Lipper Objective and Classification Codes

Lipper Objective and Classification Codes


Lipper Objective Codes

Lipper’s objective codes are assigned based on the language that the fund uses in its prospectus to describe how it intends to invest.

Lipper Fund Classifications

Classifications are assigned by Lipper to a specific population of equity funds and are based on how the fund invests. Lipper runs the actual holdings of the fund through an internal model to determine market cap and style versus a benchmark. They will look at U.S. Diversified Equity (USDE) funds and Global and International Equity (WEQ) funds, for example, and assign a classification such as large cap growth or small cap value. Classifications are based on scores for a specific set of portfolio characteristics (P/E, P/B, etc).For many funds (including all fixed income, all money markets, and some equity funds) the Lipper objective code will equal the classification. This is because underlying holdings for these products are not run through Lipper’s model to assign classifications. For USDE and WEQ funds, the classification will be different than the objective.

Lipper Objective and Classification Codes

Fund Style Table. Variables lipper_class, lipper_class_name, lipper_obj_cd, lipper_obj_name.)
Code Objective Class Name Description Where Used
A Corporate Debt Funds A Rated Funds invest primarily in corporate debt issues rated A or better or government issues. C,O
ABR Absolute-Return Funds Funds that aim for positive returns in all market conditions. The funds are not benchmarked against a traditional long-only market index but rather have the aim of outperforming a cash or risk-free benchmark. C,O
ACF Alternative Credit Focus Funds Funds that, by prospectus language, invest in a wide range of creditstructured vehicles by using either fundamental credit research analysis or quantitative credit portfolio modeling trying to benefit from any changes in credit quality, credit spreads, and market liquidity.  (C,O)
AED  Alternative Event Driven Funds  Funds that, by prospectus language, seek to exploit pricing inefficiencies that may occur before or after a corporate event, such as a bankruptcy, merger, acquisition, or spinoff. Event Driven funds can invest in equities, fixed income instruments (investment grade, high yield, bank debt, convertible debt and distressed), options, and other derivatives.  (C,O)
AGM Alternative Global MACRO Funds Funds that, by prospectus language, invest around the world using economic theory to justify the decision-making process. The strategy is typically based on forecasts and analysis about interest rate trends, the general flow of funds, political changes, government policies, intergovernmental relations, and other broad systemic factors. These funds generally trade a wide range of markets and geographic regions, employing a broad range of trading ideas and instruments (C,O)
AL Alabama Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Alabama, (double tax-exempt) or city, (triple tax-exempt). C,O
ALT Alternative Other Funds Funds that, by prospectus language, seek total returns through the use of alternative investment strategies. These strategies include but are not limited to equity market neutral, long/short equity, global macro, event driven, credit focus, or through the use of several different hedge-like strategies.  (C,O)
AMS  Alternative Multi-Strategy Funds Funds that, by prospectus language, seek total returns through the management of several different hedge-like strategies. These funds are typically quantitatively driven to measure the existing relationship between instruments and in some cases to identify positions in which the risk-adjusted spread between these instruments represents an opportunity for the investment manager.  (C,O)
ARM Adjustable Rate Mortgage Funds Funds invest primarily in adjustable rate mortgage securities or other securities collateralized by or representing an interest in mortgages.  
AU Precious Metals Equity Funds Funds invest primarily in shares of gold mines, gold-oriented mining finance houses, gold coins, or bullion. C,O
AZ Arizona Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Arizona, (double tax-exempt) or city, (triple tax-exempt).  
B Balanced Funds Funds whose primary objective is to conserve principal by maintaining at all times a balanced portfolio of both stocks and bonds. Typically, the stock/bond ratio ranges around 60%/40%. O
BBB Corporate Debt Funds BBB-Rated Funds invest primarily in corporate and government debt issues rated in the top four grades. C,O
BBBL Corporate BBB_Rated Debt Funds (Leveraged) Funds that invest primarily in a basket of futures contracts with the aim of reduced volatility and positive returns in any market environment. Investment strategies are based on proprietary trading strategies that include the ability to go long and/or short. C
BM Basic Materials Funds Funds that invest primarily in the equity securities of domestic and foreign companies engaged in manufacturing chemicals; construction materials;glass;paper,forest products, and related packaging products; and metals, minerals, and mining products including steel. C,O
BT Balanced Target Maturity Funds Funds that invest to provide a guaranteed return of investment at maturity (targeted periods). A portion of the assets is invested in zero coupon U.S. Treasury securities, while the remainder is in equity securities for long-term growth of capital and income.  
CA Capital Appreciation Funds Funds that aim at maximum capital appreciation, frequently by means of 100% or more portfolio turnover, leveraging, purchasing unregistered securities, purchasing options, etc. The funds may take large cash positions. O
CAG California Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in California (double tax-exempt) or city (triple tax-exempt). C,O
CAI California Insured Municipal Debt Funds Funds invest primarily in those securities that are exempt from taxation in California, and are insured as to timely payment.  
