SUPPLEMENT TO THE CURRENT PROSPECTUS OF
KEYSTONE INSTITUTIONAL TRUST
(THE "FUND")
The paragraph comprising the "Fund Management and Expenses - Portfolio
Manager" section of the Fund's prospectus is hereby deleted and replaced in its
entirety with the following paragraph:
"The Keystone Small Cap Growth Team manages the Fund's portfolio. The
team's members are currently Donald C. Dates, Margery C. Parker, and
David S. Benhaim. Mr. Dates, a Keystone Senior Vice President, is head
of the team and has more than 32 years of investment experience. Ms.
Parker is a Keystone Vice President and has more than 14 years of
investment experience. Mr. Benhaim is a Keystone Vice President and has
approximately 9 years of investment experience."
July 12, 1996
