SBSF FUNDS INC
NSAR-A, 1996-07-25
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<PAGE>      PAGE  1
000 A000000 05/31/96
000 C000000 0000722832
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 MBSF FUNDS, INC.
001 B000000 811-03792
001 C000000 6144708000
002 A000000 45 ROCKEFELLER PLAZA
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10111
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  4
007 C010100  1
007 C020100 SBSF FUND
007 C030100 N
007 C010200  2
007 C020200 SBSF MONEY MARKET FUND
007 C030200 N
007 C010300  3
007 C020300 SBSF CONVERTIBLE SECURITIES FUND
007 C030300 N
007 C010400  4
007 C020400 SBSF CAPITAL GROWTH FUND
007 C030400 N
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 SPEARS, BENZAK, SALOMON & FARRELL, INC.
008 B00AA01 A
008 C00AA01 801-46878
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10111
010 A00AA01 CONCORD HOLDING CORPORATION
010 B00AA01 801-000000
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10019
<PAGE>      PAGE  2
011 A00AA01 CONCORD FINANCIAL GROUP, INC.
011 B00AA01 8-37601
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10019
012 A00AA01 PRIMARY FUNDS SERVICE CORP.
012 B00AA01 84-5540
012 C01AA01 PROVIDENCE
012 C02AA01 RI
012 C03AA01 02940
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
015 A00AA01 KEY TRUST COMPANY OF OHIO, N.A.
015 B00AA01 C
015 C01AA01 CLEVELAND
015 C02AA01 OH
015 C03AA01 44114
015 E03AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    4
019 C00AA00 KEY  FUNDS
020 A000001 GOLDMAN, SACHS & COMPANY
020 B000001 13-5108880
020 C000001     11
020 A000002 O'NEIL(WILLIAM) & CO., INCORPORATED
020 B000002 95-2269163
020 C000002     10
020 A000003 DEAN WITTER REYNOLDS INC.
020 B000003 94-1671384
020 C000003      9
020 A000004 NAIB TRADING CORPORATION
020 B000004 59-2816659
020 C000004      8
020 A000005 MERRILL LYNCH, PIERCE, FENNER, SMITH INC.
020 B000005 13-5674085
020 C000005      6
020 A000006 EDWARDS(A.G.) & SONS, INC.
020 B000006 43-0895447
020 C000006      6
020 A000007 LIPPER ANALYTICAL SECURITIES CORPORATION
020 B000007 13-2792478
020 C000007      5
020 A000008 JEFFERIES & COMPANY, INC.
020 B000008 95-2622900
020 C000008      5
020 A000009 JOSEPHTHAL LYON & ROSS INCORPORATED
020 B000009 13-1850914
020 C000009      5
<PAGE>      PAGE  3
020 A000010 LEHMAN BROTHERS INC.
020 B000010 13-2518466
020 C000010      5
021  000000      149
022 A000001 SPEAR, LEEDS, & KELLOGG
022 B000001 13-5515160
022 C000001     85000
022 D000001     73065
022 A000002 CANTOR FITZGERALD SECURITIES
022 B000002 13-3680187
022 C000002     24383
022 D000002     20785
022 A000003 BA SECURITIES, INC.
022 B000003 95-4035346
022 C000003     14136
022 D000003     15316
022 A000004 SMITH BARNEY, INC.
022 B000004 13-1912900
022 C000004      5376
022 D000004      4977
022 A000005 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000005 13-2741729
022 C000005      4835
022 D000005      1245
022 A000006 LEHMAN BROTHERS, INC.
022 B000006 13-2518466
022 C000006      2270
022 D000006      3554
022 A000007 MERRILL LYNCH, PIERCE, FENNER, & SMITH INC.
022 B000007 13-5674085
022 C000007      2320
022 D000007      3326
022 A000008 GOLDMAN, SACHS & CO.
022 B000008 13-5108880
022 C000008      5149
022 D000008         0
022 A000009 JEFFERIES & COMPANY, INC.
022 B000009 95-2622900
022 C000009      4989
022 D000009         0
022 A000010 CS FIRST BOSTON CORPORATION
022 B000010 13-5659485
022 C000010      3485
022 D000010      1194
023 C000000     185321
023 D000000     132628
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
<PAGE>      PAGE  4
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
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036 B00AA00      0
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00      500
077 A000000 Y
077 Q010000 Y
078  000000 N
080 A00AA00 CHUBB GROUP OF INSURANCE COMPANIES
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<PAGE>      PAGE  5
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024  000100 Y
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025 B000101 13-3224016
025 C000101 E
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025 A000102 BANKAMERICA CORP.