CAM California Tax-Exempt Money Market Funds Funds invest in municipal obligations of California, (double tax-exempt) or city, (triple tax-exempt) with dollar-weighted average maturities of less than 90 days. Intend to keep a constant NAV. C,O
CAS California Sh-Intmdt Municipal Debt Funds Funds invest primarily in municipal debt issues that are exempt from taxation in California, with dollar-weighted average maturities of one to five years. C,O
CAT California Intermdt Municipal Debt Funds Funds invest primarily in municipal debt issues that are exempt from taxation in California, with dollar-weighted average maturities of five to ten years. C,O
CG Consumer Goods Funds Funds that invest primarily in the equity securities of domestic and foreign companies engaged in manufacturing and distributing consumer goods such as food, beverages, tobacco, and nondurable household goods and personal products. C,O
CH China Region Funds Funds that concentrate investments in equity securities whose primary trading markets or operations are in the China region or in a single country within this region. C,O
CMA Commodities Agriculture Funds Funds that invest primarily in agricultural commodity-linked derivative instruments or physicals. C
CMD Commodities Funds Funds that invest primarily in the equity securities of domestic and foreign companies engaged in trading commodities such as food, grains,metals,foreign currencies, future contracts, and financial instruments, which can be interchangeable with another product of the same type. O
CME Commodities Energy Funds Funds that invest primarily in energy-related commodity-linked derivative instruments or physicals. C
CMG Commodities General Funds Funds that invest primarily in a blended basket of commodity-linked derivative instruments or physicals. C
CMM Commodities Base Metals Funds Funds that invest primarily in base-metal commodity-linked derivative instruments or physicals. C
CMP Commodities Precious Metals Funds Funds that invest primarily in precious-metal commodity-linked derivative instruments or physicals. C
CMS Commodities Specialty Funds Funds that invest primarily in commodity-linked derivative instruments or physicals of sectors or strategies not previously mentioned. These include leveraged or short-biased offerings. C
CN Canadian Funds Funds that concentrate investments in equity securities of Canadian companies.  
CO Colorado Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Colorado, (double tax-exempt) or city, (triple tax-exempt).  
CPB Core Plus Bond Funds  Funds that invest at least 65% in domestic investment-grade debt issues (rated in the top four grades) with any remaining investment in non-benchmark sectors such as high-yield, global, and emerging market debt. These funds maintain dollarweighted average maturities of five to ten years (C )
CRX Currency Funds Funds that invest in US and foreign currencies. This is achieved through the use of short term money market instruments; derivatives (forwards, options, swaps) and cash deposits. C,O
CS Consumer Services Funds Funds that invest primarily in the equity securities of domestic and foreign companies engaged in providing consumer services, including the services segment of hotels, restaurants, and other leisure facilities; media production and services; and consumer retail and services. C,O
CT Connecticut Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Connecticut, (double tax-exempt) or city, (triple tax-exempt).  
CTM Connecticut Tax-Exempt Money Market Funds Funds invest in municipal obligations of Connecticut state, (double tax-exempt) or city, (triple tax-exempt) with dollar-weighted average maturities of less than 90 days. Intend to keep a constant NAV.  
CV Convertible Securities Funds Funds invest primarily in convertible bonds and/or convertible preferred stock. C,O
DL Equity Leverage Funds Diversified and non-diversified equity funds that seek daily investment results of more than 100% of the daily performance of a stated benchmark through any combination of futures contracts, derivatives, and leverage. C,O
DM Developed Market Funds Funds that invest primarily in equity securities whose primary trading markets or operations are in countries (or a single country) outside of the U.S. that are generally considered developed. C,O
DSB Dedicated Short Bias Funds Funds that employ portfolio strategies that consistently create a net short exposure to the market. This objective also includes short only funds, i.e. funds that pursue short sales of stock or stock index options. C,O
EI Equity Income Funds Funds that, by prospectus language and portfolio practice, seek relatively high current income and growth of income by investing primarily in dividend-paying equity securities. Funds’ gross or net yield must be at least 125% of the average gross or net yield of the U.S. diversified equity fund universe. O
EIEI Equity Income Funds Funds that, by prospectus language and portfolio practice, seek relatively high current income and growth of income by investing primarily in dividend-paying equity securities. This funds’ gross or net yield must be at least 125% of the average gross or net yield of the U.S. diversified equity fund universe. C
ELCC Extended U.S. Large-Cap Core Funds Funds that combine long and short stock selection to invest in a diversified portfolio of U.S. large-cap equities, with a target net exposure of 100% long.Typical strategies vary between 110% long and 10% short to 160% long and 60% short. C
EM Emerging Markets Funds Funds that seek long-term capital appreciation by investing primarily in emerging market equity securities, where emerging market is defined by a country’s GNP per capita or other economic measures. C,O
EMD Emerging Markets Debt Funds Funds seek either current income or total return by investing primarily in emerging market debt securities, where emerging market is defined by a country’s GNP per capita or other economic measures. C,O
EML Emerging Markets Local Currency Debt Funds Funds that seek either current income or total return by investing at least 65% of total assets in emerging market debt issues denominated in the currency of their market of issuance. C,O
EMN Equity Market Neutral Funds Funds that employ portfolio strategies that generate consistent returns in both up and down markets by selecting positions with a total net market exposure of zero. C,O
EU European Region Funds Funds that concentrate investments in equity securities whose primary trading markets or operations are concentrated in the European region or a single country within this region. C,O
FL Florida Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Florida, (double tax-exempt) or city, (triple tax-exempt).  
