<PAGE> PAGE 1
000 A000000 06/30/95
000 C000000 0000216494
000 D000000 N
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000 F000000 Y
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000 J000000 U
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001 B000000 811-2740
001 C000000 6173383200
002 A000000 200 BERKELEY STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
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004 000000 N
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006 000000 N
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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008 A000001 KEYSTONE INVESTMENT MANAGEMENT CO (KEYSTONE)
008 B000001 A
008 C000001 801-8327
008 D010001 BOSTON
008 D020001 MA
008 D030001 02110
010 A000001 KEYSTONE INVESTMENTS, INC. (KII)
010 C010001 BOSTON
010 C020001 MA
010 C030001 02116
010 C040001 5034
011 A000001 KEYSTONE INVESTMENT DISTRIBUTORS CO. (KIDC)
011 B000001 8-395
011 C010001 BOSTON
011 C020001 MA
011 C030001 02116
011 C040001 5034
018 000000 Y
019 A000000 Y
<PAGE> PAGE 2
019 B000000 24
019 C000000 KEYGROUPPA
020 A000001 SMITH BARNEY
020 B000001 13-1912900
020 C000001 280267
020 A000002 WILLIAM SIMON
020 C000002 232969
020 A000003 LEHMAN BROS
020 B000003 13-2663822
020 C000003 166874
020 A000004 PAINE WEBBER
020 B000004 13-2638166
020 C000004 132084
020 A000005 KEMPER CLEARING CORP
020 B000005 36-3223831
020 C000005 58862
020 A000006 GOLDMAN SACHS
020 B000006 13-5108880
020 C000006 38862
020 A000007 MORGAN STANLEY
020 B000007 13-2655998
020 C000007 37165
020 A000008 MERRILL LYNCH
020 B000008 13-5674085
020 C000008 28185
020 A000009 LINC SEC
020 C000009 27170
020 C000010 0
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022 A000001 LEHMAN
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<PAGE> PAGE 3
022 D000006 0
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022 C000007 0
022 D000007 3000
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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SIGNATURE KEVIN MORRISSEY
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> KEYSTONE TAX FREE FUND CLASS A
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 1,166,960,872
<INVESTMENTS-AT-VALUE> 1,214,346,403
<RECEIVABLES> 22,827,561
<ASSETS-OTHER> 373,946
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,237,547,910
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,054,692
<TOTAL-LIABILITIES> 24,054,692
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,206,391,832
<SHARES-COMMON-STOCK> 160,963,692
<SHARES-COMMON-PRIOR> 168,806,043
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,581,343)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (37,034,132)
<ACCUM-APPREC-OR-DEPREC> 47,716,861
<NET-ASSETS> 1,213,493,218
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 40,026,273
<OTHER-INCOME> 0
<EXPENSES-NET> (5,679,486)
<NET-INVESTMENT-INCOME> 34,346,787
<REALIZED-GAINS-CURRENT> 615,219
<APPREC-INCREASE-CURRENT> 73,379,351
<NET-CHANGE-FROM-OPS> 108,341,357
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (34,011,399)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,244,467
<NUMBER-OF-SHARES-REDEEMED> (20,489,621)
<SHARES-REINVESTED> 2,402,803
<NET-CHANGE-IN-ASSETS> 15,766,322
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (3,916,731)
<OVERDIST-NET-GAINS-PRIOR> (37,649,351)
<GROSS-ADVISORY-FEES> (3,419,122)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5,679,486)
<AVERAGE-NET-ASSETS> 1,232,275,659
<PER-SHARE-NAV-BEGIN> 7.42
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 0.12
<PER-SHARE-DIVIDEND> (0.21)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 7.54
<EXPENSE-RATIO> 0.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
