<PAGE> PAGE 1
000 B000000 12/31/98
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 33
020 A000002 DRESDNER BANK
020 C000002 31
020 A000003 DEUTSCHE NATIONAL BANK CORP.
020 B000003 13-6124068
020 C000003 22
020 A000004 KLEINWORT BENSON, INC.
020 B000004 13-2647786
020 C000004 19
020 A000005 MERRILL LYNCH AND CO, INC.
020 B000005 13-5674085
020 C000005 19
020 A000006 VEREINS UND WESTBANK
020 C000006 19
020 A000007 CS FIRST BOSTON CORP.
020 B000007 13-5659485
020 C000007 18
020 A000008 SALOMON BROTHERS, INC.
020 B000008 13-3082694
020 C000008 18
020 A000009 METZLER BANK
020 C000009 15
020 A000010 CHASE MANHATTAN BANK
020 B000010 13-2633612
020 C000010 14
021 000000 347
022 A000001 ABN AMRO BANK
022 B000001 13-3227945
022 C000001 1524
022 D000001 0
<PAGE> PAGE 3
022 A000002 DRESDNER BANK
022 C000002 0
022 D000002 727
022 A000003 LEHMAN BROTHERS, INC.
022 B000003 94-2537674
022 C000003 417
022 D000003 0
022 A000004 DEN DANSK BANK
022 C000004 294
022 D000004 0
022 A000005 DEUTSCHE NATIONAL BANK CORP
022 B000005 13-6124068
022 C000005 0
022 D000005 75
022 A000006 CHASE MANHATTAN BANK
022 B000006 13-2633612
022 C000006 0
022 D000006 33
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 2235
023 D000000 835
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
<PAGE> PAGE 4
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 10000
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
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
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
086 A010000 0
086 A020000 0
<PAGE> PAGE 5
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 LIPPER CO., LLC
008 B000101 A
008 C000101 801-000000
008 D010101 NEW YORK
008 D020101 NY
008 D030101 10178
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 1134
028 A020100 804
028 A030100 0
028 A040100 279
028 B010100 243
028 B020100 489
028 B030100 0
028 B040100 5925
028 C010100 20
028 C020100 481
028 C030100 0
028 C040100 219
028 D010100 913
028 D020100 476
028 D030100 0
028 D040100 291
028 E010100 3980
028 E020100 464
028 E030100 0
028 E040100 27
028 F010100 5966
028 F020100 1102
028 F030100 0
028 F040100 1958
028 G010100 12256
028 G020100 3816
<PAGE> PAGE 6
028 G030100 0
028 G040100 8699
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 100
042 H000100 0
043 000100 0
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.750
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
062 A000100 Y
062 B000100 0.0
<PAGE> PAGE 7
062 C000100 0.0
062 D000100 9.6
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 84.9
062 Q000100 2.9
062 R000100 0.0
063 A000100 0
063 B000100 5.6
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
<PAGE> PAGE 8
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 95064
071 B000100 94122
071 C000100 85710
071 D000100 110
072 A000100 12
072 B000100 8743
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 553
072 G000100 204
072 H000100 0
072 I000100 10
072 J000100 13
072 K000100 0
072 L000100 0
072 M000100 18
072 N000100 32
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 13
072 S000100 17
072 T000100 14
072 U000100 19
072 V000100 0
072 W000100 55
072 X000100 948
072 Y000100 0
072 Z000100 7795
072AA000100 0
072BB000100 2058
072CC010100 0
072CC020100 2393
072DD010100 7451
072DD020100 343
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
<PAGE> PAGE 9
074 A000100 1
074 B000100 9182
074 C000100 0
074 D000100 84441
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 1082
074 K000100 0
074 L000100 1677
074 M000100 56
074 N000100 96439
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 312
074 S000100 0
074 T000100 96127
074 U010100 0
074 U020100 0
074 V010100 0.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 5
074 Y000100 0
075 A000100 0
075 B000100 92068
076 000100 0.00
080 A000100 NATIONAL UNION FIRE INSURANCE COMPANY OF PA
080 C000100 1000
081 A000100 N
081 B000100 0
082 A000100 Y
082 B000100 10
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
028 A010200 218
028 A020200 787
028 A030200 0
028 A040200 217
028 B010200 404
<PAGE> PAGE 10
028 B020200 0
028 B030200 0
028 B040200 193
028 C010200 141
028 C020200 0
028 C030200 0
028 C040200 100
028 D010200 746
028 D020200 0
028 D030200 0
028 D040200 89
028 E010200 431
028 E020200 0
028 E030200 0
028 E040200 26
028 F010200 105
028 F020200 865
028 F030200 0
028 F040200 2345
028 G010200 2045
028 G020200 1652
028 G030200 0
028 G040200 2970
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 100
