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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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008 B000501 A
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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008 B000601 A
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015 A000601 KEYTRUST COMPANY OF OHIO
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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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
008 D030701 44114
015 A000701 KEYTRUST COMPANY OF OHIO
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<PAGE> PAGE 38
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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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008 A000801 KEY ASSET MANAGEMENT, INC.
008 B000801 A
008 C000801 801-46878
008 D010801 CLEVELAND
008 D020801 OH
008 D030801 44114
015 A000801 KEYTRUST COMPANY OF OHIO
015 B000801 C
015 C010801 CLEVELAND
<PAGE> PAGE 42
015 C020801 OH
015 C030801 44114
015 E030801 X
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035 000800 0
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038 000800 0
039 000800 N
040 000800 N
041 000800 N
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042 B000800 0
<PAGE> PAGE 43
042 C000800 0
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050 000800 N
051 000800 N
052 000800 N
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055 A000800 N
055 B000800 N
056 000800 Y
057 000800 N
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058 B000800 N
058 C000800 N
058 D000800 N
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059 000800 Y
<PAGE> PAGE 44
060 A000800 Y
060 B000800 Y
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064 A000800 N
064 B000800 N
066 A000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 N
070 B010800 N
070 B020800 N
070 C010800 N
070 C020800 N
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070 D020800 N
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070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 Y
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
<PAGE> PAGE 45
070 K020800 N
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
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070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 Y
070 R020800 N
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<PAGE> PAGE 46
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008 A000901 KEY ASSET MANAGEMENT, INC.
008 B000901 A
008 C000901 801-46878
008 D010901 CLEVELAND
008 D020901 OH
008 D030901 44114
015 A000901 KEYTRUST COMPANY OF OHIO
015 B000901 C
015 C010901 CLEVELAND
015 C020901 OH
015 C030901 44114
015 E030901 X
015 A000902 MORGAN STANLEY TRUST CO.
<PAGE> PAGE 47
015 B000902 S
015 C010902 NEW YORK
015 C020902 NY
015 C030902 11201
015 E040902 X
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<PAGE> PAGE 48
041 000900 Y
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<PAGE> PAGE 49
058 E000900 N
059 000900 Y
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067 000900 N
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069 000900 N
070 A010900 Y
070 A020900 N
070 B010900 Y
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070 F010900 Y
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070 H010900 Y
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<PAGE> PAGE 50
070 I020900 N
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070 M010900 Y
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070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 Y
070 R020900 N
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<PAGE> PAGE 51
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008 A001001 KEY ASSET MANAGEMENT, INC.
008 B001001 A
008 C001001 801-46878
008 D011001 CLEVELAND
008 D021001 OH
008 D031001 44114
015 A001001 KEYTRUST COMPANY OF OHIO
015 B001001 C
015 C011001 CLEVELAND
<PAGE> PAGE 52
015 C021001 OH
015 C031001 44114
015 E031001 X
024 001000 N
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<PAGE> PAGE 53
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<PAGE> PAGE 54
060 A001000 Y
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069 001000 N
070 A011000 Y
070 A021000 N
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070 G021000 N
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<PAGE> PAGE 55
070 J021000 N
070 K011000 Y
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070 R011000 Y
070 R021000 N
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<PAGE> PAGE 56
072DD011000 48
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008 A001101 KEY ASSET MANAGEMENT, INC.
008 B001101 A
008 C001101 801-46878
008 D011101 CLEVELAND
008 D021101 OH
008 D031101 44114
015 A001101 KEYTRUST COMPANY OF OHIO
015 B001101 C
015 C011101 CLEVELAND
015 C021101 OH
015 C031101 44114
<PAGE> PAGE 57
015 E031101 X
015 A001102 MORGANY STANLEY TRUST CO.
015 B001102 S
015 C011102 NEW YORK
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<PAGE> PAGE 58
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<PAGE> PAGE 59
049 001100 N
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<PAGE> PAGE 60
070 B011100 Y
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<PAGE> PAGE 61
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<PAGE> PAGE 62
074 W001100 0.0000
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008 A001201 KEY ASSET MANAGEMENT, INC.
008 B001201 A
008 C001201 801-46878
008 D011201 CLEVELAND
008 D021201 OH
008 D031201 44114
015 A001201 KEYTRUST COMPANY OF OHIO
015 B001201 C
015 C011201 CLEVELAND
015 C021201 OH
015 C031201 44114
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<PAGE> PAGE 63
030 C001200 0.00
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037 001200 N
038 001200 0
039 001200 N
040 001200 N
041 001200 N
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042 C001200 0
042 D001200 0
042 E001200 0
042 F001200 0
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047 001200 Y
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048 J021200 0.000
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048 K021200 0.000
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<PAGE> PAGE 64
051 001200 N
052 001200 N
053 A001200 Y
053 B001200 Y
053 C001200 N
055 A001200 N
055 B001200 N
056 001200 Y
057 001200 N
058 A001200 N
058 B001200 N
058 C001200 N
058 D001200 N
058 E001200 N
059 001200 Y
060 A001200 Y
060 B001200 Y
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062 A001200 N
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062 H001200 0.0
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062 K001200 0.0
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062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
066 A001200 Y
066 B001200 N
066 C001200 N
066 D001200 Y
066 E001200 N
066 F001200 N
066 G001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 N
070 B011200 Y
070 B021200 N
<PAGE> PAGE 65
070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 Y
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 N
070 L011200 Y
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 Y
070 O011200 Y
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 Y
070 R021200 N
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071 B001200 101524
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072 J001200 51
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<PAGE> PAGE 66
072 P001200 0
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<PAGE> PAGE 67
074 Y001200 0
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008 A001301 KEY ASSET MANAGEMENT, INC.
