<PAGE> PAGE 1
000 B000000 05/31/95
000 C000000 811706
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 3.0
000 J000000 A
001 A000000 SB ARIZONA MUNICIPALS FUND INC.
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002 B000000 NEW YORK
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007 C020100 SBS ARIZONA MUNICIPALS FUND INC.
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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
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015 C02AA01 MA
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022 A000001 PEACOCK, HISLOP, STALEY
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022 A000003 SMITH BARNEY CALIFORNIA MUNICIPAL
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<PAGE> PAGE 3
022 B000006 13-5108880
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022 A000008 WILLIAM E. SIMON & SONS
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022 A000009 RAUSCHER PIERCE, INC.
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022 A000010 A.G. EDWARDS & SONS
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
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050 00AA00 N
051 00AA00 N
052 00AA00 N
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<PAGE> PAGE 6
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<PAGE> PAGE 7
070 O01AA00 Y
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<PAGE> PAGE 8
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<PAGE> PAGE 9
086 C020000 0
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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>
<NUMBER>
<NAME> SB ARIZONA MUNICIPALS - CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 65,934,871
<INVESTMENTS-AT-VALUE> 67,506,358
<RECEIVABLES> 1,617,826
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69,124,184
<PAYABLE-FOR-SECURITIES> 2,001,650
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 676,646
<TOTAL-LIABILITIES> 2,678,296
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,161,705
<SHARES-COMMON-STOCK> 4,281,585
<SHARES-COMMON-PRIOR> 4,538,247
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 41,120
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (246,184)
<ACCUM-APPREC-OR-DEPREC> 1,571,487
<NET-ASSETS> 66,445,888
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,903,823
<OTHER-INCOME> 0
<EXPENSES-NET> 623,962
<NET-INVESTMENT-INCOME> 3,279,861
<REALIZED-GAINS-CURRENT> (246,183)
<APPREC-INCREASE-CURRENT> 2,755,230
<NET-CHANGE-FROM-OPS> 5,788,908
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,271,075
<DISTRIBUTIONS-OF-GAINS> 286,216
<DISTRIBUTIONS-OTHER> 106,361
<NUMBER-OF-SHARES-SOLD> 759,234
<NUMBER-OF-SHARES-REDEEMED> 1,170,667
<SHARES-REINVESTED> 154,771
<NET-CHANGE-IN-ASSETS> 2,587,511
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 416,358
<OVERDISTRIB-NII-PRIOR> 40,726
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 220,638
<INTEREST-EXPENSE> 2,728
<GROSS-EXPENSE> 739,725
<AVERAGE-NET-ASSETS> 63,039,401
<PER-SHARE-NAV-BEGIN> 9.82
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> 0.33
<PER-SHARE-DIVIDEND> 0.54
<PER-SHARE-DISTRIBUTIONS> 0.06
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.09
<EXPENSE-RATIO> 0.82
<AVG-DEBT-OUTSTANDING> 44,658
<AVG-DEBT-PER-SHARE> 0.01
<ARTICLE> 6
<SERIES>
[NUMBER]
<NAME> SB ARIZONA MUNICIPALS - CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> MAY-31-1995
[INVESTMENTS-AT-COST] 65,934,871
[INVESTMENTS-AT-VALUE] 67,506,358
[RECEIVABLES] 1,617,826
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 69,124,184
[PAYABLE-FOR-SECURITIES] 2,001,650
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 676,646
[TOTAL-LIABILITIES] 2,678,296
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 65,161,705
[SHARES-COMMON-STOCK] 2,262,456
[SHARES-COMMON-PRIOR] 1,966,896
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 41,120
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (246,184)
[ACCUM-APPREC-OR-DEPREC] 1,571,487
[NET-ASSETS] 66,445,888
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 3,903,823
[OTHER-INCOME] 0
[EXPENSES-NET] 623,962
[NET-INVESTMENT-INCOME] 3,279,861
[REALIZED-GAINS-CURRENT] (246,183)
[APPREC-INCREASE-CURRENT] 2,755,230
[NET-CHANGE-FROM-OPS] 5,788,908
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 964,048
[DISTRIBUTIONS-OF-GAINS] 130,136
[DISTRIBUTIONS-OTHER] 45,162
[NUMBER-OF-SHARES-SOLD] 520,204
[NUMBER-OF-SHARES-REDEEMED] 292,062
[SHARES-REINVESTED] 67,418
[NET-CHANGE-IN-ASSETS] 2,587,511
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 416,358
[OVERDISTRIB-NII-PRIOR] 40,726
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 220,638
[INTEREST-EXPENSE] 2,728
[GROSS-EXPENSE] 739,725
[AVERAGE-NET-ASSETS] 63,039,401
[PER-SHARE-NAV-BEGIN] 9.82
[PER-SHARE-NII] 0.49
[PER-SHARE-GAIN-APPREC] 0.33
[PER-SHARE-DIVIDEND] 0.49
[PER-SHARE-DISTRIBUTIONS] 0.06
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 10.09
[EXPENSE-RATIO] 1.33
[AVG-DEBT-OUTSTANDING] 44,658
[AVG-DEBT-PER-SHARE] 0.01
<ARTICLE> 6
<SERIES>
[NUMBER]
<NAME> SB ARIZONA MUNICIPALS - CLASS C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> MAY-31-1995
[INVESTMENTS-AT-COST] 65,934,871
[INVESTMENTS-AT-VALUE] 67,506,358
[RECEIVABLES] 1,617,826
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 69,124,184
[PAYABLE-FOR-SECURITIES] 2,001,650
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 676,646
[TOTAL-LIABILITIES] 2,678,296
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 65,161,705
[SHARES-COMMON-STOCK] 38,253
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 41,120
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (246,184)
[ACCUM-APPREC-OR-DEPREC] 1,571,487
[NET-ASSETS] 66,445,888
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 3,903,823
[OTHER-INCOME] 0
[EXPENSES-NET] 623,962
[NET-INVESTMENT-INCOME] 3,279,861
[REALIZED-GAINS-CURRENT] (246,183)
[APPREC-INCREASE-CURRENT] 2,755,230
[NET-CHANGE-FROM-OPS] 5,788,908
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 4,012
[DISTRIBUTIONS-OF-GAINS] 6
[DISTRIBUTIONS-OTHER] 187
[NUMBER-OF-SHARES-SOLD] 37,852
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 401
[NET-CHANGE-IN-ASSETS] 2,587,511
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 416,358
[OVERDISTRIB-NII-PRIOR] 40,726
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 220,638
[INTEREST-EXPENSE] 2,728
[GROSS-EXPENSE] 739,725
[AVERAGE-NET-ASSETS] 63,039,401
[PER-SHARE-NAV-BEGIN] 9.28
[PER-SHARE-NII] 0.24
[PER-SHARE-GAIN-APPREC] 0.86
[PER-SHARE-DIVIDEND] 0.23
[PER-SHARE-DISTRIBUTIONS] 0.06
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 10.09
[EXPENSE-RATIO] 1.38
[AVG-DEBT-OUTSTANDING] 44,658
[AVG-DEBT-PER-SHARE] 0.01
</TABLE>
