LIPPER FUNDS INC
NSAR-A, 1996-08-22
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<PAGE>      PAGE  1
000 A000000 06/30/96
000 C000000 0001000072
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE LIPPER FUNDS, INC.
001 B000000 811-9108
001 C000000 6175578732
002 A000000 73 TREMONT STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02108
002 D020000 3913
003  000000 Y
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 LIPPER HIGH INCOME BOND FUND
007 C030100 N
007 C010200  2
007 C020200 LIPPER U.S. EQUITY FUND
007 C030200 N
007 C010300  3
007 C020300 PRIME LIPPER EUROPE EQUITY FUND
007 C030300 N
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
010 A00AA01 CHASE GLOBAL FUNDS SERVICES CO.
010 B00AA01  000000000
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02108
010 C04AA01 3913
011 A00AA01 LIPPER & CO., LLC
011 B00AA01 8-00000000
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10178
012 A00AA01 CHASE GLOBAL FUNDS SERVICES CO.
<PAGE>      PAGE  2
012 B00AA01 84-0000000
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02108
012 C04AA01 3913
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
015 A00AA01 THE CHASE MANHATTAN BANK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10003
015 E01AA01 X
015 A00AA02 CHASE MANHATTAN BANK
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015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 10003
015 E04AA02 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
019 C00AA00 LIPPERFUND
020 A000001 CAPEL (JAMES), INC.
020 B000001 52-1348224
020 C000001     13
020 A000002 VEREINS UND WESTBANK
020 C000002     12
020 A000003 WEEDEN & CO., LP
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020 C000003     11
020 A000004 UBS SECURITIES, INC.
020 B000004 13-2932996
020 C000004      4
020 A000005 NATIONAL BANK OF PARIS
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020 A000006 SUEZ NEDERLAND SECURITIES
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<PAGE>      PAGE  3
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022 D000001      5730
022 A000002 CHEMICAL BANK
022 B000002 13-4994650
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022 A000006 CS FIRST BOSTON CORP.
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022 C000010      2306
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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SIGNATURE   JOHN CORCORAN                                
TITLE       ASSISTANT TREASURER 
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001000072
<NAME> LIPPER FUNDS, INC.
<SERIES>
   <NUMBER> 031
   <NAME> EUROPE EQUITY FUND, PREMIER SHARES
<MULTIPLIER> 1
       
<S>                             <C>
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<APPREC-INCREASE-CURRENT>                      483,126
<NET-CHANGE-FROM-OPS>                        1,717,667
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      5,334,723
<NUMBER-OF-SHARES-REDEEMED>                  (240,236)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      53,166,765
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          133,040
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                222,981
<AVERAGE-NET-ASSETS>                        49,721,059
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                   0.06
<PER-SHARE-GAIN-APPREC>                           0.28
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.34
<EXPENSE-RATIO>                                   1.60
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001000072
<NAME> LIPPER FUNDS, INC.
<SERIES>
   <NUMBER> 032
   <NAME> EUROPE EQUITY FUND, RETAIL SHARES
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             APR-11-1996
<PERIOD-END>                               JUN-30-1996
<INVESTMENTS-AT-COST>                       44,400,429
<INVESTMENTS-AT-VALUE>                      52,483,798
<RECEIVABLES>                                1,926,534
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         2,430,449
<TOTAL-ASSETS>                              56,840,781
<PAYABLE-FOR-SECURITIES>                     3,452,179
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      221,837
<TOTAL-LIABILITIES>                          3,674,016
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    43,856,457
<SHARES-COMMON-STOCK>                           45,459
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                      289,552
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        944,989
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     8,075,767
<NET-ASSETS>                                   470,194
<DIVIDEND-INCOME>                              483,183
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (193,631)
<NET-INVESTMENT-INCOME>                        289,552
<REALIZED-GAINS-CURRENT>                       944,989
<APPREC-INCREASE-CURRENT>                      483,126
<NET-CHANGE-FROM-OPS>                        1,717,667
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         45,459
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      53,166,765
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          133,040
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                222,981
<AVERAGE-NET-ASSETS>                        49,721,059
<PER-SHARE-NAV-BEGIN>                             9.93
<PER-SHARE-NII>                                   0.05
<PER-SHARE-GAIN-APPREC>                           0.36
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.34
<EXPENSE-RATIO>                                   1.85
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001000072
<NAME> LIPPER FUNDS, INC.
