<PAGE> PAGE 1
000 B000000 12/31/99
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 LIPPER PRIME 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 A00AA01 CHASE MANHATTAN BANK
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 00000
015 E01AA01 X
015 A00AA02 CHASE MANHATTAN BANK
015 B00AA02 C
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 10003
015 E04AA02 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 3
019 C00AA00 LIPPERFUND
020 A000001 MORGAN STANLEY DEAN WITTER & CO.
020 B000001 13-2655998
020 C000001 44
020 A000002 MERRILL LYNCH & CO., INC.
020 B000002 13-5674085
020 C000002 35
020 A000003 HSBC SECURITIES
020 C000003 31
020 A000004 KLEINWORT BENSON, INC.
020 B000004 13-2647786
020 C000004 30
020 A000005 WEEDEN & CO., L.P.
020 B000005 13-3364318
020 C000005 21
020 A000006 AMSTGELD NV AMSTERDAM
020 C000006 21
020 A000007 EXANE SECURITIES
020 C000007 18
020 A000008 DRESDNER BANK
020 C000008 17
020 A000009 VEREINS UND WESTBANK
020 C000009 16
020 A000010 SMITH BARNEY, HARRIS, UPHAM & CO., INC.
020 C000010 15
021 000000 383
022 A000001 CHASE MANHATTAN BANK
<PAGE> PAGE 3
022 B000001 13-2633612
022 C000001 911249
022 D000001 18004
022 A000002 DONALDSON, LUFKIN, & JENRETTE SECURITIES CORP
022 B000002 13-2747129
022 C000002 11551
022 D000002 10887
022 A000003 SMITH BARNEY, HARRIS, UPHAM & CO., INC.
022 B000003 13-1912900
022 C000003 8944
022 D000003 8154
022 A000004 MERRILL LYNCH & CO., INC.
022 B000004 13-5674085
022 C000004 8598
022 D000004 6520
022 A000005 GOLDMAN SACHS & CO.
022 B000005 13-5108880
022 C000005 9713
022 D000005 4042
022 A000006 LEHMAN BROTHERS, INC.
022 B000006 94-2537674
022 C000006 6990
022 D000006 2869
022 A000007 CS FIRST BOSTON CORP.
022 B000007 13-5659485
022 C000007 4843
022 D000007 4232
022 A000008 MORGAN (J.P.) SECURITIES, INC.
022 B000008 13-3224016
022 C000008 3278
022 D000008 5173
022 A000009 BEAR STEARNS & CO., INC.
022 B000009 13-3299429
022 C000009 3726
022 D000009 3928
022 A000010 BANK OF NEW YORK
022 B000010 13-4941102
022 C000010 2497
022 D000010 3570
023 C000000 995258
023 D000000 99982
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
<PAGE> PAGE 4
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
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
<PAGE> PAGE 5
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE COMPANY OF PA
080 C00AA00 1000
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 10
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
086 A010000 0
086 A020000 0
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
028 A010100 1767
028 A020100 464
028 A030100 0
028 A040100 1612
028 B010100 727
028 B020100 474
028 B030100 0
028 B040100 6132
028 C010100 1040
028 C020100 465
028 C030100 0
028 C040100 847
028 D010100 662
028 D020100 462
028 D030100 0
<PAGE> PAGE 6
028 D040100 5409
028 E010100 1157
028 E020100 455
028 E030100 0
028 E040100 676
028 F010100 1269
028 F020100 907
028 F030100 0
028 F040100 5167
028 G010100 6622
028 G020100 3227
028 G030100 0
028 G040100 19843
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 8
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
<PAGE> PAGE 7
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
062 C000100 0.0
062 D000100 1.4
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 91.2
062 Q000100 5.5
062 R000100 0.0
063 A000100 0
063 B000100 5.8
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 N
070 G020100 N
070 H010100 N
<PAGE> PAGE 8
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
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 85102
071 B000100 92855
071 C000100 82495
071 D000100 103
072 A000100 12
072 B000100 7709
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 663
072 G000100 193
072 H000100 0
072 I000100 13
072 J000100 16
072 K000100 0
072 L000100 0
072 M000100 12
072 N000100 32
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 20
072 S000100 14
072 T000100 17
072 U000100 19
072 V000100 0
072 W000100 55
072 X000100 1054
072 Y000100 140
072 Z000100 6795
<PAGE> PAGE 9
072AA000100 0
072BB000100 1021
072CC010100 0
072CC020100 2113
072DD010100 6410
072DD020100 398
072EE000100 0
073 A010100 0.7400
073 A020100 0.7200
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 1053
074 C000100 0
