<PAGE> PAGE 1
000 A000000 07/31/94
000 C000000 787514
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 SMITH BARNEY SHEARSON EQUITY FUNDS
001 B000000 811-4551
001 C000000 6172483403
002 A000000 TWO WORLD TRADE CENTER
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10048
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C010200 2
007 C010300 3
007 C020300 STRATEGIC INVESTORS FUND
007 C030300 N
007 C010400 4
007 C020400 SECTOR ANALYSIS FUND
007 C030400 Y
007 C010500 5
007 C020500 GROWTH AND INCOME FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 SMITH, BARNEY ADVISERS, INC.
010 B00AA01 801-99999
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10105
011 A00AA01 SMITH BARNEY INC.
011 B00AA01 8-12324
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10048
012 A00AA01 THE SHAREHOLDER SERVICES GROUP, INC.
012 B00AA01 84-9999
012 C01AA01 BOSTON
<PAGE> PAGE 2
012 C02AA01 MA
012 C03AA01 02109
013 A00AA01 COOPERS & LYBRAND
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
014 A00AA01 SMITH BARNEY INC.
014 B00AA01 8-128510
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 42
019 C00AA00 SHEARSONRE
020 A000001 FIRST BOSTON CORPORATION
020 B000001 13-5659485
020 C000001 111
020 A000002 SMITH BARNEY SHEARSON
020 B000002 13-2518466
020 C000002 107
020 A000003 BEAR STEARNS & CO., INC.
020 B000003 13-4946705
020 C000003 78
020 A000004 PAINE WEBBER INC.
020 B000004 13-2638166
020 C000004 75
020 A000005 REYNDUS GRAY & CO., NEW
020 C000005 52
020 A000006 FACTSET DATA SYSTEM
020 C000006 41
020 A000007 U.S. CLEARING CORPORATION
020 C000007 39
020 A000008 ROBINSON HUMPHREY
020 C000008 36
020 A000009 INVESTMENT TECHNOLOGY
020 C000009 25
020 A000010 LEHMAN BROTHERS
020 C000010 23
021 000000 643
022 A000001 CITIBANK
022 B000001 13-5266470
022 C000001 2951162
022 D000001 0
022 A000002 MORGAN STANLEY & CO.
022 B000002 13-2655998
022 C000002 2416013
022 D000002 263
<PAGE> PAGE 3
022 A000003 BANKERS TRUST
022 B000003 13-4941247
022 C000003 2252799
022 D000003 0
022 A000004 UBS SECURITIES INC.
022 C000004 1312365
022 D000004 879
022 A000005 SALOMON BROTHERS, INC.
022 B000005 13-5365580
022 C000005 680148
022 D000005 0
022 A000006 BARCLAYS BANK, NY
022 C000006 66679
022 D000006 0
022 A000007 MERRILL LYNCH PIERCE FENNER & SMITH INC.
022 B000007 13-5674085
022 C000007 17353
022 D000007 15049
022 A000008 CREDIT LYONNAIS
022 C000008 26325
022 D000008 0
022 A000009 GOLDMAN SACHS & CO.
022 B000009 13-5108880
022 C000009 17241
022 D000009 2989
022 A000010 FIRST BOSTON
022 B000010 13-5659485
022 C000010 11878
022 D000010 2135
023 C000000 9963653
023 D000000 274358
024 00AA00 N
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 Y
026 G020000 N
027 000000 Y
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 N
<PAGE> PAGE 4
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
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 1000
077 A000000 Y
077 O000000 Y
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 40000
081 A00AA00 Y
081 B00AA00 121
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
008 A000301 SMITH BARNEY STRATEGY ADVISERS, INC.
008 B000301 A
008 C000301 801-99999
008 D010301 NEW YORK
008 D020301 NY
008 D030301 10105
008 A000302 THE BOSTON COMPANY ADVISORS, INC.
008 B000302 S
008 C000302 801-14158
008 D010302 BOSTON
008 D020302 MA
008 D030302 02108
<PAGE> PAGE 5
028 A010300 7136
028 A020300 0
028 A030300 0
028 A040300 4673
028 B010300 7389
028 B020300 1168
028 B030300 0
028 B040300 6629
028 C010300 5191
028 C020300 0
028 C030300 0
028 C040300 5263
028 D010300 4117
028 D020300 0
