Nevertheless, of the 55 "total return" funds currently tracked by Morningstar, 31 are bond funds while 24 are equity products. Furthermore, 33 of the 55 funds don't identify themselves as equity or bond one way or another.

Even with the potential confusion, Enterprise remains nonplussed about the marketing of its new fund.

"If anything, PIMCO's Total Return Fund is probably one of the largest fixed-income funds in the marketplace. If there's any kind of confusion, there would be those who think they're getting a fixed-income product and are getting an equity product," said Enterprise CEO Victor Ugolyn.

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