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<PAGE> PAGE 11
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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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008 A000501 AMERICAN ODYSSEY FUNDS MANAGEMENT, INC.
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008 A000502 TRAVELERS ASSET MANAGEMENT INTERNATIONAL CORP
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015 A000501 INVESTORS BANK & TRUST COMPANY
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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070 E020500 N
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070 G020500 N
070 H010500 N
070 H020500 N
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070 I020500 N
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070 J020500 Y
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<PAGE> PAGE 26
070 O010500 Y
070 O020500 N
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<PAGE> PAGE 27
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008 A000601 AMERICAN ODYSSEY FUNDS MANAGEMENT, INC.
008 B000601 A
008 C000601 801-43443
008 D010601 EAST BRUNSWICK
008 D020601 NJ
008 D030601 08816
008 D040601 1063
008 A000602 CREDIT SUISSE ASSET MANAGEMENT
008 B000602 S
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008 D010602 NEW YORK
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008 D030602 10017
015 A000601 INVESTORS BANK & TRUST COMPANY
015 B000601 C
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015 C030601 02117
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<PAGE> PAGE 28
028 A010600 858
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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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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, 1998
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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 224,993,418
<INVESTMENTS-AT-VALUE> 291,724,439
<RECEIVABLES> 15,409,371
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<TOTAL-ASSETS> 307,133,810
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<OTHER-ITEMS-LIABILITIES> 7,062,069
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<SHARES-COMMON-STOCK> 17,809,092
<SHARES-COMMON-PRIOR> 15,277,557
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 6,253,851
<ACCUM-APPREC-OR-DEPREC> 65,739,364
<NET-ASSETS> 300,071,741
<DIVIDEND-INCOME> 4,790,889
<INTEREST-INCOME> 588,701
<OTHER-INCOME> 0
<EXPENSES-NET> 1,981,182
<NET-INVESTMENT-INCOME> 3,398,408
<REALIZED-GAINS-CURRENT> (8,298,571)
<APPREC-INCREASE-CURRENT> 41,865,674
<NET-CHANGE-FROM-OPS> 36,965,511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,154,657
<DISTRIBUTIONS-OF-GAINS> 10,221,210
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,695,337
<NUMBER-OF-SHARES-REDEEMED> 1,082,312
<SHARES-REINVESTED> 918,510
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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, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> American Odyssey Emerging Opportunities Fu
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 268,309,911
<INVESTMENTS-AT-VALUE> 256,392,094
<RECEIVABLES> 23,546,446
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<TOTAL-ASSETS> 279,938,540
<PAYABLE-FOR-SECURITIES> 5,764,292
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<OTHER-ITEMS-LIABILITIES> 5,844,443
<TOTAL-LIABILITIES> 11,608,735
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 256,661,715
<SHARES-COMMON-STOCK> 20,493,456
<SHARES-COMMON-PRIOR> 18,071,430
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 23,585,907
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (11,917,817)
<NET-ASSETS> 268,329,805
<DIVIDEND-INCOME> 898,120
<INTEREST-INCOME> 761,627
<OTHER-INCOME> 0
<EXPENSES-NET> 2,218,875
<NET-INVESTMENT-INCOME> (559,128)
<REALIZED-GAINS-CURRENT> 24,973,514
<APPREC-INCREASE-CURRENT> (45,105,846)
<NET-CHANGE-FROM-OPS> (20,691,460)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,809,758
<NUMBER-OF-SHARES-REDEEMED> (1,387,732)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,443,377
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1,398,982
<GROSS-ADVISORY-FEES> 1,891,669
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,260,596
<AVERAGE-NET-ASSETS> 259,342,651
<PER-SHARE-NAV-BEGIN> 14.33
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> (1.24)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.09
<EXPENSE-RATIO> 0.86
<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, 1998
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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 364,025,648
<INVESTMENTS-AT-VALUE> 468,287,513
<RECEIVABLES> 18,727,176
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 487,014,689
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,601,427
<TOTAL-LIABILITIES> 14,601,427
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 297,899,740