028 D030300 0
028 D040300 5037
028 E010300 3794
028 E020300 1150
028 E030300 0
028 E040300 4041
028 F010300 95697
028 F020300 9718
028 F030300 0
028 F040300 6543
028 G010300 123324
028 G020300 12036
028 G030300 0
028 G040300 32186
028 H000300 447
029 000300 Y
030 A000300 18
030 B000300 5.00
030 C000300 0.00
031 A000300 2
031 B000300 0
032 000300 0
033 000300 16
034 000300 Y
035 000300 167
036 A000300 Y
036 B000300 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 1224
044 000300 0
<PAGE> PAGE 6
045 000300 Y
046 000300 Y
047 000300 Y
048 000300 0.550
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 14.9
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 10.7
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 5.2
062 N000300 2.0
062 O000300 0.0
062 P000300 18.4
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
<PAGE> PAGE 7
066 F000300 N
066 G000300 Y
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 158403
071 B000300 133447
071 C000300 272267
071 D000300 49
072 A000300 6
072 B000300 4598
072 C000300 1975
072 D000300 0
072 E000300 0
<PAGE> PAGE 8
072 F000300 915
072 G000300 333
072 H000300 0
072 I000300 223
072 J000300 47
072 K000300 0
072 L000300 36
072 M000300 12
072 N000300 25
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 15
072 S000300 16
072 T000300 1640
072 U000300 0
072 V000300 0
072 W000300 69
072 X000300 3331
072 Y000300 0
072 Z000300 3242
072AA000300 5972
072BB000300 0
072CC010300 0
072CC020300 24380
072DD010300 100
072DD020300 3596
072EE000300 9100
073 A010300 0.2593
073 A020300 0.3788
073 B000300 0.4710
073 C000300 0.0000
074 A000300 11
074 B000300 62136
074 C000300 44620
074 D000300 106706
074 E000300 3400
074 F000300 201628
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 6655
074 K000300 0
074 L000300 2478
074 M000300 0
074 N000300 427634
074 O000300 10229
074 P000300 600
074 Q000300 0
074 R010300 0
074 R020300 0
<PAGE> PAGE 9
074 R030300 0
074 R040300 563
074 S000300 0
074 T000300 416242
074 U010300 526
074 U020300 24968
074 V010300 16.25
074 V020300 16.33
074 W000300 0.0000
074 X000300 44852
074 Y000300 0
075 A000300 335565
075 B000300 0
076 000300 0.00
008 A000401 SMITH BARNEY STRATEGY ADVISERS, INC.
008 B000401 A
008 C000401 801-99999
008 D010401 NEW YORK
008 D020401 NY
008 D030401 10105
008 A000402 PANAGORA ASSET MANAGEMENT, INC.
008 B000402 S
008 C000402 801-35497
008 D010402 BOSTON
008 D020402 MA
008 D030402 02110
028 A010400 698
028 A020400 0
028 A030400 0
028 A040400 5355
028 B010400 372
028 B020400 0
028 B030400 0
028 B040400 5116
028 C010400 145
028 C020400 0
028 C030400 0
028 C040400 2875
028 D010400 161
028 D020400 0
028 D030400 0
028 D040400 5259
028 E010400 0
028 E020400 0
028 E030400 0
028 E040400 5349
028 F010400 0
028 F020400 98
028 F030400 0
028 F040400 2788
028 G010400 1376
<PAGE> PAGE 10
028 G020400 98
028 G030400 0
028 G040400 26742
028 H000400 3
029 000400 Y
030 A000400 0
030 B000400 5.00
030 C000400 0.00
031 A000400 0
031 B000400 0
032 000400 0
033 000400 0
034 000400 Y
035 000400 75
036 A000400 Y
036 B000400 0
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 374
044 000400 0
045 000400 Y
046 000400 Y
047 000400 Y
048 000400 0.600
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
048 J010400 0
048 J020400 0.000
048 K010400 0
<PAGE> PAGE 11
048 K020400 0.000
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 N
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 Y
070 F020400 Y
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
<PAGE> PAGE 12
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 Y
070 O010400 Y
070 O020400 Y
