<PAGE> PAGE 1
000 A000000 11/30/94
000 C000000 811706
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 SB ARIZONA MUNICIPALS FUND INC.
001 B000000 811-5066
001 C000000 6172483403
002 A000000 388 GREENWICH STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10013
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 SBS ARIZONA MUNICIPALS FUND INC.
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 SMITH BARNEY MUTUAL FUNDS MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-14437
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10013
008 A00AA02 DELETE
010 A00AA01 SMITH BARNEY MUTUAL FUNDS MANAGEMENT, INC.
010 B00AA01 801-8314
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10013
011 A00AA01 SMITH BARNEY INC.
011 B00AA01 8-12-8510
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10105
<PAGE> PAGE 2
012 A00AA01 THE SHAREHOLDER SERVICES GROUP INC.
012 B00AA01 84-9999999
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 8-12-8510
015 A00AA01 BOSTON SAFE DEPOSIT & TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 99999
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 67
019 C00AA00 SHEARSONRE
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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 SB CALIFORNIA MONEY
022 C000001 4800
022 D000001 1700
022 A000002 SB NEW YORK MUNI
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022 A000003 SB DAILY TAX FREE
022 B000003 22-6405011
022 C000003 2000
022 D000003 2200
022 A000004 PEACOCK, HISLOP, STANLEY
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022 D000004 0
022 A000005 WILLIAM E. SIMON & SONS
022 C000005 997
022 D000005 2204
022 A000006 A.G. EDWARDS & SONS
022 B000006 43-0895447
<PAGE> PAGE 3
022 C000006 0
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022 A000007 SB NEW JERSEY MUNI
022 C000007 700
022 D000007 800
022 A000008 RAUSCHER PIERCE, INC.
022 B000008 75-1828470
022 C000008 0
022 D000008 1436
022 A000009 SB MANAGED PORTFOLIO I
022 C000009 1400
022 D000009 0
022 A000010 SB NEW YORK MONEY
022 C000010 0
022 D000010 1300
023 C000000 17694
023 D000000 19946
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026 F000000 N
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028 C02AA00 160
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028 D01AA00 906
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<PAGE> PAGE 4
028 D04AA00 780
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028 E02AA00 158
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028 F02AA00 155
028 F03AA00 0
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028 G01AA00 4376
028 G02AA00 955
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028 G04AA00 7211
028 H00AA00 4305
029 00AA00 Y
030 A00AA00 118
030 B00AA00 4.00
030 C00AA00 0.00
031 A00AA00 106
031 B00AA00 0
032 00AA00 0
033 00AA00 12
034 00AA00 Y
035 00AA00 44
036 A00AA00 N
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 N
042 A00AA00 0
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042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
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045 00AA00 Y
046 00AA00 Y
047 00AA00 Y
048 00AA00 0.000
048 A01AA00 500
048 A02AA00 0.550
048 B01AA00 500
048 B02AA00 0.500
048 C01AA00 0
048 C02AA00 0.000
<PAGE> PAGE 5
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
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048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
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054 B00AA00 Y
054 C00AA00 Y
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054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
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054 J00AA00 Y
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054 L00AA00 Y
054 M00AA00 Y
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055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
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062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 2.7
062 F00AA00 0.0
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062 H00AA00 0.0
<PAGE> PAGE 6
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 96.5
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 19.8
064 A00AA00 N
