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Category Summary

The following table summarizes the categories used in the MFO ratings system. The category names and descriptions are tailored from the following Lipper documents: MFO organizes the 175 categories into 11 subtypes, beginning with U. S. Equity.

U.S. Equity CategoriesDescription
Large-Cap CoreFunds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper's USDE large-cap floor (approx. $18B). Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.
Large-Cap GrowthFunds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper's USDE large-cap floor (approx. $18B). Large-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and a three-year sales-per-share growth value, compared to the S&P 500 Index.
Large-Cap ValueFunds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper's U. S. Diversified Equity (USDE) large-cap floor (approx. $18B). Large-cap value funds typically have a below average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.
Mid-Cap CoreFunds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper's USDE large-cap floor (approx. $18B). Mid-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index.
Mid-Cap GrowthFunds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper's USDE large-cap floor (approx. $18B). Mid-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index.
Mid-Cap ValueFunds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper's USDE large-cap floor (approx. $18B). Mid-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index.
Small-Cap CoreFunds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper's USDE small-cap ceiling (approx. $6B). Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.
Small-Cap GrowthFunds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper's USDE small-cap ceiling (approx. $6B). Small-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.
Small-Cap ValueFunds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper's USDE small-cap ceiling (approx. $6B). Small-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.
Multi-Cap CoreFunds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap core funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500 Index.
Multi-Cap GrowthFunds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500 Index.
Multi-Cap ValueFunds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500 Index.
Equity IncomeFunds that, by prospectus language and portfolio practice, seek relatively high current income and growth of income by investing at least 65% of their portfolio in dividend-paying equity securities. These funds' gross or net yield must be at least 125% of the average gross or net yield of the U.S. diversified equity fund universe.
Specialty DiversifiedFunds that, by portfolio practice, invest in all market capitalization ranges without restriction. These funds typically have distinctly different strategies and performance, resulting in a low coefficient of determination (r-squared) compared to other U.S. diversified equity funds. Examples of specialty diversified equity funds include enhanced index funds and market short funds.
S&P 500 IndexA passively managed fund designed to replicate the performance of the Standard & Poor's 500 Index on a reinvested basis.
S&P Midcap 400 IndexFunds that are passively managed and are designed to replicate the performance of the S&P Midcap 400 Index.
Diversified Equity (CEFs)Funds that invest primarily in domestic equity securities and that do not have a mandate to invest in a specific sector or region.
Options Arbitrage/Strategies (CEFs)Funds that employ various strategies to capture "the spread" between similar options through inefficiencies in the market or funds and use portfolio strategies where the manager focuses on options to generate the bulk of the portfolio’s return.
Mixed Asset CategoriesDescription
Target TodayFunds that, by portfolio practice, maintain a conservative mix of equity, bonds, cash, and cash equivalents designed to provide income to investors who are in or close to retirement.
Target 2010Funds that seek to maximize assets for retirement or other purposes with an expected time horizon not exceeding December 31, 2010.
Target 2015Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2011, to December 31, 2015.
Target 2020Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2016, to December 31,2020.
Target 2025Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2021, to December 31, 2025.
Target 2030Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2026, to December 31, 2030.
Target 2035Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2031, to December 31, 2035.
Target 2040Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2036, to December 31, 2040.
Target 2045Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2041, to December 31, 2045.
Target 2050Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2046, to December 31, 2050.
Target 2055Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2051, to December 31, 2055.
Target 2060Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2056, to December 31, 2060.
Target 2065+Funds that seek to maximize assets for retirement or other purposes with an expected time horizon exceeding December 31, 2060.
Conservative AllocationFunds that, by portfolio practice, maintain a mix of between 20%-40% equity securities, with the remainder invested in bonds, cash, and cash equivalents.
Moderate Allocation Funds that, by portfolio practice, maintain a mix of between 40%-60% equity securities, with the remainder invested in bonds, cash, and cash equivalents.