FLI Florida Insured Municipal Debt Funds In closed-End Funds: Funds that invests primarily in securities that are exempt from taxation in Florida and are insured as to timely payment. Florida insured municipal debt funds will be classified in Single-State Insured Municipal Debt Funds, with objective of Florida Insured Municipal Debt Funds (FLI)  
FLT Florida Intermediate Municipal Debt Funds Funds invest primarily in municipal debt issues that are exempt from taxation in Florida, with dollar-weighted average maturities of five to ten years.  
FLX Flexible Income Funds Funds emphasize income generation by investing at least 85% of assets in debt issues and preferred and convertible securities. C,O
FS Financial Services Funds Funds invest primarily in equity securities of companies engaged in providing financial services, including but not limited to banks, finance companies, insurance companies, and securities/brokerage firms. C,O
FX Flexible Portfolio Funds Funds that allocate investments across various asset classes, including domestic common stocks, bonds, and money market instruments with a focus on total return. C,O
G Growth Funds Funds that normally invest in companies with long-term earnings expected to grow significantly faster than the earnings of the stocks represented in the major unmanaged stock indices. O
GA Georgia Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Georgia, (double tax-exempt) or city, (triple tax-exempt).  
GB General Bond Funds Funds do not have any quality or maturity restrictions. Intend to keep a bulk of their assets in corporate and government debt issues. C,O
GEI Global Equity Income Funds Funds that, by prospectus language and portfolio practice, seek relatively high current income and growth of income by investing at least 65% or more of their portfolio in dividend-paying equity securities of domestic and foreign companies C
GFS Global Financial Service Funds Funds that invest primarily in the equity securities of domestic and foreign companies engaged in providing financial services, including but not limited to banks,finance companies, insurance companies, and securities/brokerage firms. C,O
GH Global Health/Biotechnology Funds Funds that invest primarily in the equity securities of domestic and foreign companies engaged in healthcare, medicine and biotechnology. C,O
GI Growth and Income Funds Funds that combine a growth-of-earnings orientation and an income requirement for level and/or rising dividends. O
GIF  Global Infrastructure Funds Funds that invest primarily in equity securities of domestic and foreign companies engaged in an infrastructure industry, includ- ing but not limited to transportation, communication, and waste management (C,O)
GL Global Funds Funds that invest at least 25% of their portfolio in securities traded outside of the United States and that may own U.S. securities as well. C,O
GLCC Global Large-Cap Core Funds that, by portfolio practice, invest at least 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) greater than 400% of the 75th market capitalization percentile of the S&P/Citigroup World Broad Market Index. Large-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World BMI. C
GLCG Global Large-Cap Growth Funds that, by portfolio practice, invest at least 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) greater than 400% of the 75th market capitalization percentile of the S&P/Citigroup World Broad Market Index. Large-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World BMI. C
GLCV Global Large-Cap Value Funds that, by portfolio practice, invest at least 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) greater than 400% of the 75th market capitalization percentile of the S&P/Citigroup World Broad Market Index. Large-cap value funds typically have a below-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World BMI. C
GLI Global Income Funds Funds invest primarily in U.S. dollar and non-U.S. dollar debt securities of issuers located in at least three countries, one of which may be the United States. C,O
GM General & Insured Municipal Debt Funds Funds invest primarily in municipal debt issues in the top four credit ratings. C,O
GMLC Global Multi-Cap Core Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have 25% to 75% of their assets invested in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) above 400% of the 75th market capitalization percentile of the S&P/Citigroup World Broad Market Index. Multi-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup BMI. C
GMLG Global Multi-Cap Growth Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have 25% to 75% of their assets invested in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) above 400% of the 75th market capitalization percentile of the S&P/Citigroup World Broad Market Index. Multi-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup BMI. C
GMLV Global Multi-Cap Value Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have 25% to 75% of their assets invested in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) above 400% of the 75th market capitalization percentile of the S&P/Citigroup World Broad Market Index. Multi-cap value funds typically have a below-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup BMI. C
GNM GNMA Funds Funds invest primarily in Government National Mortgage Association securities. C,O
GNR Global Natural Resources Funds Funds that invest primarily in the equity securities of domestic and foreign companies engaged in natural resources. C,O
GRE Global Real Estate Funds Funds that invest at least 25% but less than 75% of their equity portfolio in shares of companies engaged in the real estate industry that are strictly outside of the U.S. or whose securities are principally traded outside of the U.S. C,O
GS Global Small-Cap Funds Fund that invest at least 25% of their portfolio in securities with primary trading markets outside the United States, and that limits at least 65% of their investments to companies with market capitalizations less than US $1 billion at the time of purchase. O
GSMC Global Small/Mid-Cap Core Funds that, by portfolio practice, invest at least 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) less than 400% of the 75th market capitalization percentile of the S&P/Citigroup World Broad Market Index. Small/mid-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World BMI.  