074 D000100 73380
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 1636
074 M000100 28
074 N000100 76097
074 O000100 0
074 P000100 114
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 88
074 S000100 0
074 T000100 75895
074 U010100 7851
074 U020100 385
074 V010100 9.22
074 V020100 9.21
074 W000100 0.0000
074 X000100 181
074 Y000100 0
075 A000100 0
075 B000100 88364
076 000100 0.00
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
<PAGE> PAGE 10
028 A010200 58
028 A020200 1330
028 A030200 0
028 A040200 150
028 B010200 31
028 B020200 0
028 B030200 0
028 B040200 647
028 C010200 192
028 C020200 0
028 C030200 0
028 C040200 542
028 D010200 237
028 D020200 0
028 D030200 0
028 D040200 262
028 E010200 159
028 E020200 0
028 E030200 0
028 E040200 642
028 F010200 8728
028 F020200 1087
028 F030200 0
028 F040200 13507
028 G010200 9405
028 G020200 2416
028 G030200 0
028 G040200 15751
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 2
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
<PAGE> PAGE 11
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
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
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
<PAGE> PAGE 12
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
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 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
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 29473
071 B000200 21692
071 C000200 17582
071 D000200 123
072 A000200 12
072 B000200 87
072 C000200 149
072 D000200 0
072 E000200 0
072 F000200 229
072 G000200 78
072 H000200 0
072 I000200 9
<PAGE> PAGE 13
072 J000200 3
072 K000200 0
072 L000200 0
072 M000200 7
072 N000200 31
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 6
072 S000200 4
072 T000200 2
072 U000200 19
072 V000200 0
072 W000200 31
072 X000200 419
072 Y000200 110
072 Z000200 -73
072AA000200 1415
072BB000200 0
072CC010200 1162
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 2427
073 A010200 0.0000
073 A020200 0.0000
073 B000200 1.1400
073 C000200 0.0000
074 A000200 130
074 B000200 0
074 C000200 430
074 D000200 0
074 E000200 788
074 F000200 22388
074 G000200 16
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 27
074 M000200 19
074 N000200 23798
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 70
074 S000200 0
074 T000200 23728
<PAGE> PAGE 14
074 U010200 0
074 U020200 0
074 V010200 0.00
074 V020200 0.00
074 W000200 0.0000
074 X000200 61
074 Y000200 0
075 A000200 0
075 B000200 26986
076 000200 0.00
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 Y
025 A000301 LLOYDS TSB GROUP PLC
025 C000301 E
025 D000301 3495
025 A000302 AXA
025 C000302 E
025 D000302 2927
025 A000303 BANCA POPOLARE DI BERGAMO
025 C000303 E
025 D000303 1089
025 A000304 BANK OF IRELAND
025 C000304 E
025 D000304 554
025 A000305 JULIUS BAER HOLDING AG
025 C000305 E
025 D000305 1232
025 A000306 ING GROEP NV
025 C000306 E
025 D000306 2884
025 A000307 SKANDIA FORSKRINGS AB
025 C000307 E
025 D000307 1233
025 A000308 DELETE
025 D000308 0
028 A010300 6580
028 A020300 4713
028 A030300 0
028 A040300 1782
028 B010300 9029
<PAGE> PAGE 15
028 B020300 0
028 B030300 0
028 B040300 7961
028 C010300 4802
028 C020300 0
028 C030300 0
028 C040300 5608
028 D010300 948
028 D020300 0
028 D030300 0
028 D040300 1567
028 E010300 1436
028 E020300 0
028 E030300 0
028 E040300 1121
028 F010300 10853
028 F020300 7238
028 F030300 0
028 F040300 18234
028 G010300 33648
028 G020300 11951
028 G030300 0
028 G040300 36273
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 4
044 000300 0
045 000300 Y
046 000300 N
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
<PAGE> PAGE 16
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
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
<PAGE> PAGE 17
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 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
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 67743
071 B000300 66873
071 C000300 129556
071 D000300 52
072 A000300 12
072 B000300 220
072 C000300 1627
072 D000300 0
072 E000300 0
072 F000300 1495
072 G000300 272
072 H000300 0
072 I000300 7
072 J000300 97
072 K000300 0
072 L000300 0
072 M000300 19
072 N000300 39
072 O000300 0
<PAGE> PAGE 18