Growth AllocationFunds that, by portfolio practice, maintain a mix of between 60%-80% equity securities, with the remainder invested in bonds, cash, and cash equivalents.
Aggressive Growth AllocationFund of funds that, by portfolio practice, maintain at least 80% of assets in equity securities, with the remainder invested in bonds, cash, and cash equivalents.
Emerging Market Mixed AssetFunds that seek long-term capital appreciation by investing primarily in a mix of emerging market equity and debt securities. "Emerging market" is defined by a country's GNP per capita or other economic measures.
Convertible SecuritiesFunds that invest primarily in convertible bonds and/or convertible preferred stock.
Flexible PortfolioFunds that allocate their investments to both domestic and foreign securities across traditional asset classes with a focus on total return. The traditional asset classes utilized are common stocks, bonds, and money market instruments.
Retirement IncomeFunds designed to combine professional asset management with professionally managed withdrawals to assist investors in retirement.
Real ReturnFunds that seek to maximize real return through investing primarily in domestic and foreign inflation-protected securities across asset classes.
Income & Preferred Stocks (CEFs)Funds that normally seek a high level of current income through investing in income-producing stocks, bonds, and money market instruments, or funds that invest primarily in preferred securities, often considering tax code implications.
Global Equity CategoriesDescription
Large-Cap CoreFunds that, by portfolio practice, invest at least 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) above Lipper's global large-cap floor (approx. $17B). Global large-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to their large-cap-specific subset of the S&P/Citigroup World BMI.
Large-Cap GrowthFunds that, by portfolio practice, invest at least 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) above Lipper's global large-cap floor (approx. $17B). Global large-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World BMI.
Large-Cap ValueFunds that, by portfolio practice, invest at least 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) above Lipper's global large-cap floor (approx. $17B). Global large-cap value funds typically have a below-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to their large-cap-specific subset of the S&P/Citigroup World BMI.
Small/Mid-CapFunds that, by portfolio practice, invest at least 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) below Lipper's global large-cap floor (approx. $17B).
Multi-Cap CoreFunds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Global multi-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup BMI.
Multi-Cap GrowthFunds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Global multi-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup BMI.
Multi-Cap ValueFunds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Global multi-cap value funds typically have a below-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup BMI.
Equity IncomeFunds that, by prospectus language and portfolio practice, seek relatively high current income and growth of income by investing at least 65% or more of their portfolio in dividend-paying equity securities of domestic and foreign companies.
Global (CEFs)Funds that invest at least 25% of their portfolio in securities traded outside of the United States and that may own U.S. securities as well.
International Equity CategoriesDescription
Large-Cap CoreFunds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) above Lipper's international large-cap floor (approx. $12B). International large-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to their large-cap-specific subset of the S&P/Citigroup World ex-U.S. BMI.
Large-Cap GrowthFunds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) above Lipper's international large-cap floor (approx. $12B). International large-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to their large-cap-specific subset of the S&P/Citigroup World ex-U.S. BMI.
Large-Cap ValueFunds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) above Lipper's international large-cap floor (approx. $12B). International large-cap value funds typically have a below-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to their large-cap-specific subset of the S&P/Citigroup World ex-U.S. BMI
Small/Mid-Cap CoreFunds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) below Lipper's international large-cap floor (approx. $12B). International small/mid-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to their cap-specific subset of the S&P/Citigroup World ex-U.S. BMI.
Small/Mid-Cap GrowthFunds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) below Lipper's international large-cap floor (approx. $12B). International small-/mid-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to their cap-specific subset of the S&P/Citigroup World ex-U.S. BMI.
Small/Mid-Cap ValueFunds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) below Lipper's international large-cap floor (approx. $12B). International small/mid-cap value funds typically have a below-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to their cap-specific subset of the S&P/Citigroup World ex-U.S. BMI.
Multi-Cap CoreFunds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. International multi-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI.
