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                                 SUPPLEMENT TO
                              THE PROSPECTUSES AND
                                 STATEMENTS OF
                           ADDITIONAL INFORMATION OF
                      KEYSTONE CUSTODIAN FUND, SERIES B-1
                      KEYSTONE CUSTODIAN FUND, SERIES B-2
                      KEYSTONE CUSTODIAN FUND, SERIES B-4
                      KEYSTONE CUSTODIAN FUND, SERIES K-1
                      KEYSTONE CUSTODIAN FUND, SERIES K-2
                      KEYSTONE CUSTODIAN FUND, SERIES S-1
                      KEYSTONE CUSTODIAN FUND, SERIES S-3
                      KEYSTONE CUSTODIAN FUND, SERIES S-4
                             KEYSTONE LIQUID TRUST
                        KEYSTONE INTERNATIONAL FUND INC.
                    KEYSTONE PRECIOUS METALS HOLDINGS, INC.
                             KEYSTONE TAX FREE FUND
                           KEYSTONE TAX EXEMPT TRUST
                                (THE "FUND(S)")

    The  prospectus  and  statement of  additional  information  of each Fund is
hereby supplemented as follows:

  Contingent  deferred  sales  charges  will  now be  waived  on any  redemption
consisting of (1) loan proceeds to a retirement plan participant;  (2) financial
hardship  withdrawals made by a retirement plan  participant;  or (3) returns of
excess  contributions  or excess  deferral  amounts  made to a  retirement  plan
participant.

April 10, 1995

                                                                      CUST2-SK



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