Lipper Fund Categories

These categories are based on Lipper's latest classification system, revised September 1999.

Category Description
Adjustable Rate Mortgage Fund invests at least 65% of fund assets in adjustable rate mortgage securities or other securities collateralized by or representing an interest in mortgages.
Alabama Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Alabama, (double tax-exempt) or city, (triple tax-exempt).
Arizona Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Arizona, (double tax-exempt) or city, (triple tax-exempt).
Balanced Fund 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%.
Balanced Target Maturity Fund invests to provide a guaranteed return of investment at maturity (targeted periods). Some of the assets are invested in zero-coupon U.S. Treasury securities, while the remainder is in equity securities for long-term growth of capital and income.
California Insured Municipal Debt Fund invests at least 65% of assets in those securities that are exempt from taxation in California, and are insured as to timely payment.
California Intermdt Municipal Debt Fund invests at least 65% of assets in municipal debt issues that are exempt from taxation in California, with dollar-weighted average maturities of five to ten years.
California Municipal Debt Fund invests at least 65% of assets in municipal debt issues that are exempt from taxation in California, with dollar-weighted average maturities of five to ten years.
California Sh-Intmdt Municipal Debt Fund invests at least 65% of assets in municipal debt issues that are exempt from taxation in California, with dollar-weighted average maturities of one to five years.
Canadian Fund that concentrates investments in equity securities of Canadian companies.
Capital Appreciation (obsolete category)
China Region Fund that concentrates investments in equity securities whose primary trading markets or operations are in the China region or in a single country within this region.
Colorado Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Colorado, (double tax-exempt) or city, (triple tax-exempt).
Connecticut Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Connecticut, (double tax-exempt) or city, (triple tax-exempt).
Convertible Securities Fund invests primarily in convertible bonds and/or convertible preferred stock.
Corporate Debt A-Rated Fund invests at least 65% of fund assets in corporate debt issues rated "A" or better or government issues.
Corporate Debt BBB-Rated Fund invests at least 65% of fund assets in corporate and government debt issues rated in the top four grades.
Emerging Markets Debt Fund seeks either current income or total return by investing at least 65% of total assets in emerging market debt securities, where "emerging market" is defined by a country's GNP per capita or other economic measures.
Emerging Markets Fund that seeks long-term capital appreciation by investing at least 65% of total assets in emerging market equity securities, where "emerging market" is defined by a country's GNP per capita or other economic measures.
Equity Income Funds that, by prospectus and portfolio practice, seek relatively high current income and growth of income through investing 65% or more of their portfolios in dividend-paying equity securities. These funds’ gross yield (or net yield) must be at least 125% of the U.S. diversified equity funds universe gross-yield (or net-yield) average.
European Region Fund that concentrates investments in equity securities whose primary trading markets or operations are concentrated in the European region or a single country within this region.
Financial Services Fund invests 65% of the portfolio in equity securities of companies engaged in providing financial services, including but not limited to banks, finance companies, insurance companies, and securities/brokerage firms.
Flexible Income Fund emphasizes income generation by investing at least 85% of assets in debt issues and preferred and convertible securities.
Flexible Portfolio Fund that allocates investments across various asset classes, including domestic common stocks, bonds, and money market instruments with a focus on total return.
Florida Insured Municipal Debt Fund that invests at least 65% of its assets in securities that are exempt from taxation in Florida and are insured as to timely payment.
Florida Intermediate Municipal Debt Fund invests at least 65% of assets in municipal debt issues that are exempt from taxation in Florida, with dollar-weighted average maturities of five to ten years.
Florida Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Florida, (double tax-exempt) or city, (triple tax-exempt).
GNMA Fund invests at least 65% of fund assets in Government National Mortgage Association securities.
General Bond Fund does not have any quality or maturity restrictions. Intends to keep a bulk of its assets in corporate and government debt issues.
General Equity This is a super-category, defined by Personal Fund, for diversified U.S. stock funds that are not specifically concentrated in either large-cap or small-cap.  It includes the 3 Mid-Cap and the 3 Multi-Cap categories
General Municipal Debt Fund invests at least 65% of assets in municipal debt issues in the top four credit ratings.
General U.S. Government Fund invests at least 65% of fund assets in U.S. government and agency issues.
General U.S. Treasury Fund invests at least 65% of fund assets in U.S. Treasury bills, notes, and bonds.
Georgia Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Georgia, (double tax-exempt) or city, (triple tax-exempt).
Global Flexible Port Fund that allocates 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.
Global Fund invests at least 25% of its portfolio in securities traded outside of the United States and that may own U.S. securities as well.