064 B00AA00 N
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 Y
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070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 N
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 Y
070 P01AA00 Y
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<PAGE> PAGE 7
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
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071 B00AA00 9246
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<PAGE> PAGE 8
074 G00AA00 0
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074 V01AA00 9.18
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086 F02AA00 0
SIGNATURE CHRISTINA HAAGE
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>
<NAME> SB ARIZONA MUNICIPALS FUND-CLASS A
<S> <C>
<PERIOD-TYPE> 06-MOS
<FISCAL-YEAR-END> May-31-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 62,361,078
<INVESTMENTS-AT-VALUE> 57,517,006
<RECEIVABLES> 1,563,092
<ASSETS-OTHER> 47,519
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59,127,617
<PAYABLE-FOR-SECURITIES> 1,024,687
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150,773
<TOTAL-LIABILITIES> 1,175,460
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 62,786,302
<SHARES-COMMON-STOCK> 4,277,839
<SHARES-COMMON-PRIOR> 4,538,247
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (68,585)
<ACCUMULATED-NET-GAINS> 78,512
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,844,072)
<NET-ASSETS> 57,952,157
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,944,893
<OTHER-INCOME> 0
<EXPENSES-NET> 307,083
<NET-INVESTMENT-INCOME> 1,637,810
<REALIZED-GAINS-CURRENT> (337,846)
<APPREC-INCREASE-CURRENT> (3,660,329)
<NET-CHANGE-FROM-OPS> (2,360,365)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,178,193
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 260,055
<NUMBER-OF-SHARES-REDEEMED> 591,124
<SHARES-REINVESTED> 70,661
<NET-CHANGE-IN-ASSETS> (5,906,220)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 416,358
<OVERDISTRIB-NII-PRIOR> (40,726)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 108,592
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 307,083
<AVERAGE-NET-ASSETS> 61,882,859
<PER-SHARE-NAV-BEGIN> 9.8200
<PER-SHARE-NII> 0.2600
<PER-SHARE-GAIN-APPREC> (0.6300)
<PER-SHARE-DIVIDEND> 0.2700
<PER-SHARE-DISTRIBUTIONS> 0.0000
<RETURNS-OF-CAPITAL> 0.0000
<PER-SHARE-NAV-END> 9.1800
<EXPENSE-RATIO> 0.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<ARTICLE> 6
<SERIES>
[NUMBER]
<NAME> SB ARIZONA MUNICIPALS FUND-CLASS B
<S> <C>
<PERIOD-TYPE> 06-MOS
<FISCAL-YEAR-END> May-31-1994
<PERIOD-END> Nov-30-1994
[INVESTMENTS-AT-COST] 62,361,078
[INVESTMENTS-AT-VALUE] 57,517,006
[RECEIVABLES] 1,563,092
[ASSETS-OTHER] 47,519
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 59,127,617
[PAYABLE-FOR-SECURITIES] 1,024,687
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 150,773
[TOTAL-LIABILITIES] 1,175,460
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 62,786,302
[SHARES-COMMON-STOCK] 2,033,699
[SHARES-COMMON-PRIOR] 1,966,896
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] (68,585)
[ACCUMULATED-NET-GAINS] 78,512
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (4,844,072)
[NET-ASSETS] 57,952,157
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 1,944,893
[OTHER-INCOME] 0
[EXPENSES-NET] 307,083
[NET-INVESTMENT-INCOME] 1,637,810
[REALIZED-GAINS-CURRENT] (337,846)
[APPREC-INCREASE-CURRENT] (3,660,329)
[NET-CHANGE-FROM-OPS] (2,360,365)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 487,476
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 190,697
[NUMBER-OF-SHARES-REDEEMED] 152,218
[SHARES-REINVESTED] 28,324
[NET-CHANGE-IN-ASSETS] (5,906,220)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 416,358
[OVERDISTRIB-NII-PRIOR] (40,726)
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 108,592
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 307,083
[AVERAGE-NET-ASSETS] 61,882,859
[PER-SHARE-NAV-BEGIN] 9.8200
[PER-SHARE-NII] 0.2400
[PER-SHARE-GAIN-APPREC] (0.6400)
[PER-SHARE-DIVIDEND] 0.2400
[PER-SHARE-DISTRIBUTIONS] 0.0000
[RETURNS-OF-CAPITAL] 0.0000
[PER-SHARE-NAV-END] 9.1800
[EXPENSE-RATIO] 1.34
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
