KEYSTONE AMERICA HARTWELL EMERGING GROWTH FUND INC
NSAR-A, 1995-05-24
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<PAGE>      PAGE  1
000 A000000 03/31/95
000 C000000 0000045997
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001 A000000 HARTWELL EMERGING GROWTH FUND
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001 C000000 6173383200
002 A000000 200 BERKELEY STREET
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002 C000000 MA
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008 B000001 A
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008 D010001 BOSTON
008 D020001 MA
008 D030001 02110
008 A000002 J.M. HARATWELL LIMITED PARTNERSHIP
008 B000002 S
008 C000002 801-4146
008 D010002 NEW YORK
008 D020002 NY
008 D030002 10169
011 A000001 KEYSTONE INVESTMENT DISTRIBUKTEORS COMPANY
011 B000001 8-395
011 C010001 BOSTON
011 C020001 MA
011 C030001 02110
020 A000001 INTERSTATE/JOHNSON LANE CORP.
020 B000001 56-0276690
020 C000001     10
020 A000002 NATIONAL FINANCIAL SERVICES
020 B000002 04-2785576
020 C000002      7
020 A000003 ROBERTSON, STEPHENS & CO. L.P.
020 B000003 94-2524501
020 C000003      6
020 A000004 MERRILL LYNCH
020 B000004 13-5674085
020 C000004      6
<PAGE>      PAGE  2
020 A000005 JANNEY MONTGOMERY SCOTT
020 B000005 23-0731260
020 C000005      5
020 A000006 BEARN STEARNS
020 B000006 13-3299429
020 C000006      4
020 A000007 DONALDSON, LUFKIN & JENRETTE
020 B000007 13-2741729
020 C000007      4
020 A000008 MORGAN STANLEY
020 B000008 13-2655998
020 C000008      4
020 A000009 GAGE WILEY & CO.
020 B000009 04-2946829
020 C000009      1
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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 EMERGING GROWTH FUND CLASS A
<PERIOD-TYPE>	6-MOS
<FISCAL-YEAR-END>	SEP-30-1995
<PERIOD-START>	OCT-01-1994
<PERIOD-END>	MAR-31-1995
<INVESTMENTS-AT-COST>	95,530,295
<INVESTMENTS-AT-VALUE>	121,884,063
<RECEIVABLES>	14,250,967
<ASSETS-OTHER>	70,284
<OTHER-ITEMS-ASSETS>	0
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<PAYABLE-FOR-SECURITIES>	10,750,027
<SENIOR-LONG-TERM-DEBT>	0
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<SENIOR-EQUITY>	0
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<SHARES-COMMON-STOCK>	5,056,409
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<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	(2,013,865)
<ACCUMULATED-NET-GAINS>	2,173,137
<OVERDISTRIBUTION-GAINS>	0
<ACCUM-APPREC-OR-DEPREC>	26,127,136
<NET-ASSETS>	117,257,022
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	125,412
<OTHER-INCOME>	0
<EXPENSES-NET>	(1,158,584)
<NET-INVESTMENT-INCOME>	(1,033,172)
<REALIZED-GAINS-CURRENT>	3,078,180
<APPREC-INCREASE-CURRENT>	8,394,321
<NET-CHANGE-FROM-OPS>	10,439,329
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	0
<DISTRIBUTIONS-OF-GAINS>	(668,091)
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	337,106
<NUMBER-OF-SHARES-REDEEMED>	(946,683)
<SHARES-REINVESTED>	28,136
<NET-CHANGE-IN-ASSETS>	(3,432,212)
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	(312,602)
<OVERDIST-NET-GAINS-PRIOR>	(905,054)
<GROSS-ADVISORY-FEES>	(604,490)
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	(1,158,584)
<AVERAGE-NET-ASSETS>	122,705,022
<PER-SHARE-NAV-BEGIN>	21.41
<PER-SHARE-NII>	(0.38)
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<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 EMERGING GROWTH FUND CLASS B