008 B001301 A
008 C001301 801-46878
008 D011301 CLEVELAND
008 D021301 OH
008 D031301 44114
015 A001301 KEYTRUST COMPANY OF OHIO
015 B001301 C
015 C011301 CLEVELAND
015 C021301 OH
015 C031301 44114
015 E031301 X
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025 A001302 MORGAN STANLEY
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<PAGE> PAGE 68
028 F031300 0
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<PAGE> PAGE 69
048 H011300 0
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048 I021300 0.000
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048 J021300 0.000
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048 K021300 0.000
049 001300 N
050 001300 N
051 001300 N
052 001300 N
053 A001300 Y
053 B001300 Y
053 C001300 N
055 A001300 N
055 B001300 N
056 001300 Y
057 001300 N
058 A001300 N
058 B001300 N
058 C001300 N
058 D001300 N
058 E001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
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062 R001300 0.0
066 A001300 Y
066 B001300 N
066 C001300 Y
066 D001300 N
066 E001300 N
<PAGE> PAGE 70
066 F001300 N
066 G001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 Y
070 A011300 Y
070 A021300 N
070 B011300 Y
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 Y
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 Y
070 F021300 Y
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 Y
070 I021300 N
070 J011300 Y
070 J021300 N
070 K011300 Y
070 K021300 N
070 L011300 N
070 L021300 N
070 M011300 N
070 M021300 N
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 Y
070 R021300 N
071 A001300 45049
071 B001300 93908
071 C001300 465242
071 D001300 10
072 A001300 6
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<PAGE> PAGE 71
072 F001300 1633
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<PAGE> PAGE 72
074 R031300 0
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008 A001401 KEY ASSET MANAGEMENT, INC.
008 B001401 A
008 C001401 801-46878
008 D011401 CLEVELAND
008 D021401 OH
008 D031401 44114
015 A001401 KEYTRUST COMPANY OF OHIO
015 B001401 C
015 C011401 CLEVELAND
015 C021401 OH
015 C031401 44114
015 E031401 X
024 001400 N
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<PAGE> PAGE 73
028 G011400 53695
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039 001400 N
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041 001400 Y
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<PAGE> PAGE 74
048 H021400 0.000
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052 001400 N
053 A001400 Y
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053 C001400 N
055 A001400 Y
055 B001400 N
056 001400 Y
057 001400 N
058 A001400 N
058 B001400 N
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058 D001400 N
058 E001400 N
059 001400 Y
060 A001400 Y
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066 A001400 Y
066 B001400 N
066 C001400 N
066 D001400 Y
066 E001400 N
066 F001400 N
<PAGE> PAGE 75
066 G001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 N
070 B011400 Y
070 B021400 N
070 C011400 Y
070 C021400 N
070 D011400 Y
070 D021400 N
070 E011400 Y
070 E021400 N
070 F011400 Y
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 Y
070 H021400 N
070 I011400 Y
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 N
070 L011400 Y
070 L021400 N
070 M011400 N
070 M021400 N
070 N011400 Y
070 N021400 Y
070 O011400 Y
070 O021400 N
070 P011400 N
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 Y
070 R021400 N
071 A001400 77303
071 B001400 69613
071 C001400 436258
071 D001400 16
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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008 A001501 KEY ASSET MANAGEMENT, INC.
008 B001501 A
008 C001501 801-46878
008 D011501 CLEVELAND
008 D021501 OH
008 D031501 44114
015 A001501 KEYTRUST COMPANY OF OHIO
015 B001501 C
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015 C021501 OH
015 C031501 44114
015 E031501 X
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<PAGE> PAGE 78
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039 001500 N
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<PAGE> PAGE 79
048 I021500 0.000
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<PAGE> PAGE 80
068 A001500 N
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<PAGE> PAGE 81
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<PAGE> PAGE 82
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008 A001601 KEY ASSET MANAGEMENT, INC.
