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KeyBank Multiple Investment Trust for Employee Benefit Trusts KeyBank National Association Annual Report December 31, 2010

TABLE OF CONTENTSKEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTSKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

PageREPORT OF INDEPENDENT AUDITORS............................................................................................. 1

EB CONVERTIBLE SECURITIES FUND

Audited Financial Statements Statement of Net Assets................................................................................…….. 2 Statement of Operations................................................................................................... 3 Statements of Changes in Net Assets............................................................................... 4 Schedule of Investments Held.......................................................................................... 5

Supplementary Information Investments Purchased..................................................................................................... 9 Investments Sold or Matured........................................................................................... 10 Other Investment Changes............................................................................................... 11

EB DIVERSIFIED STOCK FUND

Audited Financial Statements Statement of Net Assets................................................................................................... 12 Statement of Operations................................................................................................... 13 Statements of Changes in Net Assets............................................................................... 14 Schedule of Investments Held.......................................................................................... 15

Supplementary Information Investments Purchased..................................................................................................... 18 Investments Sold or Matured........................................................................................... 19 Other Investment Change................................................................................................. 20

EB EQUITY INDEX FUND


Supplementary Information Investments Purchased..................................................................................................... 38 Investments Sold or Matured........................................................................................... 39 Investments In-Kind......................................................................................................... 40 Other Investment Changes............................................................................................... 41

TABLE OF CONTENTS--continuedKEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTSKEYBANK NATIONAL ASSOCIATION

PageEB FIXED INCOME FUND


Supplementary Information Investments Purchased..................................................................................................... 53 Investments Sold or Matured........................................................................................... 54 Investments Contributed In-Kind..................................................................................... 55

EB INTERNATIONAL SMALL AND MID CAP FUND



EB INTERNATIONAL SMALL CAP FUND



EB MID CAP CORE FUNDAudited Financial Statements Statement of Net Assets................................................................................................... 78 Statement of Operations................................................................................................... 79 Statements of Changes in Net Assets............................................................................... 80 Schedule of Investments Held.......................................................................................... 81


TABLE OF CONTENTS--continuedKEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTSKEYBANK NATIONAL ASSOCIATION

Page

EB MONEY MARKET FUND

Audited Financial Statements Statement of Net Assets................................................................................................... 88 Statements of Operations and Changes in Net Assets...................................................... 89 Schedule of Investments Held.......................................................................................... 90

Supplementary Information Investments Purchased..................................................................................................... 93 Investments Sold or Matured........................................................................................... 94

EB SMALL CAP VALUE FUND



EB VALUE EQUITY FUND


Supplementary Information Investments Purchased..................................................................................................... 113 Investments Sold or Matured........................................................................................... 114 Other Investment Change................................................................................................. 115

NOTES TO FINANCIAL STATEMENTS................................................................................................ 116

1

Report of Independent Auditors

Board of Directors and Participants KeyBank National Association We have audited the accompanying statements of net assets of the EB Convertible Securities Fund, EB Diversified Stock Fund, EB Equity Index Fund, EB Fixed Income Fund, EB International Small and Mid Cap Fund, EB International Small Cap Fund, EB Mid Cap Core Fund, EB Money Market Fund, EB Small Cap Value Fund, and the EB Value Equity Fund of KeyBank National Association (the “Funds”), including the schedules of investments held, as of December 31, 2010, and the related statements of operations for the year then ended and statements of changes in net assets for the years ended December 31, 2010 and 2009. These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the EB Convertible Securities Fund, EB Diversified Stock Fund, EB Equity Index Fund, EB Fixed Income Fund, EB International Small and Mid Cap Fund, EB International Small Cap Fund, EB Mid Cap Core Fund, EB Money Market Fund, EB Small Cap Value Fund, and the EB Value Equity Fund of KeyBank National Association at December 31, 2010, and the results of their operations for the year then ended and changes in their net assets for the years indicated in conformity with U.S. generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying schedules of investments purchased, investments sold or matured, summary of in-kind contributions, and other investment change(s) are presented for purposes of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by Regulation 9 of the Comptroller of the Currency. Such information has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

ey

March 31, 2011

A member firm of Ernst & Young Global Limited

Ernst & Young LLP Suite 1300 925 Euclid Avenue Cleveland, OH 44115-1476 Tel: +1 216 861 5000 Fax: +1 216 583 2271 www.ey.com

STATEMENT OF NET ASSETSEB CONVERTIBLE SECURITIES FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010

FairCost Value

ASSETSInvestments: Convertible preferred stock(s) $11,256,298 $12,565,218 Convertible bond(s) 42,934,697 48,953,182 Short-term investment(s) 2,775,902 2,758,756

$56,966,897 64,277,156

Accrued income receivable 515,939Receivable from investments sold 331,098

TOTAL ASSETS 65,124,193

LIABILITIESPayable for investments purchased 136,651Accrued expenses 522

TOTAL LIABILITIES 137,173

NET ASSETS (equivalent to $97.77per unit based on 664,726 units) $64,987,020

See notes to financial statements.

2

STATEMENT OF OPERATIONSEB CONVERTIBLE SECURITIES FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

NET INVESTMENT INCOMECommon stock dividends $10,062Convertible preferred stock dividends 694,594Convertible bond interest 838,712Short-term investment interest* 5,016Securities lending income 33,066

1,581,450Less audit expense (7,000)Less administrative expenses (5,548)

NET INVESTMENT INCOME $1,568,902

NET REALIZED GAIN AND UNREALIZED APPRECIATION ON INVESTMENTS

Net realized gain from investment transactions: Proceeds from investments sold or matured $59,260,845 Cost of investments sold or matured 56,630,295

Net realized gain $2,630,550

Unrealized appreciation on investments: Beginning of year 5,732,866 End of year 7,310,259

Unrealized appreciation during the year 1,577,393

NET REALIZED GAIN AND UNREALIZEDAPPRECIATION ON INVESTMENTS $4,207,943

*Represents income from KeyBank collective investment fund(s).


3

STATEMENTS OF CHANGES IN NET ASSETSEB CONVERTIBLE SECURITIES FUNDKEYBANK NATIONAL ASSOCIATION

Year Ended December 312010 2009

FROM INVESTMENT ACTIVITIESNet investment income $1,568,902 $2,556,189Net realized gain (loss) from investment transactions 2,630,550 (4,209,140)Unrealized appreciation on investments 1,577,393 20,837,606

INCREASE IN NET ASSETS DERIVEDFROM INVESTMENT ACTIVITIES 5,776,845 19,184,655

FROM PARTICIPANT TRANSACTIONSProceeds from sale of units (2010--91,064 units; 2009--12,791 units) 8,497,615 954,210Cost of units redeemed (2010--301,346 units; 2009--241,246 units) (26,256,562) (18,609,304)

DECREASE IN NET ASSETS DERIVEDFROM PARTICIPANT TRANSACTIONS (17,758,947) (17,655,094)

(DECREASE) INCREASE IN NET ASSETS (11,982,102) 1,529,561

NET ASSETSBeginning of year (2010--875,008 units; 2009--1,103,463 units) 76,969,122 75,439,561End of year (2010--664,726 units; 2009--875,008 units) $64,987,020 $76,969,122


4

SCHEDULE OF INVESTMENTS HELDEB CONVERTIBLE SECURITIES FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010

FairShares Cost Value

CONVERTIBLE PREFERRED STOCK(S) (19.33%) of net assets)

CONSUMER CYCLICALS (3.03%)30,100 Newell Financial Trust $1,326,918 $1,264,200

6,470 Stanley Black & Decker, Inc. 669,512 702,254TOTAL CONSUMER CYCLICALS 1,996,430 1,966,454

CONSUMER STAPLES (3.10%)52,000 Archer-Daniels-Midland Co. 1,901,699 2,019,160

ENERGY (2.57%)15,600 Apache Corp. 903,511 1,033,65612,795 NextEra Energy, Inc. 624,202 633,353

TOTAL ENERGY 1,527,713 1,667,009

FINANCIAL (10.63%)11,370 Aspen Insurance Holdings, Ltd. 573,781 624,55429,500 NY Community Capital Trust* 1,459,100 1,576,77511,405 Reinsurance Group of America, Inc. 707,809 800,28922,900 Sovereign Capital Trust IV * 1,056,626 950,350

2,959 Wells Fargo & Co. 2,033,140 2,960,627TOTAL FINANCIAL 5,830,456 6,912,595

TOTAL CONVERTIBLE PREFERRED STOCK(S) 11,256,298 12,565,218

Par ValueCONVERTIBLE BOND(S) (75.33%) of net assets)

BASIC INDUSTRY (9.14%)$745,000 Alcoa, Inc. 5.25% 03/15/14 1,254,173 1,842,944

615,000 Allegheny Technologies, Inc. 4.25% 06/01/14 692,747 927,881297,000 CSX Corp. 0.00% 10/30/21 * 345,689 697,032

95,000 Newmont Mining Corp. 3.00% 02/15/12 97,200 132,1691,096,000 Newmont Mining Corp. 1.625% 07/15/17 1,207,257 1,593,310

260,000 Owens-Brockway Glass Container, Inc. 3.00% 06/01/15 256,613 261,625400,000 Rayonier TRS Holdings, Inc. 4.50% 08/15/15 474,506 484,500

TOTAL BASIC INDUSTRY 4,328,185 5,939,461

CAPITAL GOODS (9.18%)835,000 Danaher Corp. 0.00% 01/22/21 736,435 1,110,905471,000 Fluor Corp. 1.50% 02/15/24 497,701 1,120,980350,000 Ingersoll Rand Global Holdings Co. 4.50% 04/15/12 524,653 928,375625,000 Textron, Inc. 4.50% 05/01/13 965,253 1,187,500

1,750,000 3M Co. 0.00% 11/21/32 1,481,965 1,618,750TOTAL CAPITAL GOODS 4,206,007 5,966,510

5

SCHEDULE OF INVESTMENTS HELD--continuedEB CONVERTIBLE SECURITIES FUNDKEYBANK NATIONAL ASSOCIATION

FairPar Value Cost Value

CONVERTIBLE BOND(S)--continued

CONSUMER CYCLICALS (6.91%)965,000 Best Buy Co., Inc. 2.25% 01/15/22 * 1,055,648 1,021,694285,000 BorgWarner, Inc. 3.50% 04/15/12 403,141 637,331790,000 International Game Technology 3.25% 05/01/14 866,928 911,462365,000 Navistar International Corp. 3.00% 10/15/14 397,098 487,275725,000 Stanley Works Fl. Rt. 05/17/12 790,856 819,250255,000 Wyndham Worldwide Corp. 3.50% 05/01/12 511,664 614,550

TOTAL CONSUMER CYCLICALS 4,025,335 4,491,562

CONSUMER STAPLES (17.43%)910,000 Allergan, Inc. 1.50% 04/01/26 1,002,668 1,028,300

1,299,000 Alza Corp. 0.00% 07/28/20 808,310 889,0252,445,000 Amgen Inc 0.375% 02/01/13 2,425,208 2,445,000

425,000 Fisher Scientific International, Inc. 3.25% 03/01/24 520,517 593,406945,000 Invitrogen Corp. 1.50% 02/15/24 1,076,310 1,141,087

1,980,000 Medtronic, Inc. 1.625% 04/15/13 1,893,339 1,992,375615,000 Molson Coors Brewing Co. 2.50% 07/30/13 699,537 711,863

1,456,000 Teva Pharmaceutical Finance 0.25% 02/01/26 1,550,474 1,708,980740,000 Teva Pharmaceutical Finance Co. BV 1.75% 02/01/26 767,939 811,225

TOTAL CONSUMER STAPLES 10,744,302 11,321,261

ENERGY (6.47%)995,000 Cameron International Corp. 2.50% 06/15/26 1,199,635 1,445,237245,000 Dominion Resources, Inc. 2.125% 12/15/23 * 272,549 298,594

2,515,000 Transocean Sedco Forex, Inc. 1.50% 12/15/37 2,514,624 2,461,000TOTAL ENERGY 3,986,808 4,204,831

FINANCIAL (12.97%)1,195,000 Affiliated Managers Group, Inc. 3.95% 08/15/38 1,057,820 1,323,462

810,000 Boston Properties LP 3.625% 02/15/14 819,931 861,638140,000 Boston Properties LP 2.875% 02/15/37 139,650 142,100880,000 ERP Operating LP 3.85% 08/15/26 906,103 924,000414,000 Health Care REIT, Inc. 4.75% 12/01/26 410,011 459,022635,000 Health Care REIT, Inc. 4.75% 07/15/27 669,418 702,469245,000 Janus Capital Group, Inc. 3.25% 07/15/14 297,294 290,325

1,075,000 Jefferies Group, Inc. 3.875% 11/01/29 1,087,416 1,127,406390,000 ProLogis 3.25% 03/15/15 394,441 431,925

1,580,000 ProLogis 2.25% 04/01/37 1,539,168 1,568,150540,000 Vornado Realty LP 3.875% 04/15/25 590,576 598,725

TOTAL FINANCIAL 7,911,828 8,429,222

TECHNOLOGY (13.23%)500,000 Electronic Data Systems Corp. 0.00% 10/10/21 425,000 398,200

2,075,000 EMC Corp. 1.75% 12/01/13 2,617,268 3,125,4691,935,000 Intel Corp. 2.95% 12/15/35 * 1,754,978 1,927,744

6



CONVERTIBLE BOND(S)--continued

TECHNOLOGY--continued345,000 Intel Corp. 3.25% 08/01/39 362,126 413,569800,000 Microsoft Corp. 0.00% 06/15/13 814,541 861,697

1,035,000 Symantec Corp. 1.00% 06/15/13 1,106,882 1,176,019595,000 Xilinx, Inc. 2.625% 06/15/17 651,437 697,637

TOTAL TECHNOLOGY 7,732,232 8,600,335

TOTAL CONVERTIBLE BOND(S) 42,934,697 48,953,182

UnitsSHORT-TERM INVESTMENT(S) (4.25% of net assets)

2,758,756 EB Money Market Fund of KeyBank National Association 2,758,756 2,758,75617,146 Reserve Primary Fund 17,146 0

TOTAL SHORT-TERM INVESTMENT(S) 2,775,902 2,758,756

TOTAL INVESTMENTS HELD $56,966,897 $64,277,156

*Contingent payment debt instrument

7


Other InformationThe following is a summary of investments by fair value level based upon the inputs used to determine the fair valuesas of December 31, 2010. The inputs and methodology used for valuing securities may not be an indication of the riskassociated with investing in those securities. For more information on valuation inputs, and their impact oninvestments aggregated into the levels used in the table below, please refer to Note A, Investment Valuation, in the accompanying Notes to Financial Statements.

Investments Level 1 Level 2 Level 3 TotalCONVERTIBLE PREFERRED STOCK(S) $12,565,218 $ - $ - $12,565,218CONVERTIBLE BOND(S) - 48,953,182 - 48,953,182SHORT-TERM INVESTMENT(S) - 2,758,756 - 2,758,756

$12,565,218 $51,711,938 $0 $64,277,156

The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs wereused in determining value:

Investments Held as

Collateral for Loaned

SecuritiesMoney Market Total

Balance as of December 31, 2009 $543,286 $ - $543,286Realized gain (loss) (356,986) - (356,986)Change in unrealized appreciation (depreciation) 290,010 (17,146) 272,864Net purchases (sales) (476,310) 17,146 (459,164)Net transfers in (out) of Level 3 - - -Balance as of December 31, 2010 $0 $0 $0Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2010 $0 ($17,146) ($17,146)


8

SUPPLEMENTARY INFORMATIONINVESTMENTS PURCHASEDEB CONVERTIBLE SECURITIES FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Cost

Common stock(s) $50,325Preferred stock(s) 4,652,294Convertible bond(s) 15,920,753Short-term investment(s) 22,382,531

TOTAL INVESTMENTS PURCHASED $43,005,903

9

SUPPLEMENTARY INFORMATIONINVESTMENTS SOLD OR MATUREDEB CONVERTIBLE SECURITIES FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

NetProceeds Gain

Common stock(s) $3,155,651 $248,976Preferred stock(s) 6,873,757 816,383Convertible bond(s) 28,568,260 1,565,191Short-term investment(s) 20,663,177 0

TOTAL INVESTMENTS SOLD OR MATURED $59,260,845 $2,630,550

10

SUPPLEMENTARY INFORMATIONOTHER INVESTMENT CHANGESEB CONVERTIBLE SECURITIES FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

SharesCONVERSIONS

15,278 HASBRO, INC.Received on the conversion of Hasbro, Inc. 2.75% Cvt. Sr.

1,692 HCC INSURANCE HOLDINGS, INC.Received on the conversion of HCC Insurance Holdings, Inc. 1.30% Cvt. Sr.

18,688 MERCK & CO., INC.Received on the conversion of Merck & Co., Inc. 6.00% Cvt. Pfd.

52,870 NEWELL RUBBERMAID, INC.Received on the conversion of Newell Rubbermaid, Inc. 5.50% Cvt. Sr.

4,125 SCHLUMBERGER, LTD.Received on the conversion of Schlumberger, Ltd. 2.125% Cvt. Sr.

8,704 SIMON PROPERTY GROUP, INC.Received on the conversion of Simon Property Group, LP. 6.00% Cvt. Pfd.

11

STATEMENT OF NET ASSETSEB DIVERSIFIED STOCK FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010

FairCost Value

ASSETSInvestments: Common stock(s) $1,100,315,769 $1,258,056,164 Short-term investment(s) 14,357,409 14,357,409

$1,114,673,178 1,272,413,573

Accrued income receivable 1,678,467Receivable from investments sold 1,688,070Receivable for fund shares sold 108,390

TOTAL ASSETS 1,275,888,500

LIABILITIESPayable for investment purchased 847,012Payable for fund shares redeemed 268,183Accrued expenses 10,190

TOTAL LIABILITIES 1,125,385

NET ASSETS (equivalent to $16.48per unit based on 77,329,469 units) $1,274,763,115


12

STATEMENT OF OPERATIONSEB DIVERSIFIED STOCK FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

NET INVESTMENT INCOMECommon stock dividends $22,343,242Short-term investment interest* 90,410

22,433,652Less audit expense (7,000)Less administrative expenses (108,618)



Net realized gain from investment transactions: Proceeds from investments sold or matured $1,680,894,652 Cost of investments sold or matured 1,586,896,567







13

STATEMENTS OF CHANGES IN NET ASSETSEB DIVERSIFIED STOCK FUNDKEYBANK NATIONAL ASSOCIATION




FROM PARTICIPANT TRANSACTIONSProceeds from sale of units (2010--18,847,624 units; 2009--5,946,371 units) 271,576,651 73,085,880Increase in net assets from in-kind contribution (2010--0 units; 2009--5,372,558 units) 0 72,064,804Cost of units redeemed (2010--17,383,316 units; 2009--11,535,316 units) (252,408,614) (135,422,006)

INCREASE IN NET ASSETS DERIVEDFROM PARTICIPANT TRANSACTIONS 19,168,037 9,728,678

INCREASE IN NET ASSETS 175,086,401 246,338,832

NET ASSETSBeginning of year (2010--75,865,161 units; 1,099,676,714 853,337,882 2009--76,081,548 units)End of year (2010--77,329,469 units; 2009--75,865,161 units) $1,274,763,115 $1,099,676,714


14

SCHEDULE OF INVESTMENTS HELDEB DIVERSIFIED STOCK FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010


COMMON STOCK(S) (98.70% of net assets)

BASIC INDUSTRY (9.20%)722,000 International Paper Co. $18,666,625 $19,667,280183,868 Monsanto Co. 10,877,476 12,804,567685,363 Nucor Corp. 26,809,393 30,032,607

1,307,900 Southwest Airlines Co. 12,377,367 16,976,542521,031 United Parcel Service, Inc. 29,540,832 37,816,430


CAPITAL GOODS (11.94%)1,282,000 ABB, Ltd. 26,233,782 28,780,900

502,000 Boeing Co. 32,508,890 32,760,5201,832,095 General Electric Co. 30,807,632 33,509,018

357,000 Ingersoll Rand PLC 14,338,736 16,811,130242,400 PACCAR, Inc. 12,181,430 13,918,608362,000 Raytheon Co. 17,086,302 16,775,080260,000 Waste Management, Inc. 8,427,598 9,586,200

TOTAL CAPITAL GOODS 141,584,370 152,141,456

CONSUMER CYCLICALS (18.41%)1,275,000 Ford Motor Co. 13,869,981 21,407,250

99,000 Google, Inc. 51,906,356 58,803,03088,000 Iron Mountain, Inc. 2,158,574 2,200,880

835,000 Johnson Controls, Inc. 23,800,430 31,897,0001,605,419 Lowe's Cos., Inc. 35,239,767 40,263,909

523,000 Macy's, Inc. 12,015,155 13,231,9001,196,000 Staples, Inc. 26,668,654 27,232,920

