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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 14
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030 A000600 0
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030 C000600 0.00
035 000600 0
036 B000600 0
062 A000600 N
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062 F000600 0.0
<PAGE> PAGE 21
062 G000600 0.0
062 H000600 0.0
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071 A000600 0
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072 A000600 0
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<PAGE> PAGE 22
074 W000600 0.0000
074 X000600 0
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030 A000700 0
030 B000700 0.00
030 C000700 0.00
035 000700 0
036 B000700 0
062 A000700 N
062 B000700 0.0
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062 E000700 0.0
062 F000700 0.0
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062 H000700 0.0
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062 K000700 0.0
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071 A000700 0
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<PAGE> PAGE 23
074 N000700 0
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074 R010700 0
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074 W000700 0.0000
074 X000700 0
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030 A000800 0
030 B000800 0.00
030 C000800 0.00
035 000800 0
036 B000800 0
062 A000800 N
062 B000800 0.0
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062 H000800 0.0
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071 A000800 0
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<PAGE> PAGE 24
072 H000800 0
074 A000800 0
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074 X000800 0
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030 A000900 0
030 B000900 0.00
030 C000900 0.00
035 000900 0
036 B000900 0
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
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062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
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<PAGE> PAGE 25
062 P000900 0.0
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071 A000900 0
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072 A000900 0
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074 W000900 0.0000
074 X000900 0
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030 A001000 0
030 B001000 0.00
030 C001000 0.00
035 001000 0
036 B001000 0
062 A001000 N
<PAGE> PAGE 26
062 B001000 0.0
062 C001000 0.0
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071 A001000 0
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<PAGE> PAGE 27
074 T001000 0
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030 A001100 0
030 B001100 0.00
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035 001100 0
036 B001100 0
062 A001100 N
062 B001100 0.0
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071 A001100 0
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<PAGE> PAGE 28
074 I001100 0
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035 001200 0
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062 A001200 N
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<PAGE> PAGE 29
072 C001200 0
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035 001300 0
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<PAGE> PAGE 30
062 K001300 0.0
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<PAGE> PAGE 31
030 B001400 0.00
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035 001400 0
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<PAGE> PAGE 32
074 R011400 0
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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 FUNDS, INC., DLY INCOME FND - CDSC SH
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 714,797,189
<INVESTMENTS-AT-VALUE> 714,797,189
<RECEIVABLES> 7,929,091
<ASSETS-OTHER> 2,398
<OTHER-ITEMS-ASSETS> 446,044
<TOTAL-ASSETS> 723,174,722
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,820,034
<TOTAL-LIABILITIES> 18,820,034
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,951
<SHARES-COMMON-STOCK> 22,950
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 27,184
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9,600)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 22,949
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 39,495,913
<OTHER-INCOME> 0
<EXPENSES-NET> 5,075,502
<NET-INVESTMENT-INCOME> 34,420,411
<REALIZED-GAINS-CURRENT> (9,307)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 34,411,104
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (707)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 74,550
<NUMBER-OF-SHARES-REDEEMED> (52,333)
<SHARES-REINVESTED> 633
<NET-CHANGE-IN-ASSETS> (114,200,243)
<ACCUMULATED-NII-PRIOR> 60,635
<ACCUMULATED-GAINS-PRIOR> 16,570
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,060,855
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,619,571
<AVERAGE-NET-ASSETS> 14,551
<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> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> LEH BROS FUNDS, INC., DLY INCOME FND-SELECT SH
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 714,797,189
<INVESTMENTS-AT-VALUE> 714,797,189
<RECEIVABLES> 7,929,091
<ASSETS-OTHER> 2,398
<OTHER-ITEMS-ASSETS> 446,044
<TOTAL-ASSETS> 723,174,722
<PAYABLE-FOR-SECURITIES> (0)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,820,034
<TOTAL-LIABILITIES> 18,820,034
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 704,314,153
<SHARES-COMMON-STOCK> 704,324,475
<SHARES-COMMON-PRIOR> 818,538,261
<ACCUMULATED-NII-CURRENT> 27,184
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9,600)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 704,331,739
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 39,495,913
<OTHER-INCOME> 0
<EXPENSES-NET> 5,075,502
<NET-INVESTMENT-INCOME> 34,420,411
<REALIZED-GAINS-CURRENT> (9,307)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 34,411,104
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (34,402,841)
<DISTRIBUTIONS-OF-GAINS> (16,863)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,904,923,625
<NUMBER-OF-SHARES-REDEEMED> (4,053,366,317)
<SHARES-REINVESTED> 34,228,906
<NET-CHANGE-IN-ASSETS> (114,200,243)
<ACCUMULATED-NII-PRIOR> 60,635
<ACCUMULATED-GAINS-PRIOR> 16,570
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,060,855
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,619,571
<AVERAGE-NET-ASSETS> 686,937,117
<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> 0.74
<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> LEH BROS FNDS, INC., MUNI INC. FUND, CDSC SH
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 291,658,975
<INVESTMENTS-AT-VALUE> 291,658,975
<RECEIVABLES> 9,135,839
<ASSETS-OTHER> 586
<OTHER-ITEMS-ASSETS> 113,919
<TOTAL-ASSETS> 300,909,319
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,086,903
<TOTAL-LIABILITIES> 4,086,903
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 101
<SHARES-COMMON-STOCK> 101
<SHARES-COMMON-PRIOR> 9,888
<ACCUMULATED-NII-CURRENT> 10,071
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,134)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 101
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,271,760
<OTHER-INCOME> 0
<EXPENSES-NET> 1,810,406
<NET-INVESTMENT-INCOME> 8,461,354
<REALIZED-GAINS-CURRENT> (4,807)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,456,547
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (72)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (9,865)
<SHARES-REINVESTED> 78
<NET-CHANGE-IN-ASSETS> 32,387,401
<ACCUMULATED-NII-PRIOR> 23,114
<ACCUMULATED-GAINS-PRIOR> (12,327)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 791,446
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,375,019
<AVERAGE-NET-ASSETS> 2,954
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> LEH BROS FNDS, INC., MUNI INC. FUND, SELECT SH
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
<INVESTMENTS-AT-COST> 291,658,975
<INVESTMENTS-AT-VALUE> 291,658,975
<RECEIVABLES> 9,135,839
<ASSETS-OTHER> 586
<OTHER-ITEMS-ASSETS> 113,919
<TOTAL-ASSETS> 300,909,319
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,086,903
<TOTAL-LIABILITIES> 4,086,903
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 296,829,378
<SHARES-COMMON-STOCK> 296,839,449
<SHARES-COMMON-PRIOR> 264,437,454
<ACCUMULATED-NII-CURRENT> 10,071
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,134)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 296,822,315
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,271,760
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<NAME> LEH BROS FNDS, INC., SEL GR STK FUND, CDSC SH
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