SURVIVOR-BIAS-FREE

US MUTUAL FUND GUIDE

For SAS and ASCII

Updated March 31, 2014

105 West Adams, Suite 1700
Chicago, IL 60603
Tel: 312.263.6400
Fax: 312.263.6430
Email: [email protected]
TABLE OF CONTENTS

CHAPTER 1: INTRODUCTION........................................................... 1

CHAPTER 2: DATA DESCRIPTIONS................................................... 3

DATA MODEL.....................................................................................................3

OVERVIEW AND TABLE LIST...........................................................................4

VARIABLE LISTINGS WITHIN TABLES............................................................5

APPENDIX A: DATA CODE LISTING.. ................................................ 16

POLICY CODES................................................................................................. 16

CRSP STYLE CODE........................................................................................... 16

LIPPER OBJECTIVE AND CLASSIFICATION CODES.................................... 25

STRATEGIC INSIGHTS OBJECTIVE CODES.................................................. 36

APPENDIX B: SAS SAMPLE PROGRAMS.......................................... 40

PORTFOLIO.SAS
SAS SAMPLE PROGRAM 1............................................................................... 40

COMPANIES HELD BY GROWTH FUNDS.SAS

SAS SAMPLE PROGRAM 2............................................................................... 41

CLASS_OBJ_FREQ.SAS
SAS SAMPLE PROGRAM 3............................................................................... 43
 Chapter 1: INTRODUCTION

INTRODUCTION TO THE CRSP SURVIVOR- Results were independently verified by a dedicated group
BIAS-FREE US MUTUAL FUND DATABASE of database researchers which included random sample
selection when appropriate.

T he CRSP Mutual Fund Database is designed to

facilitate research on the historical performance of
open-ended mutual funds by using survivor-bias-free data.
KNOWN BIASES IN MUTUAL FUND DATA
The returns histories are sometimes duplicated in the
database. For example, if a fund started in 1962 and split
The CRSP Survivor-Bias-Free US Mutual Fund Database into four share classes in 1993, each new share class of the
includes a history of each mutual fund’s name, investment fund is permitted to inherit the entire return/performance
style, fee structure, holdings, and asset allocation. Also history. This can create a bias when averaging returns across
included are monthly total returns, monthly total net mutual funds.
assets, monthly/daily net asset values, and dividends.
Additionally, schedules of rear and front load fees, asset A selection bias favoring the historical data files of the best
class codes, and management company contact information past performing private funds that became public does exist.
are provided. All data items are for publicly traded open-end The SEC has recently begun permitting some funds (and
mutual funds and begin at varying times between 1962 and eventually probably all funds) with prior returns histories
2008 depending on availability. The database is updated as private funds to add these returns onto the beginning
quarterly and distributed with a monthly lag. It is delivered of their public histories. The effect of this is that only
in ASCII and SAS formats. the successful private fund histories are included in the
database.

FILE OVERVIEW FILE DEVELOPMENT AND DATA SOURCES

The CRSP Mutual Fund Database was created in 3 stages.
DATA ACCURACY FOR THE CRSP SURVIVOR-BIAS-
FREE MUTUAL FUND DATABASE The original CRSP Mutual Fund Database contained open-
end mutual fund data beginning December 1961 through
The CRSP Mutual Fund files are designed for research and
December 1995. The database was developed by Mark M.
educational use. CRSP expends considerable resources in
Carhart for his 1995 dissertation submitted to the Graduate
the ongoing effort to check and improve data quality both
School of Business entitled, “Survivor Bias and Persistence
historically, and in each current update. Data corrections to
in Mutual Fund Performance,” to fill a need for lacking data
historical information are made as errors are identified and
coverage. Funding of the original project was provided by
are detailed in the release notes that accompany each data
Eugene F. Fama and the Center for Research in Security
cut.
Prices.
Utilizing Lipper and other data as sources for the mutual
The Center for Research in Security Prices continued Mr.
fund database, CRSP is able to do extensive data cross-
Carhart’s work after his graduation. Historical data in the
checking. Quality Assurance and Quality Control
database were collected from printed sources, including
procedures have been used throughout the process of
the Fund Scope Monthly Investment Company Magazine, the
updating the CRSP mutual fund database with data
Investment Dealers Digest Mutual Fund Guide, Investor’s Mutual
from new sources. This included but was not limited to
Fund Guide, the United and Babson Mutual Fund Selector, and
developing and carrying out testing plans based on process
the Wiesenberger Investment Companies Annual Volumes.
requirements and design and assuring that all steps of
the process are documented and executed accordingly. The data were compiled into an annual list of active mutual

CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII • PAGE 1
2 fund names and attributes, along with organizational
history such as name changes, mergers, and
liquidations. Monthly returns were calculated back to
January 1962. Funds that were not in the Wiesenberger
Investment Companies Annual Volumes or other printed
materials were added, although instances of this were
Chapter 1: Introduction

rare. As the last step in this second stage, the data

were checked against original and secondary sources
for any unusual entries and typographical errors.

Beginning with the December 2007 iteration of the

database, current and historical data back to August
of 1998 are provided electronically by Lipper and
Thomson Reuters. New fund style data items have
been added to the original database.
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII
 Chapter 2: DATA DESCRIPTIONS

DATA MODEL FOR THE CRSP SURVIVOR-BIAS-FREE US MUTUAL FUND DATABASE

T he below data model represents the relationships between the tables found in the database. As
depicted, the Fund Header table is the central table for the database. This table contains the most
recent information for all funds, both currently active and delisted. From this table researchers may
branch out to other tables where information is grouped into categories; for instance Fund Fees, Monthly
NAV, Holdings, and so on.

Holdings are
comprised of

Companies Held

HOLDINGS_CO_INFO

CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII • PAGE 3
4 OVERVIEW AND TABLE LIST

The CRSP Survivor-Bias-Free US Mutual Fund Database provides open-ended mutual fund data beginning
December 1961 for funds of all investment objectives, principally equity funds, taxable and municipal bond
funds, international funds and money market funds.
Chapter 2: Data Descriptions

The database consists of a group of tables listed in the Table Overview below. Following the Table Overview, a
listing of variables and brief descriptions are provided for each individual table. Data availability differing from
the December 1961 start date is noted where applicable.

DATABASE TABLES OVERVIEW

TABLE NAME DEFINITION
contact_info Contact Information Current and historical contact information
daily_nav Daily Net Asset Value Net Asset Value for each trading day
daily_returns Daily Returns Returns for each trading day
dividends Dividends Fund dividends
front_load_det Front Load Detail Details of front load fees
front_load_grp Front Load Group Effective dates for front load fees
fund_fees Fund Fees Fees associated with each fund
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

fund_hdr Fund Header Most recent identification information for each fund
fund_hdr_hist Historical Fund Header Historical identification information for each fund
fund_style Fund Style Style attributes for each fund
fund_summary Fund Summary Summary data for each fund
holdings Holdings Portfolio holding information
holdings_co_info Holdings Company Information Information about companies held in portfolios
crsp_portno_map CRSP PORTNO Map Map to portfolio for security holdings info
monthly_nav Monthly Net Asset Value Net Asset Values as of the last trading day of each month
monthly_returns Monthly Returns Monthly holding period returns
monthly_tna Monthly Total Net Assets Total Net Assets as of the last trading day of each month
rear_load_det Rear Load Detail Details of rear load fees
rear_load_grp Rear Load Group Effective dates for rear load fees
5 VARIABLE LISTINGS WITHIN TABLES

In the following tables, “*” designates items on which to key.

CONTACT INFORMATION “CONTACT_INFO”

Chapter 2: Data Descriptions

NAME DATATYPE DEFINITION DATA AVAILABILITY

*crsp_fundno INTEGER Unique identifier for fund
*chgdt DATE Change Date – beginning of range for contact information
chgenddt DATE Change End Date- end of range for contact information
address1 VARCHAR(40) Management company address - Line 1 Begins January 2000
address2 VARCHAR(40) Management company address - Line 2 Begins January 2000
city VARCHAR(30) Management company city Begins January 2000
state VARCHAR(2) Management company state Begins January 2000
zip CHAR(5) Management company zip code Begins January 2000
phone_number VARCHAR(12) Management company phone number Begins January 2000
fund_toll_free VARCHAR(12) Fund company toll free number Begins January 2000
website VARCHAR(256) Website adress of fund or managment company Begins January 2008

DAILY NET ASSET VALUE “DAILY_NAV”

CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

NAME DATATYPE DEFINITION DATA AVAILABILITY

*crsp_fundno INTEGER Unique identifier for fund
*caldt DATE Calendar date for which daily NAV applies
dnav FLOAT Daily value of the fund’s underlying assets (including cash) minus its liabilities (fees, Begins September 2, 1998
expenses, etc.) divided by the number of shares outstanding.

DAILY RETURNS “DAILY_RETURNS”

NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_fundno INTEGER Unique identifier for fund
*caldt DATE Calendar date for which return data applies
dret FLOAT Total daily return per share associated with given date. See note below for more details. Begins September 2, 1998
6
NOTE ABOUT RETURNS:
Daily and monthly returns values are calculated as a change in NAV including reinvested dividends from one period to the next. Navs are net of all management expenses
and 12b-fees. Front and rear load fees are excluded.

Returns are calculated as follows:

Chapter 2: Data Descriptions

 Nav t * cumfact 
Rt =   −1
 Nav t −1 
Where t-1 may be up to 3 periods prior to t. The cumfact variable is calculated for the period in the following manner:

For each fund we calculate a total adjustment factor for each day the fund trades. The total adjustment factor starts out as 1 for a given day and then is
modified depending on the types of dividends found for that fund and day.

