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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 8
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SIGNATURE CHRISTINA HAAGE
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> SBS NEW JERSEY MUNICIPALS FUND CLASS
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[NUMBER] 0
<NAME> SBS NEW JERSEY MUNICIPALS FUND CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MARCH-31-1994
<PERIOD-END> SEPTEMBER-30-1994
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</TABLE>
