The asset-weighted composition of all of the holdings in the portfolio for which we have composition data. Holdings without composition information are not included in the calculation.
Cash
This data point identifies the percentage of the portfolio's net assets held in cash. Cash encompasses both actual cash and cash equivalents (fixed-income securities with a maturity of one year or less) held by the portfolio plus receivables minus payables. Negative percentages of cash indicate that the portfolio is leveraged, meaning it has borrowed against its own assets to buy more securities or that it has used other techniques to gain more than 100% exposure to the market.
U.S. Stocks
The percentage listed under the heading 'U.S. Stocks' incorporates only the portfolio's common stock holdings in U.S.-based companies.
Non-U.S. Stocks
When listed, this data point reflects only the percentage of a portfolio's holdings that are held in foreign stocks, and is calculated from the fund's most recent portfolio. Non-U.S. Stocks includes foreign bonds that are convertible into equity, as well as foreign convertible preferreds.
Bonds
This data point identifies the percentage of the portfolio's' net assets held in bonds. Bonds include everything from government notes to high-yield corporate bonds.
Other
Includes preferred stocks (equity securities that pay dividends at a specific rate) as well as convertible bonds and convertible preferreds, which are corporate securities that are exchangeable for a set amount of another form of security (usually common shares) at a prestated price. Other also denotes all those not-so-neatly categorized securities, such as warrants and options.
Not Classified
Not all individual stocks or all securities in fund portfolios can be identified or classified by Morningstar. If a security cannot be identified or classified, it will be reflected in this number.