<SHARES-COMMON-STOCK> 22,953,325
<SHARES-COMMON-PRIOR> 20,812,710
<ACCUMULATED-NII-CURRENT> 6,077,406
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 64,714,251
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 104,261,865
<NET-ASSETS> 472,953,262
<DIVIDEND-INCOME> 8,429,033
<INTEREST-INCOME> 443,868
<OTHER-INCOME> 0
<EXPENSES-NET> 2,795,491
<NET-INVESTMENT-INCOME> 6,077,410
<REALIZED-GAINS-CURRENT> 64,714,251
<APPREC-INCREASE-CURRENT> (4,421,205)
<NET-CHANGE-FROM-OPS> 66,370,456
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 40,202
<DISTRIBUTIONS-OF-GAINS> 48,900,936
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,836,416
<NUMBER-OF-SHARES-REDEEMED> 3,083,174
<SHARES-REINVESTED> 2,387,373
<NET-CHANGE-IN-ASSETS> 58,255,167
<ACCUMULATED-NII-PRIOR> 40,198
<ACCUMULATED-GAINS-PRIOR> 48,900,936
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,553,003
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,943,738
<AVERAGE-NET-ASSETS> 454,751,066
<PER-SHARE-NAV-BEGIN> 19.93
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 2.82
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 2.40
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.61
<EXPENSE-RATIO> 0.61
<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, 1998
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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 245,410,524
<INVESTMENTS-AT-VALUE> 249,947,519
<RECEIVABLES> 8,310,510
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 258,258,029
<PAYABLE-FOR-SECURITIES> 12,382
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,880,831
<TOTAL-LIABILITIES> 3,893,213
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 228,398,625
<SHARES-COMMON-STOCK> 22,145,289
<SHARES-COMMON-PRIOR> 20,383,564
<ACCUMULATED-NII-CURRENT> 14,565,934
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,256,299
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,143,958
<NET-ASSETS> 254,364,816
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,728,848
<OTHER-INCOME> 0
<EXPENSES-NET> 1,436,423
<NET-INVESTMENT-INCOME> 14,292,425
<REALIZED-GAINS-CURRENT> 7,398,857
<APPREC-INCREASE-CURRENT> (853,133)
<NET-CHANGE-FROM-OPS> 20,838,149
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 114,595
<DISTRIBUTIONS-OF-GAINS> 4,441,593
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,806,155
<NUMBER-OF-SHARES-REDEEMED> 1,459,383
<SHARES-REINVESTED> 414,953
<NET-CHANGE-IN-ASSETS> 35,510,465
<ACCUMULATED-NII-PRIOR> 114,594
<ACCUMULATED-GAINS-PRIOR> 4,572,544
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,197,713
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,436,423
<AVERAGE-NET-ASSETS> 239,708,090
<PER-SHARE-NAV-BEGIN> 10.74
<PER-SHARE-NII> 0.66
<PER-SHARE-GAIN-APPREC> 0.31
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0.21
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.49
<EXPENSE-RATIO> 0.60
<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, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> American Odyssey Intermediate-Term Bond Fu
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 126,757,234
<INVESTMENTS-AT-VALUE> 126,735,577
<RECEIVABLES> 1,256,816
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 127,992,393
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,633,870
<TOTAL-LIABILITIES> 1,633,870
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 116,054,768
<SHARES-COMMON-STOCK> 11,356,645
<SHARES-COMMON-PRIOR> 10,531,347
<ACCUMULATED-NII-CURRENT> 6,579,802
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,745,610
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (21,657)
<NET-ASSETS> 126,358,523
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,314,817
<OTHER-INCOME> 0
<EXPENSES-NET> 719,559
<NET-INVESTMENT-INCOME> 6,595,258
<REALIZED-GAINS-CURRENT> 3,745,609
<APPREC-INCREASE-CURRENT> (608,893)
<NET-CHANGE-FROM-OPS> 9,731,974
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 37,668
<DISTRIBUTIONS-OF-GAINS> 542,497
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,650,973
<NUMBER-OF-SHARES-REDEEMED> 880,304
<SHARES-REINVESTED> 54,629
<NET-CHANGE-IN-ASSETS> 17,762,889
<ACCUMULATED-NII-PRIOR> 37,666
<ACCUMULATED-GAINS-PRIOR> 516,170
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 589,370
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 719,559
<AVERAGE-NET-ASSETS> 119,808,234
<PER-SHARE-NAV-BEGIN> 10.31
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.05
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.13
<EXPENSE-RATIO> 0.60
<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, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> American Odyssey Global High-Yield Bond Fu
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 82,763,579
<INVESTMENTS-AT-VALUE> 78,679,305
<RECEIVABLES> 3,871,896
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 82,551,201
<PAYABLE-FOR-SECURITIES> 452,554
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 90,575
