LIPPER FUNDS INC
NSAR-B, 1998-03-04
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<PAGE>      PAGE  1
000 B000000 12/31/97
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 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
015 A00AA01 DELETE
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 CAPEL (JAMES), INC.
020 B000001 52-1348224
020 C000001    103
020 A000002 KLEINWORT BENSON, INC.
020 B000002 13-2647786
020 C000002     33
020 A000003 DRESDNER BANK
020 C000003     22
020 A000004 UBS SECURITIES, INC.
020 B000004 13-2932996
020 C000004     20
020 A000005 MORGAN STANLEY & CO., INC.
020 B000005 13-2655998
020 C000005     18
020 A000006 VEREINS UND WESTBANK
020 C000006     17
020 A000007 WEEDEN & CO., L.P.
020 B000007 13-3364318
020 C000007     16
020 A000008 CCF INTERNATIONAL FINANCE CORP.
020 B000008 13-3239312
020 C000008     16
020 A000009 METZLER BANK
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022 C000001   2105415
<PAGE>      PAGE  3
022 D000001     62351
022 A000002 SMITH BARNEY, HARRIS, UPHAM & CO., INC.
022 B000002 13-1912900
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022 C000003      9646
022 D000003      7660
022 A000004 GOLDMAN SACHS
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022 C000004      7161
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022 A000005 LEHMAN BROTHERS, INC.
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022 D000005      7158
022 A000006 MORGAN (J.P.) SECURITIES, INC.
022 B000006 13-3224016
022 C000006      7173
022 D000006      7368
022 A000007 SALOMON BROTHERS, INC.
022 B000007 13-3082694
022 C000007      5036
022 D000007      7029
022 A000008 DONALDSON, LUFKIN, & JENRETTE SECURITIES CORP
022 B000008 13-2747129
022 C000008      7616
022 D000008      4373
022 A000009 MERRILL LYNCH AND CO, INC.
022 B000009 13-5674085
022 C000009      3860
022 D000009      7755
022 A000010 NATIONS BANK
022 C000010      4873
022 D000010      3612
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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  8
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008 A000201 LIPPER & CO., LLC
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008 D010201 NEW YORK
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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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008 A000301 PRIME LIPPER ASSET MANAGEMENT
<PAGE>      PAGE  14
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<PAGE>      PAGE  17
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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>                  12-MOS
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<PERIOD-END>                               DEC-31-1997
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<PAID-IN-CAPITAL-COMMON>                    67,540,515
<SHARES-COMMON-STOCK>                        7,053,900
<SHARES-COMMON-PRIOR>                        5,594,762
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                        (33,584)
<ACCUMULATED-NET-GAINS>                      3,258,014
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    14,099,880
<NET-ASSETS>                                84,864,825
<DIVIDEND-INCOME>                            1,402,498
<INTEREST-INCOME>                              138,158
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (1,215,859)
<NET-INVESTMENT-INCOME>                        324,797
<REALIZED-GAINS-CURRENT>                    12,722,779
<APPREC-INCREASE-CURRENT>                      263,553
<NET-CHANGE-FROM-OPS>                       13,311,129
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (176,335)
<DISTRIBUTIONS-OF-GAINS>                   (9,927,607)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,398,901
<NUMBER-OF-SHARES-REDEEMED>                  (796,803)
<SHARES-REINVESTED>                            857,040
<NET-CHANGE-IN-ASSETS>                      84,864,825
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      517,800
<OVERDISTRIB-NII-PRIOR>                        (8,968)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          837,255
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,215,859
<AVERAGE-NET-ASSETS>                        76,143,000
<PER-SHARE-NAV-BEGIN>                            11.25
<PER-SHARE-NII>                                   0.05
<PER-SHARE-GAIN-APPREC>                           2.06
<PER-SHARE-DIVIDEND>                            (0.03)
<PER-SHARE-DISTRIBUTIONS>                       (1.59)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.74
<EXPENSE-RATIO>                                   1.59
<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>                  12-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               DEC-31-1997
<INVESTMENTS-AT-COST>                       68,087,087
<INVESTMENTS-AT-VALUE>                      82,187,041
<RECEIVABLES>                                  257,585
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         2,886,749
<TOTAL-ASSETS>                              85,331,375
<PAYABLE-FOR-SECURITIES>                       301,863
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      164,687
<TOTAL-LIABILITIES>                            466,550
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    67,540,515
