Mutual funds are investment vehicles that nearly every investor should strongly consider. Truly, they can be one of the best retirement account multipliers. They allow for compounding growth over an extended period, resulting in impressive returns many years in the future.

Several mutual funds now don’t require a minimum investment. With solid returns and relatively low risk compared to owning individual shares of a company, mutual funds should be much more strongly considered by investors due to their incredible long-term potential.

Let’s explore three mutual funds that are some of the best investment opportunities. This is primarily due to their impressive rates of return, which exceed the total returns for the S&P 500 over the last year.

Fidelity Blue Chip Growth Fund (FBGRX)

Fidelity Blue Chip Growth Fund (MUTF:FBGRX) is a large growth fund established on Jan. 31, 1987. Also, it offers investors a decent expense ratio of 0.48% and a turnover rate of approximately 17%. The fund’s objective is to seek capital growth over the long term. And, it doesn’t require a minimum investment.

Moreover, the top three holdings of FBGRX are Nvidia (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT), and Amazon.com (NASDAQ:AMZN).

Further, the fund has 95% domestic equities and a slight percentage from Europe and emerging markets. The major sectors include information technology, consumer discretionary and communication services. Also, the fund has roughly 361 total holdings.

The total assets under management are $63 billion. The fund reported a 45% increase over last year and has increased by 27% year-to-date (YTD).

Moreover, FBGRX is a solid fund for most investors. It offers substantial returns with a relatively low expense ratio. It’s a solid pick for most long-term investors that provides exposure to some of the largest companies trading on the stock market.

Vanguard 500 Index Fund (VFIAX)

Vanguard 500 Index Fund (MUTF:VFIAX) is a large blended fund that was inception on Nov. 13, 2000. Its expense ratio is 0.04%. The fund provides exposure to approximately 500 U.S. stocks in various industries. A minimum investment of $3,000 is required.

VFIAX’s top three holdings include Microsoft, Apple (NASDAQ:AAPL), and Nvidia. The fund’s most prominent industries are information technology, health care and financials.

Over the past year, the fund’s price has increased by 28%, with a YTD return of 14%. And, it has approximately $1.1 trillion in assets under management.

Vanguard’s 500 Index Fund is a solid mutual fund for most investors due to its exposure to the top 500 stocks trading on the market. It allows for an impressive level of diversification. Therefore, investors should still strongly consider mutual funds, even with a minimum required investment.

Fidelity Select Semiconductor Fund (FSELX)

Fidelity Select Semiconductor Fund (MUTF:FSELX) is a technology-focused fund with approximately 83% of its total holdings dedicated to semiconductor stocks.

The remaining holdings are companies that provide semiconductor materials and hardware. It was established on July 29, 1985. It offers inverts a higher expense ratio than other funds at 0.65% and a turnover rate of 32%. There is no required minimum investment. FSELX’s goal is to seek capital appreciation.

The fund’s top three holdings include Nvidia, which comprises approximately 26% of the total fund, NXP Semiconductors (NASDAQ:NXPI), and ON Semiconductor (NASDAQ:ON).

FSELX is primarily comprised of domestic assets, where 13% are international equities, primarily in Asia, Europe and emerging markets. Over this past year, the fund has increased by 60%, and its total returns are up 49% YTD.

Finally, FSELX is a large growth fund with approximately $19 billion in assets under management. It is a solid fund with a massive rate of return, especially for a mutual fund. FSELX is befitting for investors who seek to gain exposure to the growing semiconductor industry.

As of this writing, Noah Bolton held a LONG position in NVDA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.