<PAGE> PAGE 1
000 A000000 06/30/95
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007 C020200 SB TELECOMMUNICATIONS INCOME FUND
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007 C010500 5
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007 C010700 7
007 C010800 8
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008 D01AA01 NEW YORK
008 D02AA01 NY
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008 A00AA02 THE BOSTON COMPANY ADVISORS, INC.
008 B00AA02 S
008 C00AA02 801-14158
008 D01AA02 BOSTON
008 D02AA02 MA
008 D03AA02 02108
010 A00AA01 SMITH BARNEY MUTUAL MANAGEMENT INC.
010 B00AA01 801-8314
010 C01AA01 NEW YORK
<PAGE> PAGE 2
010 C02AA01 NY
010 C03AA01 10013
010 A00AA02 THE BOSTON COMPANY ADVISORS, INC.
010 B00AA02 801-14158
010 C01AA02 BOSTON
010 C02AA02 MA
010 C03AA02 02108
011 A00AA01 SMITH BARNEY INC.
011 B00AA01 8-12324
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10013
012 A00AA01 THE SHAREHOLDER SERVICES GROUP, INC.
012 B00AA01 84-9999
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02109
013 A00AA01 KPMG PEAT MARWICK
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02108
014 A00AA01 SMITH BARNEY, INC.
014 B00AA01 8-12324
015 A00AA01 BOSTON SAFE DEPOSIT AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
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020 A000006 UBS SECURITIES
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<PAGE> PAGE 3
020 C000009 0
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022 A000001 SALOMON BROTHERS INC.
022 C000001 706835
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022 C000002 580744
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022 C000003 113550
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022 A000004 CITIBANK/CP/IPA
022 C000004 110417
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022 A000005 UBS SECURITIES INC. NEW YORK
022 C000005 57637
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022 A000006 DONALDSON, LUFKIN & JENRETTE
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022 D000006 7135
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022 D000007 6279
022 A000008 MONTGOMERY SECURITIES
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022 D000008 4911
022 A000009 PIPER JAFFRAY & HOPWOOD INC.
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022 A000010 WARBURG, S.G. NY
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<PAGE> PAGE 4
026 G020000 N
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051 00AA00 N
052 00AA00 N
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054 B00AA00 Y
054 C00AA00 Y
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<PAGE> PAGE 5
054 I00AA00 N
054 J00AA00 Y
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054 M00AA00 Y
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<PAGE> PAGE 6
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041 000100 N
055 A000100 N
055 B000100 N
056 000100 Y
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058 A000100 N
<PAGE> PAGE 7
059 000100 Y
060 A000100 N
060 B000100 N
061 000100 1000
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
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 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
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070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
<PAGE> PAGE 8
071 A000100 8804
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<PAGE> PAGE 9
074 K000100 0
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<PAGE> PAGE 10
028 H000200 0
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034 000200 N
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039 000200 N
040 000200 N
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056 000200 Y
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066 A000200 Y
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068 A000200 N
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069 000200 N
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070 C020200 N
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070 G020200 N
070 H010200 N
070 H020200 N
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<PAGE> PAGE 11
070 J020200 N
070 K010200 N
070 K020200 N
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<PAGE> PAGE 12
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SIGNATURE CHRISTINA HAAGE
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>1
<NUMBER>
<NAME> SB TELECOMMUNICATIONS GROWTH FUND-CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 222,596,147
<INVESTMENTS-AT-VALUE> 254,586,480
<RECEIVABLES> 586,061
<ASSETS-OTHER> 0
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<TOTAL-ASSETS> 255,172,541
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<OTHER-ITEMS-LIABILITIES> 630,438
<TOTAL-LIABILITIES> 630,438
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 227,576,506
<SHARES-COMMON-STOCK> 6,154,649
<SHARES-COMMON-PRIOR> 7,047,820
<ACCUMULATED-NII-CURRENT> (894,441)
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<ACCUMULATED-NET-GAINS> 0
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<NET-ASSETS> 254,542,103
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<OTHER-INCOME> 0
<EXPENSES-NET> 2,276,245
<NET-INVESTMENT-INCOME> (894,441)
