For investors, perhaps the biggest question about all the flexible funds is how they would do in a vastly different market.

The categories will be combined with one of four market-capitalization rankings, from micro- to large-cap, with a fifth group, called all-capitalization, for more flexible funds.

Some mutual funds are intended to time the market - specifically, the group known as flexible funds, which allocate assets among stocks, bonds and cash.

"The whole idea is to make the fund more flexible in dealing with members' requests for cash," said an international official who insisted on not being identified.

A look at the performance of some flexible funds that aim to do just that.

So do global flexible funds, also called asset allocation funds, which invest one-quarter of their portfolios overseas.

It gives cities and states flexible funds to invest in homeownership and rental housing, money that attracts other private investment.

Balanced funds usually own 60 percent stocks, 40 percent bonds while flexible funds shift the proportions.

Global flexible funds invest in stocks, bonds and money-market securities, with at least 25 percent of the portfolio invested outside the United States.

So far this year, the 28-year-old Ms. Biggs has posted a 5.4 percent gain while other global flexible funds have lost nearly 7 percent.