Morningstar has begun issuing research reports and ratings on closed-end funds, with the launch of reports on 30 funds. By the end of the first quarter, Morningstar will be covering 100 closed-end funds in the U.S., representing about a quarter of the universe and focused on the largest and most heavily traded funds.

The reports will include both quantitative and qualitative analysis and break down the rationale behind Morningstar’s rating. The ratings will be based on a five-point scale ranging from elite to superior, standard, inferior and impaired and be based on five factors: the management team, investment process, parent company, performance and fees.

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