Global Income Fund invests 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.
Global Small-Cap Fund invests at least 25% of portfolio in securities with primary trading markets outside the United States, and limits at least 65% of its investments to companies with a market capitalization of less than US $1 billion at the time of purchase.
Gold Oriented Fund invests at least 65% of the fund equity portfolio in shares of gold mines, gold-oriented mining finance houses, gold coins, or bullion.
Hawaii Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Hawaii, (double tax-exempt) or city, (triple tax-exempt).
Health/Biotechnology Fund invests 65% of equity portfolio in shares of companies engaged in health care, medicine, and biotechnology.
High Current Yield Fund aims at high (relative) current yield from fixed income securities, has no quality or maturity restrictions, and tend to invest in lower grade debt issues.
High Yield Municipal Debt Fund invests at least 50% of assets in lower rated municipal debt issues.
Income Fund that normally seeks a high level of current income through investing in income-producing stocks, bonds, and money market instruments.
Insured Municipal Debt Fund invests at least 65% of assets in municipal debt issues insured as to timely payment.
Intermediate Investment Grade Debt Fund invests at least 65% of fund assets in investment grade debt issues (rated in top four grades) with dollar-weighted average maturities of one to five years.
Intermediate Municipal Debt Fund invests in municipal debt issues with dollar-weighted average maturities of five to ten years.
Intermediate U.S. Government Fund invests at least 65% of fund assets 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.
Intermediate U.S. Treasury Fund invests at least 65% of assets in U.S. Treasury bills, notes and bonds with dollar-weighted average maturities of five to ten years.
International Fund invests fund assets in securities with primary trading markets outside of the United States.
International Income Fund invests 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.
International Small-Cap Fund invests at least 65% of assets in equity securities of non-United States companies with a market capitalization of less than US $1 billion at time of purchase.
Japanese Fund that concentrates investments in equity securities of Japanese companies.
Kansas Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Kansas, (double tax-exempt) or city, (triple tax-exempt).
Kentucky Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Kentucky, (double tax-exempt) or city, (triple tax-exempt).
Large-Cap A super-category, defined by Personal Fund, that includes Large-Cap Core, Large-Cap Growth, Large-Cap Value and S+P 500 Index funds.
Large-Cap Core Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) of greater than 300% of the dollar-weighted median market capitalization of the S&P Mid-Cap 400 Index. Large-Cap Core funds have wide latitude in the companies in which they invest. These funds will normally have an average price-to-earnings ratio, price-to-book ratio, and three-year earnings growth figure, compared to the U.S. diversified large-cap funds universe average.
Large-Cap Growth Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) of greater than 300% of the dollar-weighted median market capitalization of the S&P Mid-Cap 400 Index. Large-Cap Growth Funds normally invest in companies with long-term earnings expected to grow significantly faster than the earnings of the stocks represented in a major unmanaged stock index. These funds will normally have an above-average price-to-earnings ratio, price-to-book ratio, and three-year earnings growth figure, compared to the U.S. diversified large-cap funds universe average.
Large-Cap Value Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) of greater than 300% of the dollar-weighted median market capitalization of the S&P Mid-Cap 400 Index. Large-Cap Value funds seek long-term growth of capital by investing in companies that are considered to be undervalued relative to a major unmanaged stock index based on price-to-current earnings, book value, asset value, or other factors. These funds will normally have a below-average price-to-earnings ratio, price-to-book ratio, and three-year earnings growth figure, compared to the U.S. diversified large-cap funds universe average.
Latin American Fund that concentrates investments in equity securities with primary trading markets or operations concentrated in the Latin American region or in a single country within this region.
Louisiana Municipal Debt Fund limits assets to those securities that are exempt from taxation in Louisiana, (double tax-exempt) or city, (triple tax-exempt).
Maryland Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Maryland, (double tax-exempt) or city, (triple tax-exempt).
Massachusetts Intermediate Muni Debt Fund invests at least 65% assets in municipal debt issues that are exempt from taxation in Massachusetts, with dollar-weighted average maturities of five to ten years.
Massachusetts Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Massachusetts, (double tax-exempt) or city, (triple tax-exempt).
Michigan Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Michigan, (double tax-exempt) or city, (triple tax-exempt).
Mid-Cap Core Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) of less than 300% of the dollar-weighted median market capitalization of the S&P Mid-Cap 400 Index. Mid-Cap Core funds have wide latitude in the companies in which they invest. These funds will normally have an average price-to-earnings ratio, price-to-book ratio, and three-year earnings growth figure, compared to the U.S. diversified mid-cap funds universe average.
