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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 6
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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 16
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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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070 E020300 N
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070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
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070 J020300 N
070 K010300 Y
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070 M010300 N
070 M020300 N
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070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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008 B000401 A
008 C000401 801-46878
008 D010401 CLEVELAND
008 D020401 OH
008 D030401 44114
015 A000401 KEYTRUST COMPANY OF OHIO
015 B000401 C
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<PAGE> PAGE 23
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<PAGE> PAGE 24
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
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055 A000400 Y
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058 D000400 N
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059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 500
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070 A020400 N
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<PAGE> PAGE 25
070 C010400 Y
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070 E010400 N
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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 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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008 A000501 KEY ASSET MANAGEMENT, INC.
008 B000501 A
008 C000501 801-46878
008 D010501 CLEVELAND
008 D020501 OH
008 D030501 44114
015 A000501 KEYTRUST COMPANY OF OHIO
015 B000501 C
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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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<PAGE> PAGE 32
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008 A000601 KEY ASSET MANAGEMENT, INC.
008 B000601 A
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015 A000601 KEYTRUST COMPANY OF OHIO
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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
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008 B000701 A
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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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070 R020700 N
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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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
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
064 B000800 N
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070 I020800 N
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070 J020800 N
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070 K020800 N
070 L010800 N
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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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
008 A000902 INDOCAM INTERNATIONAL INVESTMENT SERVICES, SA
008 B000902 S
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015 B000901 C
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015 B000902 S
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
070 R010900 Y
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<PAGE> PAGE 52
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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 OH
015 B001001 C
015 C011001 CLEVELAND
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015 C031001 44114
015 E031001 X
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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008 A001101 KEY ASSET MANAGEMENT, INC.
008 B001101 A
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008 D011101 CLEVELAND
008 D021101 OH
008 D031101 44114
015 A001101 KEYTRUST COMPANY OF OHIO
015 B001101 C
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
074 D001100 154801
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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
015 E031201 X
024 001200 Y
025 A001201 LEHMAN BROTHERS
025 B001201 13-2518466
025 C001201 D
025 D001201 10000
025 A001202 PRUDENTIAL
025 B001202 22-2347336
025 C001202 D
025 D001202 10000
<PAGE> PAGE 63
025 A001203 MORGAN STANLEY DEAN WITTER
025 B001203 13-2655998
025 C001203 D
025 D001203 10000
025 A001204 GOLDMAN SACHS
025 B001204 13-5108880
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<PAGE> PAGE 64
036 B001200 0
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038 001200 0
039 001200 N
040 001200 N
041 001200 N
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042 C001200 0
042 D001200 0
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042 F001200 0
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045 001200 Y
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047 001200 Y
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051 001200 N
052 001200 N
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055 A001200 N
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<PAGE> PAGE 65
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 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
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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
070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
<PAGE> PAGE 66
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 242823
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<PAGE> PAGE 67
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008 A001301 KEY ASSET MANAGEMENT, INC.