Adjustment factors for each dividend on a given day are calculated as follows:

If first letter of dis_type is either C or D then adj = dis_amt/reinvest_nav

where from the Dividends table,

adj = Adjustment Factor

dis_amt = Distribution amount

reinvest_nav = Reinvestment amount of daily or monthly NAV

CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

If the first letter of dis_type is a S then adj = 1/spl_ratio

where from the Dividends table,

adj = Adjustment Factor

spl_ratio = Split Ratio

The total adjustment factor, totadj, for a given day is updated for each dividend as follows:

If the dis_type = S then totadj = totadj * adj

If the dis_type = C or D then the totadj = totadj + adj

The dividend file is sorted in distribution type order which implies that when splits and cash dividends occur on the same day, the cash dividends are processed first.

Finally cumfact starts with the value of 1 and is calculated for the period of the return in the following manner: For each day in the holding period, cumfact = cumfact *
totadj.
7 DIVIDENDS “DIVIDENDS”
NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_fundno INTEGER Unique identifier for fund Begins December 1961
*caldt DATE Calendar date for which dividend applies
Chapter 2: Data Descriptions

*dis_type VARCHAR(2) dis_type Description

C Capital Gain No indication of term
CB Qualified Short Term Capital Gain
CH Non-Qualified Short Term Capital Gain
CJ Pre-JGTRAA (The Jobs and Growth Tax Relief Reconcilliation Act of 2003) Long
Term Capital Gain
CL Long-Term Capital Gain
CM Medium-Term Capital Gain (ends 199808)
CO Collectibles
CP Super-Long-Term Capital Gain (For securities held more than 5 years)
CQ Section 1202 Capital Gain (Small Business Stock Exclusion & Rollover of Gain
Exclusion)
CR Return of Capital
CS Short-Term Capital Gain
CT REIT Section 1250 Capital Gain
CU Undistributed Capital Gain

Long-Term (CL), Short-Term (CS), and Mid-Term (CM) Capital Gain codes are defined by the
tax code. Most often the short-term gain is for an investment sold at a profit that was held
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

for less than a year. Mid-term capital gain is defined as an investment sold at a profit that
was held for more than one year. Mid-term capital gain is effective for the period between
July 29, 1997- December 31, 1997, for investments held for more than one year but less than
18 months. In this same period, long-term capital gain is declared on those investments held
for more than 18 months.

dis_type Description
D Income Dividend (ends 199808)
DD Qualified Income Dividend
DE Exempt Income Dividend
DG Non-Qualified Income Dividend
DT Income Dividend
DU Untaxed dividends (ends 199808)
DW Sum of Daily Accrual Dividends
DY Interest Income Dividend
S Split dividend

In some cases, a fund may have both Taxable (DT) and Untaxed (DU or DE) Dividends. Tax-
exempt funds may have a small portion of a taxable dividend. For tax-exempt funds, most if
not all income dividends are exempt from federal income tax. However, it is possible that a
tax-exempt fund could earn taxable interest income that would be distributed to shareholders
as taxable income dividends.
dis_amt FLOAT Distribution Amount
If dis_type = S (Split), dis_amt = 0
reinvest_nav FLOAT Reinvestment Price as reported by the fund. Represents the fund’s NAV at which
distributions are reinvested.
If dis_type = S (Split), reinvest_nav=0
spl_ratio FLOAT Split ratio

8 FRONT LOAD DETAIL “FRONT_LOAD_DET”
NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_fundno INTEGER Unique identifier for fund
*front_group_no INTEGER Front Group Number - Unique identifier for the front load group. This item allows a schedule
of front load fees to be grouped together.
Chapter 2: Data Descriptions

*dollar_amt INTEGER Dollar Amount of sales charge. Represents a breakpoint in a schedule of generally declining Begins 1992
front load fees. If missing, front_load is the maximum front load for the fund.
front_load FLOAT Front load for investments represents maximum sales charge at breakpoint (represented in
decimal format i.e. .075=7.5%)

FRONT LOAD GROUP “FRONT_LOAD_GRP”

NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_fundno INTEGER Unique identifier for fund
*front_group_no INTEGER Front Group Number – Unique identifier for the front load group. This item allows a
schedule of front load fees to be grouped together.
begdt DATE Load effective date range beginning and ending dates
enddt DATE
LOAD DETAIL AND LOAD GROUP DATA STRUCTURES:
The data model uses a group and detail structure to allow efficiency in storing data and to allow the modeling of a schedule of fees. For instance, when a fund offers a
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

schedule of different fees, front load fees often change with the level of investment, each breakpoint in that fee structure will have the same group identifier. A new group
for a particular CRSP Fund Number is created only when the fees change. During each update, if the fund continues to charge the same fees, the only change is to the “end
date” of the group.

FUND FEES “FUND_FEES”

NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_fundno INTEGER Unique identifier for fund
*begdt DATE Beginning of date range for fee information. For annual data, information is valid for the
year portion of the begin date.
enddt DATE End of date range for fee information
actual_12b1 FLOAT Reported as the ratio of the total assets attributed to marketing and distribution costs. Begins 1992
Represents the actual fee paid in the most recently completed fiscal year as reported in the
Annual Report Statement of Operations. Represented in decimal format.
• -99 & 0 (prior to 1998) are used when no 12b-1 fee is reported.
max_12b1 FLOAT Maximum contractual 12b-1 fee. Represented in decimal format. Begins 1998
• A fund with an actual 12b-1 value of -99 may have a max_12b1 fee indicating the
maximum even though none is currently being reported.
• Null values are used when no maximum value is reported.
exp_ratio FLOAT Expense Ratio as of the most recently completed fiscal year. Represented in decimal format.

Ratio of total investment that shareholders pay for the fund’s operating expenses, which
include 12b-1 fees

exp_ratio may include waivers and reimbursements, causing it to appear to be less than the
fund management fee.
mgmt_fee FLOAT Management fee ($)/ Average Net Assets ($) Begins 1998

The fee is calculated using ratios based on the line items reported in the Statement of
Operations. The management fee can be offset by fee waivers and/or reimbursements
which will make this value differ from the contractual fees found in the prospectus.
Reimbursements can lead to negative Management Fees.
 NAME DATATYPE DEFINITION DATA AVAILABILITY
9
turn_ratio FLOAT Fund Turnover Ratio. Minimum (of aggregated sales or aggregated purchases of securities),
divided by the average 12-month Total Net Assets of the fund. If fiscal_yearend is present,
turn_ratio is for the twelve months ending on fiscal_yearend. If fiscal_yearend is missing,
then turn_ratio is for the twelve months ending on the begdt.
Chapter 2: Data Descriptions

fiscal_yearend DATE Effective date used for fees

FUND HEADER “FUND_HDR”

NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_fundno INTEGER Unique identifier for fund
*crsp_portno INTEGER Portfolio Number

Unique identifier for a security or a group of securities held in the fund’s portfolio. A
portfolio may be held by one or many different funds.
crsp_cl_grp INTEGER Code used to associate different classes of a fund. Class Codes begin with 2000000. CRSP Class

Codes are created through a name parsing and clean-up exercise and follow these rules:

• If a group of funds have the same resulting base after parsing and cleanup, for any
overlapping time period, then they are considered to be sub-classes of the same
fund during the overlapping range. If there is no overlap of date ranges, the funds
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

are not considered part of the same group.

• If two groups share one or more funds, then they are assigned the same CRSP Class
Group code.

• If a group overlaps in time with another group with the same Class Group Code but
a different base name, then one of the groups is assigned a different code. This
accounts for cases where different funds with multiple subclasses are combined.
Each fund will share the class group when they share a base name, but a different
group when they do not.

Data available beginning August 31, 1998

fund_name VARCHAR(140) The full name of the fund
nasdaq VARCHAR (5) NASDAQ ticker symbol. Available for NASDAQ listed funds only.
ncusip VARCHAR(9) Fund CUSIP. Available for internal use by client only. Go to
www.crsp.ChicagoBooth.edu/crsp/policies/index.html for CUSIP licensing information.
first_offer_dt DATE Date when the fund was first offered
mgmt_name VARCHAR(80) Management Company Name
mgmt_cd VARCHAR(4) Management Company Code. An identifier for the Management Company. December 1999
mgr_name VARCHAR(30) Portfolio Manager Name
mgr_dt DATE Date that the current portfolio manager assumed responsibility for the portfolio
adv_name VARCHAR(40) Fund Advisor Name December 1999
open_to_inv VARCHAR(1) Identifies if the fund is open to investors: December 1999
Y = Yes
N = No
retail_fund VARCHAR(1) Identifies if a fund is a retail fund or not: December 1999
Y = Yes
N = No
Inst_fund VARCHAR(1) Identifies if a fund is an institutional fund: December 1999
Y = Yes
N = No
 NAME DATATYPE DEFINITION DATA AVAILABILITY
10
m_fund VARCHAR(1) Identifies if a fund was originally a “M” fund:
Y = Yes
N = No
Note: “M” funds are “dead” funds that were introduced to the database when originally
Chapter 2: Data Descriptions

built by Mark Carhart in order to eliminate survivor bias.

index_fund_flag VARCHAR(3) Identifies if a fund is an index fund: June 2008
B = Index-based fund - utilizes indexes as its primary filter for the purchase and sale of
securities. This is accomplished by investing in the components of one or more indexes, or
by investing in a small percentage of securities within the index in an attempt to capture
the best performers. In each case, the option to invest a portion of assets outside the
securities held by the index is left open.
D = Pure Index fund - objective is to match the total investment performance of a publicly
recognized securities market index. The fund will hold virtually all securities in the noted
index with weightings equal to those in the index.
E = Index fund enhanced - objective is to exceed the total investment performance of
a publicly recognized securities market. This is accomplished by investing primarily in
derivatives based on the index itself and/or the securities within the index, or by utilizing
different weightings for the securities held by the index
vau_fund Y = Fund is a variable annuity underlying fund
N = Fund is not a variable annuity underlying fund
et_flag VARCHAR(1) Identifies if a fund is an ETF or ETN:
F = ETF
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

