<PAGE> PAGE 1
000 B000000 10/31/94
000 C000000 000055619
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 CUSTODIAN FUND K-2
001 B000000 811-97
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
020 A000001 PIPER JAFF
020 C000001 32
020 A000002 MERRILL LYNCH
020 C000002 31
020 A000003 KOKUSAI
020 C000003 31
020 A000004 DONALDSON
020 C000004 19
020 A000005 COWEN & CO.
020 C000005 16
020 A000006 SMITH BARNEY
020 C000006 15
020 A000007 OPPENHEIMER
020 C000007 14
020 A000008 LEHMAN
020 C000008 14
020 A000009 WITTER DEAN
020 C000009 13
020 A000010 DIDDER PEABODY
020 C000010 13
021 000000 404
022 A000001 GOLDMAN SACHS
022 C000001 1818579
022 D000001 4240
022 A000002 PRUDENTIAL
022 C000002 1524742
022 D000002 0
022 A000003 PAINE WEBBER
022 C000003 952743
<PAGE> PAGE 2
022 D000003 656
022 A000004 LINCOLN
022 C000004 870743
022 D000004 0
022 A000005 SMITH BARNEY
022 C000005 655277
022 D000005 0
022 A000006 KIDDER PEABODY
022 C000006 513728
022 D000006 0
022 A000007 BOUGHT FRO
022 C000007 407960
022 D000007 0
022 A000008 CARROLL MC.
022 C000008 204848
022 D000008 0
022 A000009 ABD- SECURITY
022 C000009 177133
022 D000009 0
022 A000010 MERRILL LYNCH
022 C000010 115758
022 D000010 767
023 C000000 8027304
023 D000000 285309
028 A010000 3870
028 A020000 0
028 A030000 0
028 A040000 3063
028 B010000 4201
028 B020000 0
028 B030000 0
028 B040000 3801
028 C010000 3643
028 C020000 0
028 C030000 0
028 C040000 4223
028 D010000 5488
028 D020000 0
028 D030000 0
028 D040000 4539
028 E010000 4741
028 E020000 38933
028 E030000 0
028 E040000 4669
028 F010000 24348
028 F020000 0
028 F030000 0
028 F040000 3941
028 G010000 46291
028 G020000 38933
028 G030000 0
<PAGE> PAGE 3
028 G040000 24236
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 2691
044 000000 0
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
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
071 A000000 236239
071 B000000 282958
071 C000000 346940
071 D000000 68
072 A000000 12
072 B000000 1765
072 C000000 4346
072 D000000 0
072 E000000 0
072 F000000 2440
072 G000000 0
072 H000000 0
072 I000000 1185
072 J000000 270
072 K000000 0
072 L000000 28
072 M000000 43
072 N000000 32
072 O000000 0
072 P000000 0
072 Q000000 23
<PAGE> PAGE 4
072 R000000 20
072 S000000 6
072 T000000 2691
072 U000000 0
072 V000000 0
072 W000000 23
072 X000000 6761
072 Y000000 0
072 Z000000 -650
072AA000000 43691
072BB000000 0
072CC010000 74567
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 76453
073 A010000 0.0000
073 A020000 0.0000
073 B000000 1.6900
073 C000000 0.0000
074 A000000 1
074 B000000 63099
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 355830
074 G000000 0
074 H000000 0
074 I000000 19853
074 J000000 8796
074 K000000 0
074 L000000 5469
074 M000000 102
074 N000000 453149
074 O000000 16793
074 P000000 0
074 Q000000 0
074 R010000 19672
074 R020000 0
074 R030000 0
074 R040000 0
074 S000000 0
074 T000000 416684
074 U010000 55279
074 U020000 0
074 V010000 7.54
074 V020000 0.00
074 W000000 0.0000
074 X000000 32077
074 Y000000 0
075 A000000 0
<PAGE> PAGE 5
075 B000000 391593
076 000000 0.00
077 A000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 B000000 FREDERICK JAMES
080 C000000 30000
081 A000000 Y
081 B000000 34
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
SIGNATURE KEVIN J. MORRISSEY
TITLE TREASURER