<PERIOD-TYPE>	6-MOS
<FISCAL-YEAR-END>	SEP-30-1995
<PERIOD-START>	OCT-01-1994
<PERIOD-END>	MAR-31-1995
<INVESTMENTS-AT-COST>	95,530,295
<INVESTMENTS-AT-VALUE>	121,884,063
<RECEIVABLES>	14,250,967
<ASSETS-OTHER>	70,284
<OTHER-ITEMS-ASSETS>	0
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<SHARES-COMMON-STOCK>	218,071
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<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	(37,419)
<ACCUMULATED-NET-GAINS>	(210,356)
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<ACCUM-APPREC-OR-DEPREC>	95,510
<NET-ASSETS>	4,975,994
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	4,722
<OTHER-INCOME>	0
<EXPENSES-NET>	(59,833)
<NET-INVESTMENT-INCOME>	(55,111)
<REALIZED-GAINS-CURRENT>	111,282
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<NET-CHANGE-FROM-OPS>	342,041
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	0
<DISTRIBUTIONS-OF-GAINS>	(22,181)
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	239,825
<NUMBER-OF-SHARES-REDEEMED>	(201,816)
<SHARES-REINVESTED>	959
<NET-CHANGE-IN-ASSETS>	1,175,310
<ACCUMULATED-NII-PRIOR>	0
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<OVERDISTRIB-NII-PRIOR>	39,872
<OVERDIST-NET-GAINS-PRIOR>	(321,631)
<GROSS-ADVISORY-FEES>	(21,921)
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	(59,833)
<AVERAGE-NET-ASSETS>	4,404,333
<PER-SHARE-NAV-BEGIN>	21.22
<PER-SHARE-NII>	(0.56)
<PER-SHARE-GAIN-APPREC>	2.28
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<RETURNS-OF-CAPITAL>	0.00
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<EXPENSE-RATIO>	2.71
<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 EMERGING GROWTH FUND CLASS C
<PERIOD-TYPE>	6-MOS
<FISCAL-YEAR-END>	SEP-30-1995
<PERIOD-START>	OCT-01-1994
<PERIOD-END>	MAR-31-1995
<INVESTMENTS-AT-COST>	95,530,295
<INVESTMENTS-AT-VALUE>	121,884,063
<RECEIVABLES>	14,250,967
<ASSETS-OTHER>	70,284
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	136,205,314
<PAYABLE-FOR-SECURITIES>	10,750,027
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	1,060,864
<TOTAL-LIABILITIES>	11,810,891
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	2,164,342
<SHARES-COMMON-STOCK>	94,360
<SHARES-COMMON-PRIOR>	78,991
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	(18,170)
<ACCUMULATED-NET-GAINS>	(115,887)
<OVERDISTRIBUTION-GAINS>	0
<ACCUM-APPREC-OR-DEPREC>	131,122
<NET-ASSETS>	2,161,407
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	2,098
<OTHER-INCOME>	0
<EXPENSES-NET>	(26,386)
<NET-INVESTMENT-INCOME>	(24,288)
<REALIZED-GAINS-CURRENT>	42,788
<APPREC-INCREASE-CURRENT>	125,368
<NET-CHANGE-FROM-OPS>	143,868
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	0
<DISTRIBUTIONS-OF-GAINS>	(9,438)
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	51,201
<NUMBER-OF-SHARES-REDEEMED>	(36,265)
<SHARES-REINVESTED>	434
<NET-CHANGE-IN-ASSETS>	482,170
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	15,557
<OVERDIST-NET-GAINS-PRIOR>	(158,671)
<GROSS-ADVISORY-FEES>	(9,666)
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	(26,386)
<AVERAGE-NET-ASSETS>	1,957,988
<PER-SHARE-NAV-BEGIN>	21.26
<PER-SHARE-NII>	(0.55)
<PER-SHARE-GAIN-APPREC>	2.32
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<PER-SHARE-NAV-END>	22.91
<EXPENSE-RATIO>	2.71
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0

</TABLE>


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