N = ETN
end_dt DATE Date of latest NAV data
dead_flag VARCHAR(1) Identifies if a fund is dead or still active:
Y = Yes
N = No
delist_cd VARCHAR(3) Identifies the reason for the fund delisting:

Delisting Codes (Post September 1998)

Code Description
L Liquidation
M Merged

Delisting Codes(Prior to September 1998)

? Don’t know what happened to this fund

CE Converted to close-end
CLO Closed to new investment – not currently reporting
L Liquidated
L? Probably Liquidated
M Merged
M? Probably Merged
R Removed at fund request
RTO Fund or data for this fund was removed from the database (Data should not
have been included)
TFE Tax Free Exchange Fund (data was from Wiesenberger)
VAS Variable annuity vehicle

merge_fundno INTEGER CRSP Fundno of the fund that acquired the assets of the delisted fund

FUND HEADER HISTORY “FUND_HDR_HIST”

 NAME DATATYPE DEFINITION DATA AVAILABILITY
11
*crsp_fundno INTEGER Unique identifier for fund
*chgdt DATE Date that the header information was active
chgenddt DATE Date that the header information became inactive
*crsp_portno INTEGER Portfolio Number Available for funds active
Chapter 2: Data Descriptions

anytime since July 2003

Unique identifier for a security or a group of securities held in the fund’s portfolio. A
portfolio may be held by one or many different funds.
crsp_cl_grp INTEGER Code used to associates different classes of a fund. Class Codes begin with 2000000. CRSP Class

Codes are created through a name parsing and clean-up exercise and follow these rules:

If a group of funds have the same resulting base after parsing and cleanup, for any
overlapping time period, then they are considered to be sub-classes of the same fund
during the overlapping range. If there is no overlap of date ranges, the funds are not
considered part of the same group.

If two groups share one or more funds, then they are assigned the same CRSP Class Group
code.

If a froup overlaps in time with another group with the same Class Group Code but a
different base name, then one of the groups is assigned a different code. This accounts
for cases where different funds with multiple subclasses are combined. Each fund will
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

share the glass group when they share a base name, but a different group when they do
not.

Data available beginning August 31, 1998

fund_name VARCHAR(140) The full name of the fund
nasdaq VARCHAR (5) NASDAQ ticker symbol. Available for NASDAQ listed funds only.
ncusip VARCHAR(9) Fund CUSIP. Available for internal use by client only. Go to Begins 2001
www.crsp.ChicagoBooth.edu/crsp/policies/index.html for CUSIP licensing information.
first_offer_dt DATE Date when the fund was first offered.
mgmt_name VARCHAR(80) Management Company Name Begins 1993
mgmt_cd VARCHAR(4) Management Company Code. An identifier for the Management Company. Begins December 1999
mgr_name VARCHAR(30) Portfolio Manager Name Begins 1993
mgr_dt DATE Date that the current manager took control and assumed responsibility for the portfolio Begins 1993
adv_name VARCHAR(40) Fund Advisor Name December 1999
open_to_inv VARCHAR(1) Identifies if the fund is open to investors: December 1999
Y = Yes
N = No
retail_fund VARCHAR(1) Identifies if a fund is a retail fund or not: December 1999
Y = Yes
N = No
inst_fund VARCHAR(1) Identifies if a fund is an institutional fund: December 1999
Y = Yes
N = No

m_fund VARCHAR(1) Identifies if a fund was originally a “M” fund:

Y = Yes
N = No
index_fund_flag VARCHAR(3) Identifies if a fund is an index fund: Begins 2003
B = Index-based fund
D = Index fund
E = Index fund enhanced
 NAME DATATYPE DEFINITION DATA AVAILABILITY
12
vau_fund Y = Fund is a variable annuity underlying fund
N = Fund is not a variable annuity underlying fund
et_flag VARCHAR(1) Identifies if a fund is an ETF or ETN:
F = ETF
Chapter 2: Data Descriptions

N = ETN

FUND STYLE “FUND_STYLE”

NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_fundno INTEGER Unique identifier for fund
*begdt DATE Beginning date in range for fund style information
enddt DATE End date for range for fund style information
crsp_obj_cd VARCHAR(4) CRSP mapping of Strategic Insights, Wiesenberger, and Lipper objective CRSPObj
codes into a continuous series, providing continuity.
si_obj_cd VARCHAR(3) Strategic Insight objective code Begins 1993
Ends September 1998
accrual_fund VARCHAR(1) Yes or No flag identifying if fund is an accrual fund. Begins 1999
Yes if there are daily accruals
sales_restrict VARCHAR(1) Yes or No flag identifying if fund has sales restrictions. Begins 1999
Yes if it is an affinity or employee-only fund
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

wbrger_obj_cd VARCHAR(5) Wiesenberger Objective Code used to identity fund strategy. See Appendix Available through 1993
A, page 15.
policy VARCHAR(6) Types of securities held by the fund identified by character codes Available through 1990
lipper_class VARCHAR(4) Lipper classification code Begin December 31, 1999
lipper_class_name VARCHAR(42) Begin December 31, 1999
lipper_obj_cd VARCHAR(3) Lipper prospectus objective code Begin June 30, 1998
lipper_obj_name VARCHAR(42) Begin June 30, 1998
lipper_asset_cd VARCHAR(2) 2 character code Begin December 31, 1999
EQ - Equity Funds
TX - Taxable Fixed Income Funds
MB - Tax Free Fixed Income Funds
lipper_tax_cd VARCHAR(10) “Taxable” or “tax exempt” Begin December 31, 1999
13 FUND SUMMARY “FUND_SUMMARY”
NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_fundno INTEGER Unique identifier for fund
*caldt DATE Effective date for summary data
Chapter 2: Data Descriptions

summary_period VARCHAR(1) A = Annual

Q = Quarterly
M = Monthly
nav_latest FLOAT Latest Month-end NAV Begins 1961 with year-end
values

Switches to quarterly values

in 2000
nav_latest_dt DATE Latest Month-end NAV date
tna_latest FLOAT Latest Month-end TNA Begins 1961

Reported in millions, by convention, .01 reflects all total net asset values
<=$100,000.
tna_latest_dt DATE Latest Month-end TNA date
yield FLOAT Income yield Begins 1961with year-end
values
Calculated as the ratio of income distributions and NAV at the end of the
Switches to quarterly values
period
in 2000
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

div_ytd FLOAT Calendar year-to-date dividend sum

cap_gains_ytd FLOAT Calendar year-to-date capital gains sum
nav_52w_h FLOAT 52 week high NAV Begins 1998
nav_52w_h_dt DATE Date of 52 week high NAV Begins 1998
nav_52w_l FLOAT 52 week low NAV Begins 1998
nav_52w_l_dt DATE Date of 52 week low NAV Begins 1998
unrealized_app_dep FLOAT Unrealized appreciation/depreciation reported in thousands Begins 1998
unrealized_app_dt DATE Effective date for unrealized appreciation/depreciation Begins 1998
asset_dt DATE Effective date of the asset allocations
per_com FLOAT Amount of fund invested in common stocks
per_pref FLOAT Amount of fund invested in preferred stocks
per_conv FLOAT Amount of fund invested in convertible bonds
per_corp FLOAT Amount of fund invested in corporate bonds
per_muni FLOAT Amount of fund invested in municipal bonds
per_govt FLOAT Amount of fund invested in government bonds
per_oth FLOAT Amount of fund invested in other securities
per_cash FLOAT Amount of fund invested in cash
per_bond FLOAT Amount of fund invested in all bonds. Field is zero when a more granular
breakdown of bond investments is available. This is a legacy category and
will remain empty.
per_abs FLOAT Amount of fund invested in Asset-Backed Securities Begins October, 2010
per_mbs FLOAT Amount of fund invested in Mortgage-Backed Securities Begins October, 2010
per_eq_oth FLOAT Amount of fund invested in other equities Begins October, 2010
per_fi_oth FLOAT Amount of fund invested in other fixed-income securities Begins October, 2010
maturity FLOAT Weighted average maturity in years
maturity_dt DATE Effective date of Weighted average maturity value
14 HOLDINGS “HOLDINGS”
NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_portno INTEGER Portfolio number is the unique identifier for a security or a group of
securities held in a fund’s portfolio
*report_dt DATE Date of holdings as reported by CRSP’s sources Begins September 2003
Chapter 2: Data Descriptions

*security_rank INTEGER Rank associated with the percentage of total net assets within the portfolio
eff_dt DATE Date holdings information was received from CRSP’s vendor. As a result,
all effective dates are equal to or more current than report dates in the
database.
percent_tna FLOAT Security’s percentage of the total net assets in the portfolio. Value on which
the security rank is calculated.
nbr_shares INTEGER Number of the security’s shares held in the portfolio
market_val FLOAT Market value of the security as of the report date shown on the record
*crsp_company_key INTEGER Unique identifier for company information associated with holdings file

HOLDINGS COMPANY INFORMATION “HOLDINGS_CO_INFO”

NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_company_key INTEGER Unique identifier for company information associated with holdings file
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

security_name VARCHAR(200) Name of the security held

cusip VARCHAR(10) CUSIP associated with the security
permno INTEGER CRSP’s permanent stock issue identifier. Available for issues covered in the
CRSP universe.
permco INTEGER CRSP’s permanent company identifier. Available for companies covered in
the CRSP universe.
ticker VARCHAR(6) Ticker symbol given by the exchange
coupon FLOAT Bond coupon rate
maturity_dt DATE Date of bond maturity

CRSP PORTNO MAPPING “CRSP_PORTNO_MAP”

NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_fundno INTEGER Unique identifier for fund
*crsp_portno INTEGER Portfolio number is the unique identifier for a security or a group of
securities held in a fund’s portfolio
begdt* DATE Beginning date for which the map is valid
enddt DATE Ending date for which the map is valid

MONTHLY NET ASSET VALUE “MONTHLY_NAV”

NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_fundno INTEGER Unique identifier for fund
*caldt DATE Calendar date for which monthly NAV applies
mnav FLOAT Monthly value of the fund’s underlying assets (including cash) minus Begins December 1961
its liabilities (fees, expenses, etc.) divided by the number of shares
outstanding.
15 MONTHLY RETURNS “MONTHLY_RETURNS”
NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_fundno INTEGER Unique identifier for fund
*caldt DATE Calendar date for which monthly returns data apply
Chapter 2: Data Descriptions

mret FLOAT Total return per share as of month end. See note below for more details. Begins December 1961
NOTE ABOUT RETURNS: Please see the note with Daily Returns on page 6.

