<PAGE> PAGE 1
000 B000000 07/31/94
000 C000000 904411
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 LEHMAN BROTHERS FUNDS, INC.
001 B000000 811-7706
001 C000000 6172486201
002 A000000 3 WORLD FINANCIAL CENTER
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10285
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004 000000 N
005 000000 N
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007 C010100 1
007 C020100 LEHMAN BROTHERS DAILY INCOME FUND
007 C030100 N
007 C010200 2
007 C020200 LEHMAN BROTHERS MUNICIPAL INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 LEHMAN SELECTED GROWTH STOCK PORT
007 C030300 N
007 C010400 4
007 C020400 LEHMAN LATIN DOLLAR INCOME PORTFOLIO*
007 C030400 N
007 C010500 5
007 C020500 LEHMAN MEXICAN GROWTH & INCOME PORTFOLIO*
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 LEHMAN BROTHERS GLOBAL ASSET MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-999999
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10285
010 A00AA01 THE SHAREHOLDER SERVICES GROUP, INC.
010 C01AA01 BOSTON
010 C02AA01 MA
<PAGE> PAGE 2
010 C03AA01 02109
011 A00AA01 LEHMAN BROTHERS INC.
011 B00AA01 8-999999
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10285
012 A00AA01 THE SHAREHOLDER SERVICES GROUP, INC.
012 B00AA01 84-9999
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02109
013 A00AA01 ERNST & YOUNG, LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02116
013 B04AA01 5072
014 A00AA01 DELETE
015 A00AA01 BOSTON SAFE DEPOSIT AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02108
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 5
019 C00AA00 LEHMANBROS
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020 B000001 13-2518466
020 C000001 14
020 A000002 PAINE WEBBER, INC.
020 B000002 13-2638166
020 C000002 2
020 A000003 GOLDMAN SACHS & CO., NY
020 B000003 13-5108880
020 C000003 2
020 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH
020 B000004 13-5674085
020 C000004 1
020 A000005 KIDDER PEABODY & CO., INC.
020 B000005 13-5650440
020 C000005 1
020 A000006 MORGAN STANLEY & CO.
020 B000006 13-3224016
020 C000006 1
020 A000007 PIPER JAFFREY & HOPWOOD
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020 C000008 0
020 C000009 0
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021 000000 22
<PAGE> PAGE 3
022 A000001 GREENWICH CAPITAL MARKETS
022 C000001 10791124
022 D000001 0
022 A000002 PAINE WEBBER, INC.
022 B000002 13-2638166
022 C000002 9718986
022 D000002 54440
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH
022 B000003 13-5674085
022 C000003 7958513
022 D000003 76040
022 A000004 KIDDER PEABODY & CO., INC.
022 B000004 13-5650440
022 C000004 7409046
022 D000004 38900
022 A000005 FIRST BOSTON CORP.
022 B000005 13-5659485
022 C000005 6650959
022 D000005 356423
022 A000006 MORGAN STANLEY & CO.
022 B000006 13-2655998
022 C000006 5752136
022 D000006 0
022 A000007 MORGAN GUARANTY TRUST CO.
022 B000007 13-5123346
022 C000007 4857699
022 D000007 0
022 A000008 UBS SECURITIES, INC.
022 B000008 13-2932996
022 C000008 3091529
022 D000008 0
022 A000009 GOLDMAN SACHS & CO., NY
022 B000009 13-5108880
022 C000009 2009827
022 D000009 1994
022 A000010 LEHMAN BROTHERS, INC.
022 B000010 13-2518466
022 C000010 1487037
022 D000010 0
023 C000000 64753316
023 D000000 1893920
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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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 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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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> LEH BROS FNDS, INC., DLY INCOME FND-SELECT SHRS
<S> <C>
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<PERIOD-END> JULY-31-1994
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<OTHER-ITEMS-LIABILITIES> 23,518,919
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<NUMBER> 1
<NAME> LEH BROS FNDS, INC., DLY INCOME FUND-CDSC SHRS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JULY-31-1994
<PERIOD-END> JULY-31-1994
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[INVESTMENTS-AT-VALUE] 809,436,244
[RECEIVABLES] 32,248,390
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[TOTAL-LIABILITIES] 23,518,919
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 818,477,726
[SHARES-COMMON-STOCK] 818,538,361
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 60,635
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 16,570
[OVERDISTRIBUTION-GAINS] 0
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[NET-ASSETS] 818,554,931