GSME Global Small-/Mid-Cap Funds Funds that, by portfolio practice, invest at lest 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) below Lipper’s global large-cap floor. Combines Global Small/Mid-Cap Value Funds, Global Small/Mid-Cap Core Funds and GLobal Small/Mid-Cap Growth Funds into a new classification. C
GSMG Global Small/Mid-Cap Growth Funds that, by portfolio practice, invest at least 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) less than 400% of the 75th market capitalization percentile of the S&P/Citigroup World Broad Market Index. Small/mid-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World BMI.  
GSMV Global Small/Mid-Cap Value Funds that, by portfolio practice, invest at least 75% of their equity assets in companies both inside and outside of the U.S. with market capitalizations (on a three-year weighted basis) less than 400% of the 75th market capitalization percentile of the S&P/Citigroup World Broad Market Index. Small/mid-cap value funds typically have a below-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World BMI.  
GTK Global Science/Technology Funds Funds that invest primarily in the equity securities of domestic and foreign companies engaged in science and technology. C,O
GUS General U.S. Government Funds Funds invest primarily in U.S. government and agency issues. C,O
GUT General U.S. Treasury Funds Funds invest primarily in U.S. Treasury bills, notes, and bonds. C,O
GX Global Flexible Port Funds Funds that allocate investments across various asset classes, including both domestic and foreign stocks, bonds, and money market instruments focused on total return. At least 25% of portfolio is invested in securities traded outside of the U.S.  
H Health/Biotechnology Funds Funds invest primarily in shares of companies engaged in health care, medicine, and biotechnology. C,O
HI Hawaii Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Hawaii, (double tax-exempt) or city, (triple tax-exempt).  
HM High Yield Funds Funds invest at least 50% of assets in lower rated municipal debt issues. C,O
HY High Current Yield Funds Funds aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower grade debt issues. C,O
I Income Funds Funds that normally seek a high level of current income through investing in income-producing stocks, bonds, and money market instruments.  
ID Industrials Funds Funds that invest primarily in the equity securities of domestic and foreign companies engaged in manufacturing and distributing capital goods including aerospace and defense, construction, engineering, and building products; electrical equipment; industrial machinery; commercial services and supplies including printing, employment , environmental, and office services ; transportation services including airlines and couriers; and marine, road and rail, and transportation infrastructure. C,O
IEI International Equity Income Funds Funds that, by prospectus language and portfolio practice, seek relatively high current income and growth of income by investing at least 65% or more of their portfolio in dividend-paying equity securities of foreign companies. C
IF International Funds Funds that invest their assets in securities with primary trading markets outside of the United States. O
IID Intermediate Investment Grade Debt Funds Funds invest primarily in investment grade debt issues (rated in top four grades) with dollar-weighted average maturities of five to ten years. C,O
ILCC International Large-Cap Core Funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) greater than 400% of the 75th market capitalization percentile of the S&P/Citigroup World ex-U.S. Broad Market Index. Large-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI. C
ILCG International Large-Cap Growth Funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) greater than 400% of the 75th market capitalization percentile of the S&P/Citigroup World ex-U.S. Broad Market Index. Large-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI. C
ILCV International Large-Cap Value Funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) greater than 400% of the 75th market capitalization percentile of the S&P/Citigroup World ex-U.S. Broad Market Index. Large-cap value funds typically have a below-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI. C
IMD Intermediate Municipal Debt Funds Funds invest in municipal debt issues with dollar-weighted average maturities of five to ten years. C,O
IMLC International Multi-Cap Core Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have 25% to 75% of their assets invested in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) above 400% of the 75th market capitalization percentile of the S&P/Citigroup World ex-U.S. Broad Market Index. Multi-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI. C
IMLG International Multi-Cap Growth Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have 25% to 75% of their assets invested in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) above 400% of the 75th market capitalization percentile of the S&P/Citigroup World ex-U.S. Broad Market Index. Multi-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI. C
IMLV International Multi-Cap Value Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have 25% to 75% of their assets invested in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) above 400% of the 75th market capitalization percentile of the S&P/Citigroup World ex-U.S. Broad Market Index. Multi-cap value funds typically have a below-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI. C
