Match returns to liabilities and obligations.  Often Money Holders do not care about the highest return per se, but want assurance that they can meet their financial obligations.  This is particularly true for retirees as well as many institutional investors such as pension funds and endowments.  If you invest in dividend funds, utilities, bonds, or many types of rental real estate, you know with (relatively high) confidence that you will get predictable incoming cash payments.  For example, two of the biggest municipal bond funds which provide predictable, tax-free income are T. Rowe Price Tax Free High Yield Fund and American High Income Municipal Bond Fund. Bond funds, however, in a low interest environment provide low returns and often do not match investor liabilities. Alternatively, commercial and multi-family real estate funds, which provide a blend of annual dividend-like payment and opportunity for appreciation at exit, have also become a popular investment for liability matching.