LIPPER FUNDS INC
NSAR-A, 1998-09-08
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<PAGE>      PAGE  1
000 A000000 06/30/98
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., L.P.
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 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
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 MORGAN STANLEY & CO., INC.
020 B000001 13-2655998
020 C000001     24
020 A000002 SALOMON BROTHERS, INC.
020 B000002 13-3082694
020 C000002     12
020 A000003 CAPEL (JAMES), INC.
020 B000003 52-1348224
020 C000003     12
020 A000004 CCF INTERNATIONAL FINANCE CORP.
020 B000004 13-3239312
020 C000004     12
020 A000005 WEEDEN & CO. L.P.
020 B000005 13-3364318
020 C000005     11
020 A000006 DRESDNER BANK
020 C000006     10
020 A000007 NATWEST SECURITIES CORP.
020 C000007     10
020 A000008 SOCIETIE GENERAL
020 C000008     10
020 A000009 VEREINS UND WESTBANK
020 C000009      9
020 A000010 CS FIRST BOSTON CORP
020 B000010 13-5659485
020 C000010      7
021  000000      178
022 A000001 CHASE MANHATTAN BANK
022 B000001 13-2633612
022 C000001    292615
022 D000001      1909
022 A000002 MORGAN (J.P.) SECURITIES
<PAGE>      PAGE  3
022 B000002 13-3224016
022 C000002      5414
022 D000002      5543
022 A000003 SMITH BARNEY, HARRIS, UPHAM & CO., INC.
022 B000003 13-1912900
022 C000003      5189
022 D000003      4520
022 A000004 SALOMON BROTHERS, INC.
022 B000004 13-3082694
022 C000004      4536
022 D000004      3854
022 A000005 DONALDSON, LUFKIN, & JENRETTE SECURITIES CORP
022 B000005 13-2747129
022 C000005      4818
022 D000005      3148
022 A000006 GOLDMAN SACHS
022 B000006 13-5108880
022 C000006      4224
022 D000006      2279
022 A000007 MERRILL LYNCH AND CO, INC.
022 B000007 13-5674085
022 C000007      4353
022 D000007      1559
022 A000008 WEEDEN & CO., L.P.
022 B000008 13-3364318
022 C000008      3580
022 D000008      1821
022 A000009 BEAR STEARNS & CO., INC.
022 B000009 13-3299429
022 C000009      1607
022 D000009      2381
022 A000010 LEHMAN BROTHERS, INC.
022 B000010 94-2537674
022 C000010      1964
022 D000010      1286
023 C000000     342049
023 D000000      38857
026 A000000 N
026 B000000 Y
026 C000000 N
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026 H000000 N
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029  00AA00 N
030 A00AA00      0
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<PAGE>      PAGE  4
034  00AA00 N
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041  00AA00 Y
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054 E00AA00 N
054 F00AA00 N
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054 H00AA00 Y
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054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
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054 O00AA00 N
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061  00AA00    10000
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077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078  000000 N
008 A000101 LIPPER CO., LLC
008 B000101 A
008 C000101 801-000000
<PAGE>      PAGE  5
008 D010101 NEW YORK
008 D020101 NY
008 D030101 10178
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
062 P000100  95.8
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067  000100 N
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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
008 D020201 NY
008 D030201 10178
024  000200 N
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<PAGE>      PAGE  10
028 G010200     10104
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042 G000200 100
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046  000200 N
047  000200 Y
048  000200  0.850
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052  000200 N
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053 B000200 Y
055 A000200 N
055 B000200 N
056  000200 N
057  000200 N
<PAGE>      PAGE  11
062 A000200 N
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066 A000200 Y
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066 F000200 N
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070 F020200 N
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070 J020200 N
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<PAGE>      PAGE  12
070 L010200 Y
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070 R020200 N
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<PAGE>      PAGE  13
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008 A000301 PRIME LIPPER ASSET MANAGEMENT
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008 C000301 801-000000
008 D010301 NEW YORK
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008 D030301 10178
008 A000302 LIPPER & CO., LLC
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008 D020302 NY
008 D030302 10178
024  000300 N
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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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>                  6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                       80,719,635
<INVESTMENTS-AT-VALUE>                     110,007,058
<RECEIVABLES>                                4,038,060
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         3,942,275
<TOTAL-ASSETS>                             117,987,393
<PAYABLE-FOR-SECURITIES>                     1,774,499
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      206,175
<TOTAL-LIABILITIES>                          1,980,674
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    74,881,629
<SHARES-COMMON-STOCK>                        7,409,836
<SHARES-COMMON-PRIOR>                        7,053,900
