<PAGE> PAGE 1
000 A000000 12/31/94
000 C000000 0000055618
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 CUSTODIAN FUND, SERIES K-1
001 B000000 811-096
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 FUND
008 B000001 A
008 C000001 801-8327
008 D010001 BOSTON
008 D020001 MA
008 D030001 02110
011 A000001 KEYSTONE DISTRIBUTOR 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 02142
013 A000001 KPMG PEAT MARWICK
013 B010001 BOSTON
013 B020001 MA
<PAGE> PAGE 2
013 B030001 02108
015 A000001 STATE STREET BANK & TRUST
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 24
019 C000000 KEYGROUPPA
020 A000001 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000001 13-5674085
020 C000001 304
020 A000002 CHICAGO CO.
020 B000002 36-2549961
020 C000002 38
020 A000003 LYNCH JONES & RYAN
020 B000003 13-3036115
020 C000003 34
020 A000004 STANDARD & POOR'S SECURITIES
020 B000004 13-2671951
020 C000004 25
020 A000005 PRUDENTIAL BACHE
020 B000005 22-2347336
020 C000005 20
020 A000006 NATWEST
020 C000006 18
020 A000007 FACTSET BEAR STEARNS
020 B000007 13-2953224
020 C000007 17
020 A000008 SECURITIES
020 C000008 11
020 A000009 INTERSTATE/JOHNSON LANE CORP.
020 B000009 56-0276690
020 C000009 11
020 A000010 AUTRANET
020 B000010 13-2961507
020 C000010 10
021 000000 548
022 A000001 SANWA-BGK SECURITIES
022 B000001 13-3154528
022 C000001 967851
022 D000001 0
022 A000002 LINCOLN INVEST.
022 C000002 701371
022 D000002 0
022 A000003 PRUDENTIAL BACHE
022 B000003 22-2347336
022 C000003 658197
022 D000003 165
<PAGE> PAGE 3
022 A000004 GOLDMAN SACHS
022 B000004 13-5108880
022 C000004 637956
022 D000004 2258
022 A000005 PAINE WEBBER
022 B000005 13-2638166
022 C000005 612549
022 D000005 0
022 A000006 SMITH BARNEY SHEARSON
022 B000006 13-1912900
022 C000006 394942
022 D000006 20000
022 A000007 FORD FINANCIAL
022 C000007 98697
022 D000007 0
022 A000008 BEAL MR & CO.
022 B000008 13-3452090
022 C000008 60337
022 D000008 0
022 A000009 ALBERT WIL
022 C000009 33871
022 D000009 0
022 A000010 CARROLL MCENTEE
022 B000010 13-2650272
022 C000010 31810
022 D000010 0
023 C000000 4499666
023 D000000 23614
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 8266
028 A020000 10902
028 A030000 0
028 A040000 28772
028 B010000 13737
028 B020000 0
028 B030000 0
028 B040000 28633
028 C010000 11723
028 C020000 0
028 C030000 0
028 C040000 24081
<PAGE> PAGE 4
028 D010000 9747
028 D020000 10687
028 D030000 0
028 D040000 23542
028 E010000 6659
028 E020000 0
028 E030000 0
028 E040000 28701
028 F010000 6931
028 F020000 0
028 F030000 0
028 F040000 22854
028 G010000 57063
028 G020000 21589
028 G030000 0
028 G040000 156583
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
034 000000 Y
035 000000 418
036 A000000 Y
036 B000000 0
037 000000 N
038 000000 0
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 6713
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.00
048 A010000 100000
048 A020000 0.600
048 B010000 100000
048 B020000 0.550
048 C010000 100000
048 C020000 0.500
048 D010000 100000
<PAGE> PAGE 5
048 D020000 0.450
048 E010000 100000
048 E020000 0.400
048 F010000 500000
048 F020000 0.350
048 G010000 1000000
048 G020000 0.300
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 N
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
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 1000
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
<PAGE> PAGE 6
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 E000000 Y
067 000000 Y
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
<PAGE> PAGE 7
070 R010000 N
070 R020000 N
071 A000000 493754
071 B000000 593370
071 C000000 1317313
071 D000000 37
072 A000000 6
072 B000000 19748
072 C000000 14309
072 D000000 0
072 E000000 0
072 F000000 2710
072 G000000 478
072 H000000 0
072 I000000 1895
072 J000000 153
072 K000000 0
072 L000000 18
072 M000000 32
072 N000000 46
072 O000000 0
072 P000000 0
072 Q000000 15
072 R000000 14
072 S000000 17
072 T000000 6712
072 U000000 0
072 V000000 0
072 W000000 55
072 X000000 12145
072 Y000000 0
072 Z000000 21912
072AA000000 0
072BB000000 12692
072CC010000 0
072CC020000 6895
072DD010000 26448
072DD020000 0
072EE000000 15239
073 A010000 0.1800
073 A020000 0.0000
073 B000000 0.1100
073 C000000 0.0200
074 A000000 0
074 B000000 15346
074 C000000 0
074 D000000 539513
074 E000000 21927
074 F000000 696103
074 G000000 0
074 H000000 0
<PAGE> PAGE 8
074 I000000 0
074 J000000 5639
074 K000000 780
074 L000000 11798
074 M000000 125
074 N000000 1291231
074 O000000 3155
074 P000000 1399
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 376
074 S000000 0
074 T000000 1286301
074 U010000 143143
074 U020000 0
074 V010000 8.99
074 V020000 0.00
074 W000000 0.0000
074 X000000 86103
074 Y000000 0
075 A000000 0
075 B000000 1338807
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
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 FREDERICK JAMES
080 C000000 35000
081 A000000 Y
081 B000000 32
082 A000000 N
<PAGE> PAGE 9
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 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>
<CIK> 0000055618
<NAME> KEYSTONE CUSTODIAN FUND, SERIES K-1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 1169333607
<INVESTMENTS-AT-VALUE> 1272889037
<RECEIVABLES> 18217586
<ASSETS-OTHER> 124532
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1291231155
<PAYABLE-FOR-SECURITIES> 3154642
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1775883
<TOTAL-LIABILITIES> 4930525
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1207948829
<SHARES-COMMON-STOCK> 143142944
<SHARES-COMMON-PRIOR> 150091123
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3857573
<ACCUMULATED-NET-GAINS> 21346056
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 103555430
<NET-ASSETS> 1286300630
<DIVIDEND-INCOME> 14309037
<INTEREST-INCOME> 19747992
<OTHER-INCOME> 0
<EXPENSES-NET> (12144636)
<NET-INVESTMENT-INCOME> 21912393
<REALIZED-GAINS-CURRENT> (12692329)
<APPREC-INCREASE-CURRENT> (6894479)
<NET-CHANGE-FROM-OPS> 2325585
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (26448059)
<DISTRIBUTIONS-OF-GAINS> (15239467)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6149337
<NUMBER-OF-SHARES-REDEEMED> (16967740)
<SHARES-REINVESTED> 3870224
<NET-CHANGE-IN-ASSETS> (6948179)
<ACCUMULATED-NII-PRIOR> 678093
<ACCUMULATED-GAINS-PRIOR> 6585740
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (3188052)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (12144636)
<AVERAGE-NET-ASSETS> 1350257600
<PER-SHARE-NAV-BEGIN> 9.26
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> (0.14)
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (0.11)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.99
<EXPENSE-RATIO> 1.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