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[NET-INVESTMENT-INCOME] 21,941,977
[REALIZED-GAINS-CURRENT] 16,570
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[GROSS-EXPENSE] 6,892,136
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<SERIES>
<NUMBER> 2
<NAME> LEH BROS FNDS, INC., MUNI INC. FUND, SELECT SHRS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JULY-31-1994
<PERIOD-END> JULY-31-1994
[INVESTMENTS-AT-COST] 262,996,410
[INVESTMENTS-AT-VALUE] 262,996,410
[RECEIVABLES] 6,118,420
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[PAID-IN-CAPITAL-COMMON] 264,424,228
[SHARES-COMMON-STOCK] 264,447,342
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[ACCUMULATED-NII-CURRENT] 23,114
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[ACCUMULATED-NET-GAINS] (12,237)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 264,435,015
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[INTEREST-INCOME] 6,046,443
[OTHER-INCOME] 0
[EXPENSES-NET] 1,438,151
[NET-INVESTMENT-INCOME] 4,608,292
[REALIZED-GAINS-CURRENT] (12,327)
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[NUMBER-OF-SHARES-SOLD] 1,214,682,908
[NUMBER-OF-SHARES-REDEEMED] (954,395,614)
[SHARES-REINVESTED] 4,150,160
[NET-CHANGE-IN-ASSETS] 264,435,015
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
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[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 670,015
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[GROSS-EXPENSE] 1,994,070
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[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] 0.02
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<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> LEH BROS FNDS, INC., MUNI INC. FUND, CDSC SHRS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JULY-31-1994
<PERIOD-END> JULY-31-1994
[INVESTMENTS-AT-COST] 262,996,410
[INVESTMENTS-AT-VALUE] 262,996,410
[RECEIVABLES] 6,118,420
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[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 264,424,228
[SHARES-COMMON-STOCK] 264,447,342
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 23,114
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (12,327)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 264,435,015
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 6,046,443
[OTHER-INCOME] 0
[EXPENSES-NET] 1,438,151
[NET-INVESTMENT-INCOME] 4,608,292
[REALIZED-GAINS-CURRENT] (12,327)
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 4,595,965
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (13)
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[NUMBER-OF-SHARES-SOLD] 9,888
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[GROSS-EXPENSE] 1,994,070
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[PER-SHARE-NAV-BEGIN] 1.00
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[AVG-DEBT-PER-SHARE] 0
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> LEH BROS FNDS, INC., SELECTED GR STOCK FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JULY-31-1994
<PERIOD-END> JULY-31-1994
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[INVESTMENTS-AT-VALUE] 28,242,922
[RECEIVABLES] 351,923
[ASSETS-OTHER] 221,838
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[TOTAL-ASSETS] 28,816,683
[PAYABLE-FOR-SECURITIES] 2,292,450
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 183,039
[TOTAL-LIABILITIES] 2,475,489
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 26,652,311
[SHARES-COMMON-STOCK] 2,706,412
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 38,112
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (219,954)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (129,275)
[NET-ASSETS] 26,341,194
[DIVIDEND-INCOME] 2,455
[INTEREST-INCOME] 102,880
[OTHER-INCOME] 0
[EXPENSES-NET] 69,238
[NET-INVESTMENT-INCOME] 36,097
[REALIZED-GAINS-CURRENT] (219,954)
[APPREC-INCREASE-CURRENT] (129,275)
[NET-CHANGE-FROM-OPS] (313,132)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
<DISTRIBUTION-OTHER> 0
[NUMBER-OF-SHARES-SOLD] 2,712,257
[NUMBER-OF-SHARES-REDEEMED] (5,845)
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 26,341,194
[ACCUMULATED-NII-PRIOR] 0
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[GROSS-ADVISORY-FEES] 25,460
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[GROSS-EXPENSE] 115,979
[AVERAGE-NET-ASSETS] 16,744,232
[PER-SHARE-NAV-BEGIN] 10.00
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[PER-SHARE-NAV-END] 9.73
[EXPENSE-RATIO] 2.04
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</TABLE>
