance, consumer discretionary stocks typically lead in the early stage of a bull market, technology stocks lead in the middle, and consumer staples lead at the end. These stages of the market can last for months or even years. Countries, commodities and currencies all experience the same cyclical movements as investor move in and out of investments in waves. There are many explanations for cyclical behavior in the markets, but we don t worry about the whys because the Global Momentum Guide uses a mechanical system of technical indicators to select investments. These signals tells us which funds are leading and which are lagging, and we position the portfolio in the leading funds. If technology stocks lead in the early part of a bull market, our system will pick that up and issue a buy signal. Momentum investing works because investors have been reliably predictable throughout history there hasn t been a market yet where investors didn t exhibit some cyclical behavior. The Global Momentum Guide is designed to capture the gains from these big winners during each bull market phase of the stock market. What Do I Get When I Subscribe? Every week you will receive an updated ranking of all the funds covered in our newsletter, plus buy, hold and sell advice on each of the portfolios. How Do I Begin Following the Model? To begin following a model, purchase equal dollar amounts of each holding in the model. We will hold the funds for at least a week in the case of ETFs, and for 30 days with Fidelity Select funds due to a short term trading fee on Fidelity Select funds held less than 30 days. SUBSCRIPTION REFUND POLICY 30 DAY 100% GUARANTEE; NO REFUNDS AFTER 30 DAYS. ETF INVESTOR GUIDE Each month we provide buy, hold and sell recommendations for hundreds of ETFs from companies including Fidelity, ishares, SPDR and Power- Shares. Additionally, you will also have access to our model portfolios, specifically created for conservative, moderate and aggressive investors. To learn more, call (888) INVESTOR GUIDE TO VANGUARD FUNDS For years, we have covered a limited number of Vanguard mutual funds. In 2014, we launched a newsletter dedicated specifically to Vanguard funds and no-transaction-fee funds accessible to Vanguard investors. We provide numerous model portfolios, plus buy, hold and sell recommendations on over 400 mutual funds. I am confident you will find this advice invaluable as you make your investment decisions. To learn more, call (888) 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. 17