072 P000300 0
072 Q000300 0
072 R000300 29
072 S000300 22
072 T000300 8
072 U000300 19
072 V000300 0
072 W000300 61
072 X000300 2068
072 Y000300 0
072 Z000300 -221
072AA000300 20540
072BB000300 0
072CC010300 2872
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 11979
073 A010300 0.0000
073 A020300 0.0000
073 B000300 1.1600
073 C000300 0.0000
074 A000300 10110
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 146497
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 1530
074 K000300 0
074 L000300 707
074 M000300 30
074 N000300 158874
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 313
074 S000300 0
074 T000300 158561
074 U010300 0
074 U020300 0
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 192
<PAGE> PAGE 19
074 Y000300 0
075 A000300 0
075 B000300 136078
076 000300 0.00
SIGNATURE ABRAHAM BIDERMAN
TITLE TREASURER
<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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 20,968,798
<INVESTMENTS-AT-VALUE> 23,621,523
<RECEIVABLES> 26,479
<ASSETS-OTHER> 129,629
<OTHER-ITEMS-ASSETS> 20,159
<TOTAL-ASSETS> 23,797,790
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69,702
<TOTAL-LIABILITIES> 69,702
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,806,484
<SHARES-COMMON-STOCK> 1,529,610
<SHARES-COMMON-PRIOR> 1,750,347
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 268,879
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,652,725
<NET-ASSETS> 23,728,088
<DIVIDEND-INCOME> 148,814
<INTEREST-INCOME> 86,844
<OTHER-INCOME> 0
<EXPENSES-NET> (308,557)
<NET-INVESTMENT-INCOME> (72,899)
<REALIZED-GAINS-CURRENT> 1,414,779
<APPREC-INCREASE-CURRENT> 1,161,737
<NET-CHANGE-FROM-OPS> 2,503,617
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2,002,981)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 812,199
<NUMBER-OF-SHARES-REDEEMED> (1,195,698)
<SHARES-REINVESTED> 162,762
<NET-CHANGE-IN-ASSETS> (3,177,462)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,334,829
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 229,263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 418,927
<AVERAGE-NET-ASSETS> 26,986,321
<PER-SHARE-NAV-BEGIN> 12.62
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 1.25
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.70
<EXPENSE-RATIO> 1.10
</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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 20,968,798
<INVESTMENTS-AT-VALUE> 23,621,523
<RECEIVABLES> 26,479
<ASSETS-OTHER> 129,629
<OTHER-ITEMS-ASSETS> 20,159
<TOTAL-ASSETS> 23,797,790
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69,702
<TOTAL-LIABILITIES> 69,702
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,806,484
<SHARES-COMMON-STOCK> 44,618
<SHARES-COMMON-PRIOR> 103,634
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 268,879
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,652,725
<NET-ASSETS> 23,728,088
<DIVIDEND-INCOME> 148,814
<INTEREST-INCOME> 86,844
<OTHER-INCOME> 0
<EXPENSES-NET> (308,557)
<NET-INVESTMENT-INCOME> (72,899)
<REALIZED-GAINS-CURRENT> 1,414,779
<APPREC-INCREASE-CURRENT> 1,161,737
<NET-CHANGE-FROM-OPS> 2,503,617
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (89,896)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,687
<NUMBER-OF-SHARES-REDEEMED> (82,052)
<SHARES-REINVESTED> 7,349
<NET-CHANGE-IN-ASSETS> (3,177,462)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,334,829
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 229,263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 418,927
<AVERAGE-NET-ASSETS> 26,986,321
<PER-SHARE-NAV-BEGIN> 12.62
<PER-SHARE-NII> (0.14)
<PER-SHARE-GAIN-APPREC> 1.33
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.67
<EXPENSE-RATIO> 1.35
</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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 20,968,798
<INVESTMENTS-AT-VALUE> 23,621,523
<RECEIVABLES> 26,479
<ASSETS-OTHER> 129,629
<OTHER-ITEMS-ASSETS> 20,159
<TOTAL-ASSETS> 23,797,790
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69,702
<TOTAL-LIABILITIES> 69,702
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,806,484
<SHARES-COMMON-STOCK> 295,926
<SHARES-COMMON-PRIOR> 278,793
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 268,879