042 H000200 0
043 000200 0
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.850
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
<PAGE> PAGE 11
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
055 A000200 N
055 B000200 N
056 000200 N
057 000200 N
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
<PAGE> PAGE 12
070 A020200 Y
070 B010200 Y
070 B020200 Y
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 39767
071 B000200 46050
071 C000200 19480
071 D000200 204
072 A000200 12
072 B000200 205
072 C000200 343
072 D000200 0
072 E000200 0
072 F000200 111
072 G000200 77
072 H000200 0
072 I000200 7
072 J000200 4
072 K000200 0
072 L000200 0
<PAGE> PAGE 13
072 M000200 5
072 N000200 32
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 5
072 S000200 4
072 T000200 3
072 U000200 19
072 V000200 0
072 W000200 20
072 X000200 287
072 Y000200 0
072 Z000200 260
072AA000200 1925
072BB000200 0
072CC010200 0
072CC020200 94
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 13153
074 B000200 0
074 C000200 1000
074 D000200 0
074 E000200 0
074 F000200 12754
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 7
074 M000200 43
074 N000200 26957
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 51
074 S000200 0
074 T000200 26906
074 U010200 0
074 U020200 0
074 V010200 0.00
<PAGE> PAGE 14
074 V020200 0.00
074 W000200 0.0000
074 X000200 5
074 Y000200 0
075 A000200 0
075 B000200 25193
076 000200 0.00
080 A000200 NATIONAL UNION FIRE INSURANCE COMPANY OF PA
080 C000200 1000
081 A000200 N
081 B000200 0
082 A000200 Y
082 B000200 10
008 A000301 PRIME LIPPER ASSET MANAGEMENT
008 B000301 A
008 C000301 801-000000
008 D010301 NEW YORK
008 D020301 NY
008 D030301 10178
008 A000302 LIPPER & CO., LLC
008 B000302 A
008 C000302 801-00000
008 D010302 NEW YORK
008 D020302 NY
008 D030302 10178
024 000300 N
028 A010300 9860
028 A020300 3294
028 A030300 0
028 A040300 349
028 B010300 1298
028 B020300 8
028 B030300 0
028 B040300 442
028 C010300 401
028 C020300 0
028 C030300 0
028 C040300 902
028 D010300 581
028 D020300 0
028 D030300 0
028 D040300 1082
028 E010300 442
028 E020300 0
028 E030300 0
028 E040300 1546
028 F010300 3591
028 F020300 8524
028 F030300 0
028 F040300 2130
028 G010300 16173
<PAGE> PAGE 15
028 G020300 11826
028 G030300 0
028 G040300 6451
028 H000300 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 100
042 H000300 0
043 000300 0
044 000300 0
045 000300 Y
046 000300 Y
047 000300 Y
048 000300 1.100
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
062 A000300 N
062 B000300 0.0
<PAGE> PAGE 16
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 Y
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 Y
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
<PAGE> PAGE 17
070 M010300 Y
070 M020300 Y
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 75724
071 B000300 63385
071 C000300 103841
071 D000300 61
072 A000300 12
072 B000300 191
072 C000300 1625
072 D000300 0
072 E000300 0
072 F000300 1199
072 G000300 225
072 H000300 0
072 I000300 4
072 J000300 98
072 K000300 0
072 L000300 0
072 M000300 22
072 N000300 36
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 26
072 S000300 12
072 T000300 5
072 U000300 19
072 V000300 0
072 W000300 247
072 X000300 1893
072 Y000300 0
072 Z000300 -77
072AA000300 12900
072BB000300 0
072CC010300 14453
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
<PAGE> PAGE 18
073 B000300 0.0000
073 C000300 0.0000
074 A000300 6975
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 122128
074 G000300 0
074 H000300 0
074 I000300 41
074 J000300 0
074 K000300 0
074 L000300 261
074 M000300 20
074 N000300 129425
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 229
074 S000300 0
074 T000300 129196
074 U010300 0
074 U020300 0
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 4
074 Y000300 0
075 A000300 0
075 B000300 109117
076 000300 0.00
080 A000300 NATIONAL UNION FIRE INSURANCE COMPANY OF PA
080 C000300 1000
081 A000300 N
081 B000300 0
082 A000300 Y
082 B000300 10
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
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 93,576,641
<INVESTMENTS-AT-VALUE> 122,127,582
<RECEIVABLES> 261,303
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 7,036,441
<TOTAL-ASSETS> 129,425,326
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 229,197
<TOTAL-LIABILITIES> 229,197
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96,428,905
<SHARES-COMMON-STOCK> 8,826,117
<SHARES-COMMON-PRIOR> 7,053,900
