LIPPER FUNDS INC
NSAR-B, 1997-02-28
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<PAGE>      PAGE  1
000 B000000 12/31/96
000 C000000 0001000072
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
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 N
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 E04AA01 X
015 A00AA02 CHASE MANHATTAN BANK
015 B00AA02 C
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 10003
015 E04AA02 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    3
019 C00AA00 LIPPERFUND
020 A000001 PANMURE GORDAN
020 C000001     28
020 A000002 WEEDEN & CO., L.P.
020 B000002 13-3364318
020 C000002     22
020 A000003 VEREINS UND WESTBANK
020 C000003     17
020 A000004 UBS SECURITIES, INC.
020 B000004 13-2932996
020 C000004     15
020 A000005 CAPEL (JAMES), INC.
020 B000005 52-1348224
020 C000005     13
020 A000006 NATWEST SECURITIES CORP.
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020 A000007 DRESDNER BANK
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020 A000008 BANK SARASIN
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020 A000009 HSBC SECURITIES
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020 A000010 B.Z.W. SECURITIES, INC.
020 B000010 13-3551361
020 C000010      4
021  000000      190
022 A000001 CHASE MANHATTAN BANK
<PAGE>      PAGE  3
022 B000001 13-2633612
022 C000001   1760362
022 D000001      7971
022 A000002 CHEMICAL BANK
022 B000002 13-4994650
022 C000002     26089
022 D000002     22139
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022 B000003 13-5674085
022 C000003      8956
022 D000003      8059
022 A000004 GOLDMAN SACHS
022 B000004 13-5108880
022 C000004      8619
022 D000004      6243
022 A000005 DONALDSON, LUFKIN, & JENRETE SECURITIES CORP.
022 B000005 13-2747129
022 C000005      8547
022 D000005      4173
022 A000006 BEAR STEARNS & CO.,INC.
022 B000006 13-3299429
022 C000006      7097
022 D000006      5308
022 A000007 CS FIRST BOSTON CORP
022 B000007 13-5659485
022 C000007      5277
022 D000007      6033
022 A000008 SMITH BARNEY, HARRIS, UPHAM & CO.,INC.
022 B000008 13-1912900
022 C000008      7135
022 D000008      3032
022 A000009 SALOMON BROTHERS, INC.
022 B000009 13-3082694
022 C000009      3721
022 D000009      3265
022 A000010 NATIONS BANK
022 C000010      4662
022 D000010      1560
023 C000000    1871348
023 D000000      89821
026 A000000 N
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026 D000000 Y
026 E000000 N
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
080 A00AA00 NATIONAL UNION FIRE INSURANCE COMPANY OF PA
080 C00AA00     1000
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008 A000101 LIPPER CO., LLC
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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008 A000201 LIPPER & CO., LLC
008 B000201 A
008 C000201 801-000000
008 D010201 NEW YORK
<PAGE>      PAGE  10
008 D020201 NY
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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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<PAGE>      PAGE  14
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008 A000301 PRIME LIPPER ASSET MANAGEMENT
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<PAGE>      PAGE  15
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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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>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             APR-01-1996
<PERIOD-END>                               DEC-31-1996
<INVESTMENTS-AT-COST>                       48,750,230
<INVESTMENTS-AT-VALUE>                      62,581,473
<RECEIVABLES>                                  956,353
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         1,062,562
<TOTAL-ASSETS>                              64,600,388
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      854,754
<TOTAL-LIABILITIES>                            854,754
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    49,400,475
<SHARES-COMMON-STOCK>                        5,594,762
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                         (8,968)
<ACCUMULATED-NET-GAINS>                        517,800
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    13,836,327
<NET-ASSETS>                                63,745,634
<DIVIDEND-INCOME>                              837,538
<INTEREST-INCOME>                               49,091
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (669,024)
<NET-INVESTMENT-INCOME>                        217,605
<REALIZED-GAINS-CURRENT>                     2,536,039
<APPREC-INCREASE-CURRENT>                    6,248,392
<NET-CHANGE-FROM-OPS>                        9,002,036
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (121,398)
<DISTRIBUTIONS-OF-GAINS>                   (2,105,589)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      5,863,530
<NUMBER-OF-SHARES-REDEEMED>                  (470,701)
<SHARES-REINVESTED>                            201,993
<NET-CHANGE-IN-ASSETS>                      63,745,634
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          458,129
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                743,357
<AVERAGE-NET-ASSETS>                        55,452,817
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                   0.04
<PER-SHARE-GAIN-APPREC>                           1.62
<PER-SHARE-DIVIDEND>                            (0.02)
<PER-SHARE-DISTRIBUTIONS>                       (0.39)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.25
<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>                               DEC-31-1996
<INVESTMENTS-AT-COST>                       48,750,230
<INVESTMENTS-AT-VALUE>                      62,581,473
<RECEIVABLES>                                  956,353
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         1,062,562
<TOTAL-ASSETS>                              64,600,388
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      854,754
<TOTAL-LIABILITIES>                            854,754
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    49,400,475
<SHARES-COMMON-STOCK>                           54,169
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                         (8,968)
<ACCUMULATED-NET-GAINS>                        517,800
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    13,836,327
<NET-ASSETS>                                63,745,634
<DIVIDEND-INCOME>                              837,538
<INTEREST-INCOME>                               49,091
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (669,024)
<NET-INVESTMENT-INCOME>                        217,605
<REALIZED-GAINS-CURRENT>                     2,536,039
<APPREC-INCREASE-CURRENT>                    6,248,392
