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Closed End Fund Screener Tool Terms of Use

Your use of the Closed End Fund Screener Tool ("Tool") is governed by the following terms and conditions. In addition, your use of this Tool is subject to your agreement to the Terms of Use on Fidelity.com, including all disclaimers of warranties and limitations of liability therein.

  1. This is a Research Tool
  2. Leaving the Closed End Fund Screener Tool
  3. Third-Party Data
  4. Closed End Funds Listed in Tool
  5. Order of results
  6. Taxes
  7. Key Investment Risks
  8. Morningstar Ratings Methodology

1. Research Tool

This is a Research Tool which uses market data and data on individual securities from third-party vendors (including, but not limited to Morningstar, Inc.®). The Tool provides a means to research information on Closed End Funds, which may be available for purchase or sale in a Fidelity brokerage account. You agree that you will use this Tool for your personal non-business purposes and that your use is for self-directed research of Closed End Funds. You also agree that this Tool is only one of many ways that you may research Closed End Funds for investment and that you will not rely upon the Tool as the sole basis for an investment decision.

The Tool is provided to help self-directed investors evaluate Closed End Funds based on their individual needs and circumstances. The criteria and inputs entered are at the sole discretion of the user, and any information obtained should not be considered an offer to buy or sell, a solicitation of an offer to buy, or a recommendation for any securities. You acknowledge that your requests and/or searches for information are unsolicited and any information provided in response shall neither constitute, nor be considered as, investment advice by Fidelity Brokerage Services LLC, Fidelity Distributors Corporation, or their affiliates (collectively, "Fidelity").

While this Tool may be of use to investors in evaluating certain information about Closed End Funds, it should not be considered to include every factor that may be necessary for an investor to make a decision to invest in a Closed End Fund. A decision to invest in a particular Closed End Fund may be based on a number of factors, including investors' needs, goals, and comfort with risk. Please read the Closed End Fund's most recent shareholder report or other publicly available investment information before making an investment decision.

The Tool may provide results that identify Closed End Funds by name and each name may contain a hyperlink to additional information. The additional information may include, among other things, Morningstar ratings information, standard quarter-end performance, fee information, and volatility measures. The Tool is dependent upon data provided by third-parties and Fidelity cannot guarantee its accuracy, timeliness or fitness for a specific purpose. The data is subject to change and revision by the third-party data providers.

As with other investments through Fidelity, you must decide for yourself if an investment in a security is consistent with your evaluation of the security, your investment objectives, your risk tolerance, your investment time frame and your financial situation. By making this investment available to its customers, Fidelity is not recommending or endorsing it.

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2. Leaving the Closed End Fund Screener Tool

By selecting any of the hyperlinks that leave the Tool, you will be going to areas of Fidelity.com that are outside of the Tool in order to access additional information about a particular Closed End Fund. Although much of the data within the Tool is provided by Morningstar, some data is provided by other third-party vendors and Fidelity. As a result there may be Closed End Fund data differences within the Tool as well as differences from other areas of Fidelity's websites and from other third-party websites.

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3. Third-Party Data

Closed End Fund data used within the Tool is provided by Morningstar, Inc.® and other third-party sources. The Closed End Fund classification and categorization data are provided by Morningstar, Inc. ®.

The Morningstar Category is a proprietary Closed End Fund categorization system based on Morningstar's category system for funds. Morningstar Category sometimes defines Closed End Funds by their investment style, as measured by the underlying portfolio holdings, which may differ from the Closed End Fund's stated investment objective, but which may be helpful in comparing closed end fund alternatives.

Fidelity does not guarantee the suitability or potential value of any particular investment or information source. Data and information is provided for informational purposes only. All data is historical and is subject to revision or change at any time. Performance data quoted represents past performance, and the return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

Morningstar asserts copyright protection for all its data, all rights reserved. The Morningstar data contained herein (1) is proprietary to Morningstar or its affiliates; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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4. Closed End Funds Listed in Tool

The Closed End Funds found in the Tool include only those that are currently identified by third-party providers. There are no representations of completeness or that all data will be available for all securities within the Tool.

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5. Order of results

Each Closed End Fund included in the Tool's results set will be listed in an order determined by the display view chosen. The default view is a descending order based on scored results, when criteria can be scored; otherwise it is alphabetically sorted by security name. You may change the sorting order at any time by clicking any of the column headers. To analyze other Closed End Fund-related information, change the View drop-down menu.

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6. Taxes

Taxes on distributions and capital gains/losses upon the sale of shares can affect the returns of a Closed End Fund investment. Different types of Closed End Funds have different tax consequences. You should consider the impact of these taxes before making an investment decision. A tax or financial advisor should be consulted for additional information.

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7. Key Investment Risks

Closed end funds are subject to the risk of their underlying assets and investment strategy. The market price may experience periods of increased volatility due to the use of leverage as well as market and fund illiquidity. Unlike open end funds, closed end funds trade on an exchange at a price which is often a discount to their net asset value (NAV). There is no assurance a closed end fund will appreciate to its NAV or achieve its investment objectives.

The following are general risk factors associated with CEF investing:

Market Risk - CEFs are subject to market volatility and the risks of their underlying securities which might include the risks associated with investing in smaller companies, foreign securities, commodities, and fixed income investments. Investment return will vary and an investor's shares, when sold, might be worth more or less than their original cost. CEFs with complex or specialized investment strategies may experience increased market price volatility.

The market price of a CEF may be significantly different than its NAV (a premium or a discount). CEFs frequently trade at a discount to NAV and there is no assurance a CEF will appreciate to its NAV.

Interest rate Risk - Income received from a CEF may fluctuate significantly based on changes in interest rates. As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities. For closed end funds that hold fixed income securities in their portfolios, the risk can be significant.

Credit Risk - Credit risk is the risk that the issuer of a security will default or unable to meet its obligations to pay interest or principal as scheduled. This is a significant risk for closed end bond funds as a default by one or more of the CEF's underlying bond holdings can have a significant impact on the CEF's NAV, market price and ability to make distributions to shareholders.

Derivatives Risk - The prices of derivatives contracts are inherently volatile and even small price movements might result in large losses to the CEF.

Leverage Risk - The use of leverage can magnify price volatility and loss of principal in the CEF's portfolio. Fluctuations in interest rates will also have an impact on a leveraged fund's distributions as the cost of borrowing associated with the leverage will fluctuate in response.

Liquidity Risk - Although CEFs are listed and traded on an exchange, the degree of liquidity, or ability to be bought and sold, will vary significantly from one CEF to another based on various factors including, but not limited to, demand in the marketplace.

Concentration Risk - The degree of diversification varies significantly from one CEF to another. Certain CEFs may target a small universe of securities, such as a specific region or market sector. These CEFs are generally subject to greater market volatility as well as the specific risks associated with that sector, region, or other focus.

Foreign Investment Risk - CEFs that invest in foreign securities are subject to interest rate, currency-exchange rate, economic, and political risks. All of these risks are magnified in emerging markets.

Before investing in any fund, you should consider its investment objective, risks, charges and expenses. Contact Fidelity for the most recent shareholder report for this information. Read it carefully. Please also review information provided by the fund on its web site.

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8. Morningstar Ratings Methodology

The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

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