Asset classification is a process of assigning assets into groups based on various characteristics of the holdings in a client portfolio. These groups can include basic categorization, such as whether security is an equity or fixed income, or granular categorization criteria, such as market capitalization of the security, geography, industry sector, or style. Asset classification may help to explain portfolio diversification.

Asset Mix classification is based on security type or fund composition. To determine the fund composition of a mutual fund or ETF, the Global Asset Class ID (provided by Morningstar) is used to assign the security to the asset mix. All securities are assigned to one of the following five Asset Mix classifications, based on the rules identified below.

The attributes for mutual fund and ETF classification are based on the dominant asset class (as specified by the fund to the market data provider), which enables you to locate these individual securities at the various asset classification levels based on their portfolio composition.

Category	Rule
Equity	Individual Equity securities Managed Products with Morningstar Global Asset Class ID = Equity
Fixed Income	Individual Fixed Income securities Managed Products with Morningstar Global Asset Class ID = Fixed Income, Tax Preferred, or Convertibles
Alternative/Other	Individual securities classified as Other in Fidelity Security Master Managed Products with Morningstar Global Asset Class ID = Alternative, Commodities, Misc, Property
Cash or Cash Equivalent	Securities classified as Cash in Fidelity Security Master Managed Products with Morningstar Global Asset Class ID = Money Market
Hybrid/Multi-Asset	Managed Products with Morningstar Global Asset Class ID = Allocation

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