<PAGE> PAGE 1
000 A000000 12/31/95
000 C000000 0000055618
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 KEYSTONE BALANCED FUND (K-1)
001 B000000 811-96
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
020 A000001 DONALDSON, LUFKIN & JENRETTE
020 B000001 13-2741729
020 C000001 52
020 A000002 BEAR, STEARNS SECURITIES
020 C000002 40
020 A000003 LEHMAN BROS. INC.
020 C000003 38
020 A000004 MORGAN STANLEY AND CO.
020 B000004 13-2655998
020 C000004 28
020 A000005 BANK OF TOKYO TRUST COMP
020 C000005 15
020 A000006 FIRST ALBANY CORP
020 B000006 14-1391446
020 C000006 10
020 A000007 BROWN (ALEX) & SONS INC.
020 C000007 10
020 A000008 DEAN WITTER REYNOLDS INC.
020 C000008 10
<PAGE> PAGE 2
020 A000009 THE CHICAGO CORPORATION
020 C000009 10
020 A000010 LEGG MASON WOOD WALKER
020 C000010 9
021 000000 222
022 A000001 PAINE WEBBER INCORPORATED
022 B000001 13-2638166
022 C000001 188936
022 D000001 113629
022 A000002 GOLDMAN SACHS
022 B000002 13-5108880
022 C000002 229177
022 D000002 5901
022 A000003 PRUDENTIAL BACHE SECURITIES
022 B000003 22-2347336
022 C000003 194469
022 D000003 0
022 A000004 AUTRANET, INC.
022 B000004 13-2961507
022 C000004 73979
022 D000004 81549
022 A000005 BEAR, STEARNS SECURITIES CORP
022 C000005 77308
022 D000005 67955
022 A000006 DONALDSON, LUFKIN, & JENRETTE
022 B000006 13-2741729
022 C000006 42756
022 D000006 50129
022 A000007 CS FIRST BOSTON CORPORATION
022 B000007 13-5659485
022 C000007 39852
022 D000007 47012
022 A000008 MORGAN STANLEY AND CO.
022 B000008 13-2655998
022 C000008 40390
022 D000008 36922
022 A000009 SMITH BARNEY SHEARSON INC.
022 B000009 13-1912900
022 C000009 10884
022 D000009 60998
022 C000010 0
022 D000010 0
023 C000000 897751
023 D000000 464095
028 A010000 9940
028 A020000 8159
028 A030000 0
028 A040000 23756
028 B010000 8366
028 B020000 0
028 B030000 0
<PAGE> PAGE 3
028 B040000 26167
028 C010000 14490
028 C020000 0
028 C030000 0
028 C040000 21469
028 D010000 19765
028 D020000 8079
028 D030000 0
028 D040000 19964
028 E010000 21436
028 E020000 19846
028 E030000 0
028 E040000 18629
028 F010000 33659
028 F020000 0
028 F030000 0
028 F040000 16527
028 G010000 107656
028 G020000 36084
028 G030000 0
028 G040000 126512
028 H000000 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 6910
044 000000 0
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
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
<PAGE> PAGE 4
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
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 Y
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
070 R010000 N
070 R020000 N
071 A000000 720400
071 B000000 732042
071 C000000 1360984
071 D000000 53
072 A000000 6
072 B000000 19125
072 C000000 12590
072 D000000 0
072 E000000 0
072 F000000 3181
072 G000000 0
<PAGE> PAGE 5
072 H000000 0
072 I000000 1672
072 J000000 159
072 K000000 0
072 L000000 27
072 M000000 29
072 N000000 45
072 O000000 0
072 P000000 0
072 Q000000 13
072 R000000 14
072 S000000 16
072 T000000 6909
072 U000000 0
072 V000000 0
072 W000000 47
072 X000000 12112
072 Y000000 0
072 Z000000 19603
072AA000000 0
072BB000000 0
072CC010000 108545
072CC020000 0
072DD010000 23630
072DD020000 0
072EE000000 18367
073 A010000 0.1800
073 A020000 0.0000
073 B000000 0.1400
073 C000000 0.0200
074 A000000 0
074 B000000 10139
074 C000000 0
074 D000000 557185
074 E000000 37027
074 F000000 849814
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 1026
074 K000000 0
074 L000000 16604
074 M000000 67
074 N000000 1471862
074 O000000 18
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 465
<PAGE> PAGE 6
074 S000000 0
074 T000000 1471379
074 U010000 134826
074 U020000 0
074 V010000 10.91
074 V020000 0.00
074 W000000 0.0000
074 X000000 81503
074 Y000000 0
075 A000000 0
075 B000000 1380508
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 N
077 Q020000 N
077 Q030000 N
078 000000 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 BALANCED FUND (K-1) CLASS A
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 1,108,877,279
<INVESTMENTS-AT-VALUE> 1,454,164,959
<RECEIVABLES> 17,630,561
<ASSETS-OTHER> 67,069
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,471,862,589
<PAYABLE-FOR-SECURITIES> 18,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 464,773
<TOTAL-LIABILITIES> 483,273
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,118,973,910
<SHARES-COMMON-STOCK> 134,826,780
<SHARES-COMMON-PRIOR> 133,332,616
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (253,216)
<ACCUMULATED-NET-GAINS> 7,448,101
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 345,210,521
<NET-ASSETS> 1,471,379,316
<DIVIDEND-INCOME> 12,614,691
<INTEREST-INCOME> 19,125,318
<OTHER-INCOME> 0
<EXPENSES-NET> (12,136,972)
<NET-INVESTMENT-INCOME> 19,603,037
<REALIZED-GAINS-CURRENT> 23,121,402
<APPREC-INCREASE-CURRENT> 108,545,083
<NET-CHANGE-FROM-OPS> 151,269,522
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (23,629,587)
<DISTRIBUTIONS-OF-GAINS> (18,367,287)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,194,999
<NUMBER-OF-SHARES-REDEEMED> (12,155,093)
<SHARES-REINVESTED> 3,454,258
<NET-CHANGE-IN-ASSETS> 126,499,495
<ACCUMULATED-NII-PRIOR> 3,773,334
<ACCUMULATED-GAINS-PRIOR> 2,693,986
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (3,181,225)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (12,136,972)
<AVERAGE-NET-ASSETS> 1,378,062,548
<PER-SHARE-NAV-BEGIN> 10.09
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 0.99
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (0.14)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.91
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