MONTHLY TOTAL NET ASSETS “MONTHLY_TNA”

NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_fundno INTEGER Unique identifier for fund
*caldt DATE Calendar date for which monthly TNA applies
mtna FLOAT Monthly TNA is equal to total assets minus total liabilities as of month- Begins December 1961,
end. Reported in millions of dollars. annual data points through
1969, Quarterly through 1990
Beginning in September 1998, 0.1 reflects all total net asset values <=
then Monthly
$100,000.

REAR LOAD DETAIL “REAR_LOAD_DET”

NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_fundno INTEGER Unique identifier for fund
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

*rear_group_no INTEGER Rear Group Number - Unique identifier for the rear load group. This item
allows a schedule of rear load fees to be grouped together.
*load_type VARCHAR(1) R = Redemption

C = Contingent Deferred Sales Charge (CDSC)

D = The time period for these records are in days and not months as with
the other types

O = Historical records in which a distinction wasn’t made between the

R and C load types. The previous source simply referred to all these rear
loads as “other load,” hence the “O.”
inv_lvl INTEGER Dollar amount of investment level Begins January 2008
*time_period INTEGER When investment is held this number of months or less, the associated
rear-load fee applies
rear_load FLOAT Fee charged when withdrawing funds

REAR LOAD GROUP “REAR_LOAD_GRP”

NAME DATATYPE DEFINITION DATA AVAILABILITY
*crsp_fundno INTEGER Unique identifier for fund
*rear_group_no INTEGER Rear Group Number - Unique identifier for the rear load group. This item
allows a schedule of rear load fees to be grouped together.
begdt DATE Beginning date for which the group was active
enddt DATE Date for which the group became inactive

LOAD DETAIL AND LOAD GROUP DATA STRUCTURES:

The data model uses a group and detail structure to allow efficiency in storing data and to allow the modeling of a schedule of fees. For instance, when a fund offers a
schedule of different fees, front load fees often change with the level of investment, each breakpoint in that fee structure will have the same group identifier. A new group
for a particular CRSP Fund Number is created only when the fees change. During each update, if the fund continues to charge the same fees, the only change is to the “end
date” of the group.
 APPENDIX A: DATA CODE LISTING

POLICY CODES

(Fund Style Table. Variable Policy. Page 12)

CODE DESCRIPTION
B&P Bond and preferred stocks
Bal Balanced fund
Bonds Bonds
C&I Canadian and international
CS Common stocks
Flex Flexible strategy
GS Government securities
Hedge Leverage and/or short-selling
I-S Income fund
Leases Holds equity in lease contracts
MF Multi-manager fund
MM Money market fund
Pfd Preferred stocks
Spec Sector or highly speculative fund
TF Tax-free fund
TFE Tax-free exchange fund
TFM Tax-free money market fund

CRSP STYLE CODE

The CRSP US Survivor-Bias-Free Mutual Funds database includes style and objective codes from three different sources over
the life of the database.  No single source exists for its full-time range. 

‚‚ Wiesenberger Objective codes are populated between 1962 – 1993.

‚‚ Strategic Insight Objective codes are populated between 1993 – 1998.
‚‚ Lipper Objective codes begin 1998.

The CRSP Style Code builds continuity within the database by using the three afore mentioned codes as its base and
provides consistency with those codes provided by our different sources.

The CRSP Style Code consists of up to four characters, with each position defined.  Reading Left to Right, the four codes
represent an increasing level of granularity.  For example, a code for a particular mutual fund is EDYG, where:

E = Equity, D = Domestic, Y = Style, G = Growth

Codes with less than four characters exist, and it simply means that they are defined to a less granular level.

CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII • PAGE 16
 LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 LIPPER STRATEGIC INSIGHTS WIESENBERGER
17

Equity (E) Domestic (D) Sector (S) Gold (G) AU Gold Oriented Funds GLD Equity Gold GPM Gold and Precious Metals
Health (H) H Health/Biotechnology Funds HLT Equity USA Health HLT Health Sector
Financial (F) FS Financial Services Funds FIN Equity USA Financial Sector FIN Financial Sector
Natural NR Natural Resources Funds NTR Equity Natural Resources & ENR Energy/Natural
Appendix A: Data Code Listing

Resources (N) Energy Resources

Real Estate RE Real Estate Funds RLE Equity USA Real Estate
(R)
Technology (T) TK Science & Technology Funds TEC Equity USA Technology TCH Technology Sector
Utilities (U) UT Utility Funds UTI Equity USA Utilities UTL Utilities
Consumer CG CONSUMER GOODS FUNDS
Goods (G)
Commodities CMD COMMODITIES FUNDS
(C)
Consumer CS CONSUMER SERVICES
Services (S) FUNDS
Industrials (I) ID INDUSTRIALS FUNDS
Materials (M) BM BASIC MATERIALS FUNDS
Telecom (A) TL Telecommunication Funds
SEC Equity USA Misc Sectors
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

Cap-based Large Cap (L) SP S&P 500 Index Objective

(C) Funds
Mid Cap (M) MC Mid-Cap Funds GMC Equity USA Midcaps
Small Cap (S) SG Small-Cap Funds SCG Equity USA Small Companies SCG Small Capitalization
Growth
Micro Cap (I) MR Micro-Cap Funds
Style (Y) Growth (G) CA Capital Appreciation Funds AGG Equity USA Aggressive G Growth
G Growth Funds Growth LTG Long-Term Growth
GRO Equity USA Growth MCG Maximum Capital Gains
Growth & GI Growth and Income Funds GRI Equity USA Growth & Income GCI Growth and Current
Income (B) ING Equity USA Income & Growth Income
Hedged (H) LSE Long/Short Equity Funds
EMN Equity Market Neutral Funds
ABR ABSOLUTE RETURN FUNDS
DL EQUITY LEVERAGE FUNDS
Short (S) DSB Dedicated Short Bias Funds
Income (I) EI Equity Income Funds OPI Option Income IEQ Equity Income
ENV Equity USA Environmental
Foreign (F) Regional (R) Canada (C) CN Canadian Funds ECN Equity Canada
China (Q) CH China Region Funds ECH Equity Greater China
Emerging EM Emerging Markets Funds EID Equity Global Emerging
Markets (M) Markets
European (E) EU European Region Funds ERP Equity European
India (I) INR INDIA REGION FUNDS
Japan (J) JA Japanese Funds EJP Equity Japan
JPN Japanese Equity
Latin America LT Latin American Funds ELT Equity Latin America
(L)
Pacific (P) PC Pacific Region Funds EPC Equity Asia Pacific Including
Japan
PAC Pacific Equity
 LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 LIPPER STRATEGIC INSIGHTS WIESENBERGER
18

Equity (E) Foreign (F) Regional (R) Pacific Ex XJ Pacific Ex Japan Funds EPX Equity Asia Pacific Excluding
Japan (X) Japan
ESC Equity Single Country
Sector (S) Gold (G)
Appendix A: Data Code Listing

Health (H) GH GLOBAL HEALTH/

BIOTECHNOLOGY FUNDS
Financial (F) GFS GLOBAL FINANCIAL
SERVICES FUNDS
Natural GNR GLOBAL NATURAL
Resources (N) RESOURCES FUNDS
Real Estate GRE GLOBAL REAL ESTATE FUNDS
(R) IRE INTERNATIONAL REAL ESTATE
FUNDS

Technology (T) GTK GLOBAL SCIENCE/

TECHNOLOGY FUNDS
Utilities (U)
Consumer
Goods (G)
Commodities
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

(C)
Consumer
Services (S)
Industrials (I) GIF Global Infrastructure Funds
Materials (M)
Telecom (A)
EGX Equity Global Equity Sector
Cap-Based Large Cap (L)
(C)
Mid Cap (M)
Small Cap (S) GS Global Small-Cap Funds EGS Equity Global Small Company
IS International Small-Cap EIS Equity International Small
Funds Company
Micro Cap (I)
Style (Y) Growth (G) EGG Equity Global Growth
EIG Equity International Growth
Total Return EGT Equity Global Total Return
(T) EIT Equity International Total
Return

