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<PAGE> PAGE 20
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070 H020400 N
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<PAGE> PAGE 21
070 M010400 Y
070 M020400 N
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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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067 000500 N
068 A000500 N
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070 A020500 Y
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070 C020500 N
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<PAGE> PAGE 25
070 I010500 N
070 I020500 N
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070 M020500 N
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<PAGE> PAGE 26
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008 A000601 AMERICAN ODYSSEY FUNDS MANAGEMENT, INC.
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<PAGE> PAGE 27
008 B000602 S
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015 A000601 INVESTORS BANK & TRUST COMPANY
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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
SIGNATURE PAUL S. FEINBERG
TITLE V.P. & SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> American Odyssey International Equity Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 146,581,610
<INVESTMENTS-AT-VALUE> 177,519,861
<RECEIVABLES> 15,519,175
<ASSETS-OTHER> 6,873
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 193,045,909
<PAYABLE-FOR-SECURITIES> 897,748
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,038,913
<TOTAL-LIABILITIES> 5,936,661
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,421,520
<SHARES-COMMON-STOCK> 12,410,280
<SHARES-COMMON-PRIOR> 7,264,073
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 19,402
<ACCUMULATED-NET-GAINS> 862,014
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,845,116
<NET-ASSETS> 187,109,248
<DIVIDEND-INCOME> 2,759,372
<INTEREST-INCOME> 247,119
<OTHER-INCOME> 0
<EXPENSES-NET> 1,054,502
<NET-INVESTMENT-INCOME> 1,951,989
<REALIZED-GAINS-CURRENT> 3,823,733
<APPREC-INCREASE-CURRENT> 22,072,465
<NET-CHANGE-FROM-OPS> 27,848,187
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,751,066
<DISTRIBUTIONS-OF-GAINS> 903,958
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,422,181
<NUMBER-OF-SHARES-REDEEMED> 1,346,257
<SHARES-REINVESTED> 70,283
<NET-CHANGE-IN-ASSETS> 94,994,703
<ACCUMULATED-NII-PRIOR> 48,120
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 341,067
<GROSS-ADVISORY-FEES> 823,891
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,089,100
<AVERAGE-NET-ASSETS> 127,124,894
<PER-SHARE-NAV-BEGIN> 12.68
<PER-SHARE-NII> 0.29
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> American Odyssey Emerging Opportunities Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 158,790,825
<INVESTMENTS-AT-VALUE> 178,951,995
<RECEIVABLES> 11,842,173
<ASSETS-OTHER> 6,739
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 190,800,907
<PAYABLE-FOR-SECURITIES> 4,810,030
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,712,661
<TOTAL-LIABILITIES> 19,522,691
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 156,694,765
<SHARES-COMMON-STOCK> 12,764,369
<SHARES-COMMON-PRIOR> 10,462,738
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 5,577,719
<ACCUM-APPREC-OR-DEPREC> 20,161,170
<NET-ASSETS> 171,278,216
<DIVIDEND-INCOME> 228,948
<INTEREST-INCOME> 510,750
<OTHER-INCOME> 0
<EXPENSES-NET> 1,401,308
<NET-INVESTMENT-INCOME> (661,610)
<REALIZED-GAINS-CURRENT> 9,311,902
<APPREC-INCREASE-CURRENT> (16,078,616)
<NET-CHANGE-FROM-OPS> (7,428,324)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 14,364,919
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,669,075
<NUMBER-OF-SHARES-REDEEMED> 4,810,444
<SHARES-REINVESTED> 443,000
<NET-CHANGE-IN-ASSETS> 14,085,332
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 524,702
<GROSS-ADVISORY-FEES> 1,169,885
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,401,308
<AVERAGE-NET-ASSETS> 194,524,424
<PER-SHARE-NAV-BEGIN> 15.02
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.47
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 1.13
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.42
<EXPENSE-RATIO> 0.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> American Odyssey Core Equity Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 216,790,498
<INVESTMENTS-AT-VALUE> 282,684,881
<RECEIVABLES> 7,677,560
<ASSETS-OTHER> 6,674
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 290,369,115
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,597,589
<TOTAL-LIABILITIES> 16,597,589
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 203,531,175
<SHARES-COMMON-STOCK> 17,673,755
<SHARES-COMMON-PRIOR> 13,795,844
<ACCUMULATED-NII-CURRENT> 47,896
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,298,072
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 65,894,383
<NET-ASSETS> 273,771,526
<DIVIDEND-INCOME> 5,964,921
<INTEREST-INCOME> 272,595
<OTHER-INCOME> 0
<EXPENSES-NET> 1,577,030
<NET-INVESTMENT-INCOME> 4,660,486
<REALIZED-GAINS-CURRENT> 15,834,337
<APPREC-INCREASE-CURRENT> 30,480,771
<NET-CHANGE-FROM-OPS> 50,975,594
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,697,100
<DISTRIBUTIONS-OF-GAINS> 11,536,265
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,205,107
<NUMBER-OF-SHARES-REDEEMED> 2,966,421
<SHARES-REINVESTED> 639,225
<NET-CHANGE-IN-ASSETS> 90,036,717
<ACCUMULATED-NII-PRIOR> 84,510
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 4,829
<GROSS-ADVISORY-FEES> 1,362,267
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,624,640
<AVERAGE-NET-ASSETS> 238,594,097
<PER-SHARE-NAV-BEGIN> 13.32
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 2.83
<PER-SHARE-DIVIDEND> 0.27
<PER-SHARE-DISTRIBUTIONS> 0.65
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.49
<EXPENSE-RATIO> 0.68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> American Odyssey Long-Term Bond Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 163,518,452