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
062 A000100 N
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066 A000100 Y
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067  000100 N
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<PAGE>      PAGE  8
070 K010100 Y
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
070 B010200 N
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070 C010200 N
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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 N
070 J020200 N
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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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028 E030400         0
028 E040400       306
028 F010400      1894
028 F020400         0
028 F030400         0
028 F040400        34
028 G010400     27619
028 G020400       249
028 G030400         0
028 G040400      1531
028 H000400         0
037  000400 N
038  000400      0
039  000400 N
040  000400 Y
041  000400 Y
042 A000400   0
042 B000400   0
042 C000400   0
042 D000400 100
042 E000400   0
042 F000400   0
042 G000400   0
042 H000400   0
043  000400      0
044  000400      0
045  000400 Y
046  000400 N
047  000400 Y
048  000400  0.750
048 A010400        0
048 A020400 0.000
048 B010400        0
048 B020400 0.000
048 C010400        0
048 C020400 0.000
048 D010400        0
048 D020400 0.000
048 E010400        0
048 E020400 0.000
048 F010400        0
048 F020400 0.000
048 G010400        0
048 G020400 0.000
048 H010400        0
048 H020400 0.000
048 I010400        0
048 I020400 0.000
<PAGE>      PAGE  20
048 J010400        0
048 J020400 0.000
048 K010400        0
048 K020400 0.000
049  000400 N
050  000400 N
051  000400 N
052  000400 N
053 A000400 Y
053 B000400 Y
062 A000400 N
062 B000400   0.0
062 C000400   0.0
062 D000400   0.0
062 E000400   0.0
062 F000400   0.0
062 G000400   0.0
062 H000400   0.0
062 I000400   0.0
062 J000400   0.0
062 K000400   0.0
062 L000400   0.0
062 M000400   0.0
062 N000400   0.0
062 O000400   0.0
062 P000400   0.0
062 Q000400   0.0
062 R000400   0.0
063 A000400   0
063 B000400  0.0
066 A000400 Y
066 B000400 N
066 C000400 Y
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067  000400 N
068 A000400 N
068 B000400 N
069  000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
<PAGE>      PAGE  21
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400     52520
071 B000400     27026
071 C000400     21411
071 D000400  126
072 A000400  6
072 B000400       56
072 C000400       77
072 D000400        0
072 E000400        0
072 F000400      114
072 G000400       38
072 H000400        0
072 I000400        8
072 J000400        6
072 K000400        0
072 L000400        4
072 M000400        4
072 N000400        5
072 O000400        0
072 P000400        0
072 Q000400        0
072 R000400        7
072 S000400        7
072 T000400        0
072 U000400        3
<PAGE>      PAGE  22
072 V000400        0
072 W000400       15
072 X000400      211
072 Y000400        3
072 Z000400      -75
072AA000400       64
072BB000400        0
072CC010400     3382
072CC020400        0
072DD010400        0
072DD020400        0
072EE000400      258
073 A010400   0.0000
073 A020400   0.0000
073 B000400   0.3000
073 C000400   0.0000
074 A000400       13
074 B000400        0
074 C000400      201
074 D000400        0
074 E000400        0
074 F000400    36971
074 G000400        0
074 H000400        0
074 I000400        0
074 J000400     3228
074 K000400        0
074 L000400       16
074 M000400       17
074 N000400    40446
074 O000400     2491
074 P000400       23
074 Q000400        0
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400       56
074 S000400        0
074 T000400    37876
074 U010400     3576
074 U020400        0
074 V010400    10.59
074 V020400     0.00
074 W000400   0.0000
074 X000400      312
074 Y000400        0
075 A000400        0
075 B000400    30097
076  000400     0.00
SIGNATURE   KEVIN MARIN                                  
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000722832
<NAME> SBSF FUNDS,INC.
<SERIES>
   <NUMBER> 1
   <NAME> SBSF FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<RESTATED> 
<CIK> 0000722832
<NAME> SBSF FUNDS, INC.
<SERIES>
   <NUMBER> 2
   <NAME> SBSF MONEY MARKET FUND
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000722832
<NAME> SBSF FUNDS, INC.
<SERIES>
   <NUMBER> 3
   <NAME> SBSF CONV. SEC. FUND
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<RESTATED> 
<CIK> 0000722832
<NAME> SBSF FUNDS,INC.
<SERIES>
   <NUMBER> 4
   <NAME> SBSF CAP. GROWTH FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
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</TABLE>


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