008 B001601 A
008 C001601 801-46878
008 D011601 CLEVELAND
008 D021601 OH
008 D031601 44114
015 A001601 KEYTRUST COMPANY OF OHIO
015 B001601 C
015 C011601 CLEVELAND
015 C021601 OH
015 C031601 44114
015 E031601 X
024 001600 Y
025 A001601 LEHMAN BROTHERS
025 C001601 D
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<PAGE> PAGE 83
028 D041600 3821
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029 001600 Y
030 A001600 4
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031 A001600 1
031 B001600 0
032 001600 3
033 001600 0
034 001600 N
035 001600 0
036 B001600 0
037 001600 N
038 001600 0
039 001600 N
040 001600 N
041 001600 N
042 A001600 0
042 B001600 0
042 C001600 0
042 D001600 0
042 E001600 0
042 F001600 0
042 G001600 0
042 H001600 0
043 001600 0
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045 001600 Y
046 001600 N
047 001600 Y
048 001600 0.750
048 A011600 0
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048 B011600 0
048 B021600 0.000
048 C011600 0
048 C021600 0.000
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<PAGE> PAGE 84
048 D021600 0.000
048 E011600 0
048 E021600 0.000
048 F011600 0
048 F021600 0.000
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048 H011600 0
048 H021600 0.000
048 I011600 0
048 I021600 0.000
048 J011600 0
048 J021600 0.000
048 K011600 0
048 K021600 0.000
049 001600 N
050 001600 N
051 001600 N
052 001600 N
053 A001600 Y
053 B001600 Y
053 C001600 N
055 A001600 N
055 B001600 N
056 001600 Y
057 001600 N
058 A001600 N
058 B001600 N
058 C001600 N
058 D001600 N
058 E001600 N
059 001600 Y
060 A001600 Y
060 B001600 Y
061 001600 500
062 A001600 Y
062 B001600 0.0
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062 D001600 0.0
062 E001600 0.0
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062 G001600 0.0
062 H001600 0.0
062 I001600 1.4
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062 K001600 0.0
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<PAGE> PAGE 85
062 Q001600 5.9
062 R001600 0.0
063 A001600 0
063 B001600 8.7
064 A001600 N
064 B001600 N
066 A001600 N
067 001600 N
068 A001600 N
068 B001600 N
069 001600 N
070 A011600 Y
070 A021600 N
070 B011600 Y
070 B021600 N
070 C011600 Y
070 C021600 N
070 D011600 Y
070 D021600 N
070 E011600 Y
070 E021600 N
070 F011600 Y
070 F021600 N
070 G011600 Y
070 G021600 N
070 H011600 Y
070 H021600 N
070 I011600 Y
070 I021600 N
070 J011600 Y
070 J021600 N
070 K011600 Y
070 K021600 N
070 L011600 Y
070 L021600 N
070 M011600 Y
070 M021600 N
070 N011600 Y
070 N021600 N
070 O011600 Y
070 O021600 N
070 P011600 N
070 P021600 N
070 Q011600 N
070 Q021600 N
070 R011600 Y
070 R021600 N
071 A001600 380568
071 B001600 392311
071 C001600 173642
071 D001600 219
<PAGE> PAGE 86
072 A001600 6
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<PAGE> PAGE 87
074 O001600 14531
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008 A001701 KEY ASSET MANAGEMENT, INC.
