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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 7
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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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 20
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<PAGE> PAGE 21
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048 I020400 0.000
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048 K010400 0
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050 000400 N
051 000400 N
052 000400 N
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055 A000400 N
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056 000400 Y
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<PAGE> PAGE 22
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066 G000400 N
067 000400 N
068 A000400 N
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069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
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070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
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
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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015 A000501 KEY TRUST COMPANY OF OHIO, N.A.
015 B000501 C
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015 E030501 X
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
068 B000500 N
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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015 A000601 KEY TRUST COMPANY OF OHIO, N.A.
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
070 I020600 N
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<PAGE> PAGE 33
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015 A000701 KEY TURST COMPANY OF OHIO, N.A.
015 B000701 C
015 C010701 CLEVELAND
015 C020701 OH
015 C030701 44114
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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015 A000801 KEY TRUST COMPANY OF OHIO, N.A.
015 B000801 C
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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SIGNATURE TOM LINE
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000722832
<NAME> KEY MUTUAL FUNDS
<SERIES>
<NUMBER> 01
<NAME> SBSF FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000722832
<NAME> KEY MUTUAL FUNDS
<SERIES>
<NUMBER> 02
<NAME> KEY MONEY MARKET MUTUAL FUND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000722832
<NAME> KEY MUTUAL FUNDS
<SERIES>
<NUMBER> 03
<NAME> SBSF COVERTIBLE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000722832
<NAME> KEY MUTUAL FUNDS
<SERIES>
<NUMBER> 04
<NAME> SBSF CAPITAL GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
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<DIVIDEND-INCOME> 82346
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<NET-INVESTMENT-INCOME> (403385)
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<APPREC-INCREASE-CURRENT> (1311083)
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<PER-SHARE-NAV-BEGIN> 9.93
<PER-SHARE-NII> (0.11)
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<PER-SHARE-NAV-END> 10.93
<EXPENSE-RATIO> 1.43
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000722832
<NAME> KEY MUTUAL FUNDS
<SERIES>
<NUMBER> 05
<NAME> KEY STOCK INDEX
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 34355037
<INVESTMENTS-AT-VALUE> 39474009
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<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1556296
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<ACCUM-APPREC-OR-DEPREC> 5282679
<NET-ASSETS> 39497548
<DIVIDEND-INCOME> 360278
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<NET-INVESTMENT-INCOME> 758348
<REALIZED-GAINS-CURRENT> 1939791
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<NUMBER-OF-SHARES-SOLD> 1960464
<NUMBER-OF-SHARES-REDEEMED> 555918
<SHARES-REINVESTED> 29447
<NET-CHANGE-IN-ASSETS> 23573553
<ACCUMULATED-NII-PRIOR> 69780
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<GROSS-EXPENSE> 337006
<AVERAGE-NET-ASSETS> 27585155
<PER-SHARE-NAV-BEGIN> 11.16
<PER-SHARE-NII> 0.32
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<PER-SHARE-DISTRIBUTIONS> 0.10
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<PER-SHARE-NAV-END> 13.81
<EXPENSE-RATIO> 0.00
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000722832
<NAME> KEY MUTUAL FUNDS
<SERIES>
<NUMBER> 06
<NAME> KEYCHOICE GROWTH FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 7515010
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<ACCUMULATED-NII-CURRENT> 10310
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<ACCUMULATED-NET-GAINS> 290845
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (880)
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<DIVIDEND-INCOME> 25787
<INTEREST-INCOME> 8901
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<EXPENSES-NET> 9255
<NET-INVESTMENT-INCOME> 25433
<REALIZED-GAINS-CURRENT> 290845
<APPREC-INCREASE-CURRENT> (880)
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<DISTRIBUTIONS-OF-INCOME> 19531
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<NUMBER-OF-SHARES-SOLD> 862949
<NUMBER-OF-SHARES-REDEEMED> 207423
<SHARES-REINVESTED> 1663
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<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 10.00
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<PER-SHARE-NAV-END> 11.44
<EXPENSE-RATIO> 0.30
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000722832
<NAME> KEY MUTUAL FUNDS
<SERIES>
<NUMBER> 07
<NAME> KEYCHOICE MODERATE GROWTH
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 7477019
<INVESTMENTS-AT-VALUE> 7726879
<RECEIVABLES> 33115
<ASSETS-OTHER> 49135
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7809129
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<SENIOR-LONG-TERM-DEBT> 266
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7312778
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<DIVIDEND-INCOME> 85141
<INTEREST-INCOME> 11021
<OTHER-INCOME> 0
<EXPENSES-NET> 10360
<NET-INVESTMENT-INCOME> 85802
<REALIZED-GAINS-CURRENT> 137211
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 62442
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<NUMBER-OF-SHARES-SOLD> 795551
<NUMBER-OF-SHARES-REDEEMED> 110135
<SHARES-REINVESTED> 5476
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<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 10.00
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<PER-SHARE-NAV-END> 11.19
<EXPENSE-RATIO> 0.27
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000722832
<NAME> KEY MUTUAL FUNDS
<SERIES>
<NUMBER> 08
<NAME> KEYCHOICE INCOME AND GROWTH FUND
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> NOV-30-1997
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<INVESTMENTS-AT-VALUE> 9136325
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9218874
<PAYABLE-FOR-SECURITIES> 1882
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 79505
<TOTAL-LIABILITIES> 81387
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9093961
<SHARES-COMMON-STOCK> 839132
<SHARES-COMMON-PRIOR> 0
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 95199
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (101311)
<NET-ASSETS> 9137487
<DIVIDEND-INCOME> 73935
<INTEREST-INCOME> 8312
<OTHER-INCOME> 0
<EXPENSES-NET> 6389
<NET-INVESTMENT-INCOME> 75858
<REALIZED-GAINS-CURRENT> 95199
<APPREC-INCREASE-CURRENT> (101311)
<NET-CHANGE-FROM-OPS> 69746
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 30786
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 867280
<NUMBER-OF-SHARES-REDEEMED> 30929
<SHARES-REINVESTED> 2781
<NET-CHANGE-IN-ASSETS> 9137487
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 115280
<AVERAGE-NET-ASSETS> 2431503
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 0.84
<PER-SHARE-DIVIDEND> 0.26
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.89
<EXPENSE-RATIO> 0.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Board of Directors
Key Mutual Funds (SBSF Funds, Inc.)
In planning and performing our audits of the financial statements
of Key Mutual Funds (SBSF Funds, Inc.) for the year ended
November 30, 1997, we considered its internal control, including
controls over safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of Key Mutual Funds (SBSF Funds, Inc.) is responsible
for establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of controls.
Generally, controls that are relevant to an audit pertain
to the entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include
the safeguarding of assets against unauthorized acquisition,
use, or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and may not be detected. Also, projection
of any evaluation of internal control to future periods is subject
to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the
design or operation of any specific internal control component does
not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving internal control, including controls over safeguarding
securities, that we consider to be material weaknesses as defined
above as of November 30, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
COOPERS & LYBRAND, L.L.P.
Columbus, Ohio
January 16, 1998