IF International Funds GLE Global Equity INT International Equity

GL Global Funds
Fixed Income Muni (U) Short Duration (S) SMD Short Municipal Debt Funds LCA TxFr Bd Muni Short CA
(I) LFL TxFr Bd Muni Short FL
LKY TxFr Bd Muni Short KY
LMA TxFr Bd Muni Short MA
LMD TxFr Bd Muni Short MD
LMI TxFr Bd Muni Short MI
LNC TxFr Bd Muni Short NC
LNY TxFr Bd Muni Short NY
LTN TxFr Bd Muni Short TN
LVA TxFr Bd Muni Short VA
MSM TxFr Bd Fed Muni Short
 LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 LIPPER STRATEGIC INSIGHTS WIESENBERGER
19

Fixed Income Muni (U) Intermediate Duration (I) CAT California Intermdt IAZ TxFr Bd Muni Intermediate AZ
(I) Municipal Debt Funds ICA TxFr Bd Muni Intermediate CA
FLT Florida Intermediate ICO TxFr Bd Muni Intermediate
Municipal Debt Fds CO
Appendix A: Data Code Listing

IMD Intermediate Municipal Debt ICT TxFr Bd Muni Intermediate CT

Funds IFL TxFr Bd Muni Intermediate FL
MAT Massachusetts Intermediate IGA TxFr Bd Muni Intermediate GA
Muni Debt Fds IHI TxFr Bd Muni Intermediate HI
OHT Ohio Intermediate Municipal IKS TxFr Bd Muni Intermediate KS
Debt Fds IKY TxFr Bd Muni Intermediate KY
OST Other States Intermediate IMA TxFr Bd Muni Intermediate
Muni Debt Fds MA
PAT Pennsylvania Intermediate IMD TxFr Bd Muni Intermediate
Muni Debt Fds MD
VAT Virginia Intermediate IMI TxFr Bd Muni Intermediate MI
Municipal Debt Funds IMN TxFr Bd Muni Intermediate
MN
IMT TxFr Bd Muni Intermediate
MT
INC TxFr Bd Muni Intermediate
NC
IND TxFr Bd Muni Intermediate
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

ND
INJ TxFr Bd Muni Intermediate NJ
INM TxFr Bd Muni Intermediate
NM
INY TxFr Bd Muni Intermediate NY
IOH TxFr Bd Muni Intermediate
OH
IOR TxFr Bd Muni Intermediate
OR
IPA TxFr Bd Muni Intermediate PA
ISD TxFr Bd Muni Intermediate SD
ITN TxFr Bd Muni Intermediate TN
ITX TxFr Bd Muni Intermediate TX
IVA TxFr Bd Muni Intermediate VA
IVT TxFr Bd Muni Intermediate VT
IWA TxFr Bd Muni Intermediate
WA
IWV TxFr Bd Muni Intermediate
WV
MIM TxFr Bd Fed Muni
Intermediate
High Yield (H) MHY TxFr Bd Fed Muni High Yield MHY Municipal High-Yield
AL Alabama Municipal Debt MAL TxFr Bd Muni AL MBD Municipal Bond
Funds MAR TxFr Bd Muni AR MSS Municipal Single State
AZ Arizona Municipal Debt MAZ TxFr Bd Muni AZ
Funds MCA TxFr Bd Muni CA
CAG California Municipal Debt MCO TxFr Bd Muni CO
Funds MCT TxFr Bd Muni CT
CAI California Insured Municipal MDE TxFr Bd Muni DE
Debt Funds MFL TxFr Bd Muni FL
CAS California Sh-Intmdt MGA TxFr Bd Muni GA
Municipal Debt Fds MGN TxFr Bd Fed Muni General
 LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 LIPPER STRATEGIC INSIGHTS WIESENBERGER
20

Fixed Income Muni (U) CO Colorado Municipal Debt MHI TxFr Bd Muni HI
(I) Funds MIA TxFr Bd Muni IA
CT Connecticut Municipal Debt MID TxFr Bd Muni ID
Funds MIL TxFr Bd Muni IL
Appendix A: Data Code Listing

FL Florida Municipal Debt MIN TxFr Bd Muni IN

Funds MIS TxFr Bd Fed Muni Insured
FLI Florida Insured Municipal MKS TxFr Bd Muni KS
Debt Funds MKY TxFr Bd Muni KY
GA Georgia Municipal Debt MLA TxFr Bd Muni LA
Funds MMA TxFr Bd Muni MA
GM General Municipal Debt MMD TxFr Bd Muni MD
Funds MME TxFr Bd Muni ME
HI Hawaii Municipal Debt MMI TxFr Bd Muni MI
Funds MMN TxFr Bd Muni MN
HM High Yield Municipal Debt MMO TxFr Bd Muni MO
Funds MMS TxFr Bd Muni MS
KS Kansas Municipal Debt MMT TxFr Bd Muni MT
Funds MNC TxFr Bd Muni NC
KY Kentucky Municipal Debt MND TxFr Bd Muni ND
Funds MNE TxFr Bd Muni NE
LA Louisiana Municipal Debt MNH TxFr Bd Muni NH
Funds MNJ TxFr Bd Muni NJ
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

MA Massachusetts Municipal MNM TxFr Bd Muni NM

Debt Funds MNY TxFr Bd Muni NY
MD Maryland Municipal Debt MOH TxFr Bd Muni OH
Funds MOK TxFr Bd Muni OK
MDI Insured Municipal Debt MOR TxFr Bd Muni OR
Funds MPA TxFr Bd Muni PA
MI Michigan Municipal Debt MPR TxFr Bd Muni PR
Funds MRI TxFr Bd Muni RI
MN Minnesota Municipal Debt MSC TxFr Bd Muni SC
Funds MSD TxFr Bd Muni SD

MO Missouri Municipal Debt MTN TxFr Bd Muni TN

Funds MTX TxFr Bd Muni TX
NC North Carolina Municipal MUT TxFr Bd Muni UT
Debt Funds MVA TxFr Bd Muni VA
NJ New Jersey Municipal Debt MVT TxFr Bd Muni VT
Funds MWA TxFr Bd Muni WA
NY New York Municipal Debt MWI TxFr Bd Muni WI
Funds MWV TxFr Bd Muni WV
NYI New York Insured Municipal
Debt Funds
OH Ohio Municipal Debt Funds
OR Oregon Municipal Debt
Funds
OSS Other States Short-Intmdt
Muni Debt Fds
OTH Other States Municipal Debt
Funds
PA Pennsylvania Municipal Debt
Funds
SC South Carolina Municipal
Debt Funds
SIM Short-Intmdt Municipal Debt
Funds
TN Tennessee Municipal Debt
Funds
 LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 LIPPER STRATEGIC INSIGHTS WIESENBERGER
21

Fixed Income Muni (U) TX Texas Municipal Debt Funds

(I) VA Virginia Municipal Debt
Funds
WA Washington Municipal Debt
Appendix A: Data Code Listing

Funds
Corporate (C) Quality (Q) High Quality A Corporate Debt Funds A CHQ Tx Bd Corp High Quality CHY Corporate High-Yield
(H) Rated Bond
Medium CMQ Tx Bd Corp Medium Quality CBD Corporate Bond
Quality (M)
High Yield (Y) BBB Corporate Debt Funds BBB- CHY Tx Bd Corp High Yield
Rated
Duration (D) Short (S) CSM Tx Bd Corp Short
Intermediate CIM Tx Bd Corp Intermediate
(I)
CPB Core Plus Bond Funds CGN Tx Bd Corp Bond General
CPR Tx Bd Corp Prime Rate
Government (G) TIPS (T) IUT Treasury Inflation Protected
Securities
Duration (D) Short (S) SUS Short U.S. Government GSM Tx Bd USA Govt Short
Funds
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

SUT Short U.S. Treasury Funds

Intermediate IUG Intermediate U.S. GIM Tx Bd USA Govt Intermediate
(I) Government Funds
SIU Short-Intermediate U.S.
Government Funds
GUS General U.S. Government Fds GGN Tx Bd USA Govt General GOV Government Securities
GUT General U.S. Treasury Funds
Money Market (M) Muni (M) CAM California Tax-Exempt Money TAL TxFr MM Muni AL
Market Funds TAZ TxFr MM Muni AZ
CTM Connecticut Tax-Exempt TBG TxFr MM Fed Muni Bank
Money Market Fds Managed
MAM Massachusetts Tax-Exempt TCA TxFr MM Muni CA
Money Market Fd TCT TxFr MM Muni CT
MIM Michigan Tax-Exempt Money TFG TxFr MM Fed Muni General
Market Funds TFI TxFr MM Fed Muni Instl
NUM New Jersey Tax-Exempt TFL TxFr MM Muni FL
Money Market Funds TGA TxFr MM Muni GA
NYM New York Tax-Exempt Money TMA TxFr MM Muni MA
Market Funds TMD TxFr MM Muni MD
OHM Ohio Tax-Exempt Money TMI TxFr MM Muni MI
Market Funds TMN TxFr MM Muni MN
OTM Other States Tax-Exempt TNC TxFr MM Muni NC
Money Market Fds TNJ TxFr MM Muni NJ
PAM Pennsylvania Tax-Exempt TNY TxFr MM Muni NY
Money Market Fds TOH TxFr MM Muni OH
TPA TxFr MM Muni PA
TTN TxFr MM Muni TN
TTX TxFr MM Muni TX
TVA TxFr MM Muni VA
 LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 LIPPER STRATEGIC INSIGHTS WIESENBERGER
22

Fixed Income Money Market (M) IMM Instl Money Market Funds SBA Tx MM Bank Govt & Agency MMF Money Market Fund
(I) ITE Instl Tax-Exempt Money SBP Tx MM Bank Prime TFM Tax-free Money Market
Market Funds SBT Tx MM Bank Govt TMM Taxable Money Market
ITM Instl U.S. Treasury Money SCU Tx MM Currency Funds
Appendix A: Data Code Listing