008 B001301 A
008 C001301 801-46878
<PAGE> PAGE 68
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
024 001300 Y
025 A001301 MORGAN STANLEY DEAN WITTER
025 B001301 13-2655998
025 C001301 E
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025 B001302 13-2518466
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<PAGE> PAGE 69
028 G011300 103568
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<PAGE> PAGE 70
048 I011300 0
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052 001300 N
053 A001300 Y
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053 C001300 N
055 A001300 Y
055 B001300 N
056 001300 Y
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058 B001300 N
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060 A001300 Y
060 B001300 Y
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066 A001300 Y
066 B001300 N
066 C001300 Y
066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 N
<PAGE> PAGE 71
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
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071 C001300 449032
071 D001300 8
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<PAGE> PAGE 72
072 H001300 0
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<PAGE> PAGE 73
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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 Y
025 A001401 LEHMAN BROTHERS
025 B001401 13-2518466
025 C001401 D
025 D001401 5000
025 A001402 GOLDMAN SACHS
025 B001402 13-5108880
025 C001402 D
025 D001402 5000
025 A001403 PRUDENTIAL
025 B001403 22-2347336
025 C001403 D
025 D001403 5000
025 A001404 MORGAN STANLEY DEAN WITTER
025 B001404 13-2655998
025 C001404 D
025 D001404 5000
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028 A011400 5689
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<PAGE> PAGE 74
028 B031400 0
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028 H001400 922
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039 001400 N
040 001400 Y
041 001400 Y
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042 E001400 0
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<PAGE> PAGE 75
046 001400 N
047 001400 Y
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049 001400 N
050 001400 N
051 001400 N
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
058 C001400 N
058 D001400 N
058 E001400 N
059 001400 Y
060 A001400 Y
060 B001400 Y
061 001400 500
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<PAGE> PAGE 76
062 G001400 0.0
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066 A001400 Y
066 B001400 N
066 C001400 N
066 D001400 Y
066 E001400 N
066 F001400 N
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
<PAGE> PAGE 77
070 O011400 Y
070 O021400 N
070 P011400 N
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 Y
070 R021400 N
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071 B001400 189481
071 C001400 410505
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<PAGE> PAGE 78
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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
015 C011501 CLEVELAND
015 C021501 OH
015 C031501 44114
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024 001500 N
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<PAGE> PAGE 79
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038 001500 0
039 001500 N
040 001500 N
041 001500 N
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<PAGE> PAGE 80
048 001500 1.000
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048 K021500 0.000
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050 001500 N
051 001500 N
052 001500 N
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055 A001500 Y
055 B001500 N
056 001500 Y
057 001500 N
058 A001500 N
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058 D001500 N
058 E001500 N
059 001500 Y
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<PAGE> PAGE 81
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068 A001500 N
068 B001500 N
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070 B011500 Y
070 B021500 N
070 C011500 Y
070 C021500 N
070 D011500 Y
070 D021500 N
070 E011500 Y
070 E021500 N
070 F011500 Y
070 F021500 N
070 G011500 Y
070 G021500 N
070 H011500 Y
070 H021500 N
070 I011500 Y
070 I021500 N
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 N
070 L011500 Y
070 L021500 N
070 M011500 N
070 M021500 N
070 N011500 Y
070 N021500 N
070 O011500 Y
070 O021500 N
<PAGE> PAGE 82
070 P011500 N
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 Y
070 R021500 N
071 A001500 281372
071 B001500 250028
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071 D001500 254
072 A001500 12
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072 Z001500 -1069
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<PAGE> PAGE 83
074 E001500 0
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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 N
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028 A021600 576
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028 C011600 4249
<PAGE> PAGE 84
028 C021600 571
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029 001600 Y
030 A001600 3
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030 C001600 0.00
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032 001600 2
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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
044 001600 0
045 001600 Y
046 001600 N
047 001600 Y
048 001600 0.750
048 A011600 0
<PAGE> PAGE 85
048 A021600 0.000
048 B011600 0
048 B021600 0.000
048 C011600 0
048 C021600 0.000
048 D011600 0
048 D021600 0.000
048 E011600 0
048 E021600 0.000
048 F011600 0
048 F021600 0.000
048 G011600 0
048 G021600 0.000
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 E001600 0.0
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062 G001600 0.0
062 H001600 0.0
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<PAGE> PAGE 86
062 K001600 0.0
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062 P001600 35.2
062 Q001600 0.0
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063 A001600 0
063 B001600 10.0
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
<PAGE> PAGE 87
070 R011600 Y
070 R021600 N
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071 B001600 867231
071 C001600 169290
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<PAGE> PAGE 88
074 I001600 0
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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 SALOMON SMITH BARNEY
025 B001701 13-3082694
025 C001701 D
025 D001701 4861