<SERIES>
   <NUMBER> 033
   <NAME> EUROPE EQUITY FUND, GROUP RETIREMENT PLAN SHARES
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             APR-12-1996
<PERIOD-END>                               JUN-30-1996
<INVESTMENTS-AT-COST>                       44,400,429
<INVESTMENTS-AT-VALUE>                      52,483,798
<RECEIVABLES>                                1,926,534
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         2,430,449
<TOTAL-ASSETS>                              56,840,781
<PAYABLE-FOR-SECURITIES>                     3,452,179
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      221,837
<TOTAL-LIABILITIES>                          3,674,016
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    43,856,457
<SHARES-COMMON-STOCK>                              504
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                      289,552
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        944,989
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     8,075,767
<NET-ASSETS>                                     5,209
<DIVIDEND-INCOME>                              483,183
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (193,631)
<NET-INVESTMENT-INCOME>                        289,552
<REALIZED-GAINS-CURRENT>                       944,989
<APPREC-INCREASE-CURRENT>                      483,126
<NET-CHANGE-FROM-OPS>                        1,717,667
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            504
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      53,166,765
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          133,040
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                222,981
<AVERAGE-NET-ASSETS>                        49,721,059
<PER-SHARE-NAV-BEGIN>                             9.92
<PER-SHARE-NII>                                   0.06
<PER-SHARE-GAIN-APPREC>                           0.36
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.34
<EXPENSE-RATIO>                                   1.85
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001000072
<NAME> LIPPER FUNDS, INC.
<SERIES>
   <NUMBER> 011
   <NAME> HIGH INCOME BOND FUND, PREMIER SHARES
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             APR-01-1996
<PERIOD-END>                               JUN-30-1996
<INVESTMENTS-AT-COST>                      118,871,632
<INVESTMENTS-AT-VALUE>                     118,242,941
<RECEIVABLES>                                4,424,665
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            87,487
<TOTAL-ASSETS>                             122,755,093
<PAYABLE-FOR-SECURITIES>                     5,893,554
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    5,220,347
<TOTAL-LIABILITIES>                         11,113,901
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   111,515,061
<SHARES-COMMON-STOCK>                       11,133,180
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                      679,062
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         75,760
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (628,691)
<NET-ASSETS>                               110,666,294
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            1,960,673
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (204,796)
<NET-INVESTMENT-INCOME>                      1,755,877
<REALIZED-GAINS-CURRENT>                        75,760
<APPREC-INCREASE-CURRENT>                    (966,029)
<NET-CHANGE-FROM-OPS>                          865,608
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (1,065,491)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     11,590,368
<NUMBER-OF-SHARES-REDEEMED>                  (552,977)
<SHARES-REINVESTED>                             95,789
<NET-CHANGE-IN-ASSETS>                     110,666,294
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          153,254
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                270,352
<AVERAGE-NET-ASSETS>                        82,831,543
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                   0.21
<PER-SHARE-GAIN-APPREC>                         (0.13)
<PER-SHARE-DIVIDEND>                            (0.14)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.94
<EXPENSE-RATIO>                                   1.00
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001000072
<NAME> LIPPER FUNDS, INC.
<SERIES>
   <NUMBER> 012
   <NAME> HIGH INCOME BOND FUND, RETAIL SHARES
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             APR-11-1996
<PERIOD-END>                               JUN-30-1996
<INVESTMENTS-AT-COST>                      118,871,632
<INVESTMENTS-AT-VALUE>                     118,242,941
<RECEIVABLES>                                4,424,665
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            87,487
<TOTAL-ASSETS>                             122,755,093
<PAYABLE-FOR-SECURITIES>                     5,893,554
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    5,220,347
<TOTAL-LIABILITIES>                         11,113,901
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   111,515,061
<SHARES-COMMON-STOCK>                           23,351
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                      679,062
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         75,760
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (628,691)
<NET-ASSETS>                                   232,034
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            1,960,673
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (204,796)
<NET-INVESTMENT-INCOME>                      1,755,877
<REALIZED-GAINS-CURRENT>                        75,760
<APPREC-INCREASE-CURRENT>                    (966,029)
<NET-CHANGE-FROM-OPS>                          865,608
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (1,280)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         23,495
<NUMBER-OF-SHARES-REDEEMED>                      (151)
<SHARES-REINVESTED>                                  7
<NET-CHANGE-IN-ASSETS>                     111,641,192
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          153,254
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                270,352 
<AVERAGE-NET-ASSETS>                        82,831,543
<PER-SHARE-NAV-BEGIN>                             9.91
<PER-SHARE-NII>                                   0.18
<PER-SHARE-GAIN-APPREC>                         (0.01)
<PER-SHARE-DIVIDEND>                            (0.14)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.94
<EXPENSE-RATIO>                                   1.25
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001000072
<NAME> LIPPER FUNDS, INC.