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,652,725
<NET-ASSETS> 23,728,088
<DIVIDEND-INCOME> 148,814
<INTEREST-INCOME> 86,844
<OTHER-INCOME> 0
<EXPENSES-NET> (308,557)
<NET-INVESTMENT-INCOME> (72,899)
<REALIZED-GAINS-CURRENT> 1,414,779
<APPREC-INCREASE-CURRENT> 1,161,737
<NET-CHANGE-FROM-OPS> 2,503,617
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (333,751)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 76,595
<NUMBER-OF-SHARES-REDEEMED> (86,861)
<SHARES-REINVESTED> 27,399
<NET-CHANGE-IN-ASSETS> (3,177,462)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,334,829
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 229,263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 418,927
<AVERAGE-NET-ASSETS> 26,986,321
<PER-SHARE-NAV-BEGIN> 12.59
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 1.24
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.63
<EXPENSE-RATIO> 1.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001000072
<NAME> LIPPER FUNDS, INC.
<SERIES>
<NUMBER> 011
<NAME> HIGH INCOME BOND FUND, PREMIER SHARES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 76,691,827
<INVESTMENTS-AT-VALUE> 74,433,498
<RECEIVABLES> 1,635,684
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 28,256
<TOTAL-ASSETS> 76,097,438
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 202,060
<TOTAL-LIABILITIES> 202,060
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81,241,405
<SHARES-COMMON-STOCK> 7,179,320
<SHARES-COMMON-PRIOR> 8,946,645
<ACCUMULATED-NII-CURRENT> 5,777
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,093,475)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,258,329)
<NET-ASSETS> 66,163,158
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,708,793
<OTHER-INCOME> 0
<EXPENSES-NET> (913,761)
<NET-INVESTMENT-INCOME> 6,795,032
<REALIZED-GAINS-CURRENT> (1,020,788)
<APPREC-INCREASE-CURRENT> (2,113,011)
<NET-CHANGE-FROM-OPS> 3,661,233
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,890,520)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,093,926
<NUMBER-OF-SHARES-REDEEMED> (3,360,531)
<SHARES-REINVESTED> 499,280
<NET-CHANGE-IN-ASSETS> (20,231,471)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2,073,009)
<OVERDIST-NET-GAINS-PRIOR> (145,318)
<GROSS-ADVISORY-FEES> 662,673
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,053,894
<AVERAGE-NET-ASSETS> 76,270,372
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> 0.74
<PER-SHARE-GAIN-APPREC> (0.35)
<PER-SHARE-DIVIDEND> (0.74)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.22
<EXPENSE-RATIO> 1.00
</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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 76,691,827
<INVESTMENTS-AT-VALUE> 74,433,498
<RECEIVABLES> 1,635,684
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 28,256
<TOTAL-ASSETS> 76,097,438
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 202,060
<TOTAL-LIABILITIES> 202,060
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81,241,405
<SHARES-COMMON-STOCK> 671,676
<SHARES-COMMON-PRIOR> 621,869
<ACCUMULATED-NII-CURRENT> 5,777
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,093,475)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,258,329)
<NET-ASSETS> 6,186,951
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,708,793
<OTHER-INCOME> 0
<EXPENSES-NET> (913,761)
<NET-INVESTMENT-INCOME> 6,795,032
<REALIZED-GAINS-CURRENT> (1,020,788)
<APPREC-INCREASE-CURRENT> (2,113,011)
<NET-CHANGE-FROM-OPS> 3,661,233
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (518,850)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 444,466
<NUMBER-OF-SHARES-REDEEMED> (446,644)
<SHARES-REINVESTED> 51,985
<NET-CHANGE-IN-ASSETS> (20,231,471)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2,073,009)
<OVERDIST-NET-GAINS-PRIOR> (145,318)
<GROSS-ADVISORY-FEES> 662,673
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,053,894
<AVERAGE-NET-ASSETS> 6,882,935
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> 0.73
<PER-SHARE-GAIN-APPREC> (0.37)
<PER-SHARE-DIVIDEND> (0.72)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.21
<EXPENSE-RATIO> 1.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001000072
<NAME> LIPPER FUNDS, INC.
