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SUPPLEMENT TO CURRENT PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION
OF
KEYSTONE CUSTODIAN FUND, SERIES K-1 (THE "FUND")
The Fund's Board of Trustees has approved a change in the Fund's name to
"Keystone Balanced Fund (K-1)", effective May 1, 1995.
In addition, the Fund's prospectus and statement of additional information
are hereby supplemented to reflect the following:
"The Fund maintains, under normal circumstances, at least 25% of its
total assets in fixed income senior securities."
Furthermore, the name of the Fund's investment adviser and certain of its
affiliates will also be changed, effective May 1, 1995. The name of the Fund's
investment adviser will become "Keystone Investment Management Company", the
name of its principal underwriter will become "Keystone Investment Distributors
Company" and the name of their parent company will become "Keystone Investments,
Inc."
Finally, the Fund's prospectus and statement of additional information are
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 28, 1995
K1-SK