<ACCUMULATED-NII-CURRENT> (110,951)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,325,493
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,552,682
<NET-ASSETS> 129,196,129
<DIVIDEND-INCOME> 1,426,149
<INTEREST-INCOME> 190,905
<OTHER-INCOME> 0
<EXPENSES-NET> (1,694,421)
<NET-INVESTMENT-INCOME> (77,367)
<REALIZED-GAINS-CURRENT> 12,900,178
<APPREC-INCREASE-CURRENT> 14,452,802
<NET-CHANGE-FROM-OPS> 27,275,613
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (11,390,232)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,605,948
<NUMBER-OF-SHARES-REDEEMED> (631,722)
<SHARES-REINVESTED> 797,991
<NET-CHANGE-IN-ASSETS> 44,331,304
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,258,014
<OVERDISTRIB-NII-PRIOR> (33,584)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,198,678
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,694,421
<AVERAGE-NET-ASSETS> 105,308,677
<PER-SHARE-NAV-BEGIN> 11.74
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 3.79
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.42)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.10
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 93,576,641
<INVESTMENTS-AT-VALUE> 122,127,582
<RECEIVABLES> 261,303
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 7,036,441
<TOTAL-ASSETS> 129,425,326
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 229,197
<TOTAL-LIABILITIES> 229,197
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96,428,905
<SHARES-COMMON-STOCK> 175,923
<SHARES-COMMON-PRIOR> 96,887
<ACCUMULATED-NII-CURRENT> (110,951)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,325,493
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,552,682
<NET-ASSETS> 129,196,129
<DIVIDEND-INCOME> 1,426,149
<INTEREST-INCOME> 190,905
<OTHER-INCOME> 0
<EXPENSES-NET> (1,694,421)
<NET-INVESTMENT-INCOME> (77,367)
<REALIZED-GAINS-CURRENT> 12,900,178
<APPREC-INCREASE-CURRENT> 14,452,802
<NET-CHANGE-FROM-OPS> 27,275,613
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (232,187)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 113,663
<NUMBER-OF-SHARES-REDEEMED> (50,514)
<SHARES-REINVESTED> 15,887
<NET-CHANGE-IN-ASSETS> 44,331,304
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,258,014
<OVERDISTRIB-NII-PRIOR> (33,584)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,198,678
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,694,421
<AVERAGE-NET-ASSETS> 2,056,034
<PER-SHARE-NAV-BEGIN> 11.73
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 3.77
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.42)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.05
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 93,576,641
<INVESTMENTS-AT-VALUE> 122,127,582
<RECEIVABLES> 261,303
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 7,036,441
<TOTAL-ASSETS> 129,425,326
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 229,197
<TOTAL-LIABILITIES> 229,197
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96,428,905
<SHARES-COMMON-STOCK> 165,081
<SHARES-COMMON-PRIOR> 80,224
<ACCUMULATED-NII-CURRENT> (110,951)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,325,493
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,552,682
<NET-ASSETS> 129,196,129
<DIVIDEND-INCOME> 1,426,149
<INTEREST-INCOME> 190,905
<OTHER-INCOME> 0
<EXPENSES-NET> (1,694,421)
<NET-INVESTMENT-INCOME> (77,367)
<REALIZED-GAINS-CURRENT> 12,900,178
<APPREC-INCREASE-CURRENT> 14,452,802
<NET-CHANGE-FROM-OPS> 27,275,613
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (210,280)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 90,078
<NUMBER-OF-SHARES-REDEEMED> (19,882)
<SHARES-REINVESTED> 14,661
<NET-CHANGE-IN-ASSETS> 44,331,304
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,258,014
<OVERDISTRIB-NII-PRIOR> (33,584)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,198,678
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,694,421
<AVERAGE-NET-ASSETS> 1,752,144
<PER-SHARE-NAV-BEGIN> 11.72
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 3.78
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.42)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.05
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 12,263,299
<INVESTMENTS-AT-VALUE> 13,754,288
<RECEIVABLES> 7,102
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,195,625
<TOTAL-ASSETS> 26,957,015
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,465
<TOTAL-LIABILITIES> 51,465
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,098,510
