<PAGE> PAGE 1
000 A000000 11/30/96
000 C000000 055627
000 D000000 N
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000 F000000 Y
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001 A000000 KEYSTONE SMALL COMPANY GROWTH FUND (S-4)
001 B000000 811-101
001 C000000 6173383200
002 A000000 200 BERKELEY STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
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008 A000001 KEYSTONE INVESTMENT MANAGEMENT CO
008 B000001 A
008 C000001 801-8327
008 D010001 BOSTON
008 D020001 MA
008 D030001 02110
010 A000001 KEYSTONE INVESTMENTS, INC.
010 C010001 BOSTON
010 C020001 MA
010 C030001 02116
010 C040001 5034
011 A000001 KEYSTONE INVESTMENT DISTRIBUTORS CO
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
<PAGE> PAGE 2
012 C020001 MA
012 C030001 02142
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
015 A000001 STATE STREET BANK & TRUST
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
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020 A000003 INSTINET
020 C000003 125
020 A000004 SMITH BARNEY
020 C000004 105
020 A000005 BANK OF TOKYO TRUST CO.
020 C000005 50
020 A000006 JEFFERIES & CO.
020 C000006 38
020 A000007 KOKUSAI SECURITIE, INC.
020 C000007 35
020 A000008 LEHMAN BROTHERS, INC.
020 C000008 32
020 A000009 MERRILL LYNCH
020 C000009 29
020 A000010 MONTGOMERY SECURITIES
020 C000010 27
021 000000 765
022 A000001 GOLDMAN SACHS
022 C000001 2515889
022 D000001 14097
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022 C000002 589715
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022 C000003 394904
022 D000003 0
022 A000004 AUBREY LANSTON
022 C000004 264177
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022 A000005 PRUDENTIAL-BACHE CAPITAL
022 C000005 208173
<PAGE> PAGE 3
022 D000005 0
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022 C000006 182769
022 D000006 1957
022 A000007 PAINEWEBBER, INC.
022 C000007 122815
022 D000007 4649
022 A000008 MIM (CO) AUSTRALIA
022 C000008 81799
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022 A000009 BROWN (ALEX) & SONS, INC.
022 C000009 23685
022 D000009 54727
022 A000010 FIRST BOSTON CORP.
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022 D000010 0
023 C000000 4439068
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<PAGE> PAGE 4
028 D030000 0
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<PAGE> PAGE 5
048 C020000 0.600
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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080 B000000 FREDERICK JONES
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SIGNATURE J. KEVIN KENELY
TITLE V.P., FUND ADMIN.
<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 SMALL COMPANY GROWTH FUND CLASS A
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 1,405,960,696
<INVESTMENTS-AT-VALUE> 1,818,111,878
<RECEIVABLES> 8,943,844
<ASSETS-OTHER> 85,888
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,827,141,610
<PAYABLE-FOR-SECURITIES> 6,353,353
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,159,912
<TOTAL-LIABILITIES> 10,513,265
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,406,963,422
<SHARES-COMMON-STOCK> 215,279,315
<SHARES-COMMON-PRIOR> 193,826,852
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (12,007,475)
<ACCUMULATED-NET-GAINS> 7,654,869
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 414,017,529
<NET-ASSETS> 1,816,628,345
<DIVIDEND-INCOME> 1,048,334
<INTEREST-INCOME> 3,265,193
<OTHER-INCOME> 0
<EXPENSES-NET> (16,313,519)
<NET-INVESTMENT-INCOME> (11,999,992)
<REALIZED-GAINS-CURRENT> 13,012,552
<APPREC-INCREASE-CURRENT> (176,007,161)
<NET-CHANGE-FROM-OPS> (174,994,601)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (200,513,309)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 84,759,624
<NUMBER-OF-SHARES-REDEEMED> (83,232,240)
<SHARES-REINVESTED> 19,925,079
<NET-CHANGE-IN-ASSETS> (189,174,232)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 195,155,626
<OVERDISTRIB-NII-PRIOR> (7,483)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4,156,308)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (16,313,519)
<AVERAGE-NET-ASSETS> 1,817,146,058
<PER-SHARE-NAV-BEGIN> 10.35
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> (0.83)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.02)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.44
<EXPENSE-RATIO> 1.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