008 B001701 A
008 C001701 801-46878
008 D011701 CLEVELAND
008 D021701 OH
008 D031701 44114
015 A001701 KEYTRUST COMPANY OF OHIO
015 B001701 C
015 C011701 CLEVELAND
015 C021701 OH
015 C031701 44114
015 E031701 X
024 001700 Y
025 A001701 LEHMAN BROTHERS
025 C001701 D
025 D001701 8790
025 A001702 MORGAN STANLEY
025 C001702 D
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025 D001703 0
025 D001704 0
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028 B011700 3472
028 B021700 1002
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<PAGE> PAGE 88
028 B041700 6646
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028 G011700 21883
028 G021700 4980
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028 G041700 33281
028 H001700 49
029 001700 Y
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030 C001700 0.00
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031 B001700 0
032 001700 0
033 001700 0
034 001700 N
035 001700 0
036 B001700 0
037 001700 N
038 001700 0
039 001700 N
040 001700 N
041 001700 N
042 A001700 0
042 B001700 0
042 C001700 0
042 D001700 0
042 E001700 0
042 F001700 0
042 G001700 0
042 H001700 0
043 001700 0
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045 001700 Y
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047 001700 Y
<PAGE> PAGE 89
048 001700 0.750
048 A011700 0
048 A021700 0.000
048 B011700 0
048 B021700 0.000
048 C011700 0
048 C021700 0.000
048 D011700 0
048 D021700 0.000
048 E011700 0
048 E021700 0.000
048 F011700 0
048 F021700 0.000
048 G011700 0
048 G021700 0.000
048 H011700 0
048 H021700 0.000
048 I011700 0
048 I021700 0.000
048 J011700 0
048 J021700 0.000
048 K011700 0
048 K021700 0.000
049 001700 N
050 001700 N
051 001700 N
052 001700 N
053 A001700 Y
053 B001700 Y
053 C001700 N
055 A001700 N
055 B001700 N
056 001700 Y
057 001700 N
058 A001700 N
058 B001700 N
058 C001700 N
058 D001700 N
058 E001700 N
059 001700 Y
060 A001700 Y
060 B001700 Y
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062 A001700 Y
062 B001700 0.0
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<PAGE> PAGE 90
062 I001700 0.5
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062 Q001700 12.2
062 R001700 0.0
063 A001700 0
063 B001700 4.7
064 A001700 N
064 B001700 N
066 A001700 N
067 001700 N
068 A001700 N
068 B001700 N
069 001700 N
070 A011700 Y
070 A021700 N
070 B011700 Y
070 B021700 N
070 C011700 Y
070 C021700 N
070 D011700 Y
070 D021700 N
070 E011700 Y
070 E021700 N
070 F011700 Y
070 F021700 N
070 G011700 Y
070 G021700 N
070 H011700 Y
070 H021700 N
070 I011700 Y
070 I021700 N
070 J011700 Y
070 J021700 N
070 K011700 Y
070 K021700 N
070 L011700 Y
070 L021700 N
070 M011700 N
070 M021700 N
070 N011700 Y
070 N021700 N
070 O011700 Y
070 O021700 N
070 P011700 N
070 P021700 N
<PAGE> PAGE 91
070 Q011700 N
070 Q021700 N
070 R011700 Y
070 R021700 N
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071 B001700 287748
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071 D001700 120
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<PAGE> PAGE 92
074 G001700 0
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076 001700 0.00
008 A001801 KEY ASSET MANAGEMENT, INC.
008 B001801 A
008 C001801 801-46878
008 D011801 CLEVELAND
008 D021801 OH
008 D031801 44114
015 A001801 KEYTRUST COMPANY OF OHIO
015 B001801 C
015 C011801 CLEVELAND
015 C021801 OH
015 C031801 44114
015 E031801 X
024 001800 N
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<PAGE> PAGE 93
028 C041800 605
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039 001800 N
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042 F001800 0
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<PAGE> PAGE 94
048 B021800 0.000
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048 K021800 0.000
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050 001800 N
051 001800 N
052 001800 N
053 A001800 Y
053 B001800 Y
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055 A001800 Y
055 B001800 N
056 001800 Y
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058 D001800 N
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059 001800 Y
060 A001800 Y
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<PAGE> PAGE 95
062 M001800 2.3
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063 B001800 5.1
064 A001800 N
064 B001800 N
066 A001800 N
067 001800 N
068 A001800 N
068 B001800 N
069 001800 N
070 A011800 Y
070 A021800 N
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070 B021800 N
070 C011800 N
070 C021800 N
070 D011800 N
070 D021800 N
070 E011800 N
070 E021800 N
070 F011800 N
070 F021800 N
070 G011800 N
070 G021800 N
070 H011800 N
070 H021800 N
070 I011800 N
070 I021800 N
070 J011800 N
070 J021800 N
070 K011800 Y
070 K021800 N
070 L011800 N
070 L021800 N
070 M011800 N
070 M021800 N
070 N011800 Y
070 N021800 N
070 O011800 Y
070 O021800 N
070 P011800 N
070 P021800 N
070 Q011800 N
070 Q021800 N
070 R011800 Y
070 R021800 N
<PAGE> PAGE 96
071 A001800 13762
071 B001800 12454
071 C001800 20777
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<PAGE> PAGE 97
074 K001800 0
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008 A001901 KEY ASSET MANAGEMENT, INC.
008 B001901 A
008 C001901 801-46878
008 D011901 CLEVELAND
008 D021901 OH
008 D031901 44114
015 A001901 KEYTRUST COMPANY OF OHIO
015 B001901 C
015 C011901 CLEVELAND
015 C021901 OH
015 C031901 44114
015 E031901 X
024 001900 N
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<PAGE> PAGE 98
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<PAGE> PAGE 99
048 D011900 0
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052 001900 N
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058 D001900 N
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<PAGE> PAGE 100
062 P001900 0.0
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064 A001900 Y
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066 A001900 N
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068 A001900 N
068 B001900 N
069 001900 N
070 A011900 Y
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070 B021900 N
070 C011900 N
070 C021900 N
070 D011900 N
070 D021900 N
070 E011900 Y
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070 F011900 Y
070 F021900 N
070 G011900 Y
070 G021900 N
070 H011900 Y
070 H021900 N
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070 I021900 N
070 J011900 Y
070 J021900 N
070 K011900 Y
070 K021900 Y
070 L011900 N
070 L021900 N
070 M011900 N
070 M021900 N
070 N011900 Y
070 N021900 N
070 O011900 Y
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070 P011900 N
070 P021900 N
070 Q011900 N
070 Q021900 N
070 R011900 N
070 R021900 N
071 A001900 31983
071 B001900 27816
071 C001900 50242
<PAGE> PAGE 101
071 D001900 55
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<PAGE> PAGE 102
074 N001900 56643
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008 A002101 KEY ASSET MANAGEMENT, INC.
