<PAGE> PAGE 1
000 A000000 06/30/95
000 C000000 0000074458
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 AMERICA OMEGA
001 B000000 811-1600
001 C000000 6183383200
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
008 A000001 KEYSTONE INVESTMENT MANAGEMENT COMPANY
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 DISTRIBUKTORS COMPANY
011 B000001 8-395
011 C010001 BOSTON
011 C020001 MA
011 C030001 02110
020 A000001 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000001 13-5674085
020 C000001 45
020 A000002 NEWBRIDGE SECURITIES
020 B000002 13-3214963
020 C000002 33
020 A000003 DONALDSON, LUFKIN & JENRETTE SECURITIES
020 B000003 13-2741729
020 C000003 29
020 A000004 SMITH BARNEY INC.
020 B000004 13-1912900
020 C000004 23
020 A000005 EXECUTION SERVICES
<PAGE> PAGE 2
020 C000005 22
020 A000006 PRUDENTIAL SECURITIES
020 B000006 22-2347336
020 C000006 22
020 A000007 BANK OF TOKYO TRUST COMPANY
020 C000007 21
020 A000008 PAINE WEBBER INC.
020 B000008 13-2630166
020 C000008 20
020 A000009 NATWEST SECURITIES CORP
020 C000009 19
020 A000010 BEAR, STEARNS SECURITIES CORP.
020 B000010 13-3299429
020 C000010 17
021 000000 420
022 A000001 PRUDENTIAL SECURITIES INC.
022 B000001 22-2347336
022 C000001 95004
022 D000001 0
022 A000002 GOLDMAN SACHS
022 B000002 13-5108880
022 C000002 57583
022 D000002 5187
022 A000003 SANWA BG
022 C000003 59993
022 D000003 0
022 A000004 MONTGOMERY SECURITIES
022 B000004 94-1701676
022 C000004 42148
022 D000004 0
022 A000005 PAINE WEBBER
022 B000005 13-2638166
022 C000005 38289
022 D000005 1616
022 A000006 SMITH BARNEY SHEARSON INC.
022 B000006 13-1912900
022 C000006 36170
022 D000006 2660
022 A000007 BANKERS TRUST COMPANY
022 B000007 13-4941247
022 C000007 22730
022 D000007 0
022 A000008 VAN KASPER & COMPANY
022 C000008 21245
022 D000008 0
022 A000009 WERE (J.B.) & SON INC.
022 B000009 13-0377027
022 C000009 19662
022 D000009 0
022 A000010 CANADIAN IMPERIAL BANK OF COMMERCE
022 C000010 19607
<PAGE> PAGE 3
022 D000010 0
023 C000000 1874021
023 D000000 36092
028 A010000 2529
028 A020000 0
028 A030000 0
028 A040000 2777
028 B010000 2745
028 B020000 0
028 B030000 0
028 B040000 1831
028 C010000 3645
028 C020000 0
028 C030000 0
028 C040000 3203
028 D010000 2378
028 D020000 0
028 D030000 0
028 D040000 2397
028 E010000 2909
028 E020000 0
028 E030000 0
028 E040000 3957
028 F010000 4468
028 F020000 0
028 F030000 0
028 F040000 2504
028 G010000 18674
028 G020000 0
028 G030000 0
028 G040000 16669
028 H000000 0
029 000000 Y
030 A000000 116
030 B000000 5.75
030 C000000 1.50
031 A000000 10
031 B000000 0
032 000000 106
033 000000 0
034 000000 Y
035 000000 51
036 A000000 N
036 B000000 0
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
<PAGE> PAGE 4
042 H000000 0
043 000000 0
044 000000 3185
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
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
066 A000000 Y
066 C000000 Y
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
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 Y
070 I020000 N
070 J010000 Y
070 J020000 N
<PAGE> PAGE 5
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
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 Y
070 R020000 N
071 A000000 163109
071 B000000 139576
071 C000000 134474
071 D000000 104
072 A000000 6
072 B000000 476
072 C000000 753
072 D000000 0
072 E000000 0
072 F000000 565
072 G000000 0
072 H000000 0
072 I000000 333
072 J000000 54
072 K000000 0
072 L000000 6
072 M000000 1
072 N000000 37
072 O000000 0
072 P000000 0
072 Q000000 3
072 R000000 15
072 S000000 1
072 T000000 312
072 U000000 0
072 V000000 0
072 W000000 1
072 X000000 1328
072 Y000000 0
072 Z000000 -99
072AA000000 11581
072BB000000 0
072CC010000 19308
072CC020000 0
072DD010000 0
<PAGE> PAGE 6
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 1
074 B000000 4445
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 162266
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 3972
074 K000000 0
074 L000000 1072
074 M000000 11
074 N000000 171767
074 O000000 5364
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 119
074 S000000 0
074 T000000 166284
074 U010000 6118
074 U020000 3164
074 V010000 18.02
074 V020000 17.71
074 W000000 0.0000
074 X000000 14048
074 Y000000 0
075 A000000 0
075 B000000 150259
076 000000 0.00
077 A000000 Y
077 B000000 N
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
<PAGE> PAGE 7
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
SIGNATURE KEVIN 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 OMEGA FUND CLASS A