<TOTAL-LIABILITIES> 543,129
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85,767,886
<SHARES-COMMON-STOCK> 8,265,528
<SHARES-COMMON-PRIOR> 5,704,494
<ACCUMULATED-NII-CURRENT> 5,442,468
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 5,117,260
<ACCUM-APPREC-OR-DEPREC> (4,085,022)
<NET-ASSETS> 82,008,072
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,012,433
<OTHER-INCOME> 0
<EXPENSES-NET> 563,036
<NET-INVESTMENT-INCOME> 5,449,397
<REALIZED-GAINS-CURRENT> (4,430,589)
<APPREC-INCREASE-CURRENT> (4,468,929)
<NET-CHANGE-FROM-OPS> (3,450,121)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 20,259
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,964,963
<NUMBER-OF-SHARES-REDEEMED> 405,854
<SHARES-REINVESTED> 1,925
<NET-CHANGE-IN-ASSETS> 23,187,526
<ACCUMULATED-NII-PRIOR> 21,955
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 250,923
<GROSS-ADVISORY-FEES> 451,932
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 563,036
<AVERAGE-NET-ASSETS> 72,088,293
<PER-SHARE-NAV-BEGIN> 10.31
<PER-SHARE-NII> 0.66
<PER-SHARE-GAIN-APPREC> (1.05)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.92
<EXPENSE-RATIO> 0.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
To the Shareholders and
Board of Directors of
American Odyssey Funds, Inc.:
In planning and performing our audits of the financial statements and financial
highlights of the American Odyssey Funds, Inc., comprising, respectively, the
Global High-Yield Bond Fund (formerly the Short-Term Bond Fund), International
Equity Fund, Emerging Opportunities Fund, Core Equity Fund, Long-Term Bond Fund
and Intermediate-Term Bond Fund, for the year ended December 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 the
internal control.
The management of American Odyssey Funds, Inc. is responsible for establishing
and maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and 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 the internal control would not necessarily disclose all
matters in the 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 errors or fraud in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1998.
This report is solely for the information and use of management, the Board of
Directors of American Odyssey Funds, Inc. and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 5, 1999
American Odyssey Funds, Inc.
Form: N-SAR December 31, 1998
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 1: Emerging Opportunities Fund, purchase of
Infinity Broadcasting Corp.
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom were the securities acquired.
Allen & Co. Allen & Co. was not an affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Emerging Opportunities Fund, managed by Chartwell Investment Partners, purchased
2,000 Shares of Infinity Broadcasting Corp., a company in continuous operation
for 3+ years, in an initial public offering at the offering price of $20.50 per
unit on December 9, 1998. The underwriting selling concession was 0.50. The
percentage of the offering purchased by the Emerging Opportunities Fund was
0.0015% of the total offering. The security purchased was part of an issue
registered with the Securities and Exchange Commission and was part of a firm
commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made. .
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled fourth quarter 1998 meeting as well as
information supporting the reasonableness of the selling concession paid to
certify that the purchase was made in compliance with the Board adopted rule
10f-3 procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR December 31, 1998
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 2: Long-Term Bond Fund, purchase of Joseph Seagram & Sons, 7.60%,
due 12/15/28.
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom were the securities acquired.
Goldman Sachs. Goldman Sachs was not an affiliated underwriter
of the Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Long-Term Bond Fund, managed by Western Asset Management, purchased $4,260,000
principal face of Joseph Seagram & Sons, a company in continuous operation for
3+ years, in an initial public offering at the offering price of $99.801 per
unit on December 11, 1998. The underwriting spread paid was 0.70%. The
percentage of the offering purchased by the Long-Term Bond Fund was 0.12% of the
total offering. The security purchased was part of an issue registered with the
Securities and Exchange Commission and was part of a firm commitment
underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled fourth quarter 1998 meeting as well as
information supporting the reasonableness of the 0.70% spread paid to certify
that the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR December 31, 1998
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 3: Intermediate-Term Bond Fund, purchase of Associates Corp. of
NA, 6.25%, due 11/01/08
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom were the securities acquired.