496,541 Target Corp. 21,917,952 29,857,010519,143 Toll Brothers, Inc. 10,562,146 9,863,717


CONSUMER STAPLES (15.05%)321,000 Abbott Laboratories 15,958,919 15,379,110266,600 Anheuser-Busch InBev 15,039,120 15,220,194550,400 Dr Pepper Snapple Group, Inc. 20,408,875 19,352,064224,300 Johnson & Johnson 13,897,447 13,872,955825,938 Kraft Foods, Inc. 24,500,996 26,025,306450,400 Medtronic, Inc. 16,081,738 16,705,336724,288 Merck & Co., Inc. 25,578,964 26,103,339292,947 Nestle SA 14,139,282 17,231,143

2,395,500 Pfizer, Inc. 37,945,751 41,945,205 TOTAL CONSUMER STAPLES 183,551,092 191,834,652

15

SCHEDULE OF INVESTMENTS HELD--continuedEB DIVERSIFIED STOCK FUNDKEYBANK NATIONAL ASSOCIATION


COMMON STOCK(S) --continued

ENERGY/UTILITIES (13.50%)222,314 Anadarko Petroleum Corp. 9,578,112 16,931,434142,000 Ensco International PLC 5,962,574 7,579,960305,000 Exelon Corp. 12,721,666 12,700,200676,000 Exxon Mobil Corp. 45,597,846 49,429,120877,819 Halliburton Co. 24,675,129 35,841,350593,973 Schlumberger, Ltd. 37,311,766 49,596,745

TOTAL ENERGY/UTILITIES 135,847,093 172,078,809

FINANCIAL (13.33%)1,872,000 Charles Schwab Corp. 31,875,444 32,029,920

252,000 Chubb Corp. 12,724,279 15,029,280454,860 Invesco Ltd. 9,290,740 10,943,932860,000 J.P. Morgan Chase & Co. 34,302,108 36,481,200694,221 MetLife, Inc. 27,269,790 30,851,181976,000 Morgan Stanley 26,903,028 26,556,960322,670 Travelers Companies, Inc. 16,530,787 17,975,946

TOTAL FINANCIAL 158,896,176 169,868,419

TECHNOLOGY (17.27%)309,000 American Tower Corp., Class A 15,793,591 15,956,760414,000 Autodesk, Inc. 13,922,053 15,814,800

1,463,959 EMC Corp. 24,803,004 33,524,6611,318,213 Microsoft Corp. 36,298,774 36,804,5071,220,266 Oracle Corp. 27,080,639 38,194,326

630,663 Paychex, Inc. 18,087,199 19,493,793922,600 QUALCOMM, Inc. 34,959,914 45,659,474787,801 Western Union Co. 13,081,156 14,629,465


TOTAL COMMON STOCK(S) 1,100,315,769 1,258,056,164Units

SHORT-TERM INVESTMENT(S) (1.13% of net assets)14,357,409 EB Money Market Fund of KeyBank National Association 14,357,409 14,357,409

TOTAL INVESTMENTS HELD $1,114,673,178 $1,272,413,573

16

SCHEDULE OF INVESTMENTS HELD--continuedEB DIVERSIFIED STOCK FUNDKEYBANK NATIONAL ASSOCIATION


Investments Level 1 Level 2 Level 3 TotalCOMMON STOCK(S) $1,258,056,164 $ - $ - $1,258,056,164SHORT-TERM INVESTMENT(S) - 14,357,409 - 14,357,409

$1,258,056,164 $14,357,409 $ - $1,272,413,573


17

SUPPLEMENTARY INFORMATIONINVESTMENTS PURCHASEDEB DIVERSIFIED STOCK FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Cost

Common stock(s) $1,077,859,132Short-term investment(s) 643,176,890

TOTAL INVESTMENTS PURCHASED $1,721,036,022

18

SUPPLEMENTARY INFORMATIONINVESTMENTS SOLD OR MATUREDEB DIVERSIFIED STOCK FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

NetProceeds Gain

Common stock(s) $1,044,302,642 $93,998,085Short-term investment(s) 636,592,010 0

TOTAL INVESTMENTS SOLD OR MATURED $1,680,894,652 $93,998,085

19

SUPPLEMENTARY INFORMATIONOTHER INVESTMENT CHANGEEB DIVERSIFIED STOCK FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

SharesNON-TAXABLE SPINOFF

279,407 FRONTIER COMMUNICATIONS CORP.Received .24 share for every 1 share of Verizon Communications, Inc.

20

STATEMENT OF NET ASSETSEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010

FairCost Value

ASSETSInvestments: Common stock(s) $309,665,033 $363,087,901 Exchange traded fund(s) 19,875 22,389 Short-term investment(s) 4,646,762 4,621,043

$314,331,670 367,731,333

Cash collateral held by broker 337,500Receivable from investments sold 90,464Accrued income receivable 429,316


LIABILITIESOpen futures contracts variation margin 5,625Accrued expenses 2,950


NET ASSETS (equivalent to $103.99per unit based on 3,544,495 units) $368,580,038


21

STATEMENT OF OPERATIONSEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

NET INVESTMENT INCOMECommon stock dividends $7,121,728Exchange traded fund dividends 963Short-term investment interest* 15,725Securities lending income 128,429

7,266,845Less administrative expense (33,603)Less audit expense (7,000)



Net realized gain from investment transactions and futures: Proceeds from investments sold or matured $98,012,419 Cost of investments sold or matured 98,404,936

Net realized loss from investments sold or matured ($392,517)

Net realized gain from investments distributed in-kind 960,794

Net realized gain 568,277



NET REALIZED GAIN AND UNREALIZED APPRECIATION ON INVESTMENTS $41,077,867



22

STATEMENTS OF CHANGES IN NET ASSETSEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATION


FROM INVESTMENT ACTIVITIESNet investment income $7,226,242 $6,913,455Net realized gain (loss) from investment transactions and futures 568,277 (1,940,447)Unrealized appreciation on investments 40,509,590 67,184,922

INCREASE IN NET ASSETS DERIVEDFROM INVESTMENT AND FUTURES ACTIVITIES 48,304,109 72,157,930

FROM PARTICIPANT TRANSACTIONSProceeds from sale of units (2010--29,381 units; 2009--54,953 units) 2,637,447 4,618,834Increase in net assets from in-kind contribution (2010--569,788 units; 2009--0 units) 52,075,107 0Cost of units redeemed (2010--565,870 units; 2009--249,957 units) (51,796,553) (20,031,125)Decrease in net assets from in-kind distribution (2010--232,792 units; 2009--0 units) (21,413,375) 0



NET ASSETSBeginning of year (2010--3,743,988 units; 2009--3,938,992 units) 338,773,303 282,027,664End of year (2010--3,544,495 units; 2009--3,743,988 units) $368,580,038 $338,773,303


23

SCHEDULE OF INVESTMENTS HELDEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010



BASIC INDUSTRY (5.80%)3,497 A K Steel Holding Corp. $100,524 $57,2466,813 Air Products & Chemicals, Inc. 343,694 619,6422,379 Airgas, Inc. 115,273 148,592

32,476 Alcoa, Inc. 694,866 499,8063,135 Allegheny Technologies, Inc. 117,795 172,9893,433 Avery Dennison Corp. 167,699 145,3532,808 Ball Corp. 77,430 191,0843,440 Bemis Co. 83,314 112,3502,262 CF Industries Holdings, Inc. 234,093 305,7095,278 CH Robinson Worldwide, Inc. 260,867 423,2434,307 Cliffs Natural Resources, Inc. 199,211 335,9897,181 Consol Energy, Inc. 291,625 350,002

11,897 CSX Corp. 309,227 768,66536,904 Dow Chemical Co. 1,140,412 1,259,90329,025 EI Du Pont de Nemours & Co. 1,259,962 1,447,767

2,293 Eastman Chemical Co. 110,862 192,7957,381 Ecolab, Inc. 245,942 372,1506,752 Expeditors International Washington, Inc. 315,318 368,659

10,004 FedEx Corp. 625,169 930,4722,306 FMC Corp. 118,909 184,226

14,971 Freeport-McMoRan Copper & Gold, Inc. 801,222 1,797,86713,909 International Paper Co. 496,350 378,881

5,350 MeadWestvaco Corp. 145,316 139,95617,054 Monsanto Co. 424,438 1,187,64115,677 Newmont Mining Corp. 603,806 963,03811,553 Norfolk Southern Corp. 367,809 725,75910,038 Nucor Corp. 272,796 439,865

5,203 Owens-Illinois, Inc. 139,890 159,7325,138 Plum Creek Timber Co., Inc. 164,267 192,4185,183 PPG Industries, Inc. 293,011 435,7359,741 Praxair, Inc. 390,395 929,9731,645 Ryder System, Inc. 54,583 86,5935,077 Sealed Air Corp. 111,113 129,2103,857 Sigma-Aldrich Corp. 108,371 256,722

23,754 Southwest Airlines Co. 329,418 308,3272,864 Titanium Metals Corp. 74,361 49,204

15,679 Union Pacific Corp. 591,334 1,452,81631,443 United Parcel Service, Inc. 2,099,535 2,282,133

4,566 United States Steel Corp. 166,018 266,74617,040 Weyerhaeuser Co. 513,632 322,567


24

SCHEDULE OF INVESTMENTS HELD--continuedEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATION


COMMON STOCK(S)--continued

CAPITAL GOODS (8.61%)23,324 Boeing Co. 1,141,575 1,522,12420,180 Caterpillar, Inc. 762,694 1,890,05917,050 Danaher Corp. 424,148 804,24913,477 Deere & Co. 422,990 1,119,265

5,939 Dover Corp. 216,852 347,1355,351 Eaton Corp. 290,485 543,180

23,930 Emerson Electric Co. 755,566 1,368,0784,687 Fastenal Co. 247,559 280,7985,042 FLIR Systems, Inc. 150,969 150,0001,775 Flowserve Corp. 158,362 211,6165,685 Fluor Corp. 160,143 376,688

12,010 General Dynamics Corp. 558,758 852,230338,761 General Electric Co. 10,363,136 6,195,939

5,009 Genuine Parts Co. 172,047 257,1623,986 Goodrich Corp. 151,300 351,047

24,805 Honeywell International, Inc. 957,023 1,318,63415,768 Illinois Tool Works, Inc. 605,831 842,01110,302 Ingersoll Rand PLC 427,372 485,121

5,837 ITT Corp. 199,675 304,1664,009 Jacobs Engineering Group, Inc. 306,643 183,8133,599 L-3 Communications Holdings, Inc. 279,649 253,6949,389 Lockheed Martin Corp. 534,514 656,3854,393 Molex, Inc. 134,935 99,8099,284 Northrop Grumman Corp. 467,866 601,418

11,595 PACCAR, Inc. 257,342 665,7853,662 Pall Corp. 93,942 181,5625,129 Parker Hannifin Corp. 191,375 442,6336,466 Pitney Bowes, Inc. 229,558 156,3484,534 Precision Castparts Corp. 535,145 631,1786,852 Quanta Services, Inc. 157,178 136,492

11,590 Raytheon Co. 461,469 537,0819,774 Republic Services, Inc. 250,530 291,8524,508 Rockwell Automation, Inc. 140,387 323,2694,987 Rockwell Collins, Inc. 167,921 290,5433,010 Roper Industries, Inc. 162,445 230,0545,275 Stanley Black & Decker, Inc. 220,389 352,7398,740 Textron, Inc. 210,080 206,614

22,729 3M Co. 1,408,668 1,961,51315,562 Tyco International, Ltd. 596,336 644,88829,359 United Technologies Corp. 1,245,871 2,311,140

1,844 W.W. Grainger, Inc. 106,961 254,67515,128 Waste Management, Inc. 492,842 557,76944,105 Xerox Corp. 537,942 508,090


25




CONSUMER CYCLICALS (13.83%)2,793 Abercrombie & Fitch 196,303 160,960

11,274 Amazon.Com, Inc. 744,905 2,029,3204,041 Apollo Group, Inc. 222,577 159,5792,023 Autonation, Inc. 34,806 57,049

866 AutoZone, Inc. 76,767 236,0638,238 Bed Bath & Beyond, Inc. 267,017 404,898

10,499 Best Buy Co., Inc. 346,640 360,0112,402 Big Lots, Inc. 52,258 73,1657,632 Cablevision Systems Corp. 261,320 258,2677,149 Carmax, Inc. 153,284 227,910

13,693 Carnival Corp. 524,530 631,38421,649 CBS Corp. 611,532 412,413

4,019 Cintas Corp. 153,544 112,3719,423 Coach, Inc. 254,758 521,186

88,710 Comcast Corp., Class A 1,878,221 1,948,95913,746 Costco Wholesale Corp. 551,124 992,599

6,289 Cummins, Inc. 157,784 691,85343,202 CVS Corp. 971,568 1,502,134

8,922 D.R. Horton, Inc. 273,310 106,4391,982 DeVry, Inc. 93,998 95,096

26,508 DIRECTV 786,244 1,058,4649,040 Discovery Communications Inc. 291,836 376,9686,559 Donnelley R. R. & Sons Co. 190,016 114,5861,584 Dun & Bradstreet Corp. 112,359 130,031

36,478 Ebay, Inc. 863,381 1,015,18310,551 Electronic Arts, Inc. 365,989 172,825

3,924 Equifax, Inc. 99,893 139,6946,431 Expedia, Inc. 192,866 161,3544,002 Family Dollar Stores, Inc. 125,369 198,939

119,123 Ford Motor Co. 1,314,279 2,000,0754,851 Fortune Brands, Inc. 242,994 292,2734,813 GameStop Corp. 256,973 110,1217,597 Gannett Co., Inc. 411,350 114,639

13,971 Gap, Inc. 265,491 309,3187,723 Goodyear Tire & Rubber Co. 163,608 91,5187,930 Google, Inc. 3,393,714 4,710,1829,809 H&R Block, Inc. 178,739 116,8257,489 Harley-Davidson, Inc. 324,461 259,6442,212 Harman International Industries, Inc. 178,623 102,4164,330 Hasbro, Inc. 107,194 204,289

52,105 Home Depot, Inc. 1,777,560 1,826,80121,173 Host Hotels & Resorts, Inc. 451,650 378,362

9,481 International Game Technology 209,960 167,71915,539 Interpublic Group of Cos., Inc. 259,250 165,024

26




CONSUMER CYCLICALS--continued6,363 Iron Mountain, Inc. 151,533 159,1397,518 J.C. Penney Co., Inc. 255,577 242,907

21,441 Johnson Controls, Inc. 408,197 819,0468,958 Kohl's Corp. 457,176 486,778

20,276 Kroger Co. 403,377 453,3714,656 Leggett & Platt, Inc. 103,039 105,9715,057 Lennar Corp. 227,195 94,8198,409 Limited Brands, Inc. 153,773 258,409

43,877 Lowe's Cos., Inc. 882,418 1,100,43513,464 Macy's, Inc. 350,751 340,639

9,149 Marriott International, Inc. 233,363 380,04911,398 Masco Corp. 260,928 144,29911,409 Mattel, Inc. 235,533 290,131

9,761 McGraw-Hill Cos., Inc. 304,594 355,3981,159 Meredith Corp. 43,799 40,1594,134 Monster Worldwide, Inc. 128,550 97,6861,379 Netflix, Inc. 248,275 242,2909,230 Newell Rubbermaid, Inc. 229,734 167,801

72,608 News Corp. 1,287,240 1,057,17212,155 Nike, Inc. 473,580 1,038,280

5,352 Nordstrom, Inc. 116,895 226,8189,578 Omnicom Group, Inc. 355,134 438,6724,440 O'Reilly Automotive, Inc. 166,971 268,2652,055 Polo Ralph Lauren Corp. 165,971 227,9411,561 Priceline.Com, Inc. 280,287 623,698

10,694 Pulte Homes, Inc. 201,666 80,4193,619 RadioShack Corp. 89,361 66,9154,679 Robert Half International, Inc. 125,860 143,1773,830 Ross Stores, Inc. 171,832 242,248

11,853 Safeway, Inc. 396,049 266,5742,864 Scripps Networks Interactive Inc. 123,868 148,2121,399 Sears Holdings Corp. 167,899 103,1762,848 Sherwin-Williams Co. 110,917 238,5201,849 Snap-on, Inc. 63,893 104,616

22,994 Staples, Inc. 381,497 523,5736,062 Starwood Hotels & Resorts Worldwide, Inc. 184,772 368,4486,746 SUPERVALU, Inc. 161,205 64,964

22,513 Target Corp. 838,540 1,353,7074,019 Tiffany & Co. 139,798 250,263

11,310 Time Warner Cable, Inc. 783,728 746,79935,270 Time Warner, Inc. 1,884,446 1,134,63612,584 TJX Cos., Inc. 272,106 558,604

4,094 Urban Outfitters, Inc. 129,854 146,6062,759 V. F. Corp. 140,536 237,771

27




CONSUMER CYCLICALS--continued19,221 Viacom, Inc., Class B 861,807 761,344

4,082 Vulcan Materials Co. 220,343 181,07862,288 Wal-Mart Stores, Inc. 2,928,857 3,359,19229,434 Walgreen Co. 900,366 1,146,74960,206 Walt Disney Co. 1,577,693 2,258,327

175 Washington Post Co. 117,039 76,9132,417 Whirlpool Corp. 175,484 214,7024,674 Whole Foods Market, Inc. 286,862 236,4585,563 Wyndham Worldwide Corp. 187,699 166,6672,404 Wynn Resorts, Ltd. 126,195 249,631

41,444 Yahoo!, Inc. 1,131,864 689,214TOTAL CONSUMER CYCLICALS 43,195,971 50,978,582

CONSUMER STAPLES (20.19%)49,148 Abbott Laboratories 2,028,641 2,354,68112,721 Aetna, Inc. 240,887 388,118

9,777 Allergan, Inc. 396,049 671,38666,381 Altria Group, Inc. 863,942 1,634,300

8,786 AmerisourceBergen Corp. 162,101 299,77830,040 Amgen, Inc. 1,520,547 1,649,19620,313 Archer-Daniels-Midland Co. 394,936 611,01513,646 Avon Products, Inc. 346,553 396,55318,528 Baxter International, Inc. 687,142 937,887

7,311 Becton Dickinson & Co. 321,343 617,9267,577 Biogen Idec, Inc. 378,293 508,038

48,330 Boston Scientific Corp. 821,784 365,85854,422 Bristol-Myers Squibb Co. 1,762,611 1,441,095

3,300 Brown-Forman Corp. 136,147 229,7462,954 C.R. Bard, Inc. 131,555 271,0886,089 Campbell Soup Co. 198,683 211,593

11,095 Cardinal Health, Inc. 442,856 425,0497,088 CareFusion Corp. 204,920 182,162

14,964 Celgene Corp. 845,994 884,9712,392 Cephalon, Inc. 171,456 147,6342,265 Cerner Corp. 178,087 214,5868,614 CIGNA Corp. 223,339 315,7894,434 Clorox Co. 223,755 280,583

73,828 Coca-Cola Co. 3,573,740 4,855,66810,772 Coca-Cola Enterprises, Inc. 238,567 269,62315,347 Colgate-Palmolive Co. 832,927 1,233,43813,981 ConAgra Foods, Inc. 324,724 315,691

5,668 Constellation Brands, Inc. 150,920 125,5464,721 Coventry Health Care, Inc. 236,592 124,6344,401 Darden Restaurants, Inc. 123,118 204,382

28




CONSUMER STAPLES--continued3,090 DaVita, Inc. 180,742 214,7245,792 Dean Foods Co. 171,479 51,2014,518 Dentsply International, Inc. 137,056 154,3807,220 Dr Pepper Snapple Group, Inc. 191,252 253,855

32,264 Eli Lilly & Co. 1,779,866 1,130,5313,610 Estee Lauder Cos., Inc. 146,608 291,327

16,757 Express Scripts, Inc. 305,383 905,7169,081 Forest Laboratories, Inc. 365,443 290,410

20,358 General Mills, Inc. 504,987 724,5418,234 Genzyme Corp. 457,105 586,261

25,813 Gilead Sciences, Inc. 597,591 935,46310,198 H.J. Heinz Co. 379,350 504,393

4,918 Hershey Co. 201,529 231,8842,202 Hormel Foods Corp. 73,758 112,8755,312 Hospira, Inc. 170,294 295,8255,352 Humana, Inc. 160,777 292,9682,542 International Flavors & Fragrances, Inc. 98,371 141,3101,249 Intuitive Surgical, Inc. 360,182 321,9303,800 J.M. Smucker Co. 171,515 249,470

87,316 Johnson & Johnson 4,458,432 5,400,5128,078 Kellogg Co. 329,991 412,624

12,966 Kimberly-Clark Corp. 709,648 817,37755,538 Kraft Foods, Inc. 1,199,313 1,750,002

