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076 000500 0.00
028 A010600 12293
<PAGE> PAGE 21
028 A020600 0
028 A030600 0
028 A040600 12384
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045 000600 Y
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<PAGE> PAGE 22
048 J020600 0.000
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048 K020600 0.000
055 A000600 N
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056 000600 N
057 000600 N
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063 A000600 1
063 B000600 0.0
064 A000600 N
064 B000600 N
070 A010600 Y
070 A020600 Y
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 N
070 K020600 N
<PAGE> PAGE 23
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 0
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072 A000600 12
072 B000600 173
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<PAGE> PAGE 24
073 A010600 0.0585
073 A020600 0.0000
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073 C000600 0.0000
074 A000600 1
074 B000600 118
074 C000600 1000
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075 A000600 2930
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076 000600 0.00
028 A010700 3653
028 A020700 4
028 A030700 0
028 A040700 18276
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028 B020700 0
028 B030700 0
028 B040700 2030
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<PAGE> PAGE 25
028 D030700 0
028 D040700 0
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028 G020700 4
028 G030700 0
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045 000700 Y
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048 B020700 0.000
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048 E010700 0
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048 H010700 0
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048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
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048 K020700 0.000
055 A000700 N
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056 000700 N
057 000700 N
062 A000700 N
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<PAGE> PAGE 26
062 G000700 0.0
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063 A000700 0
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070 A010700 N
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
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070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 N
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 0
<PAGE> PAGE 27
071 B000700 0
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072 B000700 1003
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073 A010700 0.0342
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074 A000700 0
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<PAGE> PAGE 28
074 L000700 0
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075 A000700 28038
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028 A010800 261042
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028 D040800 255470
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028 G020800 864
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<PAGE> PAGE 29
045 000800 Y
046 000800 N
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055 A000800 N
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056 000800 N
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062 E000800 99.3
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<PAGE> PAGE 30
064 B000800 N
070 A010800 Y
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070 F010800 N
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070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 N
070 K020800 N
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
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070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 Y
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071 A000800 0
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<PAGE> PAGE 31
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073 A010800 0.0396
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<PAGE> PAGE 32
074 U020800 1969
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028 A010900 50338
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<PAGE> PAGE 33
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056 000900 N
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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SIGNATURE MICHAEL KARDOK
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> LB INSTIT FUNDS PRIME MONEY MKT CL-A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
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<OTHER-ITEMS-LIABILITIES> 12,896,409
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<SHARES-COMMON-STOCK> 3,919,329,687
<SHARES-COMMON-PRIOR> 1,538,801,574
<ACCUMULATED-NII-CURRENT> 19,757
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<ACCUMULATED-NET-GAINS> (177,802)
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<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,919,185,764
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 270,322,907
<OTHER-INCOME> 0
<EXPENSES-NET> 8,643,051
<NET-INVESTMENT-INCOME> 261,679,856
<REALIZED-GAINS-CURRENT> (159,065)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 261,520,791