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 92394
071 B000400 199488
071 C000400 95638
071 D000400 97
072 A000400 6
072 B000400 125
072 C000400 1212
072 D000400 0
072 E000400 0
072 F000400 204
072 G000400 204
072 H000400 0
072 I000400 101
072 J000400 43
072 K000400 0
072 L000400 1
072 M000400 14
072 N000400 15
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 18
072 S000400 4
072 T000400 501
072 U000400 0
072 V000400 0
072 W000400 193
072 X000400 1298
072 Y000400 0
072 Z000400 39
072AA000400 1201
072BB000400 0
072CC010400 0
072CC020400 33
<PAGE> PAGE 13
072DD010400 11
072DD020400 93
072EE000400 0
073 A010400 0.0727
073 A020400 0.0144
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 0
074 M000400 0
074 N000400 0
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 0
074 S000400 0
074 T000400 0
074 U010400 0
074 U020400 0
074 V010400 0.00
074 V020400 0.00
074 W000400 0.0000
074 X000400 0
074 Y000400 0
075 A000400 112822
075 B000400 0
076 000400 0.00
008 A000501 GREENWICH STREET ADVISORS OF MUTUAL MGT. CORP
008 B000501 A
008 C000501 801-14437
008 D010501 NEW YORK
008 D020501 NY
008 D030501 10048
008 A000502 DELETE
028 A010500 2634
028 A020500 0
028 A030500 0
028 A040500 938
<PAGE> PAGE 14
028 B010500 134662
028 B020500 346
028 B030500 0
028 B040500 7537
028 C010500 2019
028 C020500 0
028 C030500 0
028 C040500 3348
028 D010500 1576
028 D020500 0
028 D030500 0
028 D040500 3288
028 E010500 1683
028 E020500 777
028 E030500 0
028 E040500 4110
028 F010500 1183
028 F020500 0
028 F030500 0
028 F040500 3209
028 G010500 143757
028 G020500 1123
028 G030500 0
028 G040500 22430
028 H000500 646
029 000500 Y
030 A000500 133
030 B000500 5.00
030 C000500 0.00
031 A000500 13
031 B000500 0
032 000500 0
033 000500 120
034 000500 Y
035 000500 149
036 A000500 Y
036 B000500 0
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 435
044 000500 0
045 000500 Y
046 000500 Y
047 000500 Y
048 000500 0.450
<PAGE> PAGE 15
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 Y
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
<PAGE> PAGE 16
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 N
070 L020500 Y
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 175012
071 B000500 141236
071 C000500 159705
071 D000500 88
072 A000500 6
072 B000500 407
072 C000500 2509
072 D000500 0
072 E000500 0
072 F000500 407
072 G000500 181
072 H000500 0
072 I000500 217
<PAGE> PAGE 17
072 J000500 30
072 K000500 0
072 L000500 30
072 M000500 14
072 N000500 37
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 44
072 S000500 30
072 T000500 662
072 U000500 19
072 V000500 0
072 W000500 61
072 X000500 1732
072 Y000500 0
072 Z000500 1184
072AA000500 7621
072BB000500 0
072CC010500 0
072CC020500 487
072DD010500 67
072DD020500 1166
072EE000500 0
073 A010500 0.1060
073 A020500 0.0800
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 1962
074 C000500 0
074 D000500 7047
074 E000500 10831
074 F000500 180616
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 2595
074 K000500 0
074 L000500 613
074 M000500 129
074 N000500 203793
074 O000500 1242
074 P000500 236
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 166
074 S000500 0
074 T000500 202149
<PAGE> PAGE 18
074 U010500 739
074 U020500 19806
074 V010500 9.82
074 V020500 9.84
074 W000500 0.0000
074 X000500 24285
074 Y000500 0
075 A000500 182473
075 B000500 0
076 000500 0.00
SIGNATURE CHRISTINA HAAGE
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> SBS Equity Funds Strategic Inv Class A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JANUARY-31-1995
<PERIOD-END> JULY-31-1994