025 A001702 PRUDENTIAL
025 B001702 22-2347336
025 C001702 D
025 D001702 2489
025 D001703 0
025 D001704 0
025 D001705 0
025 D001706 0
025 D001707 0
<PAGE> PAGE 89
025 D001708 0
028 A011700 3863
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028 G011700 30928
028 G021700 4855
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028 H001700 18
029 001700 Y
030 A001700 1
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030 C001700 0.00
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032 001700 1
033 001700 0
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035 001700 0
036 B001700 0
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038 001700 0
039 001700 N
040 001700 N
041 001700 N
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042 C001700 0
042 D001700 0
042 E001700 0
<PAGE> PAGE 90
042 F001700 0
042 G001700 0
042 H001700 0
043 001700 0
044 001700 0
045 001700 Y
046 001700 N
047 001700 Y
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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
061 001700 500
<PAGE> PAGE 91
062 A001700 Y
062 B001700 0.0
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062 E001700 0.0
062 F001700 0.0
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062 H001700 0.0
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062 J001700 0.0
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062 P001700 50.9
062 Q001700 0.0
062 R001700 0.0
063 A001700 0
063 B001700 5.0
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
<PAGE> PAGE 92
070 M011700 N
070 M021700 N
070 N011700 Y
070 N021700 N
070 O011700 Y
070 O021700 N
070 P011700 N
070 P021700 N
070 Q011700 N
070 Q021700 N
070 R011700 Y
070 R021700 N
071 A001700 655705
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<PAGE> PAGE 93
073 B001700 0.0000
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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 Y
025 A001801 PRUDENTIAL
025 B001801 22-2347336
025 C001801 D
<PAGE> PAGE 94
025 D001801 1050
025 A001802 SALOMON SMITH BARNEY
025 B001802 13-3082694
025 C001802 D
025 D001802 1003
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029 001800 Y
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<PAGE> PAGE 95
037 001800 N
038 001800 0
039 001800 N
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042 F001800 0
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051 001800 N
052 001800 N
053 A001800 Y
053 B001800 Y
053 C001800 N
055 A001800 Y
055 B001800 N
056 001800 Y
<PAGE> PAGE 96
057 001800 N
058 A001800 N
058 B001800 N
058 C001800 N
058 D001800 N
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059 001800 Y
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061 001800 500
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062 P001800 35.9
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063 B001800 6.7
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
070 B011800 N
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
<PAGE> PAGE 97
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
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<PAGE> PAGE 98
072 Z001800 1501
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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
<PAGE> PAGE 99
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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038 001900 0
039 001900 N
<PAGE> PAGE 100
040 001900 Y
041 001900 Y
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048 K011900 0
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050 001900 N
051 001900 N
052 001900 N
053 A001900 Y
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055 A001900 Y
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057 001900 N
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<PAGE> PAGE 101
058 C001900 N
058 D001900 N
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<PAGE> PAGE 102
070 I021900 N
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070 J021900 N
070 K011900 Y
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070 L021900 N
070 M011900 N
070 M021900 N
070 N011900 Y
070 N021900 N
070 O011900 Y
070 O021900 N
070 P011900 N
070 P021900 N
070 Q011900 N
070 Q021900 N
070 R011900 N
070 R021900 N
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071 C001900 50055
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<PAGE> PAGE 103
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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
<PAGE> PAGE 104
015 C022101 OH
015 C032101 44114
015 E032101 X
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<PAGE> PAGE 105
042 B002100 0
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042 D002100 100
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048 K022100 0.000
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050 002100 N
051 002100 N
052 002100 N
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053 B002100 Y
053 C002100 N
055 A002100 Y
055 B002100 N
056 002100 Y
057 002100 N
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058 D002100 N
058 E002100 N
<PAGE> PAGE 106
059 002100 Y
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064 A002100 Y
064 B002100 N
066 A002100 N
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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
<PAGE> PAGE 107
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
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<PAGE> PAGE 108
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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
<PAGE> PAGE 109
024 002200 Y
025 A002201 LEHMAN BROTHERS
025 B002201 13-2518466
025 C002201 D
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025 A002202 SALOMAN SMITH BARNEY
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<PAGE> PAGE 110
033 002200 0
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<PAGE> PAGE 111
053 C002200 N
055 A002200 N
055 B002200 N
056 002200 Y
057 002200 N
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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
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070 C012200 N
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070 D022200 N
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070 E022200 N
<PAGE> PAGE 112
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
070 N012200 Y
070 N022200 N
070 O012200 Y
070 O022200 N
070 P012200 N
070 P022200 N
070 Q012200 N
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<PAGE> PAGE 113
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008 A002301 KEY ASSET MANAGEMENT, INC.