<INVESTMENTS-AT-VALUE> 162,673,605
<RECEIVABLES> 37,130,331
<ASSETS-OTHER> 6,729
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 199,810,665
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,116,149
<TOTAL-LIABILITIES> 39,116,149
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 161,137,614
<SHARES-COMMON-STOCK> 15,828,492
<SHARES-COMMON-PRIOR> 10,887,947
<ACCUMULATED-NII-CURRENT> 242,735
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 207,536
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (893,369)
<NET-ASSETS> 160,694,516
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,353,294
<OTHER-INCOME> 0
<EXPENSES-NET> 903,120
<NET-INVESTMENT-INCOME> 8,450,174
<REALIZED-GAINS-CURRENT> (650,445)
<APPREC-INCREASE-CURRENT> (4,201,977)
<NET-CHANGE-FROM-OPS> 3,597,752
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,175,364
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,272,737
<NUMBER-OF-SHARES-REDEEMED> 2,305,243
<SHARES-REINVESTED> 973,051
<NET-CHANGE-IN-ASSETS> 46,082,094
<ACCUMULATED-NII-PRIOR> 1,552,790
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1,077,489
<GROSS-ADVISORY-FEES> 718,488
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 903,120
<AVERAGE-NET-ASSETS> 143,700,290
<PER-SHARE-NAV-BEGIN> 10.53
<PER-SHARE-NII> 0.50
<PER-SHARE-GAIN-APPREC> 0.36
<PER-SHARE-DIVIDEND> 0.52
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.15
<EXPENSE-RATIO> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> American Odyssey Intermediate-Term Bond Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 90,894,771
<INVESTMENTS-AT-VALUE> 90,696,685
<RECEIVABLES> 831,865
<ASSETS-OTHER> 6,776
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 91,535,326
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,150,252
<TOTAL-LIABILITIES> 5,150,252
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85,941,589
<SHARES-COMMON-STOCK> 8,470,117
<SHARES-COMMON-PRIOR> 7,081,020
<ACCUMULATED-NII-CURRENT> 165,695
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 475,876
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (198,086)
<NET-ASSETS> 86,385,074
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,693,888
<OTHER-INCOME> 0
<EXPENSES-NET> 582,585
<NET-INVESTMENT-INCOME> 5,111,303
<REALIZED-GAINS-CURRENT> 488,591
<APPREC-INCREASE-CURRENT> (1,945,622)
<NET-CHANGE-FROM-OPS> 3,654,272
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,980,334
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,298,559
<NUMBER-OF-SHARES-REDEEMED> 2,367,065
<SHARES-REINVESTED> 457,603
<NET-CHANGE-IN-ASSETS> 12,904,592
<ACCUMULATED-NII-PRIOR> 2,125
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 370,385
<GROSS-ADVISORY-FEES> 442,594
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 582,585
<AVERAGE-NET-ASSETS> 88,518,834
<PER-SHARE-NAV-BEGIN> 10.38
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> 0.20
<PER-SHARE-DIVIDEND> 0.59
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.20
<EXPENSE-RATIO> 0.66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from American Odyssey Funds, Inc.
form N-SAR for the period ended December 31, 1996
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> American Odyssey Short-Term Bond Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 49,684,540
<INVESTMENTS-AT-VALUE> 49,595,185
<RECEIVABLES> 926,905
<ASSETS-OTHER> 6,853
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 50,528,943
<PAYABLE-FOR-SECURITIES> 7,907
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,848,120
<TOTAL-LIABILITIES> 1,856,027
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,820,342
<SHARES-COMMON-STOCK> 4,754,313
<SHARES-COMMON-PRIOR> 2,530,211
<ACCUMULATED-NII-CURRENT> 45,487
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 103,597
<ACCUM-APPREC-OR-DEPREC> (89,316)
<NET-ASSETS> 48,672,916
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,009,975
<OTHER-INCOME> 0
<EXPENSES-NET> 242,270
<NET-INVESTMENT-INCOME> 1,767,705
<REALIZED-GAINS-CURRENT> 75,014
<APPREC-INCREASE-CURRENT> (585,095)
<NET-CHANGE-FROM-OPS> 1,257,624
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,745,696
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,826,896
<NUMBER-OF-SHARES-REDEEMED> 729,123
<SHARES-REINVESTED> 126,329
<NET-CHANGE-IN-ASSETS> 22,817,603
<ACCUMULATED-NII-PRIOR> 18,374
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 213,064
<GROSS-ADVISORY-FEES> 161,395
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 220,972
<AVERAGE-NET-ASSETS> 32,279,024
<PER-SHARE-NAV-BEGIN> 10.22
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> 0.02
<PER-SHARE-DIVIDEND> 0.37
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.24
<EXPENSE-RATIO> 0.68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To The Shareholders and
Board of Directors of the
American Odyssey Funds, Inc.:
In planning and performing our audit of the financial statements and financial
highlights of American Odyssey Funds, Inc., comprising, respectively, the
International Equity Fund, Emerging Opportunities Fund, Core Equity Fund,
Long-Term Bond Fund, Intermediate-Term Bond Fund, and Short-Term Bond Fund, for
the year ended December 31, 1996 we considered its internal control structure,
including procedures 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 the internal control structure.
The management of American Odyssey Funds, Inc. is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with general accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure 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 operations may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements 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 the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above as of December 31, 1996.
<PAGE>
This report is intended solely for the information and use of management of
American Odyssey Funds, Inc. and the Securities and Exchange Commission.
/S/ Coopers & Lybrand L.L.P.
Boston, Massachusetts
February 12, 1997