008 B002101 A
008 C002101 801-46878
008 D012101 CLEVELAND
008 D022101 OH
008 D032101 44114
015 A002101 KEYTRUST COMPANY OF OHIO
015 B002101 C
015 C012101 CLEVELAND
015 C022101 OH
015 C032101 44114
015 E032101 X
024 002100 N
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028 C032100 0
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028 D022100 61
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<PAGE> PAGE 103
028 E032100 0
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031 A002100 1
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033 002100 0
034 002100 Y
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036 A002100 N
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037 002100 N
038 002100 0
039 002100 N
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041 002100 Y
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042 C002100 0
042 D002100 100
042 E002100 0
042 F002100 0
042 G002100 0
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043 002100 12
044 002100 0
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<PAGE> PAGE 104
048 E022100 0.000
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048 I012100 0
048 I022100 0.000
048 J012100 0
048 J022100 0.000
048 K012100 0
048 K022100 0.000
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050 002100 N
051 002100 N
052 002100 N
053 A002100 Y
053 B002100 Y
053 C002100 N
055 A002100 Y
055 B002100 N
056 002100 Y
057 002100 N
058 A002100 N
058 B002100 N
058 C002100 N
058 D002100 N
058 E002100 N
059 002100 Y
060 A002100 N
060 B002100 N
061 002100 500
062 A002100 Y
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062 D002100 0.0
062 E002100 0.0
062 F002100 0.0
062 G002100 0.0
062 H002100 0.0
062 I002100 0.0
062 J002100 0.0
062 K002100 0.0
062 L002100 0.0
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062 O002100 96.2
062 P002100 0.0
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062 R002100 1.9
<PAGE> PAGE 105
063 A002100 0
063 B002100 7.1
064 A002100 Y
064 B002100 N
066 A002100 N
067 002100 N
068 A002100 N
068 B002100 N
069 002100 N
070 A012100 Y
070 A022100 N
070 B012100 N
070 B022100 N
070 C012100 N
070 C022100 N
070 D012100 N
070 D022100 N
070 E012100 N
070 E022100 N
070 F012100 N
070 F022100 N
070 G012100 N
070 G022100 N
070 H012100 N
070 H022100 N
070 I012100 N
070 I022100 N
070 J012100 Y
070 J022100 N
070 K012100 Y
070 K022100 Y
070 L012100 N
070 L022100 N
070 M012100 N
070 M022100 N
070 N012100 Y
070 N022100 N
070 O012100 Y
070 O022100 N
070 P012100 N
070 P022100 N
070 Q012100 N
070 Q022100 N
070 R012100 N
070 R022100 N
071 A002100 6180
071 B002100 3380
071 C002100 18325
071 D002100 18
072 A002100 6
072 B002100 592
<PAGE> PAGE 106
072 C002100 10
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072 G002100 15
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072 Y002100 43
072 Z002100 492
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<PAGE> PAGE 107
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008 A002201 KEY ASSET MANAGEMENT, INC.
008 B002201 A
008 C002201 801-46878
008 D012201 CLEVELAND
008 D022201 OH
008 D032201 44114
015 A002201 KEYTRUST COMPANY OF OHIO
015 B002201 C
015 C012201 CLEVELAND
015 C022201 OH
015 C032201 44114
015 E032201 X
024 002200 Y
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025 C002202 D
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025 A002203 MORGAN STANLEY
025 C002203 D
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025 A002204 PAINE WEBBER
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025 A002205 LEHMAN BROTHERS
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025 A002206 GOLDMAN SACHS
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<PAGE> PAGE 108
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035 002200 0
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038 002200 0
039 002200 N
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041 002200 N
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042 B002200 0
042 C002200 0
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042 E002200 0
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<PAGE> PAGE 109
042 H002200 0
043 002200 0
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046 002200 N
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048 I022200 0.000
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048 J022200 0.000
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048 K022200 0.000
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050 002200 N
051 002200 N
052 002200 N
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053 B002200 Y
053 C002200 N
055 A002200 N
055 B002200 N
056 002200 Y
057 002200 N
058 A002200 N
058 B002200 N
058 C002200 N
058 D002200 N
058 E002200 N
059 002200 Y
060 A002200 Y
060 B002200 Y
061 002200 500
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<PAGE> PAGE 110
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062 R002200 0.0
063 A002200 61
063 B002200 0.0
064 A002200 Y
064 B002200 N
066 A002200 N
067 002200 N
068 A002200 N
068 B002200 N
069 002200 N
070 A012200 Y
070 A022200 Y
070 B012200 N
070 B022200 N
070 C012200 N
070 C022200 N
070 D012200 N
070 D022200 N
070 E012200 N
070 E022200 N
070 F012200 N
070 F022200 N
070 G012200 N
070 G022200 N
070 H012200 N
070 H022200 N
070 I012200 N
070 I022200 N
070 J012200 N
070 J022200 N
070 K012200 Y
070 K022200 N
070 L012200 N
070 L022200 N
070 M012200 N
070 M022200 N
<PAGE> PAGE 111
070 N012200 Y
070 N022200 N
070 O012200 Y
070 O022200 N
070 P012200 N
070 P022200 N
070 Q012200 N
070 Q022200 N
070 R012200 N
070 R022200 N
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<PAGE> PAGE 112
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008 B002301 A
008 C002301 801-46878
008 D012301 CLEVELAND
008 D022301 OH
008 D032301 44114
015 A002301 KEYTRUST COMPANY OF OHIO
015 B002301 C
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024 002300 Y
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<PAGE> PAGE 113
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025 A002303 MORGAN STANLEY
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025 A002304 PAINE WEBBER
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<PAGE> PAGE 114
035 002300 0
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052 002300 N
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<PAGE> PAGE 115
055 B002300 N
056 002300 Y
057 002300 N
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<PAGE> PAGE 116
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070 G022300 N
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<PAGE> PAGE 117
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008 A002401 KEY ASSET MANAGEMENT, INC.