Mid-Cap Growth Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) of less than 300% of the dollar-weighted median market capitalization of the S&P Mid-Cap 400 Index. Mid-Cap Growth funds normally invest in companies with long-term earnings expected to grow significantly faster than the earnings of the stocks represented in a major unmanaged stock index. These funds will normally have an above-average price-to-earnings ratio, price-to-book ratio, and three-year earnings growth figure, compared to the U.S. diversified mid-cap funds universe average.
Mid-Cap Value Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) of less than 300% of the dollar-weighted median market capitalization of the S&P Mid-Cap 400 Index. Mid-Cap Value funds seek long-term growth of capital by investing in companies that are considered to be undervalued relative to a major unmanaged stock index based on price-to-current earnings, book value, asset value, or other factors. These funds will normally have a below-average price-to- earnings ratio, price-to-book ratio, and three-year earnings growth figure, compared to the U.S. diversified mid-cap funds universe average.
Minnesota Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Minnesota, (double tax-exempt) or city, (triple tax-exempt).
Missouri Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Missouri, (double tax-exempt) or city, (triple tax-exempt).
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 will generally 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 S&P Mid-Cap 400 Index. Multi-Cap Core funds have wide latitude in the companies in which they invest. These funds will normally have an average price-to-earnings ratio, price-to-book ratio, and three-year earnings growth figure, compared to the U.S. diversified multi-cap equity funds universe average.
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 will generally 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 S&P Mid-Cap 400 Index. Multi-Cap Growth funds normally invest in companies with long-term earnings expected to grow significantly faster than the earnings of the stocks represented in a major unmanaged stock index. These funds will normally have an above-average price-to-earnings ratio, price-to-book ratio, and three-year earnings growth figure, compared to the U.S. diversified multi-cap equity funds universe average.
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 will generally 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 S&P Mid-Cap 400 Index. Multi-Cap Value funds seek long-term growth of capital by investing in companies that are considered to be undervalued relative to a major unmanaged stock index based on price-to-current earnings, book value, asset value, or other factors. These funds will normally have a below-average price-to-earnings ratio, price-to-book ratio, and three-year earnings growth figure, compared to the U.S. diversified multi-cap funds universe average.
Multi-Sector Income Fund seeks current income by allocating assets among different fixed income securities sectors, (no > 65% in one sector except for defensive purposes), including U.S. & foreign gov'ts., w/ a significant portion rated below investment grade.
Natural Resources Fund invests more than 65% of the fund equity commitment in natural resources stocks.
New Jersey Municipal Debt Fund that limits assets to those securities that are exempt from taxation in New Jersey, (double tax-exempt) or city, (triple tax-exempt).
New York Insured Municipal Debt Fund invests at least 65% of assets in those securities that are exempt from taxation in New York, and are insured as to timely payment.
New York Intermdt Municipal Debt Fund invests at least 65% of assets in municipal debt issues that are exempt from taxation in New York, with dollar-weighted average maturities of five to ten years.
New York Municipal Debt Fund that limits its assets to those securities that are exempt from taxation in New York, (double tax-exempt) or city, (triple tax-exempt).
North Carolina Municipal Debt Fund that limits assets to those securities that are exempt from taxation in North Carolina, (double tax-exempt) or city, (triple tax-exempt).
Ohio Intermediate Municipal Debt Fund invests at least 65% of assets in municipal debt issues that are exempt from taxation in Ohio, with dollar-weighted average maturities of five to ten years.
Ohio Municipal Debt Fund that limit assets to those securities that are exempt from taxation in Ohio, (double tax-exempt) or city, (triple tax-exempt).
Oregon Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Oregon, (double tax-exempt) or city, (triple tax-exempt).
Other States Intermediate Muni Debt 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.
Other States Municipal Debt Fund invests 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.
Other States Sh-Intmdt Muni Debt Fund invests 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.
Pacific Ex Japan Fund that concentrates 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.
Pacific Region Fund that concentrates investments in equity securities with primary trading markets or operations concentrated in the Western Pacific Basin region or a single country within this region.
Pennsylvania Intermediate Muni Debt Fund invests at least 65% of assets in municipal debt issues that are exempt from taxation in Pennsylvania, with dollar-weighted average maturities of five to ten years.
Pennsylvania Municipal Debt Fund that limits assets to those securities that are exempt from taxation in Pennsylvania, (double tax-exempt) or city, (triple tax-exempt).
Real Estate Fund invests 65% of the portfolio in equity securities of domestic and foreign companies engaged in the real estate industry.