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (238,538,736)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 97,578,640,948
<NUMBER-OF-SHARES-REDEEMED> (95,294,028,189)
<SHARES-REINVESTED> 95,915,354
<NET-CHANGE-IN-ASSETS> 2,371,688,491
<ACCUMULATED-NII-PRIOR> 19,757
<ACCUMULATED-GAINS-PRIOR> (18,737)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,452,829
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,293,034
<AVERAGE-NET-ASSETS> 4,045,414,028
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.17
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> LB INSTIT FUNDS PRIME MONEY MKT CL-B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 4,305,426,050
<INVESTMENTS-AT-VALUE> 4,305,426,050
<RECEIVABLES> 13,127,990
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 29,623
<TOTAL-ASSETS> 4,318,583,663
<PAYABLE-FOR-SECURITIES> 36,960,790
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,896,409
<TOTAL-LIABILITIES> 49,857,199
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 324,487,480
<SHARES-COMMON-STOCK> 324,487,480
<SHARES-COMMON-PRIOR> 342,672,590
<ACCUMULATED-NII-CURRENT> 19,757
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (177,802)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 324,474,411
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 270,322,907
<OTHER-INCOME> 0
<EXPENSES-NET> 8,643,051
<NET-INVESTMENT-INCOME> 261,679,856
<REALIZED-GAINS-CURRENT> (159,065)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 261,520,791
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (21,823,102)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,718,357,901
<NUMBER-OF-SHARES-REDEEMED> (2,736,718,080)
<SHARES-REINVESTED> 175,069
<NET-CHANGE-IN-ASSETS> 2,371,688,491
<ACCUMULATED-NII-PRIOR> 19,757
<ACCUMULATED-GAINS-PRIOR> (18,737)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,452,829
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,293,034
<AVERAGE-NET-ASSETS> 384,031,229
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> LB INSTIT FUNDS PRIME MONEY MKT CL-C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 4,305,426,050
<INVESTMENTS-AT-VALUE> 4,305,426,050
<RECEIVABLES> 13,127,990
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 29,623
<TOTAL-ASSETS> 4,318,583,663
<PAYABLE-FOR-SECURITIES> 36,960,790
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,896,409
<TOTAL-LIABILITIES> 49,857,199
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,255,438
<SHARES-COMMON-STOCK> 13,255,438
<SHARES-COMMON-PRIOR> 7,244,890
<ACCUMULATED-NII-CURRENT> 19,757
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<ACCUMULATED-NET-GAINS> (177,802)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 13,254,868
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 270,322,907
<OTHER-INCOME> 0
<EXPENSES-NET> 8,643,051
<NET-INVESTMENT-INCOME> 261,679,856
<REALIZED-GAINS-CURRENT> (159,065)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 261,520,791
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (649,583)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 56,321,073
<NUMBER-OF-SHARES-REDEEMED> (50,418,076)
<SHARES-REINVESTED> 107,551
<NET-CHANGE-IN-ASSETS> 2,371,688,491
<ACCUMULATED-NII-PRIOR> 19,757
<ACCUMULATED-GAINS-PRIOR> (18,737)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,452,829
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,293,034
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.52
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> LB INSTIT FUNDS PRIME MONEY MKT CL-E
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 4,305,426,050
<INVESTMENTS-AT-VALUE> 4,305,426,050
<RECEIVABLES> 13,127,990
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 29,623
<TOTAL-ASSETS> 4,318,583,663
<PAYABLE-FOR-SECURITIES> 36,960,790
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,896,409
<TOTAL-LIABILITIES> 49,857,199
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,811,904
<SHARES-COMMON-STOCK> 11,811,904
<SHARES-COMMON-PRIOR> 8,317,899
<ACCUMULATED-NII-CURRENT> 19,757
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (177,802)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 11,811,421
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 270,322,907
<OTHER-INCOME> 0
<EXPENSES-NET> 8,643,051
<NET-INVESTMENT-INCOME> 261,679,856
<REALIZED-GAINS-CURRENT> (159,065)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 261,520,791
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (668,435)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 603,114,534
<NUMBER-OF-SHARES-REDEEMED> (600,288,961)
<SHARES-REINVESTED> 668,432
<NET-CHANGE-IN-ASSETS> 2,371,688,491
<ACCUMULATED-NII-PRIOR> 19,757
<ACCUMULATED-GAINS-PRIOR> (18,737)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,452,829
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,293,034
<AVERAGE-NET-ASSETS> 11,639,130
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> LB INSTIT FUNDS PRIME VALUE MONEY MKT CL-A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 2,830,803,256
<INVESTMENTS-AT-VALUE> 2,830,803,256
<RECEIVABLES> 12,231,873
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 407,055
<TOTAL-ASSETS> 2,843,442,184
<PAYABLE-FOR-SECURITIES> 59,269,692
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,410,064
<TOTAL-LIABILITIES> 68,679,756
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,754,626,240
