<PAGE> PAGE 1
000 B000000 09/30/97
000 C000000 055627
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001 A000000 KEYSTONE SMALL COMPANY GROWTH FUND (S-4)
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<PAGE> PAGE 2
007 C013000 30
008 A000001 KEYSTONE INVESTMENT MANAGEMENT CO
008 B000001 A
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010 C040001 5034
011 A000001 EVERGREEN KEYSTONE DISTRIBUTOR INC.
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011 C010001 NEW YORK
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012 B000001 84-1571
012 C010001 CAMBRIDGE
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013 B010001 BOSTON
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020 B000003 95-2622900
020 C000003 49
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<PAGE> PAGE 3
020 B000006 94-1701676
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020 A000007 BT ALEX BROWN
020 C000007 37
020 A000008 PAINE WEBBER INC.
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020 A000010 DONALDSON, LUFKIN & JENRETTE
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022 B000005 04-2149932
022 C000005 22863
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022 C000006 24973
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022 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH
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022 C000007 15905
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022 B000008 94-1701676
022 C000008 17053
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022 A000009 DONALDSON, LUFKIN & JENRETTE SECURITIES
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022 C000009 13392
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022 A000010 BEAR STEARNS SECURITIES
022 B000010 13-3299949
<PAGE> PAGE 4
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<PAGE> PAGE 5
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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 10
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SIGNATURE J. KEVIN KENELY
TITLE V.P., FUND ADMIN.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 4-MOS
<FISCAL-YEAR-END> SEPT-30-1997
<PERIOD-START> JUN-01-1997
<PERIOD-END> SEPT-30-1997
<INVESTMENTS-AT-COST> 1,055,461,993
<INVESTMENTS-AT-VALUE> 1,551,000,775
<RECEIVABLES> 21,059,751
<ASSETS-OTHER> 1,101,630
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,573,162,156
<PAYABLE-FOR-SECURITIES> 19,428,049
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,988,589
<TOTAL-LIABILITIES> 27,416,638
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 946,410,059
<SHARES-COMMON-STOCK> 163,756,330
<SHARES-COMMON-PRIOR> 166,737,931
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (16,648)
<ACCUMULATED-NET-GAINS> 103,813,325
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 495,538,782
<NET-ASSETS> 1,545,745,518
<DIVIDEND-INCOME> 978,024
<INTEREST-INCOME> 678,271
<OTHER-INCOME> 0
<EXPENSES-NET> (8,721,659)
<NET-INVESTMENT-INCOME> (7,065,364)
<REALIZED-GAINS-CURRENT> 110,149,243
<APPREC-INCREASE-CURRENT> 184,561,753
<NET-CHANGE-FROM-OPS> 287,645,632
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (114,171,454)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 27,990,885
<NUMBER-OF-SHARES-REDEEMED> (42,215,378)
<SHARES-REINVESTED> 11,242,892
<NET-CHANGE-IN-ASSETS> (34,497,279)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 112,216,266
<OVERDISTRIB-NII-PRIOR> (7,516)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,387,425)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (8,721,659)
<AVERAGE-NET-ASSETS> 1,474,488,150
<PER-SHARE-NAV-BEGIN> 8.44
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 1.74
<PER-SHARE-DIVIDEND> 0.00
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<RETURNS-OF-CAPITAL> 0.00
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</TABLE>
The Trustees and Shareholders
Keystone Small Company Growth Fund (S-4)
In planning and performing our audit of the financial statements of Keystone
Small Company Growth Fund (S-4) for the four-month period ended September 30,
1997, we considered its internal control, 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 internal control.
The management of Keystone Small Company Growth Fund (S-4) is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all matters
in internal control 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 any
specific internal control component 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 internal control,
including controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of September 30, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
October 31, 1997