3,233 Laboratory Corp. of America Holdings 173,120 284,2455,937 Life Technologies Corp. 159,525 329,5044,757 Lorillard, Inc. 337,094 390,3594,227 McCormick & Co., Inc. 127,026 196,682

33,591 McDonald's Corp. 1,155,640 2,578,4458,046 McKesson Corp. 377,988 566,2776,504 Mead Johnson Nutrition Co. 282,537 404,874

13,494 Medco Health Solutions, Inc. 315,516 826,77734,334 Medtronic, Inc. 1,402,069 1,273,44897,955 Merck & Co., Inc. 3,905,614 3,530,298

5,030 Molson Coors Brewing Co. 204,033 252,45613,838 Mylan Laboratories, Inc. 280,101 292,397

3,075 Patterson Cos., Inc. 112,479 94,18750,389 PepsiCo Inc. 2,412,360 3,291,913

3,753 PerkinElmer, Inc. 76,533 96,902254,672 Pfizer, Inc. 6,463,996 4,459,307

57,688 Philip Morris International Inc. 1,711,204 3,376,47988,999 Procter & Gamble Co. 3,968,972 5,725,306

4,497 Quest Diagnostics, Inc. 176,754 242,70310,752 Reynolds American, Inc. 218,228 350,73020,325 Sara Lee Corp. 332,078 355,891

29




CONSUMER STAPLES--continued10,900 St. Jude Medical, Inc. 290,727 465,97523,563 Starbucks Corp. 392,260 757,079

2,719 Stericycle, Inc. 166,083 220,02110,859 Stryker Corp. 458,236 583,12818,602 Sysco Corp. 480,392 546,89915,437 Tenet Healthcare Corp. 241,065 103,27412,638 Thermo Fisher Scientific, Inc. 434,423 699,640

9,475 Tyson Foods, Inc. 161,050 163,16034,972 UnitedHealth Group, Inc. 950,611 1,262,839

3,783 Varian Medical Systems, Inc. 181,296 262,0862,904 Waters Corp. 125,486 225,6703,984 Watson Pharmaceuticals, Inc. 156,126 205,774

12,515 WellPoint, Inc. 571,548 711,60314,898 Yum! Brands, Inc. 279,703 730,747

6,278 Zimmer Holdings, Inc. 305,886 337,003TOTAL CONSUMER STAPLES 60,700,640 74,431,671

ENERGY/UTILITIES (15.02%)21,048 AES Corp. 344,765 256,365

5,403 Allegheny Energy, Inc. 162,479 130,9697,625 Ameren Corp. 303,897 214,949

15,270 American Electric Power Co., Inc. 527,903 549,41515,757 Anadarko Petroleum Corp. 511,745 1,200,05312,151 Apache Corp. 642,481 1,448,76413,712 Baker Hughes, Inc. 566,758 783,915

3,306 Cabot Oil & Gas Corp. 198,859 125,1327,712 Cameron International Corp. 329,720 391,230

13,455 Centerpoint Energy, Inc. 208,864 211,51320,791 Chesapeake Energy Corp. 646,667 538,69563,984 Chevron Corp. 3,129,769 5,838,540

7,776 CMS Energy Corp. 131,940 144,63446,713 ConocoPhillips 1,910,046 3,181,155

9,237 Consolidated Edison, Inc. 385,626 457,8786,353 Constellation Energy Group, Inc. 234,336 194,592

12,708 Denbury Resources, Inc. 207,336 242,59613,732 Devon Energy Corp. 547,608 1,078,099

2,210 Diamond Offshore Drilling, Inc. 139,801 147,78318,457 Dominion Resources, Inc. 597,477 788,483

5,377 DTE Energy Co. 220,837 243,68642,113 Duke Energy Corp. 674,618 750,03310,359 Edison International 266,117 399,85722,388 El Paso Corp. 448,390 308,059

5,752 Entergy Corp. 306,274 407,4148,076 EOG Resources, Inc. 368,425 738,227

30




ENERGY/UTILITIES--continued4,742 EQT Corp. 158,934 212,631

21,029 Exelon Corp. 721,921 875,648160,326 Exxon Mobil Corp. 7,068,126 11,723,037

9,692 FirstEnergy Corp. 364,256 358,7983,806 FMC Technologies, Inc. 169,643 338,391

28,918 Halliburton Co. 555,542 1,180,7223,370 Helmerich & Payne, Inc. 137,452 163,3789,539 Hess Corp. 353,603 730,1152,467 Integrys Energy Group, Inc. 122,558 119,674

22,571 Marathon Oil Corp. 512,606 835,8043,247 Massey Energy Co. 232,929 174,2026,116 Murphy Oil Corp. 336,358 455,9489,074 Nabors Industries, Ltd. 213,790 212,876

13,342 National Oilwell Varco, Inc. 478,533 897,2504,257 Newfield Exploration Co. 302,375 306,972

13,221 NextEra Energy, Inc. 481,091 687,3601,448 Nicor, Inc. 53,964 72,2848,849 NiSource, Inc. 183,637 155,9195,567 Noble Energy, Inc. 412,295 479,2075,606 Northeast Utilities 119,761 178,7197,860 NRG Energy, Inc. 192,897 153,584

25,836 Occidental Petroleum Corp. 840,192 2,534,5123,386 ONEOK, Inc. 158,234 187,821

12,466 PG&E Corp. 376,629 596,3738,573 Peabody Energy Corp. 359,745 548,5017,138 Pepco Holdings, Inc. 175,290 130,2693,456 Pinnacle West Capital Corp. 134,079 143,2513,691 Pioneer Natural Resources Co. 211,786 320,453

15,366 PPL Corp. 355,900 404,4339,314 Progress Energy, Inc. 387,584 404,973

16,086 Public Service Enterprise Group, Inc. 394,835 511,6965,584 QEP Resources, Inc. 163,605 202,7555,089 Range Resources Corp. 255,217 228,9034,013 Rowan Cos., Inc. 98,692 140,0943,600 Scana Corp. 130,902 146,160

43,380 Schlumberger, Ltd. 1,726,741 3,622,2307,632 Sempra Energy 269,142 400,527

26,665 Southern Co. 735,325 1,019,40311,026 Southwestern Energy Co. 494,562 412,70320,610 Spectra Energy Corp. 456,277 515,044

3,834 Sunoco, Inc. 116,062 154,5496,828 Teco Energy, Inc. 126,208 121,5384,552 Tesoro Corp. 192,570 84,394

18,002 Valero Energy Corp. 486,112 416,206

31




ENERGY/UTILITIES--continued18,593 Williams Cos., Inc. 381,957 459,619

3,717 Wisconsin Energy Corp. 166,275 218,78314,629 Xcel Energy, Inc. 308,409 344,513


FINANCIAL (15.99%)10,791 ACE Ltd. 591,299 671,74014,984 Aflac, Inc. 517,075 845,54717,111 Allstate Corp. 606,584 545,49933,298 American Express Co. 1,185,885 1,429,150

4,452 American International Group, Inc. 2,439,101 256,5247,884 Ameriprise Financial, Inc. 223,997 453,724

10,489 AON Corp. 358,261 482,5993,721 Apartment Investment & Management Co. 107,855 96,1513,388 Assurant, Inc. 185,495 130,5062,712 AvalonBay Communities, Inc. 327,221 305,236

320,652 Bank of America Corp. 8,492,902 4,277,49839,440 Bank of New York Mellon Corp. 1,239,148 1,191,08822,057 BB&T Corp. 728,833 579,87855,018 Berkshire Hathaway, Inc. 4,264,734 4,407,492

4,455 Boston Properties, Inc. 394,804 383,57614,528 Capital One Financial Corp. 803,584 618,312

9,240 CB Richard Ellis Group, Inc. 197,459 189,23531,531 Charles Schwab Corp. 460,281 539,495

9,695 Chubb Corp. 365,198 578,2105,174 Cincinnati Financial Corp. 188,254 163,964

923,635 Citigroup, Inc. 8,912,347 4,368,7932,131 CME Group, Inc. 986,504 685,6495,611 Comerica, Inc. 257,897 237,009

17,315 Discover Financial Services 262,493 320,8476,319 E*TRADE Financial Corp. 230,838 101,1049,044 Equity Residential Properties Trust 305,477 469,8362,913 Federated Investors, Inc. 80,660 76,233

25,317 Fifth Third Bancorp 789,750 371,6548,276 First Horizon National Corp. 172,541 97,4914,629 Franklin Resources, Inc. 312,746 514,791

15,566 Genworth Financial, Inc. 456,210 204,53716,255 Goldman Sachs Group, Inc. 1,767,886 2,733,44114,134 Hartford Financial Services Group, Inc. 610,287 374,41011,575 HCP, Inc. 376,373 425,844

4,614 Health Care REIT, Inc. 180,071 219,81116,743 Hudson City Bancorp, Inc. 226,835 213,30627,450 Huntington Bancshares, Inc. 295,784 188,582

2,326 Intercontinental Exchange, Inc. 332,037 277,143

32




FINANCIAL--continued14,691 Invesco Ltd. 347,105 353,465

124,290 J.P. Morgan Chase & Co. 4,313,225 5,272,3825,842 Janus Capital Group, Inc. 113,052 75,771

12,907 Kimco Realty Corp. 335,849 232,8424,865 Legg Mason, Inc. 441,754 176,4546,266 Leucadia National Corp. 248,232 182,842

10,071 Lincoln National Corp. 397,888 280,07510,057 Loews Corp. 244,791 391,318

3,796 M&T Bank Corp. 342,049 330,44217,279 Marsh & McLennan Cos., Inc. 609,912 472,40816,787 Marshall & Ilsley Corp. 270,239 116,166

3,079 Mastercard, Inc. 675,827 690,03528,815 MetLife, Inc. 1,060,970 1,280,539

6,478 Moody's Corp. 155,919 171,92648,101 Morgan Stanley 1,721,071 1,308,828

2,571 NASDAQ OMX Group, Inc. 76,206 60,9587,700 Northern Trust Corp. 399,031 426,6578,298 NYSE Euronext 664,945 248,774

11,731 People's United Financial, Inc. 207,544 164,35116,717 PNC Financial Services Group, Inc. 1,485,688 1,015,05610,185 Principal Financial Group, Inc. 306,826 331,62421,096 Progressive Corp. 328,269 419,17818,092 ProLogis 337,770 261,24815,431 Prudential Financial, Inc. 682,680 905,954

4,441 Public Storage, Inc. 351,073 450,40639,937 Regions Financial Corp. 648,885 279,559

9,313 Simon Property Group, Inc. 567,771 926,55015,439 SLM Corp. 398,751 194,37715,962 State Street Corp. 765,201 739,67915,896 SunTrust Banks, Inc. 753,434 469,091

8,153 T. Rowe Price Group, Inc. 225,498 526,1952,545 Torchmark Corp. 104,696 152,038

14,595 Travelers Companies, Inc. 624,853 813,08760,992 U.S. Bancorp 1,455,558 1,644,95410,083 UnumProvident Corp. 227,960 244,210

4,995 Ventas, Inc. 131,411 262,13815,493 Visa, Inc. 1,319,797 1,090,397

5,169 Vornado Realty Trust 421,449 430,733166,882 Wells Fargo & Co. 4,328,136 5,171,673

10,277 XL Group PLC 441,861 224,2445,658 Zions Bancorporation 239,680 137,093

TOTAL FINANCIAL 69,007,562 58,951,622

33




TECHNOLOGY (19.07%)16,174 Adobe Systems, Inc. 388,223 497,83618,208 Advanced Micro Devices, Inc. 293,184 148,94111,013 Agilent Technologies, Inc. 321,010 456,268

5,797 Akamai Technologies, Inc. 190,950 272,7499,938 Altera Corp. 259,047 353,594

12,689 American Tower Corp., Class A 552,580 655,2605,552 Amphenol Corp. 226,089 293,0349,496 Analog Devices, Inc. 342,701 357,714

29,165 Apple Computer, Inc. 2,046,520 9,407,46242,480 Applied Materials, Inc. 720,695 596,844

187,905 AT&T, Inc. 5,421,808 5,520,6497,230 Autodesk, Inc. 133,249 276,186

15,681 Automatic Data Processing, Inc. 589,155 725,7175,649 BMC Software, Inc. 174,174 266,294

14,480 Broadcom Corp. 615,590 630,60412,200 CA, Inc. 314,542 298,168

9,642 CenturyTel, Inc. 309,479 445,171176,229 Cisco Systems, Inc. 3,772,575 3,565,113

5,970 Citrix Systems, Inc. 198,326 408,4089,649 Cognizant Technology Solutions Corp. 402,487 707,1754,912 Computer Sciences Corp. 222,515 243,6356,964 Compuware Corp. 96,588 81,270

49,691 Corning, Inc. 828,521 960,03053,394 Dell, Inc. 1,267,487 723,48965,509 EMC Corp. 1,086,776 1,500,156

2,571 F5 Networks, Inc. 349,733 334,6418,421 Fidelity National Information Services, Inc. 177,065 230,6511,717 First Solar, Inc. 253,367 223,4504,728 Fiserv, Inc. 181,238 276,872

31,600 Frontier Communications Corp. 324,332 307,4684,079 Harris Corp. 193,961 184,779

72,102 Hewlett-Packard Co. 2,006,886 3,035,494177,350 Intel Corp. 4,136,953 3,729,671

39,500 International Business Machines Corp. 3,572,365 5,797,0208,888 Intuit, Inc. 226,585 438,1786,233 Jabil Circuit, Inc. 151,286 125,2217,079 JDS Uniphase Corp. 1,128,696 102,504

16,635 Juniper Networks, Inc. 326,471 614,1645,312 KLA-Tencor Corp. 226,324 205,2562,498 Lexmark International, Inc. 150,578 86,9807,167 Linear Technology Corp. 284,414 247,907

19,603 LSI Logic Corp. 207,012 117,4224,901 McAfee, Inc. 161,801 226,9657,231 MEMC Electronic Materials, Inc. 374,845 81,421

34




TECHNOLOGY--continued8,339 MetroPCS Communications, Inc. 111,192 105,3225,940 Microchip Technology, Inc. 209,803 203,207

27,241 Micron Technology, Inc. 452,124 218,473239,376 Microsoft Corp. 6,331,849 6,683,378

74,697 Motorola, Inc. 1,100,848 677,5027,617 National Semiconductor Corp. 118,028 104,810

11,491 NetApp Inc. 308,783 631,54511,178 Novell, Inc. 93,087 66,174

2,867 Novellus Systems, Inc. 105,624 92,66118,473 Nvidia Corp. 260,188 284,484

123,073 Oracle Corp. 1,801,792 3,852,18510,234 Paychex, Inc. 318,240 316,333

3,358 QLogic Corp. 97,291 57,15351,434 QUALCOMM, Inc. 1,634,277 2,545,46955,409 Qwest Communications International, Inc. 697,693 421,662

6,059 Red Hat, Inc. 147,187 276,5939,336 SAIC, Inc. 174,422 148,0693,760 Salesforce.com, Inc. 234,260 496,3207,456 SanDisk Corp. 408,556 371,756

94,972 Sprint Nextel Corp. 1,489,485 401,73224,681 Symantec Corp. 671,340 413,16011,730 Tellabs, Inc. 175,759 79,529

5,326 Teradata Corp. 81,764 219,2185,768 Teradyne, Inc. 142,532 80,983

37,332 Texas Instruments, Inc. 1,001,726 1,213,2905,190 Total System Services Inc. 130,176 79,8225,468 VeriSign, Inc. 136,603 178,640

89,876 Verizon Communications, Inc. 3,115,079 3,215,7637,306 Western Digital Corp. 204,436 247,673

20,853 Western Union Co. 352,292 387,24015,379 Windstream Corp. 162,915 214,383

8,238 Xilinx, Inc. 279,657 238,737TOTAL TECHNOLOGY 57,757,191 70,281,097

TOTAL COMMON STOCK(S) 309,665,033 363,087,901

EXCHANGE TRADED FUND(S) (0.01% of net assets)178 SPDR S&P 500 19,875 22,389

35


FairUnits Cost Value

SHORT-TERM INVESTMENT(S) (1.25% of net assets)4,621,043 EB Money Market Fund of KeyBank National Association 4,621,043 4,621,043

25,719 Reserve Primary Fund 25,719 0TOTAL SHORT-TERM INVESTMENT(S) 4,646,762 4,621,043


36


Futures contracts purchased which are open at December 31, 2010 are as follows:

Contract Expiration Unrealized Gain Contract Fair ValueType Quantity Strike Price Date at December 31, 2010 at December 31, 2010

S&P 500 Index 15 $1,253.00 3/20/2011 $53,625 $4,698,750

Other InformationThe following is a summary of investments by fair value level based upon the inputs used to determine the fair valuesas of December 31, 2010. The inputs and methodology used for valuing securities may not be an indication of the riskassociated with investing in those securities. For more information on valuation inputs, and their impact oninvestments aggregated into the levels used in the table below, please refer to Note A, Investment Valuation,in the accompanying Notes to Financial Statements.

Investments Level 1 Level 2 Level 3 TotalCOMMON STOCK(S) $363,087,901 $ - $ - $363,087,901EXCHANGE TRADED FUND(S) 22,389 - - 22,389SHORT-TERM INVESTMENT(S) - 4,621,043 - 4,621,043FUTURES CONTRACT(S) 4,698,750 - - 4,698,750

$367,809,040 $4,621,043 $0 $372,430,083


Investments Held as

Collateral for Loaned

SecuritiesMoney Market Total

Balance as of December 31, 2009 $3,727,424 $195,549 $3,922,973Realized gain (loss) (2,822,856) (25,719) (2,848,575)Change in unrealized appreciation (depreciation) 1,992,953 42,926 2,035,879Net purchases (sales) (2,897,521) (213,206) (3,110,727)Net transfers in (out) of Level 3 - 450 450Balance as of December 31, 2010 $0 $0 $0Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2010 $0 ($25,719) ($25,719)


37

SUPPLEMENTARY INFORMATIONINVESTMENTS PURCHASEDEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Cost

Common stock(s) $17,713,513Short-term investment(s) 37,389,387Futures contracts variation margin 855,000


38

SUPPLEMENTARY INFORMATIONINVESTMENTS SOLD OR MATUREDEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Net GainProceeds or (Loss)

Common stock(s) $58,594,454 ($918,140)Exchange traded fund(s) 147,658 (40,777)Short-term investment(s) 37,691,407 0Futures contracts variation margin 1,578,900 566,400

TOTAL INVESTMENTS SOLD OR MATURED $98,012,419 ($392,517)

39

SUPPLEMENTARY INFORMATIONINVESTMENTS IN-KINDEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Cost INVESTMENTS CONTRIBUTED IN-KIND

Common stock(s) $52,053,892Exchange traded fund(s) 21,215

TOTAL INVESTMENTS CONTRIBUTED IN-KIND $52,075,107

NetProceeds Gain

INVESTMENTS DISTRIBUTED IN-KINDCommon stock(s) $21,067,197 $960,785Exchange traded fund(s) 1,349 9 Short-term investment(s) 344,829 0

TOTAL INVESTMENTS DISTRIBUTED IN-KIND $21,413,375 $960,794

40

SUPPLEMENTARY INFORMATIONOTHER INVESTMENT CHANGESEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

SharesSTOCK DIVIDENDS

107 FIRST HORIZON NATIONAL CORP.Received as a 1.456% stock dividend on 7,375 shares



STOCK SPLITS8,587 DANAHER CORP.

Received as a 2 for 1 stock split on 8,587 shares

9,022 EXPRESS SCRIPTS, INC.Received as a 2 for 1 stock split on 9,022 shares

10,800 GENERAL MILLS, INC.Received as a 2 for 1 stock split on 10,800 shares

5,375 REYNOLDS AMERICAN, INC.Received as a 2 for 1 stock split on 5,375 shares

REVERSE STOCK SPLIT6,606 E*TRADE FINANCIAL CORP.

Received as a 1 for 10 reverse stock split on 66,061 shares

NON-TAXABLE MERGERS3,851 BAKER HUGHES, INC.

Received .4004 share for every 1 share of BJ Services Co.

15,383 EXXON MOBILE CORP.Received .7098 share for every 1 share of XTO Energy, Inc.

1,557 PEPSICO, INC. Received .32515 share for every 1 share of Pepsi Bottling Group, Inc.

5,564 SCHLUMBERGER, LTD.Received .6966 share for every 1 share of Smith International, Inc.

2,551 STANLEY BLACK & DECKER, INC.Received 1.275 shares for every 1 share of Black & Decker Corp.

16,231 XEROX CORP.Received 4.935 shares for every 1 share of Affiliated Computer Services, Inc.

41

SUPPLEMENTARY INFORMATIONOTHER INVESTMENT CHANGES--continuedEB EQUITY INDEX FUNDKEYBANK NATIONAL ASSOCIATION

NON-TAXABLE SPINOFFS25,209 FRONTIER COMMUNICATIONS CORP.

