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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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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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<PAGE> PAGE 21
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<PAGE> PAGE 22
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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 27
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<PAGE> PAGE 28
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SIGNATURE MICHAEL KARDOK
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> LEH BROS FUNDS,INC., DLY INCOME FND-CDSC SH
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<NAME> LEH BROS FUNDS,INC., DLY INCOME FND-SELECT SH
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> LEH BROS FNDS, INC., MUNI INC. FUND, CDSC SH
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</TABLE>
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<ARTICLE> 6
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<NAME> LEH BROS FNDS, INC., MUNI INC. FUND, SELECT SH
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<PERIOD-END> JAN-31-1995
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<TABLE> <S> <C>
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<SERIES>
<NUMBER> 3
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<ACCUMULATED-NII-PRIOR> 38,112
<ACCUMULATED-GAINS-PRIOR> (219,954)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 114,417
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 379,556
<AVERAGE-NET-ASSETS> 30,262,565
<PER-SHARE-NAV-BEGIN> 9.73
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 0.59
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.26
<EXPENSE-RATIO> 2.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