IMM Instl Money Market Funds Funds invest in high quality financial instruments rated in top 2 grades w/ dollar-weighted average maturities < 90 days. Require high minimum investments & have lower total expense ratios relative to other MM funds. Intend to keep a constant NAV. C,O
INI International Income Funds Funds invest primarily in non-U.S. dollar and U.S. dollar debt securities of issuers located in at least three countries, excluding the U.S., except in periods of market weakness. C,O
INR India Region Funds Funds that concentrate their investments in equity securities with primary trading markets or operations concentrated in the India region. C,O
IRE International Real Estate Funds Funds that invest at least 75% of their equity portfolio in shares of companies engaged in the real estate industry that are strictly outside of the U.S. or whose securities are principally traded outside of the U.S. C,O
IS International Small-Cap Funds Funds that invest at least 65% of their assets in equity securities of non-United States companies with market capitalizations less than US $1 billion at time of purchase. O
ISMC International Small/Mid-Cap Core Funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) less than 400% of the 75th market capitalization percentile of the S&P/Citigroup World ex-U.S. Broad Market Index. Small/mid-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI. C
ISMG International Small/Mid-Cap Growth Funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) less than 400% of the 75th market capitalization percentile of the S&P/Citigroup World ex-U.S. Broad Market Index. Small/mid-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI. C
ISMV International Small/Mid-Cap Value Funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) less than 400% of the 75th market capitalization percentile of the S&P/Citigroup World ex-U.S. Broad Market Index. Small/mid-cap value funds typically have a below-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI. C
ITE Instl Tax-Exempt Money Market Funds Funds invest in municipal obligations w/ dollar-weighted average maturities of less than 90 days. Funds require high minimum investments, have lower total expense ratios relative to other money market funds, intend to keep a constant NAV. C,O
ITM Instl U.S. Treasury Money Market Funds Funds invest principally in U.S. Treasury obligations with dollar-weighted average maturities of < 90 days. Funds require high minimum investments and have lower total expense ratios relative to other money market funds. Intend to keep a constant NAV. C,O
IUG Intermediate U.S. Government Funds Funds invest primarily in securities issued or guaranteed by the U.S. government, its agencies, or its instrumentalities, with dollar-weighted average maturities of five to ten years. C,O
IUS Instl U.S. Government Money Market Funds Funds invest principally in financial instruments issued or guaranteed by the U.S. government., its agencies, or instrumentalities with dollar-weighted average maturities of < 90 days. Require high minimum investments, have lower total expense ratios relative to other MM funds. Intend to keep a constant NAV. C,O
IUT Inflation Protected Bond Funds Funds that invest primarily in inflation-indexed fixed income securities. Inflation-linked bonds are fixed income securities that are structured to provide protection against inflation. C,O
JA Japanese Funds Funds that concentrate investments in equity securities of Japanese companies. C,O
KS Kansas Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Kansas, (double tax-exempt) or city, (triple tax-exempt).  
KY Kentucky Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Kentucky, (double tax-exempt) or city, (triple tax-exempt).  
LA Louisiana Municipal Debt Funds Funds limit assets to those securities that are exempt from taxation in Louisiana, (double tax-exempt) or city, (triple tax-exempt).  
LCCE Large-Cap Core Funds Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index. C
LCGE Large-Cap Growth Funds Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index. C
LCVE Large-Cap Value Funds Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index. C
LP Loan Participation Funds Funds that invest primarily in participation interests in collateralized senior corporate loans which have floating or variable rates. C,O
LSE Long/Short Equity Funds Funds that employ portfolio strategies that combine long holdings of equities with short sales of equity, equity options, or equity index options, the fund may be either net long or net short depending on the portfolio manager’s view of the market. C,O
LT Latin American Funds Funds that concentrate investments in equity securities with primary trading markets or operations concentrated in the Latin American region or in a single country within this region. C,O
MA Massachusetts Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Massachusetts, (double tax-exempt) or city, (triple tax-exempt).  
MAM Massachusetts Tax-Exempt Money Market Fd Funds invest in municipal obligations of Massachusetts state, (double tax-exempt) or city, (triple tax-exempt) with dollar-weighted average maturities of less than 90 days. Intend to keep a constant NAV.  
MAT Massachusetts Intermediate Muni Debt Funds Funds invest primarily in municipal debt issues that are exempt from taxation in Massachusetts, with dollar-weighted average maturities of five to ten years.  