Received .24 share for every 1 share of Verizon Communications, Inc.

6,505 QEP RESOURCES, INC.Received 1 share for every 1 share of Questar Corp.

NAME CHANGESNEXTERA ENERGY, INC.Changed from FPL Group, Inc.

STANLEY BLACK & DECKER, INC.Changed from Stanley Works

XL GROUP PLCChanged from XL Capital, Ltd.

42

STATEMENT OF NET ASSETSEB FIXED INCOME FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010

FairCost Value

ASSETSInvestments: U.S. Government and agency obligation(s) $57,284,180 $56,732,014 Corporate bond(s) 19,408,152 19,523,442 Other mortgage related security(ies) 14,973,798 14,985,411 State and municipal bond(s) 153,991 115,966 Short-term investment(s) 14,008,685 14,008,685

$105,828,806 105,365,518

Accrued income receivable 506,552Receivable from investments sold 1,762,453


LIABILITIESAccrued expenses 736Payable for investments purchased 15,074,319Other mortgage related securities sold, at fair value 1,668,906

TOTAL LIABILITIES 16,743,961



43

STATEMENT OF OPERATIONSEB FIXED INCOME FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

NET INVESTMENT INCOMEU.S. Government and agency obligation interest $1,643,584Corporate bond interest 2,650,323State and municipal bond interest 70,432Short-term investment interest* 19,360

4,383,699Less audit expense (7,000)Less administrative expense (9,035)


NET REALIZED LOSS AND UNREALIZED APPRECIATION ON INVESTMENTS

Net realized loss from investment transactions: Proceeds from investments sold or matured $685,896,123 Cost of investments sold or matured 689,268,013

Net realized loss ($3,371,890)

Unrealized (depreciation) appreciation on investments: Beginning of year (5,336,754) End of year (470,980)


NET REALIZED LOSS AND UNREALIZEDAPPRECIATION ON INVESTMENTS $1,493,884



44

STATEMENTS OF CHANGES IN NET ASSETSEB FIXED INCOME FUNDKEYBANK NATIONAL ASSOCIATION

2010 2009FROM INVESTMENT ACTIVITIES

Net investment income $4,367,664 $5,781,497Net realized loss from investment transactions (3,371,890) (954,715)Unrealized appreciation on investments 4,865,774 5,014,805


FROM PARTICIPANT TRANSACTIONSProceeds from sale of units (2010--11,541 units; 2009--13,421 units) 2,047,809 2,186,741Increase in net assets from in-kind contributions (2010--33,356 units; 2009--57,173 units) 6,027,848 9,821,523Cost of units redeemed (2010--107,334 units; 2009--171,224 units) (19,092,001) (28,361,813)


DECREASE IN NET ASSETS (5,154,796) (6,511,962)

NET ASSETSBeginning of year (2010--559,520 units; 2009--660,150 units) 96,045,358 102,557,320End of year (2010--497,083 units; 2009--559,520 units) $90,890,562 $96,045,358


Year Ended December 31

45

SCHEDULE OF INVESTMENTS HELDEB FIXED INCOME FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010


U.S. GOVERNMENT AND AGENCY OBLIGATION(S)(62.42% of net assets)

$1,175,000 Fannie Mae 1.125% 07/30/12 $1,183,209 $1,185,2741,155,000 Fannie Mae 1.00% 09/23/13 1,149,375 1,153,253

365,000 Fannie Mae 5.00% 03/15/16 408,271 412,35245,105 Fannie Mae 5.00% 05/01/18 44,158 48,29817,912 Fannie Mae 4.50% 07/01/18 17,859 18,975

4,911 Fannie Mae 8.00% 11/01/19 9,188 5,79832,918 Fannie Mae 5.00% 02/01/20 32,244 35,310


13,994 Fannie Mae 7.50% 01/25/28 23,756 16,2091,136 Fannie Mae 6.50% 03/01/28 1,203 1,2783,810 Fannie Mae 6.00% 09/01/28 4,020 4,1986,872 Fannie Mae 6.50% 09/01/28 0 7,727


310,289 Fannie Mae 6.50% 05/01/29 362,515 348,893963 Fannie Mae 7.00% 09/01/29 1,394 1,096


195,000 Fannie Mae 6.625% 11/15/30 238,627 246,0452,625 Fannie Mae 7.50% 12/01/30 3,009 3,0123,151 Fannie Mae 7.00% 01/01/31 3,371 3,5876,499 Fannie Mae 6.50% 09/01/31 7,186 7,307



200,459 Fannie Mae 5.50% 02/01/33 216,036 215,961274,660 Fannie Mae 5.50% 03/01/33 285,323 296,056545,642 Fannie Mae 5.00% 06/01/33 492,237 577,099334,664 Fannie Mae 5.50% 07/01/33 358,129 360,734



2,061,209 Fannie Mae 5.00% 11/01/33 2,103,688 2,180,039171,523 Fannie Mae 5.50% 11/01/33 175,325 184,885


44,412 Fannie Mae 5.00% 04/01/34 43,625 46,918

46

SCHEDULE OF INVESTMENTS HELD--continuedEB FIXED INCOME FUNDKEYBANK NATIONAL ASSOCIATION


U.S. GOVERNMENT AND AGENCY OBLIGATION(S)--continued20,149 Fannie Mae 5.00% 07/01/34 19,823 21,285






162,598 Fannie Mae 5.00% 07/01/37 159,404 171,9721,434,325 Fannie Mae 4.50% 08/01/40 1,500,443 1,473,631

137,655 Fannie Mae 7.50% 08/25/41 206,065 157,5151,275,000 Federal Home Loan Bank 1.125% 05/18/12 1,284,499 1,286,036

465,000 Freddie Mac 2.125% 03/23/12 474,486 474,2681,170,000 Freddie Mac 4.50% 01/15/14 1,279,739 1,286,156

3,604 Freddie Mac 8.50% 06/01/25 4,123 4,2679,785 Freddie Mac 6.00% 04/01/26 0 10,707

19,089 Freddie Mac 6.50% 05/01/26 0 21,4204,684 Freddie Mac 7.00% 09/01/27 4,993 5,3181,601 Freddie Mac 6.00% 04/01/28 1,707 1,760

27,878 Freddie Mac 6.50% 07/01/28 11,603 31,34713,507 Freddie Mac 6.50% 01/01/29 16,541 15,187

9,377 Freddie Mac 6.00% 03/01/29 6,891 10,3062,056 Freddie Mac 7.00% 07/01/29 0 2,340

21,044 Freddie Mac 5.00% 05/01/34 20,718 22,189225,346 Freddie Mac 5.00% 06/01/34 195,953 237,890

58,938 Freddie Mac 6.50% 11/01/34 62,600 66,27117,927 Freddie Mac 6.50% 05/01/37 19,530 20,04017,788 Freddie Mac Gold 6.50% 08/01/29 19,556 20,002

263,831 Freddie Mac Gold 5.50% 05/01/33 267,247 283,464135,164 Freddie Mac Gold 5.00% 06/01/33 121,554 143,169521,206 Freddie Mac Gold 5.00% 08/01/33 493,189 550,219

62,247 Freddie Mac Gold 5.50% 10/01/33 63,663 66,88066,628 Freddie Mac Gold 6.50% 11/01/34 67,699 74,606

1,142,481 Freddie Mac Gold 4.50% 12/01/39 1,159,172 1,177,182468 Government Nat'l Mtg. Assn. 7.50% 01/15/15 556 470

5,689 Government Nat'l Mtg. Assn. 7.00% 12/15/23 6,101 6,4662,783 Government Nat'l Mtg. Assn. 7.50% 09/15/25 3,077 3,210

18,319 Government Nat'l Mtg. Assn. 7.00% 03/15/28 20,639 20,98819,192 Government Nat'l Mtg. Assn. 6.50% 06/15/28 19,949 21,789

8,028 Government Nat'l Mtg. Assn. 6.50% 07/15/28 8,449 9,114200 Government Nat'l Mtg. Assn. 7.00% 09/15/28 214 229

47



U.S. GOVERNMENT AND AGENCY OBLIGATION(S)--continued444,465 Government Nat'l Mtg. Assn. 7.50% 02/15/35 520,537 530,678746,732 Government Nat'l Mtg. Assn. II 5.50% 02/20/40 797,672 804,256

3,762,000 U.S. Treasury Bond 4.375% 05/15/40 4,172,259 3,780,2088,247,000 U.S. Treasury Note 1.125% 06/30/11 8,295,616 8,285,010

681,000 U.S. Treasury Note 4.625% 07/31/12 731,550 725,744264,000 U.S. Treasury Note 3.125% 04/30/13 278,536 278,891507,000 U.S. Treasury Note 2.625% 12/31/14 526,104 528,666

16,110,000 U.S. Treasury Note 1.25% 09/30/15 16,037,245 15,630,470900,000 U.S. Treasury Note 2.50% 06/30/17 925,980 896,625

5,223,000 U.S. Treasury Note 2.625% 08/15/20 5,260,232 4,951,649TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION(S) 57,284,180 56,732,014

CORPORATE BOND(S) (21.48% of net assets)

CORPORATE MORTGAGE BACKED (2.33%)230,000 Citigroup Commercial Mortgage, Inc. Fl. Rt. 03/15/49 171,063 238,360415,000 Commercial Mortgage Pass-Through Certificates Fl. Rt. 06/10/46 467,345 453,750510,000 JP Morgan Chase Commercial Mortgage Securities Corp. 5.038% 03/15/46 560,621 544,217430,000 LB-UBS Commercial Mortgage Trust Fl. Rt. 11/15/32 468,330 459,526405,000 Morgan Stanley Capital I Trust 5.852% 12/12/49 440,738 425,717

TOTAL CORPORATE MORTGAGE BACKED 2,108,097 2,121,570

FINANCE (5.72%)95,000 BAC Capital Trust XI 6.625% 05/23/36 88,350 90,282

125,000 Bank of America Corp. 6.25% 04/15/12 131,163 131,667235,000 Bank of America Corp. 5.65% 05/01/18 251,578 240,116165,000 Bank of New York Co., Inc. 4.95% 11/01/12 178,657 177,034

40,000 Chubb Corp. 6.00% 11/15/11 42,871 41,857155,000 Cincinnati Financial Corp. 6.125% 11/01/34 147,402 146,232265,000 Citigroup, Inc. 5.00% 09/15/14 264,318 274,137235,000 Citigroup, Inc. 6.125% 11/21/17 265,403 257,533170,000 Credit Suisse First Boston 6.50% 01/15/12 180,567 179,604240,000 General Electric Capital Corp. 6.00% 06/15/12 258,394 256,562110,000 General Electric Capital Corp. 5.625% 05/01/18 121,271 119,957135,000 General Electric Capital Corp. 6.15% 08/07/37 136,001 142,302210,000 Goldman Sachs Capital, Inc. 6.345% 02/15/34 196,043 200,099185,000 Goldman Sachs Group, Inc. 6.60% 01/15/12 197,280 195,631250,000 Goldman Sachs Group, Inc. 5.75% 10/01/16 256,958 272,226

92,000 HSBC Finance Corp. 6.75% 05/15/11 97,386 93,99985,000 HSBC Finance Corp. 5.00% 06/30/15 93,230 90,287

295,000 JP Morgan Chase & Co. 5.15% 10/01/15 325,692 311,998285,000 JP Morgan Chase & Co. 6.40% 05/15/38 315,404 323,244

73,000 Marsh & McLennan Companies, Inc. 5.75% 09/15/15 71,425 78,573105,000 Merrill Lynch & Co., Inc. 5.00% 01/15/15 111,277 109,336170,000 Merrill Lynch & Co., Inc. 6.40% 08/28/17 186,794 179,736160,000 MetLife, Inc. 5.375% 12/15/12 165,048 171,332

48



CORPORATE BOND(S)--continued

FINANCE--continued195,000 Morgan Stanley 4.75% 04/01/14 203,235 199,685165,000 Morgan Stanley 5.45% 01/09/17 175,471 171,108

90,000 SLM Corp. 5.00% 10/01/13 90,000 90,233255,000 Wachovia Corp. 5.25% 08/01/14 278,468 271,956

50,000 WellPoint, Inc. 6.80% 08/01/12 52,247 54,30170,000 WellPoint, Inc. 5.95% 12/15/34 62,104 71,990

240,000 Wells Fargo & Co. 5.125% 09/15/16 241,548 256,067TOTAL FINANCE 5,185,585 5,199,084

FOREIGN (3.45%)170,000 Asian Development Bank 4.50% 09/04/12 180,917 180,584170,000 Astrazeneca PLC 5.90% 09/15/17 202,568 196,865135,000 Deutsche Telekom International Finance 8.25% 06/15/30 185,300 181,433

70,000 European Investment Bank 4.625% 03/21/12 73,508 73,378235,000 European Investment Bank 2.375% 03/14/14 242,301 241,791295,000 European Investment Bank 5.125% 09/13/16 333,671 333,127205,000 Inter-American Development Bank 4.50% 09/15/14 205,621 227,001

49,000 International Bank Recon. & Development 7.625% 01/19/23 66,902 67,069135,000 KfW Bankengruppe 1.25% 06/15/12 136,126 136,147280,000 KfW Bankengruppe 4.125% 10/15/14 303,909 304,443300,000 KfW Bankengruppe 4.00% 01/27/20 305,730 311,013130,000 Landwirtschaftliche Rentenbank 1.875% 09/24/12 132,337 132,363115,000 Ontario Province 1.875% 11/19/12 117,171 117,210305,000 Ontario Province 4.00% 10/07/19 309,511 313,317140,000 Rio Tinto PLC 6.50% 07/15/18 167,360 163,218

65,000 Vodafone Group PLC 5.625% 02/27/17 57,723 72,56375,000 Vodafone Group PLC 6.15% 02/27/37 59,507 80,288

TOTAL FOREIGN 3,080,162 3,131,810

INDUSTRIAL (8.09%)116,000 Alcan, Inc. 5.75% 06/01/35 119,298 117,673

90,000 Alcoa, Inc. 6.00% 07/15/13 98,104 99,037125,000 Anheuser-Busch Cos., Inc. 5.05% 10/15/16 140,496 135,396

73,000 AOL Time Warner, Inc. 6.875% 05/01/12 78,581 78,549135,000 AT&T, Inc. 6.30% 01/15/38 147,857 142,418

47,000 AT&T Wireless Services, Inc. 8.125% 05/01/12 54,316 51,34290,000 Boeing Capital Corp. 5.80% 01/15/13 96,582 98,21685,000 Burlington Northern/Santa Fe Corp. 5.75% 03/15/18 86,315 95,77335,000 Caterpillar Financial Services Corp. 4.60% 01/15/14 32,430 37,795

275,000 CBS Corp. 5.90% 10/15/40 274,266 264,901120,000 Cisco Systems, Inc. 5.50% 02/22/16 136,979 136,934

25,000 Comcast Corp. 5.30% 01/15/14 26,799 27,234145,000 Comcast Corp. 4.95% 06/15/16 138,586 156,224120,000 Comcast Corp. 6.45% 03/15/37 115,397 128,216

49




INDUSTRIAL--continued140,000 ConocoPhillips 4.75% 10/15/12 151,023 149,924176,000 Cox Communications, Inc. 7.125% 10/01/12 185,843 193,023

65,000 Dow Chemical Co. 6.125% 02/01/11 67,064 65,22375,000 Du Pont E.I. De Nemours & Co. 4.875% 04/30/14 81,342 81,679

590,000 Ebay, Inc. 3.25% 10/15/20 586,578 548,79915,000 Emerson Electric Co. 4.875% 10/15/19 17,269 16,181

161,000 International Business Machines Corp. 4.75% 11/29/12 174,092 172,84795,000 International Business Machines Corp. 6.50% 01/15/28 98,284 111,68685,000 John Deere Capital Corp. 5.10% 01/15/13 91,961 91,77985,000 Kimberly-Clark Corp. 5.00% 08/15/13 84,564 92,93265,000 Kimberly-Clark Corp. 6.25% 07/15/18 67,255 76,778

165,000 Kraft Foods, Inc. 5.25% 10/01/13 182,025 180,378190,000 Kraft Foods, Inc. 6.125% 02/01/18 225,042 217,036

25,000 Kroger Co. 6.75% 04/15/12 27,634 26,68856,000 Kroger Co. 7.50% 04/01/31 63,465 67,700

215,000 MacMillan Bloedel, Ltd. 7.70% 02/15/26 195,112 220,76463,000 News America, Inc. 6.20% 12/15/34 60,378 66,149

150,000 Oracle Corp. 5.75% 04/15/18 154,283 171,592625,000 Parker Hannifin Corp. 3.50% 09/15/12 617,800 587,409

70,000 Pfizer, Inc. 4.45% 03/15/12 73,488 73,042100,000 Premcor Refining Group, Inc. 6.75% 02/01/11 105,103 100,355125,000 Procter & Gamble Co. 4.95% 08/15/14 130,769 138,854420,000 Raytheon Co. 3.125% 10/15/20 417,753 387,277640,000 Raytheon Co. 4.875% 10/15/40 635,910 599,446205,000 SBC Communications, Inc. 5.10% 09/15/14 230,389 224,290190,000 Target Corp. 5.875% 03/01/12 202,649 200,075

30,000 United Technology Corp. 4.875% 05/01/15 32,906 33,210227,000 Verizon Global Funding Corp. 7.375% 09/01/12 255,086 250,626140,000 Verizon Global Funding Corp. 5.58% 09/15/35 148,350 144,810

97,000 Wal-Mart Stores, Inc. 4.125% 02/15/11 94,075 97,412100,000 Walt Disney Co. 4.70% 12/01/12 105,671 107,196125,000 Wyeth 5.50% 02/01/14 141,206 138,964130,000 Wyeth 6.50% 02/01/34 139,227 151,967

TOTAL INDUSTRIAL 7,389,602 7,355,799

UTILITIES (1.89%)80,000 Dominion Resources, Inc. 5.15% 07/15/15 76,460 88,548

175,000 Dominion Resources, Inc. 5.60% 11/15/16 181,682 196,968100,000 Duke Energy Corp. 6.25% 01/15/12 106,627 105,569185,000 Enterprise Products Partners LP 7.50% 02/01/11 180,773 185,817110,000 Exelon Corp. 4.90% 06/15/15 120,091 117,307105,000 First Energy Corp. 7.375% 11/15/31 112,928 110,687160,000 Midamerican Energy Holdings Co. 6.50% 09/15/37 168,238 180,994

70,000 Nisource Finance Corp. 10.75% 03/15/16 93,974 93,618

50




UTILITIES--continued65,000 ONEOK Partners LP 5.90% 04/01/12 67,462 68,64691,000 Pacific Gas & Electric Co. 4.80% 03/01/14 89,880 97,795

143,000 Pacific Gas & Electric Co. 6.05% 03/01/34 146,955 156,571100,000 PacifiCorp 6.00% 01/15/39 107,630 110,298

76,000 Progress Energy, Inc. 6.85% 04/15/12 82,397 81,409115,000 Southern California Edison Co. 5.625% 02/01/36 109,609 120,952

TOTAL UTILITIES 1,644,706 1,715,179

TOTAL CORPORATE BOND(S) 19,408,152 19,523,442

OTHER MORTGAGE RELATED SECURITY(IES)(16.49% of net assets)

1,830,000 Fannie Mae 4.00% 30 yr. * 1,844,034 1,820,2792,195,000 Fannie Mae 4.50% 15 yr. * 2,295,490 2,300,9771,302,000 Fannie Mae 4.50% 30 yr. * 1,342,687 1,336,381

585,000 Fannie Mae 5.00% 15 yr. * 618,638 620,6491,225,000 Fannie Mae 5.50% 15 yr. * 1,320,320 1,316,875

558,000 Fannie Mae 6.00% 30 yr. * 605,953 606,4762,569,000 Fannie Mae Single Family 5.50% 30 yr. * 2,744,816 2,748,429

219,000 Government Nat'l Mtg. Assn. I 5.50% 30 yr. * 234,946 236,6572,105,000 Government Nat'l Mtg. Assn. II Jumbo 4.50% 30 yr. * 2,168,150 2,185,2531,706,000 Government Nat'l Mtg. Assn. II Jumbo 5.00% 30 yr. * 1,798,764 1,813,435

TOTAL OTHER MORTGAGE RELATED SECURITY(IES) 14,973,798 14,985,411

STATE AND MUNICIPAL BOND(S) (0.13% of net assets)155,000 Illinois State Pension 5.10% 06/01/33 153,991 115,966


14,008,685 EB Money Market Fund of KeyBank National Association 14,008,685 14,008,685


*Securities purchased on a To Be Announced/delayed delivery basis.

