Lipper Mutual Fund Industry Average - The Lipper Mutual Fund Industry Average is provided through regular reports by the New York based firm, Lipper Analytical Service. They will generate on a quarterly and annual basis their reports on the ranking of various growth funds. This will include income fund and aggressive growth fund items as appropriately defined. On this report that they generate will be indicated the performance average level of all mutual funds. It is common for mutual fund managers try to do what they can to be sure their funds are above the average and other funds in their classification.