<SERIES>
   <NUMBER> 013
   <NAME> HIGH INCOME BOND FUND, GROUP RETIREMENT PLAN SHARES
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             APR-12-1996
<PERIOD-END>                               JUN-30-1996
<INVESTMENTS-AT-COST>                      118,871,632
<INVESTMENTS-AT-VALUE>                     118,242,941
<RECEIVABLES>                                4,424,665
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            87,487
<TOTAL-ASSETS>                             122,755,093
<PAYABLE-FOR-SECURITIES>                     5,893,554
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    5,220,347
<TOTAL-LIABILITIES>                         11,113,901
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   111,515,061
<SHARES-COMMON-STOCK>                           74,761
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                      679,062
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         75,760
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     (628,691)
<NET-ASSETS>                                   742,864
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            1,960,673
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (204,796)
<NET-INVESTMENT-INCOME>                      1,755,877
<REALIZED-GAINS-CURRENT>                        75,760
<APPREC-INCREASE-CURRENT>                    (966,029)
<NET-CHANGE-FROM-OPS>                          865,608
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (10,044)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         73,748
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                              1,013
<NET-CHANGE-IN-ASSETS>                      11,641,192
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          153,254
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                270,352
<AVERAGE-NET-ASSETS>                        82,831,543
<PER-SHARE-NAV-BEGIN>                             9.93
<PER-SHARE-NII>                                   0.18
<PER-SHARE-GAIN-APPREC>                         (0.03)
<PER-SHARE-DIVIDEND>                            (0.14)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.94
<EXPENSE-RATIO>                                   1.25
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001000072
<NAME> LIPPER FUNDS, INC.
<SERIES>
   <NUMBER> 021
   <NAME> U.S. EQUITY FUND, PREMIER SHARES
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-02-1996
<PERIOD-END>                               JUN-30-1996
<INVESTMENTS-AT-COST>                       11,836,761
<INVESTMENTS-AT-VALUE>                      12,003,410
<RECEIVABLES>                                   50,970
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            82,979
<TOTAL-ASSETS>                              12,137,359
<PAYABLE-FOR-SECURITIES>                       459,200
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      149,028
<TOTAL-LIABILITIES>                            608,228
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    11,020,934
<SHARES-COMMON-STOCK>                        1,043,423
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                       98,221
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        212,777
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       197,199
<NET-ASSETS>                                10,971,118
<DIVIDEND-INCOME>                               30,894
<INTEREST-INCOME>                              128,048
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                (60,721)
<NET-INVESTMENT-INCOME>                         98,221
<REALIZED-GAINS-CURRENT>                       212,777
<APPREC-INCREASE-CURRENT>                      197,199
<NET-CHANGE-FROM-OPS>                          508,197
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,043,423
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      11,529,131
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           46,621
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                150,872
<AVERAGE-NET-ASSETS>                        10,719,618
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                   0.09
<PER-SHARE-GAIN-APPREC>                           0.42
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.51
<EXPENSE-RATIO>                                   1.10
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001000072
<NAME> LIPPER FUNDS, INC.
<SERIES>
   <NUMBER> 022
   <NAME> U.S. EQUITY FUND, RETAIL SHARES
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-04-1996
<PERIOD-END>                               JUN-30-1996
<INVESTMENTS-AT-COST>                       11,836,761
<INVESTMENTS-AT-VALUE>                      12,003,410
<RECEIVABLES>                                   50,970
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            82,979
<TOTAL-ASSETS>                              12,137,359
<PAYABLE-FOR-SECURITIES>                       459,200
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      149,028
<TOTAL-LIABILITIES>                            608,228
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    11,020,934
<SHARES-COMMON-STOCK>                           45,914
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                       98,221
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        212,777
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       197,199
<NET-ASSETS>                                   482,045
<DIVIDEND-INCOME>                               30,894
<INTEREST-INCOME>                              128,048
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                (60,721)
<NET-INVESTMENT-INCOME>                         98,221
<REALIZED-GAINS-CURRENT>                       212,777
<APPREC-INCREASE-CURRENT>                      197,199
<NET-CHANGE-FROM-OPS>                          508,197
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         45,914
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      11,529,131
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           46,621
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                150,872
<AVERAGE-NET-ASSETS>                           271,693
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                   0.07
<PER-SHARE-GAIN-APPREC>                           0.43
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.50
<EXPENSE-RATIO>                                   1.35
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001000072
<NAME> LIPPER FUNDS, INC.
<SERIES>
   <NUMBER> 023
   <NAME> U.S. EQUITY FUND, GROUP RETIREMENT PLAN SHARES
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-04-1996
<PERIOD-END>                               JUN-30-1996
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    11,020,934
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<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                       98,221
<OVERDISTRIBUTION-NII>                               0
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<OVERDISTRIBUTION-GAINS>                             0
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                                (60,721)
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<APPREC-INCREASE-CURRENT>                      197,199
<NET-CHANGE-FROM-OPS>                          508,197
<EQUALIZATION>                                       0
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</TABLE>


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