008 B002401 A
008 C002401 801-46878
008 D012401 CLEVELAND
<PAGE> PAGE 118
008 D022401 OH
008 D032401 44114
015 A002401 KEYTRUST COMPANY OF OHIO
015 B002401 C
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015 C022401 OH
015 C032401 44114
015 E032401 X
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<PAGE> PAGE 119
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<PAGE> PAGE 120
058 B002400 N
058 C002400 N
058 D002400 N
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068 A002400 N
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070 A012400 Y
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070 F012400 N
070 F022400 N
070 G012400 N
070 G022400 N
070 H012400 N
070 H022400 N
<PAGE> PAGE 121
070 I012400 N
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<PAGE> PAGE 122
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008 A002501 KEY ASSET MANAGEMENT, INC.
008 B002501 A
008 C002501 801-16656
008 D012501 CLEVELAND
008 D022501 OH
008 D032501 44114
008 A002502 LAKEFRONT CAPITAL INVESTORS, INC.
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<PAGE> PAGE 123
008 C002502 801-40033
008 D012502 CLEVELAND
008 D022502 OH
008 D032502 44115
015 A002501 KEYTRUST COMPANY OF OHIO
015 B002501 C
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<PAGE> PAGE 124
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<PAGE> PAGE 125
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<PAGE> PAGE 126
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<PAGE> PAGE 127
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<PAGE> PAGE 128
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<PAGE> PAGE 129
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<PAGE> PAGE 130
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<PAGE> PAGE 131
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<PAGE> PAGE 132
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<PAGE> PAGE 133
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015 A002701 KEYTRUST COMPANY OF OHIO
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<PAGE> PAGE 134
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<PAGE> PAGE 135
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<PAGE> PAGE 136
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<PAGE> PAGE 137
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<PAGE> PAGE 138
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008 B002801 A
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008 D012801 CLEVELAND
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015 A002801 KEYTRUST COMPANY OF OHIO
015 B002801 C
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<PAGE> PAGE 139
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<PAGE> PAGE 140
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<PAGE> PAGE 141
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<PAGE> PAGE 142
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<PAGE> PAGE 143
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008 A002901 KEY ASSET MANAGEMENT, INC.
008 B002901 A
008 C002901 801-46878
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008 D022901 OH
008 D032901 44114
015 A002901 KEYTRUST COMPANY OF OHIO
015 B002901 C
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<PAGE> PAGE 152
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<GROSS-EXPENSE> 6556
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<EXPENSE-RATIO> 0.78<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Select Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 031
<NAME> VICTORY TAX-FREE MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
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<OVERDISTRIBUTION-GAINS> 0
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<SHARES-REINVESTED> 4066
<NET-CHANGE-IN-ASSETS> 110677
<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 2066
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 041
<NAME> VICTORY OHIO REGIONAL STOCK FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 27367
<INVESTMENTS-AT-VALUE> 59166
<RECEIVABLES> 55
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<SHARES-COMMON-PRIOR> 2280<F1>
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<EXPENSES-NET> 347
<NET-INVESTMENT-INCOME> 186
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<APPREC-INCREASE-CURRENT> 3794
<NET-CHANGE-FROM-OPS> 6587
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<NUMBER-OF-SHARES-SOLD> 291
<NUMBER-OF-SHARES-REDEEMED> 308
<SHARES-REINVESTED> 158
<NET-CHANGE-IN-ASSETS> 4754
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 4774
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 207
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 384
<AVERAGE-NET-ASSETS> 54743<F1>
<PER-SHARE-NAV-BEGIN> 23.56<F1>
<PER-SHARE-NII> 0.08<F1>
<PER-SHARE-GAIN-APPREC> 2.69<F1>
<PER-SHARE-DIVIDEND> 0.08<F1>
<PER-SHARE-DISTRIBUTIONS> 2.10<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 24.15<F1>
<EXPENSE-RATIO> 1.24<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 042
<NAME> VICTORY OHIO REGIONAL STOCK FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 27367
<INVESTMENTS-AT-VALUE> 59166
<RECEIVABLES> 55
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<SHARES-COMMON-PRIOR> 30<F1>
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<NET-INVESTMENT-INCOME> 186
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<APPREC-INCREASE-CURRENT> 3794
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<SHARES-REINVESTED> 158
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<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 4774
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 384
<AVERAGE-NET-ASSETS> 902<F1>
<PER-SHARE-NAV-BEGIN> 23.28<F1>
<PER-SHARE-NII> (0.07)<F1>
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<EXPENSE-RATIO> 2.50<F1>
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 051
<NAME> VICTORY DIVERSIFIED STOCK FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 849946
<INVESTMENTS-AT-VALUE> 1106582
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 052
<NAME> VICTORY DIVERSIFIED STOCK FUND
<MULTIPLIER> 1000
<S> <C>
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<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
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<PER-SHARE-NII> (0.01)<F1>
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<FN>
<F1>Class B Shares
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<TABLE> <S> <C>