<SHARES-COMMON-STOCK> 2,754,626,240
<SHARES-COMMON-PRIOR> 1,470,637,137
<ACCUMULATED-NII-CURRENT> 1,576
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (241,002)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,754,390,013
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 176,094,141
<OTHER-INCOME> 0
<EXPENSES-NET> 5,046,158
<NET-INVESTMENT-INCOME> 171,047,983
<REALIZED-GAINS-CURRENT> 85,517
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 171,133,500
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (169,378,776)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 47,981,427,671
<NUMBER-OF-SHARES-REDEEMED> (46,756,804,775)
<SHARES-REINVESTED> 59,366,207
<NET-CHANGE-IN-ASSETS> 1,282,706,794
<ACCUMULATED-NII-PRIOR> 1,576
<ACCUMULATED-GAINS-PRIOR> (326,519)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,885,657
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,419,432
<AVERAGE-NET-ASSETS> 2,856,499,296
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.17
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> LB INSTIT FUNDS PRIME VALUE MONEY MKT CL-B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 2,830,803,256
<INVESTMENTS-AT-VALUE> 2,830,803,256
<RECEIVABLES> 12,231,873
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 407,055
<TOTAL-ASSETS> 2,843,442,184
<PAYABLE-FOR-SECURITIES> 59,269,692
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,410,064
<TOTAL-LIABILITIES> 68,679,756
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,375,414
<SHARES-COMMON-STOCK> 20,375,414
<SHARES-COMMON-PRIOR> 21,743,240
<ACCUMULATED-NII-CURRENT> 1,576
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (241,002)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 20,372,215
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 176,094,141
<OTHER-INCOME> 0
<EXPENSES-NET> 5,046,158
<NET-INVESTMENT-INCOME> 171,047,983
<REALIZED-GAINS-CURRENT> 85,517
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 171,133,500
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,669,207)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 253,136,580
<NUMBER-OF-SHARES-REDEEMED> (254,505,306)
<SHARES-REINVESTED> 900
<NET-CHANGE-IN-ASSETS> 1,282,706,794
<ACCUMULATED-NII-PRIOR> 1,576
<ACCUMULATED-GAINS-PRIOR> (326,519)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,885,657
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,419,432
<AVERAGE-NET-ASSETS> 29,157,233
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> LB INSTIT FUNDS PRIME VALUE MONEY MKT CL-C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 2,830,803,256
<INVESTMENTS-AT-VALUE> 2,830,803,256
<RECEIVABLES> 12,231,873
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 407,055
<TOTAL-ASSETS> 2,843,442,184
<PAYABLE-FOR-SECURITIES> 59,269,692
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,410,064
<TOTAL-LIABILITIES> 68,679,756
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<PAID-IN-CAPITAL-COMMON> 100
<SHARES-COMMON-STOCK> 100
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 1,576
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (241,002)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 100
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 176,094,141
<OTHER-INCOME> 0
<EXPENSES-NET> 5,046,158
<NET-INVESTMENT-INCOME> 171,047,983
<REALIZED-GAINS-CURRENT> 85,517
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 171,133,500
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,282,706,794
<ACCUMULATED-NII-PRIOR> 1,576
<ACCUMULATED-GAINS-PRIOR> (326,519)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,885,657
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,419,432
<AVERAGE-NET-ASSETS> 100
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>
<NAME> LB INSTIT FUNDS PRIME VALUE MONEY MKT CL-E
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 2,830,803,256
<INVESTMENTS-AT-VALUE> 2,830,803,256
<RECEIVABLES> 12,231,873
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 407,055
<TOTAL-ASSETS> 2,843,442,184
<PAYABLE-FOR-SECURITIES> 59,269,692
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,410,064
<TOTAL-LIABILITIES> 68,679,756
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100
<SHARES-COMMON-STOCK> 100
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 1,576
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (241,002)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 100
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 176,094,141
<OTHER-INCOME> 0
<EXPENSES-NET> 5,046,158
<NET-INVESTMENT-INCOME> 171,047,983
<REALIZED-GAINS-CURRENT> 85,517
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 171,133,500
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,282,706,794
<ACCUMULATED-NII-PRIOR> 1,576
<ACCUMULATED-GAINS-PRIOR> (326,519)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,885,657
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,419,432
<AVERAGE-NET-ASSETS> 100
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> LB INSTIT FUNDS GOVT OBLIG MONEY MKT CL-A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 142,879,016
<INVESTMENTS-AT-VALUE> 142,879,016
<RECEIVABLES> 334,319
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 24,853
<TOTAL-ASSETS> 143,238,188
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 482,794
<TOTAL-LIABILITIES> 482,794