Multi-Cap GrowthFunds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. International multi-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI.
Multi-Cap ValueFunds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. International multi-cap value funds typically have a below-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI.
Equity IncomeFunds that, by prospectus language and portfolio practice, seek relatively high current income and growth of income by investing at least 65% or more of their portfolio in dividend-paying equity securities of foreign companies.
China RegionFunds that concentrate their investments in equity securities whose primary trading markets or operations are concentrated in the China region or in a single country within this region.
Emerging Markets (EM)Funds that seek long-term capital appreciation by investing at least 65% of total assets in emerging market equity securities, where "emerging market" is defined by a country's GNP per capita or other economic measures.
Frontier MarketsFunds that seek long-term capital appreciation by investing at least 65% of total assets in frontier market equity securities. "Frontier market" is defined by a country's GNP per capita or other economic measures.
European RegionFunds that concentrates their investments in equity securities whose primary trading markets or operations are concentrated in the European region or a single country within this region.
India RegionFunds that concentrate their investments in equity securities with primary trading markets or operations concentrated in the India region.
JapaneseFunds that concentrate their investments in equity securities of Japanese companies.
Latin AmericanFunds that concentrate their investments in equity securities with primary trading markets or operations concentrated in the Latin American region or in a single country within this region.
Pacific Ex JapanFunds that concentrate their investments in equity securities with primary trading markets or operations concentrated in the Pacific region (including Asian countries) and that specifically do not invest in Japan.
Pacific RegionFunds that concentrate their investments in equity securities with primary trading markets or operations concentrated in the Western Pacific Basin region or a single country within this region.
Developed Market (CEFs)Funds that invest primarily in equity securities whose primary trading markets or operations are in countries (or a single country) outside of the U.S. that are generally considered developed.
Sector Equity CategoriesDescription
Basic MaterialsFunds that invest primarily in the equity securities of domestic and foreign companies engaged in manufacturing chemicals; construction materials; glass; paper, forest products, and related packaging products; and metals, minerals, and mining products including steel.
Consumer GoodsFunds that invest primarily in the equity securities of domestic and foreign companies engaged in manufacturing and distributing consumer goods such as food, beverages, tobacco, and nondurable household goods and personal products.
Consumer ServicesFunds that invest primarily in the equity securities of domestic and foreign companies engaged in providing consumer services, including the services segment of hotels, restaurants, and other leisure facilities; media production and services; and consumer retail and services.
Energy MLPFunds that, by prospectus language, seek total returns through the management of several different hedge-like strategies. These funds are typically quantitatively driven to measure the existing relationship between instruments and in some cases to identify positions in which the risk-adjusted spread between these instruments represents an opportunity for the investment manager.
Financial ServicesFunds that invest primarily in equity securities of domestic companies engaged in providing financial services, including but not limited to banks, finance companies, insurance companies, and securities/brokerage firms.
Health/BiotechnologyFunds that invest primarily in the equity securities of domestic companies engaged in health care, medicine, and biotechnology.
IndustrialsFunds that invest primarily in the equity securities of domestic and foreign companies engaged in manufacturing and distributing capital goods including aerospace & defense, construction, engineering, and building products; electrical equipment; industrial machinery; commercial services and supplies including printing, employment, environmental, and office services; transportation services including airlines and couriers; and marine, road & rail, and transportation infrastructure.
Natural ResourcesFunds that invest primarily in the equity securities of domestic companies engaged in the exploration, development, production, or distribution of natural resources (including oil, natural gas, and base minerals) and/or alternative energy sources (including solar, wind, hydro, tidal, and geothermal).
Precious MetalsFunds that invest primarily in equity securities and non-equity-related instruments of the precious metals market. This can include investments in the mining, exploration, or distribution of gold and other precious metals. Funds may also hold bullion.
Real EstateFunds that invest their equity portfolio primarily in shares of domestic companies engaged in the real estate industry.
