¹ The individual stock selections discussed herein represent only a portion of the selections made by the newsletter editor. All of the stock selections made by the newsletter editor are available at https://www.zacks.com/performance.

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*Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research is not a licensed securities dealer, broker or US investment adviser or investment bank. The Zacks #1 Rank Performance has been examined and attested by Baker Tilly Virchow Krause, LLP for each of the years in the period beginning on January 1, 1988 through December 31, 2015. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank # 1 that were rebalanced monthly (see additional details regarding rebalancing below) with zero transaction costs. These are not the returns of actual portfolios of stocks. Zacks Rank #1 stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank #1 stock prices plus any dividends received during that particular month.  A simple, equally-weighted average return of all Zacks Rank #1 stocks is calculated to determine the monthly return.  The monthly returns are then compounded to arrive at the annual return.  Only Zacks Rank #1 stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations.  Zack Rank #1 stocks can, and often do, change throughout the month.  Certain Zacks Rank #1 stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations.  The S&P 500 is an unmanaged index. Visit http://www.zacks.com/performance for information about the performance numbers displayed above.

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Information contained herein has been obtained from sources believed to be reliable, but there is no guarantee as to completeness or accuracy. Because individual investment objectives vary, this Summary should not be construed as advice to meet the particular needs of the reader. Any opinions expressed herein are statements of our judgment as of this date and are subject to change without notice. Any action taken as a result of reading this independent market research is solely the responsibility of the reader.

The Morgan Report is not and does not profess to be a professional investment advisor, and strongly encourages all readers to consult with their own personal financial advisors, attorneys, and accountants before making any investment decision. The Morgan Report and/or independent consultants or members of their families may have a position in the securities mentioned. Mr. Morgan does consult on a paid basis both with private investors and various companies. Investing and speculation are inherently risky and should not be undertaken without professional advice. By your act of reading this independent market research letter, you fully and explicitly agree that The Morgan Report will not be held liable or responsible for any decisions you make regarding any information discussed herein.