<INVESTMENTS-AT-COST> 408,717,058
<INVESTMENTS-AT-VALUE> 418,489,413
<RECEIVABLES> 9,133,653
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 10,741
<TOTAL-ASSETS> 427,633,807
<PAYABLE-FOR-SECURITIES> 10,228,602
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,163,281
<TOTAL-LIABILITIES> 11,391,883
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 405,294,479
<SHARES-COMMON-STOCK> 526,131
<SHARES-COMMON-PRIOR> 350,896
<ACCUMULATED-NII-CURRENT> 679,112
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 495,978
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,772,355
<NET-ASSETS> 416,241,924
<DIVIDEND-INCOME> 1,975,152
<INTEREST-INCOME> 4,598,184
<OTHER-INCOME> 0
<EXPENSES-NET> 3,331,292
<NET-INVESTMENT-INCOME> 3,242,044
<REALIZED-GAINS-CURRENT> 5,972,366
<APPREC-INCREASE-CURRENT> (24,379,668)
<NET-CHANGE-FROM-OPS> (15,165,258)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 100,336
<DISTRIBUTIONS-OF-GAINS> 187,213
<DISTRIBUTION-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 200,689
<NUMBER-OF-SHARES-REDEEMED> 42,360
<SHARES-REINVESTED> 16,906
<NET-CHANGE-IN-ASSETS> 75,212,028
<ACCUMULATED-NII-PRIOR> 1,133,571
<ACCUMULATED-GAINS-PRIOR> 3,623,336
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 915,219
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,331,292
<AVERAGE-NET-ASSETS> 335,564,945
<PER-SHARE-NAV-BEGIN> 17.72
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> (0.99)
<PER-SHARE-DIVIDEND> 0.26
<PER-SHARE-DISTRIBUTIONS> 0.47
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.25
<EXPENSE-RATIO> 1.32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> SBS Equity Funds Strategic Inv Class B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JANUARY-31-1995
<PERIOD-END> JULY-31-1994
[INVESTMENTS-AT-COST] 408,717,058
[INVESTMENTS-AT-VALUE] 418,489,413
[RECEIVABLES] 9,133,653
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 10,741
[TOTAL-ASSETS] 427,633,807
[PAYABLE-FOR-SECURITIES] 10,228,602
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,163,281
[TOTAL-LIABILITIES] 11,391,883
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 405,294,479
[SHARES-COMMON-STOCK] 24,900,171
[SHARES-COMMON-PRIOR] 18,794,896
[ACCUMULATED-NII-CURRENT] 679,112
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 495,978
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 9,772,355
[NET-ASSETS] 416,241,924
[DIVIDEND-INCOME] 1,975,152
[INTEREST-INCOME] 4,598,184
[OTHER-INCOME] 0
[EXPENSES-NET] 3,331,292
[NET-INVESTMENT-INCOME] 3,242,044
[REALIZED-GAINS-CURRENT] 5,972,366
[APPREC-INCREASE-CURRENT] (24,379,668)
[NET-CHANGE-FROM-OPS] (15,165,258)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 3,587,496
[DISTRIBUTIONS-OF-GAINS] 8,885,295
<DISTRIBUTION-OTHER> 0
[NUMBER-OF-SHARES-SOLD] 7,255,923
[NUMBER-OF-SHARES-REDEEMED] 1,867,169
[SHARES-REINVESTED] 716,521
[NET-CHANGE-IN-ASSETS] 75,212,028
[ACCUMULATED-NII-PRIOR] 1,133,571
[ACCUMULATED-GAINS-PRIOR] 3,623,336
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 915,219
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,331,292
[AVERAGE-NET-ASSETS] 335,564,945
[PER-SHARE-NAV-BEGIN] 17.79
[PER-SHARE-NII] 0.16
[PER-SHARE-GAIN-APPREC] (0.96)
[PER-SHARE-DIVIDEND] 0.19
[PER-SHARE-DISTRIBUTIONS] 0.47
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 16.33
[EXPENSE-RATIO] 2.02
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> SBS Equity Funds Strategic Inv Class D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JANUARY-31-1995
<PERIOD-END> JULY-31-1994
[INVESTMENTS-AT-COST] 408,717,058