Market Funds SIA Tx MM Instl Govt & Agency

IUS Instl U.S. Government Money SIP Tx MM Instl Prime
Market Funds SIT Tx MM Instl Govt
MM Money Market Funds SPR Tx MM Prime
TEM Tax-Exempt Money Market SUA Tx MM Govt & Agency
Funds SUT Tx MM Govt
USS U.S. Government Money
Market Funds
UST U.S. Treasury Money Market
Funds
Foreign (F) Money Market SBE Tx MM Bank Prime Euro
(M) SBY Tx MM Bank Prime Euro Yank
SIE Tx MM Instl Prime Euro
SIY Tx MM Instl Prime Euro Yank
SPE Tx MM Prime Euro
SPY Tx MM Prime Euro Yank
EMD Emerging Markets Debt BGA Tx Bd Pan Americas IBD International Bond
Funds BGE Tx Bd Global Emerging MTG Government Mortgage-
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

GLI Global Income Funds Market backed

INI International Income Funds BGG Tx Bd Global Govt Bond
SWM Short World Multi-Market BGN Tx Bd Global Bond General
Income Funds BGS Tx Bd Global Bond Short
EML Emerging Markets Local GBG Global Bond General
Currency Debt Funds GBS Global Bond Short Maturity
BGC Global Corporation Fixed
Income
FLX Flexible Income Funds CSI Tx Bd Strategic Income IFL Flexible Income
GB General Bond Funds CVR Convertibles S Stabillity
HY High Current Yield Funds
IID Intermediate Investment
Grade Debt Funds
MSI Multi-Sector Income Funds
SFI SPECIALTY FIXED INCOME
FUNDS
SID Short Investment Grade Debt
Funds
SII Short-Intmdt Investment
Grade Debt Funds
USO Ultra-Short Obligations
Funds
 LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 LIPPER STRATEGIC INSIGHTS WIESENBERGER
23

Mixed FI & Target Funds (T) BT Balanced Target Maturity

Equity (M) Funds
TM Target Maturity Funds
AGM Alternative Global Macro BAL Asset Allocation USA I Income
Appendix A: Data Code Listing

Funds Balanced OTH Other (not classified)

CV Convertible Securities Funds CPF Asset Allocation USA AAL Asset Allocation
FX Flexible Portfolio Funds Preferred BAL Balanced
GX Global Flexible Port Funds EPR Asset Allocation USA G-I
I Income Funds Principle Return G-I-S
S Specialty/Miscellaneous
Funds
B Balanced Funds FLG Asset Allocation Global G-S
Flexible G-S-I
FLX Asset Allocation USA Flexible GS
BAL Asset Allocation USA I-G
Balanced I-G-S
IMX Asset Allocation USA Income I-S
I-S-G
S-G-I
S-I
S-I-G
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

Other (O) Mortgage-backed (M) LP Loan Participation Funds GMA Tx Bd USA Govt Mortgage Adj
ARM Adjustable Rate Mortgage Returns
Funds GMB Tx Bd USA Govt Mortgage
GNM GNMA Funds Backed
USM U.S. Mortgage Funds
Currency (C) CRX CURRENCY FUNDS
ACF Alternative Credit Focus
Funds
AED Alternative Event Driven
Funds
AMS Alternative Multi-Strategy
Funds
EMP Energy MLP Funds
MFF Alternative Managed Futures
Fund
ALT Alternative Other Funds
STB Stable Value Funds
24 WIESENBERGER OBJECTIVE CODES
(Annual Volumes 1962-1993)
(Fund Style Table. Variable fwbrger_obj_cd. Page 12)

CODE DESCRIPTION
Appendix A: Data Code Listing

G Growth
I Income
S Stability
(ANNUAL VOLUMES 1991-93)
AAL Asset allocation
BAL Balanced
CBD Corporate bond
CHY Corporate high-yield bond
ENR Energy/Natural resources
FIN Financial sector
GCI Growth and current income
GOV Government securities
GPM Gold and precious metals
HLT Health sector
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

IBD International bond

IEQ Equity income
IFL Flexible income
INT International equity
LTG Long-term growth
MBD Municipal bond
MCG Maximum capital gains
MHY Municipal high-yield
MMF Money market fund
MSS Municipal single state
MTG Government mortgage-backed
OTH Other (not classified)
SCG Small capitalization growth
TCH Technology sector
TFM Tax-free money market
TMM Taxable money market
UTL Utilities
25 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.
Appendix A: Data Code Listing

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. Page 12)
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

CODE OBJECTIVE CLASS NAME DESCRIPTION

A Corporate Debt Funds A Rated Funds invest primarily in corporate debt issues rated A or better or government issues.
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.
ACF Alternative Credit Focus Funds Funds that, by prospectus language, invest in a wide-range of credit-structured vehicles by using either
fundamental credit research analysis or quantitative credit portfolio modelling trying to benefit from any
changes in credit quality, credit spreads, and market liquidity.
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.
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.
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).
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.
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.
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.
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%.
BBB Corporate Debt Funds BBB-Rated Funds invest primarily in corporate and government debt issues rated in the top four grades.
 LIPPER OBJECTIVE AND CLASSIFICATION CODES
26

Fund Style Table. Variables lipper_class, lipper_class_name, lipper_obj_cd, lipper_obj_name. Page 12)
CODE OBJECTIVE CLASS NAME DESCRIPTION
BBBL Corporate BBB_Rated Debt Funds Funds that invest primarily in a basket of futures contracts with the aim of reduced volatility and positive
(Leveraged) returns in any market environment. Investment strategies are based on proprietary trading strategies that
Appendix A: Data Code Listing

include the ability to go long and/or short.

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.
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.
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).
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.
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

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.
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.
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.
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.
CMA Commodities Agriculture Funds Funds that invest primarily in agricultural commodity-linked derivative instruments or physicals.
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.
CME Commodities Energy Funds Funds that invest primarily in energy-related commodity-linked derivative instruments or physicals.
CMG Commodities General Funds Funds that invest primarily in a blended basket of commodity-linked derivative instruments or physicals.
CMM Commodities Base Metals Funds Funds that invest primarily in base-metal commodity-linked derivative instruments or physicals.
CMP Commodities Precious Metals Funds Funds that invest primarily in precious-metal commodity-linked derivative instruments or physicals.
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.
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 dollar-weighted average maturities of five to ten years.
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.
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.
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).
 LIPPER OBJECTIVE AND CLASSIFICATION CODES
27

Fund Style Table. Variables lipper_class, lipper_class_name, lipper_obj_cd, lipper_obj_name. Page 12)
CODE OBJECTIVE CLASS NAME DESCRIPTION
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.
Appendix A: Data Code Listing

CV Convertible Securities Funds Funds invest primarily in convertible bonds and/or convertible preferred stock.
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.
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.
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.
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.
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.
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
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

to 160% long and 60% short.

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.
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.
EML Emerging Markets Local Currency Debt Funds that seek either current income or total return by investing at least 65% of total assets in emerging
Funds market debt issues denominated in the currency of their market of issuance.
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.
EMP Energy MLP Funds Funds that invest primarily in Master Limited Partnerships (MLPs) engaged in the transportation, storage
and processing of minerals and natural resources.
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.
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.
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.
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.
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.
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.
 LIPPER OBJECTIVE AND CLASSIFICATION CODES
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Fund Style Table. Variables lipper_class, lipper_class_name, lipper_obj_cd, lipper_obj_name. Page 12)
CODE OBJECTIVE CLASS NAME DESCRIPTION
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
Appendix A: Data Code Listing

and foreign companies

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.
GH Global Health/Biotechnology Funds Funds that invest primarily in the equity securities of domestic and foreign companies engaged in
healthcare, medicine and biotechnology.
GI Growth and Income Funds Funds that combine a growth-of-earnings orientation and an income requirement for level and/or rising
dividends.
GIF Global Infrastructure Funds Funds that invest primarily in equity securities of domestic and foreign companies engaged in an
infrastructure industry, including but not limited to transportation, communication and waste management.
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.
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
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

value compared to the S&P/Citigroup World BMI.

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.
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.
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.
GM General & Insured Municipal Debt Funds Funds invest primarily in municipal debt issues in the top four credit ratings.
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.
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.
 LIPPER OBJECTIVE AND CLASSIFICATION CODES
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Fund Style Table. Variables lipper_class, lipper_class_name, lipper_obj_cd, lipper_obj_name. Page 12)
CODE OBJECTIVE CLASS NAME DESCRIPTION
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
Appendix A: Data Code Listing

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.
GNM GNMA Funds Funds invest primarily in Government National Mortgage Association securities.
GNR Global Natural Resources Funds Funds that invest primarily in the equity securities of domestic and foreign companies engaged in natural
resources.
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.
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.
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
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

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.
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.
GUS General U.S. Government Funds Funds invest primarily in U.S. government and agency issues.
GUT General U.S. Treasury Funds Funds invest primarily in U.S. Treasury bills, notes, and bonds.
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.
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.
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.
I Income Funds Funds that normally seek a high level of current income through investing in income-producing stocks,
bonds, and money market instruments.
 LIPPER OBJECTIVE AND CLASSIFICATION CODES
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Fund Style Table. Variables lipper_class, lipper_class_name, lipper_obj_cd, lipper_obj_name. Page 12)
CODE OBJECTIVE CLASS NAME DESCRIPTION
ID Industrial 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,
Appendix A: Data Code Listing

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.
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.
IF International Funds Funds that invest their assets in securities with primary trading markets outside of the United States.
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.
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.
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
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