008 B002301 A
<PAGE> PAGE 114
008 C002301 801-46878
008 D012301 CLEVELAND
008 D022301 OH
008 D032301 44114
015 A002301 KEYTRUST COMPANY OF OHIO
015 B002301 C
015 C012301 CLEVELAND
015 C022301 OH
015 C032301 44114
015 E032301 X
024 002300 Y
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025 A002302 LEHMAN BROTHERS
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025 A002303 PAINE WEBBER
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025 C002303 D
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025 A002304 MORGAN STANLEY DEAN WITTER
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<PAGE> PAGE 115
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<PAGE> PAGE 116
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<PAGE> PAGE 117
064 B002300 N
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070 A012300 Y
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070 L012300 Y
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070 M022300 N
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070 N022300 N
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<PAGE> PAGE 118
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<PAGE> PAGE 119
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008 A002401 KEY ASSET MANAGEMENT, INC.
008 B002401 A
008 C002401 801-46878
008 D012401 CLEVELAND
008 D022401 OH
008 D032401 44114
015 A002401 KEYTRUST COMPANY OF OHIO
015 B002401 C
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<PAGE> PAGE 120
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<PAGE> PAGE 121
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<PAGE> PAGE 122
068 B002400 N
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<PAGE> PAGE 123
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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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<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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<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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<PAGE> PAGE 153
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SIGNATURE JOEL ENGLE
TITLE TREASURER
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<FN>
<F1>Investor Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 022
<NAME> VICTORY U.S. GOVERNMENT OBLIGATIONS FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
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<INVESTMENTS-AT-VALUE> 2251840
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<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> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
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<NET-INVESTMENT-INCOME> 15305
<REALIZED-GAINS-CURRENT> (4)
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<EXPENSE-RATIO> 0.80
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<AVG-DEBT-PER-SHARE> 0
<FN>
</FN>
</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> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 21402
<INVESTMENTS-AT-VALUE> 42428
<RECEIVABLES> 452
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<SHARES-COMMON-STOCK> 2016<F1>
<SHARES-COMMON-PRIOR> 2280<F1>
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<ACCUM-APPREC-OR-DEPREC> 21026
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<REALIZED-GAINS-CURRENT> 4989
<APPREC-INCREASE-CURRENT> (6979)
<NET-CHANGE-FROM-OPS> (1604)
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<DISTRIBUTIONS-OF-GAINS> 4701<F1>
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<NUMBER-OF-SHARES-SOLD> 399
<NUMBER-OF-SHARES-REDEEMED> 807
<SHARES-REINVESTED> 163
<NET-CHANGE-IN-ASSETS> (11754)
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 4774
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 395
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 744
<AVERAGE-NET-ASSETS> 51760<F1>
<PER-SHARE-NAV-BEGIN> 23.56<F1>
<PER-SHARE-NII> 0.18<F1>
<PER-SHARE-GAIN-APPREC> (.80)<F1>
<PER-SHARE-DIVIDEND> 0.17<F1>
<PER-SHARE-DISTRIBUTIONS> 2.10<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 20.67<F1>
<EXPENSE-RATIO> 1.26<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> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 21402
<INVESTMENTS-AT-VALUE> 42428
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<ASSETS-OTHER> 4
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<TOTAL-ASSETS> 42884
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<PAID-IN-CAPITAL-COMMON> 16631
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<APPREC-INCREASE-CURRENT> (6979)
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<NUMBER-OF-SHARES-REDEEMED> 807
<SHARES-REINVESTED> 163
<NET-CHANGE-IN-ASSETS> (11754)
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 4774
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 744
<AVERAGE-NET-ASSETS> 966<F1>
<PER-SHARE-NAV-BEGIN> 23.28<F1>
<PER-SHARE-NII> (0.11)<F1>
