<PAGE> PAGE 1
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008 D02AA01 NY
008 D03AA01 10166
011 A00AA01 SBM FINANCIAL SERVICES,INC.
011 B00AA01 8-14810
011 C01AA01 NEW ULM
011 C02AA01 MN
011 C03AA01 56073
011 C04AA01 0069
012 A00AA01 SBM FINANCIAL SERVICES, INC.
012 B00AA01 84-5576
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012 C02AA01 MN
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<PAGE> PAGE 2
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013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 KANSAS CITY
013 B02AA01 MO
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014 A00AA01 MORGAN STANLEY AND COMPANY
014 B00AA01 8-15869
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 3
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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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SIGNATURE KEVIN L. HOWARD
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION FROM THE SEMI-ANNUAL REPORT
TO SHAREHOLDERS FOR THE STATE BOND TAX EXEMPT FUND AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000702133
<NAME> STATE BOND MUNICIPAL FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> STATE BOND TAX EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 76,139,335
<INVESTMENTS-AT-VALUE> 81,490,919
<RECEIVABLES> 1,434,691
<ASSETS-OTHER> 98,946
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 83,024,556
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 118,207
<TOTAL-LIABILITIES> 118,207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,653,560
<SHARES-COMMON-STOCK> 7,517,093
<SHARES-COMMON-PRIOR> 7,578,854
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (98,795)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,351,584
<NET-ASSETS> 82,906,349
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,539,629
<OTHER-INCOME> 0
<EXPENSES-NET> 369,467
<NET-INVESTMENT-INCOME> 2,170,162
<REALIZED-GAINS-CURRENT> (137,515)
<APPREC-INCREASE-CURRENT> 2,091,501
<NET-CHANGE-FROM-OPS> 4,124,148
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,170,162
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 369,467
<AVERAGE-NET-ASSETS> 81,638,400
<PER-SHARE-NAV-BEGIN> 10.77
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> .26
<PER-SHARE-DIVIDEND> .29
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</TABLE>