Science & TechnologyFunds that invest primarily in the equity securities of domestic companies engaged in science and technology.
Specialty/MiscellaneousFunds that limit their investments to a specific industry (e.g., transportation, retailing, or paper, etc.) or ones that have not been classified into an existing investment classification.
TelecommunicationFunds that invest primarily in equity securities of domestic and foreign companies engaged in the development, manufacture, or sale of telecommunications services or equipment.
UtilityFunds that invest primarily in the equity securities of domestic and foreign companies providing utilities.
Global Financial ServicesFunds that invest primarily in equity securities of domestic and foreign companies engaged in providing financial services, including but not limited to banks, finance companies, insurance companies, and securities/brokerage firms.
Global Health/BiotechnologyFunds that invest primarily in the equity securities of domestic and foreign companies engaged in healthcare, medicine, and biotechnology.
Global InfrastructureFunds that invest primarily in equity securities of domestic and foreign companies engaged in an infrastructure industry, including but not limited to transportation, communication and waste management.
Global Natural ResourcesFunds that invest primarily in the equity securities of domestic and foreign companies engaged in the exploration, development, production, or distribution of natural resources (including oil, natural gas, and base minerals) and/or alternative energy sources (including solar, wind, hydro, tidal, and geothermal).
Global Real EstateFunds that invest at least 25% but less than 75% of their equity portfolio in shares of companies engaged in the real estate industry that are strictly outside of the U.S. or whose securities are principally traded outside of the U.S.
Global Science/TechnologyFunds that invest primarily in the equity securities of domestic and foreign companies engaged in science and technology.
International Real EstateFunds that invest at least 75% of their equity portfolio in shares of companies engaged in the real estate industry that are strictly outside of the U.S. or whose securities are principally traded outside of the U.S.
Sector Equity (CEFs)Funds that invest primarily in a specific sector, for example: health/biotechnology, science and technology, gold, or financial services.
Commodity CategoriesDescription
AgricultureFunds that invest primarily in agricultural commodity-linked derivative instruments or physicals.
Base MetalsFunds that invest primarily in base metal commodity-linked derivative instruments or physicals.
EnergyFunds that invest primarily in energy related commodity-linked derivative.
GeneralFunds that invest primarily in a diversified basket of commodity-linked derivative instruments or physicals.
Precious MetalsFunds that invest primarily in precious metal commodity-linked derivative instruments or physicals.
SpecialtyFunds that invest primarily in commodity-linked derivative instruments or physicals of sectors or strategies not previously mentioned. This includes leveraged of short biased offerings.
Alternative CategoriesDescription
Absolute ReturnFunds which aim for postive returns in all market conditions. The funds are not benchmarked against a traditional long only market index but rather have the aim of outperformaing a cash or risk-free benchmark.
Active ExtensionFunds that combine long and short stock selection to invest in a diversified portfolio of U.S. large cap equities, with a target net exposure of 100% long. Typical strategies vary between 110% long and 10% short to 160% long and 60% short.
Credit FocusFunds that, by prospectus language, invest in a wide-range of credit-structured vehicles by using either fundamental credit research analysis or quantitative credit portfolio modelling trying to benefit from any changes in credit quality, credit spreads, and market liquidity.
Currency StrategiesFunds that invest in US and foreign currencies. This is achieved through the use of short term money market instruments; derivatives (forwards, options, swaps) and cash deposits.
Event DrivenFunds that, by prospectus language, seek to exploit pricing inefficiencies that may occur before or after a corporate event, such as a bankruptcy, merger, acquisition, or spinoff. Event Driven funds can invest in equities, fixed income instruments (investment grade, high yield, bank debt, convertible debt and distressed), options and other derivatives.
Global MacroFunds that, by prospectus language, invest around the world using economic theory to justify the decision-making process. The strategy is typically based on forecasts and analysis about interest rate trends, the general flow of funds, political changes, government policies, intergovernmental relations, and other broad systemic factors. These funds generally trade a wide range of markets and geographic regions, employing a broad range of trading ideas and instruments.