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.
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.
IMD Intermediate Municipal Debt Funds Funds invest in municipal debt issues with dollar-weighted average maturities of five to ten years.
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.
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.
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.
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.
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Fund Style Table. Variables lipper_class, lipper_class_name, lipper_obj_cd, lipper_obj_name. Page 12)
CODE OBJECTIVE CLASS NAME DESCRIPTION
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.
Appendix A: Data Code Listing

INR India Region Funds Funds that concentrate their investments in equity securities with primary trading markets or operations
concentrated in the India region.
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.
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.
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.
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.
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

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.
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.
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.
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.
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.
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.
JA Japanese Funds Funds that concentrate investments in equity securities of Japanese companies.
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.
 LIPPER OBJECTIVE AND CLASSIFICATION CODES
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Fund Style Table. Variables lipper_class, lipper_class_name, lipper_obj_cd, lipper_obj_name. Page 12)
CODE OBJECTIVE CLASS NAME DESCRIPTION
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
Appendix A: Data Code Listing

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.
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.
LP Loan Participation Funds Funds that invest primarily in participation interests in collateralized senior corporate loans which have
floating or variable rates.
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.
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.
MA Massachusetts Municipal Debt Funds Funds that limit assets to those securities that are exempt from taxation in Massachusetts, (double tax-
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

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 invest primarily in municipal debt issues that are exempt from taxation in Massachusetts, with dollar-
Funds 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
MATK Mixed-Asset Target 2055+ Funds that seek to maximize assets for retirement or other purposes with an expected time horizon exceeding
December 31, 2050.
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.
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Fund Style Table. Variables lipper_class, lipper_class_name, lipper_obj_cd, lipper_obj_name. Page 12)
CODE OBJECTIVE CLASS NAME DESCRIPTION
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
Appendix A: Data Code Listing

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.
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.
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.
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.
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

MFF Alternative 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.
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.
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.
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.
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).
 LIPPER OBJECTIVE AND CLASSIFICATION CODES
34

Fund Style Table. Variables lipper_class, lipper_class_name, lipper_obj_cd, lipper_obj_name. Page 12)
CODE OBJECTIVE CLASS NAME DESCRIPTION
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).
Appendix A: Data Code Listing

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.
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.
MTAA Mixed-Asset Target Allocation Aggressive Fund of funds that, by portfolio practice, maintain at least 80% of assets in equity securities, with the
Growth Funds remainder invested in bonds, cash, and cash equivalents.
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.
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.
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.
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)
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

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.
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.
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.
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.
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.
OTM Other States Tax-Exempt Money Market Funds invest in municipal obligations of other states, (double tax-exempt) or city, (triple tax-exempt) with
Funds 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).
 LIPPER OBJECTIVE AND CLASSIFICATION CODES
35

Fund Style Table. Variables lipper_class, lipper_class_name, lipper_obj_cd, lipper_obj_name. Page 12)
CODE OBJECTIVE CLASS NAME DESCRIPTION
PAM Pennsylvania Tax-Exempt Money Market Funds invest in municipal obligations of Pennsylvania state, (double tax-exempt) or city, (triple tax-exempt)
Funds with dollar-weighted average maturities of less than 90 days. Intend to keep constant net asset value.
Appendix A: Data Code Listing

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.
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.
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.
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

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.
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.
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.
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.
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.
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.
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.
SIM Short-Intmdt Municipal Debt Funds Funds invest in municipal debt issues with dollar-weighted average maturities of one to five years.
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.
SMD Short Municipal Debt Funds Funds invest in municipal debt issues with dollar-weighted average maturities of less than three years.
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%).
 LIPPER OBJECTIVE AND CLASSIFICATION CODES
36

Fund Style Table. Variables lipper_class, lipper_class_name, lipper_obj_cd, lipper_obj_name. Page 12)
CODE OBJECTIVE CLASS NAME DESCRIPTION
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
Appendix A: Data Code Listing

(advisor fee no higher than 0.50%).

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).
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.
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.
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
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

days. Intend to keep a constant net asset value.

TK Science & Technology Funds Funds invest primarily in science and technology stocks.
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.
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.
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.
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.
UT Utility Funds Funds invest primarily in utility shares.
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.
37 STRATEGIC INSIGHTS OBJECTIVE CODES STRATEGIC INSIGHTS OBJECTIVE CODES - DETAILED
(Fund Style Table. Variable: si_obj_cd. Page 12)
STRATEGIC INSIGHTS OBJECTIVE CODES - DETAILED
CODE CODE NAME
(Fund Style Table. Variable: si_obj_cd. Page 12)
GLD Equity Gold
CODE CODE NAME
Appendix A: Data Code Listing

GLE Global Equity

AGG Equity USA Aggressive Growth
GMA Tx Bd USA Govt Mortgage Adj Returns
BAL Asset Allocation USA Balanced
GMB Tx Bd USA Govt Mortgage Backed
BGA Tx Bd Pan Americas
GMC Equity USA Midcaps
BGC Global Corporation Fixed Income
GRI Equity USA Growth & Income
BGE Tx Bd Global Emerging Market
GRO Equity USA Growth
BGG Tx Bd Global Govt Bond
GSM Tx Bd USA Govt Short
BGN Tx Bd Global Bond General
HLT Equity USA Health
BGS Tx Bd Global Bond Short
IAZ TxFr Bd Muni Intermediate AZ
CGN Tx Bd Corp Bond General
ICA TxFr Bd Muni Intermediate CA
CHQ Tx Bd Corp High Quality
ICO TxFr Bd Muni Intermediate CO
CHY Tx Bd Corp High Yield
ICT TxFr Bd Muni Intermediate CT
CIM Tx Bd Corp Intermediate
IFL TxFr Bd Muni Intermediate FL
CMQ Tx Bd Corp Medium Quality
IGA TxFr Bd Muni Intermediate GA
CPF Asset Allocation USA Preferred
IHI TxFr Bd Muni Intermediate HI
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

CPR Tx Bd Corp Prime Rate

IKS TxFr Bd Muni Intermediate KS
CSI Tx Bd Strategic Income
IKY TxFr Bd Muni Intermediate KY
CSM Tx Bd Corp Short
IMA TxFr Bd Muni Intermediate MA
CVR Convertibles
ECH Equity Greater China IMD TxFr Bd Muni Intermediate MD

ECN Equity Canada IMI TxFr Bd Muni Intermediate MI

EGG Equity Global Growth IMN TxFr Bd Muni Intermediate MN

EGS Equity Global Small Company IMT TxFr Bd Muni Intermediate MT

EGT Equity Global Total Return IMX Asset Allocation USA Income

EGX Equity Global Equity Sector INC TxFr Bd Muni Intermediate NC

EID Equity Global Emerging Markets IND TxFr Bd Muni Intermediate ND

EIG Equity International Growth ING Equity USA Income & Growth

EIS Equity International Small Company INJ TxFr Bd Muni Intermediate NJ

EIT Equity International Total Return INM TxFr Bd Muni Intermediate NM

EJP Equity Japan INY TxFr Bd Muni Intermediate NY

ELT Equity Latin America IOH TxFr Bd Muni Intermediate OH
ENV Equity USA Environmental IOR TxFr Bd Muni Intermediate OR
EPC Equity Asia Pacific Including Japan IPA TxFr Bd Muni Intermediate PA
EPR Asset Allocation USA Principle Return ISC TxFr Bd Muni Intermediate SC
EPX Equity Asia Pacific Excluding Japan ISD TxFr Bd Muni Intermediate SD
ERP Equity European ITN TxFr Bd Muni Intermediate TN
ESC Equity Single Country ITX TxFr Bd Muni Intermediate TX
FIN Equity USA Financial Sector IVA TxFr Bd Muni Intermediate VA
FLG Asset Allocation Global Flexible IVT TxFr Bd Muni Intermediate VT
FLX Asset Allocation USA Flexible IWA TxFr Bd Muni Intermediate WA
GBG Global Bond General IWV TxFr Bd Muni Intermediate WV
GBS Global Bond Short Maturity JPN Japanese Equity
GGN Tx Bd USA Govt General LCA TxFr Bd Muni Short CA
GIM Tx Bd USA Govt Intermediate
 STRATEGIC INSIGHTS OBJECTIVE CODES - DETAILED STRATEGIC INSIGHTS OBJECTIVE CODES - DETAILED
38

(Fund Style Table. Variable: si_obj_cd. Page 12) (Fund Style Table. Variable: si_obj_cd. Page 12)
CODE CODE NAME CODE CODE NAME
LFL TxFr Bd Muni Short FL MNM TxFr Bd Muni NM
Appendix A: Data Code Listing

LKY TxFr Bd Muni Short KY MNY TxFr Bd Muni NY

LMA TxFr Bd Muni Short MA MOH TxFr Bd Muni OH
LMD TxFr Bd Muni Short MD MOK TxFr Bd Muni OK
LMI TxFr Bd Muni Short MI MOR TxFr Bd Muni OR
LNC TxFr Bd Muni Short NC MPA TxFr Bd Muni PA
LNY TxFr Bd Muni Short NY MPR TxFr Bd Muni PR
LTN TxFr Bd Muni Short TN MRI TxFr Bd Muni RI
LVA TxFr Bd Muni Short VA MSC TxFr Bd Muni SC
MAL TxFr Bd Muni AL MSD TxFr Bd Muni SD
MAR TxFr Bd Muni AR MSM TxFr Bd Fed Muni Short
MAZ TxFr Bd Muni AZ MTN TxFr Bd Muni TN
MCA TxFr Bd Muni CA MTX TxFr Bd Muni TX
MCO TxFr Bd Muni CO MUT TxFr Bd Muni UT
MCT TxFr Bd Muni CT MVA TxFr Bd Muni VA
MDE TxFr Bd Muni DE MVT TxFr Bd Muni VT
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