S+P 500 Index A passively managed, limited-expense (management fee no higher than 0.50%) fund designed to replicate the performance of the Standard & Poor's 500 Index on a reinvested basis.
Science + Technology Fund invests 65% of equity portfolio in science and technology stocks.
Sh-Intmdt Investment Grade Debt Fund invests at least 65% of fund assets in investment grade debt issues (rated in top four grades) with dollar-weighted average maturities of five to ten years.
Sh-Intmdt Municipal Debt Fund invests in municipal debt issues with dollar-weighted average maturities of one to five years.
Sh-Intmdt U.S. Government Fund invests at least 65% of assets 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.
Short Investment Grade Debt Fund invests at least 65% of assets in investment grade debt issues (rated in top four grades) with dollar-weighted average maturities of less than three years.
Short Municipal Debt Fund invests in municipal debt issues with dollar-weighted average maturities of less than three years.
Short U.S. Government Fund invests at least 65% of assets 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.
Short U.S. Treasury Fund invests at least 65% of fund assets in U.S. Treasury bills, notes, and bonds with dollar-weighted average maturities of less than three years.
Short World Multi-Market Income Fund invests 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.
Small-Cap A super-category, defined by Personal Fund, that encompasses the Small-Cap Core, Small-Cap Growth and Small-Cap Value categories
Small-Cap Core Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) of less than 250% of the dollar-weighted median market capitalization of the S&P Small-Cap 600 Index. Small-Cap Core funds have wide latitude in the companies in which they invest. These funds will normally have an average price-to-earnings ratio, price-to-book ratio, and three-year earnings growth figure, compared to the U.S. diversified small-cap funds universe average.
Small-Cap Growth Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) of less than 250% of the dollar-weighted median market capitalization of the S&P Small-Cap 600 Index. Small-Cap Growth funds normally invest in companies with long-term earnings expected to grow significantly faster than the earnings of the stocks represented in a major unmanaged stock index. These funds will normally have an above-average price-to-earnings ratio, price-to-book ratio, and three-year earnings growth figure, compared to the U.S. diversified small-cap funds universe average.
Small-Cap Value Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) of less than 250% of the dollar-weighted median market capitalization of the S&P Small-Cap 600 Index. Small-Cap Value funds seek long-term growth of capital by investing in companies that are considered to be undervalued relative to a major unmanaged stock index based on price-to-current earnings, book value, asset value, or other factors. These funds will normally have a below-average price-to-earnings ratio, price-to-book ratio, and three-year earnings growth figure, compared to the U.S. diversified small-cap funds universe average.
South Carolina Municipal Debt Fund that limits its assets to those securities that are exempt from taxation in South Carolina, (double tax-exempt) or city, (triple tax-exempt).
Specialty Equity Funds that, by portfolio practice, invest in all market capitalization ranges, with no restrictions for any one market capitalization range. These funds generally have distinctly different strategies and performance resulting in a low r-squared value compared to the other U.S. diversified equity fund categories (for example, market short funds).
Specialty/Miscellaneous Fund that limits 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.
Target Maturity Fund invests principally in zero-coupon U.S. Treasury securities or in coupon-bearing U.S. government securities targeted to mature in a specific year.
Telecommunication Fund invests at least 65% of its assets in equity securities of domestic and foreign companies engaged in the development, manufacture, or sales of telecommunications services or equipment.
Tennessee Municipal Debt Fund that limits its assets to those securities that are exempt from taxation in Tennessee, (double tax-exempt) or city, (triple tax-exempt).
Texas Municipal Debt Fund that limits its assets to those securities that are exempt from taxation in Texas, (double tax-exempt) or city, (triple tax-exempt).
U.S. Mortgage Fund invests at least 65% of fund assets in mortgages/securities issued or guaranteed as to principal and interest by the U.S. government and certain federal agencies.
Ultra-Short Obligations Fund invests at least 65% of fund assets in investment grade debt issues, or better, and maintains a portfolio dollar-weighted average maturity between 91 days and 365 days.
Utility Fund invests 65% of the fund equity portfolio in utility shares.
Virginia Intermediate Muni Debt Fund invests at least 65% of assets in municipal debt issues that are exempt from taxation in Virginia, with dollar-weighted average maturities of five to ten years.
Virginia Municipal Debt Fund that limits its assets to those securities that are exempt from taxation in Virginia, (double tax-exempt) or city, (triple tax-exempt).
Washington Municipal Debt Fund that limits its assets to those securities that are exempt from taxation in Washington, (double tax-exempt) or city, (triple tax-exempt).


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