[INVESTMENTS-AT-VALUE] 418,489,413
[RECEIVABLES] 9,133,653
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 10,741
[TOTAL-ASSETS] 427,633,807
[PAYABLE-FOR-SECURITIES] 10,228,602
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,163,281
[TOTAL-LIABILITIES] 11,391,883
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 405,294,479
[SHARES-COMMON-STOCK] 68,323
[SHARES-COMMON-PRIOR] 22,424
[ACCUMULATED-NII-CURRENT] 679,112
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 495,978
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 9,772,355
[NET-ASSETS] 416,241,924
[DIVIDEND-INCOME] 1,975,152
[INTEREST-INCOME] 4,598,184
[OTHER-INCOME] 0
[EXPENSES-NET] 3,331,292
[NET-INVESTMENT-INCOME] 3,242,044
[REALIZED-GAINS-CURRENT] 5,972,366
[APPREC-INCREASE-CURRENT] (24,379,668)
[NET-CHANGE-FROM-OPS] (15,165,258)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 8,671
[DISTRIBUTIONS-OF-GAINS] 27,216
<DISTRIBUTION-OTHER> 0
[NUMBER-OF-SHARES-SOLD] 45,055
[NUMBER-OF-SHARES-REDEEMED] 1,354
[SHARES-REINVESTED] 2,198
[NET-CHANGE-IN-ASSETS] 75,212,028
[ACCUMULATED-NII-PRIOR] 1,133,571
[ACCUMULATED-GAINS-PRIOR] 3,623,336
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 915,219
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,331,292
[AVERAGE-NET-ASSETS] 335,564,945
[PER-SHARE-NAV-BEGIN] 17.79
[PER-SHARE-NII] 0.17
[PER-SHARE-GAIN-APPREC] (0.97)
[PER-SHARE-DIVIDEND] 0.19
[PER-SHARE-DISTRIBUTIONS] 0.47
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 16.33
[EXPENSE-RATIO] 2.09
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> SBS Equity Funds Sector Analysis Class A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JULY-31-1994
<PERIOD-END> JULY-31-1994
[INVESTMENTS-AT-COST] 0
[INVESTMENTS-AT-VALUE] 0
[RECEIVABLES] 0
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 0
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 0
[TOTAL-LIABILITIES] 0
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 0
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 223,373
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 0
[DIVIDEND-INCOME] 1,212,308
[INTEREST-INCOME] 124,696
[OTHER-INCOME] 0
[EXPENSES-NET] 1,298,062
[NET-INVESTMENT-INCOME] 38,942
[REALIZED-GAINS-CURRENT] 1,201,242
[APPREC-INCREASE-CURRENT] (33,086)
[NET-CHANGE-FROM-OPS] 1,207,098
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 10,518
[DISTRIBUTIONS-OF-GAINS] 0
<DISTRIBUTION-OTHER> 0
[NUMBER-OF-SHARES-SOLD] 8,153
[NUMBER-OF-SHARES-REDEEMED] 91,070
[SHARES-REINVESTED] 711
[NET-CHANGE-IN-ASSETS] 0
[ACCUMULATED-NII-PRIOR] 1,133,570
[ACCUMULATED-GAINS-PRIOR] (4,914,490)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 204,006
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,298,062
[AVERAGE-NET-ASSETS] 112,821,755
[PER-SHARE-NAV-BEGIN] 16.00
[PER-SHARE-NII] 0.00
[PER-SHARE-GAIN-APPREC] 0.00
[PER-SHARE-DIVIDEND] 0.07
[PER-SHARE-DISTRIBUTIONS] 0.00
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 0.00
[EXPENSE-RATIO] 0.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> SBS Equity Funds Sector Analysis Class B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JULY-31-1994
<PERIOD-END> JULY-31-1994
[INVESTMENTS-AT-COST] 0
[INVESTMENTS-AT-VALUE] 0
[RECEIVABLES] 0
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 0
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 0
[TOTAL-LIABILITIES] 0
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 0
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 8,108,309
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 0
[DIVIDEND-INCOME] 1,212,308
[INTEREST-INCOME] 124,696