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125,391,577
<SHARES-COMMON-STOCK> 125,391,577
<SHARES-COMMON-PRIOR> 40,081,039
<ACCUMULATED-NII-CURRENT> 1,817
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,414)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 125,390,300
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,239,855
<OTHER-INCOME> 0
<EXPENSES-NET> 187,954
<NET-INVESTMENT-INCOME> 5,051,901
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,051,901
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,398,709)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,069,873,758
<NUMBER-OF-SHARES-REDEEMED> (985,017,413)
<SHARES-REINVESTED> 454,193
<NET-CHANGE-IN-ASSETS> 93,353,474
<ACCUMULATED-NII-PRIOR> 1,817
<ACCUMULATED-GAINS-PRIOR> (4,414)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87,394
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 308,400
<AVERAGE-NET-ASSETS> 75,573,231
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> LB INSTIT FUNDS GOVT OBLIG MONET MKT CL-B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 142,879,016
<INVESTMENTS-AT-VALUE> 142,879,016
<RECEIVABLES> 334,319
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 24,853
<TOTAL-ASSETS> 143,238,188
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 482,794
<TOTAL-LIABILITIES> 482,794
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,659,849
<SHARES-COMMON-STOCK> 14,659,849
<SHARES-COMMON-PRIOR> 9,323,278
<ACCUMULATED-NII-CURRENT> 1,817
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,414)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 14,658,529
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,239,855
<OTHER-INCOME> 0
<EXPENSES-NET> 187,954
<NET-INVESTMENT-INCOME> 5,051,901
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,051,901
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (591,902)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 58,867,348
<NUMBER-OF-SHARES-REDEEMED> (53,549,648)
<SHARES-REINVESTED> 18,871
<NET-CHANGE-IN-ASSETS> 93,353,474
<ACCUMULATED-NII-PRIOR> 1,817
<ACCUMULATED-GAINS-PRIOR> (4,414)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87,394
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 308,400
<AVERAGE-NET-ASSETS> 10,683,705
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> LB INSTIT FUNDS GOVT OBLIG MONEY MKT CL-C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 142,879,016
<INVESTMENTS-AT-VALUE> 142,879,016
<RECEIVABLES> 334,319
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<OTHER-ITEMS-ASSETS> 24,853
<TOTAL-ASSETS> 143,238,188
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 482,794
<TOTAL-LIABILITIES> 482,794
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,706,465
<SHARES-COMMON-STOCK> 2,706,465
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 1,817
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,414)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,706,465
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,239,855
<OTHER-INCOME> 0
<EXPENSES-NET> 187,954
<NET-INVESTMENT-INCOME> 5,051,901
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,051,901
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (60,017)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,589,114
<NUMBER-OF-SHARES-REDEEMED> (2,882,756)
<SHARES-REINVESTED> 7
<NET-CHANGE-IN-ASSETS> 93,353,474
<ACCUMULATED-NII-PRIOR> 1,817
<ACCUMULATED-GAINS-PRIOR> (4,414)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87,394
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 308,400
<AVERAGE-NET-ASSETS> 1,113,266
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> LB INSTIT FUNDS GOVT OBLIG MONEY MKT CL-E
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 142,879,016
<INVESTMENTS-AT-VALUE> 142,879,016
<RECEIVABLES> 334,319
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 24,853
<TOTAL-ASSETS> 143,238,188
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 482,794
<TOTAL-LIABILITIES> 482,794
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100
<SHARES-COMMON-STOCK> 100
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 1,817
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,414)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 100
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,239,855
<OTHER-INCOME> 0
<EXPENSES-NET> 187,954
<NET-INVESTMENT-INCOME> 5,051,901
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,051,901
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,273)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 588,760
<NUMBER-OF-SHARES-REDEEMED> (590,074)
<SHARES-REINVESTED> 1,314
<NET-CHANGE-IN-ASSETS> 93,353,474
<ACCUMULATED-NII-PRIOR> 1,817
<ACCUMULATED-GAINS-PRIOR> (4,414)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87,394
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 308,400
<AVERAGE-NET-ASSETS> 23,692
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.33
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> LB INSTIT FUNDS CASH MANAGEMENT CL-A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 1,118,000
<INVESTMENTS-AT-VALUE> 1,118,000
<RECEIVABLES> 15,609
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 29,884
<TOTAL-ASSETS> 1,163,493
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,830
<TOTAL-LIABILITIES> 53,830
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,109,653