Long/Short EquityFund that employs portfolio strategies that combine long holdings of equities with short sales of equity, equity options, or equity index options, the fund may be either net long or net short depending on the portfolio manager's view of the market.
Managed FuturesFunds that invest primarily in a basket of futures contracts with the aim of reduced volatility and positive returns in any market environment. Investment strategies are based on proprietary trading strategies that include the ability to go long and/or short.
Market Neutral EquityFund that employs portfolio strategies that generate consistent returns in both up and down markets by selecting positions with a total net market exposure of zero.
Multi-StrategyFunds that, by prospectus language, seek total returns through the management of several different hedge-like strategies. These funds are typically quantitatively driven to measure the existing relationship between instruments and in some cases to identify positions in which the risk-adjusted spread between these instruments represents an opportunity for the investment manager.
Alternative Other Funds (Insurance)Funds that, by prospectus language, seek total returns through the use of alternative investment strategies. These strategies include but are not limited to equity market neutral, long/short equity, global macro, event driven, credit focus or through the use of several different hedge-like strategies.
Trading CategoriesDescription
Dedicated Short BiasFunds that employ portfolio strategies consistently creating a "net short" exposure to the market. This classification also includes short only funds, i.e. funds that pursue short sales of stock or stock index options.
Equity LeverageDiversified and non-diversified equity funds that seek daily investment results of more than 100% of the daily performance of a stated benchmark through any combination of futures contracts, derivatives, and leverage.
Bond CategoriesDescription
Core BondFunds that invest at least 85% in domestic investment-grade debt issues (rated in the top four grades) with any remaining investment in non-benchmark sectors such as high-yield, global and emerging market debt. These funds maintain dollar-weighted average maturities of five to ten years.
Core Plus BondFunds that invest at least 65% in domestic investment-grade debt issues (rated in the top four grades) with any remaining investment in non-benchmark sectors such as high-yield, global and emerging market debt. These funds maintain dollar-weighted average maturities of five to ten years.
General BondFunds that invest in fixed income securities, without maturity restrictions. The funds invest principally in government bonds but also, to a limited extent, corporate bonds and money market instruments.
Corporate Debt A RatedFunds that invest primarily in corporate debt issues rated "A" or better or government issues.
Corporate Debt BBB-RatedFunds that invest at least 65% of their assets in corporate and government debt issues rated in the top four grades.
Ultra-Short ObligationsFund invests primarily in investment grade debt issues, or better, and maintains a portfolio dollar-weighted average maturity between 61 days and 365 days.
Short Investment Grade DebtFunds that invest primarily in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of less than three years.
Short-Intmdt Investment Grade DebtFunds that invest primarily in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of one to five years.
Absolute Return BondFunds that aim for positive returns in all market conditions and invest primarily in debt securities. The funds are not benchmarked against a traditional long-only market index but rather have the aim of outperforming a cash or risk-free benchmark.
Flexible IncomeFunds that emphasize income generation by investing at least 85% of their assets in debt issues and preferred and convertible securities. Common stocks and warrants cannot exceed 15%.
Global IncomeFunds that invest primarily in U.S. dollar and non-U.S. dollar debt securities of issuers located in at least three countries, one of which may be the United States.
International IncomeFunds that state in their prospectus that they invest primarily in U.S. dollar and non-U.S. dollar debt securities of issuers located in at least three countries, excluding the United States, except in periods of market weakness.
Multi-Sector IncomeFunds that seek current income by allocating assets among several different fixed income securities (with no more than 65% in any one sector except for defensive purposes), including U.S. government and foreign governments, with a significant portion of assets in securities rated below investment-grade.
High YieldFunds that aim at high (relative) current yield from domestic fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues.
Global High YieldFunds that aim at high (relative) current yield from both domestic and foreign fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues.