<SHARES-COMMON-STOCK> 1,750,347
<SHARES-COMMON-PRIOR> 1,180,005
<ACCUMULATED-NII-CURRENT> (25,854)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,341,897
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,490,988
<NET-ASSETS> 26,905,550
<DIVIDEND-INCOME> 341,779
<INTEREST-INCOME> 205,182
<OTHER-INCOME> 0
<EXPENSES-NET> (286,958)
<NET-INVESTMENT-INCOME> 260,003
<REALIZED-GAINS-CURRENT> 1,924,964
<APPREC-INCREASE-CURRENT> (94,477)
<NET-CHANGE-FROM-OPS> 2,090,490
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (228,137)
<DISTRIBUTIONS-OF-GAINS> (1,153,473)
<DISTRIBUTIONS-OTHER> (16,622)
<NUMBER-OF-SHARES-SOLD> 744,322
<NUMBER-OF-SHARES-REDEEMED> (279,463)
<SHARES-REINVESTED> 105,483
<NET-CHANGE-IN-ASSETS> 9,916,645
<ACCUMULATED-NII-PRIOR> 1,837
<ACCUMULATED-GAINS-PRIOR> 789,109
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 110,556
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 286,958
<AVERAGE-NET-ASSETS> 21,166,943
<PER-SHARE-NAV-BEGIN> 12.04
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 1.26
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.81)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.62
<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-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 12,263,299
<INVESTMENTS-AT-VALUE> 13,754,288
<RECEIVABLES> 7,102
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,195,625
<TOTAL-ASSETS> 26,957,015
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,465
<TOTAL-LIABILITIES> 51,465
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,098,510
<SHARES-COMMON-STOCK> 103,634
<SHARES-COMMON-PRIOR> 74,752
<ACCUMULATED-NII-CURRENT> (25,854)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,341,897
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,490,988
<NET-ASSETS> 26,905,550
<DIVIDEND-INCOME> 341,779
<INTEREST-INCOME> 205,182
<OTHER-INCOME> 0
<EXPENSES-NET> (286,958)
<NET-INVESTMENT-INCOME> 260,003
<REALIZED-GAINS-CURRENT> 1,924,964
<APPREC-INCREASE-CURRENT> (94,477)
<NET-CHANGE-FROM-OPS> 2,090,490
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,186)
<DISTRIBUTIONS-OF-GAINS> (66,919)
<DISTRIBUTIONS-OTHER> (514)
<NUMBER-OF-SHARES-SOLD> 60,005
<NUMBER-OF-SHARES-REDEEMED> (36,924)
<SHARES-REINVESTED> 5,801
<NET-CHANGE-IN-ASSETS> 9,916,645
<ACCUMULATED-NII-PRIOR> 1,837
<ACCUMULATED-GAINS-PRIOR> 789,109
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 110,556
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 286,958
<AVERAGE-NET-ASSETS> 1,305,395
<PER-SHARE-NAV-BEGIN> 12.03
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 1.26
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.78)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.62
<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-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 12,263,299
<INVESTMENTS-AT-VALUE> 13,754,288
<RECEIVABLES> 7,102
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,195,625
<TOTAL-ASSETS> 26,957,015
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,465
<TOTAL-LIABILITIES> 51,465
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,098,510
<SHARES-COMMON-STOCK> 278,793
<SHARES-COMMON-PRIOR> 157,155
<ACCUMULATED-NII-CURRENT> (25,854)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,341,897
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,490,988
<NET-ASSETS> 26,905,550
<DIVIDEND-INCOME> 341,779
<INTEREST-INCOME> 205,182
<OTHER-INCOME> 0
<EXPENSES-NET> (286,958)
<NET-INVESTMENT-INCOME> 260,003
<REALIZED-GAINS-CURRENT> 1,924,964
<APPREC-INCREASE-CURRENT> (94,477)
<NET-CHANGE-FROM-OPS> 2,090,490
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (23,517)
<DISTRIBUTIONS-OF-GAINS> (151,784)
<DISTRIBUTIONS-OTHER> (8,718)
<NUMBER-OF-SHARES-SOLD> 124,270
<NUMBER-OF-SHARES-REDEEMED> (16,734)
<SHARES-REINVESTED> 14,102
<NET-CHANGE-IN-ASSETS> 9,916,645
<ACCUMULATED-NII-PRIOR> 1,837
<ACCUMULATED-GAINS-PRIOR> 789,109
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 110,556
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 286,958
<AVERAGE-NET-ASSETS> 2,720,599
<PER-SHARE-NAV-BEGIN> 12.01
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 1.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.79)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.59
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 93,768,173
<INVESTMENTS-AT-VALUE> 93,622,855
<RECEIVABLES> 2,758,040
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 58,213