<SHARES-COMMON-STOCK>                           96,887
<SHARES-COMMON-PRIOR>                           54,169
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                        (33,584)
<ACCUMULATED-NET-GAINS>                      3,258,014
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    14,099,880
<NET-ASSETS>                                84,864,825
<DIVIDEND-INCOME>                            1,402,498
<INTEREST-INCOME>                              138,158
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (1,215,859)
<NET-INVESTMENT-INCOME>                        324,797
<REALIZED-GAINS-CURRENT>                    12,722,779
<APPREC-INCREASE-CURRENT>                      263,553
<NET-CHANGE-FROM-OPS>                       13,311,129
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         (77)
<DISTRIBUTIONS-OF-GAINS>                     (136,371)
<DISTRIBUTIONS-OTHER>                             (15)
<NUMBER-OF-SHARES-SOLD>                         32,120
<NUMBER-OF-SHARES-REDEEMED>                    (1,004)
<SHARES-REINVESTED>                             11,602
<NET-CHANGE-IN-ASSETS>                      84,864,825
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      517,800
<OVERDISTRIB-NII-PRIOR>                        (8,968)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          837,255
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,215,859
<AVERAGE-NET-ASSETS>                        76,143,000
<PER-SHARE-NAV-BEGIN>                            11.25
<PER-SHARE-NII>                                   0.02
<PER-SHARE-GAIN-APPREC>                           2.05
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                       (1.59)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.73
<EXPENSE-RATIO>                                   1.84
<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>                  12-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               DEC-31-1997
<INVESTMENTS-AT-COST>                       68,087,087
<INVESTMENTS-AT-VALUE>                      82,187,041
<RECEIVABLES>                                  257,585
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         2,886,749
<TOTAL-ASSETS>                              85,331,375
<PAYABLE-FOR-SECURITIES>                       301,863
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      166,687
<TOTAL-LIABILITIES>                            466,550
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    67,540,515
<SHARES-COMMON-STOCK>                           80,224
<SHARES-COMMON-PRIOR>                           17,315
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                        (33,584)
<ACCUMULATED-NET-GAINS>                      3,258,014
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    14,099,880
<NET-ASSETS>                                84,864,825
<DIVIDEND-INCOME>                            1,402,498
<INTEREST-INCOME>                              138,158
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (1,215,859)
<NET-INVESTMENT-INCOME>                        324,797
<REALIZED-GAINS-CURRENT>                    12,722,779
<APPREC-INCREASE-CURRENT>                      263,553
<NET-CHANGE-FROM-OPS>                       13,311,129
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (855)
<DISTRIBUTIONS-OF-GAINS>                     (109,302)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         80,068
<NUMBER-OF-SHARES-REDEEMED>                   (26,544)
<SHARES-REINVESTED>                              9,385
<NET-CHANGE-IN-ASSETS>                      84,864,825
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      517,800
<OVERDISTRIB-NII-PRIOR>                        (8,968)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          837,255
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,215,859
<AVERAGE-NET-ASSETS>                        76,143,000
<PER-SHARE-NAV-BEGIN>                            11.24
<PER-SHARE-NII>                                   0.03
<PER-SHARE-GAIN-APPREC>                           2.05
<PER-SHARE-DIVIDEND>                            (0.01)
<PER-SHARE-DISTRIBUTIONS>                       (1.59)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.72
<EXPENSE-RATIO>                                   1.84
<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>                  12-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               DEC-31-1997
<INVESTMENTS-AT-COST>                       15,493,817
<INVESTMENTS-AT-VALUE>                      17,079,282
<RECEIVABLES>                                   23,726
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         2,585,421
<TOTAL-ASSETS>                              19,688,429
<PAYABLE-FOR-SECURITIES>                     2,663,340
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       36,184
<TOTAL-LIABILITIES>                          2,699,524
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    14,612,494
<SHARES-COMMON-STOCK>                        1,180,005
<SHARES-COMMON-PRIOR>                        1,326,179
<ACCUMULATED-NII-CURRENT>                        1,837
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        789,109
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,585,465
<NET-ASSETS>                                16,988,905