MFL TxFr Bd Muni FL MWA TxFr Bd Muni WA

MGA TxFr Bd Muni GA MWI TxFr Bd Muni WI
MGN TxFr Bd Fed Muni General MWV TxFr Bd Muni WV
MHI TxFr Bd Muni HI NTR Equity Natural Resources & Energy
MHY TxFr Bd Fed Muni High Yield OPI Option Income
MIA TxFr Bd Muni IA PAC Pacific Equity
MID TxFr Bd Muni ID RLE Equity USA Real Estate
MIL TxFr Bd Muni IL SBA Tx MM Bank Govt & Agency
MIM TxFr Bd Fed Muni Intermediate SBE Tx MM Bank Prime Euro
MIN TxFr Bd Muni IN SBP Tx MM Bank Prime
MIS TxFr Bd Fed Muni Insured SBT Tx MM Bank Govt
MKS TxFr Bd Muni KS SBY Tx MM Bank Prime Euro Yank
MKY TxFr Bd Muni KY SCG Equity USA Small Companies
MLA TxFr Bd Muni LA SCU Tx MM Currency Funds
MMA TxFr Bd Muni MA SEC Equity USA Misc Sectors
MMD TxFr Bd Muni MD SIA Tx MM Instl Govt & Agency
MME TxFr Bd Muni ME SIE Tx MM Instl Prime Euro
MMI TxFr Bd Muni MI SIP Tx MM Instl Prime
MMN TxFr Bd Muni MN SIT Tx MM Instl Govt
MMO TxFr Bd Muni MO SIY Tx MM Instl Prime Euro Yank
MMS TxFr Bd Muni MS SPE Tx MM Prime Euro
MMT TxFr Bd Muni MT SPR Tx MM Prime
MNC TxFr Bd Muni NC SPY Tx MM Prime Euro Yank
MND TxFr Bd Muni ND SUA Tx MM Govt & Agency
MNE TxFr Bd Muni NE SUT Tx MM Govt
MNH TxFr Bd Muni NH TAL TxFr MM Muni AL
MNJ TxFr Bd Muni NJ TAZ TxFr MM Muni AZ
 STRATEGIC INSIGHTS OBJECTIVE CODES - DETAILED
39

(Fund Style Table. Variable: si_obj_cd. Page 12)

CODE CODE NAME
TBG TxFr MM Fed Muni Bank Managed
Appendix A: Data Code Listing

TCA TxFr MM Muni CA

TCT TxFr MM Muni CT
TEC Equity USA Technology
TFG TxFr MM Fed Muni General
TFI TxFr MM Fed Muni Instl
TFL TxFr MM Muni FL
TGA TxFr MM Muni GA
TMA TxFr MM Muni MA
TMD TxFr MM Muni MD
TMI TxFr MM Muni MI
TMN TxFr MM Muni MN
TNC TxFr MM Muni NC
TNJ TxFr MM Muni NJ
TNY TxFr MM Muni NY
TOH TxFr MM Muni OH
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

TPA TxFr MM Muni PA

TTN TxFr MM Muni TN
TTX TxFr MM Muni TX
TVA TxFr MM Muni VA
UTI Equity USA Utilities
 Appendix B: SAS SAMPLE PROGRAMS

The intent of the following sample programs is to demonstrate usage of mutual fund data with SAS.

PORTFOLIO.SAS
SAS SAMPLE PROGRAM 1

The intent of this sample program is to demonstrate the relationship between CRSP_FUNDNO, CRSP_PORTNO, and
crsp_company_key using the Holdings, CRSP_PORTNO Map, and CRSP Company Info tables. Holdings are extracted for
a specified fund, but the program may be modified to extract holdings for a group of funds.

/*This sample program will retrieve the most recent Holdings information for CRSP_Fundno
002761.
An output SAS dataset called portfolio.sas7bdat and an output file in EXCEL called
portfolio.xls are created */

/*Define the libname. The first libname points to the directory where the Mutual Fund
database is located.
The second libname points to the directory where the output files will be saved.*/

libname mfdb ‘C:\crspdata\MFZ200803\sas\data\’;

libname mfdbOut ‘C:\Temp\mfdb\’;

/* Retrieve the associated CRSP_portno from crsp_portno_map dataset and retrieve the most
recent holdings data from Holdings dataset. */
proc sql;
create table temp1 as
select b.crsp_fundno, a.crsp_portno, a.report_dt, a.security_rank, a.eff_dt, a.percent_
tna, a.nbr_shares, a.market_val, a.crsp_company_key
from mfdb.holdings as a, mfdb.crsp_portno_map as b
where a.crsp_portno=b.crsp_portno
and b.crsp_fundno=002761
group by a.crsp_portno
having report_dt eq max(report_dt);
quit;

/* Retrieve the holdings company information from Holdings_co_info dataset. */

proc sort data=temp1 out=temp1_order; by crsp_company_key; run;
data temp2;
merge temp1_order(in=in1) mfdb.holdings_co_info(in=in2);
by crsp_company_key;
if in1 and in2;
run;

CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII • PAGE 40
41 proc sort data=temp2 out=mfdbOut.portfolio; by security_rank; run;

/*Delete all temporary datasets.*/

proc datasets; delete temp1 temp1_order temp2;quit; run;
Appendix B: SAS Sample Programs

/*Export to EXCEL*/
proc export data=mfdbOut.portfolio
outfile=’c:\temp\mfdb\portfolio.xls’
dbms=excel
replace;
run;

crso_ fundno crso_ portno report_dt security_ rank eff_dt percent_tna nbr_shares market_val crsp_co_key security_name
2761 1000396 12/31/2007 1 12/31/2007 4.93166861 1014900 99835713 12193 SCHLUMBERGER LTD
2761 1000396 12/31/2007 2 12/31/2007 4.72399866 138300 95631684 5965 GOOGLE INC

COMPANIES HELD BY GROWTH FUNDS.SAS

SAS SAMPLE PROGRAM 2
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

Users may wish to identify securities held in a fund type and count the number of portfolios within that fund
type that hold each of the funds’ holdings.

In this sample, using the Lipper Objective Code, Growth funds are selected. Using CRSP_FUNDNO and
CRSP_PORTNO, portfolios are identified for the funds that are included, and companies within the portfolios
are identified by linking CRSP_PORTNO and crsp_company_key. The number of times each company is in a
used portfolio is counted and sorted.

/* Find the companies most widely held by growth fund portfolios */

/* select funds with portfolio numbers and have “Growth” as their Lipper
Objective Code */

libname sample ‘C:\crspdata\MFX200803\data’;

data funds_w_port (keep = crsp_fundno crsp_portno);

set sample.fund_hdr;
if crsp_portno > ‘ ‘;
run;

data Gfunds_w_port (keep = crsp_fundno crsp_portno lipper_obj_cd);

merge funds_w_port (in=wport)sample.fund_style;
by crsp_fundno;
if wport;
if lipper_obj_cd = ‘G’;
run;

proc sql;
42 create table Growth_ports as
select unique crsp_portno from gfunds_w_port;
quit;
Appendix B: SAS Sample Programs

/* find and count the companies held be growth portfolios */

data growth_port_companies (keep = crsp_portno crsp_company_key);

merge growth_ports(in = growth) sample.holdings;
by crsp_portno;
if growth;
run;

proc sql;
create table ugrowth_port_companies as
select unique crsp_portno, crsp_company_key
from growth_port_companies;
quit;

proc sql;
create table comp_port_cnt as
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

select crsp_company_key, count(*) as port_cnt

from ugrowth_port_companies
group by crsp_company_key;

/* merge with company info table to obtain company name, then sort in descending
order*/

data companies_in_growth (keep = security_name port_cnt);

merge comp_port_cnt (in=growcomp) sample.holdings_co_info;
by crsp_company_key;
if growcomp;
run;

/* show the number of portfolios that hold a particular company */

proc sort data = companies_in_growth;

by descending port_cnt;
run;
43
CLASS_OBJ_FREQ.SAS
SAS SAMPLE PROGRAM 3
Appendix B: SAS Sample Programs

An Objective Frequency table is created that indicates the number and percentage of portfolios each security is
held.

/* For each Lipper objective code and Class code count the number of portfolios
that hold a given security. */

libname mfdb ‘c:\crspdata\MFX200803\data\’;

proc sql;

/* Merge Fund style Fund Header and Holdings Tables, assigning the related CRSP_
PORTNO, and lipper_class to each holdings observation */
create table merge as
select distinct lipper_class, lipper_obj_cd, Fund_hdr.crsp_portno, Holdings.crsp_
company_key, Holdings_co_info.security_name
from mfdb.Fund_style, mfdb.Fund_hdr, mfdb.Holdings, mfdb.Holdings_co_info
CRSP Survivor-Bias-Free US Mutual Fund Database Guide for SAS and ASCII

where lipper_class ne ‘’ AND Fund_style.crsp_fundno = Fund_hdr.crsp_fundno AND

Fund_hdr.crsp_portno = Holdings.crsp_portno AND Holdings.crsp_company_key =
Holdings_co_info.crsp_company_key
order by lipper_class
;
quit;

/* create a frequency report for each lipper class and objective code*/

proc freq data=merge order=freq noprint;

by lipper_class;
tables crsp_company_key / nocum out=classfreq;
quit;

/* re-sort the merge dataset by lipper objective code before creating the
frequency report */

proc sort data=merge;

by lipper_obj_cd;
run;

proc freq data = merge order=freq noprint;

by lipper_obj_cd;
tables crsp_company_key / nocum out=objfreq;
quit;