51



Investments Level 1 Level 2 Level 3 TotalU.S. GOVERNMENT AND AGENCY OBLIGATION(S) $ - $56,732,014 $ - $56,732,014CORPORATE BOND(S) - 19,523,442 - 19,523,442OTHER MORTGAGE RELATED SECURITY(IES) - 14,985,411 - 14,985,411STATE AND MUNICIPAL BOND(S) - 115,966 - 115,966SHORT-TERM INVESTMENT(S) - 14,008,685 - 14,008,685

$ - $105,365,518 $ - $105,365,518


52

SUPPLEMENTARY INFORMATIONINVESTMENTS PURCHASEDEB FIXED INCOME FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Cost

U.S. Government and agency obligation(s) $344,403,112Corporate bond(s) 144,309,904Other mortgage related security(ies) 121,334,055State and municipal bond(s) 3,895,000Short-term investment(s) 68,852,283


53

SUPPLEMENTARY INFORMATIONINVESTMENTS SOLD OR MATUREDEB FIXED INCOME FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Net GainProceeds or (Loss)

U.S. Government and agency obligation(s) $329,912,861 $165,345Corporate bond(s) 185,325,585 (3,423,119)Other mortgage related security(ies) 106,740,985 7,292State and municipal bond(s) 3,773,592 (121,408)Short-term investment(s) 60,143,100 0

TOTAL INVESTMENTS SOLD OR MATURED $685,896,123 ($3,371,890)

54

SUPPLEMENTARY INFORMATIONINVESTMENTS CONTRIBUTED IN-KIND EB FIXED INCOME FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Cost

U.S. Government and agency obligation(s)* $4,176,304Corporate bond(s)* 1,851,544

TOTAL INVESTMENTS CONTRIBUTED IN-KIND $6,027,848

*Includes accrued income

55

STATEMENT OF NET ASSETSEB INTERNATIONAL SMALL AND MID CAP FUND KEYBANK NATIONAL ASSOCIATIONDecember 31, 2010

FairCost Value

ASSETSInvestments: Common stock(s) $15,366,641 $20,874,759 Short-term investment(s) 254,769 254,769

$15,621,410 21,129,528

Accrued income receivable 34,619Cash 2Other receivable 39,329


LIABILITYAccrued expenses 25,621



56

STATEMENT OF OPERATIONSEB INTERNATIONAL SMALL AND MID CAP FUND KEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

NET INVESTMENT INCOMECommon stock dividends, net $269,834Short-term investment interest 1,261

271,095Less audit expense (11,000)

NET INVESTMENT INCOME $260,095

NET REALIZED GAIN, UNREALIZED APPRECIATION ON INVESTMENTS, UNREALIZED APPRECIATION ON FOREIGN DENOMINATED ACCRUED INCOME RECEIVABLE, ADMINISTRATIVE EXPENSES AND CUSTODY FEE REIMBURSEMENT


Net realized gain from investment transactions $1,032,482Net realized loss on foreign currency transactions (21,567)Net realized gain on foreign denominated income 1,967

Net realized gain 1,012,882



Unrealized (depreciation) appreciation on foreign denominated accrued income receivable: Beginning of year (735) End of year 563

Unrealized appreciation during the year 1,298

Administrative expenses (67,071)

Custody fee reimbursement 69,175

NET REALIZED GAIN, UNREALIZED APPRECIATION ON INVESTMENTS,UNREALIZED APPPRECIATION ON FOREIGN DENOMINATED ACCRUED

INCOME RECEIVABLE, ADMINISTRATIVE EXPENSES AND CUSTODYFEE REIMBURSEMENT $3,968,490


57

STATEMENTS OF CHANGES IN NET ASSETSEB INTERNATIONAL SMALL AND MID CAP FUND KEYBANK NATIONAL ASSOCIATION

2010 2009FROM INVESTMENT ACTIVITIES

Net investment income $260,095 $236,892Net realized gain (loss) from investment transactions 1,032,482 (3,919,783)Net realized loss on foreign currency transactions (21,567) (66,454)Net realized gain on foreign denominated income 1,967 1,878Unrealized appreciation on investments 2,952,206 7,225,873Unrealized appreciation on foreign denominated accrued income receivable 1,298 1,079Adminstrative expense (67,071) (57,260)Custody fee reimbursement 69,175 73,343




Year Ended December 31

58

SCHEDULE OF INVESTMENTS HELDEB INTERNATIONAL SMALL AND MID CAP FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010

Fair

Shares Cost ValueCOMMON STOCK(S) (98.57% of net assets)

AUSTRALIA (6.58%)61,220 Boart Longyear Group $212,213 $286,15638,551 Brambles, Ltd. 201,341 281,35922,419 Mineral Resources, Ltd. 221,558 283,35116,421 Ramsay Health Care, Ltd. 210,631 299,61668,078 ResMed, Inc. 204,012 243,544

TOTAL AUSTRALIA 1,049,755 1,394,026

AUSTRIA (3.05%) 3,925 Andritz AG 152,353 362,220

14,835 Wienerberger AG 274,076 284,398TOTAL AUSTRIA 426,429 646,618

BELGIUM (1.55%)2,853 Bekaert NV 97,215 328,777

DENMARK (2.39%)11,550 DSV A/S 153,377 256,373

2,605 FLSmidth & Co. A/S 144,103 249,487TOTAL DENMARK 297,480 505,860

FINLAND (3.84%)5,319 Cargotec Oyj 212,147 278,5077,940 Nokian Renkaat Oyj 176,142 292,3959,658 YIT Oyj 209,004 241,642

TOTAL FINLAND 597,293 812,544

FRANCE (9.17%)4,765 Bourbon SA 207,412 221,8833,312 Bureau Veritas SA 202,931 252,0192,859 Euler Hermes SA 164,963 273,6633,678 Imerys SA 203,679 246,1448,445 JCDecaux SA 200,769 260,8592,962 SEB SA 197,026 308,8746,660 Valeo SA 201,958 379,413

TOTAL FRANCE 1,378,738 1,942,855

GERMANY (6.16%)6,076 Aixtron AG 84,770 225,0162,754 Brenntag AG 222,481 281,9001,993 Pfeiffer Vacuum Technology AG 231,899 235,2874,084 Rheinmetall AG 148,399 329,665

59

SCHEDULE OF INVESTMENTS HELD--continuedEB INTERNATIONAL SMALL AND MID CAP FUNDKEYBANK NATIONAL ASSOCIATION



GERMANY--continued8,475 Symrise AG 246,904 233,362

TOTAL GERMANY 934,453 1,305,230

GREECE (1.05%)63,951 Bank of Cyprus Public Co., Ltd. 289,277 221,347

HONG KONG (6.29%)65,200 China Taiping Insurance Holdings Co., Ltd. 197,192 200,037

213,950 Comba Telecom Systems Holdings, Ltd. 203,610 241,372200,000 Galaxy Entertainment Group, Ltd. 156,493 225,891

29,000 Hengan International Group Co., Ltd. 101,910 250,134105,500 L'Occitane International SA 205,980 291,787

60,000 United Laboratories International Holdings, Ltd. 123,479 123,185TOTAL HONG KONG 988,664 1,332,406

ITALY (3.09%)16,612 Autogrill SpA 214,080 235,56150,292 Mediolanum SpA 221,359 208,64926,012 Pirelli & Co. SpA 224,383 211,123

TOTAL ITALY 659,822 655,333

JAPAN (16.69%)21,000 ASICS Corp. 213,421 270,31622,000 Chiyoda Corp. 213,686 219,17344,000 Denki Kagaku Kogyo KK 202,176 209,408

6,900 Exedy Corp. 110,186 224,2579,600 Hitachi Chemical Co., Ltd. 198,755 198,972

16,640 Kuraray Co., Ltd. 214,283 238,81317,000 Nabtesco Corp. 121,162 363,036

6,943 Nichi-Iko Pharmaceutical Co., Ltd. 214,136 243,6328,940 NIFCO, Inc. 117,006 242,6112,450 Nitori Co., Ltd. 186,439 214,4759,300 Omron Corp. 199,516 246,647

35 Osaka Securities Exchange Co., Ltd. 190,386 176,7156,901 Pigeon Corp. 192,060 234,8413,200 Sysmex Corp. 173,224 222,1323,300 TDK Corp. 173,551 229,887

TOTAL JAPAN 2,719,987 3,534,915

NETHERLANDS (2.52%)3,458 Fugro NV 217,037 285,3045,222 Koninklijke Vopak NV 129,102 247,647

TOTAL NETHERLANDS 346,139 532,951

60




NEW ZEALAND (0.95%)33,593 Fletcher Building, Ltd. 198,273 201,020

NORWAY (4.35%)16,941 Acergy SA 171,704 416,785

8,900 Schibsted ASA 219,890 263,36332,200 Storebrand ASA 189,775 241,812

TOTAL NORWAY 581,369 921,960

REPUBLIC OF KOREA (5.18%)9,228 Celltrion, Inc. 240,079 272,3923,759 Fila Korea, Ltd. 258,579 259,0138,540 Hanwha Chemical Co., Ltd. 245,555 233,2721,960 Samsung Engineering Co., Ltd. 203,793 331,589

TOTAL REPUBLIC OF KOREA 948,006 1,096,266

SINGAPORE (6.02%)133,000 Genting Singapore PLC 103,359 227,368270,000 Midas Holdings, Ltd. 208,516 199,173102,000 OLAM International, Ltd. 203,463 250,014

83,000 SembCorp Marine, Ltd. 99,169 347,926272,000 Singapore Post, Ltd. 210,346 250,544

TOTAL SINGAPORE 824,853 1,275,025

SPAIN (1.01%)7,037 Obrascon Huarte Lain SA 161,834 214,063

SWEDEN (4.10%)4,650 Autoliv, Inc. 204,722 368,661

17,439 Hexagon AB 158,923 374,0535,813 Hexagon AB 63,151 124,684

TOTAL SWEDEN 426,796 867,398

SWITZERLAND (4.24%)1,135 Geberit AG 231,139 263,263

165 Sika AG 136,077 363,0671,774 Sulzer AG 230,389 271,210

TOTAL SWITZERLAND 597,605 897,540

UNITED KINGDOM (10.34%)101,958 Aegis Group PLC 132,980 224,281

10,273 Autonomy Corp. PLC 218,021 242,06343,852 Carillion PLC 244,779 263,91744,317 Halma PLC 146,550 249,09253,150 Intermediate Capital Group PLC 260,839 277,021

61




UNITED KINGDOM--continued8,445 Intertek Testing Services PLC 246,152 234,6898,862 Rotork PLC 189,801 253,631

26,606 Serco Group PLC 244,582 231,3988,004 Ultra Electronics Holdings PLC 158,949 212,533

TOTAL UNITED KINGDOM 1,842,653 2,188,625



254,769 State Street Bank & Trust Co. Short Term Investment Fund 254,769 254,769


62

SCHEDULE OF INVESTMENTS HELD-continuedEB INTERNATIONAL SMALL AND MID CAP FUNDKEYBANK NATIONAL ASSOCIATION


Investments Level 1 Level 2 Level 3 TotalCOMMON STOCK(S) $20,874,759 $ - $ - $20,874,759SHORT-TERM INVESTMENT(S) - 254,769 - 254,769

$20,874,759 $254,769 $ - $21,129,528


63

SUPPLEMENTARY INFORMATIONINVESTMENTS PURCHASEDEB INTERNATIONAL SMALL AND MID CAP FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

CostINVESTMENTS PURCHASED

Common stock(s) $13,021,073Short-term investment(s) 8,785,419


64

SUPPLEMENTARY INFORMATIONINVESTMENTS SOLD OR MATUREDEB INTERNATIONAL SMALL AND MID CAP FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

NetProceeds Gain

Common stock(s) $12,781,125 $1,032,482Short-term investment(s) 8,912,641 0


65

SUPPLEMENTARY INFORMATIONOTHER INVESTMENT CHANGESEB INTERNATIONAL SMALL AND MID CAP FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

SharesSTOCK DIVIDENDS

5,822 BANK OF CYPRUS PUBLIC CO., LTD.Received as a 15.382% stock dividend on 37,849 shares

19,450 COMBA TELECOM SYSTEMS HOLDINGS, LTD.Received as a 10% stock dividend on 194,500 shares

56,727 NOBLE GROUP, LTD.Received as a 54.545% stock dividend on 104,000 shares

34,039 RESMED, INC.Received as a 100% stock dividend on 34,039 shares

STOCK SPLITS1,902 BEKAERT NV

Received as a 3 for 1 stock split on 951 shares

2,611 KONINKLIJKE VOPAK NVReceived as a 2 for 1 stock split on 2,611 shares

NON-TAXABLE SPINOFF13,230 PRELIOS SPA

Received 1 share for every 1 share of Pirelli & Co. SpA

66

STATEMENT OF NET ASSETSEB INTERNATIONAL SMALL CAP FUND KEYBANK NATIONAL ASSOCIATIONDecember 31, 2010

FairCost Value

ASSETSInvestments: Common stock(s) $198,245,050 $264,796,177 Short-term investment(s) 3,478,597 3,478,597

$201,723,647 268,274,774

Accrued income receivable 341,456Cash 7


LIABILITIESPayable for investments purchased 809,480Payable for fund shares redeemed 58,018Accrued expenses 71,455




67

STATEMENT OF OPERATIONSEB INTERNATIONAL SMALL CAP FUND KEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

NET INVESTMENT INCOMECommon stock dividends, net $4,488,672Short-term investment interest 14,200

4,502,872Less audit expense (11,000)


NET REALIZED GAIN, UNREALIZED APPRECIATION ON INVESTMENTS, UNREALIZED APPRECIATION ON FOREIGN DENOMINATED ACCRUED INCOME RECEIVABLE, ADMINISTRATIVE EXPENSES AND CUSTODY FEE REIMBURSEMENT


Net realized gain from investment transactions $5,639,049Net realized loss on foreign currency transactions (661,012)Net realized gain on foreign denominated income 15,692

Net realized gain 4,993,729



Unrealized appreciation on foreign denominated accrued income receivable: Beginning of year 2,549 End of year 14,905


Administrative expenses (141,791)

Custody fee reimbursement 24,408

NET REALIZED GAIN, UNREALIZED APPRECIATION ON INVESTMENTS,UNREALIZED APPRECIATION ON FOREIGN DENOMINATED ACCRUED

INCOME RECEIVABLE, ADMINISTRATIVE EXPENSES AND CUSTODYFEE REIMBURSEMENT $47,172,063


68

STATEMENTS OF CHANGES IN NET ASSETSEB INTERNATIONAL SMALL CAP FUND KEYBANK NATIONAL ASSOCIATION


FROM INVESTMENT ACTIVITIESNet investment income $4,491,872 $1,996,734Net realized gain (loss) from investment transactions 5,639,049 (6,078,479)Net realized loss on foreign currency transactions (661,012) (791,237)Net realized gain on foreign denominated income 15,692 14,775Unrealized appreciation on investments 42,283,361 28,133,083Unrealized appreciation on foreign denominated accrued income receivable 12,356 4,970Administrative expenses (141,791) (126,167)Custody fee reimbursement 24,408 70,511


FROM PARTICIPANT TRANSACTIONSProceeds from sales of units (2010--7,916,929 units; 2009--34,497,396 units) 42,581,307 170,272,176Cost of units redeemed (2010--16,132,958 units; 2009--3,734,850 units) (85,614,893) (19,015,429)

(DECREASE) INCREASE IN NET ASSETS DERIVED FROMPARTICIPANT TRANSACTIONS (43,033,586) 151,256,747




69

SCHEDULE OF INVESTMENTS HELDEB INTERNATIONAL SMALL CAP FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010

Fair

Shares Cost ValueCOMMON STOCK(S) (98.92% of net assets)

AUSTRALIA (7.60%)726,080 Boart Longyear Group $3,147,751 $3,393,864

78,051 Campbell Brothers, Ltd. 2,194,362 3,167,445972,517 iiNet, Ltd. 2,529,907 2,890,948295,408 Mineral Resources, Ltd. 2,588,425 3,733,623196,612 Monadelphous Group, Ltd. 3,254,536 3,688,130694,059 SAI Global, Ltd. 3,053,236 3,471,853

TOTAL AUSTRALIA 16,768,217 20,345,863

AUSTRIA (3.12%)54,663 Andritz AG 2,433,554 5,044,590

172,994 Wienerberger AG 2,754,564 3,316,427 TOTAL AUSTRIA 5,188,118 8,361,017

BELGIUM (2.10%)35,661 Bekaert NV 1,617,483 4,109,546 20,969 Compagnie d'Entreprises CFE 1,380,449 1,510,915

TOTAL BELGIUM 2,997,932 5,620,461

DENMARK (2.64%)145,677 Christian Hansen Holding A/S 2,690,263 2,989,672 183,670 DSV A/S 2,707,816 4,076,890

TOTAL DENMARK 5,398,079 7,066,562

FINLAND (5.68%)77,837 Cargotec Oyj 2,710,970 4,075,602

186,248 Kemira Oyj 2,076,105 2,923,375 77,705 Outokumpu Technology 2,262,380 4,820,298

135,759 YIT Oyj 2,424,546 3,396,680 TOTAL FINLAND 9,474,001 15,215,955

FRANCE (7.50%)97,425 Alten Ord 2,313,596 3,213,274 29,777 Euler Hermes SA 1,829,959 2,850,244 93,178 Ingenico SA 3,070,964 3,386,957 23,668 RUBiS 2,343,640 2,767,171 82,910 Valeo SA 2,514,164 4,723,296 17,992 Virbac SA 2,086,602 3,137,834

TOTAL FRANCE 14,158,925 20,078,776

GERMANY (9.81%)78,498 Aixtron AG 1,496,914 2,907,056 72,960 Demag Cranes AG 2,543,678 3,551,070

70

SCHEDULE OF INVESTMENTS HELD--continuedEB INTERNATIONAL SMALL CAP FUNDKEYBANK NATIONAL ASSOCIATION



GERMANY--continued94,149 ElringKlinger AG 2,281,337 3,347,100 94,141 Kloeckner & Co. AG 2,624,389 2,652,825 21,586 Pfeiffer Vacuum Technology AG 2,590,544 2,548,367 49,353 Rheinmetall AG 2,369,925 3,983,829

110,089 Symrise AG 2,283,497 3,031,337 159,898 Tognum AG 2,494,010 4,231,235

TOTAL GERMANY 18,684,294 26,252,819

HONG KONG (4.04%)957,000 China Shineway Pharmaceutical Group, Ltd. 1,931,378 2,745,313

2,501,000 Galaxy Entertainment Group, Ltd. 1,635,736 2,824,771 2,754,246 Kingboard Laminates Holding, Ltd. 1,997,892 2,799,012 3,727,000 Peak Sport Products Co., Ltd. 2,608,965 2,449,939

TOTAL HONG KONG 8,173,971 10,819,035

JAPAN (18.50%)154,000 Asahi Diamond Industrial Co., Ltd. 2,513,737 2,929,807 266,000 ASICS Corp. 2,713,239 3,424,006 331,000 Chiyoda Corp. 3,131,735 3,297,553 626,000 Denki Kagaku Kogyo KK 2,803,275 2,979,298

86,487 Exedy Corp. 1,728,287 2,810,921 131,800 Keihin Corp. 2,270,084 2,973,849 482,000 Minebea Co., Ltd. 2,652,556 3,042,772 227,900 Nabtesco Corp. 2,257,294 4,866,812

86,678 Nichi-Iko Pharmaceutical Co., Ltd. 2,656,387 3,041,558 112,434 NIFCO, Inc. 1,865,558 3,051,196

97,967 Pigeon Corp. 3,392,514 3,333,813 744,300 Pioneer Corp. 2,559,908 3,083,470 103,716 Sanyo Chemical Industries, Ltd. 825,102 865,739 359,000 Suruga Bank, Ltd. 3,422,824 3,346,329

47,000 Sysmex Corp. 2,256,115 3,262,561 54,187 Toyo Tanso Co., Ltd. 2,882,722 3,213,605

TOTAL JAPAN 39,931,337 49,523,289

NETHERLANDS (1.27%)89,308 IMTech NV 2,467,591 3,401,440

NORWAY (6.20%)236,121 Acergy SA 2,567,096 5,809,084 148,000 Schibsted ASA 3,281,058 4,379,527 445,200 Storebrand ASA 2,500,709 3,343,309 457,736 Tomra Systems ASA 2,569,054 3,055,511

TOTAL NORWAY 10,917,917 16,587,431

71




REPUBLIC OF KOREA (4.10%)47,659 Fila Korea, Ltd. 3,278,160 3,283,931

277,760 Iljin Display Co., Ltd. 2,371,468 2,765,608 73,860 Lock & Lock Co., Ltd. 1,984,979 2,352,665 28,376 Sodiff Advanced Materials Co., Ltd. 2,903,336 2,565,316