Short High YieldFunds that aim at high (relative) current yield from domestic fixed income securities, with dollar-weighted average maturities of less than three years, and tend to invest in lower-grade debt issues.
Inflation Protected BondFunds that invest primarily in inflation-indexed fixed income securities. Inflation-linked bonds are fixed income securities that are structured to provide protection against inflation.
Loan ParticipationFunds that invest primarily in participation interests in collateralized senior corporate loans that have floating or variable rates.
Specialty Fixed IncomeFunds that, by portfolio practice, invest in fixed income strategies that are outside Lipper's other fixed income classifications. These funds typically have distinctly different strategies and performance, including the use of short positions and leverage.
U.S. MortgageFunds that invest primarily in U.S. government agency and/or non-agency mortgage backed securities.
GNMAFunds that invest primarily in Government National Mortgage Association securities.
U.S. Government GeneralFund invests primarily in U.S. government and agency issues.
U.S. Government ShortFunds that invest primarily in securities issued or guaranteed by the U.S. government, its agencies, or its instrumentalities, with dollar-weighted average maturities of less than three years.
U.S. Government Short-IntermediateFunds that invest primarily in securities issued or guaranteed by the U.S. government, its agencies, or its instrumentalities, with dollar-weighted average maturities of one to five years.
U.S. Government IntermediateFunds that invest primarily in securities issued or guaranteed by the U.S. government, its agencies, or its instrumentalities, with dollar-weighted average maturities of five to ten years.
U.S. Treasury GeneralFunds that invest primarily in U.S. Treasury bills, notes, and bonds.
U.S. Treasury ShortFunds that invest primarily in U.S. Treasury bills, notes, and bonds with dollar-weighted average maturities of less than three years.
Emerging Markets Local Currency DebtFunds that seek either current income or total return by investing at least 65% of total assets in emerging market debt issues denominated in the currency of their market of issuance.
Emerging Mrkts Hard Currency DebtFund seeks either current income or total return by investing primarily in emerging market debt securities, where "emerging market" is defined by a country's GNP per capita or other economic measures.
Corporate Debt BBB-Rated, Leveraged (CEFs)Funds that invest primarily in corporate and government debt issues rated in the top four grades. These funds can be leveraged via use of debt, preferred equity, and/or reverse repurchase agreements. (
High Yield, Leveraged (CEFs)Funds that aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues. These funds can be leveraged via use of debt, preferred equity, and/or reverse repurchase agreements.
Municipal Bond CategoriesDescription
General & Insured DebtFunds that invest primarily in municipal debt issues rated in the top four credit ratings or invest primarily in municipal debt issues insured as to timely payment.
Short DebtFunds that invest in municipal debt issues with dollar-weighted average maturities of less than three years.
Short-Intermediate DebtFunds that invest in municipal debt issues with dollar-weighted average maturities of one to five years.
Intermediate DebtFunds that invest in municipal debt issues with dollar-weighted average maturities of five to ten years.
High Yield DebtFunds that invest at least 50% of assets in lower-rated municipal debt issues.
California DebtFunds that invest primarily in municipal debt issues that are exempt from taxation in California, with dollar-weighted average maturities of five to ten years.
California Short-Interm DebtFunds that invest primarily in municipal debt issues that are exempt from taxation in California, with dollar-weighted average maturities of one to five years.
California Intermediate DebtFunds that invest primarily in municipal debt issues that are exempt from taxation in California, with dollar-weighted average maturities of five to ten years.
Maryland DebtFunds that limit their assets to those securities that are exempt from taxation in Maryland.
Massachusetts DebtFunds that limit their assets to those securities that are exempt from taxation in Massachusetts.
Minnesota DebtFunds that limit their assets to those securities that are exempt from taxation in Minnesota.
New Jersey DebtFunds that limit their assets to those securities that are exempt from taxation in New Jersey.