<DIVIDEND-INCOME>                              150,115
<INTEREST-INCOME>                              207,678
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (173,301)
<NET-INVESTMENT-INCOME>                        184,492
<REALIZED-GAINS-CURRENT>                     2,507,795
<APPREC-INCREASE-CURRENT>                     (31,755)
<NET-CHANGE-FROM-OPS>                        2,660,532
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (171,940)
<DISTRIBUTIONS-OF-GAINS>                   (1,364,816)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        506,749
<NUMBER-OF-SHARES-REDEEMED>                  (783,489)
<SHARES-REINVESTED>                            130,566
<NET-CHANGE-IN-ASSETS>                         825,264
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                     (85,253)
<OVERDISTRIB-NII-PRIOR>                          (445)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          130,462
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                273,746
<AVERAGE-NET-ASSETS>                        15,346,213
<PER-SHARE-NAV-BEGIN>                            11.38
<PER-SHARE-NII>                                   0.16 
<PER-SHARE-GAIN-APPREC>                           1.96
<PER-SHARE-DIVIDEND>                            (0.16)
<PER-SHARE-DISTRIBUTIONS>                       (1.30)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.04
<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>                  12-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               DEC-31-1997
<INVESTMENTS-AT-COST>                       15,493,817
<INVESTMENTS-AT-VALUE>                      17,079,282
<RECEIVABLES>                                   23,726
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         2,585,421
<TOTAL-ASSETS>                              19,688,429
<PAYABLE-FOR-SECURITIES>                     2,663,340
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       36,184
<TOTAL-LIABILITIES>                          2,699,524
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    14,612,494
<SHARES-COMMON-STOCK>                           74,752 
<SHARES-COMMON-PRIOR>                           53,864
<ACCUMULATED-NII-CURRENT>                        1,837
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        789,109
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,585,465
<NET-ASSETS>                                16,988,905
<DIVIDEND-INCOME>                              150,115
<INTEREST-INCOME>                              207,678
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (173,301)
<NET-INVESTMENT-INCOME>                        184,492
<REALIZED-GAINS-CURRENT>                     2,507,795
<APPREC-INCREASE-CURRENT>                     (31,755)
<NET-CHANGE-FROM-OPS>                        2,660,532
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (8,737)
<DISTRIBUTIONS-OF-GAINS>                      (86,666)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         48,391
<NUMBER-OF-SHARES-REDEEMED>                   (35,615)
<SHARES-REINVESTED>                              8,112
<NET-CHANGE-IN-ASSETS>                         825,264
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                     (85,253)
<OVERDISTRIB-NII-PRIOR>                          (445)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          130,462
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                273,746
<AVERAGE-NET-ASSETS>                        15,346,213
<PER-SHARE-NAV-BEGIN>                            11.38
<PER-SHARE-NII>                                   0.13 
<PER-SHARE-GAIN-APPREC>                           1.95
<PER-SHARE-DIVIDEND>                            (0.13)
<PER-SHARE-DISTRIBUTIONS>                       (1.30)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.03
<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>                  12-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               DEC-31-1997
<INVESTMENTS-AT-COST>                       15,493,817
<INVESTMENTS-AT-VALUE>                      17,079,282
<RECEIVABLES>                                   23,726
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                         2,585,421
<TOTAL-ASSETS>                              19,688,429
<PAYABLE-FOR-SECURITIES>                     2,663,340
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       36,184
<TOTAL-LIABILITIES>                          2,699,524
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    14,612,494
<SHARES-COMMON-STOCK>                          157,155 
<SHARES-COMMON-PRIOR>                           39,727
<ACCUMULATED-NII-CURRENT>                        1,837
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        789,109
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,585,465
<NET-ASSETS>                                16,988,905
<DIVIDEND-INCOME>                              150,115
<INTEREST-INCOME>                              207,678
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (173,301)
<NET-INVESTMENT-INCOME>                        184,492
<REALIZED-GAINS-CURRENT>                     2,507,795
<APPREC-INCREASE-CURRENT>                     (31,755)
<NET-CHANGE-FROM-OPS>                        2,660,532
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (20,542)