<SHARES-COMMON-STOCK> 1,109,653
<SHARES-COMMON-PRIOR> 4,740,100
<ACCUMULATED-NII-CURRENT> 10
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,109,663
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 172,405
<OTHER-INCOME> 0
<EXPENSES-NET> 7,830
<NET-INVESTMENT-INCOME> 164,575
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 164,575
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (164,555)
<DISTRIBUTIONS-OF-GAINS> (10)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 390,296,226
<NUMBER-OF-SHARES-REDEEMED> (393,928,236)
<SHARES-REINVESTED> 1,563
<NET-CHANGE-IN-ASSETS> (3,830,754)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 10
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,930
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 51,890
<AVERAGE-NET-ASSETS> 2,929,879
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> LB INSTIT FUNDS CASH MANAGEMENT CL-B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 172,405
<OTHER-INCOME> 0
<EXPENSES-NET> 7,830
<NET-INVESTMENT-INCOME> 164,575
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 164,575
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (100)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3,830,754)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 10
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,930
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 51,890
<AVERAGE-NET-ASSETS> 72
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> LB INSTIT FUNDS CASH MANAGEMENT CL-C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 200,107
<ACCUMULATED-NII-CURRENT> 10
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 172,405
<OTHER-INCOME> 0
<EXPENSES-NET> 7,830
<NET-INVESTMENT-INCOME> 164,575
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 164,575
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (200,107)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3,830,754)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 10
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,930
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 51,890
<AVERAGE-NET-ASSETS> 78
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> LB INSTIT FUNDS CASH MANAGEMENT CL-E
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 100
<SHARES-COMMON-PRIOR> 4,740,100
<ACCUMULATED-NII-CURRENT> 10
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 172,405
<OTHER-INCOME> 0
<EXPENSES-NET> 7,830
<NET-INVESTMENT-INCOME> 164,575
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 164,575
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (100)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3,830,754)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 10
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,930
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 51,890
<AVERAGE-NET-ASSETS> 72
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> LB INSTIT FUNDS TREAS INSTRUM MONEY MKT CL-A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 236,191,486
<INVESTMENTS-AT-VALUE> 236,191,486
<RECEIVABLES> 19,081
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 28,210
<TOTAL-ASSETS> 236,238,777
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 455,088
<TOTAL-LIABILITIES> 455,088
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 183,376,407
<SHARES-COMMON-STOCK> 183,376,416
<SHARES-COMMON-PRIOR> 368,796,414
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (804)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 183,375,648
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 23,979,891
<OTHER-INCOME> 0
<EXPENSES-NET> 854,025
<NET-INVESTMENT-INCOME> 23,125,866
<REALIZED-GAINS-CURRENT> (804)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 23,125,062
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20,827,192)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,000,089,634
<NUMBER-OF-SHARES-REDEEMED> (5,192,723,407)
<SHARES-REINVESTED> 7,213,775
<NET-CHANGE-IN-ASSETS> (160,254,555)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 408,362
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,234,222
<AVERAGE-NET-ASSETS> 365,559,173
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> LB INSTIT FUNDS TREAS INSTRUM MONEY MKT CL-B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 236,191,486
<INVESTMENTS-AT-VALUE> 236,191,486
<RECEIVABLES> 19,081
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 28,210
<TOTAL-ASSETS> 236,238,777
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 455,088
<TOTAL-LIABILITIES> 455,088
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,906,637
<SHARES-COMMON-STOCK> 27,906,638
<SHARES-COMMON-PRIOR> 27,241,640
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (804)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 27,906,592
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 23,979,891
<OTHER-INCOME> 0
<EXPENSES-NET> 854,025
<NET-INVESTMENT-INCOME> 23,125,866
<REALIZED-GAINS-CURRENT> (804)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 23,125,062
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,678,955)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 225,104,138
<NUMBER-OF-SHARES-REDEEMED> (225,915,368)
<SHARES-REINVESTED> 1,476,228
<NET-CHANGE-IN-ASSETS> (160,254,555)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 408,362
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,234,222