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY LIMITED TERM INCOME FUND
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<TABLE> <S> <C>
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY OHIO MUNICIPAL BOND FUND
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<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY GOVERNMENT MORTGAGE FUND
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NUMBER> 091
<NAME> VICTORY INTERNATIONAL GROWTH FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
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<F1>Class A Shares
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<NAME> THE VICTORY PORTFOLIOS
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY BALANCED FUND
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<NAME> THE VICTORY PORTFOLIOS
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<NAME> THE VICTORY PORTFOLIOS
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<NAME> THE VICTORY PORTFOLIOS
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<NAME> THE VICTORY PORTFOLIOS
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<NAME> THE VICTORY PORTFOLIOS
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> THE VICTORY PORTFOLIOS
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NUMBER> 191
<NAME> VICTORY NATIONAL MUNICIPAL BOND FUND
<MULTIPLIER> 1000
<S> <C>
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<F1>Class A Shares
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<TABLE> <S> <C>
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY NATIONAL MUNICIPAL BOND FUND
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<F1>Class B Shares
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY NEW YORK TAX-FREE FUND
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<NAME> THE VICTORY PORTFOLIOS
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<NAME> THE VICTORY PORTFOLIOS
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<F1>Select Shares
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<NAME> THE VICTORY PORTFOLIOS
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<NAME> THE VICTORY PORTFOLIOS
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<NAME> THE VICTORY PORTFOLIOS
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<NAME> THE VICTORY PORTFOLIOS
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<NAME> THE VICTORY PORTFOLIOS
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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Important Information to Help You Understand the Proposal on Which
You Are Being Asked to Vote.
Please read the full text of this proxy statement. Below is a brief
overview of the matters to be voted upon. Your vote is important.
If you have questions regarding the proposal, please call your
investment professional or 800-KEY-FUND(r) (800-539-3863).
We appreciate you placing your confidence in The Victory Portfolios
and the Key Mutual Funds and look forward to helping you
achieve your financial goals.
What proposal am I being asked to vote on?
You are being asked to vote to approve an Agreement and Plan providing
for the transfer of assets of each Key Fund into a fund of
The Victory Portfolios.
Key Funds Merging Into Existing Victory Funds
Old KeyFund Portfolio Operating Victory Fund Portfolio
Stock Index Fund Stock Index Fund - Class A
SBSF Fund Diversified Stock Fund - Class A
SBSF Capital Growth Fund Special Growth Fund - Class A
Key Funds Reorganizing Into New Victory Funds
Old KeyFund Portfolio New Victory Fund Portfolio
Key Money Market Mutual Fund Federal Money Market
Fund - Investor Class
SBSF Convertible Securities Convertible Securities
Fund - Class A
KeyChoice Income and Growth Fund LifeChoice Conservative
Investor Fund - Class A
KeyChoice Moderate Growth Fund LifeChoice Moderate
Investor Fund - Class A
KeyChoice Growth Fund LifeChoice Growth Investor Fund - Class A
Has my Fund's Board of Directors approved the Reorganization?
Yes. The Boards of the Key and Victory Funds have unanimously approved
the Reorganization, and recommend that you vote to approve
the Reorganization.
Why is the Reorganization being recommended?
To eliminate investor confusion and duplicate marketing and operational
costs associated with operating two separate entities.
The Boards of both the KeyFunds(r) and The Victory Portfolios recognized
that several of the Key and Victory Funds are managed in a substantially
identical fashion, and all are managed by the same investment adviser,
and use the same distributor, administrator and shareholder servicing
agents. There is currently a duplication of effort and expense in
operating the fund groups separately. It was recognized that the two
fund groups could be combined in marketing materials and could be
marketed under the same name.
Are there other potential benefits of the Reorganization?
Yes. The Reorganization would increase the assets of certain Victory
Portfolios. A larger pool of assets will allow the investment adviser
to increase portfolio diversification. In addition, a larger fund group
can more easily attract additional investments than a small fund group
and invest at lower transaction costs.
Who will advise my Fund once the merger is completed?
The current portfolio managers of the KeyFunds will continue to manage
the Fund after the Reorganization.
Will the fees and expenses of my Funds increase?
No. KeyFunds' shareholders will exchange their shares for a Victory fund
with expenses that are lower or at least no higher than current
Key fund expenses.
Will I, or my Funds, have to pay taxes as a result of the Reorganization?
Neither the KeyFunds' shareholders nor the Victory or KeyFunds will have
any tax consequences as a result of the share exchange. Neither the
Victory nor KeyFunds and their shareholders will have a loss or gain for
Federal income tax purposes as a result of the Reorganization.
Will any sales load, sales commission or other fee be imposed on my
shares in connection with the Reorganization?
No.
After the Reorganization, will I be able to exchange my investment
into other funds of The Victory Portfolios?
Yes. Shareholders will be able to exchange variable fund shares
received for other Victory variable funds without a sales charge
anytime after the Reorganization.
What happens if I do not wish to participate in the Reorganization of
the Key Fund in which I own shares, or what if I do not wish to own
shares of the Victory Fund?