[OTHER-INCOME] 0
[EXPENSES-NET] 1,298,062
[NET-INVESTMENT-INCOME] 38,942
[REALIZED-GAINS-CURRENT] 1,201,242
[APPREC-INCREASE-CURRENT] (33,086)
[NET-CHANGE-FROM-OPS] 1,207,098
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 93,445
[DISTRIBUTIONS-OF-GAINS] 0
<DISTRIBUTION-OTHER> 0
[NUMBER-OF-SHARES-SOLD] 79,986
[NUMBER-OF-SHARES-REDEEMED] 1,705,422
[SHARES-REINVESTED] 6,272
[NET-CHANGE-IN-ASSETS] 0
[ACCUMULATED-NII-PRIOR] 1,133,570
[ACCUMULATED-GAINS-PRIOR] (4,914,490)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 204,006
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,298,062
[AVERAGE-NET-ASSETS] 112,821,755
[PER-SHARE-NAV-BEGIN] 15.99
[PER-SHARE-NII] 0.00
[PER-SHARE-GAIN-APPREC] 0.00
[PER-SHARE-DIVIDEND] 0.01
[PER-SHARE-DISTRIBUTIONS] 0.00
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 0.00
[EXPENSE-RATIO] 0.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> SBS Equity Funds Sector Analysis Class D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JULY-31-1994
<PERIOD-END> JULY-31-1994
[INVESTMENTS-AT-COST] 0
[INVESTMENTS-AT-VALUE] 0
[RECEIVABLES] 0
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 0
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 0
[TOTAL-LIABILITIES] 0
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 0
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 1
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 0
[DIVIDEND-INCOME] 1,212,308
[INTEREST-INCOME] 124,696
[OTHER-INCOME] 0
[EXPENSES-NET] 1,298,062
[NET-INVESTMENT-INCOME] 38,942
[REALIZED-GAINS-CURRENT] 1,201,242
[APPREC-INCREASE-CURRENT] (33,086)
[NET-CHANGE-FROM-OPS] 1,207,098
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
<DISTRIBUTION-OTHER> 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 0
[ACCUMULATED-NII-PRIOR] 1,133,570
[ACCUMULATED-GAINS-PRIOR] (4,914,490)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 204,006
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,298,062
[AVERAGE-NET-ASSETS] 112,821,755
[PER-SHARE-NAV-BEGIN] 15.99
[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] 0.00
[EXPENSE-RATIO] 0.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> SBS Equity Funds Growth & Income Class A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JANUARY-31-1995
<PERIOD-END> JULY-31-1994
[INVESTMENTS-AT-COST] 195,219,253
[INVESTMENTS-AT-VALUE] 200,456,022
[RECEIVABLES] 3,208,095
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 128,526
[TOTAL-ASSETS] 203,792,643
[PAYABLE-FOR-SECURITIES] 1,242,333
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 401,032
[TOTAL-LIABILITIES] 1,643,365
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 190,062,084
[SHARES-COMMON-STOCK] 738,751
[SHARES-COMMON-PRIOR] 431,297
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (38,688)
[ACCUMULATED-NET-GAINS] 6,889,113
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 5,236,769
[NET-ASSETS] 202,149,278
[DIVIDEND-INCOME] 2,509,683
[INTEREST-INCOME] 406,727
[OTHER-INCOME] 0
[EXPENSES-NET] 1,732,077
[NET-INVESTMENT-INCOME] 1,184,333
[REALIZED-GAINS-CURRENT] 7,621,192
[APPREC-INCREASE-CURRENT] (486,754)
[NET-CHANGE-FROM-OPS] 8,318,771
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 66,912
[DISTRIBUTIONS-OF-GAINS] 0
<DISTRIBUTION-OTHER> 0
[NUMBER-OF-SHARES-SOLD] 412,726
[NUMBER-OF-SHARES-REDEEMED] 111,306
[SHARES-REINVESTED] 6,034
[NET-CHANGE-IN-ASSETS] 129,536,986
[ACCUMULATED-NII-PRIOR] 9,508
[ACCUMULATED-GAINS-PRIOR] (732,079)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 407,252
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,732,077