<AVERAGE-NET-ASSETS> 30,833,932
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> LB INSTIT FUNDS TREAS INSTRUM MONEY MKT CL-C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 236,191,486
<INVESTMENTS-AT-VALUE> 236,191,486
<RECEIVABLES> 19,081
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 28,210
<TOTAL-ASSETS> 236,238,777
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 455,088
<TOTAL-LIABILITIES> 455,088
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,501,349
<SHARES-COMMON-STOCK> 24,501,349
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (804)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 24,501,349
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 23,979,891
<OTHER-INCOME> 0
<EXPENSES-NET> 854,025
<NET-INVESTMENT-INCOME> 23,125,866
<REALIZED-GAINS-CURRENT> (804)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 23,125,062
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (619,719)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,311,812
<NUMBER-OF-SHARES-REDEEMED> (1,365,351)
<SHARES-REINVESTED> 554,788
<NET-CHANGE-IN-ASSETS> (160,254,555)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 408,362
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,234,222
<AVERAGE-NET-ASSETS> 11,968,328
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> LB INSTIT FUNDS TREAS INSTRUM MONEY MKT CL-E
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 236,191,486
<INVESTMENTS-AT-VALUE> 236,191,486
<RECEIVABLES> 19,081
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 28,210
<TOTAL-ASSETS> 236,238,777
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 455,088
<TOTAL-LIABILITIES> 455,088
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100
<SHARES-COMMON-STOCK> 100
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (804)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 100
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 23,979,891
<OTHER-INCOME> 0
<EXPENSES-NET> 854,025
<NET-INVESTMENT-INCOME> 23,125,866
<REALIZED-GAINS-CURRENT> (804)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 23,125,062
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (160,254,555)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 408,362
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,234,222
<AVERAGE-NET-ASSETS> 100
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> LB INSTIT FUNDS 100% TREAS INSTRUM MM CL-A
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 78,806,337
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,002,640
<OTHER-INCOME> 0
<EXPENSES-NET> 31,272
<NET-INVESTMENT-INCOME> 971,368
<REALIZED-GAINS-CURRENT> 7,624
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 978,992
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (971,368)
<DISTRIBUTIONS-OF-GAINS> (17,134)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 120,864,234
<NUMBER-OF-SHARES-REDEEMED> (199,737,342)
<SHARES-REINVESTED> 66,771
<NET-CHANGE-IN-ASSETS> (78,816,147)
<ACCUMULATED-NII-PRIOR> 6,349
<ACCUMULATED-GAINS-PRIOR> 3,161
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,361
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 103,371
<AVERAGE-NET-ASSETS> 28,038,064
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> LB INSTIT FUNDS 100% TREAS INSTRUM MM CL-B
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,002,640
<OTHER-INCOME> 0
<EXPENSES-NET> 31,272
<NET-INVESTMENT-INCOME> 971,368
<REALIZED-GAINS-CURRENT> 7,624
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 978,992
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (100)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (78,816,147)
<ACCUMULATED-NII-PRIOR> 6,349
<ACCUMULATED-GAINS-PRIOR> 3,161
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,361
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 103,371
<AVERAGE-NET-ASSETS> 100
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>
<NAME> LB INSTIT FUNDS 100% TREAS INSTRUM MM CL-C
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,002,640
<OTHER-INCOME> 0
<EXPENSES-NET> 31,272
<NET-INVESTMENT-INCOME> 971,368
<REALIZED-GAINS-CURRENT> 7,624
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 978,992
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (100)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (78,816,147)
<ACCUMULATED-NII-PRIOR> 6,349
<ACCUMULATED-GAINS-PRIOR> 3,161
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,361
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 103,371
<AVERAGE-NET-ASSETS> 100
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> LB INSTIT FUNDS 100% TREAS INSTRUM MM CL-E
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,002,640
<OTHER-INCOME> 0
<EXPENSES-NET> 31,272
<NET-INVESTMENT-INCOME> 971,368
<REALIZED-GAINS-CURRENT> 7,624
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 978,992
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (100)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (78,816,147)
<ACCUMULATED-NII-PRIOR> 6,349
<ACCUMULATED-GAINS-PRIOR> 3,161
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,361
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 103,371
<AVERAGE-NET-ASSETS> 100
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> LB INSTIT FUNDS MUNI MONEY MARKET CL-A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 136,130,210
<INVESTMENTS-AT-VALUE> 136,130,210
