Lehman Brothers Institutional Funds Group Trust
Short Duration U.S. Government Fund
Supplement to February 21, 1994 Prospectus
The following information supplements the Prospectus of the Premier
Shares of the Short Duration U.S. Government Fund (the "Fund"), an investment
portfolio of the Lehman Brothers Institutional Funds Group Trust (the
"Trust").
FINANCIAL HIGHLIGHTS
The following financial highlights for the fiscal period ended July
31, 1994, are derived from the Fund's unaudited Financial Statements which
appear in the Trust's Semi-Annual Report of the same date. This information
should be read in conjunction with the Financial Statements and Notes thereto
that appear in the Trust's Semi-Annual Report, which are incorporated by
reference into the Statement of Additional Information. Copies of the
Statement of Additional Information and the Semi-Annual Report are available
by calling 1-800-368-5556. Financial information in connection with Select
Shares is included in its prospectus and the Trust's Semi-Annual Report.
Financial information is not provided in connection with Retail Shares because
they were not offered during the Trust's fiscal period ended July 31, 1994.
Ernst & Young serves as independent auditor to the Trust for its fiscal
year beginning February 1, 1994.
Period
Ended
7/31/94*
(unaudited)
Premier
Shares
Net asset value, beginning of period $ 10.00
Net investment income 0.17
Net realized and unrealized loss on investments (0.05)
Net increase in net assets resulting from investment operations
0.12
Dividends from net investment income (0.17)
Net asset value, end of period $ 9.95
Total return 1.21%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) $31,372
Ratio of net investment income to average net assets
4.82%
Ratio of operating expenses to average net assets**
0.09%
Portfolio turnover rate 116%
_______________________
* The Premier Shares commenced operations on March 28, 1994.
** Annualized expense ratio before waiver of fees by the Investment
Adviser and Administrator and expenses reimbursed by the Investment Adviser
for Premier Shares for the period ended July 31, 1994 was 0.68%.
Annualized.
Total return represents aggregate total return for the period
indicated.
Net investment income before waiver of fees by the Investment
Adviser and Administrator and expenses reimbursed by the Investment Adviser
for Premier Shares for the period ended July 31, 1994 was $0.14.
Dated: December 7, 1994
Lehman Brothers Institutional Funds Group Trust
Short Duration U.S. Government Fund
Supplement to February 21, 1994 Prospectus and
SEMI-ANNUAL REPORT DATED JULY 31, 1994
The following information supplements the Prospectus of the Select
Shares of the Short Duration U.S. Government Fund (the "Fund"), an investment
portfolio of the Lehman Brothers Institutional Funds Group Trust (the "Trust")
and the Semi-Annual Report dated July 31, 1994.
FINANCIAL HIGHLIGHTS
The following financial highlights for the fiscal period ended July
31, 1994, are derived from the Fund's unaudited Financial Statements, as
amended by this Supplement, which appear in the Trust's Semi-Annual Report of
the same date. This information should be read in conjunction with the
Financial Statements and Notes thereto that appear in the Trust's Semi-Annual
Report, which are incorporated by reference into the Statement of Additional
Information. Copies of the Statement of Additional Information and the Semi-
Annual Report are available by calling 1-800-368-5556. Financial information
in connection with Premier Shares is included in its prospectus and the
Trust's Semi-Annual Report. Financial information is not provided in
connection with Retail Shares because they were not offered during the Trust's
fiscal period ended July 31, 1994.
Ernst & Young serves as independent auditor to the Trust for its fiscal
year beginning February 1, 1994.
Period
Ended
7/31/94*
(unaudited)
Select
Shares
Net asset value, beginning of period $ 9.94#
Net investment income 0.08#
Net realized and unrealized gain on investments 0.01#
Net increase in net assets resulting from investment operations
0.09#
Dividends from net investment income (0.08)#
Net asset value, end of period $ 9.95
Total return 0.92%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) $ 1,902
Ratio of net investment income to average net assets
4.69%
Ratio of operating expenses to average net assets**
0.22%
Portfolio turnover rate 116%
_______________________
* The Select Shares commenced operations on June 29, 1994.
** Annualized expense ratio before waiver of fees by the Investment
Adviser and Administrator and expenses reimbursed by the Investment Adviser
for Select Shares for the period ended July 31, 1994 was 0.81%.
Annualized.
Total return represents aggregate total return for the period
indicated.
Net investment income before waiver of fees by the Investment
Adviser and Administrator and expenses reimbursed by the Investment Adviser
for Select Shares for the period ended July 31, 1994 was $0.14.
# As Amended.
Dated: December 7, 1994
Lehman Brothers Institutional Funds Group Trust
Short Duration U.S. Government Fund
Supplement to Prospectus
The following information supplements the Prospectus of the Retail
Shares of the Short Duration U.S. Government Fund (the "Fund"), an investment
portfolio of the Lehman Brothers Institutional Funds Group Trust (the
"Trust"), in order to comply with the Trust's undertaking to provide certain
financial information for the Fund within four to six months of the Fund's
commencement of operations.
