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020 A000001 BANK OF TOKYO TRUST CO.
020 C000001 78
020 A000002 MERRILL LYNCH
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020 A000003 DEAN WITTER REYNOLDS, INC.
020 C000003 38
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<PAGE> PAGE 2
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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 GROWTH AND INCOME FUND (S-1) CLASS A
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-01-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 175,066,291
<INVESTMENTS-AT-VALUE> 202,986,037
<RECEIVABLES> 591,521
<ASSETS-OTHER> 20,420
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 203,597,978
<PAYABLE-FOR-SECURITIES> 1,614,215
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,527,636
<TOTAL-LIABILITIES> 4,141,851
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 162,262,131
<SHARES-COMMON-STOCK> 8,677,778
<SHARES-COMMON-PRIOR> 8,985,634
<ACCUMULATED-NII-CURRENT> 3,637,729
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,636,521
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,919,746
<NET-ASSETS> 199,456,127
<DIVIDEND-INCOME> 4,613,927
<INTEREST-INCOME> 932,756
<OTHER-INCOME> 0
<EXPENSES-NET> (3,414,304)
<NET-INVESTMENT-INCOME> 2,132,379
<REALIZED-GAINS-CURRENT> 21,450,785
<APPREC-INCREASE-CURRENT> 1,448,539
<NET-CHANGE-FROM-OPS> 25,031,703
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,130,937)
<DISTRIBUTIONS-OF-GAINS> (23,335,489)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,107,879
<NUMBER-OF-SHARES-REDEEMED> (2,449,356)
<SHARES-REINVESTED> 1,033,621
<NET-CHANGE-IN-ASSETS> (9,076,018)
<ACCUMULATED-NII-PRIOR> 1,181,883
<ACCUMULATED-GAINS-PRIOR> 10,360,903
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,318,897)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (3,414,304)
<AVERAGE-NET-ASSETS> 195,269,919
<PER-SHARE-NAV-BEGIN> 23.21
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 2.66
<PER-SHARE-DIVIDEND> (0.36)
<PER-SHARE-DISTRIBUTIONS> (2.78)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.98
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Trustees and Shareholders
Keystone Growth and Income Fund (S-1)
In planning and performing our audit of the financial statements of Keystone
Growth and Income Fund (S-1) for the year ended August 31, 1995 we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Keystone Growth and Income Fund (S-1) is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design
or operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of August 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
KPMG Peat Marwick LLP
September 29, 1995