<DISTRIBUTIONS-OF-GAINS>                     (181,951)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        141,807
<NUMBER-OF-SHARES-REDEEMED>                   (41,627)
<SHARES-REINVESTED>                             17,248
<NET-CHANGE-IN-ASSETS>                         825,264
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                     (85,253)
<OVERDISTRIB-NII-PRIOR>                          (445)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          130,462
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                273,746
<AVERAGE-NET-ASSETS>                        15,346,213
<PER-SHARE-NAV-BEGIN>                            11.38
<PER-SHARE-NII>                                   0.08 
<PER-SHARE-GAIN-APPREC>                           2.00
<PER-SHARE-DIVIDEND>                            (0.15)
<PER-SHARE-DISTRIBUTIONS>                       (1.30)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.01
<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> 013
   <NAME> HIGH INCOME BOND FUND, PREMIER SHARES
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                  12-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               DEC-31-1997
<INVESTMENTS-AT-COST>                       90,373,976
<INVESTMENTS-AT-VALUE>                      92,622,053
<RECEIVABLES>                                2,023,829
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            71,318
<TOTAL-ASSETS>                              94,717,200
<PAYABLE-FOR-SECURITIES>                       765,904
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                            585,137
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    90,807,563
<SHARES-COMMON-STOCK>                        8,419,839
<SHARES-COMMON-PRIOR>                       10,113,705
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        310,519
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     2,248,077
<NET-ASSETS>                                93,366,159
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            9,953,668
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (1,053,349)
<NET-INVESTMENT-INCOME>                      8,900,319
<REALIZED-GAINS-CURRENT>                     2,631,435
<APPREC-INCREASE-CURRENT>                    (295,674)
<NET-CHANGE-FROM-OPS>                       11,236,080
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (8,415,284)
<DISTRIBUTIONS-OF-GAINS>                   (2,140,829)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      2,177,661
<NUMBER-OF-SHARES-REDEEMED>                (4,718,897)
<SHARES-REINVESTED>                            847,370
<NET-CHANGE-IN-ASSETS>                    (12,621,921)
<ACCUMULATED-NII-PRIOR>                            416
<ACCUMULATED-GAINS-PRIOR>                        2,795
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          779,370
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,224,203
<AVERAGE-NET-ASSETS>                       103,904,892
<PER-SHARE-NAV-BEGIN>                            10.18
<PER-SHARE-NII>                                   0.91
<PER-SHARE-GAIN-APPREC>                           0.19
<PER-SHARE-DIVIDEND>                            (0.91)
<PER-SHARE-DISTRIBUTIONS>                       (0.26)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.11
<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>                  12-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               DEC-31-1997
<INVESTMENTS-AT-COST>                       90,373,976
<INVESTMENTS-AT-VALUE>                      92,622,053
<RECEIVABLES>                                2,023,829
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            71,318
<TOTAL-ASSETS>                              94,717,200
<PAYABLE-FOR-SECURITIES>                       765,904
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                            585,137
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    90,807,563
<SHARES-COMMON-STOCK>                          464,774
<SHARES-COMMON-PRIOR>                           83,015
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        310,519
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     2,248,077
<NET-ASSETS>                                93,366,159
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            9,953,668
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (1,053,349)
<NET-INVESTMENT-INCOME>                      8,900,319
<REALIZED-GAINS-CURRENT>                     2,631,435
<APPREC-INCREASE-CURRENT>                    (295,674)
<NET-CHANGE-FROM-OPS>                       11,236,080
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (228,895)
<DISTRIBUTIONS-OF-GAINS>                     (120,871)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        385,019
<NUMBER-OF-SHARES-REDEEMED>                   (31,845)
<SHARES-REINVESTED>                             28,585
<NET-CHANGE-IN-ASSETS>                    (12,621,921)
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001000072
<NAME> LIPPER FUNDS, INC.
<SERIES>
   <NUMBER> 011
   <NAME> HIGH INCOME BOND FUND, GROUP RETIREMENT PLAN SHARES
<MULTIPLIER> 1
       
<S>                             <C>
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</TABLE>


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