<REALIZED-GAINS-CURRENT> 3,375,615
<APPREC-INCREASE-CURRENT> 16,913,811
<NET-CHANGE-FROM-OPS> 19,394,985
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 110,657
<NUMBER-OF-SHARES-REDEEMED> 1,003,828
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (15,507,309)
<ACCUMULATED-NII-PRIOR>
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<AVERAGE-NET-ASSETS> 255,220,369
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<PER-SHARE-NII> (0.01)
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<ARTICLE> 6
<SERIES>1
[NUMBER]
<NAME> SB TELECOMMUNICATIONS GROWTH FUND-CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
[INVESTMENTS-AT-COST] 222,596,147
[INVESTMENTS-AT-VALUE] 254,586,480
[RECEIVABLES] 586,061
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 255,172,541
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[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 630,438
[TOTAL-LIABILITIES] 630,438
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 227,576,506
[SHARES-COMMON-STOCK] 13,668,562
[SHARES-COMMON-PRIOR] 15,740,770
[ACCUMULATED-NII-CURRENT] (894,441)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 4,130,295
[ACCUM-APPREC-OR-DEPREC] 31,990,333
[NET-ASSETS] 254,542,103
[DIVIDEND-INCOME] 1,039,245
[INTEREST-INCOME] 342,559
[OTHER-INCOME] 0
[EXPENSES-NET] 2,276,245
[NET-INVESTMENT-INCOME] (894,441)
[REALIZED-GAINS-CURRENT] 3,375,615
[APPREC-INCREASE-CURRENT] 16,913,811
[NET-CHANGE-FROM-OPS] 19,394,985
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 584,194
[NUMBER-OF-SHARES-REDEEMED] 2,656,402
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (15,507,309)
[ACCUMULATED-NII-PRIOR]
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 7,505,910
[GROSS-ADVISORY-FEES] 696,087
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2,276,245
[AVERAGE-NET-ASSETS] 255,220,369
[PER-SHARE-NAV-BEGIN] 11.82
[PER-SHARE-NII] (0.06)
[PER-SHARE-GAIN-APPREC] 1.00
[PER-SHARE-DIVIDEND] 0.00
[PER-SHARE-DISTRIBUTIONS] 0.00
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 12.76
[EXPENSE-RATIO] 2.04
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
<ARTICLE> 6
<SERIES>1
[NUMBER]
<NAME> SB TELECOMMUNICATIONS GROWTH FUND-CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
[INVESTMENTS-AT-COST] 222,596,147
[INVESTMENTS-AT-VALUE] 254,586,480
[RECEIVABLES] 586,061
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 255,172,541
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 630,438
[TOTAL-LIABILITIES] 630,438
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 227,576,506
[SHARES-COMMON-STOCK] 51,586
[SHARES-COMMON-PRIOR] 12,601
[ACCUMULATED-NII-CURRENT] (894,441)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 4,130,295
[ACCUM-APPREC-OR-DEPREC] 31,990,333
[NET-ASSETS] 254,542,103
[DIVIDEND-INCOME] 1,039,245
[INTEREST-INCOME] 342,559
[OTHER-INCOME] 0
[EXPENSES-NET] 2,276,245
[NET-INVESTMENT-INCOME] (894,441)
[REALIZED-GAINS-CURRENT] 3,375,615
[APPREC-INCREASE-CURRENT] 16,913,811
[NET-CHANGE-FROM-OPS] 19,394,985
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 40,298
[NUMBER-OF-SHARES-REDEEMED] 1,313
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (15,507,309)
[ACCUMULATED-NII-PRIOR]
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 7,505,910
[GROSS-ADVISORY-FEES] 696,087
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2,276,245
[AVERAGE-NET-ASSETS] 255,220,369
[PER-SHARE-NAV-BEGIN] 12.00
[PER-SHARE-NII] (0.04)
[PER-SHARE-GAIN-APPREC] 1.00
[PER-SHARE-DIVIDEND] 0.00
[PER-SHARE-DISTRIBUTIONS] 0.00
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 12.96
[EXPENSE-RATIO] 2.15
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
<ARTICLE> 6
<SERIES>2
[NUMBER]
<NAME> SB TELECOMMUNICATIONS INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
[INVESTMENTS-AT-COST] 19,022,546
[INVESTMENTS-AT-VALUE] 65,406,621
[RECEIVABLES] 135,280
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 65,541,901
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 761,444
[TOTAL-LIABILITIES] 761,444
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 18,017,760
[SHARES-COMMON-STOCK] 621,293
[SHARES-COMMON-PRIOR] 640,586
[ACCUMULATED-NII-CURRENT] 38,586
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 340,036
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 46,384,075
[NET-ASSETS] 64,780,457
[DIVIDEND-INCOME] 1,313,884
[INTEREST-INCOME] 20,944
[OTHER-INCOME] 0
[EXPENSES-NET] 306,822
[NET-INVESTMENT-INCOME] 1,028,006
[REALIZED-GAINS-CURRENT] 3,563,206
[APPREC-INCREASE-CURRENT] 2,887,325
[NET-CHANGE-FROM-OPS] 7,478,537
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 991,170
[DISTRIBUTIONS-OF-GAINS] 1,004,936
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 26,200
[SHARES-REINVESTED] 6,907
[NET-CHANGE-IN-ASSETS] 3,524,659
[ACCUMULATED-NII-PRIOR] 1750
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 174,540
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 306,822
[AVERAGE-NET-ASSETS] 63,995,358
[PER-SHARE-NAV-BEGIN] 95.62
[PER-SHARE-NII] 1.66
[PER-SHARE-GAIN-APPREC] 10.19
[PER-SHARE-DIVIDEND] 1.60
[PER-SHARE-DISTRIBUTIONS] 1.60
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 104.27
[EXPENSE-RATIO] 0.97
[AVG-DEBT-OUTSTANDING] 59,116
[AVG-DEBT-PER-SHARE] 0.10
</TABLE>