Warburg Dillon Reed. Warburg Dillon Reed was not an
affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Intermediate-Term Bond Fund, managed by Travelers Asset Management
International, purchased $4,800,000 principal face of Associates Corp. of NA, a
company in continuous operation for 3+ years, in an initial public offering at
the offering price of $99.735 per unit on October 27, 1998. The underwriting
spread paid was 0.45%. The percentage of the offering purchased by the
Intermediate-Term Bond Fund was 0.32% of the total offering. The security
purchased was part of an issue registered with the Securities and Exchange
Commission and was part of a firm commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled fourth quarter 1998 meeting as well as
information supporting the reasonableness of the 0.45% spread paid to certify
that the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR December 31, 1998
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 4: Intermediate-Term Bond Fund, purchase of Raytheon Corp.,
6.15%, due 11/1/08
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom were the securities acquired.
CS First Boston. CS First Boston was not an affiliated underwriter of
the Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Intermediate-Term Bond Fund, managed by Travelers Asset Management
International, purchased $4,800,000 principal face of Raytheon Corp., a company
in continuous operation for 3+ years, in an initial public offering at the
offering price of $99.736 per unit on November 1, 1998. The underwriting spread
paid was 0.65%. The percentage of the offering purchased by the
Intermediate-Term Bond Fund was 0.64% of the total offering. The security
purchased was part of an issue registered with the Securities and Exchange
Commission and was part of a firm commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled fourth quarter 1998 meeting as well as
information supporting the reasonableness of the 0.65% spread paid to certify
that the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR December 31, 1998
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 5: Intermediate-Term Bond Fund, purchase of Toyota Motor,
5.625%, due 11/13/03
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom were the securities acquired.
Warburg Dillon Reed. Warburg Dillon Reed was not an
affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Intermediate-Term Bond Fund, managed by Travelers Asset Management
International, purchased $3,000,000 principal face of Toyota Motor, a company in
continuous operation for 3+ years, in an initial public offering at the offering
price of $99.837 per unit on November 9, 1998. The underwriting spread paid was
0.30%. The percentage of the offering purchased by the Intermediate-Term Bond
Fund was 0.30% of the total offering. The security purchased was part of an
issue registered with the Securities and Exchange Commission and was part of a
firm commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled fourth quarter 1998 meeting as well as
information supporting the reasonableness of the 0.30% spread paid to certify
that the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR December 31, 1998
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 6: Intermediate-Term Bond Fund, purchase of Household Finance,
6.50%, due 11/15/08
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom were the securities acquired.
Morgan Stanley. Morgan Stanley was not an affiliated
underwriter of the Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Intermediate-Term Bond Fund, managed by Travelers Asset Management
International, purchased $4,000,000 principal face of Household Finance, a
company in continuous operation for 3+ years, in an initial public offering at
the offering price of $99.790 per unit on November 9, 1998. The underwriting
spread paid was 0.45%. The percentage of the offering purchased by the
Intermediate-Term Bond Fund was 0.40% of the total offering. The security
purchased was part of an issue registered with the Securities and Exchange
Commission and was part of a firm commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled fourth quarter 1998 meeting as well as
information supporting the reasonableness of the 0.45% spread paid to certify
that the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR December 31, 1998
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 7: Intermediate-Term Bond Fund, purchase of Petro GeoServices,
6.25%, due 11/19/03
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom were the securities acquired.
Merrill Lynch. Merrill Lynch was not an affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Intermediate-Term Bond Fund, managed by Travelers Asset Management
International, purchased $5,600,000 principal face of Petro GeoServices, a
company in continuous operation for 3+ years, in an initial public offering at
the offering price of $99.560 per unit on November 12, 1998. The underwriting
spread paid was 0.60%. The percentage of the offering purchased by the
Intermediate-Term Bond Fund was 2.24% of the total offering. The security
purchased was part of an issue registered with the Securities and Exchange
Commission and was part of a firm commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled fourth quarter 1998 meeting as well as
information supporting the reasonableness of the 0.60% spread paid to certify
that the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR December 31, 1998
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 8: Intermediate-Term Bond Fund, purchase of Sprint Capital Corp.,
6.125% due 11/15/08
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom were the securities acquired.
