Before investing your money into mutual funds, exchange-traded funds or closed-end funds, do your research!

Even though fund companies and investment firms offer plenty of information on their funds’ performance, holdings and fees, it is still a good idea to evaluate funds independently from the companies that run them. This is where independent research companies come in.

Here are some of our favorites:

Morningstar
By far, the leader in independent investment research, Morningstar offers independent evaluations on any mutual fund you like - and other investments, too including stocks, hedge funds, and 529 plans. Free membership will get you access to financial data and screeners and the premium plan includes fund analysis reports and investment recommendations.

FundAlarm
Although not as comprehensive as Morningstar, FundAlarm is a free website that provides basic research and provides risk ratings on funds. The site helps you decide when it’s time to sell a fund, rather than buy, by focusing on the risk factor, rather than the promise factor. Each fund is evaluated on four risk levels including -2 (least risky), -1, +1, and +2 (most risky).

MAXfunds
Known to have a “contrarian streak,” MAXFunds features the Fund-O-Matic fund screener which is easy to read and easy to use. It ranks funds on data such as expense ratio and diversification. The site also tags MAXadvisor Favorite Funds and backed by MAXadvisor, a fee-only financial advisor.

MUTUALdecision
Based on “academic models," MUTUALdecision's fund forecasting tool were developed by professors and researchers at several notable universities. The models use past fund performance data going back to 1986 to study specific “key statistical indicators” to forecast future returns. But, of course, past performance does not guarantee of future results.

Lipper
A Thomson Reuters company, Lipper rates funds (from 1-5) on total return, consistent return, preservation, tax efficiency and expense based on the Lipper Leader Rating System. In addition, the site offers specialized "insight" reports and research studies on funds, as it caters to institutional investors and firms as well.