<SERIES>
<NUMBER> 013
<NAME> HIGH INCOME BOND FUND, GROUP RETIREMENT PLAN SHARES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 76,691,827
<INVESTMENTS-AT-VALUE> 74,433,498
<RECEIVABLES> 1,635,684
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 28,256
<TOTAL-ASSETS> 76,097,438
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 202,060
<TOTAL-LIABILITIES> 202,060
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81,241,405
<SHARES-COMMON-STOCK> 384,950
<SHARES-COMMON-PRIOR> 471,992
<ACCUMULATED-NII-CURRENT> 5,777
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,093,475)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,258,329)
<NET-ASSETS> 3,545,269
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,708,793
<OTHER-INCOME> 0
<EXPENSES-NET> (913,761)
<NET-INVESTMENT-INCOME> 6,795,032
<REALIZED-GAINS-CURRENT> (1,020,788)
<APPREC-INCREASE-CURRENT> (2,113,011)
<NET-CHANGE-FROM-OPS> 3,661,233
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (398,342)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 134,102
<NUMBER-OF-SHARES-REDEEMED> (262,245)
<SHARES-REINVESTED> 41,101
<NET-CHANGE-IN-ASSETS> (20,231,471)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2,073,009)
<OVERDIST-NET-GAINS-PRIOR> (145,318)
<GROSS-ADVISORY-FEES> 662,673
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,053,894
<AVERAGE-NET-ASSETS> 5,211,132
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> 0.72
<PER-SHARE-GAIN-APPREC> (0.36)
<PER-SHARE-DIVIDEND> (0.72)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.21
<EXPENSE-RATIO> 1.25
</TABLE>
<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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 115,067,377
<INVESTMENTS-AT-VALUE> 146,497,489
<RECEIVABLES> 2,237,269
<ASSETS-OTHER> 10,110,054
<OTHER-ITEMS-ASSETS> 28,901
<TOTAL-ASSETS> 158,873,713
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 312,273
<TOTAL-LIABILITIES> 312,273
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114,543,589
<SHARES-COMMON-STOCK> 10,044,107
<SHARES-COMMON-PRIOR> 8,826,117
<ACCUMULATED-NII-CURRENT> (23,987)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,616,684
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,425,154
<NET-ASSETS> 158,561,440
<DIVIDEND-INCOME> 1,627,290
<INTEREST-INCOME> 220,159
<OTHER-INCOME> 0
<EXPENSES-NET> (2,068,091)
<NET-INVESTMENT-INCOME> (220,642)
<REALIZED-GAINS-CURRENT> 20,540,349
<APPREC-INCREASE-CURRENT> 2,872,472
<NET-CHANGE-FROM-OPS> 23,192,179
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (11,443,098)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,609,486
<NUMBER-OF-SHARES-REDEEMED> (3,213,911)
<SHARES-REINVESTED> 822,415
<NET-CHANGE-IN-ASSETS> 23,192,179
<ACCUMULATED-NII-PRIOR> (58,710)
<ACCUMULATED-GAINS-PRIOR> 4,291,889
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,494,623
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,068,091
<AVERAGE-NET-ASSETS> 136,078,349
<PER-SHARE-NAV-BEGIN> 14.10
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 2.11
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.03
<EXPENSE-RATIO> 1.51
</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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 115,067,377
<INVESTMENTS-AT-VALUE> 146,497,489
<RECEIVABLES> 2,237,269
<ASSETS-OTHER> 10,110,054
<OTHER-ITEMS-ASSETS> 28,901