[AVERAGE-NET-ASSETS] 182,473,475
[PER-SHARE-NAV-BEGIN] 10.36
[PER-SHARE-NII] 0.09
[PER-SHARE-GAIN-APPREC] (0.52)
[PER-SHARE-DIVIDEND] 0.11
[PER-SHARE-DISTRIBUTIONS] 0.00
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 9.82
[EXPENSE-RATIO] 1.49
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> SBS Equity Funds Growth & Income Class B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JANUARY-31-1995
<PERIOD-END> JULY-31-1994
[INVESTMENTS-AT-COST] 195,019,253
[INVESTMENTS-AT-VALUE] 200,456,022
[RECEIVABLES] 3,208,095
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 128,526
[TOTAL-ASSETS] 203,792,643
[PAYABLE-FOR-SECURITIES] 1,242,333
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 401,032
[TOTAL-LIABILITIES] 1,643,365
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 190,062,084
[SHARES-COMMON-STOCK] 19,805,621
[SHARES-COMMON-PRIOR] 6,564,267
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (38,688)
[ACCUMULATED-NET-GAINS] 6,889,113
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 5,236,769
[NET-ASSETS] 202,149,278
[DIVIDEND-INCOME] 2,509,683
[INTEREST-INCOME] 406,727
[OTHER-INCOME] 0
[EXPENSES-NET] 1,732,077
[NET-INVESTMENT-INCOME] 1,184,333
[REALIZED-GAINS-CURRENT] 7,621,192
[APPREC-INCREASE-CURRENT] (486,754)
[NET-CHANGE-FROM-OPS] 8,318,771
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1,165,617
[DISTRIBUTIONS-OF-GAINS] 0
<DISTRIBUTION-OTHER> 0
[NUMBER-OF-SHARES-SOLD] 15,289,288
[NUMBER-OF-SHARES-REDEEMED] 2,157,339
[SHARES-REINVESTED] 109,405
[NET-CHANGE-IN-ASSETS] 129,536,986
[ACCUMULATED-NII-PRIOR] 9,508
[ACCUMULATED-GAINS-PRIOR] (732,079)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 407,252
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,732,077
[AVERAGE-NET-ASSETS] 182,473,475
[PER-SHARE-NAV-BEGIN] 10.38
[PER-SHARE-NII] 0.07
[PER-SHARE-GAIN-APPREC] (0.53)
[PER-SHARE-DIVIDEND] 0.08
[PER-SHARE-DISTRIBUTIONS] 0.00
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 9.84
[EXPENSE-RATIO] 1.93
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> SBS Equity Funds Growth & Income Class D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JANUARY-31-1995
<PERIOD-END> JULY-31-1994
[INVESTMENTS-AT-COST] 195,019,253
[INVESTMENTS-AT-VALUE] 200,456,022
[RECEIVABLES] 3,208,095
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 128,526
[TOTAL-ASSETS] 203,792,643
[PAYABLE-FOR-SECURITIES] 1,242,333
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 401,032
[TOTAL-LIABILITIES] 1,643,365
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 190,062,084
[SHARES-COMMON-STOCK] 2
[SHARES-COMMON-PRIOR] 1
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (38,688)
[ACCUMULATED-NET-GAINS] 6,889,113
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 5,236,769
[NET-ASSETS] 202,149,278
[DIVIDEND-INCOME] 2,509,683
[INTEREST-INCOME] 406,727
[OTHER-INCOME] 0
[EXPENSES-NET] 1,732,077
[NET-INVESTMENT-INCOME] 1,184,333
[REALIZED-GAINS-CURRENT] 7,621,192
[APPREC-INCREASE-CURRENT] (486,754)
[NET-CHANGE-FROM-OPS] 8,318,771
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
<DISTRIBUTION-OTHER> 0
[NUMBER-OF-SHARES-SOLD] 1
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 129,536,986
[ACCUMULATED-NII-PRIOR] 9,508
[ACCUMULATED-GAINS-PRIOR] (732,079)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 407,252
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,732,077
[AVERAGE-NET-ASSETS] 182,473,475
[PER-SHARE-NAV-BEGIN] 10.38
[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] 9.84
[EXPENSE-RATIO] 0.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