You may redeem your shares any time before the last business day prior
to the closing date of the Reorganization. There are two separate closing
dates for the Reorganization. Owners of the following funds may redeem
shares before the close of business on March 13, 1998:
Key Stock Index Fund
SBSF Capital Growth Fund
SBSF Fund
Owners of the following funds may redeem shares before the close of
business on March 20, 1998:
KeyChoice Growth Fund
KeyChoice Income and Growth Fund
KeyChoice Moderate Growth Fund
Key Money Market Mutual Fund
SBSF Convertible Securities Fund
When will the Reorganization occur?
A Shareholder Meeting will be held on March 6, 1998. A majority of the
shareholders of each Key Fund must approve the Reorganization. We
expect the merger of all the Funds to be completed by March 23, 1998.
How do I vote my shares?
You can vote your shares by completing and signing the enclosed proxy
card(s), and mailing them in the enclosed postage paid envelope.
You may also vote your shares by phone at 800-733-8481 ext. 431
or by fax at 800-733-1885. If you need assistance, or have any questions
regarding the proposal or how to vote your shares, please call the
Funds at 800-KEY-FUND (800-539-3863).
SBSF FUNDS, INC. D/B/A KEY MUTUAL FUNDS
KEYCHOICE GROWTH FUND
KEYCHOICE INCOME AND GROWTH FUND
KEYCHOICE MODERATE GROWTH FUND
KEY MONEY MARKET MUTUAL FUND
KEY STOCK INDEX FUND
SBSF CAPITAL GROWTH FUND
SBSF CONVERTIBLE SECURITIES FUND
SBSF FUND
800-KEY-FUND(r)
NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
TO BE HELD MARCH 6, 1998
A special meeting of the shareholders (the "Meeting") of the KeyChoice
Growth Fund, KeyChoice Income and Growth Fund, KeyChoice Moderate
Growth Fund, Key Money Market Mutual Fund, Key Stock Index Fund,
SBSF Capital Growth Fund, SBSF Convertible Securities Fund, and SBSF
Fund (each a "Key Fund," and collectively the "Key Funds"), each a
series of SBSF Funds, Inc. (d/b/a/ and referred to as the "Key Mutual
Funds"), will be held at the offices of Key Mutual Funds, 3435 Stelzer
Road, Columbus, Ohio 43219-3035, on March 6, 1998 at 8:30 a.m.,
Eastern time, for the following purposes, which are more fully
described in the accompanying Combined Prospectus/Proxy Statement
dated February 5, 1998:
The following item, inclusive of the several transactions contemplated
thereby, applies to, and will be voted on, as appropriate and as
necessary to fully consummate the transactions so described,
(a) separately by the shareholders of each Key Fund and
(b) by the shareholders of Key Mutual Funds voting together as a single
class:
To approve an Agreement and Plan of Reorganization and Liquidation
and the transactions contemplated thereby, including (a) the transfer of
all or substantially all of the assets belonging to each Key Fund to a
corresponding series of The Victory Portfolios, a Delaware business
trust, ("Victory"), in exchange for shares of beneficial interest
("shares") of the corresponding series of Victory or shares of a
comparable class of the corresponding series of Victory (which
transactions, collectively, will effect the transfer of all or substantially
all of the assets of Key Mutual Funds to Victory in exchange for
shares of Victory); (b) the distribution of shares of Victory received
in consideration for the transfer of assets belonging to each Key
Fund to the shareholders of the respective Key Funds in complete
liquidation of the respective Key Funds; (c) the cancellation of the
outstanding shares of capital stock ("shares") of each Key Fund
following the distribution of shares of the corresponding series of
Victory to the holders of such shares of each Key Fund (the foregoing
steps relative to each Key Fund are referred to as a "Reorganization"
of that Key Fund); and (d) upon such distribution in respect of each
of the separate series of the Key Funds, the dissolution of Key
Mutual Funds (collectively with each Reorganization, the
"Reorganization and Liquidation").
In addition, shareholders of each of the Key Funds will be asked to transfer
such other business as may properly come before the Meeting
or any adjournment thereof.
On the day of each Reorganization, your shares will be exchanged, without
the imposition of a sales charge and on a tax-free basis, for shares of the
corresponding series of Victory with a total net asset value equal to the
total net asset value of the shares of the Key Funds you previously owned.
The Board of Directors of Key Mutual Funds unanimously recommends
that shareholders of the Key Funds vote to approve the Agreement and
Plan of Reorganization and Liquidation.
The enclosed proxy is being solicited on behalf of the Board of Directors
of Key Mutual Funds. Shareholders of record as of the close of business
on December 26, 1997 are entitled to notice of, and to vote at, the
Meeting or any adjournment(s) thereof.
Please mark, date, sign and promptly return, in the enclosed envelope,
each accompanying proxy card. This is important to ensure a quorum
at the Meeting. Proxies may be revoked at any time before they are
exercised by submitting to Key Mutual Funds a written notice of
revocation or a subsequently executed proxy or by attending the Meeting
and voting in person.
By order of the Board of Directors,
Leigh A. Wilson
President
Dated: February 5, 1998
