Your best friend, Jiang, is now 27-years old and has worked for the same accounting firm since he graduated from College five years ago. His current income is good but not great. He has just started an MBA program at night and plans to eventually take the CPA exam. His boss has told him he can expect a considerable bump in his compensation after he completes his MBA and passes his CPA exam.

Jiang has chosen a traditional 401(k) plan which allows him to defer pre-tax money with each paycheck into his investment account. He could have a Roth 401(k) instead, but he figured it made sense to get the tax break now rather than later.

His plan allows him to buy any individual stock or mutual fund. Based upon his own intuition and some suggestions from his dads broker he has put together the following portfolio:

200 Fidelity Advisor high Income Advantage, M Shares

175 Fidelity Advisor Real Estate Fund, A Shares

200 Invesco S&P 500 Index Fund, C Shares

5 Alphabet Class A Shares

15 Apple

100 Microsoft

200 Oracle

Jiang knows that you are pretty smart when it comes to investing and has asked for your recommendations. What changes, if any, would you recommend Jiang make and why? No restrictions on what stocks, bonds, and/or mutual funds you recommend. Be as specific and persuasive as possible.