LEHMAN BROTHERS FUNDS INC
NSAR-A, 1996-03-22
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<PAGE>      PAGE  1
000 A000000 01/31/96
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
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  4
007 C010100  1
007 C020100 DAILY INCOME FUND
007 C030100 N
007 C010200  2
007 C020200 MUNICIPAL INCOME FUND
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C021400 NEW YORK MUNICIPAL MONEY MARKET FUND
007 C031400 N
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A00AA01 LEHMAN BROTHERS GLOBAL ASSET MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-42006
<PAGE>      PAGE  2
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10285
010 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02109
011 A00AA01 LEHMAN BROTHERS INC.
011 B00AA01 8-27062
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10285
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
012 B00AA01 84-1761
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 LEHMAN BROTHERS, INC.
014 B00AA01 8-27062
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   11
019 C00AA00 LEHMANBROS
020 C000001      0
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 GREENWICH CAPITAL MARKETS
022 B000001 13-3172275
022 C000001      8720
022 D000001         0
022 A000002 LEHMAN BROTHERS, INC.
022 B000002 13-2518466
<PAGE>      PAGE  3
022 C000002      5457
022 D000002     22013
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH
022 B000003 13-5674085
022 C000003      4084
022 D000003     18124
022 A000004 LOOMIS, INC. (J.M.)
022 C000004      3116
022 D000004         0
022 A000005 CHASE SECURITIES, INC.
022 B000005 13-3112953
022 C000005      3011
022 D000005         0
022 A000006 GOLDMAN SACHS & COMPANY
022 B000006 13-5108880
022 C000006      1943
022 D000006         0
022 A000007 C.S. FIRST BOSTON
022 B000007 13-5659485
022 C000007      1500
022 D000007         0
022 A000008 J.P. MORGAN SECURITIES INC.
022 B000008 13-3224016
022 C000008       256
022 D000008       243
022 A000009 BEAR STEARNS & CO., INC.
022 B000009 13-4946705
022 C000009       156
022 D000009       216
022 A000010 UNION BANK OF SWITZERLAND
022 C000010       200
022 D000010         0
023 C000000   29560746
023 D000000    1327680
024  00AA00 N
025 D00AA01       0
025 D00AA02       0
025 D00AA03       0
025 D00AA04       0
025 D00AA05       0
025 D00AA06       0
025 D00AA07       0
025 D00AA08       0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
<PAGE>      PAGE  4
026 H000000 Y
027  000000 Y
029  00AA00 N
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030 B00AA00  0.00
030 C00AA00  0.00
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 N
040  00AA00 Y
041  00AA00 Y
049  00AA00 N
050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
053 B00AA00 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 N
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
077 A000000 Y
077 N000000 Y
077 Q010000 Y
078  000000 N
080 C00AA00        0
081 A00AA00 N
081 B00AA00   0
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
<PAGE>      PAGE  5
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
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028 C020100         0
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<PAGE>      PAGE  6
042 G000100   0
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043  000100    825
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062 F000100   0.9
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062 L000100  27.5
<PAGE>      PAGE  7
062 M000100   0.0
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062 P000100   0.0
062 Q000100   0.0
062 R000100   0.0
063 A000100  23
063 B000100  0.0
064 A000100 N
064 B000100 N
066 A000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
<PAGE>      PAGE  8
071 A000100         0
071 B000100         0
071 C000100         0
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<PAGE>      PAGE  9
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028 C010200    134621
028 C020200       734
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028 D010200     87002
028 D020200       563
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028 D040200    150801
028 E010200    138452
028 E020200       690
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028 F010200    212139
028 F020200       518
028 F030200         0
028 F040200    114939
028 G010200    750528
028 G020200      4121
028 G030200         0
028 G040200    741779
<PAGE>      PAGE  10
028 H000200         0
034  000200 Y
035  000200      0
036 A000200 Y
036 B000200      0
042 A000200   0
042 B000200   0
042 C000200   0
042 D000200   0
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200 100
043  000200    329
044  000200      0
045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.300
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048 A020200 0.000
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
048 D010200        0
048 D020200 0.000
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048 E020200 0.000
048 F010200        0
048 F020200 0.000
048 G010200        0
048 G020200 0.000
048 H010200        0
048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
055 A000200 N
055 B000200 N
056  000200 N
057  000200 N
058 A000200 N
059  000200 Y
060 A000200 Y
060 B000200 Y
061  000200     5000
062 A000200 Y
<PAGE>      PAGE  11
062 B000200   0.0
062 C000200   0.0
062 D000200   0.0
062 E000200  80.9
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   0.0
062 M000200   0.0
062 N000200   0.0
062 O000200   0.0
062 P000200   0.0
062 Q000200   0.0
062 R000200   0.0
063 A000200  53
063 B000200  0.0
064 A000200 N
064 B000200 N
066 A000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
<PAGE>      PAGE  12
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200         0
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071 C000200         0
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072 A000200  6
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072DD020200        0
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073 A010200   0.0165
073 A020200   0.0165
073 B000200   0.0000
<PAGE>      PAGE  13
073 C000200   0.0000
074 A000200      644
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074 C000200   250537
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074 L000200    66619
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074 U010200   309710
074 U020200        0
074 V010200     1.00
074 V020200     1.00
074 W000200   1.0001
074 X000200     3156
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075 A000200   261978
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076  000200     0.00
028 A011400         0
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028 D021400        87
028 D031400         0
028 D041400     11979
028 E011400     18659
<PAGE>      PAGE  14
028 E021400       196
028 E031400         0
028 E041400     19486
028 F011400     33046
028 F021400       146
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034  001400 N
035  001400      0
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042 C001400   0
042 D001400   0
042 E001400   0
042 F001400   0
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043  001400     37
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048 E011400        0
048 E021400 0.000
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048 F021400 0.000
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048 G021400 0.000
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048 I021400 0.000
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048 J021400 0.000
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<PAGE>      PAGE  15
055 A001400 N
055 B001400 N
056  001400 N
057  001400 N
058 A001400 N
059  001400 Y
060 A001400 Y
060 B001400 Y
061  001400     5000
062 A001400 Y
062 B001400   0.0
062 C001400   0.0
062 D001400   0.0
062 E001400  84.7
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063 B001400  0.0
064 A001400 N
064 B001400 N
066 A001400 N
067  001400 N
068 A001400 N
068 B001400 N
069  001400 N
070 A011400 Y
070 A021400 N
070 B011400 N
070 B021400 N
070 C011400 N
070 C021400 N
070 D011400 N
070 D021400 N
070 E011400 N
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 N
070 G021400 N
070 H011400 N
<PAGE>      PAGE  16
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 N
070 L011400 Y
070 L021400 N
070 M011400 N
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 N
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400         0
071 B001400         0
071 C001400         0
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<PAGE>      PAGE  17
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074 D001400        0
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074 J001400        0
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074 M001400       24
074 N001400    73970
074 O001400      614
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074 R031400        0
074 R041400      365
074 S001400        0
074 T001400    72968
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074 V011400     1.00
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SIGNATURE   KIRBY RICHARDS                               
TITLE       ASSISTANT TREASURER 
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE>  6
<SERIES>
              <NUMBER>1
              <NAME>Lehman Bros Daily Income-Select
       