FINANCIAL HIGHLIGHTS
Financial information is not provided in connection with Retail Shares
of the Fund because they were not offered during the Trust's fiscal period
ended July 31, 1994. Financial information in connection with Premier Shares
and Select Shares of the Fund is included in their prospectuses and the
Trust's Semi-Annual Report dated July 31, 1994, which are available upon
request.
Ernst & Young serves as independent auditor to the Trust for its fiscal
year beginning February 1, 1994.
Dated: December 7, 1994
Lehman Brothers Institutional Funds Group Trust
Floating Rate U.S. Government Fund
Supplement to February 21, 1994 Prospectus
The following information supplements the Prospectus of the Premier
Shares of the Floating Rate U.S. Government Fund (the "Fund"), an investment
portfolio of the Lehman Brothers Institutional Funds Group Trust (the
"Trust").
FINANCIAL HIGHLIGHTS
The following financial highlights for the fiscal period ended July
31, 1994, are derived from the Fund's unaudited Financial Statements which
appear in the Trust's Semi-Annual Report of the same date. This information
should be read in conjunction with the Financial Statements and Notes thereto
that appear in the Trust's Semi-Annual Report, which are incorporated by
reference into the Statement of Additional Information. Copies of the
Statement of Information and the Semi-Annual Report are available by calling
1-800-368-5556. Financial information is not provided in connection with
Select Shares and Retail Shares because they were not offered during the
Trust's fiscal period ended July 31, 1994.
Ernst & Young serves as independent auditor to the Trust for its fiscal
year beginning February 1, 1994.
Period
Ended
7/31/94*
(unaudited)
Premier
Shares
Net asset value, beginning of period $ 10.00
Net investment income 0.17
Net realized and unrealized loss on investments (0.07)
Net increase in net assets resulting from investment operations
0.10
Dividends from net investment income (0.16)
Net asset value, end of period $ 9.94
Total return 1.03%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) $48,773
Ratio of net investment income to average net assets
5.00%
Ratio of operating expenses to average net assets**
0.09%
Portfolio turnover rate 166%
_______________________
* The Premier Shares commenced operations on March 28, 1994.
** Annualized expense ratio before waiver of fees by the Investment
Adviser and Administrator and expenses reimbursed by the Investment Adviser
for Premier Shares for the period ended July 31, 1994 was 0.70%.
Annualized.
Total return represents aggregate total return for the period
indicated.
Net investment income before waiver of fees by the Investment
Adviser and Administrator and expenses reimbursed by the Investment Adviser
for Premier Shares for the period ended July 31, 1994 was $0.15.
Dated: December 7, 1994
Lehman Brothers Institutional Funds Group Trust
Floating Rate U.S. Government Fund
Supplement to Prospectus
The following information supplements the Prospectus of the Retail
Shares of the Floating Rate U.S. Government Fund (the "Fund"), an investment
portfolio of the Lehman Brothers Institutional Funds Group Trust (the
"Trust"), in order to comply with the Trust's undertaking to provide certain
financial information for the Fund within four to six months of the Fund's
commencement of operations.
FINANCIAL HIGHLIGHTS
Financial information is not provided in connection with Retail Shares
or Select Shares of the Fund because they were not offered during the Trust's
fiscal period ended July 31, 1994. Financial information in connection with
Premier Shares of the Fund is included in its prospectus and the Trust's Semi-
Annual Report dated July 31, 1994, which are available upon request.
Ernst & Young serves as independent auditor to the Trust for its fiscal
year beginning February 1, 1994.
Dated: December 7, 1994
Lehman Brothers Institutional Funds Group Trust
Floating Rate U.S. Government Fund
Supplement to February 21, 1994 Prospectus
The following information supplements the Prospectus of the Select
Shares of the Floating Rate U.S. Government Fund (the "Fund"), an investment
portfolio of the Lehman Brothers Institutional Funds Group Trust (the
"Trust"), in order to comply with the Trust's undertaking to provide certain
financial information for the Fund within four to six months of the Fund's
commencement of operations.
FINANCIAL HIGHLIGHTS
Financial information is not provided in connection with Select Shares
or Retail Shares of the Fund because they were not offered to the public
during the Trust's fiscal period ended July 31, 1994. Financial information
in connection with Premier Shares of the Fund is included in its prospectus
and the Trust's Semi-Annual Report dated July 31, 1994, which are available
upon request.
Ernst & Young serves as independent auditor to the Trust for its fiscal
year beginning February 1, 1994.
Dated: December 7, 1994
shared/lehman/institut/filings/sticker.doc