<PER-SHARE-GAIN-APPREC> (.77)<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 2.10<F1>
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<PER-SHARE-NAV-END> 20.30<F1>
<EXPENSE-RATIO> 2.52<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<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> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 1036046
<INVESTMENTS-AT-VALUE> 1162448
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<APPREC-INCREASE-CURRENT> (25092)
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<NUMBER-OF-SHARES-REDEEMED> 18215
<SHARES-REINVESTED> 4406
<NET-CHANGE-IN-ASSETS> 191652
<ACCUMULATED-NII-PRIOR> 124
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<GROSS-EXPENSE> 10952
<AVERAGE-NET-ASSETS> 891210<F1>
<PER-SHARE-NAV-BEGIN> 17.76<F1>
<PER-SHARE-NII> 0.11<F1>
<PER-SHARE-GAIN-APPREC> 3.07<F1>
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<EXPENSE-RATIO> 1.02<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> 052
<NAME> VICTORY DIVERSIFIED STOCK FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
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<FN>
<F1>Class B Shares
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 061
<NAME> VICTORY LIMITED TERM INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
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<PERIOD-END> OCT-31-1998
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<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NUMBER> 071
<NAME> VICTORY OHIO MUNICIPAL BOND FUND
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<S> <C>
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<GROSS-EXPENSE> 896
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<AVG-DEBT-PER-SHARE> 0
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 081
<NAME> VICTORY GOVERNMENT MORTGAGE FUND
<MULTIPLIER> 1000
<S> <C>
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<FISCAL-YEAR-END> OCT-31-1998
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<TABLE> <S> <C>
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY INTERNATIONAL GROWTH FUND
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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 INTERNATIONAL GROWTH FUND
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<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 GROWTH FUND
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</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY BALANCED FUND
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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 BALANCED FUND
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<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY VALUE 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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<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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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY NATIONAL MUNICIPAL BOND FUND
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<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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<F1>Class B Shares
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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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<TOTAL-LIABILITIES> 1711
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<DIVIDEND-INCOME> 3034
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<NET-INVESTMENT-INCOME> 4875
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<APPREC-INCREASE-CURRENT> (9683)
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<DISTRIBUTIONS-OF-GAINS> 8444
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<NUMBER-OF-SHARES-SOLD> 4619
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<NET-CHANGE-IN-ASSETS> 3087
<ACCUMULATED-NII-PRIOR> 201
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<GROSS-EXPENSE> 1269
<AVERAGE-NET-ASSETS> 115406
<PER-SHARE-NAV-BEGIN> 14.33
<PER-SHARE-NII> .58
<PER-SHARE-GAIN-APPREC> (1.08)
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<SERIES>
<NUMBER> 291
<NAME> VICTORY LIFECHOICE GROWTH INVESTOR FUND
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<INVESTMENTS-AT-COST> 12660
<INVESTMENTS-AT-VALUE> 12013
<RECEIVABLES> 3
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<TOTAL-ASSETS> 12053
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<OTHER-ITEMS-LIABILITIES> 35
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<PAID-IN-CAPITAL-COMMON> 12230
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<ACCUM-APPREC-OR-DEPREC> (647)
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<DIVIDEND-INCOME> 131
<INTEREST-INCOME> 0
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<EXPENSES-NET> 21
<NET-INVESTMENT-INCOME> 110
<REALIZED-GAINS-CURRENT> 368
<APPREC-INCREASE-CURRENT> (646)
<NET-CHANGE-FROM-OPS> (168)