<S>                                      <C>
<PERIOD-TYPE>                            6-MOS
<FISCAL-YEAR-END>                        Jul-31-1996
<PERIOD-END>                             Jan-31-1996
<INVESTMENTS-AT-COST>                                      697,156,080
<INVESTMENTS-AT-VALUE>                                     697,156,080
<RECEIVABLES>                                               37,525,841
<ASSETS-OTHER>                                                       0
<OTHER-ITEMS-ASSETS>                                           240,464
<TOTAL-ASSETS>                                             734,922,385
<PAYABLE-FOR-SECURITIES>                                    14,984,104
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                   15,749,822
<TOTAL-LIABILITIES>                                         30,733,926
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                   704,147,319
<SHARES-COMMON-STOCK>                                      704,157,640
<SHARES-COMMON-PRIOR>                                      704,324,475
<ACCUMULATED-NII-CURRENT>                                       27,184
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                              0
<OVERDISTRIBUTION-GAINS>                                        (9,600)
<ACCUM-APPREC-OR-DEPREC>                                             0
<NET-ASSETS>                                               704,164,903
<DIVIDEND-INCOME>                                                    0
<INTEREST-INCOME>                                           20,139,699
<OTHER-INCOME>                                                       0
<EXPENSES-NET>                                               2,568,866
<NET-INVESTMENT-INCOME>                                     17,570,833
<REALIZED-GAINS-CURRENT>                                             0
<APPREC-INCREASE-CURRENT>                                            0
<NET-CHANGE-FROM-OPS>                                       17,570,833
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                  (17,570,247)
<DISTRIBUTIONS-OF-GAINS>                                             0
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                  1,813,917,092
<NUMBER-OF-SHARES-REDEEMED>                             (1,828,136,166)
<SHARES-REINVESTED>                                         14,052,239
<NET-CHANGE-IN-ASSETS>                                        (166,229)
<ACCUMULATED-NII-PRIOR>                                         27,184
<ACCUMULATED-GAINS-PRIOR>                                            0
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                      (9,600)
<GROSS-ADVISORY-FEES>                                          989,941
<INTEREST-EXPENSE>                                                   0
<GROSS-EXPENSE>                                              3,184,458
<AVERAGE-NET-ASSETS>                                       663,450,247
<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>                                                   0.77
<AVG-DEBT-OUTSTANDING>                                               0
<AVG-DEBT-PER-SHARE>                                                 0