<NET-CHANGE-FROM-OPS>                        9,002,036
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (583)
<DISTRIBUTIONS-OF-GAINS>                      (24,560)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         52,290
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                              1,879
<NET-CHANGE-IN-ASSETS>                      63,745,634
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          458,129
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                743,357
<AVERAGE-NET-ASSETS>                        55,452,817
<PER-SHARE-NAV-BEGIN>                             9.93
<PER-SHARE-NII>                                 (0.01)
<PER-SHARE-GAIN-APPREC>                           1.73   
<PER-SHARE-DIVIDEND>                            (0.01)
<PER-SHARE-DISTRIBUTIONS>                       (0.39)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.25
<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>                               DEC-31-1996
<INVESTMENTS-AT-COST>                       48,750,230
<INVESTMENTS-AT-VALUE>                      62,581,473
<RECEIVABLES>                                  956,353
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         1,062,562
<TOTAL-ASSETS>                              64,600,388
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      854,754
<TOTAL-LIABILITIES>                            854,754
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    49,400,475
<SHARES-COMMON-STOCK>                           17,315
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                         (8,968)
<ACCUMULATED-NET-GAINS>                        517,800
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    13,836,327
<NET-ASSETS>                                63,745,634
<DIVIDEND-INCOME>                              837,538
<INTEREST-INCOME>                               49,091
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (669,024)
<NET-INVESTMENT-INCOME>                        217,605
<REALIZED-GAINS-CURRENT>                     2,536,039
<APPREC-INCREASE-CURRENT>                    6,248,392
<NET-CHANGE-FROM-OPS>                        9,002,036
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (180)
<DISTRIBUTIONS-OF-GAINS>                       (6,483)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         16,711
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                604
<NET-CHANGE-IN-ASSETS>                      63,745,634
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          458,129
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                743,357
<AVERAGE-NET-ASSETS>                        55,452,817
<PER-SHARE-NAV-BEGIN>                             9.92
<PER-SHARE-NII>                                 (0.02)
<PER-SHARE-GAIN-APPREC>                           1.74
<PER-SHARE-DIVIDEND>                            (0.01)
<PER-SHARE-DISTRIBUTIONS>                       (0.39)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.24
<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> 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>                               DEC-31-1996
<INVESTMENTS-AT-COST>                       13,672,003
<INVESTMENTS-AT-VALUE>                      15,298,756
<RECEIVABLES>                                2,545,164
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                           117,699
<TOTAL-ASSETS>                              17,961,619
<PAYABLE-FOR-SECURITIES>                     1,678,923
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      119,055
<TOTAL-LIABILITIES>                          1,797,978
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    14,632,119
<SHARES-COMMON-STOCK>                        1,326,179
<SHARES-COMMON-PRIOR>                           10,000
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                           (445)
<ACCUMULATED-NET-GAINS>                       (85,253)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,617,220
<NET-ASSETS>                                16,063,641
<DIVIDEND-INCOME>                               83,005
<INTEREST-INCOME>                              241,645
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (130,008)
<NET-INVESTMENT-INCOME>                        194,642
<REALIZED-GAINS-CURRENT>                       389,102
<APPREC-INCREASE-CURRENT>                    1,617,220
<NET-CHANGE-FROM-OPS>                        2,200,964
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (198,443)
<DISTRIBUTIONS-OF-GAINS>                     (437,379)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,304,210
<NUMBER-OF-SHARES-REDEEMED>                   (43,611)
<SHARES-REINVESTED>                             55,580
<NET-CHANGE-IN-ASSETS>                      16,063,641
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           99,280
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                269,175
<AVERAGE-NET-ASSETS>                        11,696,412
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                   0.18 
<PER-SHARE-GAIN-APPREC>                           1.81
<PER-SHARE-DIVIDEND>                            (0.19)
<PER-SHARE-DISTRIBUTIONS>                       (0.42)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.38
<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>                               DEC-31-1996
<INVESTMENTS-AT-COST>                       13,672,003
<INVESTMENTS-AT-VALUE>                      15,298,756
<RECEIVABLES>                                2,545,164
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                           117,699
<TOTAL-ASSETS>                              17,961,619
<PAYABLE-FOR-SECURITIES>                     1,678,923
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      119,055
<TOTAL-LIABILITIES>                          1,797,978
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    14,632,119
<SHARES-COMMON-STOCK>                           53,864
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                           (445)
<ACCUMULATED-NET-GAINS>                       (85,253)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,617,220
<NET-ASSETS>                                16,063,641
<DIVIDEND-INCOME>                               83,005
<INTEREST-INCOME>                              241,645
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (130,008)
<NET-INVESTMENT-INCOME>                        194,642
<REALIZED-GAINS-CURRENT>                       389,102
<APPREC-INCREASE-CURRENT>                    1,617,220
<NET-CHANGE-FROM-OPS>                        2,220,964
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (8,629)
<DISTRIBUTIONS-OF-GAINS>                      (25,112)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         51,245