<ACCUMULATED-NII-CURRENT>                      232,866
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     11,609,278
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    29,282,946
<NET-ASSETS>                               116,006,719
<DIVIDEND-INCOME>                              990,210
<INTEREST-INCOME>                               49,390
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (773,150)
<NET-INVESTMENT-INCOME>                        266,450
<REALIZED-GAINS-CURRENT>                     8,351,264
<APPREC-INCREASE-CURRENT>                   15,183,066
<NET-CHANGE-FROM-OPS>                       23,800,780
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        571,771
<NUMBER-OF-SHARES-REDEEMED>                  (215,835)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      31,141,894
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                    3,258,014
<OVERDISTRIB-NII-PRIOR>                       (33,584)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          548,203
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                773,150
<AVERAGE-NET-ASSETS>                       100,733,840
<PER-SHARE-NAV-BEGIN>                            11.74
<PER-SHARE-NII>                                   0.04
<PER-SHARE-GAIN-APPREC>                           3.28
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              15.06
<EXPENSE-RATIO>                                   1.54
<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>                  6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                       80,719,635
<INVESTMENTS-AT-VALUE>                     110,007,058
<RECEIVABLES>                                4,038,060
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         3,942,275
<TOTAL-ASSETS>                             117,987,393
<PAYABLE-FOR-SECURITIES>                     1,774,499
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      206,175
<TOTAL-LIABILITIES>                          1,980,674
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    74,881,629
<SHARES-COMMON-STOCK>                          163,016
<SHARES-COMMON-PRIOR>                           96,887
<ACCUMULATED-NII-CURRENT>                      232,866
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     11,609,278
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    29,282,946
<NET-ASSETS>                               116,006,719
<DIVIDEND-INCOME>                              990,210
<INTEREST-INCOME>                               49,390
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (773,150)
<NET-INVESTMENT-INCOME>                        266,450
<REALIZED-GAINS-CURRENT>                     8,351,264
<APPREC-INCREASE-CURRENT>                   15,183,066
<NET-CHANGE-FROM-OPS>                       23,800,780
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         83,571
<NUMBER-OF-SHARES-REDEEMED>                   (17,442)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      31,141,894
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                    3,258,014
<OVERDISTRIB-NII-PRIOR>                       (33,584)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          548,203
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                773,150
<AVERAGE-NET-ASSETS>                       100,733,840
<PER-SHARE-NAV-BEGIN>                            11.73
<PER-SHARE-NII>                                   0.03
<PER-SHARE-GAIN-APPREC>                           3.27
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              15.03
<EXPENSE-RATIO>                                   1.79
<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 SHARES
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                  6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                       80,719,635
<INVESTMENTS-AT-VALUE>                     110,007,058
<RECEIVABLES>                                4,038,060
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         3,942,275
<TOTAL-ASSETS>                             117,987,393
<PAYABLE-FOR-SECURITIES>                     1,774,499
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      206,175
<TOTAL-LIABILITIES>                          1,980,674
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    74,881,629
<SHARES-COMMON-STOCK>                          132,603
<SHARES-COMMON-PRIOR>                           80,224
<ACCUMULATED-NII-CURRENT>                      232,866
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     11,609,278
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    29,282,946
<NET-ASSETS>                               116,006,719
<DIVIDEND-INCOME>                              990,210
<INTEREST-INCOME>                               49,390
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (773,150)
<NET-INVESTMENT-INCOME>                        266,450
<REALIZED-GAINS-CURRENT>                     8,351,264
<APPREC-INCREASE-CURRENT>                   15,183,066
<NET-CHANGE-FROM-OPS>                       23,800,780
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         53,268
<NUMBER-OF-SHARES-REDEEMED>                      (889)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      31,141,894
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                    3,258,014
<OVERDISTRIB-NII-PRIOR>                       (33,584)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          548,203
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                773,150
<AVERAGE-NET-ASSETS>                       100,733,840