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<DISTRIBUTIONS-OF-INCOME> 117
<DISTRIBUTIONS-OF-GAINS> 227
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<NUMBER-OF-SHARES-SOLD> 536
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<SHARES-REINVESTED> 31
<NET-CHANGE-IN-ASSETS> 4503
<ACCUMULATED-NII-PRIOR> 10
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<GROSS-EXPENSE> 108
<AVERAGE-NET-ASSETS> 10066
<PER-SHARE-NAV-BEGIN> 11.44
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> (.07)
<PER-SHARE-DIVIDEND> .14
<PER-SHARE-DISTRIBUTIONS> .28
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.08
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<CIK> 0000802716
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<SERIES>
<NUMBER> 301
<NAME> VICTORY LIFECHOICE MODERATE INVESTOR FUND
<MULTIPLIER> 1000
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<PERIOD-TYPE> OTHER
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<PERIOD-START> DEC-01-1997
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<INVESTMENTS-AT-COST> 20026
<INVESTMENTS-AT-VALUE> 19120
<RECEIVABLES> 7
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<TOTAL-ASSETS> 19164
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<PAID-IN-CAPITAL-COMMON> 19466
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<ACCUMULATED-NET-GAINS> 423
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (906)
<NET-ASSETS> 19128
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<NET-INVESTMENT-INCOME> 289
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<APPREC-INCREASE-CURRENT> (1156)
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<NET-CHANGE-IN-ASSETS> 11400
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 311
<NAME> VICTORY LIFECHOICE CONSERVATIVE INVESTOR FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> OCT-31-1998
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<INVESTMENTS-AT-VALUE> 7629
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<SENIOR-LONG-TERM-DEBT> 0
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 65
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (324)
<NET-ASSETS> 7633
<DIVIDEND-INCOME> 270
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<OTHER-INCOME> 0
<EXPENSES-NET> 16
<NET-INVESTMENT-INCOME> 254
<REALIZED-GAINS-CURRENT> 92
<APPREC-INCREASE-CURRENT> (223)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 277
<DISTRIBUTIONS-OF-GAINS> 22
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 330
<NUMBER-OF-SHARES-REDEEMED> 485
<SHARES-REINVESTED> 28
<NET-CHANGE-IN-ASSETS> (1504)
<ACCUMULATED-NII-PRIOR> 50
<ACCUMULATED-GAINS-PRIOR> 95
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 104
<AVERAGE-NET-ASSETS> 7447
<PER-SHARE-NAV-BEGIN> 10.89
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> (.12)
<PER-SHARE-DIVIDEND> .39
<PER-SHARE-DISTRIBUTIONS> .03
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> .23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
</FN>
</TABLE>
EXHIBIT 77.C.
THE VICTORY PORTFOLIOS - INTERNATIONAL GROWTH FUND
SPECIAL MEETING OF SHAREHOLDERS - MAY 15, 1998
PROPOSAL # 1
To approve the new Investment Advisory Agreement between The Victory
Portfolios, on behalf of the Fund, and the current adviser to the
Fund, Key Asset Management, Inc. ("KAM") pursuant to which KAM will
employ a "Managers of Managers" structure.
For % Against Abstained
6,402,822 82.71 4,809 63,973
PROPOSAL # 2
To transact such other business as may properly come before the Meeting
or any adjournment or adjournments thereof.
For % Against Abstained
6,402,842 82.71 4,789 63,973
Report of Independent Accountants
To the Trustees of
The Victory Portfolios:
In planning and performing our audit of the financial statements and
financial highlights of The Victory Portfolios for the year ended
October 31, 1998, we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and financial highlights and to comply with the requirements
of Form N-SAR, not to provide assurance on internal control.
The management of The Victory Portfolios is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgements 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 and financial highlights 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 fraud
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 one or more of the internal control components
does not reduce to a relatively low level the risk that misstatements caused
by error or fraud in amounts that would be material in relation to the
financial statements and financial highlights 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 and its operation, including controls
over safeguarding securities, that we consider to be material weaknesses
as defined above as of October 31, 1998.
This report is intended solely for the information and use of management
and the Trustees of The Victory Portfolios and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
December 11, 1998
Columbus, Ohio