New York DebtFunds that limit their assets to those securities that are exempt from taxation in New York.
New York Intermediate DebtFunds that invest primarily in municipal debt issues that are exempt from taxation in New York, with dollar-weighted average maturities of five to ten years.
Ohio DebtFunds that limit their assets to those securities that are exempt from taxation in Ohio.
Pennsylvania DebtFunds that limit their assets to those securities that are exempt from taxation in Pennsylvania.
Virginia DebtFunds that limit their assets to those securities that are exempt from taxation in Virginia.
Other States DebtFunds that invest in municipal debt issues and are exempt from taxation on a specified city or state basis.
Other States Short-Interm DebtFunds that invest in municipal debt issues with dollar-weighted average maturities of one to five years and are exempt from taxation on a specified city or state basis.
Other States Intermediate DebtFunds that invest in municipal debt issues with dollar-weighted average maturities of five to ten years and are exempt from taxation on a specified city or state basis.
Muni General & Insured Debt, Leveraged (CEFs)Funds that either invest primarily in municipal debt issues rated in the top three credit ratings or invest primarily in municipal debt issues insured as to timely payment.
Muni General & Insured Debt, Unleveraged (CEFs)Funds that either invest primarily in municipal debt issues rated in the top four credit ratings or invest primarily in municipal debt issues insured as to timely payment.
Money Market CategoriesDescription
Money MarketFunds that invest in high-quality financial instruments rated in the top two grades with dollar-weighted average maturities of less than 60 days. These funds intend to keep constant net asset value.
Money Market InstlFunds that invest in high-quality financial instruments rated in the top two grades with dollar-weighted average maturities of less than 60 days. These funds are commonly limited to 401(k) and pension participants and often require high minimum investments and have lower total expense ratios relative to other money market funds. They intend to keep constant net asset value.
Money Market Tax-ExemptFunds that invest in high-quality municipal obligations with dollar-weighted average maturities of less than 60 days. These funds intend to keep constant net asset value.
Money Market Instl Tax-ExemptFunds that invest in municipal obligations with dollar-weighted average maturities of less than 60 days. These funds are commonly limited to 401(k) and pension participants and often require high minimum investments and have lower total expense ratios relative to other money market funds. They intend to keep constant net asset value.
Money Market U.S. GovernmentFunds that invest principally in financial instruments issued or guaranteed by the U.S. government, its agencies, or its instrumentalities, with dollar-weighted average maturities of less than 60 days. These funds intend to keep constant net asset value.
Money Market Instl U.S. GovernmentFunds that invest principally in financial instruments issued or guaranteed by the U.S. government, its agencies, or its instrumentalities with dollar-weighted average maturities of less than 60 days. These funds are commonly limited to 401(k) and pension participants and often require high minimum investments and have lower total expense ratios relative to other money market funds. They intend to keep constant net asset value.
Money Market U.S. TreasuryFunds that invest principally in U.S. Treasury obligations with dollar-weighted average maturities of less than 60 days. These funds intend to keep a constant net asset value.
Money Market Instl U.S. TreasuryFunds that invest principally in U.S. Treasury obligations with dollar-weighted average maturities of less than 60 days. These funds are commonly limited to 401(k) and pension participants and often require high minimum investments and have lower total expense ratios relative to other money market funds. They intend to keep constant net asset value.
Money Market California Tax-ExemptFunds that invest in municipal obligations of California (double tax-exempt) with dollar-weighted average maturities of less than 60 days. These funds intend to keep constant net asset value.
Money Market New York Tax-ExemptFunds that invest in municipal obligations of New York (double tax-exempt) with dollar-weighted average maturities of less than 60 days. These funds intend to keep constant net asset value.
Money Market Other States Tax-ExemptFunds that invest in municipal obligations of states other than California and New York (double tax-exempt) with dollar-weighted average maturities of less than 60 days. These funds intend to keep constant net asset value.