<TOTAL-ASSETS> 96,439,108
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 312,259
<TOTAL-LIABILITIES> 312,259
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 98,464,618
<SHARES-COMMON-STOCK> 621,869
<SHARES-COMMON-PRIOR> 464,774
<ACCUMULATED-NII-CURRENT> (129,439)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,073,012)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (145,318)
<NET-ASSETS> 96,126,849
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,742,616
<OTHER-INCOME> 0
<EXPENSES-NET> (947,630)
<NET-INVESTMENT-INCOME> 7,794,986
<REALIZED-GAINS-CURRENT> (2,058,188)
<APPREC-INCREASE-CURRENT> (2,393,395)
<NET-CHANGE-FROM-OPS> 3,343,403
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (483,298)
<DISTRIBUTIONS-OF-GAINS> (22,238)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 296,524
<NUMBER-OF-SHARES-REDEEMED> (186,151)
<SHARES-REINVESTED> 46,722
<NET-CHANGE-IN-ASSETS> 2,760,690
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 310,519
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 690,487
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 947,630
<AVERAGE-NET-ASSETS> 5,811,515
<PER-SHARE-NAV-BEGIN> 10.11
<PER-SHARE-NII> 0.82
<PER-SHARE-GAIN-APPREC> (0.49)
<PER-SHARE-DIVIDEND> (0.83)
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.57
<EXPENSE-RATIO> 1.24
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 93,768,173
<INVESTMENTS-AT-VALUE> 93,622,855
<RECEIVABLES> 2,758,040
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 58,213
<TOTAL-ASSETS> 96,439,108
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 312,259
<TOTAL-LIABILITIES> 312,259
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 98,464,618
<SHARES-COMMON-STOCK> 471,992
<SHARES-COMMON-PRIOR> 348,101
<ACCUMULATED-NII-CURRENT> (129,439)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,073,012)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (145,318)
<NET-ASSETS> 96,126,849
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,742,616
<OTHER-INCOME> 0
<EXPENSES-NET> (947,630)
<NET-INVESTMENT-INCOME> 7,794,986
<REALIZED-GAINS-CURRENT> (2,058,188)
<APPREC-INCREASE-CURRENT> (2,393,395)
<NET-CHANGE-FROM-OPS> 3,343,403
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (355,504)
<DISTRIBUTIONS-OF-GAINS> (14,885)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 167,761
<NUMBER-OF-SHARES-REDEEMED> (81,410)
<SHARES-REINVESTED> 37,540
<NET-CHANGE-IN-ASSETS> 2,760,690
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 310,519
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 690,487
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 947,630
<AVERAGE-NET-ASSETS> 4,215,515
<PER-SHARE-NAV-BEGIN> 10.11
<PER-SHARE-NII> 0.80
<PER-SHARE-GAIN-APPREC> (0.47)
<PER-SHARE-DIVIDEND> (0.83)
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.57
<EXPENSE-RATIO> 1.24
<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-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 93,768,173
<INVESTMENTS-AT-VALUE> 93,622,855
<RECEIVABLES> 2,758,040
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 58,213
<TOTAL-ASSETS> 96,439,108
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 312,259
<TOTAL-LIABILITIES> 312,259
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 98,464,618
<SHARES-COMMON-STOCK> 8,946,645
<SHARES-COMMON-PRIOR> 8,419,839
<ACCUMULATED-NII-CURRENT> (129,439)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,073,012)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (145,318)
<NET-ASSETS> 96,126,849
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,742,616
<OTHER-INCOME> 0
<EXPENSES-NET> (947,630)
<NET-INVESTMENT-INCOME> 7,794,986
<REALIZED-GAINS-CURRENT> (2,058,188)
<APPREC-INCREASE-CURRENT> (2,393,395)
<NET-CHANGE-FROM-OPS> 3,343,403
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,104,402)
<DISTRIBUTIONS-OF-GAINS> (288,220)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,673,871
<NUMBER-OF-SHARES-REDEEMED> (1,716,828)
<SHARES-REINVESTED> 569,763
<NET-CHANGE-IN-ASSETS> 2,760,690
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 310,519
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 690,487
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 947,630
<AVERAGE-NET-ASSETS> 82,149,906
<PER-SHARE-NAV-BEGIN> 10.11
<PER-SHARE-NII> 0.84
<PER-SHARE-GAIN-APPREC> (0.48)
<PER-SHARE-DIVIDEND> (0.86)
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.57
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
