<PAGE> PAGE 1
000 B000000 12/31/94
000 C000000 0000216494
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 KEYSTONE TAX FREE FUND
001 B000000 811-2740
001 C000000 6173383200
002 A000000 200 BERKELEY STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 KEYSTONE CUSTODIAN FUNDS, INC.
008 B000001 A
008 C000001 801-8327
008 D010001 BOSTON
008 D020001 MA
008 D030001 02110
011 A000001 KEYSTONE DISTRIBUTORS INC.
011 B000001 8-395
011 C010001 BOSTON
011 C020001 MA
011 C030001 02110
012 A000001 KEYSTONE INVESTOR RESOURCE CENTER
012 B000001 84-1571
012 C010001 CAMBRIDGE
012 C020001 MA
012 C030001 02192
013 A000001 KPMG - PEAT MARWICK
013 B010001 BOSTON
013 B020001 MA
<PAGE> PAGE 2
013 B030001 02109
015 A000001 STATE STREET BANK & TRUST COMPANY
015 B000001 C
015 C010001 QUINCY
015 C020001 MA
015 C030001 02171
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 24
019 C000000 KEYGROUPPA
022 A000001 LEHMAN BROTHERS
022 B000001 13-2663822
022 C000001 153932
022 D000001 116272
022 A000002 PAINE WEBBER INC.
022 B000002 13-2638166
022 C000002 87637
022 D000002 99681
022 A000003 DILLION, READ & CO.
022 B000003 13-2701093
022 C000003 44239
022 D000003 122604
022 A000004 SMITH BARNEY
022 B000004 13-1912900
022 C000004 25621
022 D000004 40406
022 A000005 LINCOLM INVESTMENTS
022 C000005 32350
022 D000005 28960
022 A000006 NUVEEN (JOHN) & CO.
022 B000006 13-2650272
022 C000006 25425
022 D000006 25440
022 A000007 KIDDER PEABODY & CO.
022 B000007 13-5650440
022 C000007 23590
022 D000007 24315
022 A000008 GOLDMAN SACHS
022 B000008 13-5108880
022 C000008 18657
022 D000008 21605
022 A000009 DELAFIELD
022 B000009 22-2413670
022 C000009 4675
022 D000009 13069
022 A000010 BANKER'S TRUST
022 B000010 13-4941247
022 C000010 13016
022 D000010 2000
023 C000000 785947
<PAGE> PAGE 3
023 D000000 808402
024 000000 N
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 3196
028 A020000 3485
028 A030000 0
028 A040000 15912
028 B010000 14718
028 B020000 3438
028 B030000 0
028 B040000 24475
028 C010000 117751
028 C020000 3379
028 C030000 0
028 C040000 25917
028 D010000 4837
028 D020000 3629
028 D030000 0
028 D040000 25888
028 E010000 14374
028 E020000 3136
028 E030000 0
028 E040000 35759
028 F010000 3829
028 F020000 3199
028 F030000 0
028 F040000 44237
028 G010000 158705
028 G020000 20266
028 G030000 0
028 G040000 172188
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
034 000000 Y
035 000000 843
036 A000000 N
036 B000000 98
037 000000 N
038 000000 0
<PAGE> PAGE 4
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 13324
044 000000 0
045 000000 Y
046 000000 Y
047 000000 N
048 000000 0.00
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 Y
051 000000 N
052 000000 Y
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
<PAGE> PAGE 5
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 Y
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 10000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.2
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 98.5
062 P000000 0.0
062 Q000000 1.3
062 R000000 0.0
063 A000000 0
063 B000000 19.3
064 A000000 Y
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
<PAGE> PAGE 6
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 1103970
071 B000000 1229892
071 C000000 1369135
071 D000000 81
072 A000000 12
072 B000000 88670
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 5942
072 G000000 0
072 H000000 0
072 I000000 1418
072 J000000 264
072 K000000 0
072 L000000 43
072 M000000 56
072 N000000 107
072 O000000 0
072 P000000 0
072 Q000000 24
072 R000000 34
<PAGE> PAGE 7
072 S000000 52
072 T000000 13226
072 U000000 0
072 V000000 0
072 W000000 111
072 X000000 21277
072 Y000000 0
072 Z000000 67393
072AA000000 0
072BB000000 37849
072CC010000 0
072CC020000 139739
072DD010000 79039
072DD020000 0
072EE000000 0
073 A010000 0.4300
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 217
074 B000000 0
074 C000000 1965
074 D000000 1179981
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 1617
074 K000000 0
074 L000000 25023
074 M000000 100
074 N000000 1208903
074 O000000 1998
074 P000000 61
074 Q000000 0
074 R010000 9117
074 R020000 0
074 R030000 0
074 R040000 0
074 S000000 0
074 T000000 1197727
074 U010000 168806
074 U020000 0
074 V010000 7.10
074 V020000 0.00
074 W000000 0.0000
074 X000000 28018
074 Y000000 0
075 A000000 0
075 B000000 1370421
<PAGE> PAGE 8
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 FREDERICK JONES
080 C000000 35000
081 A000000 Y
081 B000000 37
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
SIGNATURE KEVIN MORRISSEY
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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>
<CIK> 0000771648
<NAME> KEYSTONE TAX EXEMPT TRUST
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1994
<PERIOD-END> NOV-30-1994
<INVESTMENTS-AT-COST> 700225963
<INVESTMENTS-AT-VALUE> 676520986
<RECEIVABLES> 23257571
<ASSETS-OTHER> 105401
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 699883958
<PAYABLE-FOR-SECURITIES> 19094689
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4098221
<TOTAL-LIABILITIES> 23192910
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 720027580
<SHARES-COMMON-STOCK> 69520715
<SHARES-COMMON-PRIOR> 73484746
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2350752)
<ACCUMULATED-NET-GAINS> (17280803)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (23704977)
<NET-ASSETS> 676691048
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 48654505
<OTHER-INCOME> 0
<EXPENSES-NET> 12673086
<NET-INVESTMENT-INCOME> 35981419
<REALIZED-GAINS-CURRENT> (17270498)
<APPREC-INCREASE-CURRENT> (73476043)
<NET-CHANGE-FROM-OPS> (54765122)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (42995009)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 109096368
<NUMBER-OF-SHARES-REDEEMED> (171235006)
<SHARES-REINVESTED> 22264022
<NET-CHANGE-IN-ASSETS> (39874616)
<ACCUMULATED-NII-PRIOR> 1004034
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (6236120)
<GROSS-ADVISORY-FEES> 3641696
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12673086
<AVERAGE-NET-ASSETS> 768065818
<PER-SHARE-NAV-BEGIN> 11.08
<PER-SHARE-NII> 0.49
<PER-SHARE-GAIN-APPREC> (1.25)
<PER-SHARE-DIVIDEND> (0.59)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.73
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>