MATA Mixed-Asset Target 2010 Funds Funds that seek to maximize assets for retirement or other purposes with an expected time horizon not to exceed the year 2010. C
MATB Mixed-Asset Target 2020 Funds Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2016 to December 31,2020. C
MATC Mixed-Asset Target 2030 Funds Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2026 to December 31,2030. C
MATD Mixed-Asset Target 2035 Funds Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2031 to December 31,2035. C
MATE Mixed-Asset Target 2050+ Funds Funds that seek to maximize assets for retirement or other purposes with an expected time horizon exceeding the year 2045. C
MATF Mixed-Asset Target 2015 Funds Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2011 to December 31,2015. C
MATG Mixed-Asset Target 2025 Funds Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2021 to December 31,2025. C
MATH Mixed-Asset Target 2040 Funds Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2036 to December 31,2040. C
MATI Mixed-Asset Target 2045 Funds Funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2041 to December 31,2045. C
MATJ Mixed-Asset Target Today Funds Funds that, by portfolio practice, maintain a conservative mix of equity, bonds, cash, and cash equivalents designed to provide income to investors who are in or close to retirement. C
MC Mid-Cap Funds Funds that by prospectus or portfolio practice invest primarily in companies with market capitalizations less than $5 billion at the time of purchase. O
MCCE Mid-Cap Core Funds Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Mid-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index. C
MCGE Mid-Cap Growth Funds Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Mid-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index. C
MCVE Mid-Cap Value Funds Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Mid-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index. C
MD Maryland Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Maryland, (double tax-exempt) or city, (triple tax-exempt).  
MDI Insured Municipal Debt Funds Funds invest primarily in municipal debt issues insured as to timely payment.  
MFF Managed Futures Funds Funds that invest primarily in a basket of futures contracts with the aim of reduced volatility and positive returns in any market environment. Investment strategies are based on proprietary trading strategies that include the ability to go long and/or short. C,O
MI Michigan Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Michigan, (double tax-exempt) or city, (triple tax-exempt).  
MIM Michigan Tax-Exempt Money Market Funds Funds invest in municipal obligations of Michigan state (double tax-exempt) or city (triple tax-exempt) with dollar-weighted average maturities of less than 90 days. Intend to keep a constant NAV.  
MLCE Multi-Cap Core Funds Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have between 25% to 75% of their assets invested in companies with market capitalizations (on a three-year weighted basis) above 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Multi-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500 Index. C
MLGE Multi-Cap Growth Funds Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have between 25% to 75% of their assets invested in companies with market capitalizations (on a three-year weighted basis) above 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Multi-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500 Index. C
MLVE Multi-Cap Value Funds Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap funds typically have between 25% to 75% of their assets invested in companies with market capitalizations (on a three-year weighted basis) above 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Multi-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500 Index. C
MM Money Market Funds Funds invest in high quality financial instruments rated in top two grades with dollar-weighted average maturities of less than 90 days. Intend to keep a constant NAV.  
MN Minnesota Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Minnesota, (double tax-exempt) or city, (triple tax-exempt).  
MO Missouri Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Missouri, (double tax-exempt) or city, (triple tax-exempt).  
MR Micro-Cap Funds Funds that by prospectus or portfolio practice invest primarily in companies with market capitalizations less than $300 million at the time of purchase. O
MSI Multi-Sector Income Funds Funds seek current income by allocating assets among different fixed income securities sectors, (not primarily in one sector except for defensive purposes), including U.S. & foreign governments, with a significant portion rated below investment grade. C,O
MTAA Mixed-Asset Target Allocation Aggressive Growth Funds Fund of funds that, by portfolio practice, maintain at least 80% of assets in equity securities,  with the remainder invested in bonds, cash, and cash equivalents (C )
MTAC Mixed-Asset Target Alloc Consv Funds Funds that by portfolio practice maintain a mix of between 20%-40% equity securities, with the remainder invested in bonds, cash, and cash equivalents. C
MTAG Mixed-Asset Target Alloc Growth Funds Funds that by portfolio practice maintain a mix of between 60%-80% equity securities, with the remainder invested in bonds, cash, and cash equivalents. C
MTAM Mixed-Asset Target Alloc Moderate Funds Funds that by portfolio practice maintain a mix of between 40%-60% equity securities, with the remainder invested in bonds, cash, and cash equivalents. C
MTRI Retirement Income Funds Funds designed  to combine professional asset management with professionally managed withdrawals to assist investors in retirement.  (C )
NC North Carolina Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in North Carolina, (double tax-exempt) or city, (triple tax-exempt).  
NJ New Jersey Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in New Jersey, (double tax-exempt) or city, (triple tax-exempt).  
NJM New Jersey Tax-Exempt Money Market Funds Funds invest in municipal obligations of New Jersey, (double tax-exempt) or city, (triple tax-exempt) with dollar-weighted average maturities of less than 90 days. Intend to keep a constant NAV.  