</TABLE>

<TABLE> <S> <C>

<ARTICLE>  6
<SERIES>
              <NUMBER>1
              <NAME>Lehman Bros Daily Income-CDSC Shrs
       
<S>                                      <C>
<PERIOD-TYPE>                            6-MOS
<FISCAL-YEAR-END>                        Jul-31-1996
<PERIOD-END>                             Jan-31-1996
<INVESTMENTS-AT-COST>                                      697,156,080
<INVESTMENTS-AT-VALUE>                                     697,156,080
<RECEIVABLES>                                               37,525,841
<ASSETS-OTHER>                                                       0
<OTHER-ITEMS-ASSETS>                                           240,464
<TOTAL-ASSETS>                                             734,922,385
<PAYABLE-FOR-SECURITIES>                                    14,984,104
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                   15,749,822
<TOTAL-LIABILITIES>                                         30,733,926
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                        23,556
<SHARES-COMMON-STOCK>                                           23,556
<SHARES-COMMON-PRIOR>                                           22,950
<ACCUMULATED-NII-CURRENT>                                       27,184
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                              0
<OVERDISTRIBUTION-GAINS>                                        (9,600)
<ACCUM-APPREC-OR-DEPREC>                                             0
<NET-ASSETS>                                                    23,556
<DIVIDEND-INCOME>                                                    0
<INTEREST-INCOME>                                           20,139,699
<OTHER-INCOME>                                                       0
<EXPENSES-NET>                                               2,568,866
<NET-INVESTMENT-INCOME>                                     17,570,833
<REALIZED-GAINS-CURRENT>                                             0
<APPREC-INCREASE-CURRENT>                                            0
<NET-CHANGE-FROM-OPS>                                       17,570,833
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                         (586)
<DISTRIBUTIONS-OF-GAINS>                                             0
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                              0
<NUMBER-OF-SHARES-REDEEMED>                                          0
<SHARES-REINVESTED>                                                606
<NET-CHANGE-IN-ASSETS>                                        (166,229)
<ACCUMULATED-NII-PRIOR>                                         27,184
<ACCUMULATED-GAINS-PRIOR>                                            0
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                      (9,600)
<GROSS-ADVISORY-FEES>                                          989,941
<INTEREST-EXPENSE>                                                   0
<GROSS-EXPENSE>                                              3,184,458
<AVERAGE-NET-ASSETS>                                            23,219
<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>                                                   0.77
<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>Lehman Bros Municipal Income-Select
       
