Analyst Opinions

Analyst ratings give you a wealth of professional, targeted information about the Closed End Funds you are researching. Analyst Opinions are intended to help investors better understand the potential for a Closed End Fund to increase or decrease its value by evaluating such things as its underlying securities and structural integrity. Fidelity offers Analyst Ratings from Morningstar.

• What is independent research?
• What other information does the Analyst Opinions page provide?
• Where do the recent research reports come from?
• How do I view research reports?
• How do I find out more about the research firm's methodology?

What is independent research?

Independent research is research produced by a firm that has no conflicts of interest in the following areas:

• Investment banking, where the research firm has investment banking operations or has had investment banking transactions within the past year
• Paid-for-research, where the research firm is paid by the covered company to issue research

This is one definition of independent research. There may be other definitions in the marketplace.

What other information does the Analyst Opinions page provide?

The Analyst Opinions page provides a table displaying the research firm name, date, and action (upgrade/downgrade) from prior rating and the latest rating for each research firm that has rated the Closed End Fund. If available, logged-in users can access the most recent research report PDF by clicking the icon in the last column of the table. Not all firms that rate Closed End Funds provide detailed research reports. A link to the research firm's methodology is also provided.

Where do the recent research reports come from?

Fidelity provides access to research and Closed End Fund ratings from leading independent research firm Morningstar. Fidelity updates reports as new ones are received from Morningstar. You should check the as-of date for each research report and interpret it in light of any recent market events that may not yet have been taken into account in the analysis.

How do I view research reports?

Research reports are in Adobe Acrobat (PDF) format. To view a research report, click the report name or the PDF icon to the left of the report name. You must have Adobe Reader installed to view PDF files. If you don't have Adobe Reader software, you can install it free by going to adobe.com and following the instructions.

How do I find out more about the research firm's methodology?

Research firms' approach to rating Closed End Funds vary because they are derived using criteria that are as different and distinct as the firm performing the analysis. Select Explore Research Firms from the table of contents to see a complete list of the research firms available. Use this page or the Closed End Fund Analyst Opinions page to link to detailed information on individual firms' methodology.