NR Natural Resources Funds Funds invest primarily in natural resources stocks.  
NY New York Municipal Debt Funds Funds that limit their assets to those securities that are exempt from taxation in New York, (double tax-exempt) or city, (triple tax-exempt).  
NYI New York Insured Municipal Debt Funds Funds that invest at least 65% of their assets in those securities that are exempt from taxation in New York, and are insured as to timely payment.  
NYM New York Tax-Exempt Money Market Funds Funds invest in municipal obligations of New York state, (double tax-exempt) or city, (triple tax-exempt) with dollar-weighted average maturities of less than 90 days. Intend to keep constant net asset value. C,O
NYT New York Intermdt Municipal Debt Funds Funds invest primarily in municipal debt issues that are exempt from taxation in New York, with dollar-weighted average maturities of five to ten years. C,O
OH Ohio Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Ohio, (double tax-exempt) or city, (triple tax-exempt).  
OHM Ohio Tax-Exempt Money Market Funds Funds invest in municipal obligations of Ohio state, (double tax-exempt) or city, (triple tax-exempt) with dollar-weighted average maturities of less than 90 days. Intend to keep a constant NAV.  
OHT Ohio Intermediate Municipal Debt Funds Funds invest primarily in municipal debt issues that are exempt from taxation in Ohio, with dollar-weighted average maturities of five to ten years.  
OR Oregon Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Oregon, (double tax-exempt) or city, (triple tax-exempt).  
OSS Other States Short-Intmdt Muni Debt Funds Funds invest in municipal debt issues with dollar-weighted average maturities of one to five years and are exempt from taxation on a specified city or state basis. C,O
OST Other States Intermediate Muni Debt Funds Funds invest in municipal debt issues with dollar-weighted average maturities of five to ten years and are exempt from taxation on a specified city or state basis. C,O
OTH Other States Municipal Debt Funds Funds invest in municipal debt issues with dollar-weighted average maturities of five to ten years and are exempt from taxation on a specified city or state basis. C,O
OTM Other States Tax-Exempt Money Market Funds Funds invest in municipal obligations of other states, (double tax-exempt) or city, (triple tax-exempt) with dollar-weighted average maturities of less than 90 days. Intend to keep constant net asset value.  
PA Pennsylvania Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Pennsylvania, (double tax-exempt) or city, (triple tax-exempt). C,O
PAM Pennsylvania Tax-Exempt Money Market Funds Funds invest in municipal obligations of Pennsylvania state, (double tax-exempt) or city, (triple tax-exempt) with dollar-weighted average maturities of less than 90 days. Intend to keep constant net asset value.  
PAT Pennsylvania Intermediate Muni Debt Funds Funds invest primarily in municipal debt issues that are exempt from taxation in Pennsylvania, with dollar-weighted average maturities of five to ten years.  
PC Pacific Region Funds Funds that concentrate investments in equity securities with primary trading markets or operations concentrated in the Western Pacific Basin region or a single country within this region.  
RE Real Estate Funds Funds invest primarily in equity securities of domestic and foreign companies engaged in the real estate industry. C,O
S Specialty/Miscellaneous Funds Funds that limit fund investments to a specific industry (e.g., transportation, retailing, or paper, etc.) or one that has not been classified into an existing investment objective. C,O
SC South Carolina Municipal Debt Funds Funds that limit their assets to those securities that are exempt from taxation in South Carolina (double tax-exempt) or city (triple tax-exempt).  
