<PAGE> PAGE 1
000 B000000 09/30/95
000 C000000 0000045993
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 HARTWELL GROWTH FUND
001 B000000 811-1380
001 C000000 6173383200
002 A000000 200 BERKRLEY 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
020 A000001 BEAR STEARNS SECURITIES
020 B000001 11-6240875
020 C000001 5
020 A000002 NATIONAL FINANCIAL SERVICES
020 B000002 04-2785570
020 C000002 2
020 A000003 JANNEY MONTGOMERY.SCOTT
020 B000003 23-0731260
020 C000003 1
020 A000004 INTERSTATE/JOHNSON LANE
020 B000004 56-0276690
020 C000004 1
020 A000005 MERRILL LYNCH PIERCE FEN.
020 B000005 13-3653778
020 C000005 1
020 A000006 GODMAN SACHS
020 B000006 ]13-510880
020 C000006 1
020 A000007 DONALDSON,LUFKIN & JENRETTE
020 B000007 13-2638130
020 C000007 0
020 A000008 CS FIRST BOSTON CORPORATION
020 B000008 13-5659485
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 11
022 A000001 DONALDSON, LUFKIN & JENRETTE
022 B000001 13-2638130
<PAGE> PAGE 2
022 C000001 813
022 D000001 948
022 A000002 ROBERTSON,STEPHENS AND CO.
022 C000002 1183
022 D000002 340
022 A000003 MORGAN STANLEY AND CO. INC.
022 C000003 532
022 D000003 216
022 A000004 PRUDENTIAL SECURITIES INC.
022 C000004 0
022 D000004 493
022 A000005 BEAR STEARNS SEC. CORP
022 C000005 299
022 D000005 41
022 A000006 DEANWITTER REYONOLDS INC.
022 C000006 325
022 D000006 0
022 A000007 GOLDMAN SACHS
022 C000007 201
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 3353
023 D000000 2038
028 A010000 150
028 A020000 0
028 A030000 0
028 A040000 326
028 B010000 100
028 B020000 0
028 B030000 0
028 B040000 607
028 C010000 254
028 C020000 0
028 C030000 0
028 C040000 346
028 D010000 105
028 D020000 0
028 D030000 0
028 D040000 426
028 E010000 98
028 E020000 0
028 E030000 0
028 E040000 485
028 F010000 226
028 F020000 0
028 F030000 0
<PAGE> PAGE 3
028 F040000 223
028 G010000 933
028 G020000 0
028 G030000 0
028 G040000 2413
028 H000000 0
029 000000 Y
030 A000000 10
030 B000000 5.75
030 C000000 0.00
031 A000000 1
031 B000000 0
032 000000 9
033 000000 0
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 27
044 000000 103
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
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 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
066 A000000 Y
066 C000000 Y
067 000000 N
068 A000000 N
068 B000000 N
<PAGE> PAGE 4
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 6851
071 B000000 7993
071 C000000 20198
071 D000000 34
072 A000000 12
072 B000000 27
072 C000000 116
072 D000000 0
072 E000000 0
072 F000000 161
072 G000000 0
072 H000000 0
072 I000000 84
072 J000000 21
<PAGE> PAGE 5
072 K000000 0
072 L000000 22
072 M000000 0
072 N000000 47
072 O000000 0
072 P000000 0
072 Q000000 18
072 R000000 1
072 S000000 10
072 T000000 27
072 U000000 0
072 V000000 0
072 W000000 1
072 X000000 392
072 Y000000 0
072 Z000000 -249
072AA000000 3551
072BB000000 0
072CC010000 1076
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 2125
073 A010000 0.0000
073 A020000 0.0000
073 B000000 2.2000
073 C000000 0.0000
074 A000000 2
074 B000000 140
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 22317
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 3
074 K000000 0
074 L000000 9
074 M000000 28
074 N000000 22499
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 39
074 S000000 0
074 T000000 22460
074 U010000 1
<PAGE> PAGE 6
074 U020000 0
074 V010000 23.01
074 V020000 0.00
074 W000000 0.0000
074 X000000 2
074 Y000000 22459
075 A000000 0
075 B000000 20738
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
077 Q020000 N
077 Q030000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 FREDERICK JONES
080 C000000 35000
081 A000000 Y
081 B000000 35
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 N
SIGNATURE KEVIN J. 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 HARTWELL GROWTH FUND CLASS A
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 12,962,923
<INVESTMENTS-AT-VALUE> 22,457,140
<RECEIVABLES> 38,417
<ASSETS-OTHER> 3,168
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,498,725
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,286
<TOTAL-LIABILITIES> 39,286
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,196,412
<SHARES-COMMON-STOCK> 893,553
<SHARES-COMMON-PRIOR> 952,694
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7,628)
<ACCUMULATED-NET-GAINS> 2,964,417
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,447,108
<NET-ASSETS> 20,600,309
<DIVIDEND-INCOME> 109,221
<INTEREST-INCOME> 25,017
<OTHER-INCOME> 0
<EXPENSES-NET> (358,174)