TOTAL REPUBLIC OF KOREA 10,537,943 10,967,520

SINGAPORE (5.11%)1,754,000 Goodpack, Ltd. 2,451,408 2,806,838 3,616,000 Midas Holdings, Ltd. 2,087,632 2,667,437 1,427,000 Raffles Medical Group, Ltd. 2,272,835 2,662,293 1,511,000 Singapore Airport Terminal Services, Ltd. 2,744,948 3,396,963 1,939,221 Super Group, Ltd. 2,048,439 2,134,422

TOTAL SINGAPORE 11,605,262 13,667,953

SPAIN (1.16%)5,943 Construcciones y Auxiliar de Ferrocarriles SA 2,523,797 3,109,406

SWEDEN (3.73%)213,688 Hexagon AB 2,181,657 4,583,444

72,876 Hexagon AB New 791,706 1,563,135 98,279 Hoganas AB 2,833,511 3,844,705

TOTAL SWEDEN 5,806,874 9,991,284

SWITZERLAND (5.76%)10,716 Burckhardt Compression Holding AG 1,877,040 2,977,625 47,828 Huber & Suhner AG 2,980,519 3,325,023

7,396 Kaba Holding AG 2,874,769 3,181,843 90,500 Meyer Burger Technology AG 2,220,867 2,830,249

1,414 Sika AG 1,704,228 3,111,376 TOTAL SWITZERLAND 11,657,423 15,426,116

UNITED KINGDOM (10.60%)1,615,775 Aegis Group PLC 2,545,744 3,554,284

368,634 Babcock International Group PLC 3,226,836 3,295,539 548,978 Carillion PLC 3,110,943 3,303,948 564,013 Halma PLC 1,871,750 3,170,141 654,826 Intermediate Capital Group PLC 2,991,677 3,412,987 111,116 Rotork PLC 1,739,609 3,180,151

1,102,930 Spirent Communications PLC 1,882,859 2,552,215 408,268 Telecity Group PLC 2,393,718 3,006,821 108,655 Ultra Electronics Holdings PLC 2,190,233 2,885,164

TOTAL UNITED KINGDOM 21,953,369 28,361,250


72


FairUnits Cost Value

SHORT-TERM INVESTMENT(S) (1.30% of net assets)3,478,597 State Street Bank & Trust Co. Short Term Investment Fund 3,478,597 3,478,597


73



Investments Level 1 Level 2 Level 3 TotalCOMMON STOCK(S) $264,796,177 $ - $ - $264,796,177SHORT-TERM INVESTMENT(S) - 3,478,597 - 3,478,597

$264,796,177 $3,478,597 $ - $268,274,774


74

SUPPLEMENTARY INFORMATIONINVESTMENTS PURCHASEDEB INTERNATIONAL SMALL CAP FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Cost



75

SUPPLEMENTARY INFORMATIONINVESTMENTS SOLD OR MATUREDEB INTERNATIONAL SMALL CAP FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

NetProceeds Gain



76

SUPPLEMENTARY INFORMATIONOTHER INVESTMENT CHANGESEB INTERNATIONAL SMALL CAP FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

SharesSTOCK DIVIDEND

2,804 AZIMUT HOLDINGS SPAReceived as a 1.667% stock dividend on 168,286 shares

STOCK SPLIT24,184 BEKAERT NV


NON-TAXABLE SPINOFF41,308 TIKKURILA OYJ

Received .25 share for every 1 share of Kemira Oyj

77

STATEMENT OF NET ASSETSEB MID CAP CORE FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010

FairCost Value

ASSETSInvestments: Common stock(s) $20,290,235 $24,342,095 Short-term investment(s) 912,326 912,326

$21,202,561 25,254,421

Accrued income receivable 18,745 Receivable from investments sold 63,054


LIABILITIESPayable for investment purchased 12,280 Accrued expense 203




78

STATEMENT OF OPERATIONSEB MID CAP CORE FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

NET INVESTMENT INCOMECommon stock dividends $294,419Short-term investment interest* 2,908

297,327Less audit expense (7,000)Less administrative expense (2,342)










79

STATEMENTS OF CHANGES IN NET ASSETSEB MID CAP CORE FUNDKEYBANK NATIONAL ASSOCIATION


FROM INVESTMENT ACTIVITIESNet investment income $287,985 $392,010Net realized gain (loss) from investment transactions 4,261,976 (2,755,478) Unrealized appreciation on investments 130,895 10,201,743


FROM PARTICIPANT TRANSACTIONSProceeds from sale of units (2010--127,867 units; 2009--190,140 units) 2,441,015 2,763,043 Cost of units redeemed (2010--607,156 units; 2009--294,854 units) (11,417,972) (4,465,768)


(DECREASE) INCREASE IN NET ASSETS (4,296,101) 6,135,550

NET ASSETSBeginning of year (2010--1,627,685 units; 2009--1,732,399 units) 29,619,838 23,484,288 End of year (2010--1,148,396 units; 2009--1,627,685 units) $25,323,737 $29,619,838


80

SCHEDULE OF INVESTMENTS HELDEB MID CAP CORE FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010



BASIC INDUSTRY (9.77%)3,778 Agnico-Eagle Mines, Ltd. $219,743 $289,7735,675 Albemarle Corp. 280,679 316,5516,605 Allegheny Technologies, Inc. 347,037 364,464

11,100 Arch Coal, Inc. 263,222 389,1667,192 Canadian Pacific Railway, Ltd. 427,319 466,1147,905 Owens-Illinois, Inc. 247,578 242,6844,810 PPG Industries, Inc. 272,756 404,377


CAPITAL GOODS (13.10%)4,934 Alliant Techsystems, Inc. 375,428 367,2388,098 Ametek, Inc. 204,848 317,8275,875 Eaton Corp. 441,521 596,3718,400 Fluor Corp. 392,824 556,584

17,550 Mastec, Inc. 209,007 256,0553,225 Roper Industries, Inc. 158,727 246,4876,225 Stanley Black & Decker, Inc. 392,939 416,266

13,445 URS Corp. 559,788 559,446TOTAL CAPITAL GOODS 2,735,082 3,316,274

CONSUMER CYCLICALS (16.16%)5,125 BorgWarner, Inc. 179,492 370,8452,400 Cummins, Inc. 226,933 264,0248,680 Dick's Sporting Goods, Inc. 199,057 325,5009,260 Discovery Communications Inc. 298,101 386,1428,950 Hasbro, Inc. 285,164 422,2613,685 Martin Marietta Materials, Inc. 293,633 339,9047,650 Nordstrom, Inc. 230,680 324,2078,085 Owens Corning 209,109 251,8488,215 Penn National Gaming, Inc. 231,292 288,757

34,635 Pulte Homes, Inc. 341,950 260,4555,500 Starwood Hotels & Resorts Worldwide, Inc. 216,529 334,2903,525 Warnaco Group, Inc. 198,006 194,1229,245 Williams-Sonoma, Inc. 247,159 329,954


CONSUMER STAPLES (11.83%)11,550 AmerisourceBergen Corp. 293,890 394,08624,650 Boston Scientific Corp. 191,633 186,600

2,425 Cerner Corp. 165,934 229,744

81

SCHEDULE OF INVESTMENTS HELD--continuedEB MID CAP CORE FUNDKEYBANK NATIONAL ASSOCIATION



CONSUMER STAPLES--continued4,200 Church & Dwight, Inc. 267,539 289,884

10,655 Dr Pepper Snapple Group, Inc. 388,378 374,6309,870 Forest Laboratories, Inc. 291,892 315,6434,300 J.M. Smucker Co. 234,060 282,2958,675 Life Technologies Corp. 423,808 481,4622,400 Mead Johnson Nutrition Co. 144,927 149,4003,770 Waters Corp. 201,271 292,967


ENERGY/UTILITIES (12.48%)31,450 AES Corp. 365,483 383,061

8,759 Cameron International Corp. 327,755 444,3443,550 Cimarex Energy Co. 220,203 314,2818,450 Ensco International PLC 362,348 451,0615,910 Newfield Exploration Co. 284,598 426,170

13,010 QEP Resources, Inc. 399,127 472,3935,050 Wisconsin Energy Corp. 251,338 297,243

15,830 Xcel Energy, Inc. 373,131 372,797TOTAL ENERGY/UTILITIES 2,583,983 3,161,350

FINANCIAL (18.07%)6,790 Ameriprise Financial, Inc. 282,548 390,764

16,745 Ameritrade Holding Corp. 301,671 317,98811,880 AON Corp. 446,168 546,59936,250 CapitalSource, Inc. 241,452 257,37511,200 Comerica, Inc. 295,079 473,088

8,375 Corporate Office Properties Trust SBI MD 289,915 292,7067,265 Digital Realty Trust, Inc. 350,800 374,4387,720 HCP, Inc. 235,736 284,019

18,065 Invesco Ltd. 365,624 434,6449,645 Jefferies Group, Inc. 241,004 256,846

23,000 New York Community Bancorp, Inc. 336,767 433,55015,800 Principal Financial Group, Inc. 424,400 514,448


TECHNOLOGY (14.71%)8,270 Altera Corp. 204,366 294,2474,105 American Superconductor Corp. 117,048 117,362

14,100 Arrow Electronics, Inc. 367,629 482,9254,150 Autodesk, Inc. 159,681 158,5306,810 BMC Software, Inc. 304,907 321,023

48,215 Brocade Communications Systems Inc 293,024 255,0572,950 Cree, Inc. 204,261 194,375

82




TECHNOLOGY--continued17,800 Cypress Semiconductor Corp. 164,684 330,724

3,666 Equinix, Inc. 347,626 297,8999,128 Harris Corp. 411,323 413,4985,495 NII Holdings, Inc. 217,538 245,407

24,820 Nuance Communications, Inc. 392,010 451,2284,395 Plantronics, Inc. 157,138 163,582




912,326 EB Money Market Fund of KeyBank National Association 912,326 912,326


83



Investments Level 1 Level 2 Level 3 TotalCOMMON STOCK(S) $24,342,095 $ - $ - $24,342,095SHORT-TERM INVESTMENT(S) - 912,326 - 912,326

$24,342,095 $912,326 $ - $25,254,421


84

SUPPLEMENTARY INFORMATIONINVESTMENTS PURCHASEDEB MID CAP CORE FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Cost

Common stock(s) $32,035,871Exchange traded fund(s) 1,064,906Short-term investment(s) 27,257,154


85

SUPPLEMENTARY INFORMATIONINVESTMENTS SOLD OR MATUREDEB MID CAP CORE FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Net Gain Proceeds o or (Loss)

Common stock(s) $41,381,218 $4,291,923Exchange traded fund(s) 1,175,544 (29,947)Short-term investment(s) 26,562,182 0


86

SUPPLEMENTARY INFORMATIONOTHER INVESTMENT CHANGESEB MID CAP CORE FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

SharesSTOCK SPLIT

2,983 AMETEK, INC.Received as a 3 for 2 split on 5,965 shares

NAME CHANGE SPDR S&P MIDCAP 400 ETF TRUST

Changed from Midcap SPDR Trust Series 1

87

STATEMENT OF NET ASSETSEB MONEY MARKET FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010

Amortized FairCost Value

ASSETS Investments: Commercial paper $267,589,279 $267,589,279 Corporate bond(s) 17,248,165 17,248,165 State and municipal bond(s) 56,059,227 56,059,227 U.S. Government and agency obligation(s) 54,277,314 54,277,314 Variable rate demand note(s) 51,000,078 51,000,078 Time deposit(s) 3,000,000 3,000,000 Mutual fund(s) 6,953,304 6,953,304

$456,127,367 456,127,367

Accrued income receivable 324,027456,451,394

LIABILITY Income distribution payable 120,622

NET ASSETS (equivalent to $1.00 per unit based on 456,330,772 units) $456,330,772


TOTAL ASSETS

88

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETSEB MONEY MARKET FUNDKEYBANK NATIONAL ASSOCIATION


FROM INVESTMENT ACTIVITIES Commercial paper interest income $532,634 $384,629 Corporate bond interest income 68,479 271,936 State and municipal bond interest income 239,104 442,860 U.S. Government and agency obligation interest income 281,771 636,445 Variable rate demand note interest income 238,375 1,643,317 Time deposit interest income 40,093 32,532 Mutual fund dividend income 17,483 258,132

1,417,939 3,669,851 Less audit expense (7,000) (7,000) Less administrative expense (41,380) (39,528)

NET INVESTMENT INCOME 1,369,559 3,623,323

Investment income distributed or due participants (1,369,559) (3,623,323)0 0

FROM PARTICIPANT TRANSACTIONS Proceeds from sales of units (2010--1,097,341,757 units;

2009--721,665,497 units) 1,097,341,757 721,665,497 Cost of units redeemed (2010--1,021,612,395 units;

2009--870,815,401 units) (1,021,612,395) (870,815,401)

INCREASE (DECREASE) IN NET ASSETS DERIVEDFROM PARTICIPANT TRANSACTIONS 75,729,362 (149,149,904)

NET ASSETS Beginning of year (2010--380,601,410 units;

2009--529,751,314 units) 380,601,410 529,751,314 End of year (2010--456,330,772 units;

2009--380,601,410 units) $456,330,772 $380,601,410


89

SCHEDULE OF INVESTMENTS HELD EB MONEY MARKET FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010

Amortized FairPar Value Cost Value

COMMERCIAL PAPER (58.64% of net assets)$20,000,000 Abbey National LLC 0.36% 01/10/11 $19,998,200 $19,998,200

8,000,000 ASB Finance, Ltd. 0.33% 02/09/11 7,997,140 7,997,14020,000,000 Bank of Nova Scotia 0.09% 01/03/11 19,999,900 19,999,90022,000,000 BNP Paribas 0.21% 01/03/11 21,999,743 21,999,743

8,600,000 Citigroup Funding, Inc. 0.27% 02/18/11 8,596,904 8,596,9047,000,000 Coca-Cola Co. 0.44% 02/18/11 6,995,038 6,995,038

19,000,000 Dexia Delaware LLC 0.21% 01/03/11 18,999,778 18,999,77822,000,000 ENI Finance USA, Inc. 0.27% 01/05/11 21,999,340 21,999,34011,155,000 Google, Inc. 0.24% 04/05/11 11,148,009 11,148,009

4,000,000 Johnson & Johnson 0.24% 02/08/11 3,998,987 3,998,9874,249,000 Johnson & Johnson 0.24% 05/15/11 4,246,054 4,246,054

22,000,000 Natixis US Finance Co. 0.14% 01/03/11 21,999,829 21,999,8294,000,000 Nordea North America, Inc. 0.47% 01/14/11 3,999,321 3,999,321

10,000,000 Northwestern University 0.22% 02/10/11 9,997,556 9,997,55620,000,000 Prudential Funding LLC 0.32% 01/07/11 19,998,934 19,998,934

4,500,000 Shell International Finance BV 0.55% 02/07/11 4,497,456 4,497,4567,055,000 Shell International Finance BV 0.60% 06/02/11 7,037,127 7,037,1273,000,000 Shell International Finance BV 0.60% 06/14/11 2,991,800 2,991,800

15,000,000 Standard Chartered Bank 0.27% 02/16/11 14,994,825 14,994,82517,100,000 Straight-A Funding, LLC 0.26% 01/24/11 17,097,160 17,097,160

4,000,000 Total Capital Canada, Ltd. 0.30% 02/25/11 3,998,167 3,998,1675,000,000 Toyota Motor Credit Corp. 0.31% 02/04/11 4,998,536 4,998,536

10,000,000 Walt Disney Co. 0.21% 01/10/11 9,999,475 9,999,475 TOTAL COMMERCIAL PAPER 267,589,279 267,589,279

CORPORATE BOND(S) (3.78% of net assets)6,000,000 Berkshire Hathaway, Inc. Fl. Rt. 02/10/11 6,000,283 6,000,2836,200,000 Citigroup, Inc. 5.125% 02/14/11 6,235,230 6,235,2302,500,000 Goldman Sachs Group, Inc. 6.875% 01/15/11 2,505,802 2,505,8022,500,000 State Street Bank & Trust Co. 1.85% 03/15/11 2,506,850 2,506,850

TOTAL CORPORATE BOND(S) 17,248,165 17,248,165

STATE AND MUNICIPAL BOND(S) (12.28% of net assets)5,000,000 Chattanooga TN Industrial Development Board Var. Rt. 01/01/28 5,000,000 5,000,0009,915,000 Jewish Federation of Philadelphia Var. Rt. 05/01/38 9,915,000 9,915,0005,490,000 Kansas City MO Var. Rt. 03/01/23 5,490,000 5,490,000

12,600,000 Kentucky Higher Education Student Loan Authority Var. Rt. 06/01/38 12,600,000 12,600,0005,085,000 Nevada Housing Division Var. Rt. 10/01/35 5,085,000 5,085,0002,990,000 New Jersey State Housing & Mortgage Finance Agency Var. Rt. 11/01/39 2,990,000 2,990,0001,000,000 New York City Transitional Finance Authority 4.45% 02/01/11 1,003,227 1,003,2271,985,000 Prince Georges County MD Revenue Var. Rt. 04/01/15 1,985,000 1,985,0002,791,000 Savannah College of Art & Design Var. Rt. 04/01/24 2,791,000 2,791,0009,200,000 Tempe AZ Industrial Development Authority Var. Rt. 07/01/34 9,200,000 9,200,000

TOTAL STATE AND MUNICIPAL BOND(S) 56,059,227 56,059,227

90

SCHEDULE OF INVESTMENTS HELD--continuedEB MONEY MARKET FUNDKEYBANK NATIONAL ASSOCIATION

Amortized Fair Par Value Cost Value

U.S. GOVERNMENT AND AGENCY OBLIGATION(S) (11.89% of net assets)2,000,000 Federal Home Loan Bank Fl. Rt. 07/29/11 2,000,000 2,000,0004,000,000 Federal Home Loan Bank 0.40% 12/09/11 4,000,000 4,000,000

11,100,000 Federal Home Loan Bank 0.40% 12/20/11 11,096,889 11,096,88910,000,000 Freddie Mac 0.40% 09/22/11 10,000,000 10,000,000

3,000,000 Freddie Mac Fl. Rt. 11/07/11 2,999,238 2,999,2383,000,000 Freddie Mac Fl. Rt. 11/09/11 2,994,563 2,994,563

11,200,000 Freddie Mac Fl. Rt. 01/13/12 11,188,289 11,188,28910,000,000 U.S. Treasury Bill 0.1275% 02/17/11 9,998,335 9,998,335

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION(S) 54,277,314 54,277,314

VARIABLE RATE DEMAND NOTE(S) (11.18% of net assets)10,800,000 American Honda Finance Corp. Fl. Rt. 01/11/11 10,800,159 10,800,159

5,000,000 Ballenisles Country Club, Inc. Fl. Rt. 12/01/22* 5,000,000 5,000,0003,700,000 Canadian Imperial Bank of Commerce Fl. Rt. 05/27/11 3,699,919 3,699,919

20,000,000 Dexia Credit Local Fl. Rt. 11/03/11 20,000,000 20,000,0003,000,000 IBM International Group Capital LLC Fl. Rt. 06/26/09 3,000,000 3,000,0003,000,000 National Australia Bank, Ltd. Fl. Rt. 10/05/11 3,000,000 3,000,0003,000,000 Royal Bank of Scotland Group PLC Fl. Rt. 02/08/11 3,000,000 3,000,0002,500,000 Toronto Dominion Bank Fl. Rt. 02/04/11 2,500,000 2,500,000

TOTAL VARIABLE RATE DEMAND NOTE(S) 51,000,078 51,000,078

TIME DEPOSIT(S) (0.66% of net assets)3,000,000 Barclays Bank PLC 0.77% 01/13/11 3,000,000 3,000,000

UnitsMUTUAL FUND(S) (1.52% of net assets)

6,953,304 Invesco STIT Government & Agency 6,953,304 6,953,304


*Denotes a variable rate demand note with a put option as described in Note A to the financial statements.