<RECEIVABLES> 1,414,449
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 660,601
<TOTAL-ASSETS> 138,205,260
<PAYABLE-FOR-SECURITIES> 817,010
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 298,943
<TOTAL-LIABILITIES> 1,115,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 135,096,214
<SHARES-COMMON-STOCK> 135,096,214
<SHARES-COMMON-PRIOR> 93,601,276
<ACCUMULATED-NII-CURRENT> 24,329
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 135,120,106
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,132,330
<OTHER-INCOME> 0
<EXPENSES-NET> 316,449
<NET-INVESTMENT-INCOME> 6,815,881
<REALIZED-GAINS-CURRENT> 30,323
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,846,204
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,749,439)
<DISTRIBUTIONS-OF-GAINS> (5,653)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,859,696,960
<NUMBER-OF-SHARES-REDEEMED> (2,820,023,841)
<SHARES-REINVESTED> 1,821,819
<NET-CHANGE-IN-ASSETS> 43,493,725
<ACCUMULATED-NII-PRIOR> 18,620
<ACCUMULATED-GAINS-PRIOR> (24,614)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 172,515
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 518,763
<AVERAGE-NET-ASSETS> 170,822,598
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> LB INSTIT FUNDS MUNI MONEY MARKET CL-B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 136,130,210
<INVESTMENTS-AT-VALUE> 136,130,210
<RECEIVABLES> 1,414,449
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 660,601
<TOTAL-ASSETS> 138,205,260
<PAYABLE-FOR-SECURITIES> 817,010
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 298,943
<TOTAL-LIABILITIES> 1,115,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100
<SHARES-COMMON-STOCK> 100
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 24,329
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 100
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,132,330
<OTHER-INCOME> 0
<EXPENSES-NET> 316,449
<NET-INVESTMENT-INCOME> 6,815,881
<REALIZED-GAINS-CURRENT> 30,323
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,846,204
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 43,493,725
<ACCUMULATED-NII-PRIOR> 18,620
<ACCUMULATED-GAINS-PRIOR> (24,614)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 172,515
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 518,763
<AVERAGE-NET-ASSETS> 100
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> LB INSTIT FUNDS MUNI MONEY MARKET CL-C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 136,130,210
<INVESTMENTS-AT-VALUE> 136,130,210
<RECEIVABLES> 1,414,449
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 660,601
<TOTAL-ASSETS> 138,205,260
<PAYABLE-FOR-SECURITIES> 817,010
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 298,943
<TOTAL-LIABILITIES> 1,115,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,968,564
<SHARES-COMMON-STOCK> 1,968,564
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 24,329
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,969,001
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,132,330
<OTHER-INCOME> 0
<EXPENSES-NET> 316,449
<NET-INVESTMENT-INCOME> 6,815,881
<REALIZED-GAINS-CURRENT> 30,323
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,846,204
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (60,733)
<DISTRIBUTIONS-OF-GAINS> (56)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,263,120
<NUMBER-OF-SHARES-REDEEMED> (5,294,660)
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> 43,493,725
<ACCUMULATED-NII-PRIOR> 18,620
<ACCUMULATED-GAINS-PRIOR> (24,614)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 172,515
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 518,763
<AVERAGE-NET-ASSETS> 1,692,313
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> LB INSTIT FUNDS MUNI MONEY MARKET CL-E
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 136,130,210
<INVESTMENTS-AT-VALUE> 136,130,210
<RECEIVABLES> 1,414,449
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<OTHER-ITEMS-ASSETS> 660,601
<TOTAL-ASSETS> 138,205,260
<PAYABLE-FOR-SECURITIES> 817,010
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 298,943
<TOTAL-LIABILITIES> 1,115,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100
<SHARES-COMMON-STOCK> 100
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 24,329
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 100
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,132,330
<OTHER-INCOME> 0
<EXPENSES-NET> 316,449
<NET-INVESTMENT-INCOME> 6,815,881
<REALIZED-GAINS-CURRENT> 30,323
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,846,204
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 43,493,725
<ACCUMULATED-NII-PRIOR> 18,620
<ACCUMULATED-GAINS-PRIOR> (24,614)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 172,515
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 518,763
<AVERAGE-NET-ASSETS> 100
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.00
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> LB INSTIT FUNDS TAX FREE MONEY MKT CL-A
<S> <C>
<PERIOD-TYPE> 12-MOS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> LB INSTIT FUNDS TAX FREE MONEY MKT CL-B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> LB INSTIT FUNDS TAX FREE MONEY MKT CL-C
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<NAME> LB INSTIT FUNDS TAX FREE MONEY MKT CL-E
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