CS First Boston. CS First Boston was not an affiliated underwriter of
the Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Intermediate-Term Bond Fund, managed by Travelers Asset Management
International, purchased $6,000,000 principal face of Sprint Capital Corp., a
company in continuous operation for 3+ years, in an initial public offering at
the offering price of $99.927 per unit on November 10, 1998. The underwriting
spread paid was 0.65%. The percentage of the offering purchased by the
Intermediate-Term Bond Fund was 0.40% of the total offering. The security
purchased was part of an issue registered with the Securities and Exchange
Commission and was part of a firm commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled fourth quarter 1998 meeting as well as
information supporting the reasonableness of the 0.65% spread paid to certify
that the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR December 31, 1998
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 9: Intermediate-Term Bond Fund, purchase of Bayerische Landesbank,
5.875%, due 12/01/08
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom were the securities acquired.
Merrill Lynch. Merrill Lynch was not an affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Intermediate-Term Bond Fund, managed by Travelers Asset Management
International, purchased $6,000,000 principal face of Bayerische Landesbank, a
company in continuous operation for 3+ years, in an initial public offering at
the offering price of $99.917 per unit on November 19, 1998. The underwriting
spread paid was 0.65%. The percentage of the offering purchased by the
Intermediate-Term Bond Fund was 2.40% of the total offering. The security
purchased was part of an issue registered with the Securities and Exchange
Commission and was part of a firm commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled fourth quarter 1998 meeting as well as
information supporting the reasonableness of the 0.65% spread paid to certify
that the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR December 31, 1998
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 10: Intermediate-Term Bond Fund, purchase of Monsanto Company,
5.75%, due 12/01/05
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom were the securities acquired.
Goldman Sachs. Goldman Sachs was not an affiliated underwriter of the Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Intermediate-Term Bond Fund, managed by Travelers Asset Management
International, purchased $5,600,000 principal face of Monsanto Company, a
company in continuous operation for 3+ years, in an initial public offering at
the offering price of $99.735 per unit on December 04, 1998. The underwriting
spread paid was 0.625%. The percentage of the offering purchased by the
Intermediate-Term Bond Fund was 0.93% of the total offering. The security
purchased was part of an issue registered with the Securities and Exchange
Commission and was part of a firm commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled fourth quarter 1998 meeting as well as
information supporting the reasonableness of the 0.625% spread paid to certify
that the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
<PAGE>
American Odyssey Funds, Inc.
Form: N-SAR December 31, 1998
Attachment - Item 77O
Transactions effected pursuant to Rule 10f-3
Transaction # 11: Intermediate-Term Bond Fund, purchase of Raytheon Co., 6.00%,
due 12/15/10
If any such transactions were effected during the reporting period, the
following information should be furnished:
1. From whom were the securities acquired.
CS First Boston. CS First Boston was not an affiliated underwriter of the
Fund.
2. Identify the underwriting syndicate's members.
Salomon Smith Barney was the affiliated underwriter of the Fund and the
syndicate included various other underwriters.
3. Terms of the transaction.
Intermediate-Term Bond Fund, managed by Travelers Asset Management
International, purchased $6,000,000 principal face of Raytheon Co., a company in
continuous operation for 3+ years, in an initial public offering at the offering
price of $100.000 per unit on December 9, 1998. The underwriting spread paid was
0.65%. The percentage of the offering purchased by the Intermediate-Term Bond
Fund was 2.40% of the total offering. The security purchased was part of an
issue registered with the Securities and Exchange Commission and was part of a
firm commitment underwriting.
4. Information or materials upon which the determination described in paragraph
(h)(3) of the rule 10f-3 was made.
The information described in item 1 through 3 above was provided to the Board of
Directors at its regularly scheduled fourth quarter 1998 meeting as well as
information supporting the reasonableness of the 0.65% spread paid to certify
that the purchase was made in compliance with the Board adopted rule 10f-3
procedures.