91

SCHEDULE OF INVESTMENTS HELD--continuedEB MONEY MARKET FUNDKEYBANK NATIONAL ASSOCIATION


Investments Level 1 Level 2 Level 3 TotalCOMMERCIAL PAPER $ - $267,589,279 $ - $267,589,279CORPORATE BOND(S) - 17,248,165 - 17,248,165STATE AND MUNICIPAL BOND(S) - 56,059,227 - 56,059,227U.S. GOVERNMENT AND AGENCY OBLIGATION(S) - 54,277,314 - 54,277,314VARIABLE RATE DEMAND NOTE(S) - 51,000,078 - 51,000,078TIME DEPOSIT(S) - 3,000,000 - 3,000,000MUTUAL FUND(S) - 6,953,304 - 6,953,304

$ - $456,127,367 $0 $456,127,367


Variable Rate Demand Note(s)

Balance as of December 31, 2009 $4,481,100Realized gain (loss) (1,338,658)Change in unrealized appreciation (depreciation) -Net purchases (sales) (3,142,442)Net transfers in (out) of Level 3 -Balance as of December 31, 2010 $0

Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2010 $0


92

SUPPLEMENTARY INFORMATIONINVESTMENTS PURCHASEDEB MONEY MARKET FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Cost INVESTMENTS PURCHASED

Commercial paper $18,659,712,390 Corporate bond(s) 32,511,337 State and municipal bond(s) 22,140,800 Variable rate demand note(s) 69,254,054 Time deposit(s) 66,452,277 U.S. Government and agency obligation(s) 795,737,552 Mutual fund(s) 1,017,225,918

TOTAL INVESTMENTS PURCHASED $20,663,034,328

93

SUPPLEMENTARY INFORMATIONINVESTMENTS SOLD OR MATUREDEB MONEY MARKET FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Amortized Costand Net Proceeds

INVESTMENTS SOLD OR MATURED Commercial paper $18,485,590,750 Corporate bond(s) 18,000,000 State and municipal bond(s) 46,405,000 Variable rate demand note(s) 78,426,084 Time deposit(s) 73,450,000 U.S. Government and agency obligation(s) 830,365,760 Mutual fund(s) 1,058,330,567

TOTAL INVESTMENTS SOLD OR MATURED $20,590,568,161

94

STATEMENT OF NET ASSETSEB SMALL CAP VALUE FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010

FairCost Value

ASSETSInvestments: Common stock(s) $10,024,475 $11,589,160 Exchange traded fund(s) 100,938 113,744 Short-term investment(s) 882,514 882,514

$11,007,927 12,585,418

Accrued income receivable 8,280 Receivable from investment sold 131,128 Receivable for fund shares sold 23,370


LIABILITIESPayable for investments purchased 378,664 Accrued expense 94




95

STATEMENT OF OPERATIONSEB SMALL CAP VALUE FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

NET INVESTMENT INCOMECommon stock dividends $129,153Exchange traded fund dividends 1,392Short-term investment interest* 1,452

131,997Less audit expense (7,000)Less administrative expense (727)




Net realized gain $509,329

Unrealized appreciation on investments: Beginning of year 365,166 End of year 1,577,491





96

STATEMENTS OF CHANGES IN NET ASSETSEB SMALL CAP VALUE FUNDKEYBANK NATIONAL ASSOCIATION

PeriodOctober 29, 2009

Year Ended throughDecember 31, 2010 December 31, 2009

FROM INVESTMENT ACTIVITIESNet investment income $124,270 $19,179Net realized gain from investment transactions 509,329 85,182 Unrealized appreciation on investments 1,212,325 365,166

INCREASE IN NET ASSETS DERIVEDFROM INVESTMENT ACTIVITIES 1,845,924 469,527

FROM PARTICIPANT TRANSACTIONSProceeds from sale of units (2010--564,112 units; 2009--818,902 units) 6,515,654 8,193,341 Cost of units redeemed (2010--248,367 units; 2009--186,578 units) (2,745,933) (1,909,075)

INCREASE IN NET ASSETS DERIVEDFROM PARTICIPANT TRANSACTIONS 3,769,721 6,284,266


NET ASSETSBeginning of period (2010--632,324 units; 2009--0 units) 6,753,793 0End of period (2010--948,069 units; 2009--632,324 units) $12,369,438 $6,753,793


97

SCHEDULE OF INVESTMENTS HELDEB SMALL CAP VALUE FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010



BASIC INDUSTRY (10.89%)5,300 A Schulman, Inc. $103,118 $121,3171,600 AptarGroup, Inc. 64,406 76,1124,300 Arkansas Best Corp. 113,138 117,9063,950 Celadon Group, Inc. 44,966 58,4213,750 Cloud Peak Energy, Inc. 70,270 87,1123,700 GATX Corp. 107,272 130,5361,600 Genesee & Wyoming, Inc. 58,789 84,7202,500 Haynes International, Inc. 87,742 104,5751,500 Innophos Holdings, Inc. 34,753 54,1204,600 Mueller Industries, Inc. 117,081 150,4204,750 Olin Corp. 82,556 97,4703,800 Silgan Holdings, Inc. 116,245 136,0782,800 Texas Industries, Inc. 101,286 128,184


CAPITAL GOODS (13.03%)1,200 American Science & Engineering, Inc. 90,128 102,2763,800 Astec Industries, Inc. 104,182 123,1586,100 Barnes Group, Inc. 110,145 126,0873,700 Brady Corp. 115,188 120,6572,350 Carlisle Companies, Inc. 91,535 93,3898,900 Comfort Systems USA, Inc. 99,463 117,2133,300 Commercial Vehicle Group, Inc. 26,639 53,6253,700 Emcor Group, Inc. 92,577 107,2265,661 John Bean Technologies Corp. 91,936 113,9563,426 Kadant, Inc. 54,195 80,7513,700 Kennametal, Inc. 103,496 146,0022,500 Lincoln Electric Holdings, Inc. 133,756 163,1754,500 Rush Enterprises, Inc. 57,244 91,9806,200 Sterling Construction Co., Inc. 94,158 80,8481,900 Thomas & Betts Corp. 73,683 91,770


CONSUMER CYCLICALS (9.98%)1,900 AO Smith Corp. 60,866 72,3521,800 BJ's Wholesale Club, Inc. 70,956 86,2209,700 Callaway Golf Co. 71,548 78,2792,200 Carter's, Inc. 60,686 64,9221,400 Casey's General Stores, Inc. 57,011 59,5143,100 Cato Corp. 69,892 84,9714,200 Heidrick & Struggles International, Inc. 98,110 120,3304,600 Korn/Ferry International 78,264 106,306

98

SCHEDULE OF INVESTMENTS HELD--continuedEB SMALL CAP VALUE FUNDKEYBANK NATIONAL ASSOCIATION



CONSUMER CYCLICALS--continued1,700 Maidenform Brands, Inc. 28,339 40,4092,300 Ruddick Corp. 83,745 84,7323,600 Spartan Stores, Inc. 54,014 61,0204,000 Steiner Leisure, Ltd. 157,289 186,8003,300 Viad Corp. 60,636 84,0513,285 Wolverine Worldwide, Inc. 96,698 104,726


CONSUMER STAPLES (10.71%)4,300 CONMED Corp. 84,948 113,6492,222 Corn Products International, Inc. 72,467 102,2125,000 Flowers Foods, Inc. 126,949 134,5504,100 Greatbatch, Inc. 87,507 99,0153,100 Jack in the Box, Inc. 62,089 65,5033,800 Medicis Pharmaceutical Corp. 102,366 101,8025,600 Owens & Minor, Inc. 156,911 164,8085,900 PerkinElmer, Inc. 125,697 152,3384,100 Sensient Technologies Corp. 118,136 150,5933,300 Steris Corp. 108,278 120,3182,900 West Pharmaceutical Services, Inc. 112,402 119,480


ENERGY/UTILITIES (15.19%)4,100 Allete, Inc. 144,251 152,7663,200 Atwood Oceanics, Inc. 97,687 119,5842,350 Berry Petroleum Co. 90,289 102,695

16,100 Cal Dive International, Inc. 108,603 91,2875,100 Cleco Corp. 144,868 156,8762,400 Energen Corp. 109,216 115,8243,500 Holly Corp. 106,192 142,6952,800 Northwest Natural Gas Co. 127,079 130,1164,200 NorthWestern Corp. 114,365 121,0866,400 Patterson-UTI Energy, Inc. 103,654 137,9205,300 Penn Virginia Corp. 105,008 89,1467,800 PetroQuest Energy, Inc. 55,386 58,7341,800 SM Energy Company 69,986 106,0744,300 Superior Energy Services, Inc. 106,329 150,4574,500 Tesco Corp. 47,747 71,4603,700 WGL Holdings, Inc. 128,195 132,349


99




FINANCIAL (20.45%)1,100 Affiliated Managers Group, Inc. 82,065 109,1423,000 Alexander & Baldwin, Inc. 98,058 120,0903,100 American Financial Group, Inc. 83,208 100,0995,200 Arthur J Gallagher & Co. 130,851 151,2165,100 Chatham Lodging Trust 95,196 87,9752,900 Delphi Financial Group, Inc. 74,377 83,636

11,500 First Niagara Financial Group, Inc. 151,395 160,7704,600 Healthcare Realty Trust, Inc. 99,963 97,3823,200 Highwoods Properties, Inc. 94,146 101,9205,100 Horace Mann Educators Corp. 91,716 92,0041,350 Iberiabank Corp. 66,148 79,8254,700 Independent Bank Corp. 107,050 127,1351,900 Infinity Property & Casualty Corp. 93,991 117,4203,800 LaSalle Hotel Properties 80,367 100,3202,000 The Navigators Group, Inc. 99,100 100,7005,150 PacWest Bancorp 95,849 110,1073,900 Prosperity Bancshares, Inc. 138,424 153,1921,900 PS Business Parks, Inc. 100,727 105,8684,100 Rent-A-Center, Inc. 104,570 132,3481,600 RLI Corp. 89,544 84,1123,100 StanCorp Financial Group, Inc. 127,050 139,9346,400 Umpqua Holdings Corp. 79,983 77,9523,100 Washington Real Estate Investment Trust 88,286 96,069


TECHNOLOGY (13.44%)1,800 Anixter International, Inc. 88,033 107,5145,650 ATMI, Inc. 90,458 112,6617,000 Benchmark Electronics, Inc. 119,702 127,1202,900 Caci International, Inc. 139,687 154,8604,600 Diebold, Inc. 140,193 147,4304,700 Fair Isaac Corp. 105,579 109,8396,500 Fairchild Semiconductor International, Inc. 60,185 101,4657,711 Intersil Corp. 105,144 117,7474,700 Jack Henry & Associates, Inc. 119,861 137,0051,100 MicroStrategy, Inc. 96,850 94,0174,950 MKS Instruments, Inc. 87,073 121,2253,519 MTS Systems Corp. 104,012 131,8226,600 QLogic Corp. 116,380 112,3326,200 Sigma Designs, Inc. 74,648 87,854



100



EXCHANGE TRADED FUND(S) (0.92% of net assets)1,600 iShares Russell 2000 Value Index Fund 100,938 113,744


882,514 EB Money Market Fund of KeyBank National Association 882,514 882,514


101



Investments Level 1 Level 2 Level 3 TotalCOMMON STOCK(S) $11,589,160 $ - $ - $11,589,160EXCHANGE TRADED FUND(S) 113,744 - - 113,744SHORT-TERM INVESTMENT(S) - 882,514 - 882,514

$11,702,904 882,514$ $ - $12,585,418


102

SUPPLEMENTARY INFORMATIONINVESTMENTS PURCHASEDEB SMALL CAP VALUE FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Cost

Common stock(s) $8,480,900Exchange traded fund(s) 277,287Short-term investment(s) 8,326,793


103

SUPPLEMENTARY INFORMATIONINVESTMENTS SOLD OR MATUREDEB SMALL CAP VALUE FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

NetProceeds Gain

Common stock(s) $5,171,905 $489,798Exchange traded fund(s) 195,880 19,531Short-term investment(s) 7,599,829 0

TOTAL INVESTMENTS SOLD OR MATURED $12,967,614 $509,329

104

SUPPLEMENTARY INFORMATIONOTHER INVESTMENT CHANGESEB SMALL CAP VALUE FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010


175 FURIEX PHARMACEUTICALS, INC.Received 1 share for every 12 shares of Pharmaceutical Product Development, Inc.

STOCK SPLIT700 AO SMITH CORP.


NAME CHANGESAVIAT NETWORKS, INC.Changed from Harris Stratex Networks, Inc.

SM ENERGY COMPANYChanged from St. Mary Land & Exploration Co.

105

STATEMENT OF NET ASSETSEB VALUE EQUITY FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010

FairCost Value

ASSETSInvestments: Common stock(s) $71,159,227 $81,237,741 Short-term investment(s) 1,117,256 1,117,256

$72,276,483 82,354,997

Accrued income receivable 89,856TOTAL ASSETS 82,444,853

LIABILITIESAccrued expenses 26,580Payable for fund shares redeemed 2,137


NET ASSETS (equivalent to $88.03

per unit based on 936,254 units) $82,416,136


106

STATEMENT OF OPERATIONSEB VALUE EQUITY FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

NET INVESTMENT INCOMECommon stock dividends $1,600,184Short-term investment interest* 3,814

1,603,998Less audit expense (7,000)Less administrative expense (13,866)










107

STATEMENTS OF CHANGES IN NET ASSETSEB VALUE EQUITY FUNDKEYBANK NATIONAL ASSOCIATION




FROM PARTICIPANT TRANSACTIONSProceeds from sale of units (2010--89,982 units; 2009--351,062 units) 7,021,191 21,728,017Cost of units redeemed (2010--188,678 units; 2009--190,982 units) (14,594,013) (11,606,040)

(DECREASE) INCREASE IN NET ASSETS DERIVEDFROM PARTICIPANT TRANSACTIONS (7,572,822) 10,121,977


NET ASSETSBeginning of year (2010--1,034,950 units; 2009--874,870 units) 78,001,888 51,839,098End of year (2010--936,254 units; 2009--1,034,950 units) $82,416,136 $78,001,888


108

SCHEDULE OF INVESTMENTS HELDEB VALUE EQUITY FUNDKEYBANK NATIONAL ASSOCIATIONDecember 31, 2010


COMMON STOCK(S) (98.57%) of net assets)

BASIC INDUSTRY (10.98%)49,100 Arch Coal, Inc. $1,285,749 $1,721,44628,900 Barrick Gold Corp. 1,191,320 1,536,902

2,400 BHP Billiton, Ltd. 147,193 223,00813,800 Cliffs Natural Resources, Inc. 838,356 1,076,538

2,000 Freeport-McMoRan Copper & Gold, Inc. 151,950 240,18036,100 International Paper Co. 948,221 983,36426,700 Newmont Mining Corp. 1,409,451 1,640,181

2,100 Union Pacific Corp. 149,886 194,58624,500 United States Steel Corp. 1,174,493 1,431,290


CAPITAL GOODS (8.31%)11,800 Deere & Co. 715,549 979,99015,100 Fluor Corp. 713,748 1,000,52674,500 General Electric Co. 1,301,413 1,362,60530,800 Honeywell International, Inc. 1,373,305 1,637,32832,700 KBR, Inc. 729,675 996,36915,100 Navistar International Corp. 732,904 874,441


CONSUMER CYCLICALS (7.26%)13,500 Dun & Bradstreet Corp. 918,655 1,108,215

2,100 Google, Inc. 1,070,057 1,247,33767,500 Host Hotels & Resorts, Inc. 927,742 1,206,22517,400 Target Corp. 732,483 1,046,26225,500 Wal-Mart Stores, Inc. 1,354,517 1,375,215


CONSUMER STAPLES (18.34%)25,900 Abbott Laboratories 1,316,562 1,240,86974,100 Archer-Daniels-Midland Co. 2,190,981 2,228,92824,000 Dr Pepper Snapple Group, Inc. 875,759 843,84020,000 Johnson & Johnson 1,242,776 1,237,00015,500 Kellogg Co. 790,545 791,740

9,600 McDonald's Corp. 661,812 736,89650,300 Merck & Co., Inc. 1,728,509 1,812,81214,400 PepsiCo Inc. 910,540 940,752

103,500 Pfizer, Inc. 2,093,983 1,812,28523,900 Procter & Gamble Co. 1,520,913 1,537,48753,600 UnitedHealth Group, Inc. 1,543,843 1,935,496


109

SCHEDULE OF INVESTMENTS HELD--continuedEB VALUE EQUITY FUNDKEYBANK NATIONAL ASSOCIATION



ENERGY/UTILITIES (28.85%)161,500 AES Corp. 1,885,043 1,967,070

12,300 Apache Corp. 1,052,101 1,466,529110,500 Chesapeake Energy Corp. 2,580,451 2,863,055

13,000 Chevron Corp. 1,060,114 1,186,25022,400 Devon Energy Corp. 1,497,771 1,758,62415,600 Edison International 585,052 602,16029,600 Ensco International PLC 1,275,842 1,580,04890,000 Exelon Corp. 3,778,177 3,747,60019,900 Exxon Mobil Corp. 1,482,968 1,455,08830,500 Halliburton Co. 944,672 1,245,315

3,700 National Oilwell Varco, Inc. 153,759 248,82535,500 Public Service Enterprise Group, Inc. 1,133,614 1,129,25510,800 QEP Resources, Inc. 338,124 392,148

9,700 Southern Co. 345,021 370,83154,300 Suncor Energy, Inc. 1,797,477 2,079,14773,800 Weatherford International, Ltd. 1,320,326 1,682,640


FINANCIAL (11.95%)5,300 ACE Ltd. 254,624 329,925

42,300 Brookfield Properties Corp. 688,607 741,5194,900 Chubb Corp. 248,916 292,236

39,700 Comerica, Inc. 1,469,243 1,676,92834,800 Invesco Ltd. 585,960 837,28819,000 J.P. Morgan Chase & Co. 719,472 805,98017,000 MetLife, Inc. 703343 755,48030,400 Morgan Stanley 829,093 827,18484,000 ProLogis 1,109,834 1,212,96030,300 SunTrust Banks, Inc. 620,303 894,153

6800 Travelers Companies, Inc. 295,767 378,82835,300 Wells Fargo & Co. 946,721 1,093,947


TECHNOLOGY (12.88% )15,000 Amdocs, Ltd. 403,616 412,05033,700 AT&T, Inc. 918,573 990,10663,900 EMC Corp. 856,508 1,463,31046,700 Intel Corp. 861,981 982,101

4,400 International Business Machines Corp. 568,797 645,74490,500 Microsoft Corp. 2,323,267 2,526,76069,000 Nuance Communications, Inc. 1,103,850 1,254,42031,400 Oracle Corp. 592,096 982,82017,200 QUALCOMM, Inc. 667,943 851,228

110




TECHNOLOGY--continued14,200 Verizon Communications, Inc. 417,311 508,076




1,117,256 EB Money Market Fund of KeyBank National Association 1,117,256 1,117,256


111



Investments Level 1 Level 2 Level 3 TotalCOMMON STOCK(S) $81,237,741 $ - $ - $81,237,741SHORT-TERM INVESTMENT(S) - 1,117,256 - 1,117,256

$81,237,741 $1,117,256 $ - $82,354,997


112

SUPPLEMENTARY INFORMATIONINVESTMENTS PURCHASEDEB VALUE EQUITY FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Cost



113

SUPPLEMENTARY INFORMATIONINVESTMENTS SOLD OR MATUREDEB VALUE EQUITY FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010

Net Proceeds Gain



114

SUPPLEMENTARY INFORMATIONOTHER INVESTMENT CHANGEEB VALUE EQUITY FUNDKEYBANK NATIONAL ASSOCIATIONYear Ended December 31, 2010


6,961 FRONTIER COMMUNICATIONS CORP.Received .24 share for every 1 share of Verizon Communications, Inc.

115

116

NOTES TO FINANCIAL STATEMENTS KEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTS KEYBANK NATIONAL ASSOCIATION Years Ended December 31, 2010 and 2009 NOTE A--SIGNIFICANT ACCOUNTING POLICIES Organization: KeyCorp, through its wholly-owned subsidiary, KeyBank National Association (“KeyBank”), which has a “full” charter for banking and trust activities, is a trust service provider operating in fourteen states. The EB Convertible Securities, EB Diversified Stock, EB Equity Index, EB Fixed Income, EB International Small and Mid Cap, EB International Small Cap, EB Mid Cap Core, EB Money Market, EB Small Cap Value and EB Value Equity Funds (the “Funds”) of the KeyBank Multiple Investment Trust for Employee Benefit Trusts (the “MIT”) were established under a Consolidated Declaration of Trust (the ”Declaration”) which sets forth each fund’s investment objectives and restrictions. The Funds are managed for the investment and reinvestment of individual accounts having common investment objectives for which KeyBank (the “Trustee”), acts in a fiduciary capacity under the Declaration. Victory Capital Management Inc., which is a wholly-owned subsidiary of KeyBank, and an affiliate of the Trustee, has a sub-advisory agreement with KeyBank to perform investment management services. KeyBank also has subcustodian and service agreements in place with State Street Bank and Trust Company to provide services to the EB International Small and Mid Cap and EB International Small Cap Funds (“EB International Funds.”) The Funds are operated in accordance with 12 CFR 9.18. Investment Valuation: Investments are stated at fair value. Fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants. It represents an exit price at the measurement date. Market participants are buyers and sellers who are independent, knowledgeable, and willing and able to transact in the principal (or most advantageous) market for the asset or liability being measured. Current market conditions, including imbalances between supply and demand, are considered in determining fair value. Investments in securities traded on a national securities exchange are valued at the last reported sales price each day as reported by a recognized pricing service. Securities traded in the over-the-counter market, listed securities, and zero coupon bonds for which no sale was reported on that date are valued at fair value as determined by the Trustee, based on the mean of the most recent bid and ask price and other market information available. Zero coupon bonds’ fair value is broken into principal and interest, with interest amortized over the life of the bond and disclosed as accrued income receivable on the Statement of Net Assets. Short-term investments are valued at amortized cost which approximates fair value. The short-term investments are composed of highly liquid investments with maturities of three months or less. The Funds’ assets are valued in the principal market where it sells the particular asset or transfers the liability with the greatest volume and level of activity. In the absence of a principal market, the valuation is based on the most advantageous market for the asset (i.e., the market where the asset could be sold at a price that maximizes the amount to be received.) Valuation inputs refer to the assumptions market participants would use in pricing a given asset or liability. Inputs can be observable or unobservable. Observable inputs are assumptions that are based on market data and obtained from a source independent of the Funds. Unobservable inputs are assumptions based on the Trustee’s own information or assessment of assumptions used by other market participants in pricing the asset or liability. Unobservable inputs are based on the best and most current information available on the measurement date. All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy that gives the highest ranking to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Funds consider an input to be significant if it drives 10% or more of the total fair value of a particular asset.