<S>                                      <C>
<PERIOD-TYPE>                            6-Mos
<FISCAL-YEAR-END>                        Jul-31-1996
<PERIOD-END>                             Jan-31-1996
<INVESTMENTS-AT-COST>                                      250,536,469
<INVESTMENTS-AT-VALUE>                                     250,536,469
<RECEIVABLES>                                               66,619,313
<ASSETS-OTHER>                                                       0
<OTHER-ITEMS-ASSETS>                                           739,833
<TOTAL-ASSETS>                                             317,895,615
<PAYABLE-FOR-SECURITIES>                                     5,390,000
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                    2,816,068
<TOTAL-LIABILITIES>                                          8,206,068
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                   309,699,668
<SHARES-COMMON-STOCK>                                      309,709,739
<SHARES-COMMON-PRIOR>                                      296,839,449
<ACCUMULATED-NII-CURRENT>                                       10,071
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                              0
<OVERDISTRIBUTION-GAINS>                                       (20,293)
<ACCUM-APPREC-OR-DEPREC>                                             0
<NET-ASSETS>                                               309,689,446
<DIVIDEND-INCOME>                                                    0
<INTEREST-INCOME>                                            5,248,920
<OTHER-INCOME>                                                       0
<EXPENSES-NET>                                                 924,459
<NET-INVESTMENT-INCOME>                                      4,324,461
<REALIZED-GAINS-CURRENT>                                        (3,159)
<APPREC-INCREASE-CURRENT>                                            0
<NET-CHANGE-FROM-OPS>                                        4,321,302
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                   (4,324,459)
<DISTRIBUTIONS-OF-GAINS>                                             0
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                    750,527,999
<NUMBER-OF-SHARES-REDEEMED>                               (741,779,061)
<SHARES-REINVESTED>                                          4,121,352
<NET-CHANGE-IN-ASSETS>                                      12,867,131
<ACCUMULATED-NII-PRIOR>                                         10,071
<ACCUMULATED-GAINS-PRIOR>                                            0
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                     (17,134)
<GROSS-ADVISORY-FEES>                                          395,114
<INTEREST-EXPENSE>                                                   0
<GROSS-EXPENSE>                                              1,162,362
<AVERAGE-NET-ASSETS>                                       261,977,790
<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>                                                   0.70
<AVG-DEBT-OUTSTANDING>                                               0
<AVG-DEBT-PER-SHARE>                                                 0


</TABLE>

<TABLE> <S> <C>

<ARTICLE>  6
<SERIES>
              <NUMBER>2
              <NAME>Lehman Bros Municipal Income-CDSC Shrs
       