<PER-SHARE-NAV-BEGIN>                            11.72
<PER-SHARE-NII>                                   0.03
<PER-SHARE-GAIN-APPREC>                           3.28
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              15.03
<EXPENSE-RATIO>                                   1.79
<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>                  6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                       21,466,093
<INVESTMENTS-AT-VALUE>                      25,309,552
<RECEIVABLES>                                4,418,375   
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            47,124
<TOTAL-ASSETS>                              29,775,051
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      149,245 
<TOTAL-LIABILITIES>                            149,245
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    23,374,093
<SHARES-COMMON-STOCK>                        1,771,376
<SHARES-COMMON-PRIOR>                        1,180,005
<ACCUMULATED-NII-CURRENT>                      130,674  
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      2,277,580  
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     3,843,459
<NET-ASSETS>                                29,625,806  
<DIVIDEND-INCOME>                              252,525
<INTEREST-INCOME>                                5,673
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (129,361)
<NET-INVESTMENT-INCOME>                        128,837
<REALIZED-GAINS-CURRENT>                     1,488,471
<APPREC-INCREASE-CURRENT>                    2,257,994
<NET-CHANGE-FROM-OPS>                        3,875,302
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        661,188
<NUMBER-OF-SHARES-REDEEMED>                   (69,817)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      12,636,901
<ACCUMULATED-NII-PRIOR>                          1,837
<ACCUMULATED-GAINS-PRIOR>                      789,109
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           96,519
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                180,420
<AVERAGE-NET-ASSETS>                        22,916,794
<PER-SHARE-NAV-BEGIN>                            12.04
<PER-SHARE-NII>                                   0.06 
<PER-SHARE-GAIN-APPREC>                           2.19
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.29
<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>                  6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                       21,466,093
<INVESTMENTS-AT-VALUE>                      25,309,552
<RECEIVABLES>                                4,418,375   
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            47,124
<TOTAL-ASSETS>                              29,775,051
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      149,245 
<TOTAL-LIABILITIES>                            149,245
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    23,374,093
<SHARES-COMMON-STOCK>                          104,027
<SHARES-COMMON-PRIOR>                           74,752
<ACCUMULATED-NII-CURRENT>                      130,674  
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      2,277,580  
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     3,843,459
<NET-ASSETS>                                29,625,806  
<DIVIDEND-INCOME>                              252,525
<INTEREST-INCOME>                                5,673
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (129,361)
<NET-INVESTMENT-INCOME>                        128,837
<REALIZED-GAINS-CURRENT>                     1,488,471
<APPREC-INCREASE-CURRENT>                    2,257,994
<NET-CHANGE-FROM-OPS>                        3,875,302
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         47,337
<NUMBER-OF-SHARES-REDEEMED>                   (18,062)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      12,636,901
<ACCUMULATED-NII-PRIOR>                          1,837
<ACCUMULATED-GAINS-PRIOR>                      789,109
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           96,519
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                180,420
<AVERAGE-NET-ASSETS>                        22,916,794
<PER-SHARE-NAV-BEGIN>                            12.03
<PER-SHARE-NII>                                   0.05 
<PER-SHARE-GAIN-APPREC>                           2.19
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.27
<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 SHARES
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                  6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                       21,466,093
<INVESTMENTS-AT-VALUE>                      25,309,552
<RECEIVABLES>                                4,418,375   
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            47,124
<TOTAL-ASSETS>                              29,775,051
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      149,245 
<TOTAL-LIABILITIES>                            149,245
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    23,374,093
<SHARES-COMMON-STOCK>                          198,152
<SHARES-COMMON-PRIOR>                          157,155
<ACCUMULATED-NII-CURRENT>                      130,674  
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      2,277,580  
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     3,843,459
<NET-ASSETS>                                29,625,806  
<DIVIDEND-INCOME>                              252,525
<INTEREST-INCOME>                                5,673
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (129,361)
<NET-INVESTMENT-INCOME>                        128,837