117

NOTES TO FINANCIAL STATEMENTS--continued KEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTS KEYBANK NATIONAL ASSOCIATION NOTE A--SIGNIFICANT ACCOUNTING POLICIES--continued The inputs used in determining fair value in each of the three levels of the hierarchy are as follows:

Level 1 - quoted prices in active markets for identical assets. Level 2 - either: (i) quoted market prices for similar assets; (ii) observable inputs, such as interest rates or yield

curves; or (iii) inputs derived principally from or corroborated by observable market data. Level 3 - unobservable inputs.

The following is a description of the valuation methodologies used to measure fair value of assets held in the Funds: Equity Securities. This category includes domestic and foreign common stocks and preferred stocks, American Depository Receipts (“ADRs”) and convertible preferred stock. Securities listed or traded on securities exchanges are valued at the closing price on the exchange or system where the security is principally traded or at the Nasdaq Official Closing Price. Generally, these securities are classified as Level 1 because quoted prices in active markets are available. Debt Securities. Debt securities (other than short-term investments maturing in 60 days or less) include U.S. and foreign-issued corporate notes and bonds, convertible bonds, asset-backed securities, government agency obligations, government obligations, municipal bonds and interest-bearing commercial paper. These securities are valued using evaluated prices provided by a recognized pricing service. Because the evaluated prices are based on observable inputs, such as dealer quotes, available trade information, spreads, bids and offers, prepayment speeds, U.S. Treasury curves and interest rate movements, securities in this category are generally classified as Level 2. Debt securities for which no source of pricing information is available, such as structured investment vehicles (“SIVs”), are evaluated by a pricing committee, using a discounted cash flow analysis based on each of the underlying securities to produce a bottom up price for the portfolio. These securities are classified as Level 3. Mutual Funds. Investments in equity and fixed income open-end and closed-end investment companies are valued at their closing net asset value or at executed exchange trade prices. Pricing for these securities is typically provided by a recognized pricing service. Generally, these investments are classified as Level 2 because the valuations are based on observable inputs. Mutual funds for which no source of pricing information is available are evaluated by a pricing committee that uses the known information about the portfolio’s holding of defaulted assets to the total portfolio value relative to the shares outstanding to calculate a net price. These securities are classified as Level 3. Short-Term Investments. This category includes investments maturing in 60 days or less such as U.S. Treasury Bills and discounted commercial paper as well as cash management vehicles and money market funds. Valuations for U.S. Treasury Bills are provided by a recognized pricing service and represent dealer quotes; valuations for the other assets in this category are based on purchase prices or net asset values. These investments are generally classified as Level 2 since the valuations use observable inputs. These investments are not likely to be sold at amounts different from net asset value per share. The investment strategy related to short-term investments is stability and liquidity. Assets are considered to be fair valued on a recurring basis if fair value is measured regularly (i.e., daily, weekly, monthly or quarterly). The aggregate fair value by input level, as of December 31, 2010, for each fund’s investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included in each fund’s Schedule of Investments Held. Variable Rate Demand Notes: Certain Variable Rate Demand Notes, with maturities greater than one year, provide the EB Money Market Fund a continuous put option to redeem their investment at par value upon seven or fewer days notice to the issuer. Variable interest rates are reset daily or weekly on each of the Variable Rate Demand Notes held by the EB Money Market Fund.

118

NOTES TO FINANCIAL STATEMENTS--continued KEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTS KEYBANK NATIONAL ASSOCIATION NOTE A--SIGNIFICANT ACCOUNTING POLICIES--continued Foreign Currency Translation: The accounting records of the EB International Funds are maintained in U.S. dollars. Investments and other assets and liabilities denominated in a foreign currency are converted into U.S. dollars at the prevailing rates of exchange at year end. Purchases and sales of investments, income receipts, and expense payments are converted into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions. For financial statement purposes, net realized gains and losses on foreign currency transactions and unrealized gains and losses attributable to changes in foreign currency exchange rates for accrued income receivable are separately disclosed. Derivative Instruments: Certain Funds may be subject to equity price risk and foreign currency exchange risk in the normal course of pursuing investment objectives. These Funds may invest in various financial instruments including positions in forward currency contracts to gain exposure to or hedge against changes in the value of equities or foreign currencies. The Funds do not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value executed with the same counterparty. All open derivative positions at period end are reflected for each Fund in the tables within this section, and the volume of these open positions relative to each Fund’s net assets is generally representative of the volume of open positions throughout the year ended December 31, 2010. The following is a description of the derivative instruments utilized by the Funds, including the primary underlying risk exposure related to each instrument type. Foreign Currency Contracts. The EB International Funds may enter into foreign currency exchange contracts to convert U.S. dollars to and from various foreign currencies. A foreign currency exchange contract is an obligation by a Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The EB International Funds do not engage in “cross-currency” foreign exchange contracts (i.e. contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Funds’ foreign currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week.) A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. The EB International Funds enter into foreign currency exchange contracts solely for spot or forward hedging purposes, and not for speculative purposes (i.e. the Funds do not enter into such contracts solely for the purpose of earning foreign currency gains). Each foreign currency exchange contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Funds record realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. The Funds could be exposed to risk if a counterparty is unable to meet the terms of a forward foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of forward currency contracts does not eliminate fluctuations in the underlying prices of the securities.

119

NOTES TO FINANCIAL STATEMENTS--continued KEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTS KEYBANK NATIONAL ASSOCIATION NOTE A--SIGNIFICANT ACCOUNTING POLICIES--continued Futures Contracts. The EB Equity Index Fund may enter into futures contracts. The Fund may be subject to equity price risk in the normal course of pursuing investment objectives. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on a level of a specified securities index. The Fund may enter into futures contracts in an effort to hedge against market risks. Futures transactions involve brokerage costs and require the Fund to segregate assets to cover contracts that would require it to purchase securities. A good faith margin deposit of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts and is shown on the Statement of Net Assets as “Cash collateral held by broker.” Variation margin payments made or received by the EB Equity Index Fund based on the change in the fair value of the position are recognized in each valuation as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Fund may lose the expected benefit of futures transactions if securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of the Fund’s futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities, limiting the Fund’s ability to hedge effectively against market risk, and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. All open futures contracts positions as of December 31, 2010 are summarized in the EB Equity Index Fund’s Schedule of Investments Held. The volume of these open positions relative to the Fund’s net assets is generally representative of the volume of open positions throughout the reporting period. Fair Value of Derivative Instruments as of December 31, 2010: Asset Derivatives Liability Derivatives

Primary Risk Exposure Fund

Statements of Net Assets

Location Fair Value

Statements of Net Assets

Location Fair Value Equity Market Risk EB Equity Index Fund

-

Open futures contracts variation margin $5,625

The effect of Derivative Instruments on the Statement of Operations using the alternative disclosure option, which allows gains and losses to be shown net, for the year ended December 31, 2010:

Primary Risk Exposure Fund

Location of Gain (Loss) on

Derivatives Recognized in

Income

Realized Gain (Loss) and Change in Unrealized

Appreciation/Depreciation on Derivatives Recognized

in Income Equity Market Risk EB Equity Index Fund Net realized gain

from investment transactions and futures

$566,400

120

NOTES TO FINANCIAL STATEMENTS--continued KEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTS KEYBANK NATIONAL ASSOCIATION NOTE A--SIGNIFICANT ACCOUNTING POLICIES--continued Contingent Payment Debt Instruments: The EB Convertible Securities Fund holds Contingent Payment Debt Instruments (“CPDI.”) CPDI are debt instruments, issued for money or publicly traded property, that provide for one or more contingent payments. CPDI are required to use the noncontingent bond method (“NCBM”) of accruing and reporting income. Under the NCBM, interest income accruals on CPDI are computed by applying the comparable yield for the debt instrument as of the issue date, determined by the issuer, and setting a payment schedule to produce that yield. Differences can occur between projected and actual payments recorded, resulting in an adjustment to interest income. TBA Purchase Commitments: “TBA” (to be announced) purchase commitments are commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. TBA purchase commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to the settlement date, such risk is in addition to the risk of decline in the value of the fund’s other assets. Risks may also arise upon entering into those contracts from the potential inability of counterparties to meet the terms of their contracts. Unsettled TBA purchase commitments are valued at the current fair value of the underlying securities. The contract is “marked-to-market” daily and the change in fair value is recorded by each fund as an unrealized gain or loss. The cost of TBA purchase commitments pending as of year end is included in the payable for investments purchased on the Statement of Net Assets. TBA Sale Commitments: TBA sale commitments are commitments to hedge portfolio positions or to sell mortgage-backed securities owned under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the fund realizes a gain or loss on the commitment without regard to any unrealized gain or loss on the underlying security. If the fund delivers securities under the commitment, the fund realizes a gain or loss from the sale of the securities based upon the unit price established at the commitment date. Unsettled TBA sale commitments are valued at the current fair value of the underlying securities. The contract is “marked-to-market” daily and the change in fair value is recorded by each fund as an unrealized gain or loss. The proceeds of TBA sale commitments pending as of year end are included in the receivable from investments sold on the Statement of Net Assets. The fair value of negative TBA positions as of year end, resulting from pending TBA sales paired off with an underlying pool within the fund’s portfolio, is recorded on the Statement of Net Assets as other mortgage related securities sold, at fair value. Dollar Roll Transactions: Certain Funds may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the mortgage market. A dollar roll transaction involves selling securities for delivery in the current month and simultaneously contracting to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. During the period between the sale and the repurchase, the Funds will not be entitled to receive interest and principal payments on the securities sold. The Funds will be compensated by the interest earned on the cash proceeds of the initial sale and/or by the lower repurchase price at the future date. Dollar roll transactions, like all forward settlement trades, involve counterparty risk if the security price changes and the buyer of the securities sold by the Funds becomes insolvent and unable to settle the transaction on settlement date. Investment Transactions: Purchases and sales of securities are accounted for on the trade date for all funds except the EB International Funds. For the EB International Funds, purchases and sales of securities are accounted for on trade date plus one, except at fiscal year end, when all trades are reflected on trade date. The cost of investments sold is determined by the average cost method with the corresponding gain or loss included in net realized gain (loss) on the Statement of Operations.

121

NOTES TO FINANCIAL STATEMENTS--continued KEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTS KEYBANK NATIONAL ASSOCIATION NOTE A--SIGNIFICANT ACCOUNTING POLICIES—continued Income Recognition: Interest income is recorded as earned. Dividend income is recorded on the ex-dividend date. Interest income in the EB Money Market Fund is recognized on the accrual basis and includes where applicable the straight-line amortization or accretion of the premium or discount. Income from the EB International Funds’ investments is subject to withholding taxes based on tax rates of applicable foreign countries. In the EB International Small and Mid Cap Fund, withholding taxes of $8,065 and $10,134 have been netted against the related common stock dividend income in 2010 and 2009, respectively. Dividend income in 2010 and 2009 included $12,561 and $10,228, respectively, of reclaimed taxes withheld in prior years. In the EB International Small Cap Fund, withholding taxes of $113,253 and $44,272 have been netted against the related dividend income in 2010 and 2009, respectively. Dividend income in 2010 and 2009 included $177,512 and $75,850, respectively, of reclaimed taxes withheld in prior years. Federal Income Taxes: The Funds were established under Section 401(a) of the Internal Revenue Code and are exempt from Federal income taxes under Section 501(a). Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Recent Accounting Pronouncements: Improving disclosures about fair value measurements. In January, 2010, the FASB issued new accounting guidance requiring new disclosures regarding certain aspects of an entity’s fair value disclosures and clarifying existing fair value disclosure requirements. The new disclosures and clarifications were effective for interim and annual reporting periods beginning after December 15, 2009, except for disclosures regarding purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements, which are effective for interim and annual periods beginning after December 15, 2010. Adoption of this accounting guidance did not have a material effect on the Funds’ financial condition or results of operations. NOTE B--SALES AND REDEMPTIONS OF UNITS In accordance with the terms of the Declaration, the net asset values per unit of the Funds are determined every business day for each of the Funds. Sales and redemptions of participant units are transacted at such net asset values per unit. NOTE C--INCOME DISTRIBUTION AND REINVESTMENT Net investment income of the EB Convertible Securities, EB Diversified Stock, EB Equity Index, EB Fixed Income, EB International Small and Mid Cap, EB International Small Cap, EB Mid Cap Core, EB Small Cap Value and EB Value Equity Funds is reinvested in the respective Fund as earned and is reflected in the fair value per unit. Net investment income is distributed to participants as earned on a monthly basis for the EB Money Market Fund. In accordance with the regulations governing the operation of the EB Money Market Fund, sufficient cash is retained to fund the distribution of income prior to the actual receipt of the income.

122

NOTES TO FINANCIAL STATEMENTS--continued KEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTS KEYBANK NATIONAL ASSOCIATION NOTE D--RELATED PARTIES The Buckeye Steel Castings Company Hourly Employees’ Pension Plan, a plan sponsored by KeyCorp, held 11.96% of the EB Fixed Income Fund and 21.33% of the EB Mid Cap Core Fund as of December 31, 2010. The KeyBank EB Managed Guaranteed Investment Contract Fund, a fund administered by KeyCorp, held 26.69% of the EB Money Market Fund as of December 31, 2010. The KeyCorp Cash Balance Pension Plan Common/Mutual Equity Fund, a plan administered by KeyCorp, held 66.75% of the EB Convertible Securities Fund as of December 31, 2010. In accordance with the terms of the Declaration, reasonable expenses incurred by the Trustee in its administration of the Funds were charged to the Funds in the form of a daily basis point fund level assessment. Reasonable expenses include personnel expense for valuation services, performed either by the Trustee or an agent appointed by the Trustee, software expenses and expenses for computer-based services, fund compliance expenses and cost of extraordinary services. The basis point assessment takes into consideration personnel expense and cost of software and computer-based services based on a historic twelve-month average of actual costs and a pro-rata allocation routine based on each fund’s fair value. Basis point assessments are re-evaluated quarterly. NOTE E--FEES Management Fees: The EB International Funds incur fees passed through to the participants for expenses paid to outside servicing agents. The fees are included in “Administrative expenses” on the Statements of Operations. The EB International Small and Mid Cap Fund incurred fees of approximately $67,071 in 2010 and $57,260 in 2009. The EB International Small Cap Fund incurred fees of approximately $141,791 in 2010 and $126,167 in 2009. The EB International Funds received custody fee reimbursements due to expense limitation agreements with Victory Capital Management Inc. The EB International Small and Mid Cap Fund received reimbursements of $69,175 in 2010 and $73,343 in 2009. The EB International Small Cap Fund received reimbursements of $24,408 in 2010 and $70,511 in 2009. Fee reimbursements are disclosed on the Statements of Operations as “Custody fee reimbursement.” NOTE F--FUND NAME CHANGE The EB Value Equity Fund changed its name from the EB Large Cap Value Fund. NOTE G--SUBSEQUENT EVENTS Events and transactions from January 1, 2011 through March 31, 2011, the date the financial statements were available to be issued, have been evaluated by management for subsequent events. Management has determined that there were no material events that would require disclosure in the Funds’ financial statements through this date.

123

NOTES TO FINANCIAL STATEMENTS--continued KEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTS KEYBANK NATIONAL ASSOCIATION NOTE H--FINANCIAL HIGHLIGHTS The following table includes per unit data and other performance information for the years ended December 31, 2010 and 2009. This information was derived from the financial statements.

EB Convertible Securities

Fund 2010

EB Convertible Securities

Fund 2009

EB Diversified

Stock Fund 2010

EB Diversified

Stock Fund 2009

Per Unit Operating Performance

Net asset value, beginning of year $87.96 $68.37 $14.50 $11.22 Income from investment operations: Net investment income 2.51 2.54 .29 .25 Net realized and unrealized gain on investments 7.30 17.05 1.69 3.03 Total from investment operations 9.81 19.59 1.98 3.28 Net asset value, end of year $97.77 $87.96 $16.48 $14.50

Total Return 11.14% 28.67% 13.73% 29.23%

Ratios

Ratio of expenses to average net assets .022% .024% .010% .010%

Ratio of net investment income to average net assets 2.76% 3.35% 2.00% 2.03%

EB Equity

Index Fund 2010

EB Equity Index Fund

2009

EB Fixed Income Fund 2010

EB Fixed Income Fund 2009


Net asset value, beginning of year $90.48 $71.60 $171.66 $155.35 Income from investment operations: Net investment income 1.95 1.79 8.45 9.35 Net realized and unrealized gain on investments 11.56 17.09 2.74 6.96 Total from investment operations 13.51 18.88 11.19 16.31 Net asset value, end of year $103.99 $90.48 $182.85 $171.66

Total Return 14.92% 26.38% 6.52% 10.49%

Ratios


Ratio of net investment income to average net assets 2.10% 2.36% 4.71% 5.79%

124

NOTES TO FINANCIAL STATEMENTS--continued KEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTS KEYBANK NATIONAL ASSOCIATION NOTE H--FINANCIAL HIGHLIGHTS—continued

EB International

Small and Mid Cap Fund

2010

EB International

Small and Mid Cap Fund

2009

EB International

Small Cap Fund 2010

EB International Small Cap

Fund 2009


Net asset value, beginning of year $7.36 $5.84 $5.24 $4.53 Income from investment operations: Net investment income .11 .10 .09 .07 Net realized and unrealized gain on

investments 1.73 1.42 1.17 .64 Total from investment operations 1.84 1.52 1.26 .71 Net asset value, end of year $9.20 $7.36 $6.50 $5.24

Total Return 25.00% 26.04% 24.05% 15.67% Ratios Ratio of expenses to average net assets .050%**** .050%**** .050%**** .049%**** Ratio of net investment income to average net assets 1.46% 1.69% 1.75% 1.38%

EB Mid Cap Core

Fund 2010

EB Mid Cap Core

Fund 2009

EB Money Market Fund 2010

EB Money Market Fund 2009


Net asset value, beginning of year $18.20 $13.56 $1.00 $1.00

Income from investment operations:

Net investment income .23 .23 .00 .01

Net realized and unrealized gain on investments 3.62 4.41 .00 .00 Total from investment operations 3.85 4.64 .00 .01

Less distributions from:

Net investment income (.00) (.00) (.00) (.01)

Net asset value, end of year $22.05 $18.20 $1.00 $1.00

Total Return 21.18% 34.24% .34% .85%

Ratios


Ratio of net investment income to average net assets 1.20% 1.53% .32% .85%

125

NOTES TO FINANCIAL STATEMENTS--continued KEYBANK MULTIPLE INVESTMENT TRUST FOR EMPLOYEE BENEFIT TRUSTS KEYBANK NATIONAL ASSOCIATION NOTE H--FINANCIAL HIGHLIGHTS—continued

EB Small Cap Value

Fund 2010

EB Small Cap Value Fund

Period October 29, 2009 (inception)

through December 31, 2009

EB Value Equity Fund 2010

EB Value Equity Fund 2009


Net asset value, beginning of period $10.68 $10.00* $75.37 $59.25 Income from investment operations: Net investment income .19 .03 1.60 1.50 Net realized and unrealized gain on investments 2.18 .65 11.06 14.62 Total from investment operations 2.37 .68 12.66 16.12 Net asset value, end of period $13.05 $10.68 $88.03 $75.37

Total Return 22.15% 6.80%*** 16.80% 27.20% Ratios Ratio of expenses to average net assets .103% .078%*** .027% .030% Ratio of net investment income to average net assets 1.66% 1.52%** 2.08% 2.38% * Net asset value at initial funding date.

** Annualized ratio.

*** Not annualized.

**** Net of fee reimbursements which represent 0.39% and 0.52% of average net assets of the EB International Small and Mid Cap Fund in 2010 and 2009, respectively, and 0.01% and 0.05% of average net assets of the EB International Small Cap Fund in 2010 and 2009, respectively.

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