<S>                                      <C>
<PERIOD-TYPE>                            6-Mos
<FISCAL-YEAR-END>                        Jul-31-1996
<PERIOD-END>                             Jan-31-1996
<INVESTMENTS-AT-COST>                                      250,536,469
<INVESTMENTS-AT-VALUE>                                     250,536,469
<RECEIVABLES>                                               66,619,313
<ASSETS-OTHER>                                                       0
<OTHER-ITEMS-ASSETS>                                           739,833
<TOTAL-ASSETS>                                             317,895,615
<PAYABLE-FOR-SECURITIES>                                     5,390,000
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                    2,816,068
<TOTAL-LIABILITIES>                                          8,206,068
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                           101
<SHARES-COMMON-STOCK>                                              101
<SHARES-COMMON-PRIOR>                                              101
<ACCUMULATED-NII-CURRENT>                                       10,071
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                              0
<OVERDISTRIBUTION-GAINS>                                       (20,293)
<ACCUM-APPREC-OR-DEPREC>                                             0
<NET-ASSETS>                                                       101
<DIVIDEND-INCOME>                                                    0
<INTEREST-INCOME>                                            5,248,920
<OTHER-INCOME>                                                       0
<EXPENSES-NET>                                                 924,459
<NET-INVESTMENT-INCOME>                                      4,324,461
<REALIZED-GAINS-CURRENT>                                        (3,159)
<APPREC-INCREASE-CURRENT>                                            0
<NET-CHANGE-FROM-OPS>                                        4,321,302
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                           (2)
<DISTRIBUTIONS-OF-GAINS>                                             0
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                              0
<NUMBER-OF-SHARES-REDEEMED>                                          0
<SHARES-REINVESTED>                                                  0
<NET-CHANGE-IN-ASSETS>                                      12,867,131
<ACCUMULATED-NII-PRIOR>                                         10,071
<ACCUMULATED-GAINS-PRIOR>                                            0
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                     (17,134)
<GROSS-ADVISORY-FEES>                                          395,114
<INTEREST-EXPENSE>                                                   0
<GROSS-EXPENSE>                                              1,162,362
<AVERAGE-NET-ASSETS>                                               101
<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>                                                   0.70
<AVG-DEBT-OUTSTANDING>                                               0
<AVG-DEBT-PER-SHARE>                                                 0


</TABLE>

<TABLE> <S> <C>

<ARTICLE>  6
<SERIES>
              <NUMBER>14
              <NAME>Lehman Bros NY Municipal MM
       
<S>                                      <C>
<PERIOD-TYPE>                            6-MOS
<FISCAL-YEAR-END>                        Jul-31-1996
<PERIOD-END>                             Jan-31-1996
<INVESTMENTS-AT-COST>                                       61,770,465
<INVESTMENTS-AT-VALUE>                                      61,770,465
<RECEIVABLES>                                               11,710,127
<ASSETS-OTHER>                                                       0
<OTHER-ITEMS-ASSETS>                                           489,675
<TOTAL-ASSETS>                                              73,970,267
<PAYABLE-FOR-SECURITIES>                                       613,845
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                      387,979
<TOTAL-LIABILITIES>                                          1,001,824
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                    72,967,547
<SHARES-COMMON-STOCK>                                       72,967,547
<SHARES-COMMON-PRIOR>                                                0
<ACCUMULATED-NII-CURRENT>                                            0
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                            896
<OVERDISTRIBUTION-GAINS>                                             0
<ACCUM-APPREC-OR-DEPREC>                                             0
<NET-ASSETS>                                                72,968,443
<DIVIDEND-INCOME>                                                    0
<INTEREST-INCOME>                                              553,214
<OTHER-INCOME>                                                       0
<EXPENSES-NET>                                                  89,480
<NET-INVESTMENT-INCOME>                                        463,734
<REALIZED-GAINS-CURRENT>                                           896
<APPREC-INCREASE-CURRENT>                                            0
<NET-CHANGE-FROM-OPS>                                          464,630
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                     (463,734)
<DISTRIBUTIONS-OF-GAINS>                                             0
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                    123,966,227
<NUMBER-OF-SHARES-REDEEMED>                                (51,427,147)
<SHARES-REINVESTED>                                            428,467
<NET-CHANGE-IN-ASSETS>                                      72,968,443
<ACCUMULATED-NII-PRIOR>                                              0
<ACCUMULATED-GAINS-PRIOR>                                            0
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                           0
<GROSS-ADVISORY-FEES>                                           43,804
<INTEREST-EXPENSE>                                                   0
<GROSS-EXPENSE>                                                150,388
<AVERAGE-NET-ASSETS>                                        62,139,818
<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>                                                   0.61
<AVG-DEBT-OUTSTANDING>                                               0
<AVG-DEBT-PER-SHARE>                                                 0


</TABLE>


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