Last month, Morningstar analysts upgraded the rating of one U.S. mutual fund and downgraded seven. In addition, analysts affirmed the ratings of 59 funds and one target-date series, assigned six new fund ratings and placed two funds under review.
The upgraded fund is American Funds' Ltd-Term Tx-Ex Bd A. The downgraded funds are:
- Franklin Federal Interm-Term T/F Inc A (Silver to Bronze)
- Franklin Federal Tax-Free Income A (Silver to Bronze)
- Franklin NY Tax-Free Income A (Bronze to Neutral)
- GMO Benchmark-Free Allocation III (Silver to Bronze)
- GMO Global Asset Allocation III (Silver to Bronze)
- Schooner A (Bronze to Neutral)
- Wells Fargo Absolute Return A (Bronze to Neutral)
The funds with new ratings are:
- AB Concentrated Growth Advisor (Neutral)
- Artisan Global Equity Investor (Bronze)
- Lazard International Strategic Eq Instl (Bronze)
- Nuveen Intermediate Duration Muni Bd I (Silver)
- Nuveen Limited Term Municipal Bond A (Silver)
- Polen Growth Institutional (Bronze)
The funds placed under review are:
- MFS Global Equity B (Gold)
- USAA World Growth ((Silver)
The list of 59 U.S. funds and one target-date series that Morningstar affirmed in June is available here.