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                              2,619
<NET-CHANGE-IN-ASSETS>                      16,063,641
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           99,280
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                269,175
<AVERAGE-NET-ASSETS>                        11,696,412
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                   0.11
<PER-SHARE-GAIN-APPREC>                           1.86
<PER-SHARE-DIVIDEND>                            (0.17)
<PER-SHARE-DISTRIBUTIONS>                       (0.42)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.38
<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>                               DEC-31-1996
<INVESTMENTS-AT-COST>                       13,672,003
<INVESTMENTS-AT-VALUE>                      15,298,756
<RECEIVABLES>                                2,545,164
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                           117,699
<TOTAL-ASSETS>                              17,961,619
<PAYABLE-FOR-SECURITIES>                     1,678,923
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      119,055
<TOTAL-LIABILITIES>                          1,797,978
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    14,632,119
<SHARES-COMMON-STOCK>                           39,727
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                           (445)
<ACCUMULATED-NET-GAINS>                       (85,253)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,617,220
<NET-ASSETS>                                16,063,641
<DIVIDEND-INCOME>                               83,005
<INTEREST-INCOME>                              241,645
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (130,008)
<NET-INVESTMENT-INCOME>                        194,642
<REALIZED-GAINS-CURRENT>                       389,102
<APPREC-INCREASE-CURRENT>                    1,617,220
<NET-CHANGE-FROM-OPS>                        2,220,964
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (6,620)
<DISTRIBUTIONS-OF-GAINS>                      (18,510)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         37,774
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                              1,953
<NET-CHANGE-IN-ASSETS>                      16,063,641
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           99,280
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                269,175
<AVERAGE-NET-ASSETS>                        11,696,412
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                   0.07
<PER-SHARE-GAIN-APPREC>                           1.91
<PER-SHARE-DIVIDEND>                            (0.18)
<PER-SHARE-DISTRIBUTIONS>                       (0.42)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.38
<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> 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>                               DEC-31-1996
<INVESTMENTS-AT-COST>                      101,293,197
<INVESTMENTS-AT-VALUE>                     103,836,948
<RECEIVABLES>                                3,259,050
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            98,016
<TOTAL-ASSETS>                             107,194,014
<PAYABLE-FOR-SECURITIES>                       982,500
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      223,434
<TOTAL-LIABILITIES>                          1,205,934
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   103,441,118
<SHARES-COMMON-STOCK>                       10,113,705
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                          416
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          2,795
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     2,543,751
<NET-ASSETS>                               105,988,080
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            7,272,331
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (729,384)
<NET-INVESTMENT-INCOME>                      6,542,947
<REALIZED-GAINS-CURRENT>                       349,656
<APPREC-INCREASE-CURRENT>                    2,206,383
<NET-CHANGE-FROM-OPS>                        9,098,986
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (6,418,067)
<DISTRIBUTIONS-OF-GAINS>                     (336,936)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     12,620,658
<NUMBER-OF-SHARES-REDEEMED>                (3,123,659)
<SHARES-REINVESTED>                            616,706
<NET-CHANGE-IN-ASSETS>                     105,988,080
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          543,224
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                928,218
<AVERAGE-NET-ASSETS>                        96,393,074
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                   0.68
<PER-SHARE-GAIN-APPREC>                           0.21
<PER-SHARE-DIVIDEND>                            (0.68)
<PER-SHARE-DISTRIBUTIONS>                       (0.03)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.18
<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>                               DEC-31-1996
<INVESTMENTS-AT-COST>                      101,293,197
<INVESTMENTS-AT-VALUE>                     103,836,948
<RECEIVABLES>                                3,259,050
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            98,016
<TOTAL-ASSETS>                             107,194,014
<PAYABLE-FOR-SECURITIES>                       982,500
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      223,434
<TOTAL-LIABILITIES>                          1,205,934
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   103,441,118
<SHARES-COMMON-STOCK>                           83,015
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                          416
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          2,795
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     2,543,751
<NET-ASSETS>                               105,988,080
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            7,272,331
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (729,384)
<NET-INVESTMENT-INCOME>                      6,542,947
<REALIZED-GAINS-CURRENT>                       349,656
<APPREC-INCREASE-CURRENT>                    2,206,383
<NET-CHANGE-FROM-OPS>                        9,098,986
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (33,219)
<DISTRIBUTIONS-OF-GAINS>                       (2,731)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         85,832
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</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>
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</TABLE>


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