<NET-INVESTMENT-INCOME> (223,936)
<REALIZED-GAINS-CURRENT> 3,323,384
<APPREC-INCREASE-CURRENT> 996,051
<NET-CHANGE-FROM-OPS> 4,095,499
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2,039,209)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26,726
<NUMBER-OF-SHARES-REDEEMED> (184,792)
<SHARES-REINVESTED> 98,925
<NET-CHANGE-IN-ASSETS> 629,187
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,094,347
<OVERDISTRIB-NII-PRIOR> (349,757)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (150,952)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (364,484)
<AVERAGE-NET-ASSETS> 19,511,236
<PER-SHARE-NAV-BEGIN> 20.96
<PER-SHARE-NII> (0.24)
<PER-SHARE-GAIN-APPREC> 4.53
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (2.20)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.05
<EXPENSE-RATIO> 1.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 102
<NAME> KEYSTONE HARTWELL GROWTH FUND CLASS B
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 12,962,923
<INVESTMENTS-AT-VALUE> 22,457,140
<RECEIVABLES> 38,417
<ASSETS-OTHER> 3,168
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,498,725
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,286
<TOTAL-LIABILITIES> 39,286
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,006,075
<SHARES-COMMON-STOCK> 50,813
<SHARES-COMMON-PRIOR> 23,938
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 4,399
<ACCUMULATED-NET-GAINS> 104,822
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,800
<NET-ASSETS> 1,150,096
<DIVIDEND-INCOME> 4,442
<INTEREST-INCOME> 1,128
<OTHER-INCOME> 0
<EXPENSES-NET> (21,938)
<NET-INVESTMENT-INCOME> (16,368)
<REALIZED-GAINS-CURRENT> 137,616
<APPREC-INCREASE-CURRENT> 56,789
<NET-CHANGE-FROM-OPS> 178,037
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (59,908)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 35,697
<NUMBER-OF-SHARES-REDEEMED> (12,016)
<SHARES-REINVESTED> 3,194
<NET-CHANGE-IN-ASSETS> 652,160
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 43,948
<OVERDISTRIB-NII-PRIOR> (2,245)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (6,323)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (22,204)
<AVERAGE-NET-ASSETS> 793,146
<PER-SHARE-NAV-BEGIN> 20.80
<PER-SHARE-NII> (0.41)
<PER-SHARE-GAIN-APPREC> 4.44
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (2.20)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 22.63
<EXPENSE-RATIO> 2.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 103
<NAME> KEYSTONE HARTWELL GROWTH FUND CLASS C
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 12,962,923
<INVESTMENTS-AT-VALUE> 22,457,140
<RECEIVABLES> 38,417
<ASSETS-OTHER> 3,168
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,498,725
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,286
<TOTAL-LIABILITIES> 39,286
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 621,324
<SHARES-COMMON-STOCK> 31,500
<SHARES-COMMON-PRIOR> 10,801
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3,229
<ACCUMULATED-NET-GAINS> 72,172
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,309
<NET-ASSETS> 709,034
<DIVIDEND-INCOME> 2,451
<INTEREST-INCOME> 705
<OTHER-INCOME> 0
<EXPENSES-NET> (11,883)
<NET-INVESTMENT-INCOME> (8,727)
<REALIZED-GAINS-CURRENT> 90,166
<APPREC-INCREASE-CURRENT> 23,535
<NET-CHANGE-FROM-OPS> 104,974
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (25,743)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,600
<NUMBER-OF-SHARES-REDEEMED> (9,229)
<SHARES-REINVESTED> 1,328
<NET-CHANGE-IN-ASSETS> 485,393
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 16,957
<OVERDISTRIB-NII-PRIOR> (631)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (3,494)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (12,037)
<AVERAGE-NET-ASSETS> 433,897
<PER-SHARE-NAV-BEGIN> 20.71
<PER-SHARE-NII> (0.41)
<PER-SHARE-GAIN-APPREC> 4.41
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (2.20)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 22.51
<EXPENSE-RATIO> 2.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Trustees and Shareholders
Keystone Hartwell Growth Fund
In planning and performing our audit of the financial statements of Keystone
Hartwell Growth Fund for the year ended September 30, 1995 we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Keystone Hartwell Growth Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design
or operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of September 29, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
KPMG Peat Marwick LLP
October 27, 1995