SCCE Small-Cap Core Funds Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index. C
SCGE Small-Cap Growth Funds Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index. C
SCVE Small-Cap Value Funds Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of S&P SuperComposite 1500 Index. Small-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index. C
SESE Specialty Diversified Equity Funds Funds that, by portfolio practice, invest in all market capitalization ranges without restriction. These funds typically have distinctly different strategies and performance, resulting in a low coefficient of determination (r-squared) compared to other U.S. diversified equity funds. Examples of specialty diversified equity funds include enhanced index funds and market short funds. C
SFI Specialty Fixed Income Funds that by portfolio practice invest in fixed income strategies that are outside Lipper’s other fixed income classifications. These funds typically have distinctly different performance and strategies, including the use of short positions and leverage. C,O
SG Small-Cap Funds Funds that by prospectus or portfolio practice invest primarily in companies with market capitalizations less than $1 billion at the time of purchase. O
SID Short Investment Grade Debt Funds Funds invest primarily in investment grade debt issues (rated in top four grades) with dollar-weighted average maturities of less than three years. C,O
SII Short-Intmdt Investment Grade Debt Funds Funds invest primarily in investment grade debt issues (rated in top four grades) with dollar-weighted average maturities of one to five years. C,O
SIM Short-Intmdt Municipal Debt Funds Funds invest in municipal debt issues with dollar-weighted average maturities of one to five years. C,O
SIU Short-Intermediate U.S. Government Funds Funds invest primarily in securities issued or guaranteed by the U.S. government, its agencies, or its instrumentalities, with dollar-weighted average maturities of one to five years. C,O
SMD Short Municipal Debt Funds Funds invest in municipal debt issues with dollar-weighted average maturities of less than three years. C,O
SP S&P 500 Index Objective Funds Funds that are passively managed and commit by prospectus language to replicate the performance of the S&P 500 Index, including reinvested dividends. In addition, S&P 500 Index funds have limited expenses (advisor fee no higher than 0.50%). O
SPSP S&P 500 Index Objective Funds Funds that are passively managed and commit by prospectus language to replicate the performance of the S&P 500 Index, including reinvested dividends. In addition, S&P 500 Index funds have limited expenses (advisor fee no higher than 0.50%). C,O
SSIM Single-State Insured Municipal Debt Funds In Open-End and Closed-End Funds;Funds that limit assets to those securities exempt from taxation in a specified state (double tax-exempt) or city (triple tax-exempt) and are insured as to timely payment. Due to the introduction of the Single-State Insured Municipal Debt Funds (SSIM) classification, the New York Insured Municipal Debt FUNDS (NYI) and California Insured Municipal Debt Funds (CAI) classifications will not be available after May 23, 2008. These classifications will be collapsed into the Single-State Insured Municipal Debt Funds classification; however, Lipper will continue to maintain the NYI and CAI objectives.  
STB Stable Value Funds Funds that aim to provide income while limiting price fluctuations by investing primarily in guaranteed investment contracts (GICs) or wrapped bonds (synthetic GICs). C,O
SUS Short U.S. Government Funds Funds invest primarily in securities issued or guaranteed by the U.S. government, its agencies, or its instrumentalities, with dollar-weighted average maturities of less than three years. C,O
SUT Short U.S. Treasury Funds Fund invests primarily in U.S. Treasury bills, notes and bonds with dollar-weighted average maturitie of less than three years. C,O
SWM Short World Mulit-Market Income Funds Funds that invest in non-U.S. dollar and U.S. dollar debt instruments and, by policy, keep a dollar-weighted average maturity of less than five years.  
TEM Tax-Exempt Money Market Funds Funds invest in high quality municipal obligations with dollar-weighted average maturities of less than 90 days. Intend to keep a constant net asset value. C,O
TK Science & Technology Funds Funds invest primarily in science and technology stocks. C,O
TL Telecommunication Funds Funds invest primarily in equity securities of domestic and foreign companies engaged in the development, manufacture, or sales of telecommunications services or equipment.  
TM Target Maturity Funds Funds invest principally in zero-coupon U.S. Treasury securities or in coupon-bearing U.S. government securities targeted to mature in a specific year.  
TN Tennessee Municipal Debt Funds Funds that limit its assets to those securities that are exempt from taxation in Tennessee, (double tax-exempt) or city, (triple tax-exempt).  
TX Texas Municipal Debt Funds Funds that limit their assets to those securities that are exempt from taxation in Texas (double tax-exempt) or city (triple tax-exempt).  
USM U.S. Mortgage Funds Funds invest primarily in mortgages/securities issued or guaranteed as to principal and interest by the U.S. government and certain federal agencies. C,O
USO Ultra-Short Obligations Funds Funds invest primarily in investment grade debt issues, or better, and maintains a portfolio dollar-weighted average maturity between 91 days and 365 days. C,O
USS U.S. Government Money Market Funds Funds invest principally in financial instruments issued or guaranteed by the U.S. government, its agencies, or its instrumentalities, with dollar-weighted average maturities of less than 90 days. Intend to keep a constant NAV. C,O
UST U.S. Treasury Money Market Funds Funds invest principally in U.S. Treasury obligations with dollar-weighted average maturities of less than 90 days. Intend to keep a constant net asset value. C,O
UT Utility Funds Funds invest primarily in utility shares. C,O
VA Virginia Municipal Debt Funds Funds that limit their assets to those securities that are exempt from taxation in Virginia, (double tax-exempt) or city, (triple tax-exempt).  
VAT Virginia Intermediate Municipal Debt Funds Funds that invest at least 65% of its assets in municipal debt issues that are exempt from taxation in Virginia, with dollar-weighted average maturities of five to ten years.  
WA Washington Municipal Debt Funds Funds that limit their assets to those securities that are exempt from taxation in Washington (double tax-exempt) or city (triple tax-exempt).  
XJ Pacific Ex Japan Funds Funds that concentrate investments in equity securities with primary trading markets or operations concentrated in the Pacific region (including Asian countries) and that specifically does not invest in Japan. C,O