<TOTAL-ASSETS> 158,873,713
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 312,273
<TOTAL-LIABILITIES> 312,273
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114,543,589
<SHARES-COMMON-STOCK> 287,263
<SHARES-COMMON-PRIOR> 175,923
<ACCUMULATED-NII-CURRENT> (23,987)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,616,684
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,425,154
<NET-ASSETS> 158,561,440
<DIVIDEND-INCOME> 1,627,290
<INTEREST-INCOME> 220,159
<OTHER-INCOME> 0
<EXPENSES-NET> (2,068,091)
<NET-INVESTMENT-INCOME> (220,642)
<REALIZED-GAINS-CURRENT> 20,540,349
<APPREC-INCREASE-CURRENT> 2,872,472
<NET-CHANGE-FROM-OPS> 23,192,179
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (294,481)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 171,205
<NUMBER-OF-SHARES-REDEEMED> (80,434)
<SHARES-REINVESTED> 20,569
<NET-CHANGE-IN-ASSETS> 23,192,179
<ACCUMULATED-NII-PRIOR> (58,710)
<ACCUMULATED-GAINS-PRIOR> 4,291,889
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,494,623
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,068,091
<AVERAGE-NET-ASSETS> 136,078,349
<PER-SHARE-NAV-BEGIN> 14.05
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 2.10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.95
<EXPENSE-RATIO> 1.76
</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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 115,067,377
<INVESTMENTS-AT-VALUE> 146,497,489
<RECEIVABLES> 2,237,269
<ASSETS-OTHER> 10,110,054
<OTHER-ITEMS-ASSETS> 28,901
<TOTAL-ASSETS> 158,873,713
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 312,273
<TOTAL-LIABILITIES> 312,273
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114,543,589
<SHARES-COMMON-STOCK> 220,072
<SHARES-COMMON-PRIOR> 165,081
<ACCUMULATED-NII-CURRENT> (23,987)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,616,684
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,425,154
<NET-ASSETS> 158,561,440
<DIVIDEND-INCOME> 1,627,290
<INTEREST-INCOME> 220,159
<OTHER-INCOME> 0
<EXPENSES-NET> (2,068,091)
<NET-INVESTMENT-INCOME> (220,642)
<REALIZED-GAINS-CURRENT> 20,540,349
<APPREC-INCREASE-CURRENT> 2,872,472
<NET-CHANGE-FROM-OPS> 23,192,179
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (241,531)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 102,735
<NUMBER-OF-SHARES-REDEEMED> (65,181)
<SHARES-REINVESTED> 17,437
<NET-CHANGE-IN-ASSETS> 23,192,179
<ACCUMULATED-NII-PRIOR> (58,710)
<ACCUMULATED-GAINS-PRIOR> 4,291,889
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,494,623
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,068,091
<AVERAGE-NET-ASSETS> 136,078,349
<PER-SHARE-NAV-BEGIN> 14.05
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 2.10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.94
<EXPENSE-RATIO> 1.76
</TABLE>
To the Shareholders and
Board of Trustees of the
Lipper Funds
In planning and performing our audit of the financial statements
of Lipper US Equity Fund, Lipper High Income Fund and Lipper
Prime Europe Equity Fund (formerly, Prime Lipper Europe Equity
Fund) (collectively the "Funds") for the year ended December 31,
1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of
management and the Board of Trustees of the Funds the Securities
and Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
New York, New York
February 15, 2000
