<PAGE> PAGE 1
000 B000000 10/31/95
000 C000000 0000800446
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000 F000000 Y
000 G000000 Y
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000 I000000 3.0.a
000 J000000 U
001 A000000 KEYSTONE AMERICA WORLD BOND FUND
001 B000000 811-4830
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
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 2.6
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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 7.3
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 47.0
062 Q000000 43.1
062 R000000 0.0
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071 B000000 14017
071 C000000 13000
071 D000000 108
072 A000000 12
074 N000000 15112
074 T000000 14819
075 A000000 0
075 B000000 14462
077 A000000 Y
080 A000000 ICI MUTUAL INSURANCE COMPNAY
<PAGE> PAGE 2
080 B000000 FREDERICK JONES
080 C000000 35000
081 A000000 Y
081 B000000 37
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 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 WORLD BOND FUND CLASS A
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 13,165,963
<INVESTMENTS-AT-VALUE> 13,733,721
<RECEIVABLES> 1,370,313
<ASSETS-OTHER> 8,352
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,112,386
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 293,439
<TOTAL-LIABILITIES> 293,439
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,242,090
<SHARES-COMMON-STOCK> 1,182,807
<SHARES-COMMON-PRIOR> 718,267
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (38,900)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (894,729)
<ACCUM-APPREC-OR-DEPREC> 648,006
<NET-ASSETS> 9,956,467
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 956,303
<OTHER-INCOME> 0
<EXPENSES-NET> (241,438)
<NET-INVESTMENT-INCOME> 714,865
<REALIZED-GAINS-CURRENT> (411,532)
<APPREC-INCREASE-CURRENT> 547,776
<NET-CHANGE-FROM-OPS> 851,109
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (653,425)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (65,389)
<NUMBER-OF-SHARES-SOLD> 832,457
<NUMBER-OF-SHARES-REDEEMED> (425,398)
<SHARES-REINVESTED> 57,481
<NET-CHANGE-IN-ASSETS> 3,909,394
<ACCUMULATED-NII-PRIOR> (25,432)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (105,477)
<GROSS-ADVISORY-FEES> (64,047)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (241,437)
<AVERAGE-NET-ASSETS> 9,884,496
<PER-SHARE-NAV-BEGIN> 8.42
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> (0.54)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> (0.06)
<PER-SHARE-NAV-END> 8.42
<EXPENSE-RATIO> 2.46
<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 WORLD BOND FUND CLASS B
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 13,165,963
<INVESTMENTS-AT-VALUE> 13,733,721
<RECEIVABLES> 1,370,313
<ASSETS-OTHER> 8,352
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,112,386
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 293,439
<TOTAL-LIABILITIES> 293,439
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,979,110
<SHARES-COMMON-STOCK> 435,713
<SHARES-COMMON-PRIOR> 405,562
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 4,359
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (244,633)
<ACCUM-APPREC-OR-DEPREC> (58,959)
<NET-ASSETS> 3,679,877
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 308,228
<OTHER-INCOME> 0
<EXPENSES-NET> (102,715)
<NET-INVESTMENT-INCOME> 205,513
<REALIZED-GAINS-CURRENT> (114,533)
<APPREC-INCREASE-CURRENT> 98,661
<NET-CHANGE-FROM-OPS> 189,641
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (187,676)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (24,167)
<NUMBER-OF-SHARES-SOLD> 166,499
<NUMBER-OF-SHARES-REDEEMED> (156,895)
<SHARES-REINVESTED> 20,548
<NET-CHANGE-IN-ASSETS> 250,550
<ACCUMULATED-NII-PRIOR> 13,757
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (23,391)
<GROSS-ADVISORY-FEES> (20,712)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (102,715)
<AVERAGE-NET-ASSETS> 3,185,331
<PER-SHARE-NAV-BEGIN> 8.46
<PER-SHARE-NII> 0.52
<PER-SHARE-GAIN-APPREC> 0.01
<PER-SHARE-DIVIDEND> (0.48)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> (0.06)
<PER-SHARE-NAV-END> 8.45
<EXPENSE-RATIO> 3.21
<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 WORLD BOND FUND CLASS C
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 13,165,963
<INVESTMENTS-AT-VALUE> 13,733,721
<RECEIVABLES> 1,370,313
<ASSETS-OTHER> 8,352
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,112,386
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 293,439
<TOTAL-LIABILITIES> 293,439
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,373,831
<SHARES-COMMON-STOCK> 140,478
<SHARES-COMMON-PRIOR> 188,915
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 10,328
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (140,261)
<ACCUM-APPREC-OR-DEPREC> (61,296)
<NET-ASSETS> 1,182,602
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 135,019
<OTHER-INCOME> 0
<EXPENSES-NET> (44,391)
<NET-INVESTMENT-INCOME> 90,629
<REALIZED-GAINS-CURRENT> (57,350)
<APPREC-INCREASE-CURRENT> 38,983
<NET-CHANGE-FROM-OPS> 72,262
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (82,887)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (7,767)
<NUMBER-OF-SHARES-SOLD> 27,481
<NUMBER-OF-SHARES-REDEEMED> (83,800)
<SHARES-REINVESTED> 7,882
<NET-CHANGE-IN-ASSETS> (407,913)
<ACCUMULATED-NII-PRIOR> 11,697
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (54,591)
<GROSS-ADVISORY-FEES> (9,047)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (44,392)
<AVERAGE-NET-ASSETS> 1,391,982
<PER-SHARE-NAV-BEGIN> 8.42
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> (0.48)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> (0.06)
<PER-SHARE-NAV-END> 8.42
<EXPENSE-RATIO> 3.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Trustees and Shareholders
Keystone World Bond Fund
In planning and performing our audit of the financial statements of Keystone
World Bond Fund for the year ended October 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 World Bond Fund 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
October 31, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
December 8, 1995
