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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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070 A010600 Y
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070 E020600 N
070 F010600 N
070 F020600 N
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070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
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070 K020600 N
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070 L020600 N
070 M010600 N
070 M020600 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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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> 011
<NAME> LB INSTIT FUNDS PRIME MONEY MKT CL-A
<S> <C>
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<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-END> JUL-31-1996
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> LB INSTIT FUNDS PRIME MONEY MKT CL-B
<S> <C>
<PERIOD-TYPE> 6-MOS
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<SHARES-COMMON-PRIOR> 324,487,480
<ACCUMULATED-NII-CURRENT> 19,757
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<DISTRIBUTIONS-OF-INCOME> (6,686,372)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,563,824,289
<NUMBER-OF-SHARES-REDEEMED> (1,589,538,892)
<SHARES-REINVESTED> 37,982
<NET-CHANGE-IN-ASSETS> (1,983,731,948)
<ACCUMULATED-NII-PRIOR> 19,757
<ACCUMULATED-GAINS-PRIOR> (177,802)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 3,370,421
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<PER-SHARE-DIVIDEND> (0.02)
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<EXPENSE-RATIO> 0.43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 013
<NAME> LB INSTIT FUNDS PRIME MONEY MKT CL-C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-END> JUL-31-1996
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<NUMBER-OF-SHARES-SOLD> 22,543,809
<NUMBER-OF-SHARES-REDEEMED> (19,269,511)
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<NET-CHANGE-IN-ASSETS> (1,983,731,948)
<ACCUMULATED-NII-PRIOR> 19,757
<ACCUMULATED-GAINS-PRIOR> (177,802)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,370,421
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,873,021
<AVERAGE-NET-ASSETS> 13,984,140
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 014
<NAME> LB INSTIT FUNDS PRIME MONEY MKT CL-E
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-END> JUL-31-1996
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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 Prime Value Money Mkt CL-A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> LB Instit Funds Prime Value Money Mkt CL-B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NUMBER> 023
<NAME> LB Instit Funds Prime Value Money Mkt CL-C
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NUMBER> 024
<NAME> LB Instit Funds Prime Value Money Mkt CL-E
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>031
<NAME>LB INSTIT FUNDS GOVT OBLIG MONEY MKT CL-A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>032
<NAME>LB INSTIT FUNDS GOVT OBLIG MONEY MKT CL-B
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>033
<NAME>LB INSTIT FUNDS GOVT OBLIG MONEY MKT CL-C
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<SERIES>
<NUMBER>034
<NAME>LB INSTIT FUNDS GOVT OBLIG MONEY MKT CL-E
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 061
<NAME> LB Instit Funds Cash Management CL-A
<S> <C>
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<NET-ASSETS> 1,040,110
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<OTHER-INCOME> 0
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<PER-SHARE-GAIN-APPREC> (0.00)
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>051
<NAME>LB Instit Funds Treas Instrum Mo
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> JUL-3-1995
<INVESTMENTS-AT-COST> 129,596,060
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<OVERDISTRIBUTION-GAINS> (202)
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<NET-ASSETS> 111,066,603
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<INTEREST-INCOME> 5,231,959
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<EXPENSES-NET> 247,577
<NET-INVESTMENT-INCOME> 4,984,382
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<NUMBER-OF-SHARES-SOLD> 895,100,806
<NUMBER-OF-SHARES-REDEEMED> (970,038,501)
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<GROSS-EXPENSE> 442,666
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<PER-SHARE-DIVIDEND> (0.03)
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>052
<NAME>LB Instit Funds Treas Instrum Mo
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JUL-3-1995
<INVESTMENTS-AT-COST> 129,596,060
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<RECEIVABLES> 11,657
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<OVERDISTRIBUTION-GAINS> (202)
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<DIVIDEND-INCOME> 0
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<EXPENSES-NET> 247,577
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>053
<NAME>LB Instit Funds Treas Instrum Mo
<S> <C>
<PERIOD-TYPE> 6-MOS
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<INVESTMENTS-AT-COST> 129,596,060
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<INTEREST-INCOME> 5,231,959
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 054
<NAME>LB Instit Funds Treas Instrum Mo
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-END> JUL-3-1995
<INVESTMENTS-AT-COST> 129,596,060
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<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>081
<NAME>LB INSTIT FUNDS MUNI MONEY MKT CL-A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1997
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>082
<NAME>LB INSTIT FUNDS MUNI MONEY MKT CL-B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1997
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>083
<NAME>LB INSTIT FUNDS MUNI MONEY MKT CL-C
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>084
<NAME>LB INSTIT FUNDS MUNI MONEY MKT CL-E
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NUMBER>091
<NAME> LB Instit Funds Tax Free Money Mkt CL-A
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<SERIES>
<NUMBER>092
<NAME> LB Instit Funds Tax Free Money Mkt CL-B
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>093
<NAME> LB Instit Funds Tax Free Money Mkt CL-C
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<SERIES>
<NUMBER>094
<NAME> LB Instit Funds Tax Free Money Mkt CL-E
<S> <C>
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