<PAGE> PAGE 1
000 A000000 05/31/95
000 C000000 771648
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 TAX EXEMPT TRUST
001 B000000 811-4334
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
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
022 A000001 PAINE WEBBER
022 B000001 13-2638166
022 C000001 45190
022 D000001 58645
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002 35060
022 D000002 45935
022 A000003 CITIBANK
022 C000003 5000
022 D000003 9986
022 A000004 MERRILL LYNCH
022 B000004 13-5674085
<PAGE> PAGE 2
022 C000004 5015
022 D000004 0
022 A000005 LINCOLN
022 C000005 0
022 D000005 4222
022 A000006 SMITH BARNEY
022 B000006 13-1912900
022 C000006 500
022 D000006 1500
022 A000007 DELLON READ
022 B000007 13-5108880
022 C000007 200
022 D000007 1600
022 A000008 BANKERS TRUST
022 B000008 13-4941247
022 C000008 0
022 D000008 1500
022 A000009 NEWMAN
022 C000009 800
022 D000009 0
022 A000010 SECURITY PACIFIC
022 C000010 0
022 D000010 800
023 C000000 158838
023 D000000 447129
028 A010000 9548
028 A020000 1873
028 A030000 0
028 A040000 18754
028 B010000 6435
028 B020000 1803
028 B030000 0
028 B040000 12346
028 C010000 8265
028 C020000 1695
028 C030000 0
028 C040000 9039
028 D010000 4515
028 D020000 1843
028 D030000 0
028 D040000 13385
028 E010000 4030
028 E020000 1886
028 E030000 0
028 E040000 9731
028 F010000 4258
028 F020000 1656
028 F030000 0
028 F040000 11336
028 G010000 37051
028 G020000 10756
<PAGE> PAGE 3
028 G030000 0
028 G040000 74591
028 H000000 0
034 000000 Y
035 000000 218
036 A000000 N
036 B000000 167
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
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 0
044 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 1.9
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 97.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 1.1
063 A000000 0
063 B000000 19.5
064 A000000 Y
064 B000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
<PAGE> PAGE 4
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 N
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 207848
071 B000000 226212
071 C000000 657741
071 D000000 32
072 A000000 6
072 B000000 22702
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 1699
072 G000000 0
072 H000000 0
072 I000000 391
072 J000000 48
072 K000000 0
072 L000000 8
072 M000000 33
072 N000000 5
072 O000000 0
072 P000000 0
072 Q000000 18
072 R000000 4
<PAGE> PAGE 5
072 S000000 2
072 T000000 2418
072 U000000 0
072 V000000 0
072 W000000 35
072 X000000 4661
072 Y000000 0
072 Z000000 18041
072AA000000 903
072BB000000 0
072CC010000 63363
072CC020000 0
072DD010000 19007
072DD020000 0
072EE000000 0
073 A010000 0.2780
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 1770
074 B000000 0
074 C000000 13210
074 D000000 691782
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 510
074 K000000 0
074 L000000 14622
074 M000000 66
074 N000000 721960
074 O000000 4608
074 P000000 0
074 Q000000 0
074 R010000 4146
074 R020000 0
074 R030000 0
074 R040000 0
074 S000000 0
074 T000000 713206
074 U010000 66902
074 U020000 0
074 V010000 10.66
074 V020000 0.00
074 W000000 0.0000
074 X000000 17374
074 Y000000 0
075 A000000 0
075 B000000 698980
<PAGE> PAGE 6
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
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 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 TAX EXEMPT TRUST CLASS A
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> DEC-01-1994
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 665,334,278
<INVESTMENTS-AT-VALUE> 704,992,391
<RECEIVABLES> 15,131,748
<ASSETS-OTHER> 1,835,798
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 721,959,937
<PAYABLE-FOR-SECURITIES> 4,607,779
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,145,753
<TOTAL-LIABILITIES> 8,753,532
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 693,243,567
<SHARES-COMMON-STOCK> 66,901,714
<SHARES-COMMON-PRIOR> 69,520,715
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,317,119)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (16,378,156)
<ACCUM-APPREC-OR-DEPREC> 39,658,113
<NET-ASSETS> 713,206,405
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 22,701,866
<OTHER-INCOME> 0
<EXPENSES-NET> (4,661,199)
<NET-INVESTMENT-INCOME> 18,040,667
<REALIZED-GAINS-CURRENT> 902,647
<APPREC-INCREASE-CURRENT> 63,363,090
<NET-CHANGE-FROM-OPS> 82,306,404
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (19,007,034)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,642,335
<NUMBER-OF-SHARES-REDEEMED> (7,321,344)
<SHARES-REINVESTED> 1,060,008
<NET-CHANGE-IN-ASSETS> 36,515,357
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2,350,752)
<OVERDIST-NET-GAINS-PRIOR> (17,280,803)
<GROSS-ADVISORY-FEES> (1,699,341)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (4,661,199)
<AVERAGE-NET-ASSETS> 695,701,343
<PER-SHARE-NAV-BEGIN> 9.73
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 0.95
<PER-SHARE-DIVIDEND> (0.28)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.66
<EXPENSE-RATIO> 1.34
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