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 147,402,682
<INVESTMENTS-AT-VALUE> 166,710,806
<RECEIVABLES> 5,044,768
<ASSETS-OTHER> 11,532
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 171,767,106
<PAYABLE-FOR-SECURITIES> 5,364,275
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 119,051
<TOTAL-LIABILITIES> 5,483,326
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85,243,954
<SHARES-COMMON-STOCK> 6,117,561
<SHARES-COMMON-PRIOR> 6,408,219
<ACCUMULATED-NII-CURRENT> 248,991
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,227,036
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,500,729
<NET-ASSETS> 110,220,710
<DIVIDEND-INCOME> 512,472
<INTEREST-INCOME> 326,442
<OTHER-INCOME> 0
<EXPENSES-NET> (771,478)
<NET-INVESTMENT-INCOME> 67,436
<REALIZED-GAINS-CURRENT> 7,851,196
<APPREC-INCREASE-CURRENT> 7,468,370
<NET-CHANGE-FROM-OPS> 15,387,002
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 320,066
<NUMBER-OF-SHARES-REDEEMED> (610,724)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,651,686
<ACCUMULATED-NII-PRIOR> 194,824
<ACCUMULATED-GAINS-PRIOR> 362,616
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (385,230)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (771,478)
<AVERAGE-NET-ASSETS> 102,497,011
<PER-SHARE-NAV-BEGIN> 15.54
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 2.44
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.02
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 102
<NAME> KEYSTONE OMEGA FUND CLASS B
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 147,402,682
<INVESTMENTS-AT-VALUE> 166,710,806
<RECEIVABLES> 5,044,768
<ASSETS-OTHER> 11,532
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 171,767,106
<PAYABLE-FOR-SECURITIES> 5,364,275
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 119,051
<TOTAL-LIABILITIES> 5,483,326
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,247,138
<SHARES-COMMON-STOCK> 2,567,820
<SHARES-COMMON-PRIOR> 2,103,471
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (258,974)
<ACCUMULATED-NET-GAINS> 1,149,561
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,343,844
<NET-ASSETS> 45,481,569
<DIVIDEND-INCOME> 187,374
<INTEREST-INCOME> 115,722
<OTHER-INCOME> 0
<EXPENSES-NET> (429,855)
<NET-INVESTMENT-INCOME> (126,759)
<REALIZED-GAINS-CURRENT> 2,928,810
<APPREC-INCREASE-CURRENT> 2,808,291
<NET-CHANGE-FROM-OPS> 5,610,342
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 696,668
<NUMBER-OF-SHARES-REDEEMED> (232,319)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 13,215,793
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (143,236)
<OVERDIST-NET-GAINS-PRIOR> (1,768,276)
<GROSS-ADVISORY-FEES> (140,099)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (429,855)
<AVERAGE-NET-ASSETS> 37,201,399
<PER-SHARE-NAV-BEGIN> 15.34
<PER-SHARE-NII> (0.10)
<PER-SHARE-GAIN-APPREC> 2.47
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.71
<EXPENSE-RATIO> 2.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> 103
<NAME> KEYSTONE OMEGA FUND CLASS C
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 147,402,682
<INVESTMENTS-AT-VALUE> 166,710,806
<RECEIVABLES> 5,044,768
<ASSETS-OTHER> 11,532
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 171,767,106
<PAYABLE-FOR-SECURITIES> 5,364,275
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 119,051
<TOTAL-LIABILITIES> 5,483,326
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,016,116
<SHARES-COMMON-STOCK> 596,456
<SHARES-COMMON-PRIOR> 644,331
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (89,027)
<ACCUMULATED-NET-GAINS> 190,850
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 463,562
<NET-ASSETS> 10,581,501
<DIVIDEND-INCOME> 52,773
<INTEREST-INCOME> 33,886
<OTHER-INCOME> 0
<EXPENSES-NET> (126,346)
<NET-INVESTMENT-INCOME> (39,687)
<REALIZED-GAINS-CURRENT> 801,088
<APPREC-INCREASE-CURRENT> 783,991
<NET-CHANGE-FROM-OPS> 1,545,392
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 128,549
<NUMBER-OF-SHARES-REDEEMED> (176,424)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 681,105
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (51,588)
<OVERDIST-NET-GAINS-PRIOR> (607,987)
<GROSS-ADVISORY-FEES> (39,686)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (126,346)
<AVERAGE-NET-ASSETS> 10,560,657
<PER-SHARE-NAV-BEGIN> 15.37
<PER-SHARE-NII> (0.15)
<PER-SHARE-GAIN-APPREC> 2.52
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.74
<EXPENSE-RATIO> 2.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