<REALIZED-GAINS-CURRENT>                     1,488,471
<APPREC-INCREASE-CURRENT>                    2,257,994
<NET-CHANGE-FROM-OPS>                        3,875,302
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         52,534
<NUMBER-OF-SHARES-REDEEMED>                   (11,537)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                      12,636,901
<ACCUMULATED-NII-PRIOR>                          1,837
<ACCUMULATED-GAINS-PRIOR>                      789,109
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           96,519
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                180,420
<AVERAGE-NET-ASSETS>                        22,916,794
<PER-SHARE-NAV-BEGIN>                            12.01
<PER-SHARE-NII>                                   0.06 
<PER-SHARE-GAIN-APPREC>                           2.18
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.25
<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> 012
   <NAME> HIGH INCOME BOND FUND, RETAIL SHARES
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                       91,033,990
<INVESTMENTS-AT-VALUE>                      92,294,150
<RECEIVABLES>                                2,658,801
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            94,510
<TOTAL-ASSETS>                              95,047,461
<PAYABLE-FOR-SECURITIES>                     1,014,048
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      234,795
<TOTAL-LIABILITIES>                          1,248,843
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    91,120,430
<SHARES-COMMON-STOCK>                          633,246
<SHARES-COMMON-PRIOR>                          464,774
<ACCUMULATED-NII-CURRENT>                      670,649
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        747,379
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,260,160
<NET-ASSETS>                                93,798,618
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            4,552,868
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (479,952)
<NET-INVESTMENT-INCOME>                      4,072,916
<REALIZED-GAINS-CURRENT>                       436,860
<APPREC-INCREASE-CURRENT>                    (987,917)
<NET-CHANGE-FROM-OPS>                        3,521,859
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (191,148)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        236,254
<NUMBER-OF-SHARES-REDEEMED>                   (84,632)
<SHARES-REINVESTED>                             16,850
<NET-CHANGE-IN-ASSETS>                         432,459
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      310,519
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          349,433
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                549,252
<AVERAGE-NET-ASSETS>                        93,963,826
<PER-SHARE-NAV-BEGIN>                            10.11
<PER-SHARE-NII>                                   0.43
<PER-SHARE-GAIN-APPREC>                         (0.06)
<PER-SHARE-DIVIDEND>                            (0.36)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.12
<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> 011
   <NAME> HIGH INCOME BOND FUND, RETIREMENT PLAN SHARES
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                       91,033,990
<INVESTMENTS-AT-VALUE>                      92,294,150
<RECEIVABLES>                                2,658,801
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            94,510
<TOTAL-ASSETS>                              95,047,461
<PAYABLE-FOR-SECURITIES>                     1,014,048
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      234,795
<TOTAL-LIABILITIES>                          1,248,843
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    91,120,430
<SHARES-COMMON-STOCK>                          423,858
<SHARES-COMMON-PRIOR>                          348,101
<ACCUMULATED-NII-CURRENT>                      670,649
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        747,379
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,260,160
<NET-ASSETS>                                93,798,618
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            4,552,868
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (479,952)
<NET-INVESTMENT-INCOME>                      4,072,916
<REALIZED-GAINS-CURRENT>                       436,860
<APPREC-INCREASE-CURRENT>                    (987,917)
<NET-CHANGE-FROM-OPS>                        3,521,859
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (149,635)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         80,810
<NUMBER-OF-SHARES-REDEEMED>                   (19,800)
<SHARES-REINVESTED>                             14,747
<NET-CHANGE-IN-ASSETS>                         432,459
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      310,519
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          349,433
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                549,252
<AVERAGE-NET-ASSETS>                        93,963,826
<PER-SHARE-NAV-BEGIN>                            10.11
<PER-SHARE-NII>                                   0.42
<PER-SHARE-GAIN-APPREC>                         (0.06)
<PER-SHARE-DIVIDEND>                            (0.36)
<PER-SHARE-DISTRIBUTIONS>                            0
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001000072
<NAME> LIPPER FUNDS, INC.
<SERIES>
   <NUMBER> 013
   <NAME> HIGH INCOME BOND FUND, PREMIER SHARES
<MULTIPLIER> 1
       
<S>                             <C>
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</TABLE>


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